Rojas reviews ‘a ridiculous foreclosure deal’ in Lincoln Square

Realtor Eric Rojas and a client recently toured a bank-owned two-bedroom / one-bath condo in Lincoln Square whose price had just dropped to $89,000. In this video, he evaluates the home’s condition and suggests ways this “winner” could be repaired and updated. On his blog, Eric says the condo’s walls, floors, electrical, and appliances could be updated by contractors for under $10,000, or by a do-it-yourselfer for as little as $5,000.

COMMENTS

WORDPRESS: 2
  • This one fell through the cracks somehow and we are now in a multiple offer situation for the unit.

    The closest deal east of Western Avenue and south of Foster in Lincoln Square is in the huge Wolcott Gardens condo development. A two bed, one bath garden unit is under contract as a short sale for $80K… it remains to be seen if that will get done. That’s a much less desirable unit due to the garden level and look/design of the the 1945 boxy building and units. The short sales are much, much more uncertain than legitimate bank owned foreclosures to get closed.

    My foreclosure count for condos offered east of Western Ave and south of Foster Ave is about 5 and there are 7 short-sales offered.

    However, the inventory for units like two beds, one baths is large and over-priced on avaerage. Many of the homes offered would probably be short sale situations for the owners if brought down to a true market purchase price.

  • This ended up closing, $90K cash. Super deal…we did not get it.