Just 7 Months Later, 3 Bedroom SFH in the East Village Is Back! 1040 N. Wolcott
We’ve chattered about this 3-bedroom single family home at 1040 N. Wolcott in the East Village neighborhood of West Town several times over the years.
See our July 2011 chatter here.
The last time we chattered about it, in July 2011, “Andrew”, who claimed to be the owner, chimed in that they were pulling the house off the market and renting it out.
“Hello all. Owner of the home. We are not distressed sellers, but did want to test the market to see where we were at. Has definitely been a tough market to sell. Had many showings, one good offer at $675k which fell through due to financing. Seems like well priced condos can move relatively quickly, but volume for SFHs can be quite a bit more limited.”
“Decided to finally pull the listing off market and test the rental market which has been much stronger than I expected (relative to the sales market at least). So gonna go that route until the housing market comes back. When is that? May be 1 year, may be 10 years. But with a 3% 5/1 ARM, we can bide our time.”
So it is rather surprising to see that the house has come back on the market just 7 months later and listed for nearly the same as it was back in July 2011.
If you recall, the house was built in 2000 so it’s newer construction.
The listing says it has hardwood floors throughout.
The kitchen is described as “gourmet” and has granite counter tops.
The master bathroom has been renovated.
The family room is located on the second level and there are 2 wood burning fireplaces.
The 3 bedrooms are split, with the master bedroom on the second floor and the other two bedrooms on the third.
It has central air and a 2-car garage on a standard 25×125 lot.
It also has a great location if you are a fan of Division Street, which is just a block away.
I hope “Andrew”, the alleged owner, provides us with further details as to why they’re re-listing now.
Is the renter still living in the house? Or was it simply too hard to be a landlord?
With low inventories, is this now finally the perfect time to sell a single family home in this location?
Jason Vondrachek at Quest Realty still has the listing. See more pictures here.
1040 N. Wolcott: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed
- Sold in November 2001 for $525,000
- Sold in May 2007 for $765,000
- Originally listed in April 2010 for $779,900
- Reduced
- Was listed in June 2010 for $749,900
- Reduced
- Was listed in December 2010 for $719,900
- Reduced
- Was listed in July 2011 at $674,900
- Withdrawn in July 2011
- Re-listed in February 2012 for $679,900
- Taxes of $11,741
- Central Air
- Bedroom #1: 18×12 (second floor)
- Bedroom #2: 14×14 (third floor)
- Bedroom #3: 13×10 (third floor)
Ouch! Hot Potato.
I’m sure they just want to get it on the market now to test the waters and see if they want to rent it out for another year. The timing could coincide with the expiration of the lease (they did rent it out last year for $3900/month). With a 688K mortgage…if we assume a 5% interest rate they are pretty much breaking even every month or making a little money. There’s the possibility of raising the rent also and the tax deductions. Compare that to the prospect of writing a check at closing for at least $38K. Of course, you have to compare that to the hassle of being a landlord.
From a sales standpoint the thing this property has going for it is that there is almost nothing available in this price range in the immediate area and nothing sold in the last 12 months. On the negative side…with no basement the tax records indicate about 2500 sq ft and the agent remarks say “not for packrats”. I take that to mean that there is no storage. The bedrooms split on different floors is an issue for buyers with little kids and there are only 2 1/2 baths. I wonder if the upstairs 2nd bedroom has to use the master bath. I do like the front yard arrangement though – not your typical postage stamp lawn.
Oh…and the 5 year arm should reset in a few months – probably at a lower rate.
This house just looks odd and I do not feel commands 270+ psf. 550-600 K range is all I can see.
Testing the market with a $5K increase, brillant! I do think that is what it is. Remember the learning curve I’ve mentioned before. They are hoping to catch a buyer early in the spring season before one has done enough research to see what else is out there and what prices are.
I’d write a 40K check in a heartbeat. There are expenses associated with being a landlord, as you mentioned there is also the hassle of it all. With no clear market recovery in horizon, it might just be delaying the inevitable and then there is the risk of even further value reduction.
