Are Some Single Family Homes Still A Better Deal To Rent Than To Own? 529 W. Wrightwood in Lincoln Park
I think several of you have mentioned this 4-bedroom house at 529 W. Wrightwood in East Lincoln Park in previous threads about this neighborhood.
It came on the market in May 2012.
It is currently listed both for sale and for rent but the rental listing says the owner prefers a 6 to 9 month lease.
Built in 1906 on an extra wide lot of 41.13×49.9, it still has a bunch of its vintage features intact including an antique mantle, original inlaid floors (check out the picture of the dining room to see the floors) and stained glass.
3 of the 4 bedrooms are on the second floor along with 2 baths.
The family room and fourth bedroom along with another bath are on the lower level.
The kitchen has granite counter tops and white appliances.
The house, however, also has an attached 1-car garage, which is pretty rare for a vintage property this close to the Park, and space for a second car on the parking pad.
It also has central air.
Originally listed for $995,000, it has been reduced $46,000 to $949,000.
OR you can rent it for just $5500 a month.
Is the rental price a deal given the rents just up the street on 2/2 1200 square foot condos in the new 2550 N. Lakeview are listed at $5000 a month (plus $300 for parking)?
Or is someone also getting a deal just to buy this property? (given the location?)
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
You can see the rental listing here.
529 W. Wrightwood: 4 bedrooms, 3.5 baths, no square footage listed, 1 car garage plus parking pad
- Sold in April 1990 for $750,000
- Sold in January 2004 for $869,000
- Sold in February 2008 for $915,000
- Originally listed in May 2012 for $995,000
- Reduced
- Currently listed at $949,000
- OR you can rent it for $5500 a month
- Taxes of $14635
- Central Air
- Bedroom #1: 12×18 (second floor)
- Bedroom #2: 13×11 (second floor)
- Bedroom #3: 9×11 (second floor)
- Bedroom #4: 8×9 (lower level)
- Family room: 21×13 (lower level)
a 6 month lease? for an unfurnished SFH? sorry i don’t know anyone that would like the notion that you might have to move all the stuff again in 6 months.
I really like the house and location, don’t like its on an alley and even with the wide lot its a shortone in the back
and isn’t this in the Alcott district, and who really would want that?
“Is the rental price a deal given the rents just up the street on 2/2 1200 square foot condos in the new 2550 N. Lakeview are listed at $5000 a month (plus $300 for parking)?”
Quite the basket of apples and oranges you’ve been comparing lately sabrina… i’m going to chalk it up to your cough medicine ingestion over the weekend.
Agree with Groove re: being situated on the alley (next to apartments). I’m also not thrilled about how close it is to Clark. (The RH recently featured on CC, down on Deming, is in a better spot. Even though the place on Deming is as close, if not even closer, to Clark, Clark and Deming just “feels” a lot nicer than Clark and Wrightwood (stop light, Tarascas and 7/11 on the Corner, it’s that much closer to the McD’s/post office blight/sketch zone, etc.). That said…three beds up, garage+pad, some outdoor space, beautiful living/dining rooms, plus a guest room next to the t.v. viewing/play/treadmill/storage/laundry areas downstairs…all hard to come by in LP east of Clark for under $1m. $900k thus doesn’t seem too crazy (I’d shoot for $875k, with a fancy fridge and stove upgrade thrown in).
As for it being in Alcott, if this place were right for us in terms of timing (it’s a year or two too soon) and willingness to live in a SFH (which remains to be determined), I don’t think that would necessarily be a deal killer for us. Sure, Lincoln would be better, but until Lincoln expands, how much better seems at least a little bit debatable.
How bad is Alcott? It is often ranked higher than Nettlehorst, which gets a lot of love.
“How bad is Alcott? ”
There’s nothing wrong with Alcott; Groove just compares everything to Oriole Park Elem, and if it isn’t ranked higer some years, he deeds it unacceptable.
