Would You Pay $609,000 For a 5-Bedroom SFH in Portage Park? 5528 W. Wilson

5528 w wilson

This 5-bedroom single family home at 5528 W. Wilson in Portage Park came on the market in February 2016.

A shout out to Icarus who took and sent me the picture of this property. (Nice job!)

It was previously bank owned and has now been rehabbed.

Built on an oversized 40×138 lot, it has a new open floor plan, “eco-friendly” design, new windows and 3 skylights.

They kept the original fireplace in the living room, but it is decorative only.

The lower level is fully finished with a recreation room and a bathroom.

The laundry room is on the second floor with 4 of the 5 bedrooms. The 5th bedroom is on the main level.

The kitchen is a mix of maple and white modern cabinets. There are stainless steel appliances.

This house’s interior is done in all white and has the feel that is popular on design shows like “Fixer Upper” with barn wood paneling on the walls in some of the bathrooms and one of the bedrooms.

It has a fenced yard and a 2-car garage as well as central air.

Even though it’s in Portage Park, whose north boundary is Lawrence, the closest public transportation is the Jefferson Park metra stop.

We’ve seen a lot of these bank foreclosures get bought and flipped by professional rehabbers.

Listed at $609,000, or $406,000 over the previous sale from the bank, this house went under contract immediately in February, but then dropped out of contract.

It is back under contract again.

While this is at the very highest end of the price range for single family homes currently for sale in Portage Park, are prices heading to new luxury heights in this once middle class neighborhood?

And if it sells for anywhere near this price, is this the most lucrative flip ever in this neighborhood?

Kenneth Arrizola at Baird & Warner has the listing. See the pictures here.

5528 W. Wilson: 5 bedrooms, 4 baths, 3833 square feet

  • Sold in 1987 (no price listed)
  • Sold in April 2002 for $279,500
  • Sold in September 2005 for $370,000
  • Lis pendens filed in July 2008
  • Bank owned in February 2015
  • Sold in April 2015 for $203,000
  • Originally listed in February 2016 for $609,000
  • Under contract
  • Re-listed in March 2016 for $609,000
  • Under contract again
  • Taxes of $4888
  • Central Air
  • 2 fireplaces- living room is decorative
  • Bedroom #1: 16×16 (second floor)
  • Bedroom #2: 17×16 (second floor)
  • Bedroom #3: 12×10 (second floor)
  • Bedroom #4: 12×10 (second floor)
  • Bedroom #5: 11×9 (main floor)
  • Recreation room: 36×23 (lower level)

 

78 Responses to “Would You Pay $609,000 For a 5-Bedroom SFH in Portage Park? 5528 W. Wilson”

  1. F No

    All the details scream cheap.

    4 bedroom house and the only manage to show 2 bedrooms + a den?

    Fail on so many levels

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  2. some contractor is making it rich!

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  3. Dang! credit where credit is due.

    It is not easy to take a side entrance bungalow and make it this open. I dont know if you understand the difficulty in the structure of a bungalow to really open it up, and the extra difficulty with a side entrance. Also to make 2 bedrooms in the attic with good ceiling height and without having extreme ceiling pitch due to the roof angles.

    Now for the 600k in portage park, i will leave the other CC’ers to that one.

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  4. Just to point out $600k can buy you a lot on the Far NW side;

    https://www.redfin.com/IL/Chicago/7080-N-Mobile-Ave-60646/home/13593614

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  5. also if you dont want a huge place, this one is a nice size in a top Elem school district;

    https://www.redfin.com/IL/Chicago/6557-N-Chicora-Ave-60646/home/13592738

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  6. some contractor is shooting for the moon. I agree with Groove on all points.

    I don’t see how it will appraise at this price since it is so much higher than even the next highest property currently for sale in the area.

    Unless you find that one buyer who will pay cash or put down enough down payment, but as I’ve said many times….the person that can afford to do that, doesn’t want to live here (and the person who wants to live here likely cannot afford to do that).

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  7. If I’m going to live in a far flung area, I may as well live in the North Shore for that price. http://www.estately.com/listings/info/412-10th-street–4

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  8. “If I’m going to live in a far flung area”

    Jenny you grew up in a far flung area about a mile north east of here. You should know the positives of these hoods and why they are way better than living on the north shore!

