Itching To Live Close To Your Beloved Wrigley In a 2-Bedroom SFH Under $500K? 1308 W. Addison
We last chattered about this 2-bedroom single family home at 1308 W. Addison in the Southport neighborhood of Lakeview in June 2009 when it was listed at $499,000.
It sold just a few months later, in August 2009, for $470,000.
See our prior chatter here.
Most of you thought someone would be crazy to buy in this location (just down the street from Wrigley Field). Some of you also thought it was only good as a rental.
If you recall, the house was built in 1893 on a standard 25×125 lot. It has a 2-car garage.
In the prior listing, there was a lot of discussion about the lovely landscaped backyard but this one just says “beautiful backyard” and doesn’t show any pictures.
The house has vaulted ceilings on the first floor, skylights and a partially finished basement which appears to be used as a family room.
Both bedrooms are on the second floor.
The kitchen has white cabinets and stainless steel appliances.
There is central air.
Is this house still a condo/townhouse alternative at this price 3 years later?
Phil Byers at @Properties has the listing. See the pictures here.
1308 W. Addison: 2 bedrooms, 1.5 baths, no square footage listed, 2 car garage
- Sold in April 1998 for $314,500
- Was listed in June 2009 for $499,000
- Sold in August 2009 for $470,000
- Currently listed for $499,900
- Taxes now $10035 (they were $7975 in 2009)
- Central Air
- Living room: 23×19
- Dining room: 15×11
- Kitchen: 11×8
- Bedroom #1: 14×12
- Bedroom #2: 13×12
- Partially finished basement
Well, you know I love Wrigleyville. And I like the look of the exterior of this place! Reminds me of a cottage I own up in the Wisconsin Dells. But I wouldn’t call this place a steal of a deal.
Living on Addison at 1300 W = external obsolescence;
http://agbeat.com/editorials/real-estate/what-is-obsolescence/
Obsolescence- What Real Estate Classes Fail to Teach
by Ben Goheen in Real Estate, Tutorial – November 13, 2009 ·
Many properties can exhibit some form of obsolescence – either functional, external or both. Don’t know what that term means? You’re not alone. Real estate classes often dart past these terms because real life situations that occur nationwide are difficult to cite. Yet as an appraiser I encounter homes with one or more of the following examples every week.
Many properties can exhibit some form of obsolescence – either functional, external or both. Don’t know what that it means? You’re not alone. Real estate classes often dart past these terms because real life situations that occur nationwide are difficult to cite. Yet as an appraiser I encounter homes with one or more of the following examples every week.
External Obsolescence
Easier to explain and observe, external obsolescence refers to an undesirable factor outside the property and is generally not curable. This can include:
Highways: Unless you’re a NASCAR fan, having traffic buzz past your front yard at 55 mph isn’t the most desirable situation.
Power Lines: Not the small feed directly to a home, but rather the high voltage towers that supply an entire town. Even if you don’t believe scientific studies they’re still unsightly.
Commercial Buildings: Gas stations, shopping malls, 24 hour pharmacies – generally any business with non-neighborhood traffic.
Railroad: Similar to highway traffic but without the NASCAR effect.
Functional Obsolescence
This occurs when the interior of a property suffers from reduced usefulness. It can be cured as long as the cost is less than the added value.
Odd Floorplan: I inspected a single family home recently that had no bedrooms and only a half bath above grade. There was a room with a bed but it lacked a closet. That room was only accessible through another den, which in itself was only accessible through the half bathroom. Can you say ‘remodel gone horribly wrong?’ Plus the only shower in the home was in the lower level laundry room, which had a sink but no toilet so it wasn’t considered a bathroom.
One Bedroom: A condo in a building where many units have one bedroom doesn’t apply. But a one bedroom single family home in an area where others have 3 or 4 is not typical.
One Bathroom: Again, this might be ok for a property with only two bedrooms. However, just imagine the joy of getting ready in the morning when you share the 1 bathroom with 10 people.
Poor Design: Many 100+ year old homes have character but often lack amenities of newer construction. Small closets, only 4 kitchen cabinets, the kitchen sink not actually IN the kitchen but around the corner in the laundry room. Unfortunately not only did I see this house – I purchased and lived in it for three years.
While functional obsolescence is a real thing, it can be easily overlooked by someone who doesn’t live in the home. It’s also more difficult to find a similar comparable for an appraisal or market analysis
Never saw the kitchen sink away from the kitchen – but have frequently seen old houses where you had to put the refrigerator and/or freezer in the pantry or even on the porch!
Taxes 10k, for this? Is that normal for Wrigleyville? Seems like any advantage homeowners gain from refinancing they give back, and then some, on ever-increasing property taxes. I thought there was a reprieve on tax increases in recent years, but the reassessments seem brutal across the board. Legit issue in Chicago and surrounding areas.
“the reassessments seem brutal across the board”
First pass reassessment for 2012 for this prop is down 17.7%.
“Taxes 10k, for this? Is that normal for Wrigleyville?”
It’s normal if the owner does not appeal them and it is just dumb not to do so. I live somewhat close to here and we own a few properities (SFHs) in the area that are worth much more than this place and we pay significantly less than 10k.
This listing is a fail, seirously show the backyard if it’s ‘beautifully landscaped’, instead of a picture of the tiny porch.
I think this one would be going to about the cost of land. 425k.
“First pass reassessment for 2012 for this prop is down 17.7%.”
How do you find that? Is it possible to look up a property’s tax ID and input into the Cook County’s Assessors webpage for that info?
So taxes are now in the 8-9k range? Why wouldn’t the realtor advertise those, or did I miss something?
