25% Off the 2006 Purchase Price on this SFH Short Sale: 1537 W. Wellington in Lakeview
We return to West Lakeview again as this 4-bedroom house at 1537 W. Wellington was just re-listed as a short sale.
It is currently listed just about 25% under the 2006 purchase price and also $130,000 under the 2003 purchase price.
The contemporary home was built in 1997.
It has 4 bedrooms, with the master on the second level, two bedrooms on the third and the fourth in the basement.
The listing says the house has a “high end DeGiulio kitchen” which has stainless steel appliances.
There is also a family room on the main level and a basement rec room on a standard 25×125 lot.
Given prices in the neighborhood, is this a deal?
Adam Savick at Jameson has the listing. See the pictures here.
1537 W. Wellington: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in December 1997 for $535,000
- Sold in May 2003 for $875,000
- Sold in October 2006 for $1 million
- Originally listed in January 2009
- Lis pendens foreclosure filed in October 2009
- Currently listed as a “short sale” for $745,000
- Taxes of $12053
- Central Air
- Bedroom #1: 19×15 (second floor)
- Bedroom #2: 16×13 (third floor)
- Bedroom #3: 19×17 (third floor)
- Bedroom #4: 17×14 (lower level)
Oh my Stroger!!!!! those taxes hurt my feelings
oh, and the eighties called and the would like their railings back
Love the lcoation & I think its a deal at 745k. The issue is getting the greedy banker to actually accept that amount. Taxes would obviously go down after purchase as well.
Only thing I don’t like about this place is the backyard, which would make for a nice little project.
So lets play the old game: what sub-neighborhood is this in? South Lakeview?
I think this is a good deal. If someone loves this neighborhood, they will be extremely happy in this house. A young family w/ small kids will do well here. Taxes are reasonable but possibly could be appealed (maybe should be closer to 10k). I have a good feeling about this one. Nice house, well priced – good job!
I used to live a few houses down from this thing, the hood & street is superb and I would call it SW lakeview
but belpo is cool too
The house also looks a LOT better in person. Very nicely done and at 745k it would be a great deal
No HO exemption filed size ’05, and the ’09 AV is ~6% over the AV that generated that tax bill. So they will hurt a lot more in November.
Appears to be a major-ish reno from b/t ’03 and ’06, which makes the 80s railings extra silly.
If there is nothing actually wrong with the place (no water damage, no mechanical problems), this looks like a pretty good deal at ask, if it isn’t an REO nightmare to close.
since ’05. not “size”.
REO FTW
squarely in burley district. might be some bidders on this one.
“Appears to be a major-ish reno from b/t ‘03 and ‘06, which makes the 80s railings extra silly.”
I agree with the hate on the railings (there are a bunch of houses on 1900 block of Potomac in Wicker Park designed by Marcel Friedes, with layouts I like, but they have these idiotic railings). Why do you think reno between 03 and 06? The bigger bump in price is 97 to 03.
Most SFH I’ve looked at that are priced around 2003 or 2004 prices and don’t have major flaws seem to have sold within a couple months. This is in Burley and I’m guessing (w/o checking) is among the cheaper SFH that meets most of the standard check boxes in one of the “desired” school districts.
But, short sale, so hard to say the price means anything. If this were one of our target neighborhoods, I’d think about taking a chance on this. But I can’t possibly walk that far to the el every day.
“I’d think about taking a chance on this. But I can’t possibly walk that far to the el every day.”
LOL more musings from the CC peanut gallery. Honestly if you’re taking the el you’re not the target demographic for this. It has a garage and garage parking downtown is nothing compared to a 600k+ mortgage.
Groupthink in action–DZ & 90% of all other CCers who walk, talk, think and act alike: they like these places and definitely need a garage but it needs to be close to the el. Would never be caught dead taking the bus.
DZ you can take the nice clean Lincoln bus (1 block away) to the fullerton el stop (5 min ride)
or walk the 6 blocks to the wellington stop 🙁
and Bob, the bus is great now that bustracker exists, i actually prefer it in the colder months because I know exactly when the bus is coming so I can plan my outdoor trek accordingly
“Why do you think reno between 03 and 06?”
b/c I looked at the redfin number instead of those in the post. Sabrina is correct, and the reno was most likely b/t 97 and 03.
