Back To the 1997 Price for This 3-Bedroom Georgian in Peterson Park: 5824 N. Drake
This 3-bedroom Georgian at 5824 N. Drake in the Peterson Park neighborhood of North Park has been on the market since December 2010.
It is bank owned.
Built in 1941 on a 30×125 lot, the condition of the property doesn’t sound so great from the listing: “Condition requires cash or 20% D. P. Conventional offers or FHA203k Rehab Loan.”
From the pictures, it appears that the kitchen is missing the appliances and part of the bathrooms may be missing.
All 3 bedrooms are on the second floor.
It also has a lower level family room and a 2-car garage.
The house has central air and 2 fireplaces.
The house has been reduced $54,500 since December.
It is now listed just $4500 over the 1997 purchase price.
Is this a deal for the neighborhood?
Henry Jones at Jones Realty has the listing. See more pictures here.
5824 N. Drake: 3 bedrooms, 1 baths, 2 half baths, 2 car garage, 1810 square feet
- Sold in September 1997 for $220,500
- Lis pendens foreclosure filed in October 2009
- Bank owned in September 2010
- Originally listed in December 2010 for $279,500
- Reduced
- Currently listed for $225,000
- Taxes of $5725
- Central Air
- 2 fireplaces
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 14×14 (second floor)
- Bedroom #3: 11×11 (second floor)
- Family room: 20×14 (lower level)
Very, very good price for this extremely nice neighborhood. This is a very attractive house and will renovate beautifully. Nice interior details and generous room sizes. You really don’t need to spend more than $60K to renovate the baths and replace kitchen appliances, and if you spend your money carefully, you can substantially upgrade the kitchen without doing a complete replacement and make it look very good.
I’m really surprised to see a full two-story brick SF home with such a nice appearance offered at this price in any kind of condition. You could easily have spent that on a 2 bed 1 bath apt in this area and nearby W Rogers Park and Rogers Park just a few years ago.
And I’d keep that pink bath. The vintage tile is beautiful and in good condition. The fixtures look nearly new.
Well i am not as savvy as Laura, but the interior is fugly to me. i would want a got rehab even the fire place is hideous. i’d say a good 150-200 is required to make this decent. oh and the back of the house is ugly too.
I want to see miumiu’s house.
lol….i have a typical looking 1Br nothing special and a SFH which hubby had bought before meeting me which I don’t like much but I changed it quite a lot, I removed all the carpeting and linoleum stuff. So it is all hard wood and tile even in the basement and I kept the vintage bathrooms but renovated the appliances and all and of course changed the kitchen and man it cost a good bit of money and it is a small place (3Brs and now all the walls are white as I like all white walls the best.
What are schools here like? I’m not familiar with the area. I would think that this is a very family neighborhood…not tons of restuarants to walk to…so schools would matter.
I think the renovation will cost more than 60K. You should rip the soffit out of the kitchen and rework the air ducts so that cabinets can go to the ceiling for more storage. I’d also consider building in a banquent below the bay window or, if that part is next to the back deck, expanding the kitchen a bit. The kitchen looks tight so I’d want to make a seating area if possible.
You can refront the fireplace. I believe it’s the brick that makes it ugly, otherwise it is a very classic mantle.
The colors are surely not what I’d choose, but that’s just paint. I’d love to just RIP those fugly living room drapes down and I think the agent should do that.
To avoid having to front the cost of new kitchen cabinets, I’d refinish the existing ones, in a different color, and replace the counters with reconstituted stone, and get a drop-in or slide-in range (electric in my case) to achieve a fitted look without the cost of a built in cooktop and oven.
This house is a great situation for a moderate income family that knows how to spend money carefully and do a few things for themselves. The kitchen is not gorgeous but you could live with it for a while just by buying cheaper appliances, and you can easily replace missing fixtures.
The neighborhood is EXTREMELY nice, very quite and safe, though a little too quiet for most of us posting here. I prefer a little more urban buzz, but for a family of moderate means with a kid or two that needs places for two cars and reasonable convenience, it’s great. It’s predominately Jewish still, with extremely quiet,polite people who are quite friendly once they get to know you. All the major grocery chains- Dominick’s, Trader Joes on Lincoln, Aldis, Target- are close by and you can take the Peterson bus over to the Red Line (don’t even try taking the Kimball down to the Blue Line, though, the traffic is horrible).
miumiu-
Sounds like all you’d need is 20 gallons of white paint, granite countertops and stainless appliances to make this comparable to your current home. This house has great looking bones, and that basement bar should attract all the Mad Men/retrorenovation fans.
