No Kidding – Get a 3-Bedroom SFH in Lincoln Park for Just $500,000: 2722 N. Wilton
This 3-bedroom single family home at 2722 N. Wilton in Lincoln Park just came on the market listed for $500,000.
Built on a 25×75 lot, the 2800 square foot house has the features buyers are looking for including central air and a 1-car garage.
The kitchen has white cabinets and stainless steel appliances.
It has a fully finished basement with a wine fridge.
All 3 bedrooms are on the second floor with a den or office on the main level.
So what’s the catch?
The El runs directly behind the house (hence, no pictures of the backyard in the listing- only the front deck.)
This also provides for an additional 4 car outdoor parking.
The listing says its in Alcott (NOT Lincoln) and Lincoln Park High School.
It is currently listed $25,000 under the 2005 purchase price and I was told the seller put additional money into the house to renovate the basement (among other things).
Is this a good townhouse or condo alternative for Lincoln Park?
John Vossoughi at @Properties has the listing. See more pictures here.
2722 N. Wilton: 3 bedrooms, 3 baths, 2800 square feet, 1 car garage
- Sold in September 1996 for $165,000
- Sold in August 1997 for $330,000
- Sold in June 2005 for $525,000
- Currently listed for $500,000
- Taxes of $9985
- Central Air
- Bedroom #1: 20×18 (third floor)
- Bedroom #2: 11×12 (third floor)
- Bedroom #3: 10×9 (third floor)
- Den/office: 7×14 (main floor)
this will sell within a few weeks.
“The listing says its in Alcott (NOT Lincoln)”
Well, yeah, bc it’s over 1/2 mile NW of the NW corner of the Lincoln attendance area.
depends on how much the train noise bothers you. Some people wouldn’t buy it period….so no idea if it is a good deal
May have meant Alcott (not Agassiz or Mayer), which would probably be a plus to most potential buyers.
Agree that @ under 500k, this will quickly find a buyer willing to put up with the El.
This should sell real fast.
How much will it cost to make the exterior brick or stone?
its good to have that basement living room as the brown line cannot be too pleasant.
depending on what the noise factor is, this is prob the best “deal” ive seen on this site.
Miumiu,
Why would you do that? It would just be a waste of money. For a few thousand a window, you can install double pain/sound proof windows…probably 30K-50K for the entire house
1996 price says a lot. far too many people on this site are still mentally anchored to bubble pricing & don’t understand half a million dollars is a helluva lot of money. someone like that may pick this up for 495 but in 2015 this is a 440k house or less.
oh yeah and what’s the point of an SFH with no real yard to speak of and El noise? this is competing with far nicer townhomes and rowhomes at this pricepoint.
Nice place
David, it is not just for sound proofing. I don’t like the exterior as is. But if it is very close to EL that is an issue for me. As my mom is very sensitive to noise and when she comes to visit us, she will be very uncomfortable. That being said my baby loves noise. I was staying with a friend near O’hare and the sounds of planes made my baby sleep very well.
“1996 price says a lot.”
’96 price says squat, as it was clearly a dump then. The ’97 price says a lot, but was prolly an “everything new” price; cpi-adjusted, that’s $464 now. Looks liek some stuff improved/replaced since then, too.
A CC 5*. Don’t see this often. I concur.
I could put up with the el noise for this price for such an updated house in a good location. However, from a satelite image of the house, it looks like there is NO backyard at all. What is the point of a home without at least a little backyard, unless you are willing to let everyone see your dogshit in the front yard until you pick it up?
It’s not just Brown Line noise. This stretch of track carries Brown, Purple and Red lines.
It’s hella loud. There are times where 4 trains will be going by at the same time.
Had a friend who lived near here (on the El) years ago. The whole building shook during rush hour
Ugly house very nicely fixed up with nice finishes, in good neighborhood. I guess it’s worth the price, but this is Worker Housing, really.
Really is a nice place…very classy interior that you would not expect from just looking at the exterior.
While it would be uber expensive and a disruption to do, one could soundproof it to minimize the El sounds…just might be worth it to do so!
You could soundproof it all you like, but a house this old is very likely to rattle each time a train passes by, and this stretch of tracks is possibly the busiest (outside of the Loop) of any stretch of L tracks across the city.
That and no back yard. If it’s this important to have a single family in LP, and you don’t have the money to get one with a better lot and location, I suppose this is the answer.
I suppose whoever bought it for $525,000 in 2005, near the peak of the pricing bubble, thought it would be no problem selling it for $750,000 in 2010. Hindsight makes them look pretty dumb.