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  9. Really good job on the renovation, but I agree with the previous posts – this location is not $600k worthy unless you’re talking multi-unit. If one wants to live NW and can afford this, might as well head north to Edgebrook which is a much better long-term play.

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  10. Absolutely not. Never buy the best house on the block. Much better buying a rehabbed multi-family in the area for that amount, or even two distressed houses. I wonder how the appraisal will affect bank lending on this property…

    Jenny, Portage is nowhere near “far flung”.

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  11. fuck no

    why would anyone do that

    300k max for that place

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  12. I grew up in Peterson Park and it was far flung. My parents, especially my mom, is a city liberal and wouldn’t leave the city. I don’t know how many people are similar to my parents. I would much rather live in Wilmette than Portage Park. Secondly, when I was growing up, Peterson Park was much less expensive than the north shore. I don’t know why anyone except city liberals who would choose Peterson Park or Portage Park over Wilmette at the same price point.

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  13. A market may exist for this property among a group which takes personal pride in owning the most expensive home in the block and is willing to pay a price commensurate with cost. But it’s a very small group.

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  14. @Elliot

    you mean like this “Unique Opportunity to acquire 3 Consecutive City Lots”

    https://www.redfin.com/IL/Chicago/5128-W-Montrose-Ave-60641/home/13479170

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  15. It’s contingent.

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  16. yeah I don’t even know if you call this portage park anymore I believe its Jefferson Park

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  17. “Also to make 2 bedrooms in the attic with good ceiling height and without having extreme ceiling pitch due to the roof angles.”

    looks like they added a new second level with a much higher roof line. here’s the before…

    https://www.redfin.com/IL/Chicago/5528-W-Wilson-Ave-60630/home/13480436/mred-08851542

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  18. “I would much rather live in Wilmette than Portage Park. ”

    Jenny,

    the problem with living in Willmette is living next to the people who live in Wilmette. Your parents understand what i mean in that statement. I would choose Peterson park/Budlong woods area over portage, but i would choose Portage over any North Shore hood.

    “I don’t know why anyone except city liberals who would choose Peterson Park or Portage Park over Wilmette at the same price point.”

    Maybe your statement above, should say it all about your mindset (on many things). But the property in question is not typical portage park, its pie in the sky look what i can do property and on average you can get a solid family home here between 250k and 350k. you are not getting that on the north shore and your taxes will be double and your neighbors will be northshore people.

    Just think of the reason you chose to stay in chicago? as for that tiny 2/2 you have for the same price you can get a 4 bedroom SFH in skokie. you chose University Village not flossmor or olympia fields, so really you statement is a question of your own choices.

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  19. What is a “city liberal”?
    Is it as opposed to say “country liberal’? If so what is that?

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  20. “looks like they added a new second level with a much higher roof line. here’s the before”

    Goes to my point of respect to where respect is due. add a second floor and change the structure to carry the weight of the second floor plus open up the first floor, is not an easy thing in a home with these bones.

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  21. Where’s the over-improvement? I can’t figure it out. An open kitchen is not over-improvement. A dormer attic bedroom is not over-improvement. A finished basement is not over-improvement.

    But something is driving this price, with someone is willing to pay it, that is far over the neighborhood norm.

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  22. “yeah I don’t even know if you call this portage park anymore I believe its Jefferson Park”

    South Jefferson Park
    East Dunning
    Portage Park Heights

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  23. Jewish liberals… while all of my mom’s family moved to the North Shore, ours stayed in Chicago.

    “Just think of the reason you chose to stay in chicago? as for that tiny 2/2 you have for the same price you can get a 4 bedroom SFH in skokie. you chose University Village not flossmor or olympia fields, so really you statement is a question of your own choices.”

    I chose University Village because it was affordable and about a 15 minute drive to my office. Peterson Park to downtown is not that much easier of a commute than Wilmette to downtown.

    I’ve never lived in Wilmette, but I barely talk to my neighbors as it is, so as long as my neighbors aren’t loud, have rusted out cars sitting on the street, or litter, I don’t really care what they are like. As a kid, we always went to the Wilmette beach and found the other people friendly (except for the one who threw sand in my face one time or the creepy pedophile we encountered near the swing set once).