I don’t know the hood well, but barring any major structural issues, it should sell at or above asking price.
Sounds dreadful.
“What are schools here like? I’m not familiar with the area. I would think that this is a very family neighborhood…not tons of restuarants to walk to…so schools would matter.”
Dooode north park over the past few years have been attracting more restaurants, and Bryn Mawr ave has the ethnic one off restaurant thing down pat. there was supposed to be a caribean jerk restaurant but i guess it didnt pan out.
you can walk the Tre Kronor, which is a place i drive all the way over there just for lunch. and a BBQ place that opened up and has soem kick azz sweet potato fries!
you also have your standards like jimmy johns, panera bread, oberwies, starbucks all in walking distance.
I would love to live in this hood and would do so in a heart beat if all circumstances were equal.
a great family neighborhood with a great park and nature preserve. Also from what i heard the community center has a good Gymnastics program. you also have the sweet river trail.
Looks like a great place, but seems like communting into the loop would be a serious PITA.
Its sad that the owners couldnt maintain the mortgage. No obvious signs of extravagance. So either they used this house as an ATM machine or they hit a major financial crisis. Because the mortgage on the 1997 price should have been comparable to rent for a family size apartment.
I grew up very close to here and it’s a nice area. My friends and I had a great time playing at Peterson Park and the nature center. Besides the occasional flasher at the park, it was very safe and a nice area to grow up. My friends moved to this area when they had kids a couple years ago and they seem happy.
The area is a little boring for single adults, but fun for kids. Peterson is the school for the area, but the Jewish kids were sent to Jewish schools, the Catholic kids to Catholic schools, and the non-religious to private schools.
My parents sold their house in this area back in 2004 for just under $400,000. I’m not sure how much the real estate down turn impacted this area since the prices were reasonable to start with.
If updated (not lavishly, but decent), what would this house sell for? Is this a renovate and resale opportunity at $275-300K all in (sale plus renovate costs)? It’s a little boring for me, but the price point seems OK, and I could see living here while either doing or overseeing the update work–especially if there is a payoff at the end.
Jenny, from what I’m seeing of condo and house prices in this area, it was greatly impacted by collapse of housing prices.
Condos are becoming very cheap and so are houses around here. It is nowise different from the rest of the city, or country, in the massive rollbacks in prices. This house could have easily fetched $400K or more during the boom. The condo conversions are disasters, just like every other neighborhood, especially since most of the conversions in this area came to market very late in the boom, in 2007, when things were starting to unravel.
There are many really beautiful houses around there, and many attractive houses available for moderate prices. Very good place for a young couple with a kid or two.
That’s too bad. I hope the neighborhood remains stable. There didn’t seem to be a huge increase in prices at any point in this area… more like a slow increase over the years. I suppose no areas escaped. I feel bad for my friends in the area. They are starting to outgrow their house, but will likely have to stay for longer than they planned….just like everyone else these days.
So I’d the Jewish kids went to the Jewish schools, the Catholics to Catholic schools, and the “non-religious” went to private schools, who went to Peterson Public School?
By process of deduction… Protestants!
I babysat for some kids who were Lutheran and went to a Lutheran school that no one else in the area went to.
I’m not sure who went to Peterson. I think they had “busing” back in the day that scared a lot of the parents off. I assume it’s likely different now.
“I’m not sure who went to Peterson. I think they had “busing” back in the day that scared a lot of the parents off. I assume it’s likely different now.”
Peterson is one of the CPS schools that still have recess and had a major renovation recently. dont know the test scores, stats, or parents feed back.
but when i have passed by during recess the kids look middle class and it looks like a very diverse group of kids.
Schools doesn’t have recess anymore? Wow. That’s really depressing.
what? no recess?
“Schools doesn’t have recess anymore? Wow. That’s really depressing.”
i dont know the official list but i know Bell, Norwood, Peterson, maybe Jamison are the few left that have recess.
why is that?
“why is that?”
i was shocked too to find that out a few years ago, i dont know why (we need a Anon or a Michelle to chime in).
and study after study show exercise increases something or other and increases learning potential.
which is why in college i would run before class and lift in the early afternoon before other classes.
found when i did that i had to study less for tests.
“and study after study show exercise increases something or other and increases learning potential.
which is why in college i would run before class and lift in the early afternoon before other classes.
found when i did that i had to study less for tests.”
