5-Bedroom New Construction Contemporary Reduces Another $301,000: 2643 N. Magnolia in Lincoln Park
We last chattered about this 6000 square foot new construction single family home at 2643 N. Magnolia in Lincoln Park a year ago.
See our July 2010 chatter here.
At that time, it was priced at $3.2 million.
Many of you thought it was overpriced compared to what else was also available in Lincoln Park in that price range.
Since then, the house has been reduced another $301,000 to $2.899 million.
The 5-bedroom home was built on an oversized Chicago lot of 35×125.
It has 3 bedrooms on the second floor and 2 in the lower level.
It also sports a heated 4-car garage, a real rarity among single family homes in the city.
The contemporary home has an open concept on the main floor with a gourmet kitchen.
There are also two decks.
On the market for 2 1/2 years, what will it take to sell this house?
Michael Lavorato at D’Aprile Properties now has the listing. See the pictures here.
2643 N. Magnolia: 5 bedrooms, 4.5 baths, 6000 square feet, 4 car garage
- Sold in July 2005 for $890,000 (old house)
- Originally listed in January 2009
- De-listed in November 2009
- Re-listed in February 2010 for $3.75 million
- Reduced
- Was listed in July 2010 for $3.2 million
- Reduced
- Currently listed for $2.899 million
- Taxes are $15,056
- 4 fireplaces
- Bedroom #1: 16×15 (second floor)
- Bedroom #2: 26×11 (second floor)
- Bedroom #3: 12×11 (second floor)
- Bedroom #4: 12×11 (lower level)
- Bedroom #5: 12×9 (lower level)
“On the market for 2 1/2 years, what will it take to sell this house?”
A $1 million reduction might do it.
I was hoping that one year later she would have grown out of the ugly stage but the sad truth is that she is uglier than I recalled. I’d bet that the developer is in a full on sweat at this point. If they are willing to sell it and make some cosmetic changes before close they will finally sell this year between $2.4 and $2.5.
Groove – what was the top 5 funniest arrests that you had referenced in last years post?
I hate the windows…small and spaced out…hurts light and views…that is something hard to change. I love modern and contemporary but hate this house.
I like contemporary but something about this house looks either unfinished or used to many poorly (i.e. cheap)chosen design elements.
Blah!
When all is said and done, I wonder how much the developer is going to lose (make) on this property.
Are you serious? What do you expect luxury to cost? 100k? 200k? Of course not. Luxury costs money, a lot of money. More money than most if not all cribchatterers have. Its naïve and foolish to think to think a buyer can steal this for a song. Luxury costs money so pay up!
I’m not saying it’s worth more then some cookie cutter, I’m just wondering about the real numbers here.
Bought in 2005 for 890,000, so they’ve had it for 6 years. Construction costs, taxes, mortgage payments, upkeep… I wonder how much the owner is in to it for.
If all you have is $400,000 spend, buy yourself today’s house abutting the highway
http://www.redfin.com/IL/Chicago/4108-N-Keeler-Ave-60641/home/13479782
Because that’s what $400,000 will buy you in this market.
Hey HD,
What do you think of this one for 499?
http://www.redfin.com/IL/Chicago/2153-N-Claremont-Ave-60647/home/13358240
What’s the deal with the front steps wall? Looks finished and different on streetview. Maybe the architect made a mistake and had to do over?
“What do you think of this one [2153 Claremont] for 499?”
Zaskowski!
What do you want to do with it? Live as SFH? Can probably find (I haven’t looked lately) a livable and more or less move in (but with significant compromises) SFH starting around high $500K or low $600K range.
Re: 2153 claremont
StEaL. That area by the park is pretty nice. I was just over there this past weekend. Lots of people, pool. Family atmosphere. Nice looking, a bit ugly with the addition on top but that’s what you get $500,000 in the city. If you only have $400,000, plan on living next to the onramp in Old Irving. You really need a cool $600,000 or more to have a decent home in the GZ with a garage, a tiny yard, maybe a basement and a full second floor.