Just a reminder: there will only be two posts today because I’m not feeling well. Play nice!
Hopefully we’ll be back to the normal schedule tomorrow. But that depends on if I can get out of bed.
FEEL BETTER SABRINA!!!!
Does anyone every wonder if Sabrina keeps a few pocket posts on hand for days like today? Get well soon!
wow nothing says “i really want to live in Glenview” like this place.
In all seriousness, why does anyone ever build a house without a basement? Does a basement really cost that much more to include at the time of the building of the house? I would think the benefit would greatly outweigh the cost.
Interesting layout – I can see living like that with smaller kids or no kids, maybe. Pretty nice size even without a basement. Renting is a hassle, especially if you’re not good with paperwork, communication and negotiating. Location is what kills this one – maybe right around $600k makes sense?
It costs a lot of extra money to pour a basement. There’s a lot of concrete and rebar that goes into it. and the excavation park, and the backfill, etc.
Very early 90s. Not a fan.
“It costs a lot of extra money to pour a basement. There’s a lot of concrete and rebar that goes into it. and the excavation park, and the backfill, etc.”
And what percent of basements leak? I’m curious what people think. I think it’s really high.
Basement or Crawl space which you prefer and why? Please discuss
Basements are awesome and if done correctly leaking won’t be a problem.
most basements flood. my neighbor finished her bsaement, never had a flood in 25 years of owning; and this past summer the storm sewers backed up and everybody on the block flooded. FOUR FEET of water I learned after talking to the contractor ripping out soaking wet drywall. If you have a basement, it will probably flood. it may take a while, but all it takes is one flood to wreck all your stuff.
off topic: does anyone have an opinion on PEX vs copper? copper is like 10x the price of PEX. beyond installation and cost issues, how will that affect the home owner?
“off topic: does anyone have an opinion on PEX vs copper? copper is like 10x the price of PEX. ”
PEX, you dont get the mineralization issue when going from galvanized to copper. Yes there are special adapters for that connection but i have seen complications and DIY’ers not know the correct steps to add copper to galvanize.
also,
read a report on the issue of PEX and the fresh water coming in to the home. dont remember the details but google skills will get you there.
given the large cost savings is it better to go PEX? I know it can’t receive sun.
“There’s a lot of concrete and rebar that goes into [a basement].”
What part of a typical basement gets rebar that doesn’t get rebar in a slab?
here you go HD
http://www.plumbingnetworks.com/info/pex-copper/
“the storm sewers backed up ”
This issue can be dealt with. I’ve had it happen, but it will *never* happen again to my house–water will come in the windows before it will come through the sewer line.
” does anyone have an opinion on PEX vs copper?”
PEX is not permitted in Chicago for domestic water.
“you dont get the mineralization issue when going from galvanized to copper.”
Solution: rip out the galvanized! It’s a scourge, anyway.
“most basements flood. my neighbor finished her bsaement, never had a flood in 25 years of owning; and this past summer the storm sewers backed up and everybody on the block flooded.”
I think that for a new, well-built and well-designed basement, with proper plumbing, sumps, ejectors, whatever, the risk of flooding is very low if you keep up the maintenance on the systems and the seals and all that. For some older places, sure, probably different.
I believe in flood insurance (along with taking all possible precautions), just as in California we had earthquake insurance, along with an emergency plan and supplies.
anon(tfo) why won’t it happen agian? what did you do ? is it against ‘code’?
“PEX is not permitted in Chicago for domestic water.”
plumbers’ lobby?
“I believe in flood insurance ”
Sewer backup coverage. True “flood” insurance (the FEMA coverage) is essentially unavailable in Chicago.
“anon(tfo) why won’t it happen agian?”
Overhead drain and the nature of water. Everyone else’s basement (w/o overhead) would have to flood first before any storm water even entered my sewer line; then it would have to go up another 4+ feet (to an above-grade height), then through a check valve.
“plumbers’ lobby?”
yeppers. Same reason we can’t have no-flush urinals.