Absolutely. Wish i had more time for it, back when i was studying for my board exams i would study 5-6 hours, eat and do cardio for 45 minutes, and be good to go for another 5 or 6 hours of studying before bed. the days i didn’t run or work out i was tuckered out and mentally burnt after 8 hours of studying or so. Excercise of moderate duration definitely burns off stress and loosens you up, gives you more energy and focus. it’s like nature’s adderall.
more importantly it wakes you up. I am always amazed by how many students dose through the lectures. If I were sleepy I would just stay home and sleep. What is the point of going to the class and torturing yourself?
Actually I skipped a good half of my classes in college.
Hmmm.. their school “report card” rates Peterson as “excellent,” but only about 30% exceed standards.
At least they don’t have a dress code. It makes me sad when schools decide that their students aren’t even intelligent enough to pick out their own clothes.
“What is the point of going to the class and torturing yourself?
Actually I skipped a good half of my classes in college.”
luckily i found out early in my college career that if i went to ever class and paid attention, participated that when finals or tests came around i didnt need to “Cram” just review and it cut down over 3/4 of the time needed to be prepared for the test.
that allowed me more time at the clubs during finals/midterms time for skirt chasing. and the decreased population from others stuck inside cramming also up my odds and pull skirts from many more steps above my league.
I have a good friend who lives one block North of hear on Drake. It seems to be a very stable family neighborhood: the kind of place where the kid runs next door to see if neighbor can come out and play. Her daughter goes to a Catholic school in the area.
Most people who live here drive to work.
The no recess thing is a little weird – from what I understand the teachers get their ‘lunch break’ at the end of the school day so that they can still get paid to work their contractual hours without having to actually be there. I know there is a movement to return recess to the schools, and Rahm says he is going to extend instructional time, but of course it all has to clear the unions.
Speaking of unions, I spotted the rat again yesterday and noticed a website name on the back of it.
http://bigskyballoons.com/ratpack.html
jennifer, the website is hilarious!
Discussion of recess issue here:
http://cpsobsessed.com/2011/02/27/extra-time-for-lunch-and-recess-bring-it/
“Speaking of unions, I spotted the rat again yesterday and noticed a website name on the back of it. ”
i think Anon(ufo)’s life is now complete. I know i am very happy now 🙂
where is anon? It is a bit boring without him.
“where is anon? It is a bit boring without him.”
he is handing out snack bars to bikers 😀
but he is doing what everyone else should be doing, NOT WORKING and enjoying the great day. i have 45 min til i am outie, and i havent done any work since lunch 😉 i will make up for it on a rainy saturday morning or afternoon or tuesday ah who cares it will get done eventually.
Groove77 on June 17th, 2011 at 1:22 pm
“where is anon? It is a bit boring without him.”
he is handing out snack bars to bikers
LOL!
“where is anon? It is a bit boring without him.”
Prob drinking, last day of cps. He could at least get on one of his dozen iP* devices and post a little.
Supposedly recess was eliminated in some schools because parents and teachers were wary of the local “characters” hanging around the school yard while kids were playing. So in the interest of “safety” the recess period, instead of merely being moved indoors to, say, the gym (which was the procedure on bad-weather days when I was a kid) was instead eliminated entirely.
So now kids are “safe,” but sluggish and hyperactive because they have no time during the day to “let off steam” and “recharge their batteries.”
Glad to see that teachers and PTAs are campaigning to get recess back in the schools.
Jenny – Regarding dress codes: call me old-fashioned, but I feel so sad whenever I go by a school (public or otherwise) and the girls are all wearing slacks or jeans instead of dresses. And this is supported by the “code!” It’s especially puzzling at some Catholic schools – since when have khaki pants replaced plaid skirts?
Not only should recess be brought back phys ed should be mandatory for all K-12.
“he is handing out snack bars to bikers”
lol…So he is the one BB was posting about : )
Jenny, that neighborhood is extremely stable, and the collapse of prices there (and nearly everywhere else) has nothing to do with the quality of the neighborhood.
Housing just became too expensive in the 00s, with prices way outpacing growth in incomes, which was non-existent. This was a country-wide thing. The increase in prices was due strictly to extremely loose lending and incredible dishonesty in our financial system.
“The increase in prices was due strictly to extremely loose lending and incredible dishonesty in our financial system.”
The problem was the moral hazard caused by Fannie & Freddie and the government’s idea that everyone should be able to own a house. So, yeah, the banks originated the loans but only because they can turn around and sell them in the secondary market. You take away the government involvement in the housing and mortgage markets and I can assure you that lending would be a very different story. Forget about 4.25-4.50% on 30-year fixed mortgages. For that matter, forget about 30-year term mortgages.
This home went into contract on June 21st.
Sold for 195k