Of note, the claremont property has an interesting pricing history:
Jul 18, 2011 Listed (New) $499,900 — MRED #07859434
Jul 10, 2011 – Price Changed * — Inactive MRED #8
Jul 10, 2011 – Delisted (Cancelled) — — Inactive MRED #8
Jul 06, 2011 – Price Changed * — Inactive MRED #8
Jun 15, 2011 – Price Changed * — Inactive MRED #8
Jun 15, 2011 – Price Changed * — Inactive MRED #7
Jun 15, 2011 – Delisted (Cancelled) — — Inactive MRED #7
Jun 07, 2011 – Price Changed * — Inactive MRED #8
Jun 07, 2011 – Price Changed * — Inactive MRED #7
Jun 07, 2011 – Price Changed * — Inactive MRED #8
Jun 06, 2011 – Price Changed * — Inactive MRED #8
Jun 03, 2011 – Listed (New) * — Inactive MRED #8
Jun 03, 2011 – Price Changed * — Inactive MRED #7
Jun 01, 2011 – Price Changed * — Inactive MRED #7
May 27, 2011 – Price Changed * — Inactive MRED #7
May 23, 2011 – Price Changed * — Inactive MRED #7
May 19, 2011 – Price Changed * — Inactive MRED #7
May 16, 2011 – Price Changed * — Inactive MRED #7
May 14, 2011 – Price Changed * — Inactive MRED #7
May 09, 2011 – Price Changed * — Inactive MRED #7
May 06, 2011 – Price Changed * — Inactive MRED #7
Apr 27, 2011 – Price Changed * — Inactive MRED #7
Apr 25, 2011 – Price Changed * — Inactive MRED #7
Apr 22, 2011 – Price Changed * — Inactive MRED #7
Apr 20, 2011 – Price Changed * — Inactive MRED #7
Apr 18, 2011 – Price Changed * — Inactive MRED #7
Apr 09, 2011 – Price Changed * — Inactive MRED #7
Apr 06, 2011 – Price Changed * — Inactive MRED #7
Apr 04, 2011 – Price Changed * — Inactive MRED #7
Mar 28, 2011 – Price Changed * — Inactive MRED #7
Mar 27, 2011 – Price Changed * — Inactive MRED #7
Mar 22, 2011 – Price Changed * — Inactive MRED #7
Mar 18, 2011 – Price Changed * — Inactive MRED #7
Mar 15, 2011 – Price Changed * — Inactive MRED #7
Mar 13, 2011 – Price Changed * — Inactive MRED #7
Mar 11, 2011 – Listed (New) * — Inactive MRED #7
Feb 04, 2011 – Price Changed * — Inactive MRED #6
Feb 04, 2011 – Delisted (Cancelled) — — Inactive MRED #6
Jan 31, 2011 – Price Changed * — Inactive MRED #6
Jan 21, 2011 – Price Changed * — Inactive MRED #6
Jan 03, 2011 – Price Changed * — Inactive MRED #6
Dec 23, 2010 – Price Changed * — Inactive MRED #6
Dec 16, 2010 – Price Changed * — Inactive MRED #6
Nov 17, 2010 – Price Changed * — Inactive MRED #6
Nov 11, 2010 – Price Changed * — Inactive MRED #6
Oct 26, 2010 – Price Changed * — Inactive MRED #6
Oct 12, 2010 – Price Changed * — Inactive MRED #6
Oct 04, 2010 – Delisted (Cancelled) — — Inactive MRED #5
Oct 04, 2010 – Price Changed * — Inactive MRED #5
Sep 30, 2010 – Price Changed * — Inactive MRED #5
Sep 30, 2010 – Price Changed * — Inactive MRED #6
Sep 15, 2010 – Price Changed * — Inactive MRED #5
Sep 13, 2010 – Price Changed * — Inactive MRED #6
Aug 31, 2010 – Price Changed * — Inactive MRED #5
Aug 31, 2010 – Price Changed * — Inactive MRED #6
Aug 29, 2010 – Price Changed * — Inactive MRED #5
Aug 29, 2010 – Price Changed * — Inactive MRED #6
Aug 26, 2010 – Price Changed * — Inactive MRED #5
Aug 26, 2010 – Listed (New) * — Inactive MRED #6
Aug 25, 2010 – Price Changed * — Inactive MRED #5
Aug 25, 2010 – Price Changed * — Inactive MRED #5
Aug 17, 2010 – Price Changed * — Inactive MRED #5
Aug 17, 2010 – Price Changed * — Inactive MRED #5
Aug 16, 2010 – Price Changed * — Inactive MRED #5
Aug 02, 2010 – Listed (New) * — Inactive MRED #5
Jun 30, 2010 – Delisted (Expired) — — Inactive MRED #3
Jun 26, 2010 – Price Changed * — Inactive MRED #3
Jun 16, 2010 – Price Changed * — Inactive MRED #3
Jun 09, 2010 – Price Changed * — Inactive MRED #3
Jun 07, 2010 – Price Changed * — Inactive MRED #3
Jun 05, 2010 – Price Changed * — Inactive MRED #3
Jun 01, 2010 – Price Changed * — Inactive MRED #3
May 27, 2010 – Price Changed * — Inactive MRED #3
May 18, 2010 – Price Changed * — Inactive MRED #3
May 11, 2010 – Price Changed * — Inactive MRED #3
May 11, 2010 – Price Changed * — Inactive MRED #3
May 05, 2010 – Price Changed * — Inactive MRED #3
