“Builder ran out of $$” on 8900 Sq. Ft Mansion: 2959 N. Honore in Lakeview
This 5-bedroom new construction home at 2959 N. Honore in West Lakeview has been on and off the market since February of 2006.
The current listing states that the “builder ran out of $$” so any buyer would need to put money into the house. The listing estimates $700k to complete it.
There are no interior pictures with the public listing.
It has 10-12 foot ceilings and is built on an oversized 58×116 lot.
The listing says it has a 3-car garage.
Yes, that’s the Metra train tracks right behind the house.
What price would make this property a deal?
Daniel Glick at @properties has the listing. See the listing and exterior picture here.
2959 N. Honore: 5 bedrooms, 4.5 baths, 3 car garage, 8900 square feet
- Sold in May 2006 for $775,000 (looks like two lots)
- Originally listed for sale in February 2006
- Lis pendens foreclosure in October 2009
- Listed in March 2010 for $1.75 million
- Reduced
- Currently listed for $1.5 million
- Taxes of $7440
- Central Air
umm wondering the pitfalls of buying a place not finished because they ran out of money.
I would be scared that what was done was half azz and bad build quality.
LOL. I needed a good laugh, thanks!!!
The spraypaint and weeds should’ve at least been removed. I agree with Groove. I would be worried about what corners the developer cut when they noticed they wouldn’t have enough $$ to complete this house…scary
I’ve walked by this place a lot. I don’t get the original intent.
I hope you like trolls or bums as your neighbors… WTF is all I have to ask when the idea hit this morons head to do this…
I honestly don’t understand why you would build a multi-million dollar home on the metra tracks – especially in this climate.
The house looks cool. But even if you bought it for $500k, and it needs another $700-$800k to finish, who would spend close to $1.5M for something right on the tracks?
Just don’t get it.
How beautifully ironic is it that the graffiti says “Forgive”. . . this unforgiveable p.o.s.
I suspect Groove has resurrected his tagging career, and is merging it with his CC career.
I think it looks like a very cool modern design & if this were a completed house & not on the Metra tracks, I think at 6800 sq. ft house on a double lot around this area would easily get close over $2 MM, even in the current economy. I don’t know the surroundings on this block, but I’m going to guess that the Metra factor would subtract 300-400K from the value. So, if finished, maybe this would be worth $1.8 MM. Which makes it worth around 1.1 if the $700K estimate to finish is accurate (and I would guess it’s probably a low estimate!)
The problem is, it will take a buyer with a lot of risk tolerance to deal with the buildout & finishing & the risk of what lays beneath the walls.
Or a developer to take over & finish, but they’ll need to be comfortable that they can cover not only the improvements, but the carrying costs, risk reserve and transaction costs.
You’d think this is just a city phenomenon, but it isn’t. Take this classic aborted mansion in Indian Hill. By census tract, I believe this area (Indian Hill / Woodley Rd) is in the top 10 in the country in terms of wealth.
http://www.redfin.com/IL/Winnetka/47-Indian-Hill-Rd-60093/home/12583930
Buy this one and you can see Judge Smails from your living room.
I agree that the price is absurd considering the cost to complete. However, the idea that mega mansions next to the metra tracks won’t sell is debunked by the neighborhood just on the other side of the tracks. The metra tracks are just on the other side of the pickup in the streetview link. I do agree that this particular corner (honore and wellington) does have an odd vibe with the dive bar across the street.
http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=2900+N+Hermitage,+Chicago,+IL&sll=37.0625,-95.677068&sspn=51.708931,78.837891&ie=UTF8&hq=&hnear=2900+N+Hermitage+Ave,+Chicago,+Cook,+Illinois+60657&ll=41.934194,-87.673044&spn=0,0.019248&z=16&layer=c&cbll=41.93424,-87.673155&panoid=l5wuzLxoNOIHQ7_-6E2fhg&cbp=12,330.7,,0,2.29
There is a website (can’t come up with it now, have it written somewhere) that lists only these types of properties…great ideas that simply ran out of money during the height of the crash.
