3-Bedroom Historic Sheperd’s Cottage in Bucktown Reduces $25K: 2233 W. Homer
We last chattered about this 3-bedroom Sheperd’s Cottage at 2233 W. Homer in Bucktown in June 2011.
See our prior chatter here.
There was much discussion about what renovations were done when to the house but most of you thought it was also overpriced for the neighborhood.
It has since been reduced $25,000.
Built in 1878, the house has some of its vintage features and it also sports a newer kitchen and baths.
The kitchen has white cabinets, granite counter tops and stainless steel appliances.
All 3 bedrooms are on the second floor.
The master bedroom, which was an addition, has a fireplace and built-in bookcases.
It also has a marble master bathroom with a skylight and a walk-in closet.
There is a first floor den off the kitchen and an unfinished basement.
Built on a 24×100 lot, the house has central air, a 2-car garage and a backyard deck.
Some of the Bucktown houses appear to linger more than other neighborhoods.
Has Bucktown lost some of its luster?
Gregory Desmond at Prudential Rubloff still has the listing. See more pictures and a virtual tour here.
2233 W. Homer: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage
- Sold in June 1994 for $219,500
- Sold in July 2005 for $599,000
- Sold in June 2008 for $785,000
- Was listed in June 2011 for $675,000
- Reduced
- Currently listed at $650,000
- Taxes of $8098
- Central Air
- Bedroom #1: 20×12 (second floor)
- Bedroom #2: 15×11 (second floor)
- Bedroom #3: 11×7 (second floor)
- Den: 10×8 (main floor)
- Unfinished basement
I’ll repost my comments from the end of the prior thread.
I stopped by their open house this weekend. Price was recently reduced to $650. Owners have moved out. R/E agent said the reno happened in 2007. It was nicely done. Master is huge as is the master closet. Some staining on the marble counter top and floor in the master bath which is a bummer as you either live with it or replace it. 3rd BR is small and can only really be used as a nursery or office. Still nice to have 3 rooms upstairs. Plenty of storage in the kitchen even though the actual work area is small. Stacked laundry up stairs as well as side by side in the basement. The major issue for us was the powder room on the main floor. It’s located under the stairs and there is no way an average height guy can stand and go to the bathroom. The slanted ceiling is very low.
“Has Bucktown lost some of its luster?”
Well, it sold at the peak for $785k, and is already down to $650k. Assuming a closing price of between 7 and 10% below the current list, it should close in the high $500’s. If this same property were for sale in ELP, the OTT, ELV, or RV/NC/Linc Sq, at what price would it close fairly quickly?
Seems to me that the typical Bucktown wannabe wants an ‘ultra-hip’ recent construction place. Or, trendy. The upper class couples with kids will go to North Center.
“Or, trendy. The upper class couples with kids will go to North Center”
bradley pl to be more specific
Ouch they owe $655,000 on this place per a refi last year.
“bradley pl to be more specific”
Careful with that–there are the two “Bradley Place” developments west of Western, too, and they are definitely not the same, tho reports vary as to whether it is due to zombies or post-apocolyptic biker gangs. I personally fear the proximity to the river, due to sea monster potential.
““Bradley Place” developments west of Western”
so replace French Villa with French Vanilla ice cream for the west of western part of bradley pl?
Is it called a shepherd’s cottage for a reason other than that’s the type of person who would have originally owned it? If it sells for $600K, you’d need to put down $183K to avoid a jumbo loan, and still need a decent income to afford it. If you plan on having more than one kid and them not sharing a room, you’d probably want a different place, because the 3rd bedroom looks tiny.
It would be cool to live on Homer if you drink Duff Beer!
The difference between conforming and jumbo rates on a fixed rate loan is fairly low now. I don’t know how easy it is to get qualified for one however.
It’s all so fucking depressing. Imagine owning this place, unable to sell, going to lose $150k when it sells. Who knows where the hell they are now, probably renting somewhere or in the suburbs.
Hd – they may not really care that much. They could have bought another house and are enjoying themselves on a cruise as we speak.
Under contract, per redfin.
I don’t think this is depressing I think its hilarious. Remember they bought this for damn near 800k after Countrywide & Bear Stearns blew up. Not like the signs weren’t already there for those willing to look. Looks like the idiot cycle of life repeats itself with the next owner dropping 650 large. A fool & his money are soon parted / sheep get sheared.
