We Love Modern: 2223 W. Race in Ukranian Village

I’ve been getting some requests to chatter about these 2 modern single family homes at 2223 W. Race and 2225 W. Race in the Ukranian Village/West Town by Studio Dwell Architects.

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YoChicago also recently did a post on all of Studio Dwell’s current buildings.

Both homes are still available, although 2225 W. Race was recently pulled off the market.

Is 2223 W. Race a “deal” at this price?

The kitchen and baths have all the usual modern upgrades: Arclinea/Miele/Subzero in the kitchen and Spa Duravit/Grohe/Dornbracht stone baths with radiant heat in the bathrooms.

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Mario Greco at Rubloff has both of these listings. More pictures of 2223 W. Race can be seen here.

A virtual tour can be found here.

2223 W. Race: 4 bedrooms, 3.5 baths, 2 car garage, 4000 square feet

  • Originally listed in August 2007 for $1.15 million
  • Cancelled
  • Re-listed in March 2008 for $999,000
  • Reduced several times
  • Cancelled in September 2008 at $899,000
  • Re-listed in January 2008 for $799,000
  • Taxes are “new”

97 Responses to “We Love Modern: 2223 W. Race in Ukranian Village”

  1. I was shocked that developers ever thought they could get over a million for a single family home in Ukrainian Village. This area is a very weird mix of ultra-modern new stuff, beautiful vintage buildings, and vinyl-sided wood-frame eyesores. I think you could scoop up a dump with good bones nearby for 400K, put 200K into it and come out with something just as nice as these places for a lot less than 799K. I like the area but these particular homes are very far from the train and too close to Western where things go downhill very quickly.

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  2. Small lot and way too modern for me but I think they will find a buyer at this price within a few weeks.

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  3. I like it but not sure about the location. Price seems decent.

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  4. “I think you could scoop up a dump with good bones nearby for 400K, put 200K into it and come out with something just as nice as these”

    Do you really think there is a place you could turn into 4000 sq ft, fully modernized (plumbing, electric, etc., not style) for $200k? If so, do you mind sharing your contractor?

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  5. This is not Ukr Village. It is The Patch.

    These are on short lots.

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  6. “These are on short lots.”

    Lot Dimensions: 24X92

    That is a *really* short lot for 4000 sq ft., with a garage.

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  7. There’s a lot of really cool modern homes between ashland and western on Race to Chicago ave. Sad part is that there’s barrio crap shacks right next door to most of them. I mean I was in that particular hood around December 5th, and you’d see a beautiful modern construction building, then a two flat vinyl sided mess with crap all over the front yard that looks like it belongs in englewood. $200 a sq ft. is about right though for modern new construction in this hood. Possibly less.

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  8. People flooded out here because buildings were cheap and easy to tear down, unfortunately, this neighborhood never really turned, and will go back to being sketchy

    There are alot of unfinshed and unsold new construction in the area.

    My other guess is that you can probably pick up a lot for less then 400K at this point

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  9. For that price I think I’d want more outdoor space, but they are cool.

    Jeff Funke (of Funke Architects) has done a lot of stuff around here which is pretty similar to these aesthetically. But I wonder how the area will develop/change and if it will at all. It might attract artists and hangers on because it is both cheap and isolated.

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  10. cool home. looks a little out of place on the street though. what school is on the other side of race there?

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  11. super awesome! I love Jeanne Gang. Love the peekaboo shower. How come no one has commented that the powder room has no mirror? 😉

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  12. It looks like these two homes are across the street from a school (?) that has the entire block paved in asphalt. It doesn’t even look like they have basketball courts or any other good use for all that pavement. How terrible.

    It does look like it’s a short walk to the Western Ave Metra stop.

    I think the place looks pretty cool – the best part may be the multiple levels of outdoor space. I still don’t get why the latest trend is to have so much interior space. 4000 square feet? As much as I like this place, I’d have to cross it off for practical reasons! No way am I spending money to heat, cool, clean and maintain so much space that I’ll never use, and then get a larger property tax bill to top it all off.