“anon(tfo) why won’t it happen agian?”
Overhead drain and the nature of water. Everyone else’s basement (w/o overhead) would have to flood first before any storm water even entered my sewer line; then it would have to go up another 4+ feet (to an above-grade height), then through a check valve
anon(tfo), How much did it cost you to put it in?
“True “flood” insurance (the FEMA coverage) is essentially unavailable in Chicago”
We had FEMA coverage while we had tenants, then were able to get even better policy after we moved in ourselves.
I checked into flood coverage, although I think that none of my properties are even in the thousand-year flood plain. It seemed that it was available, though, for a few hundred dollars a year.
Note that flood coverage will not cover things like sewer backups, rain penetration, etc. For me a sewer rider was a lot more cost-effective and seemed to insure against a far more likely occurrence.
“anon(tfo), How much did it cost you to put it in?”
Was done in conjunction with a lot of other stuff, so somewhat hard to distill out. Depends, in large part, on what your existing drain run is like, amount the basement is finished and where you can run the new line, etc, etc.
You guys are right–mental misfire. It’s that it would be almost impossile to *collect* on a claim, in the city.
We got some basement water last summer when the record-breaking rain happened. Since, we’ve been talking to a plumber about flood control and we’re considering a simple check valve in the front of the house. I like the sounds of it and it’s cheaper than a full-blown flood control system, but you run the risk of flooding your home with your own water if the valve gets stuck shut.
” we’re considering a simple check valve in the front of the house.”
Here’s the issue: if your roof drains into the sewer line, as it is supposed to under current code, then that water will all want to back up into your floor drains when the check valve is closed. Less of a problem than the sewer main backing into your basement, but still not preferable.
“if your roof drains into the sewer line”
bypass that, and have it drain to your flower beds (*that are not around your foundation)
“Note that flood coverage will not cover things like sewer backups, rain penetration, etc. For me a sewer rider was a lot more cost-effective and seemed to insure against a far more likely occurrence.”
JJJ, now did your insurance company provide the stipulations to have this coverage, from when a buddy called last flood they wanted him to put in some flood control contraptions
I personally would plant prairie flora on my property to suck up rain water. But the neigbors wouldn’t like 5 foot high prairie flowers and other assorted grasses messing up the yard.
“bypass that, and have it drain to your flower beds (*that are not around your foundation)”
On a 25×125 lot?
With all this talk of flooded basements, now I really want a SFH.
“JJJ, now did your insurance company provide the stipulations to have this coverage”
No, and trust me, I read the riders for that kind of stuff closely. It may have to do with the age of the house, not sure. They certainly didn’t ask for or have any details about the setup.
“On a 25×125 lot?”
well it depends on your landscaping, i have my inlaws draining to the beds about 5-7 feet on the left side of there back yard. parents into the beds around the two trees framing the front of the house which the front is pitched to the sidewalk.
“I personally would plant prairie flora on my property to suck up rain water.”
On a 25×125 lot?
“I personally would plant prairie flora on my property to suck up rain water. But the neigbors wouldn’t like 5 foot high prairie flowers and other assorted grasses messing up the yard.”
along the side walkway on one side and along the driveway i use hostas. its the indestructible plant nice color and doesnt overrun other flowers or trees and keeps weeds away.
50×130
“No, and trust me, I read the riders for that kind of stuff closely. It may have to do with the age of the house, not sure. They certainly didn’t ask for or have any details about the setup.”
dont have the exact detail but heard from a few folk after the last flood that insurance companies make you run through hoops for that coverage.
also they are being proactive on hail damage with all the siding and roof fraud going on. i helped an elderly lady with all state threatening to cancel her home insurance because her roof *looked like it had issues. they were saying fix it or we will drop you. I let the s**** company have a piece of my mind on her behalf did a cosmetic job by myself for her and had the &*&^%% inspector come out and look again. all they do is VISUALLY inspect it the first time and VISUALLY inspect it the second. not a ladder involved is the All state inspection, F***ing crock it is.
