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Historic West Loop Single Family for $176,000

Much like a great soap opera, the Cook County foreclosure auctions provide some very interesting drama as well.

1533 Jackson

This past week, a property at 1533 W. Jackson, Chicago, IL,  a rowhouse style property, along the West Loop, was previously purchased for $1,150,000 on 3/14/2008.  Then the owner apparently proceeded to attempt to rehab and restore the property, but was unsuccessful.  The result was a multi-year attempt to sell the property at ever declining prices.  Ultimately into short sale territory, before it ended up at the foreclosure auction.

The property, with an outstanding original mortgage debt of $920,000, went to auction with an ultra low opening bid of $44,000.  Due to exceedingly low asking price, the bidding was aggressive and active.  The property was valued by Zillow at $318,000.

The final selling price....yep, you guessed it $176,000.

Looks like someone possibly snagged an amazing holiday gift in the West Loop!

 

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Stole This Schaumburg Property: 160 Sierra Pass Drive

The week is not yet over and another holiday gift was snatched by a real estate investor.  Yes, another 'missed opportunities' avoided.  Real estate investors competed yesterday to pick up 160 Sierra Pass Drive, Schaumburg, Illinois 60194.  The attached house was foreclosed on by the lender due to nonpayment of the mortgage and sold at the County Foreclosure Auction.  Zillow says that the property is worth $205,000.

Granted, the property was inspected, nor was any information known about the attached house, but the fact that the real estate investor snatched this holiday gift for nearly 50% less than Zillow's estimate seems enticing.

Schaumburg

So, again this week, it seems to be the case that Black Friday wasn't just a one time occurence in the real estate foreclosure auctions.

 

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Stole Another Park Ridge Property: 1621 Clifton, Park Ridge

 

 

What was old is new again!  Looks like real estate investors are loving Park Ridge, Illinois.  Another 'missed opportunities' averted.  Real estate buyers and investors competed to be the one to seize 1621 S Clifton, Park Ridge, Illinois today.  The house was foreclosed on by the lender due to nonpayment of the mortgage and sold at the Cook County Foreclosure Auction.  Zillow says that the property is worth in the mid to high $200s.

While the property was not seen, nor any information known about it, the fact that a real estate buyer picked this one up for approximately half of the Zillow value seems like an enticing purchase.

1621 Clifton, Park Ridge

 

 

 

 

 

 

 

 

 

 

 

So, who said you can't get a great deal at a foreclosure auction?  It seems clients of Cherry Picker Investments are doing just that!

 

 

 

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Stole This Property: 938 Fairview, Park Ridge

Someone Stole Another Property.

Fitting end to the week, and possibly a great holiday gift for an investor or lucky owner.  Another 'missed opportunities' avoided.  Real estate buyers and investors competed to be the one to seize 938 Fairview, in Park Ridge, Illinois on Friday.  The house was foreclosed on by the lender due to nonpayment of the mortgage and sold at the Cook County Foreclosure Auction.  Zillow says that the property is worth $305,000.  While the property was not seen, nor any information known about it, the fact that a real estate buyer picked this one up for less than half of the zillow value seems like an enticing purchase.

So, who said you can't get a great deal at a foreclosure auction?  Next opportunity could be yours.

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Stole This Portage Park Property: 5107 Grace, Chicago

Well, it seems that a number of people took note yesterday and showed up today ready, willing and able to avoid a 'missed opportunities'.  For real estate investors, yesterday was another opportunity.  The property at 5107 W. Grace, Chicago was being foreclosed on due to nonpayment of the first mortgage and there was a second mortgage.  The interesting thing was, most people didn't realize that second mortgage was 10-15x larger than the first mortgage....$30k versus $400k+

5107 W Grace, Chicago; Portage Park

Surprisingly, the second mortgage holder did not show up to bid their debt position, so, those who were prepared were able to go after this very low debt position foreclosure.

And, it seems that the property was likely occupied, so when the bidding opened up for less than $20,000, the bidding was eager, active and heated.  Ultimately, the prevailing bidder got this 2 Flat for $141,700 at the Cook County foreclosure auctions.

So, who said you can't get a great deal at a foreclosure auction?

 

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Stole This Lake View Property: 3047 N. Ashland, Chicago

In the ebb and flow of daily activity, there are those little 'missed opportunities'.  For many real estate investors, it seems that yesterday was another one of those occurrences.  The property at 3047 N. Ashland was listed by Michael Sorenson and didn't sell.  Granted, it was not appealing to the typical 2 flat buyer because the property rehab had started and then abruptly stopped.  Nonetheless, that astute buyer swooped in and picked this one up for $130,000 at the Cook County foreclosure auctions.

3047 Ashland

AND there were no building violations of public record. Photo courtesy of Assessor.

The lot was listed at 25 x 103...or approx 2,500 square feet.  The zoning is B3-2...or approximately 5,000 square feet can be built on the site....future tear-down possibility.

Granted, Zillow.com only indicates $200k for the value, but that is as a run-down real estate rental building.

 

Once again, it seems that those who have fewer 'missed opportunities' have strong market knowledge, superior analysis / analytical tools and better support to make quick decisions.

Michael Hobbs

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Own A Piece of Chicago Cubs History

For anyone who was ever a Chicago Cubs fan, watched the Cubbies on WGN, or even made one or many trips to the friendly confines, your chance to own a piece of history is coming around soon.

Earlier, there was public notice that one of the Wrigleyville Rooftops was going into foreclosure and was slated to be sold at auction.  The owners instead filed bankruptcy to thwart the foreclosure and now it seems that the U.S. Bankruptcy judge overseeing the proceedings is indicating that a sale is coming around.  Go see it, the address is 3633 N. Sheffield, Chicago, Illinois, 60657

So, ready your pocketbook, your chance to buy a piece of history is right around the corner!

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Black Friday is Each Week Day For Us

Black Friday is a day of great deals on everything from Apple products to stuffed zoo animals. While we don't sell xylophones, we do have deals on all kinds of single family houses, condominiums, investment properties, townhouses, commercial/retail space, industrial sites, 2-4 flats, multi-unit apartment/condominium buildings, and even land. And you don't have to wait til the day after Thanksgiving. We do it every weekday! No coupons needed. No getting flattened when the doors open. No standing in line. Call us and let us show you how! Sorry for the sales pitch but 'tis the season! We didn't think you were reading anything besides ads today anyway.

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