I guess this concludes the current owners chapter but The Odyssey for this property continues.
with good credit and 20% a 30 yr jumbo is about 4.5%. that’s easy money folks!
I can’t wait to tie up 130k of my net worth into an illiquid “investment” such as this beautiful cottage and have a low housing nut of only 4000$/month all in with incredible local neighborhood public schools. I am scratching my head as to how the previous owner’s strategy didn’t turn out for the better!
depends on your income right bob?
We’re gonna do something similar, but we do have the school situation figured out for at least the next 9 years.
Honestly, do you think that the stock market is a better bet these days?
Nobody knows what one is actually “investing” in right now, the smoke and mirrors are all hidden in a larger maze of smoke and mirrors. At least real estate is tangible.
“I can’t wait to tie up 130k of my net worth into an illiquid “investment” such as this beautiful cottage”
It depends on your neighbors income, too, vlahos. Like if they buy a place nearby for, say 785k but have trouble with the payments that place might not really be worth 785k nor a valid comp. But if you want to believe a cottage in a recently gentrified neighborhood with lots of singles bars and few decent school options is worth 650k go ahead and buy it. Man I thought even the bike messengers in wicker/bucktown made six figures and they drank PBR smoked Parliaments as a fashion statement.
This will not sell for $650, knock 10% off the list and it will sell for $585, $595.
It is not hilarious, it is sad. It’s fucking depressing.
skeptic I think RE is a better bet for your situation. wives are much more forgiving of RE losses generally. likely due to the convenience yield of living in a nice place. try telling the wife you lost 100k+ in the market and she’s gonna think what size diamond that coulda been on her instead.
yeah HD you totally deserve to make a better living than you are you work so hard and deal with such sad folks day in and out
maybe ask your boss for a raise?
“Honestly, do you think that the stock market is a better bet these days? ”
than real esatate?
you can’t be serious… that is a no brainer
Hd – u need to get a new job. Seriously man, it is no longer about real-estate or the economy – u r depressed and if u don’t change ur life u will lose everything (ie ur wife).
I’m deadly serious – if you’re like most of us and your stock investments are in mutual funds and the like, you have absolutely no friggin’ clue where your money is allegedly “working” for you.
Real estate, otoh, you can watch. You can rent it out. You can live in it, etc.
I’ve never heard of a two-flat disappearing overnight thanks to the ripple effect of panic peddling in Hong Kong or Seoul.
“than real esatate?
you can’t be serious… that is a no brainer”
I’m saying the situation is fucking depressing, these people are going to lose their pants. they lose their down payment AND they still have to bring money to the table. My job is just fine.
Clio, he has a young child and that is a lot of work and the whole state of the economy is depressing. He is doing great and saving up. He should not change jobs unless he is sure it will be a safe move for him.
HD, I think you are doing so much better that most people with their under water homes and maxed out credit cards. I honestly don’t think you have anything to worry about HD. You and your wife should be happy that you have two functioning brains and some luck in terms of timing. Just think if you were one of the people who bought on top of the bubble.
and I agree this is depressing. I feel really bad for people who are in trouble. My agent was telling me she had a few closings were the sellers had to bring cash to get the job done.
I’ll be OK but it sucks to be these people. im in a bit of a dour and ornery mood today.
HD there are going to be winners and losers in America. Look on the brightside chances are your kid won’t be going to school with or influenced by this asshat’s kid. This was no 200k or 300k property for middle class person who fell on times this was a gamble big I want that house no matter what highflier who made a collosally stupid decision. I’m not crying a river for people like me who wanted to live large for awhile. You have become such a bleeding heart softie since you had your kid I am nostalgic for the good AOL’s days when we used to laugh at & ridicule paralegals who bought 400k 2bdrm condos in Rogers park. I want my old efriend back!
Hey Bob, since you and groove seem very happy to use “asshat” which has already gotten old btw, you might want to try and use the new vogue term “assmunch”. It is funny how you constantly make racist remarks and make fun of hipsters but cannot help to use their vocab.
“paralegals who bought 400k 2bdrm condos in Rogers park”
It was in Lincoln Square.
Which means it was only overpriced by 100% instead of 500%.
“I want my old efriend back!”
I knew it. I was going to say the other day that bob was baiting hd so much because he really missed him.
“few decent school options”
As I’ve said many times, there’s a v good chance pulaski will be a viable school.
moomoo: first heard the phrase in a 1999 movie used by a character with a career similar to my own. assmunch is a much older term used frequently by an animated TV series’s teenage characters. you were likely watching hello Kitty or living on a floating shantytowns back then.
