Another Reduction on North Center Cottage: 1750 W. Grace
We first chattered about this cute North Center 4-bedroom home at 1750 W. Grace in June 2008.
Agent Eric Rojas, who was NOT the agent on the property but ran an open house there, updated us on the house in September after it was reduced further.
It’s still on the market and has been reduced again.
1750 W. Grace: 4 bedrooms, 2 baths, no square footage listed, 2 car garage
- Sold in May 2006 for $555,000
- Was listed in May 2008 for $669,900
- Reduced
- Was listed in June 2008 at $649,900
- Reduced
- Was listed on September 10, 2008 at $598,500
- Reduced
- Currently listed for $584,900
- Taxes of $8408
- Central air
Remember our chatter?
Bob thought it would sell for $500k. Eric said no way:
“BOB buddy, you have grossly underestimated the single family home market in this area. $500K is way too low. I hope you’re not the guy who predicted 2109 W Montrose chatted about on this site should sell around 350K… and it sold in 23 days for $440K!
My personal number I’d buy the home for is much higher. It will sell for more than they paid (like $550K in 2005 or so). This is a solid, move-in condition home with plenty of space for a family of four. I think I mentioned I had my wife come by with our kid to look at it (to confirm if my instincts were right). She agreed we could enjoy the house. The family room, deck and yard really open up the house. The four bedrooms and finished basement create huge flexibility in how someone can live in the home.
The issue was the price they went on and now… the interior decor. In this location, people expect a dump under $600K… it’s better than a dump! I was slammed at the open house last week and the listing agent as been busy there since going $598,500.
Again, at the current asking price minus a decent negotiated concession, I’d move right in… wait awhile till the kids were over 5 years old… then swap out kitchen and bath finishes, carpet the downstairs, paint and decorate with our current furniture etc…. The house would sell in a week for $629k!”
Joshua Katz at Rubloff actually has the listing. See more pictures here. See the property website here.
Here’s the listing again:
Well-maintained four bedroom, two bathroom cottage with hardwood floors throughout. Three bedrooms on the top floor. Finished basement provides plenty of space with large utility storage area. Great main level family room, separate dining room and fourth bedroom.
Many updates with newer windows, HVAC and roof. Big rear deck overlooks green fenced yard. Solid two car garage. Close to shopping, Brown Line, Southport and more.
Stay tuned.
Nice looking place, although those taxes are brutal for a single family home – what CPS schools does this address feed into?
Its neighborhood school is Hamilton. If this house were two blocks west, it would be in Bell district, or two blocks east, it would be in Blaine. Either way, it would easily sell for $650K.
Jan,
Not many properties are selling ‘easily’ these days, at any price point.
Perhaps Rojas can come on here and tell us how many offers are on the property at the conclusion of the open house. If it is such a good bargain somebody must have bid on it, right?
Nice location, looks nice from the outside, but the inside looks pretty unremarkable. Pete and Bob make good points too.
“it would easily sell for $650K”
It really probably would if it were in Bell or Blaine attendance boundaries (esp. Bell), but it’s sort of a tweener place and price–it’s nice enough to live in (so it’s too expensive for a teardiown right now), but you’d want to put $10k (or a bit more) into it, and that’s tough right now, but it’s not really nice enough for anyone who can either (a) get a jumbo or (b) has $170k for a dp to get a conforming loan.
I agree, I should have said that it likely would sell more quickly if it were in either Blaine’s or Bell’s neighborhood boundaries.
the “rugs” in the basment suggest ripped up carpeting, and prior flooding.
Expired 12/21/08… This house is not brick, does not have a flat roof (dormer 2nd floor), and a dated kitchen. This is a new market… If your in North Center and not in the Bell school district you are not selling over $500 in this condition. I love the house, live in the, and love everything about it. But, we need to accept realities.