3-Bedroom American 4-Square in Portage Park Sells for $103K Under 2006 Price: 5316 W. Warner
We last chattered about this 3-bedroom American 4-Square at 5316 W. Warner in Portage Park in October 2010.
See our prior chatter here.
Many of you didn’t think highly of the pictures which depicted the vintage rooms, some with wood beamed ceilings, as dark.
Listed back then at $349,000, the house finally sold after 15 months on the market for $295,000.
If you recall, the house was built in 1914.
It had many of its original features intact including original moldings, stained glass and a beamed ceiling in the dining room.
The kitchen had stainless steel appliances and corian counter tops.
The baths were “newer” with stone tile.
Built on a 31×125 lot, the house had a 2 car garage and central air.
All 3 bedrooms were on the second floor and there was a semi-finished basement.
Is under $300,000 the more realistic price point for this neighborhood?
David Berganski at Legent WP Realty had the listing. You can still see the interior pictures here.
5316 W. Warner: 3 bedrooms, 2 baths, 2 car garage, no square footage listed
- Sold in April 1992 for $169,000
- Sold in November 1996 for $175,000
- Sold in October 2006 for $398,500
- Originally listed in March 2010 for $389,900
- Reduced
- Was listed in October 2010 for $349,000
- Sold in June 2011 for $295,000
- Taxes of $4147
- Central Air
- Bedroom #1: 18×12
- Bedroom #2: 14×11
- Bedroom #3: 11×10
“Is under $300,000 the more realistic price point for this neighborhood?”
Yes, but only because of low rates. If we have higher rates without roughly corresponding wage inflation (or an actual return to people with options at that price point choosing to live in the city) under $250k is more like it.
Executed Recorded Document Type Amount
06/13/2011 06/24/2011 MORTGAGE $306,700.00
(Wells)
PRICE DOESN’T EVEN MATTER ANYMORE.
ALL THAT MATTERS IS THE MONTHLY PAYMENT.
I’m amazed they’re still doing no money down loans. Maybe the buyers took out some money to replace windows or something, and putting in a little of their own cash; that increases the value to $322,000; at that point $306,000 is 95% of $322,000 so they can sell the loan to the FHA, a streamlined 203 loan. I’d bet dollars to donuts that’s what they’re doing.
“I’d bet dollars to donuts that’s what they’re doing.”
I’ll bet you dollars, if you’re putting up Doughnut Vault doughnuts.
“I’d bet dollars to donuts that’s what they’re doing.”
who care how funny money is rolling. just less house going into foreclosure and falling into disrepair.
this funny transaction gave money and jobs to “americans” to reinvest (into somebody’s economy). and thats the best we can hope at this point
“PRICE DOESN’T EVEN MATTER ANYMORE.
ALL THAT MATTERS IS THE MONTHLY PAYMENT.”
Were it not for the “move-up” trend (i.e., buy a place, then trade up in a few years), it wouldn’t be a problem. If folks find, say, a house like this one, and can raise their kids there, then they should be able to buy it with pretty much nothing down.
So was this a short sale? ( no mention of it in listing) or did sellers just lose 100k in 5 years?
I recall seeing this house when it was listed at 389K. We felt that price was unrealistic given the amount of work the place would need. Under $300 is much more realistic.
how much work was needed icarus?
“how much work was needed icarus?”
Icarus,
the house many months back looked decent on the outside how bad was the inside and mechanicals?
Deed says $305k, rather tha. $295k.
Prior owner had 2 mortgages totaling $369,900 face amount. Releases of both mortgages have been recorded. So, looks like it was a short, whether advertised that way or not.
Owner before that had two mortgages for $310k face amount at time of the ’06 sale (2d was refi’d in ’06 with a minimal increase).
Mostly cosmetic, IIRC and the basement could use some updating.
I think most would want to figure out a way to increase the master bedroom size and add another bedroom, perhaps a dormer.
“So, looks like it was a short, whether advertised that way or not.”
Are you inferring/assuming they did not bring money to table, or is there some info that confirms that?
“Are you inferring/assuming they did not bring money to table”
Yes. Because who the heck pays off a $50k *second* mortgage? Unless they have substantial other assets, and then, who has substantial other assets and bought in Portage Park in 2006?
Now, I didnt do any digging for inheritence or lottery wins or similar windfalls, so it is still just a reasonable guess.
“Yes. Because who the heck pays off a $50k *second* mortgage? ”
it’s possible they used some credit cards to cover that amount. I have a friend who did the same thing to sell off his home to avoid a short sale.
Per today’s “experts”, anything “needs updating” if it’s been over 5 years since last “updated”. [using sarcasm]
I know somebody who bought a really nice place in sag – and the buyer was asked to keep it a secret that it was a short sale – because the owner didn’t want his neighbors to know that he was leaving the area because he was having financial troubles! true story.
“it’s possible they used some credit cards to cover that amount. I have a friend who did the same thing to sell off his home to avoid a short sale.”
i can believe that, i had a buddy who started flipping using credit cards. I did a few jobs for him but i didnt get paid for like a year later i think or more. he left for flordia back in 2007 havent heard from him since 2008.
but a few flipps he didnt need to float the dollars and use credit cards anymore. way to risky but he got lucky with timing so it didnt bite him. (who knows now though)
“i had a buddy who started flipping using credit cards…he left for flordia…”
Naturally.
HD: “I know somebody who bought a really nice place in sag”
Where is that? Somewhere near the Cal-Sag channel? Or is that short for Sauganash?
“Or is that short for Sauganash?” its like the txt msg shrthand for sauganash
All the amatuer ‘Real Estate Moguls’ looking to ‘make a killing’ the past 10-15 some years got us into this mess.