4-Bedroom SFH in The Villa on Huge Lot Reduces $149K: 3625 N. Springfield in Irving Park
We last chattered about this 4-bedroom single family home at 3625 N. Springfield in the historic Villa neighborhood of Irving Park in September 2011.
See our prior chatter here.
Back then, we chattered about whether a house in the Villa neighborhood could command over $1 million.
Since then, the house has reduced $149,000 to $1,050,000.
If you recall, the Villa is a landmark historic district established in 1907 just north of Addison and east of Pulaski in Irving Park.
It is distinctive for its architecture, its wide lot sizes, and medians running down the middle of two of the streets- Harding and Avers.
The neighborhood has 126 homes and a very active community organization.
This house was built in 1916 and is on a huge 105×120 lot.
There is a large deck and above ground pool as well as a 2-car garage.
The eat-in kitchen has stainless steel appliances and maple cabinets.
Two of the four bedrooms are on the second floor with the 3rd on the lower level and the fourth on the third floor.
There is central air and a fireplace.
Most of you thought this would ultimately sell for below $1 million (especially with the above the ground pool in the equation).
Homedelete thought it should sell for the 1999 price (like many properties are now doing around the city) even though it is on 4 city lots.
Will this house find a buyer in 2012?
Read more about The Villa neighborhood here.
Kieran Conlon at Conlon has the listing. See the pictures here.
- Sold in June 1999 for $535,000
- Was listed in September 2011 for $1.199 million
- Reduced
- Currently listed for $1.050 million
- Taxes of about $11,500 (combining all the PINs)
- Central Air
- Above ground pool
- Bedroom #1: 17×15 (second floor)
- Bedroom #2: 12×13 (lower level)
- Bedroom #3: 14×11 (second floor)
- Bedroom #4: 42×19 (third floor)
- Family room: 23×17 (lower level)
1. Not sure where this is but not in an area I want to live in or know anyone living in
2. The entire place needs a remodel
3. Go live in a nice house in the burbs instead of this dump
I concur with the 1999 price as the price it should command. I think the days of making 1/2 million dollar profit have passed us by.
I was going to say…another home with only two bedrooms upstairs? But the listing says 5 bedrooms, 3 up, 1 down and 1 in the basement (aka 4 bedrooms).
3642 N Harding just closed today for $320k (short sale)
This neighborhood is nice but too close to the expressway for my liking…I’m not interested in the potential adverse health effects that come with that. Nonetheless, I would love to put together an expansive vegetable garden in this lot.
“Homedelete thought it should sell for the 1999 price (like many properties are now doing around the city) even though it is on 4 city lots”
Don’t understand the “even though” in this statement…wasn’t it also on 4 city lots in 1999?
Party like it’s 1999!
if it dropped to the 1999 price, i’d have to consider buying it.
3643 N Harding closed for $320, not 3642. Too bad the buyers across the street paid $350 for a nearly identical house in September. Talk about catching a falling knife.
Knowing what the value of a lot in this neighborhood is would really help. But given the 1999 sales price (and the fact that they seem to have put little to nothing into the house since then), the ask seems just crazy to me. It’s a nice enough neighborhood, but certainly not a AAA location. Why should this place appreciate 100% in that time while so many others in so many better locations don’t get even close to that. Seller is not being realistic.
“The Villa” needs a “very active community organization” because it’s a “hunker-down” upper-middle class island closely surrounded by not-as-nice multi-family and working-class areas and highway, coupled with few amenties re: retail and restaurant choices, no Trader Joes/Whole Foods quality-food w/o drive-time, no good local public school, and I’m uncertain whether there are any “good” private schools within walking distance. We’ve friends who lived there for awhile, then moved do to the relative isolation and over-dependence on cars for an in-city location. It’s not large enough to constitute “Green Zone”. House itself isn’t renovated to “million-dollar home” caliber, nor does the generous lot size alone warrant the price. $650,000 to sell, to someone who actively is seeking The Villa as an alternate to Lakeview. I think Villa/Old Irving Park area has really cooled in its appeal to Green Zone buyers. The Villa doesn’t really attract the high-powered dual-income doctor-lawyer-financier household; it’s more crunchy, and has longtime non-trendy owners who have enjoyed their property value appreciation over past two decades.
“I think the days of making 1/2 million dollar profit have passed us by.”
Their ask is not their total acquistion cost +$500k, so you are correct.
“wasn’t it also on 4 city lots in 1999?”
Nope. Bought the 4th lot in 2004 for $115k. Was “only” (1) 50′ lot + (1) 25′ lot in 1999.
A million dollar fart. Although it does have an above ground pool.
