Vintage Logan Square Cottage Finally Under Contract: 2527 W. Charleston
We last chattered about this 3-bedroom Logan Square cottage home at 2527 W. Charleston in December 2009.
See our prior chatter here.
Back in December, when the house was listed for $575,000, most of you thought there was no way it would sell for even $500,000 given its location.
After reducing to $480,000 earlier this week, it has finally gone under contract.
The house has hardwood floors throughout.
All 3 bedrooms are on the second floor.
The kitchen has white cabinets, wood counter tops and stainless steel appliances.
It has both central air and a garage on a 25×111 lot.
The house also has an unfinished basement.
Peter Picchietti at Prudential Rubloff still has the listing. See the pictures here.
2527 W. Charleston: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed
- Sold in April 2000 for $247,000
- Sold in October 2006 for $512,000
- Originally listed in July 2009 for $575,000
- Reduced several times
- Was listed in December 2009 for $548,900
- Reduced
- Currently listed at $480,000
- Under contract
- Taxes of $4334
- Central Air
- Bedroom #1: 13×12 (second level)
- Bedroom #2: 10×10 (second level)
- Bedroom #3: 11×10 (second level)
- Living room: 15×13
- Dining room: 15×12
- Kitchen: 16×16
- Sunroom: 16×16 (second level)
- Unfinished basement
Just goes to show you that nobody knows WTF they are talking about. Most people on this site would have bet that this place wouldn’t sell and probably would advise the sellers to reduce to 200k, etc. Obviously there ARE buyers out ther – just look at the number of units currently under contract as well as the numbers going under contract everyday. Sure, it’s not 2004-2007 numbers, but there ARE several sales out there. Reading threads on this site would scare the crap out of anyone – just keep your eyes on the hard data.
There has been a lot of gang activity in this area. Also a number of rapes, shootings and robberies. Still a good deal?
The number of properties going under contract is at generational lows, worse than 2008. So what if this property went under contract? What about the rest of the 12 months supply on the market? How much lower will that have to be reduced to finally sell?
“Just goes to show you that nobody knows WTF they are talking about.”
We must have been reading different threads because I don’t think that anyone unduly slammed this place (in fact it got a lot of praise from some) and nobody suggested that the price needed to drop to $200K. Also – remember, it’s under contract and more than likely for less than ask (already a $100K haircut from the initial asking price).
Maybe there was a bidding war before it went under contract? Hahahahahha!
Your points are well taken – I just feel there is too much emphasis on the doom and gloom in the market – people have to realize that there are also buyers out there who ARE taking advantage of generational low interest rates and low prices. I stand by my feelings that if you are a buyer (or looking to buy in the next 5 years) NOW is the time to start looking/buying – and if you find something that you like, pounce on it and don’t look back!!!!
Looks like seller read Crib Chatter, and lowered price to “less than $500,000” per advice. Looks like Crib Chatterers did get it right. I think this house is now priced within current market expectations; however, this Logan Square location (west of Western) may experience further home-price reductions as market continues to weaken. Financial reporting has become particularly grim again, and a “second recession” seems likely.
To paraphrase famous line in “All About Eve”, fasten your seat-belts, we’re in for a bumpy ride…
I know nothing about the ‘hood, but it is a cute place.
“There has been a lot of gang activity in this area. Also a number of rapes, shootings and robberies. Still a good deal?”
Smeaad,
I had a girlfriends brother get shot and killed at califorina and armitage years back, he was a gang banger over there.
I also ordered my first under-aged pitcher of beer at the congress pizza there.
i was also on a 15 (some random gang) on 7 (me and some buddies heading to a party) person brawl in the middle of milwaukee ave.
Its good to see the hood is staying true to its roots 🙂
There are buyer out there who decide it’s time to buy and they jump into the market feet first and buy the best of what’s available at their price point. that’s how the market usually functions. That’s why this house sold. Unfortunately buyers like these are few and far between. There are a handful of buyers like me who stick their toes in the water and quickly get freaked out and then sign another rental lease for a year.
“#Architect on September 10th, 2010 at 6:44 am
Looks like seller read Crib Chatter, and lowered price to “less than $500,000? per advice. Looks like Crib Chatterers did get it right. I think this house is now priced within current market expectations; however, this Logan Square location (west of Western) may experience further home-price reductions as market continues to weaken. Financial reporting has become particularly grim again, and a “second recession” seems likely.