May 01, 2010 – Price Changed * — Inactive MRED #4
May 01, 2010 – Delisted (Cancelled) — — Inactive MRED #4
Apr 28, 2010 – Price Changed * — Inactive MRED #3
Apr 28, 2010 – Price Changed * — Inactive MRED #4
Apr 27, 2010 – Price Changed * — Inactive MRED #3
Apr 27, 2010 – Price Changed * — Inactive MRED #4
Apr 26, 2010 – Price Changed * — Inactive MRED #3
Apr 26, 2010 – Price Changed * — Inactive MRED #4
Apr 23, 2010 – Price Changed * — Inactive MRED #3
Apr 23, 2010 – Listed (New) * — Inactive MRED #4
Apr 20, 2010 – Price Changed * — Inactive MRED #3
Apr 20, 2010 – Price Changed * — Inactive MRED #3
Apr 15, 2010 – Price Changed * — Inactive MRED #3
Apr 06, 2010 – Price Changed * — Inactive MRED #3
Mar 30, 2010 – Price Changed * — Inactive MRED #3
Mar 28, 2010 – Price Changed * — Inactive MRED #3
Mar 26, 2010 – Price Changed * — Inactive MRED #3
Mar 21, 2010 – Price Changed * — Inactive MRED #3
Mar 11, 2010 – Price Changed * — Inactive MRED #3
Mar 07, 2010 – Price Changed * — Inactive MRED #3
Mar 02, 2010 – Price Changed * — Inactive MRED #3
Feb 27, 2010 – Price Changed * — Inactive MRED #3
Feb 21, 2010 – Listed (New) * — Inactive MRED #3
Feb 21, 2010 – Price Changed * — Inactive MRED #2
Feb 21, 2010 – Delisted (Cancelled) — — Inactive MRED #2
Feb 17, 2010 – Price Changed * — Inactive MRED #2
Feb 09, 2010 – Price Changed * — Inactive MRED #2
Feb 02, 2010 – Price Changed * — Inactive MRED #2
Jan 25, 2010 – Price Changed * — Inactive MRED #2
Jan 18, 2010 – Price Changed * — Inactive MRED #2
Jan 15, 2010 – Price Changed * — Inactive MRED #2
Jan 08, 2010 – Price Changed * — Inactive MRED #2
Dec 30, 2009 – Price Changed * — Inactive MRED #2
Dec 23, 2009 – Price Changed * — Inactive MRED #2
Dec 08, 2009 – Price Changed * — Inactive MRED #2
Dec 04, 2009 – Price Changed * — Inactive MRED #2
Dec 02, 2009 – Price Changed * — Inactive MRED #2
Dec 01, 2009 – Price Changed * — Inactive MRED #2
Nov 27, 2009 – Price Changed * — Inactive MRED #1
Nov 27, 2009 – Delisted (Cancelled) — — Inactive MRED #1
Nov 25, 2009 – Price Changed * — Inactive MRED #1
Nov 25, 2009 – Price Changed * — Inactive MRED #2
Nov 23, 2009 – Price Changed * — Inactive MRED #1
Nov 23, 2009 – Price Changed * — Inactive MRED #2
Nov 17, 2009 – Price Changed * — Inactive MRED #1
Nov 17, 2009 – Price Changed * — Inactive MRED #2
Nov 17, 2009 – Price Changed * — Inactive MRED #1
Nov 17, 2009 – Price Changed * — Inactive MRED #2
Nov 15, 2009 – Price Changed * — Inactive MRED #1
Nov 15, 2009 – Price Changed * — Inactive MRED #2
Nov 12, 2009 – Price Changed * — Inactive MRED #1
Nov 12, 2009 – Price Changed * — Inactive MRED #2
Nov 11, 2009 – Price Changed * — Inactive MRED #1
Nov 11, 2009 – Price Changed * — Inactive MRED #2
Nov 10, 2009 – Price Changed * — Inactive MRED #1
Nov 10, 2009 – Price Changed * — Inactive MRED #2
Nov 08, 2009 – Price Changed * — Inactive MRED #1
Nov 08, 2009 – Listed (New) * — Inactive MRED #2
Nov 08, 2009 – Price Changed * — Inactive MRED #1
Nov 06, 2009 – Price Changed * — Inactive MRED #1
Nov 03, 2009 – Price Changed * — Inactive MRED #1
Nov 01, 2009 – Price Changed * — Inactive MRED #1
Oct 29, 2009 – Price Changed * — Inactive MRED #1
Oct 26, 2009 – Price Changed * — Inactive MRED #1
Oct 19, 2009 – Price Changed * — Inactive MRED #1
Oct 17, 2009 – Price Changed * — Inactive MRED #1
Oct 13, 2009 – Price Changed * — Inactive MRED #1
Oct 13, 2009 – Price Changed * — Inactive MRED #1
Oct 03, 2009 – Price Changed * — Inactive MRED #1
Sep 29, 2009 – Price Changed * — Inactive MRED #1
Sep 22, 2009 – Price Changed * — Inactive MRED #1
Sep 18, 2009 – Price Changed * — Inactive MRED #1
Sep 15, 2009 – Price Changed * — Inactive MRED #1
Sep 09, 2009 – Price Changed * — Inactive MRED #1
Sep 03, 2009 – Price Changed * — Inactive MRED #1
Aug 28, 2009 – Listed (New) * — Inactive MRED #1
I definitely liked the old, realistic homedelete a lot more than the new bizarro-HD. It was funny at first but now its like hearing the same joke over and over again.
