Forget The Condo, Buy This Vintage Farmhouse in Evanston Instead: 1129 Sherman
This 2-bedroom 1880s farmhouse at 1129 Sherman in Evanston came on the market in August.
The listing says it has been restored by the current owner.
The kitchen has white cabinets and appliances with butcher block counter tops.
There is a new bathroom on the second floor with a claw foot tub.
There is a front and back porch, complete with a swing on the back porch, as well as a 3 season porch with a slate floor.
Both bedrooms are upstairs.
There is also a first floor den with built-in bookshelves.
The house is on a 25×132 lot but it does not have central air (window units only) and there is no garage or deeded parking.
Is this an attractive condo alternative?
Cathy Kozlarek at Coldwell Banker has the listing. See the property website for more pictures and the floorplan here.
1129 Sherman: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in May 2001 for $175,000
- Originally listed in August 2010 for $349,000
- Currently listed for $349,000
- Taxes of $5228
- No central air
- No parking
- Bedroom #1: 15×13
- Bedroom #2: 14×12
Hey, wait, is this “houses on the train tracks week”?
Right now you can do much better than this in E-town for $350. In two years this place will probably be worth $200. $350 for this thing, lol. What a joke.
“Right now you can do much better than this in E-town for $350”
and what would this go for in yuppie bastardz Lakeview maybe 850-950k?
maybe 1.5mil if its in blaine or lincoln school district?
I kind of like it. I don’t like that it’s next to the train, but I think this is a really nice part of Evanston. The walkable part. I also like the renovation. Tasteful and clean, but it doesn’t look like they wasted any money.
I liked it. I just had a friend buy in Evanston, around the same area but not on the train and it needs a reno and she paid close to 400 so this seems about right.
This property sold for $175k in 2001. Yes, I understand that the last sale price isn’t always the best metric, but 100% appreciation–even in light of the renovation–is rather aggressive. There are no comps to support this price. I’m sure they’re using 1103 Sherman, currently pending after 4 days with asking price of $400k, as justification for $349k. The difference is that 1103 Sherman has 3 full bedrooms, 2 full bathrooms, and parking. Besides, it hasn’t sold yet. In my experience, a lot of agents these days are trying to justify asking prices with properties that haven’t sold yet or wouldn’t be acceptable comps by an appraiser or underwriter (due to being too dissimilar or too far away). If it hasn’t sold or isn’t acceptable to an appraiser or underwriter, then it’s not a comp!
“. . .a lot of agents these days are trying to justify asking prices with properties that haven’t sold yet or wouldn’t be acceptable comps by an appraiser or underwriter (due to being too dissimilar or too far away). If it hasn’t sold or isn’t acceptable to an appraiser or underwriter, then it’s not a comp!”
Could not agree more.
There are details I really like here: like the outdoor spaces (even if it is on the tracks), love the tub, love the kitchen, like the sunroom, love the walk score (92). Very possible to be carfree here.
Still, it is overpriced and that “formal living room” is more like a good-sized foyer.
“This property sold for $175k in 2001. Yes, I understand that the last sale price isn’t always the best metric, but 100% appreciation–even in light of the renovation–is rather aggressive.”
Completely agree with your point about comps, but not with this. We have no idea what condition the house was in. The $175k could have been near land value for a house that was falling down. Now the house is a perfectly nice place for a small family. Seems like what most people on this site are always calling for: nice house, nice location, at a price most families with full employment in the city can afford.
Kudos to the listing agent. It has Flash and non-flash options on the website. Nice photos and floor plan
“Seems like what most people on this site are always calling for: nice house, nice location, at a price most families with full employment in the city can afford.”
Agreed.
And the $349k is just the asking price. If this closes at 10% off ($315k) doesn’t that basically make sense with the comps?
The previous sale price does NOT matter!!!! Think about it, what if someone got this house now (in foreclosure) for 100k – does that mean, in 10 years, it should only be worth 160k (5 % appreciation)? That is ridiculous.
“We have no idea what condition the house was in. The $175k could have been near land value for a house that was falling down.”
You’re absolutely right…I would say my opinion was qualified and based off the assumption that it wasn’t a tear down. Too bad data in the MLS only goes back about 4-5 years…otherwise, I might be able to determine what the condition was in 2001.
The property wouldn’t sell for $100k, even as a foreclosure, unless it needed a ton of work. If it was listed in this condition at $100k, it would be bid up to an appropriate market price much higher over list. I’m seeing that strategy all the time with foreclosures and estate sale properties being priced absurdly low to generate a bidding war. Previous sale price can be extremely misleading; however, that doesn’t mean it should be ignored.
“The property wouldn’t sell for $100k, even as a foreclosure”
I understand – but my point was that the previous sales price could be used as a negotiating tool, but should NEVER be used to initially price a property – that is stupid and NOBODY can argue with that.
Nicely presented listing and tastefully painted, but this dollhouse is for petite people. Room sizes are small, bedrooms consumed by roof pitch, and the dollhouse refrigerator sums it up! Standard parents and two kids Chicago family would be tripping over one another within a month, and house would be relisted in six months. Perhaps for a single person, small in stature?
Currently, the best comp for this place is 1204 Sherman Ave. Closed on 7/29 for $317k. However, that property, while also on Sherman, did not back up to the train and had 3 bedrooms, a 2 car garage, and a 36×140 lot. This house, on the other hand, has a more attractive interior and frame siding (per the listing), which I personally much prefer over aluminum/vinyl/steel siding. Also worth noting is 1204 went under contract on 4/27, so possibly qualifying the buyer for a tax credit. The lack of that credit in today’s market should be considered when analyzing comps. In the end, I would say anon (tfo)’s valuation at $315k could be reasonable, though I would personally aim for $300k or less.
“The previous sale price does NOT matter!!!!”
I respectfully have to disagree. As a pro in this business selling this place, that previous sales price is a great tool to use to persuade those on the fence that it really is a great deal, esp in these times when the market has not decided exactly where it will be heading.
i love the reno. And the realestate agent did a great job marketing this one.
“As a pro in this business selling this place, that previous sales price is a great tool to use to persuade those on the fence that it really is a great deal”
westloopelo – u are correct. I should have stated that the previous price SHOULD NOT matter – but we both know that most morons out there need this info to feel that they are getting a good deal (they don’t have the strength/brains/independence to figure out whether or not they got a good deal based on current pricing, their own personal needs and own personal finances).
I like Evanston, but the upper level makes me feel disappointed – the ceilings seem to make the rooms much smaller than the floorplan shows. I wonder if it would be possible to bump out the first floor office and bathroom a couple of feet to make it a full bath and a bedroom. It’s amazing how a hard-working family on one income can have such a tough time finding a nice house near the city in a safer area.
Just closed for $327,500, or 93.8% of the $349,000 list price.