Get a House in Wicker Park for Under $275,000: 2012 W. Crystal
This 3-bedroom single family home at 2012 W. Crystal in Wicker Park just came on the market for $274,900.
Yes, it is bank owned.
Built in 1878 on a 25×125 lot, the 2-story house has a 2-car garage.
2 of the 3 bedrooms are on the second level and the third is in the basement.
It does not have central air and the listing mentions gas heating and space heaters.
Is this a deal for the location?
Jason Reiner at Solid Source Realty has the listing. See the pictures here (plenty of interior shots).
2012 W. Crystal: 3 bedrooms, 2 baths, 2 car garage, no square footage listed
- Sold in September 1997 (no price listed)
- Lis pendens in February 2009
- Bank owned in August 2010
- Currently listed for $274,900
- Taxes of $6946
- No central air
- Bedroom #1: 11×11 (second floor)
- Bedroom #2: 10×11 (second floor)
- Bedroom #3: 9×6 (basement)
- Living room: 12×13
- Kitchen: 11×19
good deal if you are a flipper/remodeler
Oh. My. God. Why?
This seems to still be a lot of money for a house in a still sketchy (and getting sketchier with the economy?) area.
No thank you.
Sorry guys, don’t want to hijack but I just heard about this and can’t stop thinking about it. http://www.nbcchicago.com/news/health/seth-benjamin-petreikis-digeorge-syndrome-111647679.html
Remember when we all donated to something (I can’t remember what it was, humane society?)
So… I just donated (here: http://www.sethbenjamin.org/), who’s next?
“This seems to still be a lot of money for a house in a still sketchy”
What’s wrong with this area?
i see too many people who are different than me….thats scary
like driving north on western.
““This seems to still be a lot of money for a house in a still sketchy”
What’s wrong with this area?”
This place needs a good amount of work and is not worth the price. Wicker park isn’t anything great when it comes to green zone hoods. I’m not sure if
it even is green zone.
Those bedrooms are waaay to small. Even if you put a bunch of work into it, the SF is going to keep you from having a place that you want to live in. Or, at least, a place I would want to live in.
the house itself is not impressive, but for less then $300K someone will come along and tear it down
this is not a bad areas, a block over from Damen and division with all those restraunts and boutiques?
Not a horrible deal I guess for a lot in wicker park
Remember all the “good” deals get scooped up by realtors or their buddies so us plebes are left with the scraps when it comes to “deals”
All right, it isn’t Naperville, but sketchy? That’s pushing it.
I agree with haywood, though. Getting the lot for sub 300k starts to make this interesting as a tear down. I suppose it could be turned into a rental, too.
“endora on December 10th, 2010 at 6:11 am
Oh. My. God. Why?
This seems to still be a lot of money for a house in a still sketchy (and getting sketchier with the economy?) ”
Bwahahahhahahaaaaaaaa.
Clio, is that you? LOL
This street is sketchy. I think Wicker Park is fine over all, but there seems to be quite a bit of public housing on this street. I had a friend who lived over here who was constantly harassed. People were literally shooting dice on the sidewalk. No thanks!
Value in land. Unfortunate location there on the alley though.
The neighborhood is great, but that particular lot isn’t all that hot. It is a full 25×125 lot though.
It’s priced a little low as a teardown, but not by much on the alley.
“good deal if you are a flipper/remodeler”
Couldn’t disagree more! If the listing mentions ‘space heaters’ to me that would indicate the heating system in place is not working at 100% capacity. So in addition to adding new kitchen and baths, moving walls, replacing siding, flooring, windows (probably) and the laundry list of every other requirement, you would have to redo the entire HVAC system.
So you pick it up for $270, invest another $125 or so and you leave no room for any profit. Want to live here for 10+ years? Maybe the investment would pay off…IF you want a wood framed house in an area of mainly brick homes…something I never invest in.
LOL @ the toilet with the ‘warning’ taped to the lid yet you have a roll of TP next to it. AND a 9′ x 6′ bedroom in the basement?
OK
NO WAY.
MAJOR PASS.
“I suppose it could be turned into a rental, too.”
That’s what I was thinking. I’d want to get the price down a bit more but it would be very easy to keep it full of renters. You could also charge extra for parking. People want to live in the area. There’s a lot to do and the train is not to far.
