Robert Darrow, @properties

Isn’t this an attractive two-flat?  What’s a BIG two-flat worth out in Portage Park these days?  This one was listed for $685,000 a year ago.  I’d say $500,000 – ish.

It was foreclosed on June 19th, and hit the market 6 days ago.  Current list price $204,000.  A buyer of mine wanted to see it so we got up early and trucked out to visit.

From the street, it presents itself extremely well!  We wondered:  What’s the catch?  Several theories came to mind:

• The listing agent listed the building low to solicit multiple offers above list price
• There’s something we are not seeing from the listing sheet
• There’s something we’re not seeing by looking in the windows

So far so good.

This is acceptable for a rental unit.

It appears that the previous owner was in the process of renovating.

D’Oh – things are starting to go wrong…

YIKES!  (Those are actually mushrooms growing out of the carpeting.)

The top floor of the building is still in good shape.  We don’t see any evidence that the roof has failed, and the top apartment is in fine condition.

The owners unit – first floor has wet walls, and wood floors that are buckling from moisture.

Here in the basement we see the worst of it.  If you look at the walls carefully, the line that seems to be at the same height throughout the entire basement seems to indicate how far under water the basement was at one point.

We’re guessing from some sort of rain storm flood, or sewer backup.  Or perhaps the foundation has completely failed.

This one will be interesting to watch.  I would wager that the listing agent will still collect several competitive offers above the asking price.  My buyer thinks the building can be brought back to life for $100,000.  My guess is more like $200,000.  And we both think that a bank will put the value at around $400,000 in repaired condition for mortgage purposes. 

Someone remind me to check back on this in 30 and 60 days to see if a closed price has been reported.

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