There are hundreds, if not thousands, of these places all over the country but none that list like this one does!
I mean, come on now…it has been abandoned for 4.5 years…can’t tell how long…in this climate? And it is still priced at a mil and a half?
I think the developer/dreamer who started this project would be lucky to retrieve the cost of the double lot. He will have to be satisfied with losing the $$$ invested in the materials at this point.
Now had this been around in say, 2004, I am sure there would have been a number of companies who would have been very interested in finishing it. But this long into the unfinished game…no way.
** I hereby nominate this disaster as the “Worst CC featured property of 2010, Unfinished and Abandoned Category **
Can I get a second on that nomination?
“I mean, come on now…it has been abandoned for 4.5 years”
I think they listed it for sale as a to-be-completed in 06 and then started construction after that. I don’t know how long it has been abandoned, but I can *guarantee* it hasn’t been 4 years and likely not more than 18 months.
I found this fascinating. Here are a couple more links for anyone interested in learning more about this house (I was specifically looking for anything indicating when it was built).
1) Here’s the architect’s website with pictures of the house as designed, from various perspectives. Looks amazing. Not sure if that’s what got built on the exterior.
http://www.massarchitect.com/2959_honore.html
2 Here’s a website that teases with a video that it claims will show what is inside this amazing house. BUT, instead of showing any view of the interior, it offers a voice-over regarding sq footage & number of BR and baths, while showing cartoon images of bedrooms and bathrooms!!!! Hysterical. It must be really bad inside if they’re not even willing to show a single view of unfinished rooms. http://www.sawbuck.com/property/Chicagoland/Chicago,IL/North_Center/3170608-2959-N-Honore-Street/video
“I suspect Groove has resurrected his tagging career, and is merging it with his CC career.”
With a prime piece of wall like that i would have made it bigger. and i would have done it on the brick as the plywood is easy to replace (wont stay “up” as long) and the mayor daley graff blastards would need to be called to remove it 🙂
thanks for the link marko. had no idea there was a mall of mcmansions over there.
that millies bar across the street looks like cool place. though not cool enough to justify this pricetag
http://www.chibarproject.com/Reviews/Millie%27s/Millie%27s.htm
I always find these block/neighbrhoods that are almost all new constructions facinating. Just facinating that entire swatches of city have been change (for better or worse). DOes anyone know what this block/area of NoMe (North Menards) was?? Crappy shacks or old industry??
“DOes anyone know what this block/area of NoMe (North Menards) was?? Crappy shacks or old industry??”
West of the tracks was mostly frame cottages, except where the big townhome/private drive developments are (which were various industrial buildings). East of the tracks was primarily industrial (active, vacant, burned-down) in the last ten years.
Talk about trying to put some lipstick on a pig. This listing is hilarious.
Who the hell is going to pay $1.5MM to have someone else’s spec home, which has been exposed to the elements, completed?
Somebody might take it for the price of the lot, because so much work will need to be done, and probably a lot of corrective work. An unfinished building can deteriorate quickly when left boarded up and unattended.
I’d invest a lot in soundproofing, given the location next to the Metra tracks.
And really, the rail right-of-way is the least of the problems at that location. That really isn’t a very attractive part of Lakeview. The house just doesn’t have an ideal setting.
That video fantastic!
******************
JAH on June 29th, 2010 at 12:26 pm
“2 Here’s a website that teases with a video that it claims will show what is inside this amazing house. BUT, instead of showing any view of the interior, it offers a voice-over regarding sq footage & number of BR and baths, while showing cartoon images of bedrooms and bathrooms!!!! Hysterical. It must be really bad inside if they’re not even willing to show a single view of unfinished rooms. http://www.sawbuck.com/property/Chicagoland/Chicago,IL/North_Center/3170608-2959-N-Honore-Street/video“
*is* fantastic
“that millies bar across the street looks like cool place. though not cool enough to justify this pricetag”
I’m a dive bar aficionado, and no, Millies just plain sucks. It’s typically (at least about 3 years ago when I was last there) just a bunch of grumpy old bastards giving anyone that’s not part of their club the stink-eye when they walk in the door.
