3-Bedroom North Center SFH Sells for a Townhouse Price: 2030 W. Fletcher
We last chattered about this 3-bedroom single family home at 2030 W. Fletcher in North Center in April 2011.
(Sorry for the bad pic- as I was rushing by and hadn’t noticed how bad it was until I got home! My fault.)
See our prior chatter here.
At the time, it has just reduced its price down to $499,000 so we chattered about buying a single family home in North Center for “under” $500,000.
Many of you said, “why not live in Oak Park instead?”
The house was originally listed in October 2010 for $649,000.
Just about 11 months later it finally sold for $415,000.
If you recall, the house was built in the early 1900s and retained some of its vintage character such as wood moldings and built-ins in the dining room.
The kitchen had white appliances.
Two of the bedrooms were on the main level and the master suite was in the attic with its own master bath.
Built on a 31×125 lot, the house had central air and a 2-car garage.
Compared with larger condos and townhouses in this area, did someone get a deal?
Gordon Munden at Coldwell Banker had the listing. You can still see the interior pictures here.
2030 W. Fletcher: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage
- Sold in December 1992 for $184,000
- Sold in August 1999 for $329,000
- Originally listed in October 2010 for $649,000
- Reduced several times
- Was listed in April 2011 for $499,000
- Sold on August 30, 2011 for $415,000
- Taxes of $7246
- Central Air
- Bedroom #1: 16×25 (upper level)
- Bedroom #2: 10×12 (main level)
- Bedroom #3: 10×10 (main level)
- Family room: 15×21 (lower level)
were you rushing bc the current residents were chasing you off with a pitchfork?
“were you rushing bc the current residents were chasing you off with a pitchfork?”
Worse–their golden retriever.
I wouldn’t really call this a deal. The way I see it, two factors were at play: (1) a delusional seller who sabotaged his/her sale by pricing the house about 56% higher ($234K) than what it would ultimately sell for, and (2) someone willing to make a lot of sacrifices in order to realize the SFH dream — by that I mean, wow this is a short house with 2 bedrooms crammed on the main level (among some other issues I could mention).
Not only that but Tony’s recently cut their portion sizes it seems 🙁
But wait, it sold for far less than 95% of ask, counter to some popular theories here.
Goes to show: make an offer, maybe it’s accepted! No offer, no house.
“Compared with larger condos and townhouses in this area”
are those comparisons also in Jahn? That’s about the worst school in the area. East a couple blocks and you’re in Burley. North a couple and it’s Audubon. NW is Hamilton, SW is Prescott. Burley is well established, the other 3 are all on the lists of improving-quickly.
Bob,
Much more important, is that they didn’t raise their price. So technically you are still not incorrect, in our lil disagreement…..
the redfin agent’s comments mention asbestos if i recall correctly…
that to me is an automatic ‘no.’
Ahh asbestos paranoia alive & well I see. Are you also concerned about eating the lead paint chips while sleepwalking?
“Ahh asbestos paranoia alive & well I see. Are you also concerned about eating the lead paint chips while sleepwalking?”
you think it is easy to resell a place if the words “asbestos,” “lead,” “termite,” etc are mentioned by an agent? im sure the homeowners loved seeing that when they went to their home’s listing on redfin.
“you think it is easy to resell a place if the words “asbestos,” “lead,” “termite,” etc are mentioned by an agent? im sure the homeowners loved seeing that when they went to their home’s listing on redfin.”
Bob’s in for paying exactly what it would cost if there were no asbestos.
.
.
.
Oh, wait, no he’s not!! He’s just willing to buy the house for $1.00 more than the market clearing price for the house with the asbestos discount, because he’s not *that* afraid of it, and will deal with the risk as the price for getting a deal on the price of the house.
not to quibble, but Hamilton would be NE.
“are those comparisons also in Jahn? That’s about the worst school in the area. East a couple blocks and you’re in Burley. North a couple and it’s Audubon. NW is Hamilton, SW is Prescott. Burley is well established, the other 3 are all on the lists of improving-quickly.”
i think its the fact that if you don’t disturb asbestos, it won’t be a problem; then foist it on someone else.