To paraphrase famous line in “All About Eve”, fasten your seat-belts, we’re in for a bumpy ride…”
“people have to realize that there are also buyers out there who ARE taking advantage of generational low interest rates and low prices.”
there is very little chance of the fed raising interest rates within the next year. Even the sep 11 – dec 11 spread on interest rates is trading around only a 50% chance of a .25 rate hike. Low rates will still be here next fall when I finally pounce on the market.
Uh-oh smeaad–now JMM is going to call you a potential s_x offender and r_pist in lurking, although maybe that only applies to you pointing out said crimes in the green zone proper. In real life he’s a junior credit analyst but here on CC he’s a big hedge fund mgr.
I think this buyer made a big mistake–time will tell.
These days I can get a nice townhouse in LV that was constructed within the past decade with 3/2.5 and four parking spots (two of them garaged) for 400k. This lucky new owner bought an old place west of western for 480k. LOL. And no I’m not pointing out the LV place to you lazy people do the legwork yourself.
I’d rather live west of western than have the damn EL screaming five feet from your house, Bob
247k to 512k in six years? How was that 512k purchase in 2006 financed? I’m guessing less than even 90% LTV.
I am going to call this new, insane valuation for this place the “hipster’s burden”.
Also unfinished basement screams that no owner in the past never really cared much about improving the property. For near a half million bucks I’d expect a finished basement in addition to a better location.
“There has been a lot of gang activity in this area. Also a number of rapes, shootings and robberies. Still a good deal?”
My impression is this area is better than it was. They got rid of some problem residents and are pressuring pizza place to clean up its act. I still wouldn’t live there. Then again, I wouldn’t live with my family where I do now in the state it was 10 years ago, whereas some of our neighbors (perfectly reasonable people with kids and with options) did back then.
Western is a big dividing line as everyone says. So is Fullerton.
“I’d rather live west of western than have the damn EL screaming five feet from your house, Bob”
It ain’t the El–its the other one. Not sure if that particular unit is right on the tracks either.
There’s a few for sale in that complex though from 550k all the way down to the 400k one. Guess which owners are effed?
I see even better deals near the El but I know I couldn’t live there so I don’t even look at those properties. I think part of the reason that place is so affordable is it isn’t right near an El stop, and as we’ve seen from the CC peanut gallery middle class people aspiring to be house rich but asset poor love their nineteenth century commuter train system and all of the ensuing amenities (trash, urine, crowds, etc) that go along with.
“I had a girlfriends brother get shot and killed at califorina and armitage years back, he was a gang banger over there.
I also ordered my first under-aged pitcher of beer at the congress pizza there.
i was also on a 15 (some random gang) on 7 (me and some buddies heading to a party) person brawl in the middle of milwaukee ave”
Thanks groove, this speaks volumes!!
“It ain’t the El–its the other one. Not sure if that particular unit is right on the tracks either.
There’s a few for sale in that complex though from 550k all the way down to the 400k one. Guess which owners are effed?”
Bob i’ve been in some of the units in that “gated community” and um… they suck
“Bob i’ve been in some of the units in that “gated community” and um… they suck”
I’ll happily move into a gated community like that. Liberals hate them and I hate liberals so it would be a natural deterrent. A ideological moat, if you will.
“I’ll happily move into a gated community like that. Liberals hate them and I hate liberals so it would be a natural deterrent. A ideological moat, if you will.”
wait I thought it kept liberals in?
So they could have a more self centered opinion about what communism is really like
Bob:
the 512k was 90% financed ($401k plus $51) with a recent payoff of the second and refinance of the first for only $400k mortgage
The sellers got lucky. They better cross their fingers that the deal closes.
“The sellers got lucky.”
Its funny when losing 62k is considered the lucky outcome.
I bet the same lather, rinse, repeat cycle occurs again ~2015 when the new lucky owner gets tired of being a scenester and wants to move on. 2015 guess is 380k tops.
“I’ll happily move into a gated community like that.”
No gates, man. And “liberals” hate that place cuz it’s ugly. But at $400k, it might be cheap enough to deal with the ug.
Now, that ‘hood—my expressed distaste for it is in no small part related to the ug of this development. The “white” was a *horrible* choice for Chicago.
anon(tfo). Beauty is in the eye of the beholder–I don’t think its that bad. And the ‘hood is awesome.