Architect: Old Irving Park hasn’t cooled, in fact, it’s as hot as ever. In fact every reasonably priced home in the neighborhood has sold or is under contract. All that’s left are a handful of million dollar homes and some seriously overpriced crapshacks. A few months back there was a house listed for $565,000 that went under contract in roughly a week. The owners themselves moved to a million dollar custom house in the neighborhood. There have been a handful of crapshacks that have been listed forever that have recently gone under contract. Both of the previously and often discussed ‘on ramp’ homes were rehabbed and sold relatively quickly. There are underwater homeowners, they are in every neighborhood, but given the ridiculous cost of a similar home east of Western (or the river), Old Irving is a steal.
In re: The Villa:
Dead on with the neighborhood, except for the description the surrounding areas: to the south of course is avondale which is less than desirable; to the north is independence park which is quite nice; to the west is OIP and to the east, well, to the east, and it’s less than two miles to lakeview. The problem with the villa homes is that they are dumpy, years of neglected maintenance, very long term (ie elderly) homeowners. A younger crop of people are moving in; whatthewhat posted here a few times and she’s int he process of renovating her ‘deal’ of a purchase.
I’d stay in Old Irving, and I may still stay; the high school is the problem, but that’s a problem to worry about another day.
anon: “Nope. Bought the 4th lot in 2004 for $115k. Was “only” (1) 50? lot + (1) 25? lot in 1999.”
So it was on 3 lots when they bought it, then they bought the fourth in 2004? In that case, 750K ask doesn’t seem too crazy, but they will be lucky to get over 700K.
Also, unclear how they’re asserting a 105×120 lot, as the three PINs are 6000 sf (50×120) and 2 at 3000 sf (25×120).
“So it was on 3 lots when they bought it, then they bought the fourth in 2004?”
Yep.
“In that case, 750K ask doesn’t seem too crazy, but they will be lucky to get over 700K.”
Whether any of us like the result or not, they pretty obviously did *some* renovation to the place post-’99. If they did mechanical/structure/etc work, then the resulting decrease in the money-pit-factor should draw a slightly better bid.
“3643 N Harding closed for $320, not 3642”
Whoops..typo. You’re correct.
anon: “Whether any of us like the result or not, they pretty obviously did *some* renovation to the place post-’99. If they did mechanical/structure/etc work, then the resulting decrease in the money-pit-factor should draw a slightly better bid.”
That is exactly what I’m struggling to see. Maybe new appliances in the kitchen. The rest of the house looks like a 90’s reno to me, but it is of course hard to tell from photos. I’ll give you that they may have sunk some cash into structural stuff, but that isn’t exactly a given.
Given the extra lot, my initial indignation at the ask was probably over the top. Still, when I see 60+% appreciation when the market has done no where near that, I want to see some evidence that they have done something to deserve it. This isn’t 2005…
HD – your thoughts on 5000 W Wilson Ave just a couple miles up the Kennedy? Closed today for $161,300. Deal?
in re 5000 w wilson:
typical bungalow, priced OK, probably a little too high given the work it needs. pretty typical, I don’t see anything special about it.
“That is exactly what I’m struggling to see. Maybe new appliances in the kitchen. The rest of the house looks like a 90?s reno to me, but it is of course hard to tell from photos.”
I’m guessing that the kitchen was done after the purchase, and w/o an eye to being totally uptodate, style-wise, since that’s (broadly speaking) not what you want, if you want to live in the Villa.
Also think they got a deal on the lot. No way a totally open market, unrestricted, vacant lot in a decent hood was “only” $115 in ’04–the year of the $300k teardown in so-so hoods. Maybe the buildig potential was limited bc of the district designation.
“in re 5000 w wilson:…typical bungalow, priced OK, probably a little too high given the work it needs. pretty typical, I don’t see anything special about it.”
hope they asked for the pool table.
For a million bucks, the place below is a better deal…
whoops – it is already under contract!!! oh well, just remember,,……location location location
The Hinsdale house has been on the market for 6 months so I don’t know what you mean by “it is ALREADY under contract”.
Also- it is on the market only for the land value. There are no interior pictures.
Can you find a more inappropriate property to compare this Villa house to than that? I don’t think so. At least find one someone might want to actually live in. The fact that you didn’t means there aren’t any on the market right now in fancy Hinsdale.
“The fact that you didn’t means there aren’t any on the market right now in fancy Hinsdale.”
This one: http://www.redfin.com/IL/Hinsdale/413-S-Grant-St-60521/home/14354078 seems to be somewhat livable and reasonably comparable as a house. So, there *is* something on the market in fancy Hinsdale.
“There are no interior pictures.”
I bet someone here could provide some, if someone else were interested enough to overbid the current contract. Perhaps with the aid of some seller financing, iykwim.
Did you really respond that earnestly to that post?