Also sold in 1990 for $295k, to someone who did major work (most likely including the railings), as evidenced by the lien Levin Associates Architects placed on the prop in 1990.
“But, short sale, so hard to say the price means anything.”
Listing reads like REO, and LP was filed last October. Bank *could* be controlling the listing, w/o being in title.
Yawn.
Next.
“the bus is great now that bustracker exists”
Its not accurate for every stop, or at least not all the time. Its about useless for me in the AM commute, but the good thing is its a major route and there are always buses coming to and fro.
“you can take the nice clean Lincoln bus (1 block away) to the fullerton el stop (5 min ride)
or walk the 6 blocks to the wellington stop”
Yeah, I just looked up on the cta planner. Red line is great for my office location. Transferring seems like a pain in the ass though. And I can’t possibly walk 6 blocks every day. Have you seen what kind of shape I’m in?
“Honestly if you’re taking the el you’re not the target demographic for this. It has a garage and garage parking downtown is nothing compared to a 600k+ mortgage.”
Parking in my building is $400 a month (I know there’s cheaper but if I’m going to drive I’ll end up parking in my building). I’d need a second car. Don’t spend a lot on cars, but that’s easily another $250 plus a month fully loaded cost. That’s compared to my (tax subsidized) $70 or so CTA. It’s not nothing.
“all other CCers who walk, talk, think and act alike: they like these places and definitely need a garage but it needs to be close to the el. Would never be caught dead taking the bus.”
My wife requires the garage. I require the el. My son, however, LOVES the bus. Wants to take it all the time. Little DZ=Bob??
“Groupthink in action–DZ & 90% of all other CCers who walk, talk, think and act alike: they like these places and definitely need a garage but it needs to be close to the el. Would never be caught dead taking the bus.”
Never seen DZ say he definitely needs a garage, but no garage on a $750k+ SFH is a negative for anyone.
“DZ you can take the nice clean Lincoln bus (1 block away) to the fullerton el stop (5 min ride)”
That’s def. the route to take.
DZ, get a bicycle. it will probably take 2 minutes to bike vs 15min walk. buy and old mountain bike that the theives wont try for and bundle up in winter
Great neighborhood. This is a stone’s throw from the huge Jewel on Ashland, close to Costco and Target. School options are either Burley or Alphonsus for parochial (both just steps away).
Agree that price looks like a very good deal — esp compared to the other house in Burley that JUST went under contract. Only downside — split bedrooms on 2, 3 and LL are all big minuses for families. 3 up seems to be the gold standard for proper sized rooms. 4 up and you are making sacrifices on a single city lot.
My thought is there is either something wrong with it or the bank really wants 900k and is toying around. Honestly, 800k for the place I think clears the market, but any buyer is going to spend $ to get this back to yuppie standard.
Sidenote, have never seen a DeGiulio kitchen noted anywhere other than the north shore. Got a tickle from that one.
“Yeah, I just looked up on the cta planner. Red line is great for my office location. Transferring seems like a pain in the ass though. And I can’t possibly walk 6 blocks every day. Have you seen what kind of shape I’m in?”
you would have to transfer from the brown line to the red line at Fullerton anyway since the wellington stop isn’t a red line stop…
“Listing reads like REO, and LP was filed last October. Bank *could* be controlling the listing, w/o being in title.”
I did kinda notice the way the listing was written. Who does the “short sale” indicator come from? The listing agent? Why not indicate the bank is willing to take they price if they really are? Isn’t the “short sale” going to dampen interest a lot?
“Honestly if you’re taking the el you’re not the target demographic for this. It has a garage and garage parking downtown is nothing compared to a 600k+ mortgage.”
The downside of this neighborhood and exact location is the weekend and rush hour gridlock. Driving downtown? Have fun with that – time is money.
