Looking For a Single Family Home with a Coach House? 2245 N. Greenview in Lincoln Park
We last chattered about this 4-bedroom single family home with a coach house at 2245 N. Greenview in Lincoln Park in November 2010.
See our November 2010 chatter here.
Since that time, it has been reduced another $100,000 and is now listed at $1.195 million.
If you recall, the house was built in 1989 on a oversized 25×130.6 lot and has a coach house.
The kitchen has white cabinets, granite counter tops and stainless steel appliances.
Only 2 of the 4 bedrooms are on the second floor, with a third in the basement and a fourth on the main floor (it’s unclear if that means the 4th bedroom is in the coach house).
The house has a sunroom and a brick patio along with a 2-car garage.
The house is now listed $230,000 under the 2007 purchase price.
In November, many of you thought this house would sell around $1 million.
Is that what it will take to sell this house?
Joanne Nemerovski at Prudential Rubloff still has the listing. See more pictures here.
2245 N. Greenview: 4 bedrooms, 4.5 baths, 2 car garage, 3300 square feet
- Sold in March 1990 for $210,000
- Sold in March 1993 for $275,500
- Sold in April 2001 for $610,000
- Sold in May 2007 for $1.425 million
- Originally listed in April 2010 for $1.35 million
- Reduced
- Was listed in November 2010 for $1.295 million
- Reduced
- Currently listed for $1.195 million
- Taxes of $13,035
- Central Air
- Bedroom #1: 18×16 (second floor)
- Bedroom #2: 15×13 (second floor)
- Bedroom #3: 16×14 (basement)
- Bedroom #4: 11×10 (main floor)
- Sunroom: 12×10
Eau de Horween?
I am guessing it must have some kind of funky layout, or the two bedrooms up is turning people off. It looks like a good deal to me at $1 mm. that’s a lot of space and the coach house is a great benefit.
It looks pretty nice. I just don’t like the exterior.
I do love the sunroom! Unfortunately this one seems pretty narrow and is furnished poorly. My relatives have a large one like that on their lake home and it is awesome. They use it 10+ months a year and even set up the X-mas tree in it each Christmas. I’d guess that it is much wider. They also added radiant heating in the floor.
If I had the money for a million+ house, this is the exact type of house I would buy.
I love that sun room! Plus, it seems like a fair price.
Perhaps a strange layout (bedrooms) due to the footprint and desire for “larger rooms”. The conservatory is small and would work as a breakfast room perhaps. Not sure about heating/cooling (mostly cooling) as in the summer sunrooms other than north facing are quite hot (I speak from experience.) As to the house exterior it is such a mixture of competing styles which to me is a turn off: a parody of something but not quite there. I can see this moving at around 1 mil
is this the home that looks directly into a car wash or the city yards?
“is this the home that looks directly into a car wash or the city yards?”
Car wash. No Pryor or Carlin, tho.
The problem with this house… location, location, location.
“Car wash. No Pryor or Carlin, tho.”
you choose golf clap, rim shot, or ed mc yeah yooo?
I have toured this place (out of my price range, but there was an open house). The floorplan is actually really nice. A full guest room in the basement with the two larger bedrooms on the top floor. Master has fp, walk ins, and large bath – 2nd bedroom has lots of room as well and has own bath as well. full theater room and laundry room in basement. Coach house is funky – only one room directly inside doors and the bathroom is setup as a dog-washing station. If I had the money, I would definitely make an offer.
At 1.2MM I think it’s an okay deal. I expect it to go under contract above 1.1.
I used to volunteer, back around 1982, at Christopher House, just down Greenview a few blocks from here. Hard to believe, but back then, this was a very working class area. That’s why a “settlement house” like Christopher House was there in the first place. Now it seems kind of out of place amid the $1 million houses.
610k in 01 is ~ 780k in 11. Granted the 01 price is a single data point, but assuming this home received no major improvements & was ‘fairly’ valued in 01, what would justify a sales price today higher than the pre-bubble inflation-adj value? My guess is that homes with front-room views of car-washes have underperformed the index, so I want “unders” on Bob’s 1.1m because anything above 800 strikes me as a good exit price.
Dan #2 – don’t those type of places typically use the increased property values to sell and move to a new location that is more in need of their services, with a fair amount of money left over to provide services?
“610k in 01 is ~ 780k in 11. Granted the 01 price is a single data point, but assuming this home received no major improvements ”
Assessor has the house as 19 years old, 1568 (above-ground) square feet and with 1.5 baths. Yet still assessed at 98,554. Something is odd.
No homeonwer exemption submitted by current owners.
Dan #2 – Then again, sometimes a charity decides that it’s a better deal to STAY in a “gentrifying” area (provided they can afford to), because they can attract donors/volunteers from among the new neighbors. You know, “guilt them” into being benefactors.
Tipster and ChiTownGal,
Both of your rationale make sense to me. I suppose it’s win-win for the charity. I haven’t been over there in a while, but I assume Christopher House is still going strong. I worked with the little kids there in 1982/83, and then in the late 90’s I tutored teens there.
That 1993 to 2001 price increase reflects the changing neighborhood since both were for the original new construction sfh with 2BR/1BA. The 2001 buyer appears to have put on the rear addition and sun room. Hard to say who added the small “coach house”, but it is built on the side of the garage on this irregularly shaped lot. It is a double alley corner piece of land with an extra triangular piece along the alleys.
The location isnt all that bad and I like the finishes. I think it’ll sell for $1MM+.
The coach house is good b/c you can get some rental revenue. If I could afford $1M I’d put a bid in for it. Prob can get $1500 rental income.
“The coach house is good b/c you can get some rental revenue. ”
If you can afford a 1.3MM place you aren’t sweating rental revenue. The coach house is good because you can have guests over and maintain privacy, or have the maid live there.