“50×130”
Yeah, then you drop the downspouts into a (clay underlaid) french drain, run the drain line underground, to your xeriscape (part of which should be underlaid by a large-ish gravel “pit” for big storms), and have everything hidden and not have any runoff.
“Yeah, then you drop the downspouts into a (clay underlaid) french drain, run the drain line underground, to your xeriscape (part of which should be underlaid by a large-ish gravel “pit” for big storms), and have everything hidden and not have any runoff.”
HD rents doesn’t own so he shouldn’t have to do any of that
“Here’s the issue: if your roof drains into the sewer line, as it is supposed to under current code”
Is this right? I would be glad to hear it. Every time I have someone out helping me around my place they all seem to point at the gutters I have draining into the sewer and exclaim “better not let the city catch you”.
“HD rents doesn’t own so he shouldn’t have to do any of that”
actually he should as the garden apt is prone to flooding
““better not let the city catch you”
Especially if the your particular city’s sewer system is already antiquated and overburdened, often they’re too full to even take water, and you get widespread flooding.
“also they are being proactive on hail damage with all the siding and roof fraud going on.”
Seems like half our block got a new roof courtesy of the storm last summer. Nothing fraudulent as far as I know, but many of the roofs were on their last legs.
“xeriscape”
Alright, now you’re just making up words. (Bob, do not lmgtfy.)
“Is this right? I would be glad to hear it. Every time I have someone out helping me around my place they all seem to point at the gutters I have draining into the sewer and exclaim “better not let the city catch you”.”
They changed it for a time a few years ago, but then discovered that–lo and behold–having roof runoff drain into city yards caused the yards to flood. Had an extended discussion with our plumber about it, actually.
“often they’re too full to even take water, and you get widespread flooding.”
Tell me about it. I’ve already soaked my new furnace twice. Still run’s but I may be buying a new board in a few years. I get nervous every time there is a big rain now.
On that note I was happy to see guys digging a lot of the sewerage up down the street from me last year. I was hoping that it was to address the flooding but could have been anything I guess.
“On that note I was happy to see guys digging a lot of the sewerage up down the street from me last year. I was hoping that it was to address the flooding but could have been anything I guess.”
Most likely to replace the main, and likely the water main, too. Depends on where your waste water flows to a larger main whether it will help you at all–some folks on our block were worse off with backups after the new, much larger (so presumably greater capacity for hodling runoff) sewer main was installed.
We have an overhead sewer with ejector pump as well, never had a problem – even with the crazy rain the last few years. I know for a fact that my neighbors do not have the same system, so their basements (both are garden apartments) would flood first. Then the street would have to flood with sewage before anything came out of my plumbing. It’s just the physics of the system.
Who gives a f*** Clio?
“Who gives a f*** Clio?”
Yes- thank you. I have deleted his post (yes- on Hinsdale for all of you wondering) twice now.
“Note that flood coverage will not cover things like sewer backups, rain penetration, etc. For me a sewer rider was a lot more cost-effective and seemed to insure against a far more likely occurrence.”
Our flood policy says it DOES cover sewer backup, but only if caused by other flooding. Is flooding the usual cause of sewer backup? BTW, our place is not in an official flood zone and we have a sump pump with backup battery. We just like to be super cautious.
You can waterproof a basement pretty easily for seepage by putting in interior drain tile and a sump pump.
In regards to sewer back up there is not much that can be done besides putting a check valve / pump on the outside to prevent back ups or going with over head sewers.
Basements rock!
“Our flood policy says it DOES cover sewer backup, but only if caused by other flooding. Is flooding the usual cause of sewer backup?”
No. Sewer backup is caused by the combined sewer system Chicago has being overburdened by storm runoff. You can *easily* have sewer backup without “flooding” (as defined in your Policy). Most (but not all!) of Chicago has *very* little chance of “flooding”.
Sold for $641,000. I’d say the buyer got a pretty good deal.
Seller didn’t do himself any favors by listing at $779,900.