And of far more importance than all the shopping mentioned is the Foremost Liquors just north of Wellington in that plaza – best damned beer selection & prices on the north side, I still return to this neighborhood to stock up.
also, this house has a garage from the pictures I am looking at
DZ dont do the second car for this place, its to close to the clusterfuct of 6way intersection that takes years off of peoples lives.
also i have a friend who after 7 months finally closed on a short sale after many ups and downs. a gal at work closed on her short sale this past month after “only” 5 months of ups and downs. i wonder if banks are throwing in the towels?
i always heard short sales are a pain, but if you find a place you like and have time on your hands it might work out?
Man talk about an exterior/interior mismatch.
Horrible.
Also La Gondola and Fiorentino’s are a block from here…
This is exactly the kind of home dual income families should be all over. $745k @ 3000 N in one of the best school districts in the city?
$150K in equity plus 600k mortgage is eminently doable for a professional couple. $3200 per month before the deduction, plus taxes should come down as others have noted.
If that was the “market” HD would have considerably more free time than castigating the prices. We could all call it a day and go buy our houses then.
Is La Gondola any good? I have heard it mentioned before.
“best damned beer selection & prices on the north side, ”
Prices yes. Best beer selection? Hardly–not even close. Binny’s & Sam’s duke it out for that.
“i always heard short sales are a pain, but if you find a place you like and have time on your hands it might work out?”
I don’t have a house I need to sell and I’m not too worried about my rental lease. If the right place and price came along I would try a short sale.
http://www.redfin.com/IL/Chicago/1528-W-Wolfram-St-60657/home/13363946
Further evidence of a good deal. SFH short sale under contract @ 999k ask. Shows pending, so it should get done.
JMM: “Sidenote, have never seen a DeGiulio kitchen noted anywhere other than the north shore. Got a tickle from that one.”
Really? It’s even popped up here before (at least once): cribchatter.com/?p=8217 But I think you’re right on the rest on this one.
skeptic: “Foremost Liquors … – best damned beer selection … on the north side”
Must have had a few too many to maintain this. Their selection stinks compared to West Lakeview at Addison/Leavitt, but you have to be a beery snob to care.
I agree that if this was the market $745 things would be moving.
La Gondola is great–in my opinion.
Nothing touches Snaidero… That is the ultimate in meaningless kitchen name drops.
I agree that if this was the market ($745k for similar homes) things would be moving.
La Gondola is great–in my opinion.
the Binny’s on Grand & Franklin has the best (beer snob) beer selection on the north side… La Fin du Monde, chilled in the fridge? YEAH thats what im talkin about
“the Binny’s on Grand & Franklin has the best (beer snob) beer selection on the north side… La Fin du Monde, chilled in the fridge? YEAH thats what im talkin about”
Fin du Monde chilled is your standard for snobby beer satisfaction? That’s a low threshold, pally.
“Binny’s & Sam’s duke it out for that.”
Sam’s *IS* Binny’s now.
After reading these posts, I realize that my comments really DO detract from the intellectual, high-level, always-relevant, in-depth discussion of real estate from the real estate brain trust of chicago.
“Fin du Monde chilled is your standard for snobby beer satisfaction? That’s a low threshold, pally.”
best bang for the buck!
Also all the other “snob beers” are warm… so yeah… I am satisfied.
And clio, please… get bent
“Also all the other “snob beers” are warm… so yeah… I am satisfied.”
Thus my point about West Lakeview Liquors*–many beers snobbier that Fin *are* chilled.
*note–not located in West Lakeview, to the extent West Lakeview exists.
“Honestly if you’re taking the el you’re not the target demographic for this.”
I take the el to work and this house is the same price point we’re looking at.
I like foremost. big cheap beer variety excites me. esp when it comes in unusually shaped bottles such as the mini High Lifes or bowling pin shaped bud. maybe I am a beer bottle snob?
“big cheap beer variety”
This phrase makes no sense to me. There is big variety in cheap beer?
si, at foremost
“There is big variety in cheap beer?”
Well you’re certainly not getting Natty Ice in East Lakeview.
“Must have had a few too many to maintain this. Their selection stinks compared to West Lakeview at Addison/Leavitt, but you have to be a beery snob to care.”