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  13. Oops–I love Studio Dwell, too. 😀

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  14. Speaking of Jeanne, does anybody wonder if Solstice will actually be a go?

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  15. I live a couple of blocks from it… and I can’t say I’ve seen any construction at all. But then maybe it wasn’t supposed to start yet. We still do get ads for it in the free Hyde Park Herald circular.

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  16. No, I don’t think it’s supposed to start yet either, but apparently they are being VERY cagey with giving out sales figures.

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  17. I love this place and think it’s priced pretty well. However, the giant school across the stree that showed up in the google street view would be a huge issue for me.

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  18. I have no idea where this is but I likey.

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  19. A $350,000 reduction is nothing to sneeze at. Seems like the developer doesn’t have his head too far up his own ass (even though it took 1.5 years to happen ;).

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  20. Crains article this week suggests the Hyde Park Jeanne Gang project is unlikely to occur.

    This is an inexpensively constructed box tricked out with high-end fixtures, in a marginal neighborhood on a short lot.

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  21. That is Mitchell School across the street and it isn’t an asset. The asphalt playground for gym/recess is directly across from these homes. Behind the homes across the alley are the backs of properties on Grand Ave.

    “My other guess is that you can probably pick up a lot for less then 400K at this point”

    I don’t think the 24×125’s ever hit that high in the area, let alone these undesirables. They peaked at just over $300K.

    The reason for the remaining lower end housing around here is simple: through the mid-90’s single-fam and small 2-flats started in the $90-120K range (and they cash-flowed positive.) Lots were $20-40K. The lots are gone but many owners did not sell and have a low cost basis.

    There are still many related families from the original Italian occupants, such as this guy, who “lived in the same building-2210 West Ohio Street-for nearly five decades.” http://www.chicagomag.com/Chicago-Magazine/October-2005/The-Lost-Don/index.php?cp=2&si=1

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  22. abc, I think you are referring to the “Village Center” project, at Hyde Park Blvd and Lake Park, not Solstice, unless there’s another article I couldn’t find.

    Ze, it’s in a gated community, perhaps in Niteroi.

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  23. After a year and a half of condo searching (mostly in highrises in GC/Streeterville) this is the only townhome I have seen that would pull me away from highrises and their views and ammenities. It’s amazing. I have no idea about the neighborhood i.e. safety issues, convenience to the loop area etc. What’s the general consensus? Is this an area worth checking out?

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  24. Tricia, check out the area, its very interesting. Its not great, but it isn’t ghetto. There are a lot of homes like this on Huron and superior closer to ashland. You can hop on the Chicago or Grand avenue busses to get to the EL or wherever you need to go. I’d reccomend having a car, but you have a built in 2 car garage, so that’s nice 🙂

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  25. Thanks Sonies. What neighborhood are you talking about when it comes to Huron and Ashland? I have only been in town just over a year and only know neighborhoods by names, not streets.

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  26. If you don’t have children there and never plan to, then yes.

    Public trans is not great. The Grand Ave bus can take a long time to show up and often arrives full. The ride isn’t quick and requires a transfer (or walk) to the Loop. Realtors like to highlight the Metra stop but it does require a walk through a desolate DMZ to get there.

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  27. Huron and Ashland is East Village.

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  28. I think the neighborhood is either West town or East (ukrainan) Village some people call it River West too.

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  29. ND, Niteroi.. I am surprised by that one. Giant police clean up going on here right now… http://www.msnbc.msn.com/id/28515497/ I was driving by lots of big guns today. Man are these dudes armed to the teeth. See the movie Elite Squad. Awesome!

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  30. West Town is the “official” community area name for all or parts of neighborhoods known as Wicker Park, Noble Square, East Village, Ukranian Village, The Patch/Smith Park, River West, and East Humboldt Park.

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  31. If this house was in LP, it would be at least 300K more so for some people it might be a good option because the money saved could be used to send the kids to private school. Small sample size but I don’t know anyone in this price range who is sending (or plans to send) their kids to CPS.

