After 2 1/2 Years on the Market, 4-Bedroom Greystone Sells for $165K Under 2006 Price: 932 W. Wolfram
We last chattered about this vintage 4-bedroom greystone at 932 W. Wolfram in Lakeview in April 2011.
See our April 2011 chatter here.
At that time, it had been listed on and off for over 2 years and had been reduced $340,000.
It was listed $75,000 under the 2006 purchase price.
The house finally recently sold for $165,000 under the 2006 price at $795,000.
Some of you who had been in the property remarked on the noise from the nearby El (which was just a few houses away from the brown/red/purple line tracks.)
Built in 1888, the greystone had many of its vintage features intact including original Fret woodwork, built-ins and stained glass.
There were 2 woodburning fireplaces.
The kitchen was apparently “new” with stainless steel appliances and silestone counters.
3 out of the 4 bedrooms were on the second level with the fourth in the lower level along with a family room and a second kitchen.
Built on a 25×124 lot, it had central air and a 2-car garage.
Despite the El, did someone get a deal for the square footage?
Joseph Metzger at Prudential Rubloff had the listing.
932 W. Wolfram: 4 bedrooms, 4 baths, 2 car garage, no square footage listed
- Sold in December 1993 for $265,500
- Sold in May 2006 for $960,000
- Originally listed in October 2008 for $1.225 million
- Reduced numerous times
- Was listed in April 2011 for $885,000
- Sold in June 2011 for $795,000
- Taxes of $11,329
- Central Air
- Bedroom #1: 19×12 (second level)
- Bedroom #2: 14×10 (second level)
- Bedroom #3: 10×8 (second level)
- Bedroom #4: 11×8 (lower level)
- Family room: 50×11 (lower level)
- 2nd kitchen: 10×9 (lower level)
That price history is simply jaw dropping. One owner did very well and the next got seriously burnt.
Greystone Friday?
nothing says 800k like “bing bong doors closing”
its not that close to hear it, is it?
sold for sure more than I thought it would.
Looks like a nice home.
Red G: Yeah, it is. Besides being almost on the tracks, it is near enough to the Wellington stop to hear the announcements when the trains stop.
Sorry, I meant diversey. The platform at diversey goes north of diversey, so you are probably only 100-200′ from the end of the platform here.
I’m going to say something that is uncharacteristic of me (and I have been off my game lately) but $795,000 for a large greystone, in great condition, with a 2 car garage and vintage details, with a new kitchen and other updated fixtures, seems reasonable. Properties like this in a lakeview location are fairly rare and should be expensive. Yes it’s only a smidgen off the 2006 price but that includes a new kitchen and what appears to be soundproofing on the 2nd floor. And given that inventory is so low, this makes sense. This is a trophy property and given the noisy el location that’s why it’s less than $800,000. Put this east of clark and the price would be over a million. The buyer of this property is probably wealthy, had a significant down payment and has no intention to flip.
I still think prices will fall, don’t get me wrong, and the fall will continue to effect all areas, but, the price for this is definitely a step in the right direction and while this is not necessarily a ‘deal’ it is a fair value for this property today. I don’t think they overpaid today unlike a lot of properties we see sell on cribchatter.
So what’s the lowest you see this property’s value going to?
Chris M it sold already. Are you asking about future projections?
“nothing says 800k like “bing bong doors closing””
Note the people willing to pay exorbitant prices for real estate like this (960k in 2006) were NOT long-term owners. These were fly-by-night cornflake owners.
The 1993-2006 owner at least lived there for 13 years, which is what you’re supposed to do with real estate. The person who bought in 2006 and sold only five years later at a steep loss is just a cornflake, likely from the east coast, whom I hope is precluded from ever owning real estate in Chicago again.
Oh yeah and a 1.225MM ask price a month after Lehman shows how in touch this seller is with the outside reality and market. LMAO.
“Chris M it sold already. Are you asking about future projections?”
Yep, future projection. Just wondering what HD thinks the lowest value this property could sink to once the dust settles.
For me: 470k in 2021.
Am I projecting a 41% decline for Chicagoland/the Chicagoland Case Shiller from current levels? No.
This is a particular property where mr. flipper ____’d up the valuations. It’s going to take a decade to get these people flushed out of the market so they move on to something else to try to get rich off of late night infomercials.
I think in 2021 you’ll see some serious inflation that will cause dollare price rise in eveurything–even real estate. Your projection is that we don’t inflate the debt away over time, but crawl along at the bottom while the next crisis comes and pushes us lower and the structural problems in housing don’t change. Impossible to tell–but I’d bet on inflation. In which case you would not mind being in housing (especially if the money is borrowed) as a way to retain value (though not grow it)I think this is a good price if the el is not an issue.
“I think in 2021 you’ll see some serious inflation that will cause dollare price rise in eveurything–even real estate.”
Absent wage growth I don’t see how inflation could hit things other than imports and commodities.
Will we see wage growth by 2021? Well we haven’t seen it for most people for the past decade.*
*This property likely will still appeal to the higher end so maybe.
If the wage trends of the past two decades hold up we’ll see the top 1% do great (this is not a top 1% property), the next 2% do okay (property probably falls here), the next 7% tread water and everyone else’s purchasing power declines.
If they inflated away even a portion of the debt, you’d see nominal wage growth. It is hard to do, and I think they are still lopoking for the perfect time and vehicle to do it—Is there a better path?
“Is there a better path?”
Default and letting the financial system implode would’ve been preferable, if more painful in the short-term. Also would’ve eliminated structural/TBTF issues in the financial system and moral hazard regarding lending going forward.
But they’ve already went down the path of inflating our way out of the mess and committed trillions to do so. So it’s not like you can just un-do the actions of the past three years.
So the financial sector gets a soft landing whereas the construction sector, where people actually have to work for a living and create tangible things, gets thrown to the wolves. Ahh America.
Ron Paul voter I see. Who knows. I think we are waiting for China to stumble before we weaken ourselves further.
Regarding the noise of the train. I’m 1/2 mile from the Wellington stop. If the air and wind are just right and I’m out on my deck, I can hear the train and the announcements.