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  24. Icarus – love it! Excellent location; my gf lives right around there and I had no idea that was for sale. It’s a little overpriced given that the house is tear down and the 3rd lot is very awkward which could present building challenges. Very difficult to find land-sale comps (there aren’t many, and they don’t list lot sizes). If I had connections with a developer I think that’d be a great area of investment opportunity. I am very bullish on this section of northeast-Portage (or south Jefferson?); it’s one of the few safe areas in Chicago with affordable single family homes with proximity to CTA trains. Screw Thrilmette.

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  25. “Jewish liberals”
    Thank you. I think I’d get along well with your mum.

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  26. ““Jewish liberals”
    Thank you. I think I’d get along well with your mum.”

    Helmet would not. He would just make fun of the decor in your home.

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  27. “I am very bullish on this section of northeast-Portage (or south Jefferson?); it’s one of the few safe areas in Chicago with affordable single family homes with proximity to CTA trains”

    Dooode i have been talking the Jefferson park area up since i have been on cribchatter in 2009!!!

    It has in WALKING distance the Blue Line, Metra, and a Bus Depot for like 12 bus routes. plus right by the 90 and 94. the Gift theater, Ed P’s art studio. A park with an outdoor pool.

    The secret pocket that we have good friends living in is west of central east of austin and north of lawernce. Its such a quiet and awesome hood, and really good people.

    If I worked in the loop, that is were we would live.

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  28. The problem with Wilmette is west wilmette, the sad inevitable track in life for the modestly successful upper-middle class consultant, accountant or attorney in the Chicago region who feels compelled to spend every penny of household income, and borrow a few extra dollars to upgrade the SUV to lux, and the ski vacation from Brule to Breckenridge to keep up with the Jones. No thank you.

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  29. Seriously, if you’re going to live in portage or jefferson, why not just move to Park Ridge? Isn’t that what most of jefferson park does anyways? They all just move slightly further up Milwaukee Ave when they make enough money to take their kids out of Beaubien in Jefferson Park to attend Jefferson elementary in Park Ridge.

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  30. Eliot – agree with all your points. If it wasn’t on a busy street I could see someone renovating that house. Instead a developer will probably build a multiunit condo or apartment building. I just hope they do something creative instead of try to squeeze every inch of space for housing.

    Maybe a shared common outdoor space and of course amply parking for each unit.

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  31. ” your taxes will be double”

    Not for much longer.

    Really think it’s possible that we’re being set up for a CPS default + auto-levy-increase, so that no one has to wear the jacket for asking for (1) a referendum that would fail anyway, or (2) a change in PTELL that Rauner would veto anyway.

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  32. “Really think it’s possible that we’re being set up for a CPS default”

    I agree, my tin-foil-hat-wearing side of my brain still thinks the Rahm/Rauner/Pritzker/Other want a big collapse so they can Charter School the heck out of CPS. 1) to make grafter coin 2) make teacher union smaller and more *manageable then slowly take them out of the equation for education.

    ” your taxes will be double”
    Not for much longer.”

    I am okay with that, its the direction of that extra is where I have issues.

    so can we stop all pension payments to the #$%%#@^^$(*@ policy makers that got us in the mess?

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  33. If we had to temporarily pay higher taxes to get the lazy teachers out of their jobs, I would be OK with that. I would love to see the teachers’ union crushed. I like the idea of turning CPS into an all charter school system. Then, parents can pick and apply to schools that will be suit their kids’ needs.

    …or they could cut salaries in half for all CPS employees. Let them quit or go on strike. We can easily find new faculty and staff.

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  34. “I like the idea of turning CPS into an all charter school system”

    So you like the idea that a non-profit entity where *all the money goes to the school and students be changed to a for-profit entity where money that should stay in the school and kids ends up getting filtered to the 1%’ers of Illinois for their profit?

    Your also okay with cutting pay for people who will give the skill sets needed to help the next generation become better?

    You are also okay with ousting current employee’s and taking new lessor paid folk in their place? What is the saying? You get what you pay for.

    so in 10-15 years i think you lose you right to complain about crime. enjoy your chosen utopia.

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  35. I think they should do something like Finland, where the schools were given the freedom to teach using different methodologies and could develop different specialties. Students/parents could apply to one that most fit the kid’s personality. Give each school a pot of money and let them use it as they see fit (with oversight). If a school fails, then fire the underperforming faculty/staff and maybe change up the methodology.