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  32. 800k for a giant, non-unique, detergent box in a non-prime neighborhood. No thanks.

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  33. “Small sample size but I don’t know anyone in this price range who is sending (or plans to send) their kids to CPS.”

    I know lots of people–most of my neighbors–but we’re not in LP or West Town (or the far NW-side). And yes, lots who bought recently for more than $800k.

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  34. “non-unique”

    It’s the only one with a door on the right*!

    *or left!

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  35. Out running errands so just went by this property. I don’t get why anyone would ever spend almost $800,000 in this neighborhood. Seems like the neighborhood will play havoc with your property values…

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  36. not a big fan of barrio crap shack 2 flats as neighbors eh? 🙂

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  37. notjustlooking on January 7th, 2009 at 5:42 pm

    Love this place (espacially the bathrooms)… but who wants to maintain/heat/clean 4000 square feet if you don’t need that much space? And who wants to live in this neighborhood if you do (i.e. have kids)?

    Tricia, if you like modern and want the conveniences of highrise living, come to Streeterville already. It’s great.

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  38. Ultra modern – Streeterville???? Best location in my opinion but never saw anything like this there. Mostly generic stuff with a nice appliance or two. And at least in this you can set up a damn stereo without blasting out your neighbors. The stereo thing bothered me more than anything else I think. Poor little components had to sit in storage all that time.

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  39. notjustlooking on January 7th, 2009 at 8:21 pm

    Now, now… I didn’t say “ultra” modern. However, I would argue that 600 Fairbanks and 550 St Clair meet the “modern” criterion. And from my experience, not much noise makes it through the walls at 600NF.

    No experience on that front with 550SC… of course with that building bigger hurdles are liking the “wall kitchen” and exposed master bath (if you’re looking at the 2/2’s). Works for some (with “Manhattan”lifestyle), doesn’t work for others.

    Curious, Ze… what would you throw out as favorite modern highrises? (Ignoring, if you can, the stereo issue.)

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  40. Love the interior, but I’m not diggin’ the hood.

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  41. I have looked at both 600fb and 550sc. Way too small to actually live in. Great location and finishes though. Somewhere between 1200sf and 4000sf there must be a happy medium. So far, the best option seems to be the larger 2/2 in the Hancock (just over 1500 sf) and a total remodel. There really is something to be said for a highrise with great views and ammenities. Of course with that also comes outrageous assessments. About $1100 monthly.

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  42. notjustlooking on January 7th, 2009 at 9:44 pm

    Sounds like you’ve found your condo (assuming you’re OK with the assessments)!!

    Now all you have to do it make an offer, close, and wait for CC to tell you you’ve paid too much. IMO, it’s totally worth the public flogging if you love your new place.

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  43. The Hancock is a great location and the building is now allowing in-unit laundry (as we’ve chattered about before.) A lot of people overlook it because some of the units need complete rehab and some people don’t like the lower ceilings (common for buildings of that era.)

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  44. Hey I’ll be making fun of you Tricia and I would never rent and am in the middle of a complete 100% gutting renovation on a new buy myself 🙂 Hancock bldg is a cool structure, timeless! I learned to only design or buy things i would have liked 10 years ago because that way I’ll probably like it 10 yrs from now too!

    Notjustlooking… Those 5-6 blds there are what i think of as new. I went into Cityfront which I think has the best location of all and the walls were absolute shit. Heard plumbing problem after another and their pool was shut down part of the summer already. 600nf prob had best walls but for me worst spot.

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  45. njl… part of the problem are my amps. not exactly apartment friendly :-/

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  46. Just to clarify, I realize you can’t do an interior JUST like this on 200K. I think the Studio Dwell folks do beautiful work, but I also think you can imitate this look on a much lower budget than what the pros are going to charge you if you have a good eye for design and the time to search for bargains. I just visited friends who redid their entire kitchen for 6K, and that included slate tile on the floors (which looks great because they returned all the tiles that had ugly shades of brown and just used the solid grays), white IKEA cabinets and butcher-block counters stained a nice dark brown without a hint of cherry, white subway tile on the walls, and newer appliances they got dirt cheap from someone who was redoing their kitchen. Granted, their look was much more pottery barn-ish than modern, but I definitely think you can do a nice modern kitchen for under 20K if you know where to splurge and where to save.

