The Lincoln Park Single Family Home Under $500K: 1249 W. Lill
This 1958 Cape Cod at 1249 W. Lill in Lincoln Park has been on the the market since early August.
It has recently been reduced and is now listed $130,000 under the listing price.
The listing calls it an “incredible value” for someone to rehab or build new. It also has a separate listing just for the land.
The house is on a corner lot which is approximately 40×70.
Is this a deal for the lot?
Yehuda Cohen at Dream Town Realty has the listing. See the pictures here.
1249 W. Lill: 3 bedrooms, 1 bath, 1118 square feet, no garage
- I couldn’t find an original sales price (sometime before the 1980s)
- Originally listed in August 2009 for $629,000
- Reduced several times
- Currently listed at $499,000
- Taxes of $1,207
- Bedroom #1: 10×10
- Bedroom #2: 10×10
- Bedroom #3: 10×11
How could this possibly sell for so much in such an average location? I’m no expert on this stuff but what is a 2800 sq. ft. lot worth in West LP. 350k? 250k? The structure itself appears to be nearly worthless. This offer seems so far from reality.
Teardown. Whats the lot worth?
i am at a loss for words.
It’s also being marketed as a teardown – most likely scenario. It’s 2800 sq ft vs 3125 for a standard lot. Standard lots have gone in the upper 600s nearby not that long ago. The fact that it’s odd shaped gets a discount. But Lill is actually seen as a pretty desirable block because it doesn’t get much traffic. I don’t particularly like that bend in the road there because the building on the bend is kinda ugly.
So a frickin dilapidaded shack on a bad lot on Racine & Lill is gonna sell for $500k? Please pass the crack pipe!
The lot next door sold for $390k in Sept-2000, and the house built thereon (which appears to maximize the allowable size) sold for $985k in Jun-02 and again for $1,030,000 in Oct-03.
The house two to the east (which appears to be nearly identical to the neighbor) sold for $315k in Dec-98 and again for $405k in Oct-2000. The new house sold for $957,500 in Mar-02, $1mm in Aug-02, and $1.265mm in Jan-07.
So that’s the comparison. Assessor sez both of those are 2178 SF–excluding basement area, so presumably about 3000 SF total, plus garage with alley roof deck and w/o any other usable outdoor space (a little in the front, behind a fence–more an annoyance than anything, unless you have a small dog).
If those other houses are still “worth” $800k, you might be able to justify $500k for the lot, if you were going to build essentially the same house for yourself; for a developer, they’d have to think they could still sell it for $1mm to justify the $500k. Personally, if I *wanted* to live in the area (I don’t) I might be able to get comfortable with something like $350k for the lot. But I’d have to really want to live there to accept the trade-offs (and I’d be pricing in a better chance at future upside). $1mm+ for these places seems absurd to me.
Is the lot zoned for multiunit?
“Is the lot zoned for multiunit?”
RS-3, so, no, unless 60% of the lots on that side of Lill on that block have 2+ units, which doesn’t appear to be the case. And even then, it could only be 2 units.
what a cute little house. very unusual to find something like this in Lincoln Park. love the wide lot. would be interested to see how the house lays out on the lot.
i guess the price is sorta steep if that square footage includes first AND second floors. Otherwise, doesn’t strike me as such a bad alternative to a condominium. With this house, at least you get privacy, yard, and your own house you can do whatever you want to.
I actually think the unusually sized lot is more conducive to building a modern home. It would allow a wider, more modular home which you just can’t do on a lot that is only 25′ wide. You could even work it so that you had an attached garage.
I would think that that close to DePaul you could buy it and rent it out to students as-is for more than the mortgage payment.
“more than the mortgage payment”
Is that an honest investment-property-mortgage payment amount? And does that factor in the much higher taxes you’d pay once it’s not o/o? Do you really think this rents for $2500+ to students w/o utilities or parking and on a 12 month lease, rather than a school year lease?
Even at $2500, that’s a skinny cap rate; you’d be largely relying on land speculation.
Michael S.,
I agree with you. After I made my comment about it being an odd shaped lot I realized that it’s the fact that it’s a bit smaller than a standard lot that’s the real problem here. And it’s really not odd shaped…standard lots are odd shaped. 25′ lots are just pathetic. It really limits your layout options.
The lot isn’t drastically smaller than a standard lot in terms of square footage. In fact, I’d actually prefer this lot to a standard lot even though a standard lot is technically larger.
Provided the ZBA gives you a break on the setbacks for a new building, a 40×70 foot lot (corner with alley access – yay) is a much better for building new house than a more “typical” 25×125.
Is the lot worth $500K? Maybe not due to location, but perhaps $400K is possible. It is still Lincoln Park (I know…I know, but let’s go with it for the sake of argument).