On the other side of Wilton, this might be worth $650,000, as there’d be far less L noise and possibly a back yard. It is a nice street.
“…unless you are willing to let everyone see your dogshit in the front yard until you pick it up?”
You mean there are people who have dogs and actually do not pick up their waste…in their own yards?
I just yelled at and humiliated two women who were walking their dogs in front of my place. Both of the dogs decided to piss on my building and leave their waste right outside the entrance. I keep waste bags right inside the front door so I gave them 4 and asked….ordered them to pick up.
With red faces they apologized, then complied. One woman walking behind them thanked me for yelling at them about their mess.
I just wonder, what they would have done if I was not present? That’s right they would have kept right on walking. Not picking up after your dogs carries a $500 fine in NYC.
Such a nasty practice not cleaning up after your pooches…it says a ton about the humans attached to the other end of the leash.
“Such a nasty practice not cleaning up after your pooches”
People who do that must LOVE attracting rats to the neighborhood.
“Such a nasty practice not cleaning up after your pooches…it says a ton about the humans attached to the other end of the leash.”
SO NOW YOU HAVE A PROBLEM WITH THE ROMANS AND THE PARISIANS?
Dog owners can be extremely annoying.
No back yard and on the el go hand in hand. What’s the point of a yard if you’d be playing under/next to the el tracks? It’d be unusable.
No idea if this is a deal given the location. Folks calling this the busiest set of el tracks in the city are spot on. A non-brick structure abutting the el? Not even a consideration for me. Agree that this is competing with at least townhouses, if not condos given its lack of outdoor space.
The outside looked like my old place in wicker park, like kind of small and old looking but the inside is completely opposite! Beautiful regardless but if I viewed it from the outside, I would never guess it would have big indoor space to it.
“1996 price says a lot. far too many people on this site are still mentally anchored to bubble pricing & don’t understand half a million dollars is a helluva lot of money. someone like that may pick this up for 495 but in 2015 this is a 440k house or less.”
Bob, I agree that $500K is a lot of money, but not for 2800 sf in this location. Even backing up to the El, this will sell near ask.
if there are indoor-outdoor cats around most rats tend to not come for the dog shit. but then for those that do you now have dog shit AND dead rats
So if there are 3 bathrooms and the listing says there is a master bath and a bath in the basement, does that mean there is no bath on the main floor of the house? Minor to some, but that would be a deal killer for me unless one can be added somewhere.
It amazes me the number of people who will put up with el noise just to say they live in a SFH. That’s crazy…there is no single family life when there is no yard and guaranteed noise intrusion. The same people who complain about condo living (you might have a noisey neighbor) the noise and lack of privacy it entails, would buy this place — where you are guaranteed noise and lack of privacy (el passengers looking on) just to say they live in a SFH. The midwest is crazy!
Dog owners, loud motorcycle drivers, and smokers… there are no easier ways to give a big FU to the rest of society and completely get away with it.
“Ugly house very nicely fixed up with nice finishes, in good neighborhood. I guess it’s worth the price, but this is Worker Housing, really.”
Very good assessment.
“Dog owners, loud motorcycle drivers, and smokers… there are no easier ways to give a big FU to the rest of society and completely get away with it.”
I agree with majority of the statement, but there are some dog owners who are very clean and keep their beast very clean too. Now of course there are those that you don’t want to take the elevator with them or even shortly after them. Still here people and their pets are very clean compared to most places I have lived.
hey, I always clean up after my guys. Since I walk my guys where other dog owners walk their dogs. I am even more likely than others to step in some other dogs un-picked up shit. Ain’t the dogs fault. Some people are just assholes.
i dont know, this is a great deal, but some things just aren’t worth the price. For me, that is the noise from the El. I recently went out to ‘barn and company’ in lincoln park, and they are about 1 block from the el. The patio was lovely except every 10-15 minutes a train would go by and completely ruin any conversation…after an hour or two i was starting to have serious anxiety. I can’t imagine living just in front of the EL. Not worth the money to me.
Everyone has made good points.
1.) Brown line, not so bad, its slowing down. The red line is what’s bad. It’s going full speed in that location. You will not be able to hear anything. I don’t think soundproof windows could eliminate that noise.
2.) $500k for a SFH and 2800sf seems like a good deal to me.
3.) It’s an alternative to a Condo/townhome and gives you a lot of flexibility…..live in it for 5-7 years, rent out, then convert it to a 2-flat with a ton of rooms. 20 somethings in that area will fork over a lot to live in a 8×10 room.
miumiu on August 26th, 2011 at 10:35 am
“How much will it cost to make the exterior brick or stone?”