Are you calling me a joke? This is reality – SFH are half a million, and no amount of ranting, raving or wishing *really* hard is going to make home prices fall to a level where the working man like me can afford them in the green zone. So I’m just commenting on reality. Screw you all, i’m taking my ball and going home.
unfortunately, the exterior looks like an office building and the interior looks like an upscale dr office/clinic… ugh
HD, pretty nice 2 or 3 flats sell for under half a mil. In most other cosmopolitan cities even 2 flats and condos are out of reach for young folks. We should be happy that we live here.
I agree with you completely miumiu.
“Hey HD,
What do you think of this one for 499?
http://www.redfin.com/IL/Chicago/2153-N-Claremont-Ave-60647/home/13358240”
As HD mentions great area near the pool/park. Teardowns in this area start around $300k. If this were $450k and had no issues I would say deal.
While I also preferred the old HD, this counterpoint persona does make me laugh. That listing history is pretty funny stuff.
I just wish it were easier to tell when you’re being serious or not.
HD-
How about 3632 N Harding? Double lot, sub $400k, not on an off-ramp, and the peeps in OIP can hear you when you sneeze.
I think this is a pretty nice place for a family with 2 kids, albeit it is a condo:
http://www.redfin.com/IL/Chicago/520-S-State-St-60605/unit-816/home/17164708
I bet one can get it for $420K.
Whatthewhat: I luv luv luv the hharding house. My wife says ‘nyet’ because 1) the villa has virtually no little kids and the average age must be 70; and 2) when a realtor says needs updating, they’re talking about a house like this with a kitchen from 1980 and one shower bathroom from 1962. Like sabrina says: ‘move in ready!” Other than that the house is gorgeous. Believe me I’ve tried to convince her but she doesn’t want my baby being the only toddler in a 3 block radius. Oh well.
“Teardowns in this area start around $300k.”
A double lot on McLean (48×100 – 1/2 block east of Oakley) just sold for $460K. I
“A double lot on McLean (48×100 – 1/2 block east of Oakley) just sold for $460K.”
That seemed like a good deal (I know you mean the one east of leavitt, a 1/2 block east of oakley would suck as it would be across from school).
before long there will be newcomers to this blog who don’t understand the old HD/new HD thing and will actually think he’s ultra bullish
“A double lot on McLean (48×100[)]”
I am contractually obligated to note that that is *NOT* a “double lot” and is, in reality, barely more than a lot and a half.
I will add that I have a strong personal preference for a wider lot over a longer lot, but would would generally prefer a real 1.5 lot (37.5×125) over the shorter “double”.
HD-
There has been a recent “explosion” of kids in The Villa (including mine). I can give you exact numbers after this weekend’s Welcome Party. It’s not the 70-year olds having the babies. Let me know if you want me to talk to your wife. The Villa is a great community with an annual Easter Egg Hunt and Christmas Party for the kiddies. There’s also a golf outing, garage sale and other neighborly events. I think the definite boundaries of The Villa help the community organize these events. No one is pushy about participating, though. I wanted to live here for YEARS, and I finally got in.
whatthewhat: how many kids in the Villa? I’ve been through there quite a few times and I never see them like I do in independence park or on either side of old irving. what do you plan on doing about elementary? murhphy isn’t really an option so it’s viator or pray for disney ii. I kind of wanted belding as an option but i can’t do that there.
