Trying to Sell a 5-Bedroom New Construction Home in West Town for Over 2 Years: 1513 W. Huron
This 5-bedroom new construction single family home at 1513 W. Huron has been on and off the market since July 2007.
It now appears to be bank owned.
Since July 2007, it has been reduced $625,000.
From the pictures and the listing, it appears the kitchen is intact with stainless steel appliances and stone counter tops.
There are dark hardwood floors throughout.
The listing also says there is an elevator and it has a finished basement.
Built on a 25×125 lot, the property has a 2 car garage with a rooftop deck on top of it.
Is this house finally priced to sell?
Petro Escobar at Interstate Team Realty has the listing. See the pictures here.
1513 W. Huron: 5 bedrooms, 4.5 baths, 2 car garage, 4197 square feet
- Sold in January 2005 for $360,000 (prior house)
- Originally listed in July 2007 for $1.6 million
- Was listed in July 2010 for $999,900
- Withdrawn
- Currently listed “as-is” for $975,000 (public records do not yet show that it is bank owned however)
- Taxes of $13607
- Central Air
- Bedroom #1: 17×15 (third floor)
- Bedroom #2: 19×11 (second floor)
- Bedroom #3: 13×11 (second floor)
- Bedroom #4: 14×11 (second floor)
- Bedroom #5: 18×12 (third floor)
- Finished basement
nice cut back from 2007 ask price
825k might do it though I bet their break even point is in the low 900’s…
Wonder if there is graffiti at this very moment on the back of that garage?
Is Chicago ave actually gentrifying? There are quite a few decent restaurants along there now. Leopolds rocked this past weekend.
Chicago Ave. has some good restaurants and bars, wine shops. It has come a long way in the last 10 years.
its like a McMansion from RN but one-third of the price (and one-thrid of the location unfortunately)!
nice house though, love the marble in the kitchen.
So I wonder about pictures #8 and #9, the dark room and the bathroom shower, respectively. Are these the best they were able to do or do the originals look better and they just uploaded funny?
can a realtor in the know chime in, in general, when this happens?
Not a big fan of dark wood floors. Irregardless of that, I think there’s still a bit to fall here. $850 is my guess.
Note to developers and agents: TURN ON THE LIGHTS OR USE A FLASH WHEN TAKING PICTURES!
Have followed CC for 2+ years but have never posted. Anyway, I lived in the Chicago/Ashland neighborhood for two years, 08′-09′, so I’m very familiar with the Noble Square/East Village/Ukrainian Village area. The Polish developer/owner of this house lives next door in the funky house with the purple trim next door. He also owns 1521 Huron, which you can see on google streetview- that house is basically the same thing as 1513.
The houses are basically your typical McCrapboxes endemic in the area that were thrown up by fly-by-night developers during the boom, guys who leveraged way over their heads and are now in trouble with the local Chicago banks dumb enough to lend them money.
I have looked at a number of similar houses in the Wicker Park/Bucktown/Uk Village areas- they come in two flavors, the 4/3 and the 5/4. All have the gaudy limestone fronts, the basement rec/media room thing, similar kitchen/living room combo, high-end appliances, cheap to ok tile jobs in the bathrooms, rooftop deck optional. Some have cinderblock structures covered by cement board that will have to be redone in 5 years. Most will have lots of tuckpointing/structural/mold etc problems within 2-3 years given the way they were built and the corners that were cut. I’ve looked at a couple that have been dormant for 2 years and you can see the disintegration. Rusty gates, crumbling brick, water-damaged floors, etc.
Furthermore, you’re going to be stuck with the most expensive house on the block (even though I personally love the neighborhood, the selection of housing is very mixed in terms of old vs. new vs. nice vs. teardown).
For something like this I’d consider a 650k bid with the knowledge I’d have to put 100k into it over the next three years.
No doubt those pictures are horrible.
“Is Chicago ave actually gentrifying? There are quite a few decent restaurants along there now. Leopolds rocked this past weekend.”
Absolutely. I live on the RN side of Chicago avenue but now find myself going west for eats and shopping.
For that kind of money a wise buyer would look West of here a few blocks. Damen and Chicago is a great area as there is little or no section 8 housing. This particular area East of Ashland is not quite as desirable. There is even a park a few blocks from here named after one of the section 8 kings Bickerdike.