Speaking of this, does anyone have any recommendations a contractor to do outside work? i.e. roof, siding, foundation, etc?
1) Westloopelo is right about darker-stained floors: they class the joint up (I thought they’d make a smallish space look smaller, which is why I went with a lighter/gloss finish, which I now somewhat regret).
2) If a family really wants to live on the north side, and will only live in a SFH, it will be hard to beat this place for the price.
3) This isn’t such a hot location, even without the el. It’s not so much that it’s too far west (and it is), it’s that it’s practically on Diversey. Diversey is hardly as bad as, say, Division, but I’d rather be a couple of blocks north of Diversey than a half a block south of it.
miumiu on August 26th, 2011 at 10:35 am
“How much will it cost to make the exterior brick or stone?”
Although I’m not sure I would bother with it for this place, I’ve often thought what that would cost. What would it take to convert a sided three flat into a brick faced three flat? I think the number could be pretty high and it would still pay off, as brick buildings go for much more of a premium.
” I think the number could be pretty high and it would still pay off, as brick buildings go for much more of a premium.”
Have to find a sucker with a bad inspector, because you’d still have a frame house with a brick facade, rather than a masonry house.
And I don’t care if [Builder X, or all or ’em] builds “brick” houses that way, it’s still a frame house, with brick siding.
my buddy and his wife rented next door to this place 5yrs ago until he came home to find some hooligans ransacking his home. odd story:
” They got my Canon XLR camera was the high end steal… besides the car. A bunch of video games. The odd part was that they had a ton of change. Forget the 3 Apple Computers, they bagged up change in my basketball socks. BUT…. I dont know where they got the change. I didnt save any. So they stole my socks just to store the change they stole elsewhere. ”
he moved back to kansas within a year.
Who’s got half a mil to lend me because man, I love this place. El noise is not a problem for me, lived right outside it for a year in the Loop and it didn’t bother us at all. Drool.
“Although I’m not sure I would bother with it for this place, I’ve often thought what that would cost. What would it take to convert a sided three flat into a brick faced three flat? I think the number could be pretty high and it would still pay off, as brick buildings go for much more of a premium.”
When my frame SFH was built (2004) the developer wanted an extra $100K to do a brick “wrap”. I’m not a fan of siding, but thought the brick would be a waste of $ because at the end of the day the house still would be frame construction. So glad we chose not to go with the brick wrap. Our neighbor’s brick exterior cracks, and I can’t imagine that they would get their $ out of it if they were to sell in this market.
Why…oh why…oh why…do dog owners “walk” their pets in
public instead of alleys? If I had a dog I would train it to understand that the alleys are for the “business end” of a walk and the reward for good behavior is going out to the sidewalk for the “social part” of the excursion.
Or maybe I’d just train it to use a litter box like a cat. Pet stores DO carry them, you know!
That’s the advantage of a small dog.. you can train it to use a litter box. A friend who owns a “teacup” Chiwawa has his little guy box-trained. That, and you don’t have to call an ambulance to get him to the vet, like I would have to do with a really large dog.
And with regard to humans’ personal habits: The reason many “vintage” homes do not have a bath or powder room on the main floor was explained in a BBC doc on Channel 11 a few years ago.
In the late 19th Century, when indoor plumbing started to become a mainstay in most urban homes (not just for the rich), it was feared that “noxious fumes” and bacteria from a main-floor bath would find their way into the kitchen and contaminate the food. This was no small fear in the age before reliable refrigeration,etc. when fresh food was already vulnerable to quick spoilage.
Couple this concern with the Victorian reticence regarding body functions, and you’ll understand why lavatories were consigned to the upstairs and/or basement.
Hi all
Thanks for the feedback. Ba quick response to the bathroom question: there are 3 bathrooms and 1 on each level (basement, first And second). B
We did receive an offer and are negotiating. It’s a great place, despite the noise.
Thanks
John
7736787082
Several years ago I bought a fixer upper for 72K in Wicker Park–I wrapped the front and back in brick and redid the sides with siding. I sold it for 855K. I did alot more than the exterior in brick for that price but the brick was worth it.
“Who’s got half a mil to lend me because man, I love this place. El noise is not a problem for me, lived right outside it for a year in the Loop and it didn’t bother us at all. Drool.”
That’s just the thing, Jennifer. During the bubble you could get a half million dollar loan to buy this place, and people like you did, and places like this went up to 525k. But now you have to have wages, a downpayment and a good credit score.
