4 Years Later and Still For Sale: 1724 W. Wolfram in Lakeview
We chattered about a group of mansions for sale on Wolfram street in Lakeview in January 2008, including this one at 1724 W. Wolfram.
See our prior chatter and pictures here.
1724 W. Wolfram is still available for sale and has now been on and off the market for the last 4 years.
It’s also been reduced another $226,000.
What will it take to get this house sold?
It has all the usual new construction finishes include a wine cellar and a landscaped green roof garden.
David Wolf at @Properties has the listing. See the current pictures here.
1724 W. Wolfram: 5 bedrooms, 4.5 baths, 2 car garage
- First listed in March 2005
- Was listed in January 2008 for $1.475 million
- Reduced and Re-listed at $1.345 million in November 2008
- Reduced
- Listed in April 2009 for $1.299 million
- Reduced
- Currently listed at $1.249 million
- Taxes of $24,005
I don’t like that area. It just seems so generic and the taxes are brutal, but I guess being able to afford a house like that means being able to afford the taxes. I imagine continued problems trying to unload that one.
David Wolf is selling properties on Wolfram street….interesting
Are they going to enroll this listing in kindergarten when it turns five?
Lot of nice houses on paulina but the area sucks unless you have a car or enjoy taking the fullerton, diversey (which doesn’t run past 10pm), or Ashland buses.
Can we get one of those honorary street signs for this area, maybe call in “McCrapbox Ave” or something like that
“the area sucks unless you have a car or enjoy taking the fullerton, diversey (which doesn’t run past 10pm), or Ashland buses.”
Look at the last thread–someone challenged my contention that the area is congested.
That stretch of Ashland there is the worst! it takes 20 minutes to get from Belmont to I-94 (Armitage) on a Sunday afternoon!
What will it take? Price it at $950K or less like the house on Willow and I’m pretty sure it will sell.
“What will it take? Price it at $950K or less like the house on Willow and I’m pretty sure it will sell.”
It seems to be dropping only 50k a quarter, so it will hit 950k in another year and a half. The question is where will the market be then?
Classic case of a developer being unrealistic with pricing and p_ssing their profits away on the carry costs.
This is a nice house, has a cool green roof. But, like others have said, the area is kind of “no man’s” land with the only amenities nearby being Jewel and Office Max and a small grass park that turns very swampy after a big rain. Also the taxes are just ridiculous, they’re double what they should be.
The 2007 taxes are going to be sold tomorrow. If you have $28k that you want to invest (2007 taxes plus accured interst), you can get dibs on the house.
anon (tfo) — can you please elaborate on your comment about buying the taxes?
That area has no soul.
It was formerly industrial land. You know, the old yellow-brick type single-story industrial buildings that had 16′ clear heights, built in the 1950’s.
Some finance type contracted to buy the property, rezoned it, and then sold off parcels to other homebuilders and this is the neighborhood they created, one with no soul.
Even worse are the TH’s nearby by jack berger. Sabrina, maybe we could find out the status of sales and prices at his huge River West development called “Mondial”?
anon- please explain the tax buying process.
The county wants its real estate tax money so it sells unpaid taxes to investors. Buyers buy unpaid real estate taxes and then earn something like 18% interest and fees until the homeowner (or bank or whomever) redeems the taxes. If the taxes aren’t redeemed within 2 years (iirc) the tax buyer can go through this long, PITA process of obtaining a tax deed through the circuit court.
Yeah but it’s only getting the right to buy the house at a tax sale if there is one. It’s not often tax deeds are issued, especially for nice properties, because someone will redeem the taxes. Mortgage lenders will usually redeem taxes because they don’t want their lien wiped out through a tax deed.
You can get an estimate of redemption on the 4th floor of the county building. that’s the document which tells you what tax years were sold, how much it costs to redeem sold taxes and how long you have before the redemption date expires. I think it costs $10 or $12 bucks.
I was in there one time many many moons ago when I was a law clerk and there was this little old lady there and she was astonished that her taxes were sold. She kept saying over and over again that she didn’t know she needed to pay taxes! and that as long as she paid her mortgage, which was now paid off, that she could keep the property. It’s like she honestly had no idea that she had real estate taxes escrowed into her mortgage payment during the 30 years term of her mortgage. She hadn’t paid taxes in something like 3 years and was in danger of losing her house to a tax deed. It really shocked me that there are people out there that stupid.