“This one: http://www.redfin.com/IL/Hinsdale/413-S-Grant-St-60521/home/14354078 seems to be somewhat livable and reasonably comparable as a house. So, there *is* something on the market in fancy Hinsdale.”
Clio’s whole point was “wow- look- this one in Hinsdale which isn’t livable is under contract already (really 6 months later, cough, cough) so why would you buy in the Villa when you can have this FANTASTIC piece of land in Hinsdale instead?”
It’s a stupid comparison.
He didn’t bother linking to the house on Grant you link to because it’s NOT under contract after several months on the market. So what does that prove? Why link to it? All it says is that houses aren’t selling in Hinsdale either (which goes against Clio’s argument that everything sells instantly in Hinsdale). Because isn’t the $800k price point supposed to be “affordable” for Hinsdale? That should be flying off the shelf! It should sell in a week. Hinsdale is awesome with awesome schools. Who would want to live anywhere else?
That’s all I’m saying. If you’re going to offer a “comparison” house in another town – at least make it a realistic one. Yes- the Grant house is “realistic.” But, like I said, it’s not selling either.
I agree with Sabrina, the link to the Hinsdale house was just dumb. Completely irrelevant. If I was Sabrina, I would have gone a step further and just deleted it altogether pursuant to the rule 2.4(A)(i)(a) that says: “All links to irrelevant suburban properties shall be deleted.”
“He didn’t bother linking to the house on Grant you link to because it’s NOT under contract after several months on the market.”
5 weeks, then delisted, then another week now. Not several months.
“I agree with Sabrina, the link to the Hinsdale house was just dumb.”
You’re both whiffing. Hard. I’ll give you a hint: When is it that Clio posts links to under-contract listings that have *nothing* to do with the posted property? Think about a certain boystown condo, as an example.
Suburan properties anon, suburban properties.
Anon, I got it at your iykwim comment. 🙂
Notice, no congratulations though…
“Suburan properties anon, suburban properties.”
Okay, fine. I guess I *do* need to hit you over the head with it–think horse farm, with land value, surrounded by “million dollar” homes (and a cofcof water treatment plant cofcof) and sold with seller financing.
I think I’m not getting the joke. I know of the farm….nevermind, I just wish the judge would call my god damn case. I’ve been to the end of the internet and back sitting here for the last hour.
This is an OK neighborhood and the house is rather bland and in need of updates to appeal to a buyer at this price. The only thing it has going for it is the land. For over a million, I’d want either the neighborhood to be fantastic or the house to be fantastic.
My guess is $699k if they can find a buyer who wants a lot of land and needs to live in the city. I actually do think it’s fair in this case to compare to the suburbs since the land is what will sell this place, maybe not the far flung suburbs like Hinsdale, but Skokie or Evanston or even Oak Park. The only good point I see about this place is the land.
anon – you are not as smart as you think…..
I’m curious as to the lack of concern for public transportation in these discussions. Does no one work downtown? Also, re grocery options – the new Mariano’s Fresh Market is 2.5 miles from the Villa!
Here’s the prior post, from *just* after it listed:
“clio (June 29, 2011, 10:00 am)
Sad – here is a much better house (than the one you posted) for a couple of hundred thousand less (plus, you will be living near a couple of my rental houses).
http://www.redfin.com/IL/Hinsdale/18-E-8th-St-60521/home/18020669”
http://cribchatter.com/?p=10866
clio: “you are not as smart as you think…..”
Look in the mirror and repeat that a thousand times. Then believe it.
Whoops; double link stuck in mod. Prior mention of the Hinsdale teardown from the day after listing:
“clio (June 29, 2011, 10:00 am)
Sad – here is a much better house (than the one you posted) for a couple of hundred thousand less (plus, you will be living near a couple of my rental houses).
http://www.redfin.com/IL/Hinsdale/18-E-8th-St-60521/home/18020669”
“Okay, fine. I guess I *do* need to hit you over the head with it”
“18E 8th St”
“18E 8th St”
Nope, still not geting it…
btw.. roasting red peppers makes a home smell so nice.
I haven’t lurked in awhile because I second guess my home purchase every time I do, until I remind myself that I’m not a suburban transplant and have lived west of western more than east of western, easily own a home that allows me to stay home with Jr. and redo the kitchen and baths to studs without taking out a loan, and live in a super-unique and historical house with three free babysitters within a 10 minute drive. There are many restaurants and groceries here, but not to Architect’s caliber because *gasp* the working class immigrants that we are strongholding against could be at the next table or in the same aisle! Yes, it’s quiet here, but not everyone wants to live in the Green Zone. I’ll rib HD a bit by saying that now he’s demanding 1999 pricing plus a free city lot! Oh, and that the lots on the west side of Harding are much deeper than the east, so even if those two houses were identical, the one on the west side, for $30k more probably had more land.