Also surprised noone mentioned 2251 N Greenview. SFH in LP for 525k and not close enough to the El to high-five passengers.
“Also surprised noone mentioned 2251 N Greenview. SFH in LP for 525k and not close enough to the El to high-five passengers.”
This is west LP- which isn’t as desireable. The other house is just a few blocks from Diversey, Trader Joes etc.
Also- it’s not renovated. At all. Buyers want “new” no matter what the price. Heck, even if that house on Greenview was listed at $350,000- I bet no one would want it. Very few buyers can see past the older kitchens, baths, not painted etc. Very few buyers have ANY vision whatsoever (not to mention the time, money to actually rehab.) They want to buy it and move in. This is why the rehabbers are making a killing. They’ll buy the uglier house, renovate, and flip it to a 30-something that has money but no time or vision.
This house on Wilton is “move in able.”
That’s ALL that matters.
Remember this house that we chattered about on Wilton 2 years ago?
http://cribchatter.com/?p=7735
It was only a 2/2- but it didn’t need much done to it either. Listed back then at $549,000. But it never sold. Withdrawn from the market. Also backed up to the El line. Also had the front porch.
If the 3/3 in this post goes for, say, $475,000 that’s a bad sign for the 2700 N. Wilton house if they ever try and sell it again.
“We did receive an offer and are negotiating. It’s a great place, despite the noise.:
Thanks for the update John. I’m sure this will sell fast.
Bob not sure what you mean by ‘people like you’ but in any case, we just bought a place on the North Shore so we’re not in the market right now.
I meant people that are bullish on current valuations and “would” buy it in a heartbeat. Most of them already own.
Funny you mentioned the NS I almost posted a link to what 500k gets you there vs. this house next to a roaring train with crappy public schools. Which is partly why I don’t think this thing is worth half a million.
“Heck, even if that house on Greenview was listed at $350,000- I bet no one would want it”
I’d buy it for $350. An investor would as well. Remember that Lakeview 2-flat foreclosure on Wellington or George that went under contract within days at 330k.
It will be interesting to see how appraisers can continue to fudge valuations to justify a 100% premium for turnkey vs. not.
You guys realize why buyers pay a huge premium for new/renovated, right? It is all about the money.
Take two identical houses built in 1970 right next to each other. House A is not renovated and is offered at 500k. House B is fully renovated and is offered at 750k. The renovation cost to bring House A to House B’s level is 150k – so why wouldn’t anyone buy House A? Here’s why:
House A costs: 100k down payment, 150k for the renovation – means they need 250k cash. Their monthly mortgage (assuming 5%) would be about 1900/month.
House B costs: 150k down (they only need 150k cash – not the 250k needed for House A). Their monthly mortgage is about 2700/month – only 800/month more than House A – (10k/year more).
Most people, based on the financial aspects would choose House B (even if they had the money). They look at it as saving the initial 100k – without considering that over 30 years, they will pay a lot more).
Now add the fact that the work is already done (the non-financial aspect) and you have a no-brainer. People will always pay this PREMIUM for new just because they can’t think more than a few years into the future.
People will look at House B and think that they are “saving” the 100k in renovation costs (even thought the costs are bundled into the higher payment = they don’t care because it is spread over 30 years – same concept as buying a car and just looking at the down payment and monthly payment without looking at the actual total costs).
clio we call that the HOWMUCHAMONTH club. They are largely the people responsible for this RE bubble.
Bob, agree- but this type of thinking is the norm and therefore, we will continue to see these types of decisions being made. It is OK – as long as the smart people understand this, you can make a lot of money.
it’s more than that, Bob – it’s that major rehab work is not only expensive, it’s wrought with uncertainty – what will be behind that wall? are the inspectors going to have a field day with the electrical, etc.?
Clio – dont forget that many people just do not enjoy the rehab process. It is their idea of a personal hell. I love it and will likely never purchase a place that is move in ready.
When it comes to car servicing or IT stuff I will pay a premium for someone else to do that work. You will never see me changing my oil and don’t even get me started on technical support phone calls. I spent three hours on the phone with ATT this week getting my internet back online. Then last night we wanted to download a movie from our Apple TV but realized that it had to be reprogrammed as well. Add another 1/2 hour of pain. Ugggh, that is my personal hell.
So much for those “attractive” FHA 203K loans, huh?
Hi all
This property is now under contract. Let me know if there are any questions (not about the contract, cant answer those!)
John
Was just going to report it’s under contract but the agent already did!
Did the buyer previously live at that building at Belmont & the river? (non PC joke)