6-Bedroom Single Family Home Reduced by $550K: 1833 W. Melrose in Roscoe Village
We last chattered about this custom built home at 1833 W. Melrose in Roscoe Village in June 2009.
See our prior chatter and pictures here.
Since June, the home has been reduced by $550,000 and is now a “short sale.”
The 6-bedroom house has extensive detailing including crown molding, wainscotting, double 8′ solid doors and hand crafted storage spaces.
The listing also states it has parjua hardwood, 2500 square feet of ipe wood decks, a lava stone bar, lannon stone, 5 temperature zones, and a 109? drop down screen.
It also says it is “95% complete.”
Is this now a deal at this price?
Cara Buffa at Prudential Rubloff still has the listing. See more pictures and a virtual tour here.
1833 W. Melrose: 6 bedrooms, 4.5 baths, 5500 square feet, 2 car garage
- Sold in May 2005 for $550,000 (prior home)
- Was listed in June 2009 for $1.749 million
- Reduced several times
- Currently listed as a “short sale” for $1.199 million
- Taxes of $5857
- 4 fireplaces
- Hot tub
$218PSF seems reasonable to me for those finishes in that location.
In rereading some of the prior chatter, a few folks were dead on regarding the course that this house would follow.
On a separate note, I’m in the market for a house in this general area, but in a price tier below the current asking price. Does anyone have any experience with short sales and how the asking price is typically set relative to the minimum price the bank will actually set? In looking at the CCRD, I see a mortagage for $1.09MM. What do people think the bank will accept?
Wow, so this is now priced below where practically everyone on this site said it would need to be to sell. And it ain’t sold.
Besides the obvious fact that there are so, so, so many options for someone who wants a $1.2m house, I am guessing “95% complete” + “short sale” = way to much of a PITA in that range.
Winter may help though– people might not notice that you give up any yard whatsoever to get those 5500 sq feet.
Also, I don’t see the comment that the house is only 95% complete in the current listing.
“In looking at the CCRD, I see a mortagage for $1.09MM.”
You missed the mortgage senior to that one for $1.35mm, which appears to be the permanent financing for this house. I suspect that the $1.09 is related to the owner’s construciton business.
Note that the taxes should be fairly flat for 3 more years, as this place has HI exemptions. Total confirmation that they did a gut job rather than a teardown.
This place is beautifully (almost) done. I love that outdoor fireplace.
I saw that $1.35MM mortgage, but it didn’t look like the grantor was an actual bank and thought it might be some sort of recordkeeping entry. If neither mortgage has been released (they both date to 2007), does that mean the owner/developer is in for $2.4MM+?
Six bedrooms seems like a bit of an overkill.
homedelete on November 17th, 2009 at 12:09 pm
Six bedrooms seems like a bit of an overkill.
Um, not if you have 5 kids
“homedelete on November 17th, 2009 at 12:09 pm
Six bedrooms seems like a bit of an overkill.”
I don’t see a separate office listed, so I’d consider this a 5BR.
“Marko on November 17th, 2009 at 12:03 pm
I saw that $1.35MM mortgage, but it didn’t look like the grantor was an actual bank and thought it might be some sort of recordkeeping entry. If neither mortgage has been released (they both date to 2007), does that mean the owner/developer is in for $2.4MM+?”
The second lien was probably taken as an abundance of caution and is cross collateralized with other properties.
Anyone know who the builder is?
“anon (tfo) on November 17th, 2009 at 11:56 am
You missed the mortgage senior to that one for $1.35mm, which appears to be the permanent financing for this house. I suspect that the $1.09 is related to the owner’s construciton business.”
Who’s the lender, anon?
“wtf on November 17th, 2009 at 12:11 pm
homedelete on November 17th, 2009 at 12:09 pm
Six bedrooms seems like a bit of an overkill.
Um, not if you have 5 kids”
What family with 5+ kids can afford this house, even at this price?
“Who’s the lender, anon?”
MERS, so I don’t know w/o either going to recorders office or paying for the privilege, neither of which I’m interested enough to do.
I “may” have snooped around this house a year or two ago while walking my sisters dog who lives in the neighborhood. SquareD is dead on there is NO YARD. There is that cool paved space with awesome outdoor fireplace but no yard. That being said there is two great parks within two blocks of the house and the neighborhood in my humble opinion is great and perfect for families, which is obviously this houses intended target.
Oh., if you were asking about the 2d, it’s First Commercial, who took a mortgage in ’05 ($900k+), mod’ed it in Jan-07, and has the $1.09 in Oct-07 (2 days after the mers $1.53mm). Also, the acquisition loan from Rose Mtg ($467k) is unreleased. On HD’s cynical days, he’d say that she has almost $3mm borrowed against this place.