    The schools today are terrible, with just a few notable exceptions. It’s difficult to believe they would get any worse even if the teachers were replaced with babysitters.

    I have no respect for CPS teachers. The creative/intelligent teachers tend to teach at schools where they can put their creativity and intelligence to use…like at a private school or suburban school.

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  36. looks like you can spend just as much in Groove’s dream hood than you can here in wtfever this is

    https://www.redfin.com/IL/Chicago/5633-W-Ainslie-St-60630/home/18944894

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  37. Not only did the pick the ugliest bricks possible for that house on Ainslie, but they also used siding on the sides. Why the hell can’t they choose to either use brick or siding? I hate this mixed materials garbage.

    This house is so much nicer and sold last summer for a very reasonable price: https://www.redfin.com/IL/Chicago/5805-W-Eastwood-Ave-60630/home/13476234

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  38. Re icky’s montrose lots.

    I know montrose is less busy over there but is montrose really the location for a house on a triple lot. There are also plenty of large lots in OIP. Why wouldn’t you buy there instead? Eg:

    https://www.redfin.com/IL/Chicago/3753-N-Kildare-Ave-60641/home/13457887

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  39. I don’t like the mismatched top/bottom on houses like the subject property. It just doesn’t seem that nice inside. Are those stair railings really appropriate?

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  40. I simply cannot imagine living in this house or neighborhood. So not me, there are many better options for the money.

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  41. “The schools today are terrible, with just a few notable exceptions. It’s difficult to believe they would get any worse even if the teachers were replaced with babysitters”

    Think about your job, if every year they degrade your work environment, take away tools you need to complete your job, ask you to work longer for less pay. Sounds like many jobs in american today, but the difference is if its your job, you leave for another company till the grass is greener. CPS teachers can go to another school but its still the same company, “CPS”.

    Also what gets lost in the news about all teachers suck rhetoric, many of these teachers, teach is schools all you pansy arses are afraid to drive within 5 miles of. They don’t have a classroom of selective enrollment geniuses with manners and ethics taught at home. The are teaching a class full of kids the even the parents could careless about them.

    Yes they do this for a pay check and a future comfortable retirement, but work in some horrible environments because they believe they can do something to help these kids be better. The are giving their own free time to tutor, mentor, and help kids that you and most here give a flying F about even if they are gunned down and all over the news.

    Oh my there is dead weight up and down the union, and boy i wish we could get rid of them. But you wanna chastise and rape all because of the 10% that is horrible?

    And btw what you are proposing in your recent post has nothing to do with the teachers or their crooked union, your statement wants to change what the CPS and state law mandates.

    You bet teachers would love to customize what is taught and cater to the group they are teaching. THEY CANT! they have to teach with Common Core and PARCC testing and the other stupid crap. They have mandates they need to meet, State and Local.

    I am a product of a dysfunctional CPS (cant you tell by my grammar and lack of proofreading). I have seen its failures and faults as a student and now see some of the same and new as a parent. Its f’ed up I get that, it needs a change bad, and both sides need to get that.

    So get off your dang high horse, stop being f’ing lazy and just repeating what our policy makers and teachers union feed you through the “news” and look to see where the real problems are. Yeah great the segment on Chicago Tonight made you feel informed on the subject, pat yourself on the back.

    Oh and for you Union Teachers, dont for one second think I am on your side. Your leaders at the CTU are 40% of the problem. The horrible contract you keep voting in are not helping any side even your own.

    Rahm, the CPS, and the heads of the CTU are all arguing over things that only benefit them. The kids, future kids and their parents are the ones continually getting screwed in all of this. AND EVERYONE IS GOING TO PAY BIG TAX DOLLARS FOR THIS.

    “The creative/intelligent teachers tend to teach at schools where they can put their creativity and intelligence to use…like at a private school or suburban school.”

    your kidding me right? No creative and intelligent teachers still work in CPS. the ones the head to the burbs are just fed up with the political drama and uncertainty. The ones that go private aint smart. (yes i said aint smart together) the private ones are just degreed higher and that doesnt correlate to creative and intelligent.

    the creative ones are able to take some f’ed up kids and able to still teach them with sub-par tools.

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  42. “Re icky’s montrose lots.