I distinguish between a good selection of super-expensive 6 packs as opposed to selections of 12 packs.
I don’t buy beer in less than a 12 pack, you get gouged buying 6ers.
And I get my kegs at Binny’s, but I’d never buy package beer there. If I want some seasonal offering from Three Floyds, I want it on tap.
Go to WLV liquors, you won’t see 12 packs of sierra nevada for 13 bucks – you might see a six pack for 10. you definitely won’t see 12 packs of german beers for 10 or 11 bucks.
I homebrew, and definitely am a bit of a beer snob – but I’m just not impressed or care much about a billion Belgian ales that are 10 bucks a bottle, or the latest limited edition IPA so hoppy you can’t even taste anything else.
Nope, I stick to my guns on this one big time. ; )
“I distinguish between a good selection of super-expensive 6 packs as opposed to selections of 12 packs.
I don’t buy beer in less than a 12 pack, you get gouged buying 6ers.”
And there is very little I like that comes in 12-packs (variety packs suk), anywhere.
“And there is very little I like that comes in 12-packs (variety packs suk), anywhere.”
We can’t help it if you’re into boxed wine, anon.
beer selection
“And there is very little I like that comes in 12-packs (variety packs suk), anywhere.”
Exactly. There are precious few bearable beers that are sold in 12 packs.
Let’s get back to the real estate discussion. the last time I checked, this site was called “crib chatter” and not “beer banter”!!!!
“We can’t help it if you’re into boxed wine, anon.”
Oh noes! The boxed wine insult! How will I ever recover.
All better now. Not a oeno-snob, but not a plonk drinker, either.
LaGondola is the bees knees.
Any place that will sell me a Sampson or a Moose Drool is great, but that’s trumped by a guy behing the register that will sell me booze after 2.
Hey Clio: I would have thought that this lively beer banter would give you a chance to tell us how you keep Sofie on tap at your in-town and fill your suburban pool with Delerium…
Lots of love in my hood the last few days.
And, yes, La Gondola is great. As is Dona Torta (for the sammys, not the regular Mexican food) on Barry and Ashland.
“Hey Clio: I would have thought that this lively beer banter would give you a chance to tell us how you keep Sofie on tap at your in-town and fill your suburban pool with Delerium…”
Whatever — I DON’T drink beer from Belgium or Goose Island. I ONLY drink Vielle Bon Secours… I mean really, who doesn’t?
“I DON’T drink beer from Belgium or Goose Island. I ONLY drink Vielle Bon Secours”
Um, where do you think Vielle Bon Secours is brewed?
anon – nice catch – you really know your beer!!
Don’t feel them same hate on the railings, they fit well with the overall style of the place. Great pickup if the bank accepts it. I would way rather see these railings than some prefab home depot specials that you see in some of the million dollar listings.
I think we’re going to order from La Gondola tonight. I am now craving the pumpkin ravioli in butter sage sauce.
The only beer in the house right now is Dolly Varden IPA. I don’t know if that qualifies me for beer snob status or not.
This discussion is making me want to get drunk. Good thing I was going to do that tonight anyway.
And anon(tfo) – yes there is a variety of cheap beer. I’m as beer snobby as they come . . . But cheap beer has its place. For one, it’s an American icon. I take genuine pleasure in knocking back the crappy beers that my dad drank. Especially the cheap regional beers. Also, cheap beer is important for hydration. As in, “I’ve been working in the yard all day and I sure could use a beer.” For that, I prefer High Life Lite. Which, is actually kind of hard to find sometimes.
To the property – this is honestly one of my least favorite neighborhoods in the city. At this price I don’t understand the appeal of living close to all the crap on Ashland.
Are you calling Dona Torta and Art of Pizza crap?
Btw, there ARE some places out there priced close to rental parity, although they’re few and far between. If you bought this place:
http://www.redfin.com/IL/Chicago/2326-N-Lincoln-Park-W-60614/unit-4B/home/28893319
for a bit below list, and needed to rent it out for whatever reason, I think you could cover your costs for sure, even taking into account the lack of parking.
