3-Bedroom SFH “Recently Redone” In West Town: 1414 W. Ohio
This 3-bedroom single family home at 1414 W. Ohio in West Town (is this Noble Square?) came on the market in August 2012.
It was bank owned in 2007 and last sold in 2008.
If you have a Redfin account, you can see a 2008 picture of the front of the house.
The listing says the house was “recently redone.”
It has cherry cabinets, granite counter tops and stainless steel appliances. There is also a wine fridge in the island.
At 1950 square feet, it has a first floor family room.
All 3 bedrooms and the laundry room are on the second floor.
Built on a standard 25×125 lot, it has central air and a 2-car garage.
It has been reduced $2,000 since it was listed two weeks ago.
How hot are single family homes in this neighborhood?
Will the seller get $306 a square foot?
Erik Sachs at RpV Realty has the listing. See the pictures here.
1414 W. Ohio: 3 bedrooms, 2.5 baths, 1950 square feet, 2 car garage
- Sold in June 1988 for $80,000
- Sold in September 2005 for $499,000
- Bank owned in June 2007
- Sold in May 2008 for $335,000 (per Redfin)
- Originally listed in August 2012 for $599,000
- Reduced
- Currently listed at $597,000
- Taxes of $5583
- Central Air
- Bedroom #1: 15×18 (second floor)
- Bedroom #2: 13×10 (second floor)
- Bedroom #3: 13×10 (second floor)
- Family room: 13×14 (main level)
While I don’t love the modern facade on the place, it is head and shoulders above the previous stone castle motif. Place looks finished nicely enough, I just wish it had a basement.
I wouldn’t want to be sandwiched between two walk-up style apartments.
This is a better buy than many of the 3 bed /2.5 bath bubble era condos featured here. I can see this go around $540k
Also, I know this area gets sketchy near Ashland, as evidenced by the other recently featured graffiti covered property in the nabe where the owner went ape in the thread. How far does east does the sketchiness stretch?
Nice place, not sure if it can get 20% over the 2005 price no matter how “renovated” it is, my guess is it sells for 525k
I know this area well, have family that owns on this block. I’m not far away either.
For most part its pretty decent with nearby park and usual amenities.
However i would find it difficult to put that type of money down in a neighborhood that is not going anywhere anytime soon. It is mixed income with owners and renters. Gang issues are apparent and just west of Ashland has problems. Look up crime report for this area. It is not a place I would fell safe walking around at night, but during the day is no problem.
RE: How to adjust comparables when sale is a short sale or a foreclosure:
FWIW I saw this in a WSJ article today which addresses a subject CC’ers were questioning recently.
“Short sales typically sell for a 10% discount to ordinary homes, compared with a 30% discount for foreclosures, said Sam Khater, deputy chief economist at real estate data firm CoreLogic Inc.”
Recently renovated and completely ugly, but new. The kitchen looks straight from home depot with the GE stainless steel package for $2,000 or whatever. The granite is only an A or a B and black granite is the ugliest and most 80’s looking. The add mentions a murphy’s bed? Why does it need a murphy’s bed? Is one bedroom the size of a closet so they had to hang the bed vertically from the wall? and the ‘ conte mporary TV surround in living area.’ (sic) is really just an Ikea Besta system with the ‘birch’ melamine finish. Build and design it yourself: I know this because it did it for the basement/playroom for the kids so when the basement floods, or the kids decide to have a maple syrup party (true story with my niece/nephew) they’re not destroying real wood hand-crafted room and board quality material that graces my above-grade living areas. However, I wouldn’t want a cheapie fake birchwood looking $500 dollar hand-assembled ikea system as my living room. Maybe i’m a snob, but come on, this is a half a million dollar house, there’s no need for particle board ANYWHERE In the living room.
http://www.ikea.com/us/en/catalog/products/20102149/
And dare I say, that’s vinyl on the side of the side of house? They coulnd’t splurge for cedar? wow, half a million in a sketchy neighborhood. what a dump. This would be a $200,000 house in crystal lake and quite frankly, it looks like it belongs there, both INSIDE and OUTSIDE. Good riddance.
This is just another example of some flipping thinking “we’ll use cheap crap, but make it look new and charge a lot of money for it. it WILL sell.”
“This would be a $200,000 house in crystal lake”
But then you’d be forgetting a rock solid real estate maxim:
Never buy the nicest house in town.
That made me laugh out loud, and i’m not the type of person who laughs very much on the outside, usually only on the inside.
“anon (tfo) (August 22, 2012, 2:12 pm)
“This would be a $200,000 house in crystal lake”
But then you’d be forgetting a rock solid real estate maxim:
Never buy the nicest house in town.”
the may 2005 price sounds like a steal. a SFH for the price of a condo.
Link to old pic w/o redfin login:
http://www.urbanrealestate.com/property/1414-W-Ohio-CHICAGO-IL-60622-HOSCVZY4GAD3O.html
The photo of the home exterior before renovation and the photo of it now remind me of another old maxim:
You can’t make a silk purse out of a sow’s ear.
Looks ridiculous sitting between the two apartment buildings.
I lived in this neighborhood for 3 years and the only really sketchy part about it is the Section 8 north of you and the actual property/people along Ashland. Its more desolate than sketchy!
Jerry Kleiner’s house is just down the street from here as well as another mega mansion on Armour. Neighborhood has some appeal but you need a car. I also live down the street in a condo it turns out I paid too much for. You do need to take the bus to the blue line to get to the Loop, which is still faster than taking the red or brown lines from Lincoln Park to the Loop. There are restaurants in walking distance but not many. I think the neighborhood will turn around quick if and when the economy does. This is a nice condo alternative and will probably go for low to mid $500k. Downside on this is i) it’s ugly, ii) it’s between larger buildings, iii) no basement, and iv) cheap finishes. I think some people will pay a premium on a sfh over a condo with nicer finishes to have their own yard. I’m female and have not been afraid walking in this neighborhood, but probably wouldn’t wander all over the place after 11PM.