Her photographer is awesome – every time I look at one of her listings for a bigger place I look for the child’s winter coat. It’s like the photographer’s calling card.
I don’t think it’s a legitimate candidate for rental either considering the terms.
But I would take it over a lot of other comparable places, in LP– just glancing, it might be the best “deal” around $1m, east of Lincoln in LP right now. Will be interesting to see if this or 2427 n orchard moves first (that listing is worth checking out just for the psychedelic interior). . .
(And I too would take Alcott of Nettlehorst. . . and probably over Oriole Park, only cuz I don’t wanna live out there. All 3 seem pretty much comparable, and totally acceptable, these days).
only one garage spot for a million dollar SFH? really?
“only one garage spot for a million dollar SFH? really?”
It’s $949, so they’ll probably gladly take $900. In any event, can you suggest some listings for 4 bd SFHs in ELP (merely east of Halsted, let alone east of Clark) for under $1m…that have two garage spots?
the ONLY issue for me with this place is the small and inadequate master bath. what do you do with that?
“There’s nothing wrong with Alcott; Groove just compares everything to Oriole Park Elem, and if it isn’t ranked higer some years, he deeds it unacceptable.”
What makes it even funnier is that I wouldn’t even send my kid to oriole park. care less how good it tests when class sizes are 40 kids per class, i will take a pass.
Btw i also use edgebrook as another standard too 😉
” for under $1m…that have two garage spots?”
its one garage and one parking pad.
“Agree with Groove re: being situated on the alley (next to apartments).”
and to make it worse being surounded by apartments you dont get the standard chicago lot (125) depth to give you a buffer. Which is exageratted but abutting the facade and stairs right up to the sidewalk.
all said the negatives are reflected in the price and for the location and interior sqft layout with 2 car parking there is not many better than this.
If you can afford $5500 for rent, what’s another couple thousand a month for a private school?
“If you can afford $5500 for rent, what’s another couple thousand a month for a private school?”
What kind of statment is that?
Another couple of thousand goes to food, utlities and livinng expenses….
“what’s another couple thousand a month for a private school?”
I see what you’re saying, Jenny; however:
* In the first few years of owning a place like this, at least for us, a couple grand a month would be a very big deal. I could see making sacrifices and making things really, really stretch for a while in order to buy a similar house located on, say, Cleavland between Dickens and Webster, but not here.
* Assuming a two kid family (which is a safe assumption, otherwise there are better options for a one-kid upper-middle class LP family), a “couple grand” a month might cut it for Catholic, but that’s about it. At L/P/B/L, a couple grand a month will cover *one kid* during the elem years (at least at L/P; not certain as to British and Lab); after that, it’ll be a “few grand” a month. For two kids, you’re looking at $5k(ish)/mo for a while, then $6k(ish)/mo once they’re in HS. And that’s not including any “suggested” donations to meet the “gap” costs.
* Bear in mind that most private schools (L/P, anyways) aren’t on a “howmuchamonth” (to borrow an HDism) payment program. I think a lot of private school parents can just cut a check for the year, but some likely need to use loans/letters of credit, etc., which only increases the cost.
Great location and the interior is nice, but I agree Deming is better than Wrightwood and wouldn’t want to have alleys on both sides. Still, I don’t think this will sink below $900,000.
Yeah, a 6 or 9 month lease on a SFH?! You have newer built condos in some of your supposed “better” neighborhoods with large $1.99 FOR RENT signs slapped in the windows as well. Maybe it’s the realtor background in me but these listings and modes of advertising just exude sheer desperation. At least this one was listed.
Pictures depicted are far better than the home shows in person. Toured with clients the other day, and it was on the top of their list out of 15 homes they wanted to see. After touring in person, it was one of their least favorites.
“mh: Her photographer is awesome” –You are certainly correct!
Also, the home says 6-9 month lease preferred, but they are open to longer.