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  47. Danny–

    I knew what you meant w/r/t finishes. And there is no doubt you can get substantially the same effect–less the fancy names–for a lot less $$.

    I was more curious how you were going to turn a ~2000 to 2400 sqft house w/o a full height basement (maybe full height basements are more common than I think over there?) into ~4000 sqft for $200k. Space is more meaningful to me than details, as I can readily change the details (most in a couple of days), but I can’t decide to add 500 sqft to my house this weekend.

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  48. That’s true…there just aren’t a lot of 4000 square foot places around there…although I do think you could find an outdated brick two-flat and deconvert it and wind up with more than 2400 sq. feet. I’m not saying these places are a bad price per square foot if you really love the area and want a lot of space. I just think reselling these places is going to be a nightmare because the location stinks and most of the hip yuppies who might want to be in West Town don’t need 4,000 square feet.

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  49. “I think you could scoop up a dump with good bones nearby for 400K, put 200K into it and come out with something just as nice as these”

    Okay, now I get where you were coming from, Danny. And, yeah, for the forseeable future, in this neighborhood, a 2400 sqft place at $600k is going to be easier to (re-)sell than a 4000 sqft place at $800k. And the 2400 sqft place probably is on a 125′ lot. But, ignoring the lot size, you’re looking at 1/3 more $$ for 2/3s more space.

    I still want to know who will do a complete gut job for ~$75-80/ft.

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  50. Oh, I’m not claiming anyone will do it for that price. I’m claiming I could do most of it myself to keep it on a tight budget. Of course, I’d only do a big rehab job on a place where I felt like I’d be rewarded for my hard work with some sweat equity. Based on the high prices I’ve seen in West Town for fixer uppers and the lack of any push for continued gentrification in that area, I don’t think this is the best place to but a project house…although I’m having a hard time finding any neighborhood where that’s true right now.

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  51. Danny,

    Now that easy credit is gone you’re going to see the ‘hip yuppie’ segment is actually a lot smaller than you thought it was. My guess is the ratio of hipster poseurs to hip yuppies is probably 4:1. No more livin’ the dream on borrowed money, hipsters. Instead financial ruin awaits. I’ve got my popcorn ready.

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  52. Hipster and yuppie are polar opposites. Either you’re hip with lots of ink, a single speed bike and parent’s money, or you’re a yuppie with no ink, an acura, a ‘good’ job, parent’s money and a wee bit of your own.

    “Now that easy credit is gone you’re going to see the ‘hip yuppie’ segment is actually a lot smaller than you thought it was. My guess is the ratio of hipster poseurs to hip yuppies is probably 4:1. No more livin’ the dream on borrowed money, hipsters. Instead financial ruin awaits. I’ve got my popcorn ready.”

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  53. Hipsters and yuppies or Dinks are two totally different types of people! But I agree that no longer easy to obtain financing will dry up both types.

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  54. Financing will still be available for yuppies. Just not crazy 0% down financing. Its the ‘good’ job that will be the determining factor.

    Funny story I used to work with a guy in corporate America who quit his day job as an accountant (at a very prestigious F500 firm, too) to move out to LA back in 2003 and rehab/flip houses. He was livin’ the dream for awhile there. At least he has a skillset to fall back on now that the musical chairs game is over.

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  55. Looks like a dental office that was built in the 70’s

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  56. notjustlooking on January 8th, 2009 at 5:01 pm

    Ze,

    Interesting that you like Cityfront’s location better than 600nf. To me, Cityfront is a building without a neighborhood. Not on Michigan Ave (faces the dead end of a side street off Mich) and isn’t in Streeterville (have to go down those rusty stair – or take the outdoor escalator that is never working – to get to/from the nieghborhood). Would have made much more sense in my opinion if they had found a way to have a back entrance to the residential part of the building somewhere on Grand – bet most of the residents would have used that more often than the “front” door. (Ofcourse bigger problem with the building is that most of the North facing units stare directly at the hideous Grand Ohio.)