It also helps that right next to this development is another one with much more expensive homes. I say that because they look like it and they’ve never came up on my MLS searches and I seldom search above 800k. (No interest in RE pr0n here outside the realm of possibilities for me even with big price cuts).
First time poster, with a question I’ve wanted to ask before. If the seller loses 62k in the deal, but lived there for 4 years, it comes out to less than $1300 per month. Not any worse off than renting for those 4 years no?
“i was also on a 15 (some random gang) on 7 (me and some buddies heading to a party) person brawl in the middle of milwaukee ave.”
Me too Groove. I was down the street at Damen and it was more like 15 vs 3 against some LK’s. We got our a$$es kicked, least it was a short fight. 🙂
I was around this area now and then late at night and didn’t have many issues. Just hustlers at the liquor store at Western there on the corner looking for free money. Could be that I was lucky. I don’t think I’ve been up that way for close to 10 years now. I’m guessing it’s a much better hood by now than in the 90’s. I’m surprised there is still a gang presence.
“It also helps that right next to this development is another one with much more expensive homes.”
Right next to this development is the a$$ end of a strip center. Nothing’s changing that. And that’s why I hate this area (and why it was industrial until about 8 years ago), along with the traffic.
Oh, and the folks that live in those expensive homes? Yeah, not my favorite peeps, in my limited interactions. And I’m willing to bet, even with the limited overlap b/t your and my preferences in friends, you’d generally agree with me.
And you just can’t disagree about the white being a poor choice–if for no other reason that it *should* be a special assessment to repaint it every 5 years, just to keep it white. It looks filthy right now.
“Just hustlers at the liquor store at Western there on the corner looking for free money. ”
Wait a minute – a few weeks ago, I got lambasted for saying driving on Western was scary – and now everyone is talking about murder, gang fights, street thugs.. I guess our ideas of “safe” are different….
“Right next to this development is the a$$ end of a strip center. Nothing’s changing that. And that’s why I hate this area (and why it was industrial until about 8 years ago), along with the traffic. ”
This is a net positive in my view. Dead-end areas = no thru traffic. No idiots in SUV’s driving thru at 4am blasting hip hop music with crazy bass.
Never met any of the folks in those uber-expensive homes. We generally don’t see them.
As far as the white being a poor choice–I dunno. Perhaps I am desensitized living in a rainy country overseas for awhile where white was also popular and it showed much more effects of weathering. I think its kind of…cool.
“I got lambasted for saying driving on Western was scary – and now everyone is talking about murder, gang fights, street thugs.. I guess our ideas of “safe” are different”
Do you really not comprehend the difference b/t driving on Western and hanging out in the ‘hoods west of Western, particularly in this stretch of Western? I guess I was wrong about your reading comp. How did you do well enough on standardized tests to go to those schools?
Y’all need to pay attention to Bob’s posts. He’s been pretty clear that he wants to live in South LV or BelPort or Scooter’s Custard West or whatever we’re calling it.
“to live in South LV or BelPort or Scooter’s Custard West or whatever we’re calling it”
Bob’s townhouse seems to be in Menards East.
“Do you really not comprehend the difference b/t driving on Western and hanging out in the ‘hoods west of Western, particularly in this stretch of Western? ”
I didn’t really want to bring up this subject again but I had to call out all of the hypocrits on this site. No sense rehashing this argument – let’s just drop it.
“I didn’t really want to bring up this subject again but I had to call out all of the hypocrits on this site. No sense rehashing this argument – let’s just drop it.”
Oh, so you thought about it and realized you were *wrong*? Man up and admit it!
“Bob’s townhouse seems to be in Menards East.”
Or west Belport Liquors. Yes that area between Ashland & Ravenswood–essentially the DMZ between LV and RV.
“Yes that area between Ashland & Ravenswood–essentially the DMZ between LV and RV.”
Love it! But we need to have it stand for something else (instead of demilitarized zone).
I rented a half block from the train on Barry for a year. Nice block. Nice families. Some very expensive homes. Quick walk to the Paulina stop or the Belmont bus.
“Oh, so you thought about it and realized you were *wrong*? Man up and admit it!”
Actually, no, I am not wrong – I am just a mature man in my early 40s w/ better things to do than argue about the dangers of western avenue.
“Actually, no, I am not wrong – I am just a mature man in my early 40s w/ better things to do than argue about the dangers of western avenue.”
Haha. HA! Funny guy.
