Another New Construction Home Under Stress: 3922 N. Kilbourn
We’ve been chattering about how long developers can continue to hold onto their properties in this slow market.
There are plenty of new construction single family homes in the city sitting empty. This house at 3922 N. Kilbourn in the Old Irving Park neighborhood is one of them.
The listing says it is subject to short sale but the foreclosure auction is scheduled for this week:
New construction 4 bedroom, 3.5 bath home in Old Irving Park. 52-foot frontage lot on tree-lined Kilbourn. Cedar-sided with full front porch. Large, open, bright rooms, 3 levels of living space. Huge living/dining room combo with fireplace. Family room with fireplace off cherry and granite deluxe kitchen with sliding doors to rear deck.
Master suite with cathedral ceilings, double walk-in closets, marble bath with separate shower. Zoned gas forced air/central air, alarm. 2-car attached garage. Near all transportation. Subject to Bank Short Sale Approval.
Peggy Brockhaus at Coldwell Banker has the listing.
3922 N. Kilbourn: 4 bedrooms, 3.5 baths, 2 car garage
- Currently listed as a short sale for $749,900
- Foreclosure auction scheduled for Aug 1
- Foreclosure auction price of $653,508
- Taxes are NEW
I’ve seen this house. The original parcel was a pretty small piece of land and the developer packed as many units as possible on to the it. It’s an ugly subdivision and there are a still a number of unsold homes.
The garage looks like it was tacked on as an afterthought. Ugly.
Somehow, this house does not seem appropriate for an urban setting.
And the interior is a big disappointment. Being modern, it doesn’t have the graceful architecture and beautiful details you associate with houses of the period this place references.
It’s a oversized, fugly, hard-to-heat place that is already obsolete. I’d take a real Victorian-vintage any day, over this, for the same price.
How are the public grade schools in Old Irving Park? It seems like single family houses there are relatively affordable.
Irving Park middle school is in the process of being converted to the Disney II Magnet School. 50% of slots are reserved for kids in the neighborhood, whatever ‘neighborhood’ is defined to be. Othaer than that gem, the rest of the schools in Old Irgin toally suck. Parents in the neighborhood send their kids to St. Viators for elementary. I don’t know where the high school kids go. I wouldn’t send my kids to CPS. I’ve rode my bike past Schurz a few times during the school year and everytime, without fail, I get harassed, chased or sworn at by the deadbeat dropout drug dealing losers hanging out near the school.
Old Irving is relatively affordable for SFH if you want a small fixer upper outside of the traditional OI boundries (Addison, Irving, Milwaukee, Pulaski), but, prices are still pie-in-the-sky high for anything decent. I watch old irving inventory (along with a handful of other neighborhoods) and it’s always the same crap that’s available day in and day out. The $569k fixer upper bungalows, the crappy CA development new construction, the same damn condo conversions, the same ugly green 2-flat for $500k.
The real nice stuff – the craftsman bungalows, or queen annes, they don’t go up for sale very often and when they do they sell pretty quickly. A dumpy queen anne sold very quickly for $750k a few months ago and it’s in the process of being gutted and rehabbed.
One recent trend I’ve notice is that the unsold condo conversions are reverting to rentals. Average rents 3 years ago before the conversions was like $900 or $1000 or a two bedroom. Today the conversions flooded the market and that’s actualy increased average rents to like $1100 or $1200. There’s hardly anything left under a $1,000 anymore. But funny thing is that craigslist has the same damn condos listed for rent every week. One condo conversion at 4217 w irving is flat out asking for section 8 rentals. Scary.
http://chicago.yahoo.idx.prupreferredchicago.com/details.aspx?firstrecord=8&VIP=PrudentialProperties.com&searchgeo=60641&propertytype=1%2c2&sort=5&sortacdc=desc&searchtype=8
The developers gut a bungalow, add a second story and upgrade the price to $850k. One of these sold on Keeler in ’06 for over a mil so it’s great to see prices slowly creeping down.
3922 N. Kilbourn closed 3/24/09 for $432,500. That seems to me like a fairly good deal for a new construction four bedroom home in Old Irving.