Who is the owner of Cribchatter ?
“Buyers buy unpaid real estate taxes and then earn something like 18% interest and fees until the homeowner (or bank or whomever) redeems the taxes.”
HD has the process basically down. The above is the one disconnect–the sale is a modified dutch auction, with the winner the buyer offering the *lowest* interest rate. 18% is the maximum, and sometimes the bid gets down to 0%. And you WILL get paid before/at a sale, as the deed cannot be recorded with sold taxes.
homedelete, I don’t think that lady with the owed taxes was “stupid” as you call her. she most likely was from a different era, where her husband took care of the major stuff and when he passed away she just kept on making the payments with his SS or pension until the house was paid off.
I really dont like that people here are so harsh and mean. I hear a lot of childish name calling like “idiot”, “stupid”, and others like that. as the great rodney king would say “cant we all just get along”?
i used to hang out in this neighborhood back before all that ugly McCrap boxes were put up. south of diversey there were a lot of two flats with character, and few spots in that area had gangs but cant remember if that was west or south by clyborn. like i said that was back before the new development.
As nice as that place is the hood doesnt say million dollar home for sale. Plus that belmont & lincoln intersection is horrible and causes so much road rage.
“It was formerly industrial land. You know, the old yellow-brick type single-story industrial buildings that had 16? clear heights, built in the 1950’s.
Some finance type contracted to buy the property, rezoned it, and then sold off parcels to other homebuilders and this is the neighborhood they created, one with no soul.”
Was this block part of the Appleton Electric Company plant that burned down in the late 90s or was it separate? I can’t remember how far south that plant went, I know it ended at Wellington on the north.
I loved this area when I was growing up, now, the congestion literally makes me sick. I do bike near this on Diversey a few times a week, it strikes me as a very odd place for a “millionaire’s row,” I think the original idea ex-Ald Matlak had was to pitch that quasi-private public park as a selling point, but Ashland has just never taken off in terms of pedestrian-friendly businesses the way Lincoln did, it’s too busy of a street, and has WAY too many places like curb cuts like the McDonald’s, etc.
Anyone remember the Arby’s just north of Wellington on Ashland? They had a little pail on a pulley system to exchange money in the drive-thru, it was so pathetic it was almost quaint, yet still just pathetic.
“It was formerly industrial land. You know, the old yellow-brick type single-story industrial buildings that had 16? clear heights, built in the 1950’s.
Some finance type contracted to buy the property, rezoned it, and then sold off parcels to other homebuilders and this is the neighborhood they created, one with no soul.”
Was this block part of the Appleton Electric Company plant that burned down in the late 90s or was it separate? I can’t remember how far south that plant went, I know it ended at Wellington on the north.
I loved this area when I was growing up, now, the congestion literally makes me sick. I do bike near this on Diversey a few times a week, it strikes me as a very odd place for a “millionaire’s row,” I think the original idea ex-Ald Matlak had was to pitch that quasi-private public park as a selling point, but Ashland has just never taken off in terms of pedestrian-friendly businesses the way Lincoln did, it’s too busy of a street, and has WAY too many places like curb cuts like the McDonald’s, etc.
Anyone remember the Arby’s just north of Wellington on Ashland? They had a little pail on a pulley system to exchange money in the drive-thru, it was so pathetic it was almost quaint, yet still just pathetic.
what the? sorry for the dupe, just got all sorts of weird error messages, that was a new one…
I remember the arbys. they had one of those old school hat shaped signs long after most arbys had stopped using them. didnt know it was gone. is the torta place gone too?
“Look at the last thread–someone challenged my contention that the area is congested.”
Anon (moron) – I “challenged” the fact that you said there were no parks nearby, so I gave you 3 examples. I added the fact that PARKING was better than areas closer to the lake. I didn’t mention anything about traffic.
Where do you live pal?
Ok the old lady wasn’t stupid she was just willfully ignorant. She lived in the same house over 30 years and didn’t know she had real estate taxes. Either she’s willfully ignorant or a liar.
