February 28, 2013

Selling Short For $74,000 More Than Was Paid

610 Illinois

Purchased for $525,000 in April of 2003 with one percent down and loans totaling $520,000 (ah, the good old days), 610 Illinois Street #203 was refinanced at the end of 2006 with $594,000 in debt.

Having just been listed as a "short-sale" for $599,000, five thousand more than was borrowed and $74,000 more than was originally paid for the Central Waterfront one-bedroom condo a few blocks from the newly proposed Café Cocomo development, the math might not make sense to some.

A couple of missing variables which might help to explain the listing: the 2006 era mortgage has been in default since June of 2011 at which point the owner was already $45,000 past due and has since declared bankruptcy.

∙ Listing: 610 Illinois Street #203 (1/1.5) 1,068 sqft - $599,000 [Redfin]
Plans For 120 New Condos Where Café Cocomo Stands (Or Shakes) [SocketSite]

First Published: February 28, 2013 9:00 AM

Comments from "Plugged In" Readers

The listing agent gets the 'honest realtor of the year' award for posting the picture of the water-damaged floor.

So refreshing to see some truth in listings instead of gushing hyeprbole... there is rarely such a thing as a perfect home, so why not show the good and the bad? Kudos.

Posted by: imho at February 28, 2013 9:38 AM

I see many people these days using wood flooring in the kitchen, even in a bathroom or a laundry room.

Then life happens.

Posted by: lol at February 28, 2013 9:49 AM

Funny lol, I have wood flooring in all three of those wet and messy rooms. It wasn't my choice though. So far no water damage despite there being plenty of spills.

Yes it is refreshing to see a listing that depicts the property as it actually exists instead of a staged-up fantasy that hides the flaws. That floor damage is relatively cheap to fix and hopefully buyers will realize that.

Looks like this place overlooks The Ramp. That could be good or bad depending in your preferences.

Posted by: The Milkshake of Despair at February 28, 2013 10:05 AM

Milkshake,

True, there's different levels of issues.

Small spills - no issue
bigger spills found right away - easy to correct
bigger spills NOT found right away - some work required
and then there's that once-in-a-century major spill that will require you pull your floor out with mold and stuff. A friend went through one of those and he's going back to tiles with waterproofing treatment.

As plumbing ages, risks go up. As long as you're aware of it.

Posted by: lol at February 28, 2013 10:37 AM

Generally, tile in the kitchen is not going to fix the once-in-a-century major blow up.

What is your friend doing for waterproofing at his kitchen tile? Is he building up curbs at the doors and putting in a floor drain?

Posted by: sparky*b at February 28, 2013 12:12 PM

Back in the 1960's & 1970's people carpeted the bathrooms in Tahoe thinking your feet would stay warmer. I guess they never heard of throw rugs or bathroom rugs.

Posted by: inclinejj at February 28, 2013 1:11 PM

Is there a reason for pricing so high?

Posted by: etslee at February 28, 2013 3:12 PM

My dream kitchen would have a terra cotta square tile floor with a center drain. Add stainless cabinets and you can hose down a massive mess of a kitchen to sparkling clean in less than 20 minutes.

... but no pot filler por favor.

etslee - my guess is that they are targeting the "600K limit" crowd and hoping to max it out.

Posted by: The Milkshake of Despair at February 28, 2013 6:15 PM

Wouldn't a center drain inspire constant, obsessive, and watchful-eye to keep it clean, lest smell, mildew, and other dark unpleasant things and rings gather, in plain view?

I guess I have OCD that way. :-)

On the other hand, I would love to have stainless cabinets, and even more so for the counters.

Posted by: jack at March 1, 2013 10:04 AM

jack, yes it would. And since the floor slopes towards the center drain it also feels kinda funny under the feet. So I'd position it beneath a work table to address both problems. As for smells, assuming it has a proper trap and venting it should be no more smelly than the drain in the sink.

Stainless counters are awesome so long as they are thick enough to prevent denting and you don't mind a scuffed "worked" finish.

Posted by: The Milkshake of Despair at March 1, 2013 10:25 AM

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