Less yard would be a plus in my book. Cool house if I cared about having kids and a lot of space in the city. Seems very well priced now.
it’s a little thing but there is no railing on the front porch – what else isn’t finished here?
“Anyone know who the builder is?”
Can’t figure it out from the CCRD + google.
She apparently also owns a condo in North Center (purchase in 02), which she put in a trust last year for herself with a different last name.
“I love that outdoor fireplace.”
Jon,
from the pictures only, i would have a good contractor take a look at the fireplace and front porch brick it looks iffy cheapo stuff passed to be high class to me.
i have noticed around chicago and close middle class burb that many new brick front porches/stairs have been going with this brick style even if it doesnt match the bricks or brick color of the house?
Of course if you have five kids then six bedrooms are Ok. But who living in Roscoe Village has six kids? Maybe 30 or 40 years ago families in Roscoe Village had six kids but today I imagine that’s a rarity. There might be a token family or two that lives in Roscoe and does the whole juggle six kids lifestyle. . I stand by my statement: Six bedrooms is overkill especially at the expense of the backyard.
“I stand by my statement: Six bedrooms is overkill especially at the expense of the backyard.”
You dunno their personal situation. Maybe they run a cannabis growing operation and every bedroom brings in additional revenue.
100% with home delete,
if you have 3 kids you will be praying to your god for a back yard. one kid you can get your lazy azz up and take it to a park, but once you have three or more little bastardz your saving grace will be to throw them in the back yard and dont let them back in until the street lights come on.
“if you have 3 kids you will be praying to your god for a back yard.”
And adding a 10×25 “backyard” to this place would accomplish, what, exactly. Sounds like you’re arguing that kidz need grass.
“Sounds like you’re arguing that kidz need grass”
screw the kids, parents need sanity and quite time.
“screw the kids, parents need sanity and quite time.”
So lock them in the basement with all their crap, three tvs and the xbox/ps3/wii. That’s why you buy a 5500 sf home.
“So lock them in the basement with all their crap, three tvs and the xbox/ps3/wii. That’s why you buy a 5500 sf home.”
and feed them cheetos. yummy, childhood obesity.
“and feed them cheetos. yummy, childhood obesity.”
Giant hamster wheel. They’ll get as much exercise as they would in a 10×25 backyard.
Nice house, sweet roof deck (which looks large enough to replace yard with), fireplace, etc. Seems like a deal to me at this price.
“So lock them in the basement with all their crap, three tvs and the xbox/ps3/wii. That’s why you buy a 5500 sf home.”
and feed them cheetos. yummy, childhood obesity.”
forgot about the new way of parenting 🙂 i am still in the camp of ‘here’s a stick go play just dont poke your brothers eye out’
deal at 1.2M no. unfinished no. who knows what they overlooked/hurried up.
“‘here’s a stick go play just dont poke your brothers eye out’”
Yep. Just in the basement (or on the roofdeck!) instead of teh backyard.
roof deck and my son = disaster 🙁
revassal hits on a point “unfinished who knows what they overlooked/hurried up” and is one thing that scares me with anything built in the bubble well for me after 1985.
I don’t trust most RE agents to honestly calculate square footage, let alone the percentage that a property is complete.
“I don’t trust most RE agents to honestly calculate square footage, let alone the percentage that a property is complete.”
It’s plausibly 5000 interior SF, based on measuring the two parts of the house–original part is ~20’x40, on 4 levels (with peaked roof 4th, so slightly smaller) (3000+) and the addition is ~20×30 on 3 levels (~1800). I suspect it’s more like 4500, but that’s me rounding things down instead of up.
don’t forget nearby that you have a stretch of those garish new SFN homes on Honore that probably still haven’t sold yet. too lazy to look them up right now, but they were on the market for $899k, IIRC.
“Sounds like you’re arguing that kidz need grass”
Yes. That’s where the extra bedrooms for cannabis growing come in handy.
There have been a few sales recently in the North Center area in the 1-1.2m range. This home is in a better school district, has more square footage, and much nicer finishes. However, not sure what the unfinished ‘5%’ looks like.
“There have been a few sales recently in the North Center area in the 1-1.2m range. This home is in a better school district, has more square footage, and much nicer finishes.”
What school in “North Center” is “worse” than Jahn?
Certainly not Audubon, Bell, or Coonley, which combined cover nearly all of North Center. Hamilton (which is a few blocks of NC) I think I’d take over Jahn; and Waters is N of Berteau/W of Western, which seems an unlikely place for $1mm+ homes, unless they are on the river.
ETA:
And Ravenswood has a few blocks of NC, too, and I would put RW with Hamilton, in the “I think I’d pick it over Jahn” category.
Is this house still for sale?