Can anyone tell me what Corporate owned means? Does that mean the original investor never sold it and rented it instead?
Chicago and Grand avenue around halsted both have some amazing eats
corporate owned I believe means REO (Real estate owned, aka bank owned)
Chicago/Damen is picking up very nicely. There’s a new bowling alley/music venue coming from the people behind Brooklyn Bowl. Also a Bleeding Heart bakery and pizza place from the Fifty/50 guys scheduled to open this spring. Arami sushi is also a great addition to the area. However, Chicago/Ashland is still pretty bad. The Goldblatt building is a libray now but much of the retail around that corner is either boarded up or crummy discount stores.
@Chris, Chibuilder I’m surprised. I thought improvements generally migrated westwardly from the lake. Do you think there is some other influence for Damen getting improved before Ashland or did it simply skip that nook?
“Do you think there is some other influence for Damen getting improved before Ashland or did it simply skip that nook?”
Ashland is a crummy, crummy street for most of it’s length. The stretch b/t the Ike and Augusta is no exception.
This caught my eye today. It’s looking up a bit for the Ashland/Chicago area.
http://news.eastvillagechicago.org/2011/01/sardinian-deli-thinks-global-and-local.html
When I see corporate owned it usually equates to a relocation company. In some cases, when an exec relocates, the corporation or relo company may actually buy the property from the borrower and then in turn try to sell it at a profit.
Chicago Ave. is not doing so well between Eckhart Park/Kennedy and Damen. Many, many vacant storefronts these days, a few Dan Hyman-foreclosure sale signs on crummy buildings too. Pollos Vivos is still there. I like Taco Veloz, free chips!
Boom’s Home-Ownership Gains Lost
http://online.wsj.com/article/SB10001424052748704254304576116402472968150.html?mod=WSJ_hp_LEFTTopStories
The bubble was created by a mirage that more people could be drawn into home ownership than were prudent with their finances. It may well likely be the most devastating policy impact from the GWB administration in economic terms.
This property is big, but not beautiful.
Contrary to another poster, I find the kitchen to be hideous. Looks like a gigantic headstone; that stone belongs in a cemetary, not in the kitchen. Dark floors, and two fireplaces that are a stylistic mis-match to my eyes don’t win it any points in the “thing of beauty” realm, either.
For almost a mil, over there, they really need a real marketing assist, not some bad photos of dusty floors. Realtor FAIL.
“Do you think there is some other influence for Damen getting improved before Ashland or did it simply skip that nook?”
I think it is low income housing in that area. Moving West towards Damen, Ukrainian village does not seem to have much section 8 at all. Also, the proximity to the bars/restaurants on Damen/Division. There was a natural overflow from the popularity of Wicker park directly South.
That is just my guess. I actually like East village a lot. But I prefer the area a bit West of there.
@Logansquarean– wow, I didn’t even notice/think about the mis-matched fireplaces, I’m definitely not buying this one LOL
This price tag makes me wonder…did it really cost that much to build this house? How much is true cost and how much is exaggerated markup?
This home has been restored. I toured it last winter after several floors of pipes burst. Extensive water damage through out the house (floors buckeled, sheetrock soggy, millwork etc). All levels of floors were ruined, cabinet damage a real mess. Walls had been torn out to fix the burst pipes and dehumidifiers were everywhere. You cuold already see mold on the walls in closets and other damp dark places. Run from this house or have it tested from top to bottom. I talked to the realtor six months after seeing it in that condidition and their was no mention of the damage. Buyer beware.
“This price tag makes me wonder…did it really cost that much to build this house? How much is true cost and how much is exaggerated markup?”
$150 psf is a good ballpark number (note: *not* exact, by any means, and any “high-end” finishes/fixtures/details would be additive to that) for actual cost of construction. Then you have the carrying costs and the cost of land. And, of course, profit for the builder, or else it wouldn’t have been started. I’d say that that initial $1.6 ask had around $500k of profit built into it, and it’s extremely unlikely that there was less than $400k profit built in.
wow, this crib is only 338 feet from Bella’s Pizzeria (658 N. Ashland)
Bella’s 14″ veggie pan pie is awesome.
($22 incl tx)