    I know montrose is less busy over there but is montrose really the location for a house on a triple lot. ”

    DZ, from Sheridan Park to PP, I’ve lived off Montrose for almost 20 yrs and from the type of SFH I’ve seen on the street, I have to imagine that at one time it was not a busy street at all.

    As I believe I said above I don’t think it is the right spot for a SFH even if on a triple lot. The noise plus you cannot let your kids out front because of traffic.

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  43. LOL at anyone thinking this renovation is anything special, especially with taking the roof off. Maybe $150M in work, especially with this not being a live remodel

    I will give some credit, I do like the pocket doors

    The stairs going to the basement should have been closed off, especially w/ a 5 bedroom

    The flippers are going to be all over Portage park if this goes thru

    I guess the greater fool theory is in full effect

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  44. “Maybe $150M in work”

    Who is doing a 3000+ sf gut rehab/new build for $50 psf?

    Even if you are talking builder cost, rather than retail, that’s aggressive enough that I want your GC’s contact info.

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  45. “Even if you are talking builder cost, rather than retail, that’s aggressive enough that I want your GC’s contact info.”

    It can be done as long as no permits are pulled, you pay the contractor in cash, the job will take a *really* long time, the people doing the work will be day laborers (who will most likely not be paid) and the quality of work is piss poor, and problems that are hidden in the walls will remain hidden in the walls…$50 psf.

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  46. I’ll stand by my number

    The shell addition should be around $30k

    Whomever did the layout shit the bed it the kitchen, nice column placement

    The basement reno costs aren’t anywhere near $50/sf

    Not seing anything showing that this is a gut job

    Again not a live reno – you can be a lot more efficient

    Fire it out and pay 20%, its still a $200M profit on the job. Nice work if you can get it

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  47. Should be Hire, not fire

    I would amend the price up if the garage was a complete teardown

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  48. “It can be done as long as no permits are pulled, you pay the contractor in cash, the job will take a *really* long time”

    It cant be done at $50psf when you are dealing with structural changes, which this place did have.

    You can question the sqft, as i cant tie back to 3833sqft. even though its a 40ft wide lot this is still a 20ft wide home and as you can see it does go all the way back so say 85ft. So what just for the first floor that is what 1,400sqft if you take out stairs and closets. Now way the second floor is 20×80 so say another 1,100.

    thats 2,500 sqft roughly. Fine count the basement, but are we saying the basement is another 1,300sqft?

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  49. “I would amend the price up if the garage was a complete teardown”

    So no price up for accommodating the extra weight of the second floor and removal of load carrying walls?

    also i can guess for 99% certain the original stairs for the basement and attic were not in the place they are now.

    ya’ll have a great easter, I am outtie 5000,

    -The Groove

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  50. “You can question the sqft, as i cant tie back to 3833sqft”

    That’s why I went with 3,000.

    “I’ll stand by my number”

    And thus I will stand by my request for the GC’s phone number. $60/ft (20% profit), including a decent amount of structural work? That’s a screaming deal.

    As for permits:

    They got permits for FULL ELECTRICAL REMODEL AND UPGRADE SERVICE and for RENOVATION OF SINGLE FAMILY HOME NEW SECOND FLOOR ADDITION, NEW WOOD DECK AND NEW WOOD FENCE.

    Yes, they did a crap job with layout, given the damn post.

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  51. “ya’ll have a great easter, I am outtie 5000,

    -The Groove”

    NOOoooo! my Good Friday will only be Okay Friday without your charm, wit and grammar abuse :-)

    (I kid about the last one)

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  52. Groove, what’s your solution then? What we have now isn’t working for the taxpayers, students, or parents.

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  53. JohnnyU construction. If 5 guys can’t pull the roof, make the structural changes, add the 2nd floor, windows, tyvek and shingle they need to Turn in their tool belts

    Upgrade service is a new 200A panel, wow.

    It sounds like you have seen the permit if so you should know the construction value

    Throw another $10-12M for the deck an fence

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  54. “what our policy makers and teachers union feed you through the “news” and look to see where the real problems are.’

    1) from Wikipedia: “Average salaries for 2008-2009 were $74,839 for teachers and $120,659 for administrators.”