“Oh, wait, no he’s not!! He’s just willing to buy the house for $1.00 more than the market clearing price for the house with the asbestos discount, because he’s not *that* afraid of it, and will deal with the risk as the price for getting a deal on the price of the house.”
“i think its the fact that if you don’t disturb asbestos, it won’t be a problem; then foist it on someone else.”
Sure, but if you have two houses, identical except one has asbestos siding, and the other has non-asbestos siding of similar vintage, Bob ain’t picking the asbestos house *for the same price* regardless of the non-issue of safety, because he’s aware that *many, many, many* people aren’t comfortable about it, and he might have to sell sometime.
Give him a discount, sure, but that was the point–a house with asbestos mentioned = automatic discount.
Even if disturbed a simple breathing mask is fine. The people who got mesotheiloma were working around it every day for years. Same thing happened to people in a popcorn plant but you don’t see people freaking out over the butter in those bags.
anon has a good point: given how overprotective most GZ families are of their little brats most would run away after hearing asbestos. which is funny cuz statistically their brat has a much higher chance getting run over by traffic.
So, Bob, you’re saying that you *would* buy the asbestos house over the otherwise identical house next door, for the *same* price? Or perhaps even pay a premium for it?
It will be torn down for a new huge SFH at twice the price.
No I’m saying the discount on it is significantly high for the actual risk. Pay a premium for it? 😀
Its like when a foreclosure mentions no termite inspection will be done. I have to laugh especially when the structure isn’t wood.
Not likely Tommy when teardowns around here are languishing at 200k..
I looked at this place and would say that the buyers got a pretty great deal, even with a potential asbestos issue. The place was super tiny, but if you pump 100-150k into it for an addition or dormers, you could actually make it livable for a family of 4. At 415k, I’m guessing the buyers will have wiggle room for future investments in this place.
Though as I said in the previous thread on this place: love the street, hate the immediate neighborhood. Don’t even get me started on the school situation or the fact that they call this Roscoe village…
Why not live in Oak Park vs North Center. LMAO
This will be a teardown. Maybe not immediatly, but eventually. I actually know all the parties involved. The people that look at Crib chatter (myself included of course) pay a lot of attention to Redfin. People who have hired a Realtor to find a house probably don’t check Redfin so much, if the even know about it. The realtor provides them with MLS listing sheets or links. So the possible asbestos siding did not come up as an issue most of the time.
Poor layout, schools, and antiquated kitchen, were the main complaints. It was a good deal for the buyer.
Well sure, almost everything will be torn down eventually. : )
But for this, watch for Jahn to get better in the next 3 – 5 years. And I think there are far more teardown candidates out there, I don’t see anyone tearing down a home that at least has been updated with central air.
This is definitely livable for a couple who just got married in their early thirties and has a few years before they need to worry about kids – it’s comparably priced to condos all over Lake View, why not go for the whole house, the yard, a garage, etc.? Hamlin Park is a very nice bonus.
“This will be a teardown. Maybe not immediatly, but eventually.”
It was purchased by a builder I know. He bought a property 2 doors down from this one, tore down the existing dwelling, and built a new house which he sold. He plans on doing the same thing to this house.
In short, that process is often called “A Tear down”.
The party is not over until every last builder gets flushed out.
He paid $410K for a tear down? Seems like a lot of scratch just to get a lot, especially since you have to pay the demo costs… what is he building, McMansions?
“It was purchased by a builder I know. He bought a property 2 doors down from this one, tore down the existing dwelling, and built a new house which he sold. He plans on doing the same thing to this house.”
I love skeptics target market that is so narrowly defined so as to confirm listings like this will languish (or be torn down for rich folk).
The builders who press on remind me of the Knight defending the bridge in Monty python. then again us RE bears might remind them of the body collector.
In any case they use a new LLC for each house and I doubt most have personal guarantees on their bank loans so eventually the bank will be left holding the bag.
“what is he building”
Guessing it’ll be a variation on this:
http://www.urbanrealestate.com/property/2020-W-Fletcher-CHICAGO-IL-60618-3SLMBAOH4GPCC.html
$1.23, on a 28.2′ lot, with a $355k land price (after a $589k sale in ’05).