You would have to put some cash into it beforehand of course but it just needs to be rental quality. I do not see this area getting worse. It’s green zone to me. I remember very well what it used to be like.
Whats wrong with a friendly neighborhood sidewalk game of dice?
Not worth the money UNLESS the basketball hoop is included in the price.
Everybody today has their crapshack priced as a tear down..
Oh wait, new home sales in October 2010 were the lowest it’s been since they started keeping records in 1963…if you build it – no one will buy it.
Nevermind that….teardown value!
http://www.calculatedriskblog.com/2010/11/new-home-sales-decline-in-october.html
“#haywood on December 10th, 2010 at 8:47 am
the house itself is not impressive, but for less then $300K someone will come along and tear it down
this is not a bad areas, a block over from Damen and division with all those restraunts and boutiques?”
It’s a decent enough area and it will likely improve albeit at a slower rate than most would like.
I agree that the money needed to make a desirable long term SFH is too much given the asking price.
interesting: From the birdseye view, it looks like the garage opens into the alley and there is a little patch of trees behind the garage
“Everybody today has their crapshack priced as a tear down..
Oh wait, new home sales in October 2010 were the lowest it’s been since they started keeping records in 1963…if you build it – no one will buy it. ”
well more like… “if you build it… you better live in it!”
Shitty house…price seems about right for the block. As to the greenzone discussion…have you not been out of your house in 10 years? This block of Crystal is really nice. Mostly single family.
Tear down only.
Is the lot zoned RT4 for multi-family? I couldn’t see paying $300K for it otherwise.
Well, I do agree that if you’re gonna buy in Wicker Park, it’s best to choose the streets without public housing. But I really don’t think there is any on this particular block.
This is a great location in Wicker Park…Crystal is a nice street, no public housing. You’ll have a steady stream of renters for this place, young professionals in their 20’s who want the Divison St. bar scene. And it’s close enough to the Blue line stop on Damen/North for them to get downtown to their jobs easy. If your all in cost with rehab is under $350k I think you would cash flow on this.
“If your all in cost with rehab is under $350k I think you would cash flow on this.”
Assuming a *significant* reduction in taxes. $580/month is a steep nut.
Does anyone really think, with a (cheap) $75k reno, it rents for $2750?
“Oh wait, new home sales in October 2010 were the lowest it’s been since they started keeping records in 1963…if you build it – no one will buy it.”
What’s the high month for *new* *SFH* sales within city limits in the past 25 years? Even is Oct-10 sales were zero (plausible), it can’t be as big a drop from peak as Toll Bros. results just in Arizona.
I don’t much care about SFH in Plainfield, or Phoenix or Naples, as it relates to the prospects of a ~$650k newcon SFH in Wicker Park.
ps:
This house is **really** short. Looks like its about 35′ long. Any long-term occupant buyer would want to blowout the back of the house and add at least 250 sf/floor.
“Does anyone really think, with a (cheap) $75k reno, it rents for $2750?”
I think $2,500 is very do-able. $2,750 is a stretch, not completely crazy though. Maybe if you do a nice (even though cheap) reno.
as far as i can tell there is no hoop, just backboard. so they need to include a replacement. and better make it a break away bc it’ll be pretty low.
“DailyNews
Not worth the money UNLESS the basketball hoop is included in the price.
“
“I think $2,500 is very do-able.”
With two small bedrooms and a basement office? Because a 9×6 room in the *low* basement is definitely not a bedroom, esp in a rental (liability).
Tho, shave 20% off the taxes (possible) and $2500/mo would be sufficient if you could all-in at around $350k. Seems like a pretty good opportunity for a full-time, small-time West Town landlord.
And, if I owned next door, I’d snap it up. Today. Seriously.
EXCEPT that the 09 tax bill is actually $8,388.80. OUCH! No wonder they didn’t list it correctly, even tho the bill is out.
The fact that nationally new home sales in October were the lowest in 47 years doesn’t matter to you? Keep parsing away at those figures until you see the stat you like.
Things suck, and they suck bad. And most builders see that too. That’s why the days of the $300k crapshack are over.
“anon (tfo) on December 10th, 2010 at 11:34 am
“Oh wait, new home sales in October 2010 were the lowest it’s been since they started keeping records in 1963…if you build it – no one will buy it.”
What’s the high month for *new* *SFH* sales within city limits in the past 25 years? Even is Oct-10 sales were zero (plausible), it can’t be as big a drop from peak as Toll Bros. results just in Arizona.