The entire point of posting that Hinsdale property was to show you guys that properties ARE selling and people ARE paying a PREMIUM for land/houses IN CERTAIN NEIGHBORHOODS/CITIES. Real estate is local and you cannot paint the entire chicago real estate marked with such a broad brush.
What do you mean that tech stocks have had a rough go of it since March 2000!?! Look at AAPL!! Look at GOOG!!! You can’t paint the entire stock market with a broad brush!!!!
uhhhh – I hate to break it to you, anon, but nobody is saying that the stock market has had a “rough go” since March 2000. I know someone who bought 10000 shares of IBM on July 1, 2002 and I am definitely not complaining!!!
“nobody is saying that the stock market has had a “rough go” since March 2000.”
Nasdaq 3.1.2000 = 5048
Nasdaq 12.29.2011 = 2590, down 47.3%
Yeah, “tech stocks” are doing *great*, just like the housing market.
“Yeah, “tech stocks” are doing *great*, just like the housing market.”
My tech stock portfolio is doing just fine……(as is my housing portfolio)….. – once again, you have to buy the right house/stock – and it isn’t that hard to figure out what to buy….
“Real estate is local and you cannot paint the entire chicago real estate marked with such a broad brush.”
We don’t chatter about the ENTIRE Chicago real estate market. We chatter about Chicago- and that is about it.
No duh- sherlock- that a house in Flossmoor is going to face different market conditions than one in Highland Park or one in the Villa.
Oh- and HD is right. I did put a ban on linking to suburban properties (especially when someone is simply trying to pimp out that property.) So, yeah, I WILL delete it.
“Oh- and HD is right. I did put a ban on linking to suburban properties. So, yeah, I WILL delete it.”
Wow – censorship and manipulation……and you claim to be open minded and liberal? What you are doing is OK – just don’t fool yourself into thinking you are someone you are not…..
Comparison to suburban properties is absolutely valid and appropriate to show what is available in that particular price range around town. In fact, it would be fun/nice/interesting if the three subject properties you post everyday would be the same price but different areas. That would get all different types of people interested in this site and would be very informative….
‘Comparison to suburban properties is absolutely valid and appropriate to show what is available in that particular price range around town.”
No- it’s not. Suburban properties aren’t “around town”- they are in a completely different “town” altogether. As you’ve said many times before “location, location, location.” If the two properties are 23 miles apart- how is that valid? It’s not.
I’ve warned people before that if you link to suburban properties that no one wants to see or chatter about (which is usually the case)- I’ll delete them. So, yeah, that’s censorship. Take it or leave it.
Clio- since you’re so interested in the suburbs why not start your own suburban real estate blog? You could post 3 properties a day from different neighborhoods of Oak Brook and Hinsdale. There’d be plenty to talk about, I’m sure. Why not go for it? Plenty of people would be interested in reading that- I’m sure. I’m too busy covering a city with a couple million people to do the same.
homedelete (December 28, 2011, 2:51 pm)
3643 N Harding closed for $320, not 3642.
They Stole that one. Nice house and lot for the money
clio (December 29, 2011, 10:39 pm)
“Oh- and HD is right. I did put a ban on linking to suburban properties. So, yeah, I WILL delete it.”
Wow – censorship and manipulation……and you claim to be open minded and liberal? What you are doing is OK – just don’t fool yourself into thinking you are someone you are not…..
Comparison to suburban properties is absolutely valid and appropriate to show what is available in that particular price range around town. In fact, it would be fun/nice/interesting if the three subject properties you post everyday would be the same price but different areas. That would get all different types of people interested in this site and would be very informative….
No, its not Pal. You can’t compare a crib in Old Irving or Bucktown to your Jersey Shore Mansion in Oak Brook.
1 mile radius is all appraisers pull and they prefer .5 mile.
back to the property…
what if they re-split that 4th lot out of the deal? If they tried to just sell a lot or two separate from the house, would that improve the marketability here?
“I’m curious as to the lack of concern for public transportation in these discussions. Does no one work downtown? Also, re grocery options – the new Mariano’s Fresh Market is 2.5 miles from the Villa!”
Maybe its because everyone, except you apparently, knows that the Addison Blue Line station is right next door to the Villa.
If you limit yourself to only Marianos, then yes, its a bit of a hike. If not, Im sure the Jewel at Elston and Kedzie or the Aldi at Milwaukee and Pulaski will do just fine.
I actually meant that most of the Crib Chatter I’ve seen focuses on neighborhoods but NOT transportation options within them. Meant to talk the Villa up, not down.
PRICE REDUCTION !!! BLUE LIGHT SPECIAL!!!!
$950,000!!!
BUY NOW OR BE PRICED OUT FOREVER!
HD, Obviously not priced out forever yet…..
Relisted for the “mere” price of $899,900!