3-Bedroom Vintage Cottage in Bucktown Sells for $53K Under 2004 Price: 1848 W. Cortland
We last chattered about this 3-bedroom Victorian worker’s cottage at 1848 W. Cortland in Bucktown in May 2011.
See our May chatter here.
While that was a rousing discussion about yuppies and CPS, with the Groove amazed that anyone would pay $500,000 for an older frame house in Bucktown, at least one of you got it right (congrats ChiBuilder) when you guessed the ultimate sales price (give or take $2,000).
Listed in May at $485,000, the house sold in June for $452,000 or $53,000 under the 2004 purchase price.
If you recall, it had 11 foot ceilings on the first floor along with a separate dining room.
The kitchen had maple cabinets, granite counter tops and black appliances and also has an 11×9 breakfast room.
All 3 bedrooms were on the second floor.
Built on a 26.5×118 lot, it had both a front and a back deck along with a 2-car garage.
The house also had central air.
At this price- isn’t this property basically a townhouse alternative?
Randie Shapiro at Koenig & Strey Real Living had the listing. You can still see the interior pictures here.
1848 W. Cortland: 3 bedrooms, 2 baths, 2 car garage, no square footage listed
- Sold in May 1988 for $86,000
- Sold in January 1991 for $95,000
- Sold in March 1995 for $215,000
- Sold in August 1999 for $318,000
- Sold in February 2004 for $505,000
- Originally listed in November 2010 for $625,000
- Reduced
- Was listed in April 2011 for $535,000
- Reduced
- Was listed in May 2011 for $485,000
- Sold in June 2011 for $452,000
- Taxes of $8300
- Central Air
- Bedroom #1: 12×12 (second floor)
- Bedroom #2: 13×11 (second floor)
- Bedroom #3: 14×12 (second floor)
- Living room: 14×13
- Dining room: 13×12
- Kitchen: 13×13
- Breakfast room: 11×9
- Office: 13×7
http://www.domu.com/chicago/neighborhoods/bucktown/1848-w-cortland-st-chicago-il-60622
Grantor(s)
Name: ************* **************
Grantee(s)
Name: 1848 CORTLAND LLC
Executed Recorded Document Type Amount
05/27/2011 06/22/2011 WARRANTY DEED $452,000.00
I’d take a nice condo this size over this house any day. I don’t understand the appeal of of tiny small frame house…they just become tear downs some day. It’s not attractive (or really cottage like on the outside).
“1848 CORTLAND LLC”
Do people create LLCs to do a single rental? Or is this biding its time to do a gut rehab?
HD is saying spec house i think
“HD is saying spec house i think”
But why the rental listing? I’d also think gut rather than teardown as seems pricey for teardown.
It appears to be a cash purchase. The owner is the co-founder of a beverage company. I don’t know what the intentions are. However given that the owner already lives in a much nicer home, I doubt this is for owner occupied use.
“I’d take a nice condo this size over this house any day. I don’t understand the appeal of of tiny small frame house…they just become tear downs some day. It’s not attractive (or really cottage like on the outside).”
I know. I don’t get it either but I guess some folks might not like elevators, others sharing the corridors with them or so one. Definitely an option for someone with anthropophobia : )
I would prefer a SFH in the abstract and if I had more money. I don’t like sharing hallways and the forced conversations in elevators. Living in a townhouse is ideal for me.
I can definitely understand the appeal of a SFH over a townhouse or condo though.
$3400 to rent this place?
You can rent a house on the North shore cheaper than this.
so after taxes and 1%maintenance maybe he takes in around 28k/yr. 6.2% return. is that worth it or am I leaving something out
There must be a bigger plan than buying to rent. It must be a potential tear down…or holding it for the land when the market recovers and renting it out in the meantime.
maybe he is a collector of blue houses?