I really love modern but this just doesn’t do it for me. It looks like a job done by some “mob like Europeans” vs rule developers. It just doesn’t work. The finishes are not right, the design is poor, and the layouts are strange. If you want modern try Ranquist they make some of the most amazing homes in Chicago. I really liked “urban sandbox” in WickerPark/Bucktown.
meant to say “real developers”
What a joke. For this price, you could buy a house on Indian Hill. For a few hundred K more, a lake house in Winnetka.
HD-
We haven’t officially moved in yet (reno-ing), but within 3 or so houses of us are a 9 month old, 18 month old, 8, 13 and 15. I’ll have better data after Sunday’s party, but the Welcome Committee said there were a half dozen babies born in the last few years, out of ~120 homes. As far as schools, maybe Viator’s or Edward’s. The CPS is Reilly for us. I haven’t looked into grade schools yet, but I am banking on Lane. I don’t think we’ll be playing the CPS games until then.
Reilly is the school? Ouch. I’ve never heard of that school until today. 95% low income and 37% are ‘English learners’. You’re pretty much forced into Viator or Edwards. Private school tuition is basically like an HOA, add an extra $700 a month to the mortgage while your kid goes to school.
I walked past the 3632 Harding today. I liked it but nothing about it makes me go crazy. No first floor bathroom, unfinished basement, the alley backs up to Pulaski and there were some hoodlums smoking dope and up to no good in a car directly behind the house in the alley when I was there. They gave me the ‘don’t f’ with me white boy’ look. The neighbor next door has metal bars surrounding their back porch built into the house. It’s also across the alley from a auto shop and they keep the 2 bay doors open at all times during the day so you hear tools, spanish and whatever else is going on in there all day.
Moreover, it’s only 6 rooms, there appear to be about 1 electrical outlet per room and the windows are probably the originals. Storm windows were still up, no screens in the windows. $375,000 even with the big lot (which didn’t seem 137″ deep but im sure it is) is a bit pricey for a house that barely meets modern standards in that regard.
However it does have central air, gfa, a two car garage, an interior stairwell to the attic and a functional kitchen. Regardless, if it were a deal it would be snapped up already. I think I know which property you bought and are renovating and that’s a deal without a doubt. This property, eh, I don’t know. There’s an open house this sunday, maybe I’ll stop by. I like the Villa, I want to like this house, I really do, but both the wife and the baby were unimpressed. Which then again goes to why it’s been on the market 103 days with $75,000 in price reductions.
Ha- I walked by there yesterday, too. I agree with everything you said. The noise from the auto shop would bother me most. But if the price was right, would any of your negatives be dealbreakers? I’ll see what info I can get on Sunday about the owners and see what their situation is (house looks like it’s sitting empty). Maybe the price can be right. Not that I want to sell you on this house specifically, but don’t exclude The Villa from your RE searches.
As far as crime goes, nothing on everyblock or the CPD sex offender registry scared me away. I have zero problem calling 311/911 on ne’er-do-wells. I pay my taxes.
It’s safe to say that Reilly is not one of those schools that will turn around anytime soon. Disney Magnet is only up to grade 3 or 4, and I don’t know what happens to the kids after that. So, yeah, we’ll be budgeting for private school. Unless the voucher program is expanded to everyone (a girl can dream).
“that’s a deal without a doubt” until you realize how much damage the small leak in the bathroom did, or what the paneling in the basement was covering, or that duct-tape+kleenex+paint is not a permanent fix, or that stripping woodwork is quoted at $90/hr……
“Disney Magnet is only up to grade 3 or 4, and I don’t know what happens to the kids after that.”
New school being grown into. In 4 (or 5) years it will be thru to 8th grade.
would love to know what impresses the baby in RE! shiny colors?
“both the wife and the baby were unimpressed”
Baby has a cribchatterer father and a cribchatterer lurker mother. It’s fate that she’ll be a realtor.
I’ll probably stop by the Harding house this weekend. It has pluses and minuses. Regardless the only homes that seem to sell lately in most places are those that are renovated, or, those that need major renovation and are priced accordingly. This house is somewhere in between, and the price at $188 psf seems very high given that is the price the renovated homes sell for with new kitchens, bathrooms and a bathroom on the main floor!
I did not know that $90 an hour was the price to strip wood. It’s a shame it was in style to paint over the woodwork in the 50/60’s. They did that to a lot of homes in the area. the 3632 has some woodwork not painted and some painted.