    2) CPS students are minorities. Therefore they are statistically likely to have come from cultures where the illegitimacy rates are over 70%. With no intact families, no fathers, etc. they are almost already guaranteed to fail. This is not the teachers’ fault.

    Who’s fault is it? It’s the “Liberals” fault. They pushed societal change starting in the Sixties and still support faile social and moral policies today. The breakdown of the family is to blame.

    Lastly, the “dads’ of all these illegitimate kids don’t have good jobs. As Trump says, our jobs are all overseas. But also a problem is the refusal of these men to do any job that has a whiff of servitude attached to it. Think about how many gay men are waiters in this city making $80K or more doing it. Why won’t you see African-American do these jobs so they can support their illegitimate kids? Because Liberals told them that a black man cannot “serve”, it looks bad. But we have a service economy! P:in the blame on liberals for the total breakdown of morality and family life, and for brainwashing the lower classes’ men that they cannot perform service jobs.

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  55. It doesn’t help that they send so many African American men to prison for petty drug crimes…

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  56. “It sounds like you have seen the permit if so you should know the construction value”

    Uh, first, the permit values have little real world value.

    Second, I used the permit lookup, which tells the purpose and the status, but not the rest.

    “Upgrade service is a new 200A panel”

    You conveniently elide “FULL ELECTRICAL REMODEL”. Is it possible that that is crap, ans there wasn’t an actual upgrade, just pigtailing new lines off the existing cloth wire? Sure! But if they pulled a permit, that’s really not too likely.

    “$10-12M for the deck an fence”

    What’s making that so expensive?

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  57. So permit values have very little value but we should assume that it was a full remodel. I’m sure they pulled new wire for lights/power/etc and the 2nd floor, but I’m not sold that it was a full gut. It’s a good catch all just like understating the value of work on the permit

    No pictures of the deck, assumed some sort of built in seating. The fence looks like they put in concrete/sonotubes under the posts,

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  58. I probably know more African american men with illegitimate children than anyone on this board. and I can tell you illegitimacy is a two way street. most of these women don’t want the men around, period. they want the baby and then they go their separate ways. it’s totally cultural. they think old white people who hate each other but stay married are crazy. the problem is that we as America seeped in the western judeo culture try to force western values on a people who just don’t want it. a more extreme example would be like Islamists complaining that westerns just can’t accept sharia law. it’s same for us trying to impose western values of legitimacy and child support on a culture that’s not interested in what we have to offer. it’s not bad, or wrong, it’s just different.

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  59. Good thing there are government policies are in place to encourage it as well

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  60. ” it’s totally cultural. they think old white people who hate each other but stay married are crazy. the problem is that we as America seeped in the western judeo culture try to force western values on a people who just don’t want it. a more extreme example would be like Islamists complaining that westerns just can’t accept sharia law. it’s same for us trying to impose western values of legitimacy and child support on a culture that’s not interested in what we have to offer. it’s not bad, or wrong, it’s just different.”

    Ha? First of all African Americans and westerners! Secondly, the idea of staying married despite being miserable is much more cherished in the East.

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  61. HD, it is cultural and largely born out of the black community’s acceptance of feminism and progressive liberal policies in the late 60s – LBJs War on Poverty. Prior to this the point, the black illegitimacy rate was around 24% when Senator Moynihan published his ground breaking report. At many points even prior, the black illegitimacy rate was actually lower than whites.

    The out of wedlock birth rate is now pushing 75% and is probably closer to 100% among the lower class.

    Almost all of the problems in the black community stem from this breakdown of the family. Progressive liberal policies accomplished in two generations what centuries of slavery didn’t… breaking up the black family.

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  62. LBJ was a horrible president, he doesn’t get nearly enough criticism. The so-called “Great Society” was an enormous mistake and set this country on a path it may never truly recover from.

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  63. that might be true Russ, I don’t doubt it, but I can assure you it’s not just an African american thing its primary a lower class of all race thing. our laws are very judeo Christian based and try to force western values on populations that aren’t going to have any of it and that includes poor white people too. the laws really need to change. mankind got along for millennia before child support payments and paternity court. the law forces people into paternity court just to get Medicaid. it’s called turning your baby daddy in. some sociologists have argued that it’s merely a symptom of poverty not the other way around. not sure there have always been peasants and they had lots of kids too.