I don’t much care about SFH in Plainfield, or Phoenix or Naples, as it relates to the prospects of a ~$650k newcon SFH in Wicker Park.”
“With two small bedrooms and a basement office? Because a 9×6 room in the *low* basement is definitely not a bedroom, esp in a rental (liability).”
I saw a couch house close to this place where the master bdr was up a ladder for $2400 six or seven years ago. We didn’t rent it but it was rented pretty quickly. That, possible anomaly, aside, my *impression* is that an ok quality regular SFH without a major negative in bucktown/wicker proper in a comparable location would start around $3K. So I knocked off $500 for the smallness and other issues. But I haven’t looked seriously at rentals for a long time.
I do also think landlords have different pricing models, especially for SFH. Some price lower so they can be really picky, others are more at “market.”
“The fact that nationally new home sales in October were the lowest in 47 years doesn’t matter to you?”
If we’re discussing a single in-fill SFH in the city limits (which, btw, I was, as your quote of me indicates), no, it doesn’t matter.
If we’re talking about whether or not TOL is a good value at $18.79, or whether QE2 is going to work at all, or the prospects for a employment recovery, or the overall market for SFH, then, yeah, it matters.
“But I haven’t looked seriously at rentals for a long time.”
I haven’t for longer, so it was an honest question.
Just didn’t seem like a no-brainer to me, which is my standard for BotE calcs.
Theoretically, I like the idea of owning a SFH. But everything out there at a decent price point has something majorly wrong with it. Either it needs a gut rehab or it’s on an oddly-sized lot or a busy street or it sits on a concrete slab with no basement or it’s frame or it’s a 30 minute walk to the el. None of the good properties have come down in price and I’m wondering if they ever will.
With the money you’d have to put in for renovations, the super high taxes, plus the time and money you’d have to sink in for upkeep, condos are looking like a much better value. Even the listings in Humboldt Park are super pricey. I feel like in this economy I should be getting a significant discount for the inconvenience and risk factor of buying in a nabe like Humboldt Park or Albany Park. I think in those neighborhoods I should be able to get a small 1,000 sft SFH in move in condition – not even mint condition – for about 150K, but it just doesn’t exist.
“I haven’t for longer, so it was an honest question.”
Am certainly interested in opinions from anyone with more recent experience especially in this area. I do know of a recent rental in Logan that was smaller than this place, nicer certainly than this place is now but probably not after a modest reno, with one car parking (garage shared with owner) that rented pretty easily for $1950. I have in mind something like a $400 delta between logan and btown/wicker, so that gets around $2,500 as well.
“Just didn’t seem like a no-brainer to me”
I’ll agree with that.
“None of the good properties have come down in price and I’m wondering if they ever will.”
I think they have come down significantly in price. Maybe not as much as you’d like but they have come down.
“I think in those neighborhoods I should be able to get a small 1,000 sft SFH in move in condition – not even mint condition – for about 150K, but it just doesn’t exist.”
1. I agree with DZ that the typ of place you are looking for *has* come down in price, but it’s only come down from “truly insane” to “slightly detached”.
2. 1000 SF in (genuine) move in condition is a structure worth somewhere near $125k. But a teardown/vacant in HP or AP is still worth more than $25k, so there’s the basic problem. If it doesn’t need significant reno, it’s going to sell for ~$200k, unless it’s just a horrible location.
well according to HD’s calculations Jamie Dimon’s house should be for sale for around 150k in the year 2060
And they will continue to come down in price. Witness the double dip. Most of the respectable business organization are predicting price declines, from S&P, to Merrill Lynch to Zillow…the question that remains is how much will the price declines overshoot their conservative estimates.
And Milkster – you’re right. There are no deals, there is some issue with every house and they’re all overpriced. Your observations are very poignant.
Hence, as a result, we all have witnessed the slowest October/November and soon to be December market for SFH in Chicago in over a generation. Just when you think the market cannot get any worse, it gets worse, and it will continue to get worse in the future.
“well according to HD’s calculations Jamie Dimon’s house should be for sale for around 150k in the year 2060”
With the way property taxes are going, someone might need to pay $150k to get rid of it in 2060.
Oh boy.