    Of course, more important than anything else… 600nf has much better proximity to Potbelly… it’s on the same block! That’s HUGE!!

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  57. I’ve driven by this daily for about a year, as my rehab project is just down the street at the corner of Hoyne/Race. The area is fine, and for those that say “not a prime neighborhood.” I guess it depends on what you want in your hood. I think LP sucks because it’s like the Colony, but that’s my opinion.

    And if you go just down the street on Race between Hoyne and Damen, you will see 6 $1mm SFH’s that all sold a few years ago. They are short lots though, but there is a lot of pricey real estate in this area, and nowadays it seems like space/size is overtaking location.

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  58. We really liked this property,and althought the hood is transitional, there seems to be more lot built-in than not and besides, the junkies in the school yard seemed to be quite friendly! We went as far to have a full survey done on 2223, which I am happy to make available if your interested if offsetting costs. This property has some very serious structual issues, with water inflow problems and sub-standard construction. The developer is in a short sale – so has no funds / or desire to spend fund to make right all/any issues raised. I am not laying all blame on Mario the contractor- maybe he subs just got sloppy. Perhaps my surveyor was over-zealous, but it scared my $800K well back in my pocket. We really liked the design and would have be quite happy to live in the neighborhood while it continued to transition, but have moved on, closer to Chicago Avenue

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  59. anon2,

    Thanks for the info. Just curious, is water visibly leaking into the building?

    ” …with water inflow problems … “

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  60. Almost sounds like water flowing in through pipes…

    Ugh, a problem no matter where it is (roof, basement, walls, etc).

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  61. yes, water was very visable – coming in all over the place. Through bathroom air vents on second floor, sliding glass doors in kitchen damaging woodwork, thru windows, rotting thru the garage roof from the deck. that said, we look at the builidng the day after a major raim event, and a lot of houses probally got had some water issues, but infra-red camera documented, non conforming sills, wet walls, wet insulation, inproper flashing etc etc etc.

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  62. Was this in the summer? I hate to think what’s happening with snow melting and freeze thaw.

    This is why I won’t be new or rehabbed construction unless I had it built to my specs. Too much shoddy workmanship (though the age old Chicago Ice Dam seems not to have been cured, even in old buildings).

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  63. Bubble construction will outlast bubble pricing, but not by much.

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  64. late fall. and this is not a plumbing issue, if it was a simple as a plumbing issue, (leaking pipes) I would likey have proceeded. It is not ice dam ether or snow issue either. This is structual/construction issues. Not installing correct flashing, not installing correct dooor sills, bulding roof top decks on top of flat roofs without correct roofing material, incorrect installation of doors…. all these issues can be put right, (but not with my money). I did not get a mold test done, but where there is water….

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  65. Glad to hear you avoided that disaster. Smart of you to take a hard look at the place.

    Is it being sold “as-is?”

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  66. I doubt if issues raised in survey have been addressed, but it would be up to the buyer to do his/her homework, and work with developer to correct deficiencies as needed before closing. I don’t think this qualifies as “as is” conditon. I think builder is marketing / selling home as new construction with complete punch-list etc. Now 2225 Race, ( next door) that might be open to offers for “as-is’ condtion – check with broker on that.

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  67. Hi anon2,
    Thanks for sharing your findings!
    We are also curious about the place, but water issues, *sigh*. Heartbreaking.

    Would you mind sharing the survey with me?
    holatamara@hotmail.com
    thanks!

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  68. Anon2:
    Interested in sharing the water damage part of your report…be it to support the [dramatic] claim? Visited the house and certainly did notice these issues so would be curious to see the basis for that fairly devastating news. How about just a few pictures from the report?