The wife is thinking twice about the place if we could get a deal. we’ll see. Maybe I’ll make an offer next week.
HD – what Harding house?
there are two harding homes. which one are you talking about?
I would offer $250k for 3632.
Chris M: somebody today told me if I could get it for$ 250 that would be like putting a ski mask over my head and robbing the sellers, and that it might take until the end of the year, but it might be possible.
My wife wants to offer 180$ based upon the small handful of reno projects and foreclosures that havve sold for~ $90 psf. And people thought I used to be a bear! I am willing to do$ 300,000 but the wife says that’s out of the question. She says we are conventional buyers, no contingencies; 20% down, not asking for credits; they can take it or they can chase the market down.
These types of units renovated were selling in the 500’s and higher during the boom. Crazy today im even consdering $250.
I still haven’t even sseen it yet inside I’ve only checked it out from the street.
HD – no way that house goes for less than 275. 250 is dreaming. 180 makes me think that you need to take the wife to the ER – she is definitely becoming delusional from the heat.
“My wife wants to offer 180$ based upon the small handful of reno projects and foreclosures that havve sold for~ $90 psf. And people thought I used to be a bear! I am willing to do$ 300,000 but the wife says that’s out of the question. She says we are conventional buyers, no contingencies; 20% down, not asking for credits; they can take it or they can chase the market down.”
This is very clearly an estate sale and these properties are very flexible on price. When I bought my estate sale property in Oak Park last year, it was listed at about the same price at the current list on this and I bid $250k. I ended up with a price not much higher than that. Not sure what your situation is, but if you are seriously thinking about checking it out and making a “low ball” offer, let me know if I can help…my 1/2 commission rebate is always out there on the table.
clio: I told you it’s bizarro world in the HD house.
Anyway, I’ve had a number of people tell me $250,000. I think that’s the magic number. If it sells for $250,000 this year, well, you know I’m the beneficiary of the trust that owns it.
“#clio on July 20th, 2011 at 9:27 pm
HD – no way that house goes for less than 275. 250 is dreaming. 180 makes me think that you need to take the wife to the ER – she is definitely becoming delusional from the heat.”
anon (tfo)–Thanks.
The prices in this area are all over the place. 3633 N Springfield is under contract at $475K. Bigger lot and house, but from the pics, looks like it needs a lot of updating. 3712 N Harding sold as a Short Sale for $399K (from the pics, it looks liveable). 3601 N. Harding is on Addison and sold for $387K (needed updating). 3616 N. Avers was a disaster of a house and still sold for $361K. But then there are a few sub-$200K sales (conditions unknown).
In conclusion- make an offer! The worst they can say is “no.”
3601 harding is allegedly 88$psf. And it was nice in the inside
Basically it comes down to renovations. If it has a renovated kitchen and bath it sells at 200$psf ish, unrenovated sells for far far less (other than 3616). Those craftsmans on pulaski in the other side of the alley sold under 2 for the partially renovated foreclosure and 400k for the renovated foreclosure.
Good luck, HD- I really hope you get it!!!
My wife keeps repeating 180k which even the old HD would acoff at. Now you know where I got it frim.
the house across the street iis just listed as a short sale for$ 400,000
http://www.redfin.com/IL/Chicago/3643-N-Harding-Ave-60618/home/13456436
I went to the open house today at 3632 N. Harding. Lots of traffic. There were at least half a dozen parties visiting during the time I was there. In short, the home looks much better in the pictures. I believe it is nearly foreclosure quality and even though structurally it might be in better shape than a foreclosure, the interior is still in need of major renovation.
The owner had been living there for 42 years and it shows. You could not buy this home as a fixer upper and fix it as you go along. You would go broke trying to do that. It would be 20 years before you could fix everything that needed to be fixed if you paid as you went. This house is over 100 years now and it shows!
It’s got HVAC which will need to be replaced, the roof is going on 20 years, the basement is moldy and disgusting and has visible water damage, the kitchen needs a demo/renovation including knocking out or moving walls, the paint is chipping, plaster has cracks in spots, front porch is molded and sloping; needs new windows – the windows don’t really open, there are no screens – I don’t think the old lady owner opened the windows in 20 years, no first floor bathroom; and only a toilet in the basement, like a prison cell something. I serously don’t think the windows have been opened in 20 years. Moreover a lot of fixings over the years have been amateur, like the nasty home depot trim they put in one of the bedrooms, and werid trim on the floor, and the cold air return cover is of a differnet color than the wood, it’s just a really weird, sort of lived in my by same homeowner for 42 yeras, didn’t want to pay any money to have things fixed right during that time period type of home.
