![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
May. 13th, 2008
We WANTS it, My Precious....
May. 13th, 2008 09:27 pmLooked at 6 units tonight.
Three nos (one with much reluctance*), two maybes and a YESYESYES!
It's a foreclosure, so there are issues to consider - it had a couple of drywall holes - one where some idiot installed closet shelves without using wall anchors and ripped out a chunk of the closet wall, and one where they had to take out a 14"x16" piece of wall and baseboard in one of the bedrooms to do some pipe repairs. Things I could learn to fix myself or pay a handyman $50 to take care of for me. And I don't mind that you'd need to paint over the repairs - I'd want to totally repaint anyway. The place is done in "Pottery Barn" colors - olive, taupe, browns - blargh!
Those are cosmetics. The bones of the unit are awesome - hyuuuuuuge main room, two large bedrooms, bathroom in good shape, lots of closets, decent-sized kitchen with room for extra shelving, gfi outlets in all rooms, with cable and phone jacks in most of them, lots of (newish) windows, ALL gorgeous hardwood floors. Building is a 2004 conversion, so nothing is too old. Top floor so no one is jumping up and down on my head. It's a 3-4 block walk to the Red line, and half a block from the public library. There aren't a lot of grocery options in the neighborhood but there are plenty of I-Go cars available. It's a well-lit courtyard building, and this is a front corner unit.
Negatives - it's a foreclosure, so there may be legal issues, or assessments owing. It's at the top of 3 flights of narrow stairs, and the back stairs aren't much wider. I'd have to do a little work with patching and painting. We couldn't see the laundry or storage areas because the key we had didn't work (or maybe we had the wrong door). Parts of that neighborhood are still a little spotty. I'd possibly have to finagle out of my lease a bit early (though there is no way to tell with a foreclosure just HOW long it will take to close). I've not seen any info about the condo assoc yet.
I know you're supposed to wait in this kind of market, but I've been watching the market for nearly 6 months now and I KNOW I couldn't afford a unit of that size east of Clark Street unless it was a short sale or foreclosure. This unit JUST came on the market this week and I can't see it staying there very long. Comparable units in that building not on foreclosure are 60k-100k more. My agent and I are going to talk tomorrow, but as far as I'm concerned he can prepare the offer paperwork right now. As long as there are the usual contingencies - for a home inspector to make sure the damage is only cosmetic, to go over the papers and budget of the condo association, and for an attorney to go over the legalisms with me - then I'm happy.
*Saw a LARGE garden 1br with a huge kitchen/dining room area that would be PERFECT for gaming. The bedroom had a wierd soffit-thingie where the pipes go, and the wiring was a little old, but it was big and sunny. BUT - older building, 7 units, self-managed, and only $7,400 in reserves. In short - a train wreck waiting to happen. My agent is a referral from a friend whose condo board melted down in flames, so we're both agreed that is an awfully big risk.
Three nos (one with much reluctance*), two maybes and a YESYESYES!
It's a foreclosure, so there are issues to consider - it had a couple of drywall holes - one where some idiot installed closet shelves without using wall anchors and ripped out a chunk of the closet wall, and one where they had to take out a 14"x16" piece of wall and baseboard in one of the bedrooms to do some pipe repairs. Things I could learn to fix myself or pay a handyman $50 to take care of for me. And I don't mind that you'd need to paint over the repairs - I'd want to totally repaint anyway. The place is done in "Pottery Barn" colors - olive, taupe, browns - blargh!
Those are cosmetics. The bones of the unit are awesome - hyuuuuuuge main room, two large bedrooms, bathroom in good shape, lots of closets, decent-sized kitchen with room for extra shelving, gfi outlets in all rooms, with cable and phone jacks in most of them, lots of (newish) windows, ALL gorgeous hardwood floors. Building is a 2004 conversion, so nothing is too old. Top floor so no one is jumping up and down on my head. It's a 3-4 block walk to the Red line, and half a block from the public library. There aren't a lot of grocery options in the neighborhood but there are plenty of I-Go cars available. It's a well-lit courtyard building, and this is a front corner unit.
Negatives - it's a foreclosure, so there may be legal issues, or assessments owing. It's at the top of 3 flights of narrow stairs, and the back stairs aren't much wider. I'd have to do a little work with patching and painting. We couldn't see the laundry or storage areas because the key we had didn't work (or maybe we had the wrong door). Parts of that neighborhood are still a little spotty. I'd possibly have to finagle out of my lease a bit early (though there is no way to tell with a foreclosure just HOW long it will take to close). I've not seen any info about the condo assoc yet.
I know you're supposed to wait in this kind of market, but I've been watching the market for nearly 6 months now and I KNOW I couldn't afford a unit of that size east of Clark Street unless it was a short sale or foreclosure. This unit JUST came on the market this week and I can't see it staying there very long. Comparable units in that building not on foreclosure are 60k-100k more. My agent and I are going to talk tomorrow, but as far as I'm concerned he can prepare the offer paperwork right now. As long as there are the usual contingencies - for a home inspector to make sure the damage is only cosmetic, to go over the papers and budget of the condo association, and for an attorney to go over the legalisms with me - then I'm happy.
*Saw a LARGE garden 1br with a huge kitchen/dining room area that would be PERFECT for gaming. The bedroom had a wierd soffit-thingie where the pipes go, and the wiring was a little old, but it was big and sunny. BUT - older building, 7 units, self-managed, and only $7,400 in reserves. In short - a train wreck waiting to happen. My agent is a referral from a friend whose condo board melted down in flames, so we're both agreed that is an awfully big risk.