“there are the two “Bradley Place” developments west of Western, too”
are you talking about the Naperville-looking 5,000 sf McMansion instant neighborhood that was built by Tony Rezko’s company across from Lane Tech behind Hero’s subs?
lol..BS Bob. Show me a link. Well, I have made it pretty far from my shantytown origins which is more than I can say for you darling.
i don’t see why people get so upset about losing. Really can’t win without losing too. Just the wins are so much easier to take that they become boring, so it’s important to really embrace and enjoy losing.
If my home were underwater i’d paint it yellow and name it the yellow submarine… Then i’d be so happy, coming home every day singing to myself…
And our friends are all on board..
many more of them live next door…
And the band begins to play…
We all live in a yellow submarine, a yellow submarine!
See how easy it is if you try!! If that doesn’t work Bob will personally come over to your home, dressed as Sammy Davis Jr. And sing you the candyman.
“built by Tony Rezko’s company ”
Tony Rezko owned Centrum Properties?
No, anon(tfo) Rezko was part of Rezmar. Mixed up Centrum with Rezmar.
“We all live in a yellow submarine, a yellow submarine!”
Must be pretty good pot!
“if you’re like most of us and your stock investments are in mutual funds and the like, you have absolutely no friggin’ clue where your money is allegedly “working” for you.”
um no, my job is getting people’s money OUT of mutual funds and annuities and other poor investments
luigi… I was thinking the same thing, but if the thought of Bob poping out of a jack in the box, with an overly dramtic smile on his face, and then singing ‘who can make the sunshine….’ doesn’t make you smile, well then i have no idea what to say, cause i’m practically about to piss myself.
“Well, I have made it pretty far from my shantytown origins which is more than I can say for you darling.”
I dunno Bob IS from Cincinnati, that shantytown just might be far worse than wherever you grew up
Ze: ” if the thought of Bob poping out of a jack in the box, with an overly dramtic smile on his face, and then singing ‘who can make the sunshine….’ doesn’t make you smile, well then i have no idea what to say”
Not quite your level of reaction, but that is funny!
Sonies: “I dunno Bob IS from Cincinnati, that shantytown just might be far worse than wherever you grew up”
Had much the same thought.
luigi: “Mixed up Centrum with Rezmar.”
No worries, just confused. The rest is accurate. ‘course, if you want a retial lot on Addison, their vacant parcel is for sale for $1.3 (iirc).
Me: Anyone talking to someone at Ashley Furniture in Tupelo about a dinette set or something? cuz I just got a call and want to pass along the message, if it’s one of you guys.
honestly… It’s the wine… I learned to cook, the Julia Childs method. But it’s Friday, so they say, and the room needed some levity. I mean how bad can life be cooking a nice dinner while workin a bottle of wine, bit of Sinatra or Bebel Gilberto.
To everyone.. A nice weekend! Oh and go buy a home!
homedelete: It’s all so fucking depressing. Imagine owning this place, unable to sell, going to lose $150k when it sells. Who knows where the hell they are now, probably renting somewhere or in the suburbs.
Of course, it’s possible that the 2008 buyers were not first-time homeowners and had made a good sum of money moving up the property ladder. Even if they lose $150k on this place, they may still be ahead. (Probably not, though.)
“Of course, it’s possible that the 2008 buyers were not first-time homeowners and had made a good sum of money moving up the property ladder. Even if they lose $150k on this place, they may still be ahead. (Probably not, though.)”
They weren’t first timers, but their prior condo sale price was less than 6% more than the purchase price.
Could it be a relocation?
“I dunno Bob IS from Cincinnati, that shantytown just might be far worse than wherever you grew up”
lol…They have a good outlet store nearby and “one” pretty good restaurant, orchids. Oh I spent a summer in the area and lets say it was not fun.
Not “from” Cincinnati spent more than a couple years there, though. Depends on how you define “from”. For provincial types for where I was born it was a shithole city on the EC.
My wife and I went to the first open house. The husband got a job in Seattle and his company was giving the buyer a 2% credit. The home had a sagging living room floor, a unfinished basement that was barely more than a crawl space in some areas and the main floor bathroom was for children only because of the severely slope ceiling.
“We all live in a yellow submarine, a yellow submarine! ”
the best thing I’ve read on this site.