Lesko – Can’t believe that you overlooked the obvious crime scene on this block last week. There was a shootout at Ashland and Addison where at least one of the individuals died. Better take the Wrigleyville area off your list forever as it is now far worse than that horrible area called Astor St. that you singled out last week.
“So taxes are now in the 8-9k range? Why wouldn’t the realtor advertise those, or did I miss something?”
It’s not that simple; it’s not the case in Illinois that there is a set property tax rate that applies to assessed value, even as equalized. The rate applied depends on the aggregate tax levy and the aggregate equalized assessed value.
So, you’re AV can go down, and your taxes go up (but less than if your AV stayed the same), or your AV can go up and your taxes go down (but not as much as if your AV had stayed the same). Don’t know the levy or the equalization factor until at least late summer, and I would not be surprised if this will be another year where we don’t know the final number until the Wednesday after the first Tuesday in November.
“I think this one would be going to about the cost of land. 425k.”
Really think this lot is worth $425?
yeah I do think the land is about at that price. maybe could go down to 400k. The zoning is favorable here to build a three/four unit .
$425 for the land, put up a nice big three flat and sell them 450-650 and make ur money back.
“The zoning is favorable here to build a three/four unit .”
Not as of right. It’s rt-3.5, which requires 1250 sf of lot per dwelling unit. Doesn’t look like a prime block to get a variance, either, but you never know.
Ah, semantics police. I got it. Thanks, bud.
Point I perhaps didn’t make very well. $7975 in taxes seems very high for this house. 10k seems absurd.
I’m currently looking at a place where the 2010 taxes seem very high. I plan on appealing after purchase, but if they increase by 25% instead, that might change my mind. Just wondering if this is typical right now and if there’s a way to view the current 2012 tax bill since the realtor is being less than forthcoming?
” if there’s a way to view the current 2012 tax bill ”
No.
Is that semantics-free enough for you?
Yup, that works. Your 12:13 reply was great. Just assumed you were being snarky at 11:52. Not that I wasn’t wrong.
Not a bad place and I disagree it has external obsolescence
Phil: “Just assumed you were being snarky at 11:52. ”
(apologies for assuming you were being snarkier than you were) No, just noting that the AV of this house is headed downward, w/o an appeal. Which doesn’t necessarily mean anything about whether the taxes for 2012 (payable in 2013) will be lower or higher–won’t know that until the various taxing entities (primarily CPS, city, county, city colleges, park district) expect for a levy (Aug or Sep 2013) and the aggregate equalized assessed value, after appeals, for all the property in each taxing district (Sep or Oct 2013).
Taxes payable this fall are actually “for” last year, so will be based on the current assessed values; I’d expect the bills to be just a bit higher and, as I noted, not out until after election day.
Lunk: “Not a bad place and I disagree it has external obsolescence”
Me too. *Internal* obselesence, for surz, as 100 year old frame cottages with (is-that-structural?) timber columns in the basement have potentially large issues. Don’t love the particular block, bc of buildings across the street, but at an appropriate discount, would be a fine location. Building just west looks great from the outside, at least.
Living on Addison, especially in that area, means you’ll have a constant stop and go traffic directly outside of your front door probably 18 hours a day during the summer. To some people, that’s Ok, to others, not so much. That’s why this house is only $500k/
@jp3. Everyone knows not to live near Ashland. It’s a ghetto corridor.
“@jp3. Everyone knows not to live near Ashland. It’s a ghetto corridor.”
Thanks for clearing that up Lesko. BTW does that make me ghetto? I used to live about a half block west of Ashland. SInce I take all of your profound opinions to heart I guess that I am ghetto. If that is the case let me know but make sure to be gentle with the news.
Everyone I know in Cary is rich, young pretty, and tan. They are all wonderful. I guess that since you are a property owner there that you are the man!
Cute little place, not a fan of the location or taxes. There are plenty of people who like this location, and would be willing to take a gamble on getting a tax reduction. I think this well sell at a 10% discount to ask.
“Living on Addison, especially in that area, means you’ll have a constant stop and go traffic directly outside of your front door probably 18 hours a day during the summer. To some people, that’s Ok, to others, not so much.”
Yet hundreds of people are buying/renting in the Clybourn Corridor (Clybourn, Halsted, North Avenue intersection) where traffic backs up year round (not just the summer.) And what about Fullerton Parkway as you head towards the lake? One summer, it once took me 30 minutes just to drive 6 blocks.
There are plenty of streets that are more congested than Addison is, actually. Once the Cubs game actually starts (and fans are inside) it’s no biggie.
homedelete (May 14, 2012, 2:53 pm)
Living on Addison, especially in that area, means you’ll have a constant stop and go traffic directly outside of your front door probably 18 hours a day during the summer. To some people, that’s Ok, to others, not so much. That’s why this house is only $500k/
Yup, its reflected in the price. On the flip side, it would be great for people watching and probably good opportunity to invite some random ladies over for Beers as they are walking by etc. in the quieter back yard. Would be a fun crib IMO
Regarding Ashland and Addison never realized that was the ghetto. Used to live right near there and never a problem.
“Once the Cubs game actually starts (and fans are inside) it’s no biggie.”
And once the game ends, you can count on piss and puke in your front yard and on your sidewalk.
“Regarding Ashland and Addison never realized that was the ghetto.”
Quick someone tell Rahm and Theo Epstein that they live in the ghetto.
If you tell Rahm…. I’ll be glad to tell Theo. I definately don’t want to be on the mayors bad side!
This house is under contract. Should be interesting to see what it sells for.
This house finally closed on July 10.
It sold for $499,900.
Southport is hot!