The 4-Bedroom Cottage at 1750 W. Grace in North Center Returns 4 Years Later
We last chattered about this 4-bedroom single family home at 1750 W. Grace in North Center in December 2009.
But long time Chatterers will remember it from the early days because we chattered about it many times over the first few years of this site.
It was even featured on an episode of HGTV and had design plans drawn up from the show about how to renovate the house.
You can see interior pictures in our very first chatter on the house in 2008 here.
It never sold but has now returned to the market 4 years later to try again.
There are no interior pictures with the house this go around so we’ll have to assume it looks much the same as it did previously.
Built in 1878 on a standard 25×125 lot, the house does have central air and a 2-car garage.
The public records don’t say that it’s bank owned but a lis pendens foreclosure was filed in 2011.
Will this finally sell in the “hot” market of 2013?
Colin Hebson at Dream Town Realty has the listing. See the pictures here.
1750 W. Grace: 4 bedrooms, 2 baths, 2400 square feet, 2 car garage
- Sold in May 2006 for $555,000
- Was listed in May 2008 for $669,900
- Reduced several times
- Was listed in November 2008 for $584,900
- Withdrawn
- Re-listed in April 2009 for $575,000
- Reduced
- Was listed in June 2009 for $550,000
- Reduced
- Was listed in December 2009 for $535,000
- Withdrawn in 2009
- Lis pendens foreclosure filed in January 2011
- Now re-listed for $599,000
- Taxes now $9171 (they were $7162 in 2009)
- Central air
- Basement
- Bedroom #1: 17×15 (second floor)
- Bedroom #2: 11×10 (second floor)
- Bedroom #3: 9×8 (third floor)
- Bedroom #4: 10×9 (main floor)
sure as hell doesn’t look like a house I’d drop 600 fricking thousand dollars on
Even the 2009 price seems way too high
“My personal number I’d buy the home for is much higher. It will sell for more than they paid (like $550K in 2005 or so). This is a solid, move-in condition home with plenty of space for a family of four. I think I mentioned I had my wife come by with our kid to look at it (to confirm if my instincts were right). She agreed we could enjoy the house. The family room, deck and yard really open up the house. The four bedrooms and finished basement create huge flexibility in how someone can live in the home.” Eric Rojas
And yet it didn’t sell at that price and the Rojas certainly didn’t jump on it.
Looks like a dump.
This is a workers’ cottage. What does land go for in this region of the GZ? $500K for this parcel?
“What does land go for in this region of the GZ? $500K for this parcel?”
Highly doubt this exact lot (if vacant) would draw over $300k.
Land value for the neighborhood would put this about 425-450k. Several recent comps within a block or two for land value.
“Several recent comps within a block or two for land value.”
How many of ’em in a comparably (relatively) poor location with an (effectively) 113′ lot?
How much does house demolition for this size house cost?
If someone buys this for $600K they are an idiot. Rates have really blinded the current buyers. This is a workers cottage and not even in a great spot. Not a dangerous area but a poor lot. There’s one at 1427 W Byron for the same price.
“There’s one at 1427 W Byron for the same price.”
That’s a condo, on the back of the lot (ie a coach house).
“And yet it didn’t sell at that price and the Rojas certainly didn’t jump on it.”
Oh yeah- I forgot that Eric chimed in on this house. That was certainly a different era and market- wasn’t it? Seems like a million years ago now.
“If someone buys this for $600K they are an idiot.”
What if they buy it for 600k using other people’s money? Or at least 90% with OPM?
Sounds like the other people are the real idiots. Oh wait I forgot that’s us taxpayers.
““If someone buys this for $600K they are an idiot.”
What if they buy it for 600k using other people’s money? Or at least 90% with OPM?
Sounds like the other people are the real idiots. Oh wait I forgot that’s us taxpayers.”
Mortgage rates are expected to go to over 4% by the end of the year per the MBA. What will that do to home prices and demand? The realtor cheerleader groups will be eating ramen again…
“Mortgage rates are expected to go to over 4% by the end of the year per the MBA.”
They won’t… and even if they do… 4% is still really fricking low
“Mortgage rates are expected to go to over 4% by the end of the year per the MBA. What will that do to home prices and demand? The realtor cheerleader groups will be eating ramen again…”
I don’t see this happening unless the 10-yr T-note gets de-coupled from interest rates. Our government has accumulated so much debt the Fed is now backed into a corner where they have to keep the debt flowing and serviceable. While in normal times the Fed is supposed to be politically neutral that’s a farce and the Fed would crash the economy if they even tried to raise rates 100bps.
But the school district it’s in trumps everything else, right? Especially if the parent(s) are city workers and have to stay here.
“But the school district it’s in trumps everything else, right?”
I thought this was close enough to Wrigley that it would never sell until they are good again? And then sell immediately for double.
Or is it going to sell because it’s in Lane’s ‘attendance area’?