“Sonies on December 10th, 2010 at 1:06 pm
well according to HD’s calculations Jamie Dimon’s house should be for sale for around 150k in the year 2060”
“
anon(tfo) what if, in some areas, selling prices of structures and land actually dips below replacement cost?
It means that there won’t be much need for new construction when you can buy a resale for less than the cost to build it new.
It can happen, it might happen, but don’t say it cannot happen.
The $300-400K range will get you a more or less move in (depending on fussiness) place in a nice part of Logan. HD will find you a $100K place in Irving Park, but it will be highway ramp adjacent.
“don’t say it cannot happen”
Have I ever? Or even close?
**You** are the one who always harps on the demand for turnkey SFHs under $400k in the city. If there’s a lot of demand, why would they sell for *below* replacement cost, with the land thrown in for free?
And I mean *right now*, when milkster is looking, not in some hypothetical future.
“HD will find you a $100K place in Irving Park, but it will be highway ramp adjacent.”
On a half lot. With a “retro” kitchen.
“It means that there won’t be much need for new construction when you can buy a resale for less than the cost to build it new.”
Hi homedelete!
Yes, there were some tear downs which came up for sale in Logan recently between 50 – 60K. Generally, I’d prefer to buy and renovate than to tear down because I love old houses. They are beautiful and should be preserved to maintain the character of a neighborhood. Except these were horrible, disgusting, falling-down, boarded-up frame tear-downs, and a tear down in this case would have been an improvement.
But taxes were between 4 – 7K. And I don’t know what it would entail to get those reduced if you were to tear down. And these were all cash-only sales because the houses were in such bad condition, no one would finance a conventional mortgage. Plus, add another 15K in cash for the demolition.
I considered buying, tearing down and waiting. But it’s a risk waiting, tying up all that equity and paying the property taxes for nothing for how many years? And I felt the same way you do, that maybe prices will go down further on re-sales. So I decided to wait and see what comes up. But nothing good so far.
I did look at a small brick 2 family house on Potomac just east of Humboldt Park for 150K, but it was TERRIBLE. I wasn’t expecting much, but it was concrete slab foundation with sloping floors and water damage. The apartments were tiny, and I saw boxes of rat poison in both. Note to owners. When doing showings, put away the rat poison! LOL.
Hi anon (tfo) –
In your opinion, is 150K for a small SFH in Humboldt or Albany unrealistic? Do you think prices will fall this winter?
Another deficiency I failed to mention is that most of these homes only have 1 bath. But you can get a nice, clean 2/1 condo in Albany Park for 80 – 100K for sure.
There’s just such a premium for a SFH and in the end, the condos are so much nicer…
Slowest October in Chicago in 20 years.
Slowest October in Chicago in 20 years.
Slowest October in Chicago in 20 years.
Slowest October in Chicago in 20 years.
Slowest October in Chicago in 20 years.
But naaaaaaah…it’s got nothing to do with Milkter’s astute observations that many properties on the market are extremely overpriced for the deficiencies they have.
It’s because buyers are ‘scared’ or lending is too tight or unemployment is too high. Uh-huh.
To which I retort – every home market has a clearing price and the day of reckoning is just around the corner.
To coin G’s term, I’m not even remotely looking for “pergraniteel”. Just something which is in move-in condition. Heck, forget the 1000sft. I’ll even take an 800 sft house with 2 BRs, 1.5 BAs, a basement vs slab foundation and a 15 minute walk MAX to the el. Anywhere on the Northwest Side.
“To coin G’s term, I’m not even remotely looking for “pergraniteel”. Just something which is in move-in condition. Heck, forget the 1000sft. I’ll even take an 800 sft house with 2 BRs, 1.5 BAs, a basement vs slab foundation and a 15 minute walk MAX to the el. Anywhere on the Northwest Side.”
As groove would say, Jefferson Park, Norwood Park?
Hi DZ –
I’ve been looking in Jeff Park and Norwood too, but anything which comes up is far, far, far away from the el…I’ll keep at it though 🙂
1990 was a good year to buy a house HD
In relation to Sabrina’s property in this posting, check out MLS 07676881 at 2617 W Crystal. It’s on the “other” side of Western, much closer to Humboldt Park, but it’s a brick 3 family with 2 car garage, and fireplaces for the same price: 275K. Taxes are lower at $5,392.
Milkster, I’ve been looking since 2004 and I have yet to see many deals. In fact, I could arguably say that today is even worse than 2004; because in 2004 at least there was a wider selection of homes whereas today it’s overpriced or a crapshack or both.