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  69. Anon2:
    can you post a few picts from the report?

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  70. Just noticed today that the price was lowered to $749,000 down from $799,000. Still being sold “as-is”. Considering condition, market, etc. I’ll be interesting to see how low this one goes…

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  71. This is an example of why as-is properties should go for a significant discount. Lots of risk here.

    If they would have built the house right they probably could have got something in the 900’s even in this market. If a buyer with lots of cash can figure out exactly what is needed and get the price adjusted accordingly maybe it makes sense. But it seems unlikely to me someone is going to buy this place to live in and it makes little sense for an investor right now.

    I would take someone with more construction knowledge than me to put a price on it.

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  72. I disagree. Clearly your and my perceptions of the market for a SFH in this neighborhood are drastically different.

    The bubble is over, money (aka credit) does not grow on trees anymore. Lenders expect to be paid back now (gasp!). According to Trulia in 2000 Ukr. Villge had an avg ppsf of $100. I don’t know how bad the neighborhood was then but barring any real gentrification I see no reason values couldn’t go lower from where they are today. Do you really know enough people that want to live in this neighborhood that are willing and *able* to pay 800k for a SFH? Also with a bent for this sort of ‘modernism’?

    Yes there were lots of people *willing* to pay absurd amounts for real estate during the boom, but once it became clear that many of those willing weren’t *able*, reality returned. I’m not making the prediction that UKV returns to $100/sf, nor even that entry level properties go down to $150/sf, however nothing justifies this at its current ask given its niche market & REO status and size.

    “If they would have built the house right they probably could have got something in the 900’s even in this market”

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  73. I agree with Bob, we are entering a whole new era; the boom is over. The days of multi-million dollar spec homes are over.

    “And exactly as the developers of the tropical wonderlands of Florida had learned that there were more land- speculators able and willing to gamble in houses intended for the polo- playing class than there were members of this class, so also those who carved out playgrounds for the rich in North Carolina or elsewhere learned to their ultimate sorrow that the rich could not play everywhere at once. And once more the downfall of their bright hopes had financial repercussions, as bankrupt developments led to the closing of bank after bank.”

    Frederick Lewis Allen – Only Yesterday (1931)

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  74. Over the last few months there have been sales of SFH’s within a mile or so of here that were around 1M. That is why I said they could have gotten something in the 9’s.

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  75. Why is it “as-is” do they have to legally tell us if there is a problem that they know of? At the current listing price you can probably get this out the door for $650K.

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  76. I have a good friend in this area. It’s not horrible, but I wouldn’t want my girlfriend walking around after dark. I’ll agree that Lincoln Park is “hive-ish” to an extent, but I’ll take hammered trixies that need to learn how to walk in high heels over thugs.

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  77. You like this neighborhood? Well you better hurry: There are only 324 other properties for sale within walking distance. Average listing price is $399,900. You better snap up a home before they’re all gone or you get priced out of the area – forever. There are only 20 homes remaining priced more than $1,000,000.

    HURRY HURRY HURRY!!!

    http://www.redfin.com/search#lat=41.895441248198786&long=-87.67849445343018&market=chicago&status=1&uipt=3,2,1&v=4&zoomLevel=15

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  78. p.s. to me this seems like one of the frothier areas in Chicago. Seemingly out of nowhere it gentrified in the last 6 or 7 years. Does anyone have a theory why it it bubbled up so quickly?

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  79. Average listing price of 400k? LOL. I know buyers supposedly don’t represent the ‘median’ of Chicago but lets look at some income stats for West Town, assuming you need a 150k household income to support this median mortgage.

    Zip – Median HH Income – % of HH w/150k income
    60622 – $38,487 – 5.0%
    60647 – $35,283 – 3.2%
    60612 – $25,143 – 2.3%

    All data taken from Zipskinny dot com. I don’t see how the median ask prices can be maintained here given the income levels don’t support it.

