Separate listings offer 1843 N Marshfield Ave in Bucktown as a 4-bedroom, 3 ½ bath custom home for $789,000, and as a vacant lot for $339,000. Both listings describe the seller as “very motivated,” and a search of the public records clarifies the motivation.
The current owner acquired the property for $355,000 in October of 2005 subject to a mortgage for $603,500, which likely included construction financing. The property was refinanced for $302,000 in July of 2008. Add 6+ years of interest, property taxes and other costs to the seller’s purchase price, and a sale at the $339,000 asking price equates to a substantial loss.
Enough property directly borders the Kennedy Expressway to make it clear that some home buyers don’t mind having it in their front or back yard. For one thing, a real-time traffic check is a window away. For another, property fronting an expressway usually comes at a price discount from comparable homes nearby. This property has the additional advantage of being seconds away from an on-ramp.