The market is paralyzed precisely because most homes are overpriced or a crapshack or both.
I’ve showed numerous times that the $300-$400k house on the NW side sold for 1/3rd to 1/2 the price in the 1990’s.
It was rampant HELOC’s subprime and fraud that drove the prices to dizzying heights. And it’s taking an excruciatingly long time to return to ‘normal’.
“Milkster on December 10th, 2010 at 1:55 pm
To coin G’s term, I’m not even remotely looking for “pergraniteel”. Just something which is in move-in condition. Heck, forget the 1000sft. I’ll even take an 800 sft house with 2 BRs, 1.5 BAs, a basement vs slab foundation and a 15 minute walk MAX to the el. Anywhere on the Northwest Side.”
A sampling of Multi-Units SOLD in the last 6 months in the surrounding area
1413 N Fairfield Ave $130,000
2724 W Potomac Ave $289,000
1216 N Rockwell St $150,000
2748 W HADDON Ave $129,000
1415 N Campbell Ave $139,000
Milkster: Are you dead set on a place in the city? It seems that SFHs in the city really do sell at a premium. I was searching for a couple years for a decent SFH in the city at a reasonable price and couldn’t find one. I started looking more closely at markets just outside the city and recently closed on an Oak Park SFH less than a block from the Green Line on a 35’x174′ lot in the mid-$200s. My mortgage is $1,080/month. Granted, the taxes are high in Oak Park but they’re also quite high for SFHs in the desirable parts of the city. I’ve seen plenty of places in Oak Park under $250k that meet your criteria.
“Another deficiency I failed to mention is that most of these homes only have 1 bath. But you can get a nice, clean 2/1 condo in Albany Park for 80 – 100K for sure.
There’s just such a premium for a SFH and in the end, the condos are so much nicer…”
Well, with the SFH, you get to control the land, so there *should* be a premium.
The thing with the 2d (even half) bath in the hoods you’re looking in means that it’s either a newer/larger house or a recent-ish reno. Which makes it more expensive, in general.
No, I don’t think $150k for a smallish, ugly inside, but livable/structurally-okay and somewhat mechanically updated (no coal furnace, no knob’n’tube, etc) house in a so-so location is unrealistic.
But I *also* think that that is a commodity in relatively high demand, so you must compromise on (at least) one of location, quality or price. And it sounds like you find what you’d like in quality and price, poorly (for you) located, and the other pairings as well.
It really seems as you’re finding things much as HD does in OIP–if it’s nice (enough), cheap (enough) and in a decent location, it gets a contract inside a week, so you don’t get a chance at it.
Yes, there probably will be more available like that in the near term. But it *will* remain that if it’s actually livable/rentable as-is (+new carpet, paint, maybe appliance, ie +$5k, post-closing), at $150k, they will sell v., v. quickly. And sellers realize that and will continue to ask more like ~$225 or $250 if it’s close to turnkey.
Looking at what’s in the category: What’s the deal with 1801 N Francisco? Not an ideal transit location, and a short sale, and not vintage-y, but looks move-in-able and about the right size for milkster.
“It really seems as you’re finding things much as HD does in OIP–if it’s nice (enough), cheap (enough) and in a decent location, it gets a contract inside a week, so you don’t get a chance at it.”
because as I said before, if its a good deal, the realtor or their buddies will get in on it first. You won’t ever find good deals unless there is a problem that you may or may not find
well put, anon(tfo), succinct and short and sweet. that’s exactly what i’ve been saying.
“It really seems as you’re finding things much as HD does in OIP–if it’s nice (enough), cheap (enough) and in a decent location, it gets a contract inside a week, so you don’t get a chance at it.”
“because as I said before, if its a good deal, the realtor or their buddies will get in on it first.”
Qualify that as *really* good deal, and I agree completely. It is entirely possible to find a relatively good deal actually on the market, but as everyone notes, even those go under contract quickly.
Thanks for thinking of me, anon (tfo) –
“Looking at what’s in the category: What’s the deal with 1801 N Francisco? Not an ideal transit location, and a short sale, and not vintage-y, but looks move-in-able and about the right size for milkster.”