“Me too Groove. I was down the street at Damen and it was more like 15 vs 3 against some LK’s. We got our a$$es kicked, least it was a short figh”
CK,
the gold old days, you would just get jacked and walked away with a headache and bruised. what is with all this shooting now?
“Do you really not comprehend the difference b/t driving on Western and hanging out in the ‘hoods west of Western, particularly in this stretch of Western? I guess I was wrong about your reading comp. How did you do well enough on standardized tests to go to those schools?”
and thats why Anon (ufo) you will always be my internet BFF.
“I didn’t really want to bring up this subject again but I had to call out all of the hypocrits on this site”
Clio,
huge diff in you driving down western and being scared than…. smeead vocalizing gang activity and crime are in this area now and me giving experiences of crime 15-20 years ago showing how this strecth hasnt really changed.
this area is vastly safer than 15-20 years ago, IMO. my first underage pitcher was at Rosa’s Lounge in maybe 1987 – now THAT was a crazy area.
but at this point, the California stop has reached the coveted “hipster & yuppie approved” status, and there’s a lot of street traffic for the new bars/restaurants.
not a bargain by any stretch, but this person did OK if they really love the place.
“this area is vastly safer than 15-20 years ago”
What about 10 years ago? That’s the real metric I’d be interested in.
“What about 10 years ago? That’s the real metric I’d be interested in.”
From what I’ve heard and read, it’s significantly better than 10 years ago. Congress pizza has improved but still an issue. There were a few areas (I think Mclean between westerna nd milwaukee) that had MAJOR issues as recently as 2-3 years ago and have gotten better. Of course, you have to be comfortable they won’t backslide. I still wouldn’t live around here.
“What about 10 years ago? That’s the real metric I’d be interested in.”
Hell, it’s noticeably better than 5 years ago.
Groovey,
Are you seriously looking for a place in Kenilworth – or is that a joke? Because I can tell you right now that not only will you not fit in, but, more importantly , you will be absolutely miserable. I lived there for 5 years as a kid (on east melrose) and we moved because it was WAY too uptight and WAY too snotty for my family. Unless you have tens of millions of dollars, you are treated like a leper/pauper. Not a great environment to raise children –
“I lived [in Kenilworth] for 5 years as a kid (on east melrose) and we moved because it was WAY too uptight and WAY too snotty for my family.”
I *knew* the “I grew up not well off” was a relative thing.
ok groove had a few too many at dinner so before i lay my head down i will try to make sense…..
clio yes we have seen about three house in kenilworth, and wife still keeps an eye out for homes there.
its not if i will hate it or not, thats not the issue, its for the kid(s) man, the kids!
i think i may have spoke about one bad encounter i had there with anon or jmm on our first house viewing after that i questioned i want to say Joey Z here how we would fit in and i think jmm too.
but we still went to see a good bones home for cheap, then took a nice walk around the area. (we do this on every house we go see, eat out there, 45 min walk, and a stop at the closest grocery to get a vibe of the place)
on this walk we met a few of the potential neighbors, real down to earth family folk yes they were a tad ummm taken back maybe by my wifes tattoo’s and my casual attire but once we open our mouths and talked the saw who we really are the opened up and had a good chat, the introduced us to the family across the street (his wife was hot) all in all the chat was like an hour and half, they talked up the schools and sports and where to get the produce.
the funny thing is money never came up, or what i did for a living, and the second family well hey my car was newer and nicer than theirs so maybe thats why the were nice? it could be cause it was west of green bay. oh wait it wasnt that,
as we took a walk down park ave we met a grey haired couple, lady grey hair want to steal our son. we chatted up a bit mentioned we were looking in the area, she went into boasting about the school, man keni people just love that sears, and saying how wonderful it is to raise a family there. here daughter and gradkids live in glenoce and is trying to get them to move a bit south to keni. we chatted more and said we love that little beach cause its usually so empty and quiet. mr grey hair said “we live about 2 blocks nw of it” so i guess the money bags east of green bay were cool with he groove family too?
i guess bro the difference between us is when i open my my mouth people like me more?
we will be ok anywhere we go as we are very community involved and throw kick azz dinner parties and BBQ’s. plus my wife is pretty darn hot so that helps too 🙂
Groove77 is movin’ on up to the North Shore. You go Groove.
ok could go to sleep on that note……”i guess bro the difference between us is when i open my my mouth people like me more?”
i apologize it was uncalled for, low blow, and tacky on my part. i am sorry.
clio, have a great weekend see you on monday 🙂
Logan Square home tour was today. Really fabulous houses on Kedzie.
