How High Will Prices Go in West Town? A 2/2 at 930 N. Wood

930 n wood

This 2-bedroom at 930 N. Wood in West Town came on the market in December 2014.

If it looks familiar, that’s because we chattered about it several times when it was a foreclosure in 2011.

See our 2011 chatter about the size, the era in which it was built and its location here.

Built in 2000, it has the finishes from that era including a kitchen with maple cabinets, granite counter tops and black appliances.

It has hardwood floors in the main living areas and a fireplace.

In 2011, the listing said it was 991 square feet. This time around, it says 1100 square feet.

The unit has the features buyers look for, including central air, washer/dryer in the unit and deeded parking – although it’s an outdoor space.

It is just a few blocks from the hot Division street restaurant scene

In 2011, it sold from Fannie Mae for just $7,000 above the 2001 price.

In 2014, it came back on the market for $52,500 above the 2005 sales price putting this unit’s price well above that at the peak of the housing boom.

Is West Town now the hottest neighborhood in Chicago with the largest price appreciation?

Linda Metz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in January 2001 for $229,000
  • Sold in April 2002 for $266,900
  • Sold in April 2005 for $322,500
  • Lis pendens foreclosure filed in February 2009
  • Was listed in September 2010 for $450,000
  • Bank owned in October 2010
  • Originally listed in February 2011 for $289,900
  • Reduced several times
  • Was listed in June 2011 for $234,900
  • Sold in July 2011 for $236,000
  • Originally listed in December 2014 for $375,000 (including outdoor parking space)
  • Still listed for $375,000
  • Assessments now $116 a month (they were $119 a month in 2011)
  • Taxes are $4833 (they were also $4833 in 2011)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×17
  • Bedroom #2: 10×12

18 Responses to “How High Will Prices Go in West Town? A 2/2 at 930 N. Wood”

  1. 236k->375k = 59%

    This is why there are no bidding wars like 2012/2013.

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  2. This is a small 2/2. There’s no room for a dining room table. I lived in a 990 sq foot 2/1 for many years and the lack of a back storage area and a second bathroom gave me a small dining room where I could sit and eat. The second bedroom is *tiny* and the front entry way is wasted space. This unit should be a rental. No owner has lived there longer than a few years. and the price, nearly $400 a sq foot, for this? Come on…

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  3. In answer to Sabrina’s question…I don’t know if it’s the HOTTEST neighborhood but it’s certainly hot as I’ve mentioned before. East Village and Ukrainian Village are on fire…in terms of detached single family homes. What has always baffled me though is that the area east of Ashland is lagging way behind. I just don’t get it. The location is theoretically better.

    In the interest of full disclosure this is where I live but the data speaks for itself. I bought here for what I am sure is the same reason everyone else is…probably the best detached SFH location value for the money in the city…at least 2 1/2 years ago it was. Probably still is.

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  4. “the best detached SFH location value for the money in the city”

    … presuming no need for a-a CPS school. Tho Talcott is actually largely ok.

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  5. …yes, I should have qualified that statement. The people who buy the $1MM+ homes here are not sending their kids to Talcott – anecdotal data only. I wish that would change.

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  6. As to your ‘why not east of Ashland’, didn’t we have a discussion about that here *years* ago? Possibly involving G? A number of those blocks at least have the feel of having a rough element.

    Also, there are certainly fewer street tress, and that whole area gets called ‘Noble Square’ by many of the RE websites.

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  7. The income demographics drop a bit as you go east of Ashland and there may be a bit more crime. But I don’t understand why it hasn’t gentrified more given the proximity to the city, public transportation, and the highway.

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  8. “As to your ‘why not east of Ashland’, didn’t we have a discussion about that here *years* ago? Possibly involving G? A number of those blocks at least have the feel of having a rough element.
    Also, there are certainly fewer street tress, and that whole area gets called ‘Noble Square’ by many of the RE websites.”

    I lived across the alley from this building for two years about twelve years ago. Even back then, the blocks west of Ashland between Chicago and Augusta were just prettier than their counterparts east of Ashland. There are more trees and more homes have been rehabbed. There’s has always been more overall charm.

    As for the pictures of the property, each one is worse than the one before.

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  9. Yeah, another qualifier I should have put in. I was thinking south of Chicago. North of Chicago – especially as you get close to the highway – the buildings are not of the same caliber. Then again you could tear them down and start over.

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  10. Noble Square is probably one of the hottest hoods in the city, just in the last 2 years so much has changed there along chicago avenue its nuts

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  11. Yeah, Chicago Ave all the way from the highway to Western is really improving and Grand is getting there slowly also. Some decent restaurants have popped up. Butterfly has expanded and is packed. Mexique is awesome. I’m loving it.

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  12. The 27 pictures of this place depresses me.

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  13. That’s actually a realtor marketing ploy. We’ve recently seen it used on one of our listings that we took down for the holidays. It’s a one bedroom, one bath. Realtor calls the seller and says “Your realtor is only using 8 photos. I’ll take 25.” And you know they would have been amateur like these. The seller didn’t fall for it but easily could have.

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  14. Agreed about the photos. The agent couldn’t event be bothered to take her purse off the coffee table before she snapped the living room photos. Ridiculous.

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  15. “This is why there are no bidding wars like 2012/2013.”

    There was NO bidding war on this in 2011 either. It was on the market for 5 months with multiple price reductions.

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  16. “As to your ‘why not east of Ashland’, didn’t we have a discussion about that here *years* ago? Possibly involving G? A number of those blocks at least have the feel of having a rough element.”

    Yes- we DID have this discussion a few years ago. It was on a newer constructed unit east of Ashland. I don’t think it included G though.

    I can’t remember which street it was on right now to search for it but I’ll find it over the weekend so everyone can see that discussion.

    But everything seems to change once you go east of Ashland.

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  17. I live east of Ashland and South of Chicago, we’re considered “Noble Square”/”West Town”. But since this property is pretty close, its interesting to hear the discussions with the hopes that this area does become a hotter market.

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  18. Found the prior discussion:

    http://cribchatter.com/?p=16276

    And, yes, G was a participant. Icky: Add that to the Wiki.

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