The wife and I did some back of the envelope calcs and we figure we need over 100k to renovate the kitchen, add a bathroom, add a deck, fix the little things like trim, floors, upgrade HVAC, replace ALL the windows, repaint/plaster and or drywall, upgrade the electrical from 60 amp, and finish the attic as a master suite. This home is a deferred maintenance nightmare, not of turnkey quality in the slightest bit.
The only thing the realtor talked about as soon as you walked in was the 50′ lot and the 1997 AC upgrade. (furnace early 90’s, along with roof)
My wife and I are seriously considering submitting an offer of $150k, along with a note that we’re taking on a $150,000 203(k) loan, plus using some of our own money to bring the place into 2011. Now $150,000 might be la la land but $375,000 is equally absurd too given the amount of money it will take to bring this home into the 21st century. This house is more or less of the same quality as 4112 n keeler, which I personally visited, which sold in the $120’s and rehabbed, relisted and under K in the $300’s.
Yeah I’ve been wrong before, all it takes is one person with a ‘vision’ or 3.5% down to pay $300k, and this is a strange but slow market, but $150’s worth a shot. If they say no (and they probably will) then great, I’ll resubmit my offer in November and then again next April.
I had multiple people tell me based on the pictures $250,000 (you weren’t the only one Chris M!) but after viewing it, $250,000 is still ridiculously high given the extensive work this place will need to make it turnkey livable.
I feel like OLD HD is back, but he’s not, I love love love this house, it’s got potential, so much potential, but not that this price.
I’m just kidding, HD submitting an offer on a home!! Hahah I got you all fooled.
Hd. It will cost you at least 150 k to do all that stuff. Replacing all systems and trim. Structural etc. Adding fixtures causes city to require you to replace water service as well. ( if you get permits. That is)
I figured $150,000 plus some of my own money. As of today it needs a new kitchen, windows, bathroom reno, and a installation of a new bathroom on the first floor, and probably mold remediation. Middle of teh road type stuff, not high end. That we figured was $100,000, with the attic finishing + deck and other odds and ends for $50,000, rough back of the envelope type stuff. $8,000 for a bathroom renovation, $13,000 to install a new 1/2 or 3/4s in the old pantry space, low to middle kitchen GE appliances etc for $35,000; $16,000 to $20,000 for 16 vinyl windows (higher for wood, maybe), $6,000 electrical upgrade (provided no new interior wires are needed), $6,000 to paint ($1,000 a room).
That’s all rough, very rough, plus $25,000 for the attic finish, $10,000 for a deck, $10,000 to clean out the nasty basement and that’s $150,000 all together.
Good luck HD. Let us know what happens.
Now you know why everyone just wants “new” and is willing to pay “more” for the renovated house. They just want to move in and enjoy life.
BUT- there are some people who like doing the project.
My wife is deadset against making a lowball aka market offer on a ‘crapshack’ as she calls it and spending hundreds of thousand to fix it up. So, I’ll be renting. However, we did do the back of envelope calucation
and it was after the renovation costs that scared her away.
Honestly HD, I am with your wife on this. You guys are not experienced in renovations and have a little kid which takes ton of work. I am sure you’ll find something much better if you wait a bit. Also I don’t see any sign of the market recovering so why rush? I am waiting for the right opportunity before I make my move.
I’m with my wife on this one, for many reasons, primarily that I want to stay married 😉 I’m not surprised the turnout for a $375,000 house that looks turnkey in the pictures. But pictures can be deceiving.
“But pictures can be deceiving.”
Of course, specially that it is hard to get a good feel of the layout and quality of finishes by looking at pictures only. my realtor told me she had clients who bought after seeing videos of the place. I cannot imagine doing that.
“and it was after the renovation costs that scared her away.”
There’s always another opportunity- especially in this market. It’s good that you’re looking and keeping your options open. You won’t be a renter forever HD. However, I also expect that you’ll be far better off financially than many people who are buying the properties featured here (and still doing 97% financing etc.)
I’ll keep my options open for sure. I just want to keep my options at the end of the day in the $300’s, and I’ve noticed that the turnkey $300’s go really quick in this market, the $400’s take a little longer
HD, I’d say go for the $150 offer to see whether it goes anywhere. I like to see the new/old HD merge….and I think all of us on CC would like to see you in a house.
Either way, best of luck!!
Glad you made it to the open house. Sorry it was so bad, but not really surprised after hearing similar horror stories from people in the neighborhood. Seems like a lot of younger couples are buying these houses from the 70-year-olds who haven’t updated or maintained their homes in decades. I think people are paying a premium for the landmark status and large lots. For the record, there are 50-60 kids living in The Villa. Most go to St. Viator. And those houses on Pulaski are not part of The Villa, but definitely impressive flips.