We went on the Logan Square tour, too. I was drooling over house #9 (the greystone on Kedzie).
“Right next to this development is the a$$ end of a strip center. Nothing’s changing that. And that’s why I hate this area (and why it was industrial until about 8 years ago), along with the traffic. ”
Aww the traffic is ever present in most parts of the GZ. I think the _real reason_ you don’t like the area is that tony Lake View grew bigger when those industrial areas went away and these came up.
Not all of us have a deep appreciation for its industrial past. Also watch as most previously industrial areas in gentrified areas close down are sold off, and eventually developed. With rising land values (and taxes) at some point it just doesn’t make sense anymore to stay in biz (Look how many meatpackers are left in Bridgeport). This is change and it is inevitable.
Bob – if you’re referring to the industrial areas on Elston/Armitage/Cortland, it’s not going to be redeveloped into housing anytime soon.
First, it’s a protected industrial/manufacturing zone. Secondly, there’s so much heavy metal contamination along the corridor that cleaning it up would stop any home developer in its tracks.
Question and Madeline– agree, fun home tour in LS today. . .
And yes home #9 was awesome (how many have been in a 9,000 sq ft SF in Chicago? 2228 n kedzie for those following at home). . .
But, really, you liked it over #8 (2256 n kedz)? The house just N of it (3200 w belden) has been my all-time LS dream home for about 15 years, but having seen #8 today I think it’s been dethroned.
(Oh and Kudos to Gary, greatest RE Agent ever, camping out across the hall from the open house unit in the old Norske club, stealing mad foot traffic from the tour for his listing at 2350 n kedz.).
I didn’t care for the living room or dining room in house #8.
Really, if you could take the double parlor, dining room, and bathroom from house #9 and mash it up with the kitchen, butler’s pantry, family room, sleeping porch and backyard from house #8, you’d have my dream house. Add in the front porch and entry (with the awesome window seat) from house #7, and we’re in ultra-mega dream house territory.
I think my favorite was the one owned by the older couple, in a mostly arts and crafts style with the heirloom zinnias in the back yard. (I don’t have the numbers, but I’m thinking it was probably 7). The one with the window seat. I loved, loved that house. But, I have to agree, house 9 had that awesome bathroom. I really didn’t like house 8 very much.
I missed meeting Gary. I must have been there too early, but I thought the condo that was on the tour was unfortunate. I loved the bookshelves in the main room, but the lack of windows/light would make me suicidal.
I lived (rented) on Kedzie right at the circle for 8 years. It’s a wonderful street. The trees in the boulevard really help keep the homes cool and attenuate traffic noise.
I must correct my earlier post — the house with the awesome window seat, porch, and huge garden was #5, not #7.
The pocket door in #5, with mahogany on one side and quartersawn oak on the other side, was awesome. The garden was also beautiful.
Madeline– very nice mad scientist home design there.
Question and Chris, I agree #5 was really nice. The kitchen irked me though (and was way too expensive for that. . . the cherry just looked odd to me). Also I thought they botched the deck (shouldve kept it just one level and bigger). (But yes that pocket door was astounding).
I guess I’ll just be happy there won’t be a bidding war over #8 to myself then, when the time comes!
P.S. I admit it was hearing they paid $750 for an authentic door knob that really got my attention.
I’m so glad so many people went to the Logan Square home tour. There are many more coming up in various neighborhoods. It’s a great way to see some great houses.
I’ll do a post tomorrow with info on the ones I know going on.
“P.S. I admit it was hearing they paid $750 for an authentic door knob that really got my attention.”
Maybe that house in Portage Park from a few days ago- with its authentic door knobs still in place- is looking like a better deal after all???
I didn’t hear the line about the doorknob, but I did appreciate the story about the chandelier in the last house. Apparently, it was part of the negotiation to buy the house. The new owners won that round. I wonder how much it cost them?
“yes they were a tad ummm taken back maybe by my wifes tattoo’s and my casual attire ”
I’ve always pictured you as a tall, lanky fellow with long-ish dark hair and a soul-chip. Do you have a soul-chip, Groovy? 🙂 🙂 🙂
“I’ve always pictured you as a tall, lanky fellow with long-ish dark hair and a soul-chip. Do you have a soul-chip, Groovy? 🙂 🙂 :)”
i will lie and say soul-chip is a go, and let you keep that image 🙂