Galewood English Bungalow Reduces: 2032 N. Oak Park
Looking for an easy commute into the loop?
We last chattered about this 3-bedroom english brick bungalow at 2032 N. Oak Park in Galewood in February 2009.
See our prior chatter here.
It is just a 2 block stroll to the Metra stop and a 20 minute train ride downtown.
The kitchen has been updated and has stainless steel appliances. It also has a lovely remodeled master suite and limestone master bath with skylights.
There’s a finished basement and three bathrooms.
You can check out the property for yourself this weekend at the Open House on 9/27 from 1:30 to 3:30.
Art Collazo and Michelle Orton Loftus at Koenig & Strey still have the listing. See more pictures here.
2032 N. Oak Park: 3 bedrooms, 3 baths, no square footage listed 1.5 car garage
- Sold in August 1995 for $116,500
- Sold in July 2002 for $235,000
- Sold in July 2007 for $348,000
- Was listed in February 2009 for $369,000
- Reduced
- Currently listed for $299,000
- Taxes of $3045
- Central Air
- Finished basement with gas fireplace and dry bar
- Bedroom #1: 30×15
- Bedroom #2: 11×9
- Bedroom #3: 12×9
Galewood is not for everyone, but for this price, and the nicely done renovations, i think this will be picked up quick.
that was a huge price drop, motivated sellers? or realistic sellers?
i think i may swing by the open house 🙂
Google Maps says this address is Elmwood Park….is it?
JPS
cross harlem ave its elmwood park
“that was a huge price drop, motivated sellers? or realistic sellers?”
More than one drop. Bob noted in the prior thread a drop to $349k.
anon,
just read parts of prev thread, looks like the sellers are very motivated.
i can say you wont find a brick tudor or bungalow renovated in this area for this cheap! i say its a deal!!! most places around here still have kitchens and baths for the 80’s and 90’s.
I saw this place during an open house back when it was first listed on CC, and I was not impressed. The pictures make it appear as though it has been renovated nicely but everything besides the new bathroom seemed to be a half-ass DYI. The basement was hideous and smelled funny, probably due to moisture problems. Although it looks like the put up some new paint and carpet in the basement and cleaned up some of the clutter.
Groove, let us know what you think after the open house. I won’t be going by there again till they knock about another 50k off.
$300k is a step in the right direction but still a tad too expensive for the typical plumber, tradesman or government worker neighborhood household with less than $80k a year income. Yes I know it’s been updated but it’s too out of place for the ‘hood to command a premium like it did during the boom. I’m very pleased to see a nice home in the city, outside of the ‘green zone’ (I really hate that phrase) listed below the $300k threshold. This property is one of thousands making noise like the barbarians standing before the gates of Rome. You might think you’re safe in the green zone, for now, but serious declines are on your doorstep, just waiting to violate your sanctity.
“This property is one of thousands making noise like the barbarians standing before the gates of Rome. You might think you’re safe in the green zone, for now, but serious declines are on your doorstep, just waiting to violate your sanctity.”
Let’s say this drops back to $235k (the 02 price), this *exact same* house, dropped into LV or LP (or, godforbid, BT/WP) is still going to go for double or so. Which is about what similar-sized homes have traded (not listed–actually sold) at recently. The “problem” in the inner-hoods is mostly that so many of the modestly-sized houses turned into teardowns in the past decade, largely removing the small-ish but nice house from the marketplace in LP/LV.
“This property is one of thousands making noise like the barbarians standing before the gates of Rome. You might think you’re safe in the green zone, for now, but serious declines are on your doorstep, just waiting to violate your sanctity.”
HD, like anon(tfo) says, pretty much every home in the “green zone” that was under 400k was town down and turned into a 3 flat or mccrapbox. That’s why you don’t find anything under that amount.
The only ones that need to worry about being “violated” are the developers of said mccrapboxes and 3 flats. The 1 million+ dollar new homes will drop, but not to land value. Keep dreaming though, maybe someday…
Don’t put words into my mouth. I never said that. You said, it’s a straw man argument. I said that prices are falling on houses, flats, condos and everything in between.
“The 1 million+ dollar new homes will drop, but not to land value.”
“The 1 million+ dollar new homes will drop, but not to land value.”
They will drop b/c of the drop in land value–if you can build the exact same house for about the same money, but pay $250k less for the land, that’s about the price reduction for an existing SFH. Already seen in the couple blocks around me–teardowns trading at least 15-20% off peak.
And I see the 3-flat condos being the ones really getting killed, but I’ve thought that for a long time and been wrong so far, so we’ll see.
Please, please, please: what’s the green zone?
You’re right, 3-flats will get killed, you’re just wrong on the timing. 3-flat owners tend to have the ability to afford the payments for longer periods, which just delays the inevitable loss, as opposed to the household that overHELOC’s their way into foreclosure.
