3-Bedroom Lincoln Park House Actually Sells For Under $500K: 2722 N. Wilton
We last chattered about this 3-bedroom single family home at 2722 N. Wilton in Lincoln Park in August 2011.
See our prior chatter here.
The house was listed at just $500,000.
What was the catch?
The El ran directly behind the house (where there was also 4-car parking.)
Built on a 25×75 lot, the 2800 square foot house otherwise had the features buyers look for including central air and a 1-car garage.
The kitchen had white cabinets and stainless steel appliances. It had a fully finished basement with a wine fridge.
All 3 bedrooms were on the second floor with a den or office on the main level.
It went under contract almost immediately and just sold for $492,500.
John Vossoughi at @Properties had the listing.
2722 N. Wilton: 3 bedrooms, 3 baths, 2800 square feet, 1 car garage
- Sold in September 1996 for $165,000
- Sold in August 1997 for $330,000
- Sold in June 2005 for $525,000
- Was listed in August 2011 for $500,000
- Sold in November 2011 for $492,500
- Taxes of $9985
- Central Air
- Bedroom #1: 20×18 (third floor)
- Bedroom #2: 11×12 (third floor)
- Bedroom #3: 10×9 (third floor)
- Den/office: 7×14 (main floor)
Unless they are planning on converting to rental apartments, I think they overpaid.
But this is coming from a person who couldn’t be paid to live on the el tracks at ground level (or below ground level). 20 stories up or in a high rise? Yeah, I could do it. But I just don’t get the logic of paying half a mil to live on the el. Crazy talk…
I’m with you TftInChi. You couldn’t pay me to live with the EL going through my back yard (I don’t care how good the windows are.)
For $500k- I’d rather have a townhouse somewhere else.
For $500k I’d rather have some BPT yielding over 7% and time. Chicago valuations continue to be in fantasy land for the “privilege” of owning a SFH in a neighborhood where you don’t have to worry about getting shot.
There’s just not much out there. this is a great time to be a seller with a low price turnkey property in a great neighborhood in the city.
It is, Homedelete? Could have fooled me! Worst time to be a seller in at least two decades, maybe more. Property values continue their erosion (yes in Green Zone too), and Chicagoland is generally one of the weaker markets nationwide.
Shouldn’t it be one of the weakEST markets?
“one of the weaker markets”
Anybody that buys now, when $232B in backstopped corporate debt has to be reissued without that guarantee by 12/31/2012 is living in fantasy world.
What else happens in or on 12/31/2012?
1) HAMP expires–no more HAMP loans.
2) SS rate goes back to 6.2% from 4.2%.
3) Remainer of Option-ARMs recast.
4) Bush tax cuts expire.
5) Tax forgiveness of defaulted housing debt expires.
Our policy from government has morphed into a banana republic with everything happening to coincide with election cycles (surprise!). You lemmings can take that leap of faith as far as I’m concerned there were/are far too many stopgap measures propping up the housing market to jump in just yet.
Great time for a seller in THIS market if as a seller you have a 1) turnkey prop, 2) are cheap relative to everything else. Those sell fast compared to everything else. That’s all I meant.
“There’s just not much out there. this is a great time to be a seller with a low price turnkey property in a great neighborhood in the city.”
Price is key. It can be turnkey but if it’s not priced at the 2001 price (or whatever is going on in that neighborhood) then it won’t sell either.
are you kidding me bob? The stupid politicians will just continue all those 5 programs you mentioned!
It depends–gridlock could threaten any of them. However the FHA loan limit raising fiasco has shown the current congress doesn’t have the stones to end them.
what’s a BPT?
Do I want one?
“What else happens in or on 12/31/2012?”
You forgot:
6) None of the above
Oh, and this one too:
7) Add even more programs
Logansquaran: it’s a ticker symbol. You can look it up.
Boy it must really be getting tough out there with the commissions drying up from that huge decrease in volume…
http://www.suntimes.com/9082554-417/high-profile-realtor-charged-with-stealing-ties.html
homedelete (November 26, 2011, 10:22 am)
Great time for a seller in THIS market if as a seller you have a 1) turnkey prop, 2) are cheap relative to everything else. Those sell fast compared to everything else. That’s all I meant.
Rating: 0 (from 0 votes)
Agreed. Ive been looking in Edison Park and 2 properties went on last week and went under contract in days.
1. A gut rehab with a new 2nd story addition went Contingent with multiple offers over list price in a matter of days with pricing in the high 500’s
2. An older house on a great street went under contract in 2 days priced in the mid 200’s. Needed work
Interest rates are the lowest ever. Its a great time to buy. And I agree with HD’s statement there is alot of crap out there to wade through but the good deals go quick
“Its a great time to buy.”
Has now never been a better time to buy, though?
And Lunker: did you research this?
Hahaha. I seen dis house in the near burbs move in condition but dated for 100k lesss than the neighbor’s 2003 price and on par with the other neighbor’s 1996 price. Nothing special of course, a lot to sort through a lot of crap out there but regardless, being entirely consistent with my years of posts, if you can get a solid but dated property at the 1996 price, that’s a pretty good deal to me. the neighbor rehabbed the house on the same block and still couldn’t beat his 2001 price even with new windows, hvac, kitched, floors, landscaping, etc. I’ve never said to wait for the bottom, but I have said in limited instances that it makes sense.
We’re a midwest town that traditionally always had high housing valuations relative to incomes (for our area–comparisons to CA are pointless). Thing is now aggregate wages are about the same as the late 1990s. But there are more jobs than then (but certainly less than in 2007). I’ll leave you to figure out what this means.
All the government intervention in the world can’t stop property valuations adjusting to incomes. And yes even undershooting rental parity, perhaps significantly. The government really does not want this to happen but eventually the FHA will come hat in hand for their own bailout. Eventually our government will have to get out of the business of backstopping and supporting bad loan origination.