Nice find Roma. I think that one will go really fast.
My wife and I looked at this place back in May of 2009, when it was listed at $875, a reduction from $899 a month or so earlier. The layout is funky, and we did not like the overall price:product ratio at $875. At 745? Hmmmm….
Bought for $271,000 in ’05. Seems like a good buy to me, and value has held – can’t see this selling for much below that now, even as a 4th floor walk-up without parking, CA, or w/d.
They put 25% down, which was certainly unusual for a sub-$300k 2/2 (or just about any place) in ’05.
For the CC-ers who believe 20-25% downpayments would return the market to more rational valuations, perhaps this is a good example?
“And anon(tfo) – yes there is a variety of cheap beer. I’m as beer snobby as they come . . . But cheap beer has its place. For one, it’s an American icon. I take genuine pleasure in knocking back the crappy beers that my dad drank. Especially the cheap regional beers. Also, cheap beer is important for hydration. As in, “I’ve been working in the yard all day and I sure could use a beer.” For that, I prefer High Life Lite.”
1. obviously a joke.
2. you can’t be “as beer snobby as they come” as I would *not*, given a choice, drink cheap domestics for hydration–there are plenty of not-cheap beers that are more than fine for that sort of drinking and much, much tastier than Miller High Life. and I’m not the snobbiest beer snob I know.
Cheap beer serves a variety of purposes.
Lets say you’re going to a random neighborhood’s streetfest with a backpack. You certainly don’t want expensive beer as its gonna warm up a bit and then the expensive beer will taste like crap too/you won’t enjoy it standing up out in the sun.
Or you have roommates who drink beer, but you don’t want they pilfering yours: if you can develop a taste for a particular cheap brew that noone else likes (ie: Natty) your beer is protected from theft by default.
Additionally some ice beers are 5.9% alcohol, 40% more alcohol than your basic Bud Lite/Miller Lite/Coors Lite. Multiple brands for this as well: Busch Ice, Keystone Ice, Natty Ice and Icehouse at 5.5%. Most beer drinkers will likely find at least one of these tolerable–I’ve never met one who liked them all.
There is variety in cheap beer. You won’t find it at snobbier places like Binny’s that only carry maybe one of a category for this market segment (ie: only Ice House) or at smaller liquor stores which just don’t have the shelf/fridge space.
Bob’s favorite cheap beer: Miller Lite. Not that I particularly have a taste for it or that its cheap at the register, but in true Chicago fashion I got a guy that knows a guy that sells cases of this stuff at cut rate prices ($10, sometimes $5). 😀
alanon… I had previously assumed from your name that you were not a beer drinker.
I don’t get this place sometimes…here we are talking about beer and the location of obtaining such beer AND a $1 million dollar house down to $745,000.
Shouldn’t that be the bigger issue here esp after the numbers that were just released?
I know that is one thing that keeps me from investing in housing…the proximity of beer shacks to the unit in question????!!!!????
Only in Chicago…
Despite DeGuglio kitchen, house doesn’t overcome its blue-collar balloon frame origin. Hope the foundation and wall structures are worthy of the fancy kitchen.
Wasn’t this an Environs build? There are a few in this neck of the woods from the 1990s.
“2. you can’t be “as beer snobby as they come” as I would *not*, given a choice, drink cheap domestics for hydration–there are plenty of not-cheap beers that are more than fine for that sort of drinking and much, much tastier than Miller High Life. and I’m not the snobbiest beer snob I know.”
I didn’t say High Life. I said High Life Light. Between the two you will find the kind of subtle, delicate difference in flavor and body that only exists in cheap beer. Sure, you may find satisfaction in a small batch “session beer.” But when you drink them by the dozen it can get a little spendy. Need to save some cash for pizza.
this is the funnest conversation in a while. all that’s needed are some photos of the old Arby’s that was up the street on Ashland – anyone remember their homemade pulley & bucket contraption for the drive through?
http://farm3.static.flickr.com/2561/4001948117_921d8446be.jpg
why are there so few beer snobs that prefer lagers to ales? I’ve only met one outside of germany.
my mistake, that arby’s is on harlem
“why are there so few beer snobs that prefer lagers to ales?”