Problems are starting to arise because are fewer and fewer younger couples that are also greater fools to whom which FB 3-flat owners can sell their condos to for profit. Anecdotal I’ve heard and seen stories of couples buying sfh homes in Jeff Park, Edison Park, Irving Park, etc, for the same price or less as a ubiquitous 3-flat east of Western.
“And I see the 3-flat condos being the ones really getting killed, but I’ve thought that for a long time and been wrong so far, so we’ll see.”
Steve A: green zone is a ridiculous term to describe yuppie ville north side neighborhoods.
“$300k is a step in the right direction but still a tad too expensive for the typical plumber, tradesman or government worker neighborhood household with less than $80k a year income.”
250k-300k is a great price range for a financially responsible 80k a year person
“Yes I know it’s been updated but it’s too out of place for the ‘hood to command a premium like it did during the boom”
i really dont feel the price is boom price. maybe 20k to high for being on a partially major street. the area around this house is filled with well manicured lawns and pride of home type yards and upkeep.
Zillow, which I understand is not the authority on appraisals, says that entire block and the block behind oak park is worth in the low to mid 200’s.
This home is listed for $299,000.
For once, Zillow is right.
This home is still overpriced but the price is headed in the right direction. This is worth in the mid-200’s because it’s been updated.
I don’t think the 2002 price is necessarially appropriate here. the upstairs, at least the bath, has been redone since then. This neighborhood is not for everyone. That is correct. But remember LP/LV is not for everyone either. The difference here is that someone that can not afford LP/LV can get the same amount of space in Galewood. Its not true the other way around.
This neighborhood gets the benefit of those who want to live there plus those who are OK with living there but they can afford it. LV/LP only get the people who want to live there minus those who can’t afford it.
This place was overpaid for in 2007. Most places were, especially places with brand new flashy baths. I could see this place going for $255-$275.
I also kinda like the loft/nursery by the master bed room. Could serve the purpose of an semi-open den/work space or a semi-private nursery. With the basement rec room. This house could serve a family for a whole generation. Sorta what a house used to do……
“says that entire block and the block behind oak park is worth in the low to mid 200’s”
which is pretty close to correct. thats why i stated “i can say you wont find a brick tudor or bungalow renovated in this area for this cheap” Renovated is the key word. as most of this area have immaculate exteriors, lawns and yards the bathrooms, kitchens, and basements are dated.
for 280k you will be getting a turn key place and as tom stated “This house could serve a family for a whole generation. Sorta what a house used to do”
Groove, you say $280k I saw it’s headed towards $250, $260k, so we’re close. Let’s see what it closes for this winter, because it will now that it’s priced in the 200’s.
only say 280k for the fact of traffic noise and dirt. but you get free smells from the mars factory ummmmm cavities
Galewood is an ok spot (used to be an old Italian neighborhood) but the Sayre school isnt great, though its improving. The biggest issue with this neighborhood is lack of nearby transportation (ok Metra isnt far, but interstates are) and proximity to rough n’ tumble Austin. That said, the quality of home construction out there is excellent (these were built when houses were *houses*).
JMM what’s your estimate then?
On one hand, Oak Park Ave. is sort of like being on Halsted for that neighborhood. On the other hand, very few of the houses are upgraded. I think 250 is reasonable. Plus this is a likely FHA deal, so isn’t the 250 range meaningful for that purpose?
250K is a great deal (depending on quality/condition JMM thinks its good), because of visual appeal and easy commute dwtn(some don’t, not universal), i see 280K* (for the house, ITS brick, the groove is right, its lots of hard work, it has some real value, depression or not). how is the neighborhood? my preference, be near all three (cta, metra and interstate) but it still has
3/3 A/C Land and good looking brick work. probably 3 deep, can you smell the mortar?
the issue is replacement cost, i can see it not being relevant in a dangerous hoods or Detroit, but here(most of chicago, not just the green zone), as long as Austin’s troubles don’t spill over i see no problems.
*plus shades for the skylights in the bdrm.
It looks like over time, people have added to the original structure, plus extensive cementing of back yard.
dubs,
“Groove, let us know what you think after the open house”
sorry i didnt get a chance to go, tweaked my ankle playin ball saturday layed up on the couch all weeked. did drive by there friday and the outside look well maintained as all the house down oakpark from the tracks to north ave.
“proximity to rough n’ tumble Austin”
this is a major disadvantge to galewood, also the school situation too. galewood was a big italian hood in the 80’s and a few block closer to harlem still are elderly italian, you can tell which houses too jst look for the fountians in the front yard
at 299,000 this house is still too much $$$. Went to a open house here… there is obvious water issues in basement (perhaps what made smell others talked about) with water stains 2-3in in storage room. That would be a lot of $$$ to fix especially if there’s more flooding in future! I think the owners are really trying to make back the money they overpaid for the house in ’07. It’s a buyers market… if they want to sell it they need to drop the price another 50k.