Hey skeptic you would think that narrowly defined set would see early 30s doesn’t last long and would consider who they are going to resell to in five years. Methinks replacement demographic will be different and early 30s couples will be getting more for their EARNEST MONIES than shitshack cottages for 400+ grand.
“should sell that one first”
And you should take a moment to read before insulting people not here to defend themselves.
As it sez in the link: Status: Sold (6/21/2011)
Still, smaller lot, 15% higher land cost, not a good combo.
“In any case they use a new LLC for each house and I doubt most have personal guarantees on their bank loans so eventually the bank will be left holding the bag.”
The builder uses his own money (no mortgage!) to buy and build these homes.
So you are totally wrong on all counts.
Have you started drinking early this Thursday?
http://www.urbanrealestate.com/property/2020-W-Fletcher-CHICAGO-IL-60618-3SLMBAOH4GPCC.html
Yup, that is one of his past projects. I am sure it was very profitable.
A business man risks his capital to build a house on spec to sell and hope for a profit. I never understand why that process causes such a sense of anger and “I know better……” on the comments.
New home sales are at record lows and that record goes back to 1963. I think we are a little shocked that your builder friend can build million dollar homes in this market and stil make money. The market will churn all builders, unfortunately. It is just the way it is.
The market will churn ALL builders? Simply put, no it won’t.
The market is doing its damndest to try!
“johnnybala on September 8th, 2011 at 5:05 pm
The market will churn ALL builders? Simply put, no it won’t.””
“It was purchased by a builder I know. He bought a property 2 doors down from this one, tore down the existing dwelling, and built a new house which he sold. He plans on doing the same thing to this house.”
Am I the only one who finds this incredibly sad?
This whole neighborhood is getting more and more messed up like this. This block of Fletcher is filled with little cottage homes. Now these developers come in and build these cookie cutter McMansion homes amongst the $400k cottages (some of which were perfectly good homes.) It just doesn’t jive.
I know this has been the complaint in many of the “old” suburbs where the truly huge McMansions were being built next to the 1950s ranch house. It DOES ruin the feel of a neighborhood.
But really- when is it going to stop? When will these neighborhoods retain their character? Does there have to be a brown new construction McMansion built on every lot?
Heck- I’m all for tearing down the tear down. But this house was NOT a teardown.
How sad.
The young adult ‘Trixies’ and ‘Bros’ want new, new, new, and to them these are ‘icky old shacks’. Even some commenters on here said so. Also, the core of North Center is built out.
But no worry, there are still huge areas of the city untouched by ‘Trixie’, just go to the other 80-90% of it.
“Also, the core of North Center is built out.”
Not in this part of it – it’s not. Sure- there are a few McMansions nearby (actually on Barry there are two that are for sale just a block away from where this sold)- but go a block or two to the west and it’s mainly still smaller houses.
“Not in this part of it”
This part of it is *not* the “core” of North Center–Belmont to Welles Park, Damen to Western. It’s not completely built out, tho. And there are builders who are *still* teraing down perfectly good brick two flats to build bigger new SFHs in that “core” area.
That said, yeah, I totally agree that the disappearing of the smaller, more affordable, and perfectly serviceable SFHs is a *mjaor*, **major** negative for the neighborhood. This house, at the sale price, would be quasi-affordable (a stretch, sure, but not ridiculous) for a couple of typical city employees. Now, the attendance area school is a drag, and certainly would make it less appealing to that hypothetical family, but the same thing is still happening in (hothothot) Coonley and Audubon and etc., which acts to diminish the neighborhood in the end. Totally happy to see the virtually falling down, and the truly ugly houses go (and plenty of them do, and more than a few remain), but this one was neither.
Tommy the young bros don’t much care, as evidenced by the state of Wrigleyville bachelor pads. Its the Trixies that get them to overpay for turnkey “new” RE.
The $64,000 question is 10 years from now will there be enough buyers to snap up all the million dollar homes built in north center during the previous ten years?
And now that it’s been established that most buyers eventually want the SFH (as they form families and have children) how does that bode for all the 2/2’s and three flats all around chicago? It makes for a return to working class housing at working class prices in my opinion. MY oh my how everything comes full circle.