The coach house is about 16′ x 16′, so I’m kind of doubting the $1500 potential rent.
I would hire a cabana girl and she could live there.
Seriously, if your house is under a million or if your note is under $800,000, then you’re some kind of loser and your opinion on these things dont matter here.
The coach house would be nice for a nanny, out-of-town guests (onsite yet separate quarters would be great for retired grandparents) or for when friends from the east side of town come visit.
Nobody got my reference? Does the odor from the Horween leather tannery at Ashland and Webster become a factor? This house is sort of upwind.
Best cordovan leather in the world though!
“Does the odor from the Horween leather tannery at Ashland and Webster become a factor? This house is sort of upwind.”
Is this what smells like fish as I drive north on Ashland towards Webster? I assumed there was a seafood processing facility somewhere in the area or that the river just smelled particularly bad with the odd water flow patters in the area.
I just noticed this place has the dreaded “flat screen TV mounted above the fireplace” disease. Talk about class!
“I just noticed this place has the dreaded “flat screen TV mounted above the fireplace” disease.”
If people really love looking up at a screen like that, why aren’t the front rows in movie theaters *always* the first to be filled?
SoPoCo, I have a half dozen pairs of Aldens, all hail Horween!
“I just noticed this place has the dreaded “flat screen TV mounted above the fireplace” disease.”
“If people really love looking up at a screen like that, why aren’t the front rows in movie theaters *always* the first to be filled?”
Problem is not with tv location, it’s the proliferation of fireplaces, which as we all know are mucho passe.
“Problem is not with tv location, it’s the proliferation of fireplaces, which as we all know are mucho passe.”
So, in the absence of a fireplace, we’d still see flat panels mounted ~12″ from the ceiling?
“So, in the absence of a fireplace, we’d still see flat panels mounted ~12? from the ceiling?”
I dunno, it’s such a radical hypothetical it would be hard to say.
With existence of fireplace, where else do you put the tv in *that* room (I probably wouldn’t put one in that room or buy a house in which there was no good place to put a tv)?
“With existence of fireplace, where else do you put the tv in *that* room…?”
Nowhere. That’s the only place to put it. Of course, teh place was laid out like that *before* the arrival of the ubiquitous flat panel. Where would you put a 32″ tube tv? In that TV cabinet they haven’t gotten rid of yet, right?
My favorite about where the TV is is that the two cans above it are focused *on the screen*. Never bothered to swap out for non-angled cans.
“I probably wouldn’t put one in that room or buy a house in which there was no good place to put a tv”
Seems like a tough layout, best I can tell from the pix. The whole back wall is unusable b/t the patio doors and the sunroom, but using the north wall would mean either an awkward flow with the furniture locations or turning your back on the fireplace + not being able to see the TV from the banquette/table. And sticking it in the space b/t the fireplace and the kitchen counter leaves it pretty awkward, too (tho that might work okay if the kitchen counter there were *not* bar height).
“The coach house is good b/c you can get some rental revenue. If I could afford $1M I’d put a bid in for it. Prob can get $1500 rental income.”
At $1MM+, or even really 600k+, this property is beyond the point for middle class people to stretch to own the house of their dreams even though they can’t really afford it.
That is because financing becomes much harder. Remember you can’t get that mortgage rate as an owner-occupant if this is a two-flat. And this isn’t in conforming territory.
This will be bought by a genuinely high-income/net worth person/family, which there are far less of than middle class poseurs stretching for the stars and trying to use all angles to make the numbers work (ie: renting out coach house to Cato Calin).
“Remember you can’t get that mortgage rate as an owner-occupant if this is a two-flat.”
Whachu talkin’ ’bout cat-food eater?
Two survey questions –
1) Which place will sell for higher?
2) Which place will sell first?
Between this one and this one http://cribchatter.com/?p=10730#comments
I KNOW they aren’t bc two different areas. Just curious.
1) Think the other sells for higher
2) Think this place sells first
both look like nice houses, both are in crappy locations for me.
Bob on June 20th, 2011 at 2:41 pm
If you can afford a 1.3MM place you aren’t sweating rental revenue. The coach house is good because you can have guests over and maintain privacy, or have the maid live there.
~
There are plenty of older, now well-off owners that still rent out their coach houses for additional revenue. Granted, it’s probably an older mentality compared to something you’d see from someone buying today.
Anyway, I’m in love with that solarium.
“Whachu talkin’ ’bout cat-food eater?”
It’s my understanding liars loans are now off the table and they are actually fact-checking mortgage applications.
Can you get as favorable loan terms on 2-flats where you plan to rent out one unit vs. a single, owner occupied unit? My impression was not.
“Can you get as favorable loan terms on 2-flats where you plan to rent out one unit vs. a single, owner occupied unit? My impression was not.”
Given that the conforming loan limit goes up for multi-units, your impression is wrong:
1-unit properties : $417,000
2-unit properties : $533,850
3-unit properties : $645,300
4-unit properties : $801,950
The multis do generally appraise out at lower values than similar SFHs, but that’s not crazy, if not exactly consistent with most of postwar Chicago history.
anon (tfo): Will the conforming loan limit on multi-units be changing when the old limits expire on October 1st? Or are these not affected the same as on other properties (which are going to be lowered in some parts of the country.)
I have no idea myself- which is why I’m asking.
“Will the conforming loan limit on multi-units be changing when the old limits expire on October 1st? Or are these not affected the same as on other properties (which are going to be lowered in some parts of the country.)”
Dont know, but suspect they will be treated the same as the $417 limit–so, generally not changing. Russ probably actually * knows*.
You wanna clump around in your Aldens during the summer heat?