5-Bedroom Lakewood Balmoral Queen Anne Sells for $300K Under 2008 Price: 5344 N. Lakewood
We last chattered about this 5-bedroom Queen Anne at 5344 N. Lakewood in the Lakewood Balmoral historic district in May 2011.
See our prior chatter here.
Most of you were fans of this house. In May, it had been on the market for 9 months and was listed at $975,000.
It finally sold in early August 2011 for $900,000, or $300,000 under the 2008 purchase price.
If you recall, the house was apparently featured in Better Homes & Gardens.
It had many of its vintage features, including hardwood floors, wood moldings and fireplaces.
The kitchen was an eat-in kitchen with sitting nook. It had white cabinets and appliances.
There was a bedroom on the third level (along with a family room) and one bedroom was in the lower level.
It had a front sunroom and a back veranda that overlooked an oversized Chicago lot of 37.5×123.
It also had central air and a 2-car garage.
The house was also just a few blocks from the shops/restaurants of Andersonville.
India Tougne at @Properties had the listing. You can still see the pictures here.
5344 N. Lakewood: 5 bedrooms, 4 baths, no square footage listed, 2 car garage
- Sold in September 1992 for $320,000
- Sold in September 2008 for $1.2 million
- Originally listed in September 2010 for $1.2 million
- Reduced several times
- Was listed in May 2011 for $975,000
- Sold in August 2011 for $900,000
- Taxes of $18,092
- Central Air
- Bedroom #1: 18×10 (second floor)
- Bedroom #2: 13×13 (second floor)
- Bedroom #3: 11×11 (second or third floor?)
- Bedroom #4: 17×10 (lower level)
- Bedroom #5: 11×10 (attic? or third floor?)
Nice house. Price seems about right.
This is an awesome house. I Don’t think the buyer will regret this.
I agree. Really nice area too. Not sure if this is in the GZ though.
Beautiful home, great neighborhood… good purchase.
WOW. The owner was paid almost ONE MILLION DOLLARS for house-sitting for 15 years. That entire time, the owner paid less than it cost to rent. THEN, the owner got a lottery jackpot at the end. I feel so sorry for renters. I don’t know why they don’t learn to read and understand that owning can lead to MILLION DOLLAR retirements.
A handful of morons who nailed the top in 2008 do not negate the general rule. Over a lifetime, owning is way cheaper by the month, and you get 800% of your buy price upon exit. Win/win.
What a great sell in 2008. I’d love to meet that seller. He is literally a millionaire just for housesitting for 15 years. This is the greatest country in the world. What kind of IDIOT paid $1m for that house in 2008? LOL, it’s so easy to make money in this life b/c there are so many IDIOTS out there!
Ouch on those real estate taxes! Anyone figure the carrying costs w/two private school tuitions included? Hope the 2008 seller at least had blow-in insulation installed between the studs during their remodel, because uninsulated wood frame construction is mighty expensive to heat these days. Beautiful house; needs a millionaire owner who doesn’t mind scruffy Broadway.
Amy, the renovation was done pre 2008 sale. Therefore, the 1992 owners appear to have done more than simply have housesat. If nothing else, they paid the mortgage, taxes and upkeep and most likely paid all the money for the reno. Not quite the payoff you describe.
Time to go back to something a little simpler than real estate…
Amy: you have it all figured out. Buy buy buy! You are a genius. Renters are idiots.
I recommend joining forces with clio on my “You’re an idiot!” blog idea. You clearly have so much condescending advice to give the world. Please don’t deprive us.
No need for private school.
is pierce good?
Peirce is an OK neighborhood school. Most of the Lakewood Balmoral Families send their kids to Rogers Park Montessori (ironically in West Andersonville) or Northside Catholic Academy.
There were a few Lakewood Balmoral homes north of Balmoral that went for over 2 million a few years ago so a 1.2 price for this was not out of the question.
However the lack of a great neighborhood school in Andersonville will always keep the house prices lower than in Lakeview or Noth Center where the schools are great.
The owners of homes like these keep the details from prying eyes but it doesn’t stop the recording of a $700,000 mortgage.