CH: dona torta is still there. the arby’s, which had that monstrous parking lot (but only about 3 customers at any given time), came down and was replaced by a bunch of 3 or 4 unit condo buildings.
Eric (douchebag, and self-centered, too):
The post AFTER yours said: “I also disagree with “Anon” that traffic and shopping is brutal in this neighborhood.”
That’s the one I was referring to. You disagreed with me about parks–we have different ideas about proximity and quality of park, which is just a matter of preference.
I guess you agree that the traffic is brutal?
As to where I live, you actually expect a response after starting off with an insult based on *your* mistake? Really, buddy?
“Either she’s willfully ignorant or a liar.”
No, she was almost certainly a widow whose husband both took care of all financial matters and kept her in the dark. Somewhere along the line, someone probably told her that if she made her mortgage payment, that covered all of her non-utility housing costs.
I take a more charitable view of widows–she was ill advised by someone she trusted.
HD, she could have been a liar i have came across many older women who pull the “im old, and confused, show me pitty” little routine many times. or she generally was from the old school where the man did everything and she cooked and cleaned.
skeptic i dont remember that Arby’s having a pail?? but there is still an arby’s with a crazy over the head pully thing for the money and food over by Irving park and Harlem.
Anon (moron) –
I am just curious to hear where you live. Oh wait, I think I found it….
http://www.michaelarnoldart.com/garden_of_earthly_delights_ecclesias_paradise.jpg
Coming from a different era is no excuse not know about or pay real estate taxes. In a different era is was socially acceptable to call non-white people ethic slurs, drink & drive, not pay child support – ever, and beat your spouse. Thank goodness things have changed for the better. You can’t go around today doing those things and say “Well I’m from a different era so it’s OK”.
Eric (douchebag, and self-centered, too):
Yeah, that’s about right. Westloopelo did the reno.
“In a different era is was socially acceptable to call non-white people ethic slurs, drink & drive, not pay child support – ever, and beat your spouse. ”
The good ol’ days.
“Thank goodness things have changed for the better.”
Completely subjective statement.
oh HD, I never it was a valid reason or it was ok. i was just trying to get you to have some understanding and out of calling her an “idiot” 🙂
shoot the new era is borrowing as much as you can dont pay it back and make people who are responsible foot the bill. now that i can say is willfully ignorant!
ok i somebody needs to explain to me why, this house, as beautiful as it is on the inside, in this hood, the outsidelooks like a rear end of a tractor trailer, doesnt have any mature landscaping. and coming home to a box on a oh so cold chicago winter, Can justify 1 million.
maybe i just dont get it and never will?
“doesnt have any mature landscaping”
I can answer that one: Because 8 years ago it was an industrial site.
“the outsidelooks like a rear end of a tractor trailer”
And probably this noe, too: pick one or more of (1) it’s contemporary/modern/whathaveyou, (2) it’s cheap to build, (3) it maximizes interior space, given zoning/building ordinances.
sorry for not proof reading, trying do work and type at the same time 🙂
“skeptic i dont remember that Arby’s having a pail?? but there is still an arby’s with a crazy over the head pully thing for the money and food over by Irving park and Harlem.”
it was ridiculous, like something one of the managers decided to do on their own one day. it definitely did not look “official” in any sense of the word – it was a friggin’ pail on a rope & pulley!
Speaking of wierd drive thru things… anyone else here love the Bullet proof box on the Taco Bell drive thru right near the United Center? Cracks me up every time I see it…
“it was ridiculous, like something one of the managers decided to do on their own one day. it definitely did not look “official” in any sense of the word – it was a friggin’ pail on a rope & pulley!”
Didn’t the overhead thing break frequently? I seem to remember that from the couple of times using the drivethru.
