Friday, March 22, 2013

Viewing a Roscoe Village foreclosure house at $679,000

We rushed over with our clients to look at 3417 N Oakley when it hit the market about two weeks ago. The Roscoe Village bank owned foreclosure is listed at $679,000.
3417 N Oakley in Roscoe Village and Audubon School district (photo Eric Rojas)
Believe it or not $679,000 may be an "under market" price for this long vacated 5 bedrooms house...even with many issues to deal with.  That is, if you consider needing a gas mask for the basement an "issue".

Does this scare you?
There was a steady stream of buyers looking at the property over the first few days of the listing.  The home is still active on the MLS but I suspect the bank already has several offers to consider.  It's size and location are very attractive in a market where the average gut rehab sells for over $850,000.

My clients were very interested, but, inexperienced with a house needing a lot of gutted areas.  I rushed back with one of my trusted contractors, Jon Hill owner of Artistic Construction.  We put a ball park of $150,000 to clean up the house and restore it.  That included a total gut of the basement shown above and gutting the main floor (living, kitchen and baths).  The top two levels needed work too...but it was mostly cosmetic.

My contractor quickly spotted some other issues with load bearing walls in the upper level that may or may not need attention...and would push the renovation budget up a little.  All in all though, there was room to do the work and still be able to sell the home for the money you'd have into it in my opinion.  I also felt someone could pay $700,000 or so and then renovate.