The 1920s Jefferson Park Colonial: 5120 W. Winona
Jefferson Park is usually thought of as a neighborhood of family homes.
This 4-bedroom 1924-Colonial at 5120 W. Winona fits the bill and even has a white picket fence.
It has maple hardwood floors and crown molding. 3 out of 4 bedrooms are on the second floor.
The house also has central air and a 2.5 car garage.
Is this an affordable starter home?
Cindy Beverley at Classic Realty Group has the listing. See the pictures here.
5120 W. Winona: 4 bedrooms, 2 baths, no square footage listed, 2.5 car garage
- Sold in September 1988 for $86,000
- Sold in April 1999 for $182,500
- Was listed in May 2009 for $369,900
- Currently listed at $369,900
- Taxes of $2583
- Central Air
- Basement/Family room
- Bedroom #1: 13×13
- Bedroom #2: 14×10
- Bedroom #3: 11×11
- Bedroom #4: 12×9
Price may or may not be ok, though I have seen other houses in the same neighborhood asking mid-high $200s, but I don’t know the condition of some of those. This one is in immaculate condition and walking distance to the Jefferson Park transit center, which is nice. Maybe $369K is fine, but I have a feeling that it is not.
On a different note – this house is most definitely not a colonial. It’s more a vernacular worker’s cottage. I suggest that in order for realtors to get their licenses, they must pass a mandatory “History of American Houses” class with at least a B average. This house has zero of the normal cues for a colonial.
I know many people probably don’t know the difference, but it is something that irritates me to no end.
Given that the house on Hoyne sold for $530,000, and that the RE market in the city has returned with a vengence; I predict that this home will sell within the next two months to a sophisticated homebuyer with a credit score of at least 740 using either an FHA or a 80/10/10 financing scheme at a price within 95% of ask, with a 25% chance that there will be a bidding war driving the price up to at least $385,000.
That being said the house is in great condition sort of like how grandma keeps her mint condition 1995 Buick Century in the garage at all times. No granite countertops or high end appliances, I don’t even see a flat screen TV anywhere.
Anon(tfo) what do you know about the BEAUBIEN school?
“I suggest that in order for realtors to get their licenses, they must pass a mandatory “History of American Houses” class with at least a B average.”
ME, If we are going to put together a list of things that all realtor should have to due, then I suggest we add: having to know how to use a tape measure to accurately measure rooms and total square footage. Once basic math skills are mastered we can move on to elementary architectural history.
Worker’s cottage sounds poor, while colonials sounds stately and grand. Just like ‘over 1200 sqft’ sound better than 926 sqft.
I bet the person or people who owned this place died, if you really like this place, you can probably low ball quite a bit since the mortgage is more than likely paid off.
Sabrina, just curious as to why you always (usually?) link to coldwell banker for listing photos. i can never access the photos from a coldwell banker site. i usually go into redfin or realtor.com and check out the property.
“BEAUBIEN school”
It’s one of the good ones. There’s a magnet program in the school. I wouldn’t have a problem sending my kids there.
Generally (over the past few years, at least), all you need to know is whether the school is less than or more than 50% low-income. Beaubien is under 50%.
Original mortgages 1999 $120k + $26k
Today’s mortgages 2008: $129,500 + $60k.
This home deserves a premium because it’s been updated: I’d give it the 1999 price plus maybe $40k for the updates so I’d guess this house is worth about $230k as the 2011 price. However, we all know that if we close our eyes and ignore the real estate depression, this will sell pretty close to my prediction above.
“However, we all know that if we close our eyes and ignore the real estate depression, this will sell pretty close to my prediction above.”
Its not a hipster/dumb money ‘hood. If you want to know what the kiddos and early 30 somethings with no financial sense are bidding on, its near an El stop. Sure this is near a metra but the kiddos can’t impress their friends as much as the metra is considered too suburban. You need to be near an el stop to have real street cred.
Because this isn’t near a stop on the Brown line or near Blue line (o’hare not FP), there won’t be a bidding war with idiot money. It won’t go for insane valuations like that idiot seller on Hoyne who built up zero equity over the time period they lived their because their cost basis was ridiculous.
Uh, Bob – the transit center at Jefferson Park has a Metra stop and a Blue Line stop. Though, the Blue Line up this way certainly doesn’t have the coolness factor of a Brown Line stop in Lincoln Park or River North.
“Because this isn’t near a stop on the Brown line or near Blue line (o’hare not FP), there won’t be a bidding war with idiot money.”
It’s almost exactly as far from a Blue Line stop as the Hoyne house.
ok, ok, I really need to step in today, i usually read this blog daily at work cause its entertaining mostly funny and sometimes informative. But now Bob, Seriously, come one seriously, you tossed me over the edge with your above comment. I usually laugh at people’s “so called” knowledge of Chicago hoods, and recently it has gotten worse. Bob this house is walking distance to Metra, Blue line, its a major bus route hub (i hate busses).
i guess i am tired of suburban people renting in wrigley field pretending they know something hey dont and spouting of fact that arent even close. ok partial rant over.
This area is nice alot of polish immigrants and asian family’s (i think mostly korean and phillipno). Lately the rentals in the area and on foster have brought families of latin decent. Beubian is a good school for chicago standards, a slightly above average school statewide. Its a nice hood for a starter family with tad below middle class wages.
“having to know how to use a tape measure to accurately measure rooms and total square footage”
I second this one. Soo many listing do not included sq.footage and it always raises a flag for me. Not to mention just drives me nuts. I assume everyone knows damn well what their sq.footage is and is excluding it for a reason.
HD, I know you wish every house here would be priced at least $100-$200K BELOW what the actual asking price, but come on now…a seemingly well cared for 4/2, a 2.5 car garage and AC for $369k and you don’t think this is a good price? And you figure only $40k for upgrades making the price $230k?
Whatever you are smoking needs to be tossed…it has gone bad!
“Because this isn’t near a stop on the Brown line or near Blue line (o’hare not FP)”
Um yes it is…
How much did the owner spend in upgrades? $60k maybe????
But why did it sell for ONLY $180ish 10 years ago? Have the upgrades, along with some inflation, really doubled the value of a Jeff Park home?
Come on…..price this at pre-bubble and give some credit for the upgrades. But like I said this will go at or near ask purchased by a ‘sophisticated’ FHA buyer who knows value when he sees it and to them this is a ‘deal’ because it would have been in the $400’s in 2006.
What I don’t get about HD’s view is why stop at 1999?
The 1988 price in 1999 dollars would have been only $121k. And ’88 was close to a peak, so discount that a little further. And maybe bump up the credit for the upgrades to $50k–this should be a $160k house, maximum, right?
At least the taxes are low. I think it would sell at $300K.
“I think it would sell at $300K.”
Well, yeah, b/c I’d consider buying it at $300k.
Would you really but it for $300k anon(tfo)?
“Would you really but it for $300k anon(tfo)?”
Probably not, but that’s approaching non-absurd rental land. The nut w/ 20% dp and 5% (maybe not a good assumption) is under $1600/month.
If I didn’t own, I would seriously consider it. Nice area, decent school, livable in current condition.
Yeah…$300K sounds like a good number for this house.
“Yeah…$300K sounds like a good number for this house”
it sold for 313k last month good all ME!