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  64. We have an African American house maid but she calls off probably once a week. I’m not sure if her excuses are legit or not. On one hand, crap happens. But on the other hand, it always seems to happen to her. But, on the other hand, she is part of society that crap does happen to. For instance, her sister was beat up by her boyfriend so she had to go to hospital, her asthma kicked in and she had to go to ER, bus broke down and new one didn’t arrive, etc.

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  65. He prob has at least $200K + $70-80 in soft costs (holding and closing costs)

    He will prob walk away with $100k if it sells for asking….I don’t think the numbers are out of line

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  66. “Maybe $150M in work”

    my guess is that they spent a lot closer to $250 than $150.

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  67. @Gonefishin, I have a cleaning lady who is African American. She is always on time. Is the best cleaning lady ever and is totally trustworthy. I have all my valuables lying around and I totally trust her.
    We had to fire a white assistant who was always late at work, under performed, and had constantly some sort of drama happening in her life.
    I have an African American collaborator who is one of the nicest, smartest, most honest, and smartest people I know.
    I know of a white German researcher and white high profile American professor who manipulate the system to get their work published, sexually harass their female students, allegedly fake their data.
    You see we can all post these types of comment.
    So in short what is exactly the point of your post?

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  68. Miumiu, you doth protest too much. Glad you trust your maid and you can “leave your valuables around”. Wow. What, you didn’t expect the black maid not to steal so you have to make a big point about it? Go pick a fight with someone that cares about explaining their posts to you. I don’t. Happy Easter rabbit breath.

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  69. The big problem with Portage and some other northwest side nabes is the lack of decent public transportation. If you live in this house and work downtown you have to do awkward bus/train transfers which are bad enough in good weather, intolerable in winter.

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  70. “If you live in this house and work downtown you have to do awkward bus/train transfers which are bad enough in good weather, intolerable in winter.”

    if you live in this house you live .6 miles from the Jefferson Park Terminal so you either walk for 12 minutes or you catch the 56 Milwaukee bus which is likely to be approaching as the terminal is nearby.

    I drop my wife off there in the morning and she arrives at Lake in 20 minutes.

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  71. @Gonefishin, pathetic try. Her color had no bearing on my comment unlike the nonsense you said earlier. Point was that it is great to have a trustworthy cleaning lady that you can leave things around. The only reason I mentioned that she is African American was to counter your rant. Happy Easter right back at you.

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  72. It has nothing to with race. It’s about ethnicity. I don’t trust the Irish for $hit. they’re literally the worst of the worst. Look what these Norte Dame loving a$$holes have done to the city and to the state.

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  73. “my guess is that they spent a lot closer to $250 than $150.”

    Couldn’t you actually build a brand new house for less than it cost them to renovate this one? Just wondering. Most of the cost is always in the land.

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  74. “He will prob walk away with $100k if it sells for asking….I don’t think the numbers are out of line”

    If this were true, there would be NO other home flipping being done in Portage Park or Jefferson Park. They get them for $100k to $200k. Flip them for $300k to $400k. But apparently they’re all taking losses on those flips according to your numbers.

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  75. By the way- anyone else wondering how someone would get a mortgage for this house? The bank likely won’t be able to find any comps nearby that are anywhere close to this sales price. How does it appraise out?

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  76. Chinese buyers paying in all cash. who else Sabrina?

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  77. “Chinese buyers paying in all cash. who else Sabrina?”

    I know you’re making a joke- but it might not be so far-fetched. I have a friend selling a 2-flat in North Nashville (but not the trendy part of it) and the first offer was from a buyer in Dubai.

    Yeah- that makes sense.

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  78. “Couldn’t you actually build a brand new house for less than it cost them to renovate this one?”

    You’re suggesting that one can have a new house built for $80 psf in Chicago?

    That’s (1) treating their SF number as inflated by 20+%, (2) using the high end of the guesstimate range at $250k, (3) not including a cost for demo, and (4) excluding the $15k for a fence and $15-10k for a garage.

    Now, if you treat their square footage as real, you’re asking if you couldn’t get a new house built for LESS THAN $65 psf. If you think that that is realistic, then idk what to say.

    $65 psf is *cheap* for starter tract homes in a right to work state, in a development friendly suburb. This is none of these things. Cheap in Chicago is $100 psf.

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