The problem is there are very, very few options in the area, especially for a corner dive. You can walk east to Fearon’s (not a dive, but a decent place), maybe cruise up Wolcott to Four Moons (love it), or, uh…
Fearon’s is closed dude. It’s rebranded.
“Fearon pub is no more, but there is now Temple Bar.”
It amazes me how short lived the bars are around this area vs. further east. Seriously the bars this far west near Ashland & Belmont shut down and rebrand every couple years. Except for the few neighborhood dives which are few and far between.
Bars around this area that are less than 5yrs old are basically the Chi-Chi’s of inner city green zone entertainment. Yeah you think you’re special and its all hip, but its really just a Chi-Chi’s slated to be rebranded in a couple of years. I honestly can’t think of a bar that has survived around this area on the main streets for even more than five years.
Sounds like some Chi-Chi’s consumers from the suburbs looking for a city experience getting duped into paying too much for real estate in an area that is essentially transient.
“Window placment is carefully considered in relationship to the surrounding environment allowing for optimal natural lighting within to emphasize the owner’s relatonship to the daily solar path’s of the sun.”
Give me a break. Resi real estate A-E-C is a joke. Sort of like chancery court law for top 10 law grads.
sounds like someone really misses “Chi-Chi’s”……
“It amazes me how short lived the bars are around this area vs. further east. Seriously the bars this far west near Ashland & Belmont shut down and rebrand every couple years. Except for the few neighborhood dives which are few and far between.”
Hahah I had no idea Fearon’s was closed. Not that I’ll miss it. You’re totally right about the bars in this area on Ashland having a shelf life of sub-5 years. They’re so damn generic.
“It’s typically just a bunch of grumpy old bastards giving anyone that’s not part of their club the stink-eye when they walk in the door.”
So in other words, it’s a haven for cribchatterers.
“It’s typically just a bunch of grumpy old bastards giving anyone that’s not part of their club the stink-eye when they walk in the door.”
So in other words, it’s a haven for cribchatterers.”
I just laughed so hard i think i pee’d a little
“I’m a dive bar aficionado, and no, Millies just plain sucks. It’s typically (at least about 3 years ago when I was last there) just a bunch of grumpy old bastards giving anyone that’s not part of their club the stink-eye when they walk in the door.”
Actually, a few of them were giving me the stink-eye as they walked OUT of the pub and I was out front taking pictures of the house.
The listing cartoon is a riot. The final line states 700K to complete. “MAke and offer” This makes me want to reply the following to the listing agent.
I’ll bid $1.00 Bob…..
Beep, beep, beeep beep…
(Bob say’s) I’m sorry you have overbid. The actual retail value is lower. Please rebid starting with a lower number.
Side Street Saloon is hands down the best bar in SW Lakeview. Its at george & greenview
Remember the line in the “Towering Inferno” movie, when Steve McQueen (I think) suggested that the burned-out shell of a skyscraper that was built with sub-standard materials should remain as is “as a monument to all the (censored) in the world”?
That’s sort of how I feel about a lot of the aborted McMansions, condo-rehabs and other unsellable 1990s and 2000s “can’t-miss” projects here and elsewhere.
The worst bar near Belmont and Ashland is Touch with the screens and games and such. They are total douche bags there. They won’t let you actually sit at a table with the touch screen (the only reason you’d actually go to the place) unless you have a reservation, even if no one is there. The bouncer actually apologized to my party of four for being such a stupid establishment.
“The worst bar near Belmont and Ashland is Touch”
What was it before it was Bungalow? I can’t quite place it.
I live in the hood and walked through this house a couple of months ago–was curious– there was STANDING WATER in the basement and the drywall was removed a couple of feet due to MOLD. all the interior windows have water staining/water damage. joint and wall boards have been exposed to weather and no heat in the house for over 2 years.
no gutters, brick falling off in the back……….sad really. someone took a big hit on this.
……all for the low low price of 1.5 million and yet another 700 to complete