I really don’t mean to be too picky. But the location looks like it could be a little ominous for the milkster late at night. If you do a Google 360 degree streetview, it appears to be next to some sort of abandoned elevated rail line. I’m a 110 lb woman, so it could be a little iffy for me alone at night. The house itself is perfect though! Much better than what I was even looking for with a super nice kitchen! Sigh. If only you could pick it up and move it a few blocks over 🙂
“Yes, there probably will be more available like that in the near term. But it *will* remain that if it’s actually livable/rentable as-is (+new carpet, paint, maybe appliance, ie +$5k, post-closing), at $150k, they will sell v., v. quickly. And sellers realize that and will continue to ask more like ~$225 or $250 if it’s close to turnkey.”
Agreed generally but that’s not the say the market price won’t come down. Certainly, properties that meet needs of broad segment and that are priced signficantly below market will go quickly, almost by definition. That doesn’t mean the market price won’t come down, so that the at market price places will seem more reasonable.
There are (at least) two definitions of “cheap”. There’s cheap relative to market. Those will always go quickly and be difficult to get in on. And then there’s cheap relative to affordability or other metrics and those may be nonexistent at some points (e.g. bubble), and plentiful at other points. My (sincere) concern for HD (and myself at times) is focusing too much on the former category.
Milkster, I went to jr high across the street (actually, i think that was an empty lot where I lost my house keys once…) You’d probably be alright — how many blocks over would you want to move it to feel safe?
“some sort of abandoned elevated rail line”
It’s going to be idyllic some day…
http://www.bloomingdaletrail.org/
We bought in Feb and I have no regrets, cos we got an okay deal, we needed a place to live/work, and absolutely nothing that even remotely comes close to what we were looking for has come on the market since then. It’s all just the same overpriced dogs. I don’t have the stomach or time to get involved with rehabbing foreclosure, and I think most people with good properties who aren’t totally insolvent are waiting to sell.
If anything above is misspelled, it’s cos I’m on an iPhone and I don’t care enough to spell check my annoymous Internet posts. Sorry.
I have concerns too. I don’t want to live in my crappy rental my entire life. I don’t want to live in a crappy house with a mortgage for 3x my rent either.
Things always have a way of working itself out. The pain now i.e. slowest october in 20 years – will only bring about more favorable prices in the future for everyone.
“My (sincere) concern for HD (and myself at times) is focusing too much on the former category.”
“If anything above is misspelled, it’s cos I’m on an iPhone and I don’t care enough to spell check my annoymous Internet posts. Sorry.”
I just thought that couch house was funny (esp. so in quotes). Wasn’t meant to pick on spelling.
“Milkster on December 10th, 2010 at 3:00 pm
I’m a 110 lb woman, so it could be a little iffy for me alone at night.”
Two words: RUGER LCP.
DZ, I hope the Bloomingdale Trail comes to fruition. That’s really inspiring. If it does, it will be great for property values in this area. I’m not going to have children, so school districts are not an issue for me. I’d rather invest long term in Humboldt or Albany or Uptown because there’s so much upside for improvement if they do improve.
Icarus – stay strong, brother. I think it was you who wrote in the other day that you were sad at the prospect of not being able to sell your condo to upgrade to a SFH. Don’t worry. It might happen, but even if it does not, I’m sure your condo is lovely. The SFHs out there are pretty bad. And the maintenance costs are just so much more.
Milkster, you are correct and it’s in Albany/Irving park (more than 1000 sq ft — intersted lol). In the strickest sense, we don’t need to move (financially secure and making the mortgage with enough to spare) but we would like to move into SFH and have more space and a garage!
“The $300-400K range will get you a more or less move in (depending on fussiness) place in a nice part of Logan”
-Not right now it won’t, not on a single-family east of Kimball and north of say Belden. Look at what’s on the MLS and recent closings, the number for a modest, move-in ready house is still above $400.
“Not right now it won’t, not on a single-family east of Kimball and north of say Belden. Look at what’s on the MLS and recent closings, the number for a modest, move-in ready house is still above $400.”
I pay attention mostly to the section bounded by Logan/Calif/Fullerton/Kennedy (although I mostly ignore stuff too close to Kennedy). There aren’t a lot of listings period. 2509 fairfield at $399K I’d call move in ready by many definitions (not that it doesn’t have negatives including fact that it’s short sale).