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  80. angelica diaz on April 7th, 2009 at 3:17 pm

    anon2,
    I have a friend relocating from California looking for a good deal in Chicago to call home and he loves modern. I came across 2223 w. race hoping it would be a great fit- now I’m leary to show him because of problems associated with this property. Would you be kind enough to share your report with me to see if it’s worth the hassle? My email is angiediaz71@yahoo.com
    Thank you in advance for your assistance!
    Angelica

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  81. Just noticed, via my daily Redfin e-mail that this property is down another $50K to $699,000. How low will it go?

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  82. Similar to anon2, we were very interested in this property as well. Looked at it over a year ago, but it was way over priced for the small lot and location. I have been watching the price drop, and once it hit $749K we took another look. Had an inspector out to take a look while we got our funds in line. We quickly ran away from this property based on what was found. Leaking throughout the home that was more than just a quick fix, and poor construction that made you wonder what was behind the walls. I think what anon2 saw in the fall only got worse by this spring.

    Our search is back on …..

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  83. angelica diaz on April 20th, 2009 at 9:04 pm

    to anon4 do you have a copy of that inspection please e-mail me angiediaz71@yahoo.com

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  84. RunnerRunner wrote:
    “If they would have built the house right they probably could have got something in the 900’s even in this market.”

    No I’m sorry I think your clearly wrong and way off point and base here.

    Just because you and your hipster friends like this part of town does not mean someone with the wherewithal to drop a significant downpayment and take out a 100k mortgage wants to hang with you and your “street cred” justified friends. Do not pass go do not collect $200.

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  85. err meant a 800-900k mortgage 😀

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  86. Did this sell? The link no longer has the price. Anyone know?

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  87. Canceled on 4/19/09. This was a short sale so look for it to show up as a foreclosure soon.

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  88. So did Anon# share the report with any of you guys? just curious to see if anyone else has actually seen “the report”…

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  89. Does anyone know what happened with these places? I looked at the one further east and there were some real issues with it (structural and a wetbar in the master bedroom…) I’d be curious to know if they sold.
    Thanks!

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  90. 2223 was last listed through 4/19/09 for $699K as a short sale and is not currently active. 2225 was relisted 4/20/09 for $699K as a short sale.

    Both properties have loans from 8/06 with National City. The original mortgage amounts were $826,000 on 2223 and $805,000 on 2225.

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  91. Jon – what were the structural issues?

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  92. Maybe structural isn’t the right term, but there was definitely water coming into the units through windows and other places. 2225 was not even close to done and my understanding from the agent was that you would get the place incomplete. There was no tub in the master or tile on the floor. 2223 was much further along, but still did not look close to done.

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  93. Why don’t these sell? Is it because of the short lot size or the “structural” damage? Anyone think they are still worth the price… one could fix them up.

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  94. “Why don’t these sell?”

    Maybe because nobody is willing to pay 800k for them. Or those willing to can’t get financing anymore.

    This is probably the worst segment of the market right now as jumbo rates remain high. But hey if you’re willing to buy an 800k place maybe you should have to have 160k as a down payment.

    It seems reasonable if you’re going to borrow 640k of the banks money you should be willing to contribute 20% of the purchase price as yours.

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  95. These two props are in big trouble. I walked by a few weeks ago and water damage to the brick veneer was clearly evident from the sidewalk. If it is that bad on the outside the inside has to have some serious issues. I was inside over a year ago while it was still incomplete and water damage was evident. I don’t know if the buildings were ever finished. This is a good example of what to fear when buying “as-is”

    I’m not a builder so I don’t know what it would take to fix them. That they have been sitting for at least a year I find worrisome because what ever was wrong must have been magnified after at least one winter and three rainy seasons. My guess is they will eventually be purchased at a very deep discount by a builder who will have to fix lots of the exterior masonry and re-do much of the interior before any retail buyer will go near them.

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  96. What absolute McCrapBox’s right next to each other.

    Just like two double cheeseburger patties at McDs: cheap, shoddily constructed and designed to make a quick buck.

    Except these McCrapBoxes aren’t just a buck.

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  97. Sold for 680. Lot is 24×92.

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