Back to 3601 for a sec–that listing got the full MG effect, including square footage, so $88/psf is low. From what I remember, the outdoor concrete patio was included, and so was the damp, moldy, dark basement. Also, the pics were very, very selective, and showed the 90’s DIY “updates” phenominally.
While I agree with your pricing strategy, there’s an empty 25 X 125 lot listed for $99K just south of Addison (I know, “listed,” not “sold”). 3632 is sitting on more than twice that.
3643 looks OK from the pics, but not $400K OK, especially being a short sale. See you at the open house, or let me know if you need a local contractor.
Tnanks for the info whatthewhat – 60 kids is a lot more than I would have expected and that’s good news.
I know the pulaski homes aren’t technically part of the villa, but they’re not even across the street from the villa – they’re across the alley! The villa commands a premium but it’s difficult to say how much of a premium when they are literally only across an alley (and on a main street too much lowers the price) but regardless, like you said above, who knows what the paneling in the basement was covering (and based upon the condition of the basement, it’s covering something!). Regardless, the wife is against rehabbing, she, like everyone, wants new, or something we can fix up over time. This is not one of those homes.
Thanks for all your help!
HD – Even if this place was in move-in condition in the $300s, do you really want to pay for private school? You’ve talked about your budget a lot and it sounds like it would be a huge burden.
Chris M: I can pay for private school, at ~$6,000 a year (St. Viator) is about 1/3rd cheaper than Daycare or a nanny, which I am currently paying with no problem.
I don’t want a mortgage payment in the $2’s because I like to have some leeway to save and to cover unexpected expenses. I definintely don’t want a mortgage payment in the high $1’s for a property that needs so much work I’d be embarraased to bring friends/family over.
There always seems to be a market for turnkey properties in teh city in teh $300’s an $400s because there are so few of them and so many buyers are willing to bid up the price. I saw a renovated property the other day that sold $361,000 that was listed at $359,000; the buyer put down 3.5%. Of course they could bid over ask, the down payment meant nothing, all they care about was howmuchamonth!
Whereas the 20% down buyer would need $72,000 to buy that property and would bid accordingly, the 3.5% down buyer needs only a DTI ratio and $12,000 to outbid all other buyers.
I don’t want to give my finances away but we have a decent HH income, but hardly rich or wealthly, and after student loans, nanny/daycare, taxes, savings, food, utilities, a $2,000 mortgage is a lot, and doesn’t leave much left over to go on vacation, buy a new car, etc. I’d $2,000 for a mortgage in a heartbeat if I didn’t have student loans but that’s a new reality that is going to affect lots of boomers as tehy try and sell to the next generation. “I love your home, grandma, but aunt sallie is already taking $500 per month from my paycheck!”
HD, you guys are doing great. A young couple already thinking about home ownership. I sometimes think that the American model of everyone should have a huge house have 2 new cars and so on is just unrealistic. It was not the case even in this country 50 years ago. It was all created through a credit bubble. I rather live in a small place with someone I love who has sense to save than have a huge soulless place and be in debt like crazy.
“HD, you guys are doing great. A young couple”
HD’s not *that* young.
I’m nearly in my mid-30’s and I’m the youngest guy at the park with toddler and infant aged children. It’s crazy, all the men with their children at the park have a good 10 or 12 years on me, and I thought I was old to be having kids.
“anon (tfo) on July 25th, 2011 at 11:24 am
“HD, you guys are doing great. A young couple”
HD’s not *that* young.”
“I’m nearly in my mid-30’s and I’m the youngest guy at the park with toddler and infant aged children. It’s crazy, all the men with their children at the park have a good 10 or 12 years on me, and I thought I was old to be having kids.”
I’m with you on that one, except I’m even younger.
sucks to be you!
It’s not that bad, What sucks is the real estate market. These realtors can’t close any deals. which explains the generational low sales figures. They need to entertain more low offers, and push clients to sell even if they’re losing money, and every realtor should know the short sale. They’re sales people and they need deals to close, right now, I’m not sure what they’re doing, sounds like a whole lot of nothing.
I’m in my early 30s, people used to treat my husband and I like we were high school dropout teenaged parents with my oldest one. At our prenatal classes we were the only ones with stable jobs and a mortgage and the other parents all had at least 10 years on us.
Actually it would really suck to live somewhere else, like africa, or the middle east, or south east asia
But then again, its all about perspective