1) There is much less history with lagers. (150yrs vs. 1000s)
2) Very few heavy lagers.
3) Due to the way they are brewed there isn’t as much room for variation.
What I’m curious about is why there aren’t more beer snobs that prefer cask ale in Chicago. Its about the only thing that gets me out and spending $6 for a beer at a bar–everything else I’d just get at Binnys and drink at home or stick with cheap domestics at cheap bars.
“why are there so few beer snobs that prefer lagers to ales?”
adding to what Bob said, for many people in Chicago one’s route to beer snobbery starts with homebrewing – and it’s much easier to brew ales (you need a pretty cold room or dedicated beer fridge to keep lager at the right temp), so that’s what many of my friends just naturally started experimenting with at home & in bars.
fortunately, kolsch exists as the happy medium for the homebrewer.
lagers are defined as much by what they aren’t as what they are – a good lager is crisp, super clean, no aftertaste, etc. ales otoh can have an endless amount of different ingredients, varying body, etc.
I recently moved pretty close to here and love the location more every day. foremost is great and sells 12 pk sam adams for $10.99 and menage a tois (spelling?) for $5.99. jewel nearby is convenient, two of my favorite pizza places (art of pizza and chicagos pizza, ginos here too), whole foods and xsport are close, bakin and eggs and S&G are great for breakfast. street parking is incredibly easy for visitors. nice church at wellington/southport as well. this is a great deal at ask. la gondola is a best restaurant i’ve ever seen in a strip mall. las tablas is the best skirt steak. i could go on but i am just rambling
http://www.redfin.com/IL/Chicago/2326-N-Lincoln-Park-W-60614/unit-4B/home/28893319
Barry on August 25th, 2010 at 6:00 pm
”
Nice find Roma. I think that one will go really fast.
”
I would have thought so, too.
Nothing yet, very small price drop to $275.
It’s hard out there…
After 8 months- this house FINALLY sold (this is why people don’t want to deal with short sales.)
Sales price: $665,000.
Or about 35% off the 2006 price.
What does this sale do to comps in this neighborhood?
Wow.
I saw this property and I’m surprised someone paid $665k for it. It was not in terrible shape but clearly had mid five figures worth of repair and rehab work. It was also filthy when we saw it. I thought those railings were ugly and there is a weird front stairway/back stairway use of space where the entrances to the stairs are only about 8 feet apart on the second floor. I’m not sure that paying $665k for this place is that bad of a comp for nice SFHs nearby, because this ain’t that.
It’s still a pretty big single family home in an area where they would normally sell for at least $800k to $1 million.
If you’re getting a deal- does it matter if it’s filthy?
This goes to what I’ve said before- that 95% of buyers can’t look beyond paint, appliance color or anything that is out of the ordinary when buying a property. I’m not saying this house didn’t need work or that the style was for everyone (obviously not) but do you think that $500k or something would have been an accurate price for this much square footage? It wasn’t a tear down.
There are 3 bedroom duplex downs for sale in the neighborhood for around this price (or more.)
Sabrina, I also thought that the listing looked nice until I saw it, but have you seen this property in person? I couldn’t believe it ever sold for more than $1M, even in the faraway land of 2006. It isn’t that spacious of a property and the use of space is relatively poor. I can look beyond paint, appliance color (although, in particular I thought that the kitchen in this property was hideous) and other stuff that’s out of the ordinary, but I am still calculating how much it will cost to fix all of that, or how much it would cost to bring it to the standard that gets you to that $/sqft price in the area. I also don’t think that those railings are coming back into style, ever, and it would be hard to do a different design.
Yes, it does matter if it’s filthy, if the dirt has been sitting on all the carpet for months and it’s all going to have to be replaced. When I saw this property (in early January), it needed $50k worth of work, at least. It reminded me strongly of a frat house.
I hate condos, and a 3 bedroom duplex down would be preferable to me over this place. Good luck to the new owner.