I put in some wiggle room on my statement above about move in ready. Could mean move in and don’t need to do anything and would be happy for many years; could mean livable (not unsafe) and there’d be lots to change over time. My sense is milkster’s defn is closer to the latter. Anyway, the following had sales under $400K in last couple years and meets some defn of move in ready.
2431 fairfield (no garage)
2437 fairfield (no garage)
2448 fairfield
2522 washtenaw (I think no garage)
2521 rockwell
first comment on here, heh.
This block itself isn’t sketchey but there IS public housing just one block west between Hoyne and Leavitt and on some neighboring streets as well. I rented at Leavitt and Crystal 2 years ago and I can assure you it is not an area I would ever think of living again.
DZ,
you’re keeping your eye on exactly my hood, although I’m willing to stretch my view out to Sacramento, and often even Kedzie. This is definitely some kind of rarified little gem of an area.
Of the recent sales you posted above, 2431 Fairfield has no garage because it’s a house on the back of the lot, but there’s rumors of a request for a curb cut (which is stupid, IMO). 2437 has a garage now. 2422 washtenaw does have a 2 car.
the cute little $399k house on Logan Blvd is pending now, and while it needs a ton of work, well, IT’S ON THE BLVD.
“you’re keeping your eye on exactly my hood, although I’m willing to stretch my view out to Sacramento, and often even Kedzie.”
No interest in 2509 fairfield? Seems alright although I haven’t been in it?
“Of the recent sales you posted above, 2431 Fairfield has no garage because it’s a house on the back of the lot, but there’s rumors of a request for a curb cut (which is stupid, IMO). 2437 has a garage now. 2422 washtenaw does have a 2 car.”
I think 2437 probably always had a garage. I was getting it confused with the house next to 2431, which is also on the back of the lot. (I was writing based on knowledge of block, not from having looked at 2437.) What would they do with a curb cut at 2431, put a driveway in and park on it?
Well, I only keep my eyes open on this area because I own here and I co-own a rental property around here, as well. Watching property values, listing prices and the RE market in general has always interested me, and man oh man, it sure has gotten interesting in the past few years!
Some day we’ll want to sell the rental, and some day I may want to sell or rent out my own place. We had wanted to pick up another rental property but when we had the time and energy, we couldn’t afford to do it because everything was so bubbly high. Now, things are getting back to affordable, but now the time and energy is gone. Still fun to watch and learn. Maybe I should change my screen name to Gladys Kravitz? 🙂
i own a condo on Crystal st. there is public housing on the street. it’s not by any means a bad area to live, but it can be a PITA dealing with some of the public housing issues as you could imagine. i am sure this stuff is or will be priced into the home price.
Here’s a status update on some of the properties discussed in this thread:
2012 W Crystal
Sabrina’s subject property in decent Wicker Park location
SFH – Frame – Not in great condition
List: 274.9K
Status: Sale Pending
2617 W Crystal
Well west of Western and 2 blocks from Humboldt Park
3 Family – Brick – Needs some work, but great bones
Reduced from 275K to 225K
Status: Still Available
1801 N Francisco
SFH – Stucco? – Built circa 1990? – Move in condition
Next to Bloomingdale Trail
(I think this was listed at around 179K or so)
Status: Taken off the market on 2/9/2011
What I would take from this is that location, location, location is the most important factor in closing a sale.
“What I would take from this is that location, location, location is the most important factor in closing a sale.”
Of course location is a huge part of it.
But none of these has actually closed yet.
So we have a pending sale, an available listing, and shadow inventory. Looks to me like the ‘spring bounce’ is a roaring success!
Interesting reading everyone’s comments on this property…
My fiancee and I are the new proud owners of 2012 W Crystal. We currently live on Damen and wanted a SFH for under 500k in Wicker Park. This was the best area + price available in months IMO. Granted, it wasn’t the best deal at 275k but we weren’t going to flip or rent this one. We ended up closing at 265k. We already have a couple income propoerties off Diversey just east of 90/94 that satisfy my investor addiction in the short term. Our plan is a full gut rehab with a 10ft addition on the back of the home. We are also turning the land behind the garage into two outdoor parking spots (couldn’t think of any better use for the time being). Totoal sq ft including the basement should be around 2500. The style and quality of the finihsing materials will be medium to higher end. My goal is to have it appraise at $550k+ and yes, I expect it to produce some reasonable equity profits upon rehab completion.
Does anyone think an appraisal at 550k+ is unrealistic?
Niko