Sonies, Go up to the west side of chicago, they have itailian beef stands where you order through a bullet proof glass and slide your food a slot, like at a currency exchange place. its hilarious, but the beef is good! gotta love beef
Skeptic, if that arby’s still had a pail i would go there once a week just for the laugh, even if it destroyed my intestines 🙂 seriuosly a pail, the employee’s were to lazy to walk to the car. gotta love the midwest.
anon, i will pick #2 cheap to build. I always wonder why people pay a premium for new construction. Dont they know the builder is trying to maximize profit which = cut corners, average building materials, “Throw on some granite counters and call it upgraded” type of build. come on if your going to build on industrial property and charge over a million throw at least 7 mature trees on the street. gotta love greed
“they have itailian beef stands where you order through a bullet proof glass and slide your food a slot,”
I prefer the Harold’s system of a bulletproof revolving door-type window.
anon, dude you killing me the wife got me on a no fast food thing. ummmmmm harold’s chicken or harold’s fried liver, i miss it so much!!!!!
hey is there still a harolds over on roosevelt by the expressway or did the trendy UIC area tear that down too.
“Yeah, that’s about right. Westloopelo did the reno.”
Anon,
I am asking you respectfully to please refrain from commenting on something that you have no idea of. All comments like this do is show an immature and petty side of your personality that is not attractive at all.
As I have mentioned a few times prior, I have nothing negative to say about you or your POV…as a matter of fact I think your input is among the most valuable here as it is always voiced with intelligence and stays away from personal attacks. In other words, I know you are better than this type of belittling game playing.
Nonetheless, I will respond to your baseless accusation as it has struck a nerve in me.
The extraordinarily high quality detailed work and materials that we employ is clearly evident in ALL areas of our renovated properties and cannot be questioned at all…there is no room or reason for any negative or untrue comments regarding our work.
The talented, loyal and hard working crew that has been with me for over 20 years and I have a combined 200+ years of experience in all levels of construction and in every area of the renovation process on all types of buildings. In other words, we know this business top to bottom and we do take a great deal of pride with the work we do…before, during and after the process.
So, until you have had the opportunity…no pleasure, of seeing one of my renovated properties, DO NOT make ANY negative comments about my work!! Bash me for making commments that you do not agree with, call me a stupid wannabe or whatever makes you feel better about yourself, but leave my work out of it.
And yes eager CCers, I will request that Sabrina feature one of my renovated homes when they are all 100% complete and are on the market. Only then when you all see I am not just a ‘fantasy RE investor/renovator’ will the baseless doubt about me be silenced permanently.
“is there still a harolds over on roosevelt by the expressway ”
I *think* that one’s gone, but I’m not certain. There is one in Wicker Park on Milwaukee, tho (still there, right?).
“Nonetheless, I will respond to your baseless accusation as it has struck a nerve in me.”
Dude, you didn’t click on the link from Eric–it was “Garden of Earthly Delights” by Bosch. It was (1) a compliment and (2) a joke (obviously).
With that explanation (which I hadn’t thought necessary–I assumed you’d read back to Eric’s prior post (2 baove mine) if there was any confusion), I hope you don’t remain offended.
“Sonies, Go up to the west side of chicago, they have itailian beef stands where you order through a bullet proof glass and slide your food a slot, like at a currency exchange place. its hilarious, but the beef is good! gotta love beef”
I live between Al’s #1 Beef and Mr. beef, and two blocks from Portillo’s who also has a decent italian beef, so I think I’m covered 8)
i miss beef 🙁 now i am off to have grilled chicken and veggies for lunch. ummm the taste of bland.
To those who called this area an “no man’s land with no soul” They clearly don’t live around here. I have lived in this area for the past 14 years in three different properties and have absolutely loved it. It is a really friendly neighborhood with plenty of “soul”!
There is plenty of street parking unlike areas closer to the lake because everyone has garages. Most people seem to drive and do not take public transportation but there are plenty of bus lines that take you to the brown or red line if needed. The park has been built with a playground and is really nice now. The area is full of young families and it’s hard to walk down the street without passing many strollers of little ones. It is safe and quiet, a hidden gem I’d say compared to some of the other older congested neighborhoods in Old Town and Lincoln Park.
Why is this house not selling? It is beautiful on the inside and designed by a well known architect. I have heard that many offers have been made on it but that the developer isn’t willing to negotiate very much. The problem could just be as simple as that.
“I have heard that many offers have been made on it but that the developer isn’t willing to negotiate very much.”
Bet he wishes he would have negotiated back in ’05. Currently listed for $1,189,000. And they just paid at least $37,500 in taxes (all of 08 and 1st half 09, dunno what happened with the 07 taxes) last month.
Sold in May-10 for…
$1,050,000