Back to the 1999 Price for this Bank Owned 3-Bedroom SFH in North Center: 4332 N. Bell
This 3-bedroom single family home at 4332 N. Bell in North Center (as it’s just south of Montrose) just came on the market.
I don’t have a picture of it yet but I thought I’d better cover it since it might get snapped up by a developer quickly.
It is bank owned.
It is listed $2600 under the 1999 price at just $349,900.
Built in 1891, it is on a standard 25×125 lot and has a 2-car garage.
The listing says it’s only 1400 square feet.
It has 2 bedrooms on the main floor and one big master bedroom on the second floor.
There is central air and an unfinished basement.
The listing pictures indicate that most of the kitchen has been ripped out. There is a picture of one of the bathrooms, which appears to be intact.
The lis pendens foreclosure was filed in August 2009 on this house. That was nearly 3 years ago!
How quickly will a million dollar house get built on this site?
Or will someone actually buy it as a starter home?
Michael Scola at Re/Max Partners has the listing. See the pictures here.
4332 N. Bell: 3 bedrooms, 1.5 baths, 1400 square feet, 2 car garage
- Sold in May 1996 for $214,000
- Sold in August 1999 for $352,500
- Lis pendens foreclosure filed in August 2009
- Bank owned (but no date listed)
- Currently on the market for $349,900
- Taxes of $7278
- Central Air
- Bedroom #1: 22×11 (second floor)
- Bedroom #2: 9×9 (main floor)
- Bedroom #3: 9×9 (main floor)
Imma gonna buy it for the zoned parking. Gotta love aldermen taking care of their own block as virtually their last official act.
Time for a million dollar house. Go 1%
Are you rallying today HD?
O come on really, who can think of a silly summit or protest marches when the CUBS AND SOX ARE PLAYING and KERRY WOOD IS RETIRING!? Nope, no real estate action this weekend that’s for sure!
Lot value is more than $350K, 2221 W Cullom closed 3/1 for $370K as a tear down.
“Lot value is more than $350K, 2221 W Cullom closed 3/1 for $370K as a tear down.”
Maybe. $350 *should* move it pretty quickly, tho, to one of the active builders in the hood. Watch for another $1.2mm newcon house coming soon.
God bless more $1MM homes…..Bring it on! Great location.
on google this looks like a nice block. lots of trees etc. it’s kind of too bad if they drop a mcmansion in there, but i suspect it wont be the first or last.
are mcmansion owners all asshats or is it just the one I knew
“are mcmansion owners all asshats or is it just the one I knew”
They’re generally the tackiest, most selfish, ungrateful, petty and usually wealthiest people you konw. Anyone with any taste *Whatsoever* knows what a nasty mcmansion new construction consists of yet they buy it anyways. Say the word mid-century to them and they give a blank stare. I knew a couple in a mcmasion, they had 5 bedroom for 2 people. No yard to speak of. But did they have family money. They showed it off with the house, that was the last function I was invited to. Years ago, 2008 maybe. Been a long time since I seen them, I could facebook or whatever but my reluctance to use facebook is a different topic for a differnet day.
You would likely get blank stares from most with “mid century”. Many homes from that time are aesthetically obsolete. Turn of the century is a whole different matter though. Lovely really.
“Say the word mid-century to them and they give a blank stare.”
Any examples of a good mcm house on standard chicago lot?
this didn’t just come on the market. it was previously on as a short sale with a listing saying “multiple offers- highest and best offer by 2/20” or something to that effect.
buy it, rent it, inventory the land for future development.
Is there anybody else out there that thinks the markets might just overwhelm all of the central bank and politician fixes that are out there or planned? I sometimes think, the ECB, JCB, Fed, IMF, etc. cannot possibly print enough money to cover the deflationary tsunami when it becomes finally clear that the debt (assets to banks, etc.) will have to be written down and deflated in value.
“Turn of the century is a whole different matter though. Lovely really.”
Turn of the century homes are functionally obsolete. One bathroom usually, tiny kitchen, low ceiling basement, small, cramped, need I elaborate? Lovely looking though.
I can’t think of too many mid-centuries on standard sized lots though but there are plenty of ranches on the NW side from the 50’s and 60’s which more or less incorporate elements of the mid-century theme. Where do you think the open floor plan comes from? Sort of like that quote from the devil wears prada movie:
“‘This… stuff’? Oh. Okay. I see. You think this has nothing to do with you. You go to your closet and you select… I don’t know… that lumpy blue sweater, for instance because you’re trying to tell the world that you take yourself too seriously to care about what you put on your back. But what you don’t know is that that sweater is not just blue, it’s not turquoise. It’s not lapis. It’s actually cerulean. And you’re also blithely unaware of the fact that in 2002, Oscar de la Renta did a collection of cerulean gowns. And then I think it was Yves Saint Laurent… wasn’t it who showed cerulean military jackets? I think we need a jacket here. And then cerulean quickly showed up in the collections of eight different designers. And then it, uh, filtered down through the department stores and then trickled on down into some tragic Casual Corner where you, no doubt, fished it out of some clearance bin. However, that blue represents millions of dollars and countless jobs and it’s sort of comical how you think that you’ve made a choice that exempts you from the fashion industry when, in fact, you’re wearing the sweater that was selected for you by the people in this room from a pile of stuff. “
HD, you’re smarter than that. It’s easy to add a bathroom, not so much changing a fucking hideous exterior. I guess demolition works.
“Time for a million dollar house. Go 1%.”
Under Clio’s reasoning that an increase in the stock market creates demand at the high end of the housing market, that segment should be undergoing a depression right now. Last 3-4 weeks have been brutal for stocks.
“Under Clio’s reasoning that an increase in the stock market creates demand at the high end of the housing market, that segment should be undergoing a depression right now. Last 3-4 weeks have been brutal for stocks.
Not at all – the big stock sell off was obviously people taking their money out of the stock market to buy houses with cash (see, I can explain/rationalize everything).
Clio never gets anything right.
“Clio never gets anything right.”
that comes from the UIC education, you just gotta pay tuition and show up once and a while and its good enough.
“Not at all – the big stock sell off was obviously people taking their money out of the stock market to buy houses with cash (see, I can explain/rationalize everything).”
Like the Ecclestone daughters!
We looked at this house to fix up and actually live in. But it was a useless effort as they received multiple offers, all above asking, just to tear the place down. Boooooooo McMansions!
@home delete,
Quoting devil wears prada to back up a real estate argument doesnt work.
You have an opinion, not facts.
I guess its your example of someone doing a major dance move
and then saying “you got served”. Haha.
I dont think turn of the century is obsolete, I live in them and own them.
People still breathe oxygen, eat, shower and poop just like back then.
These types of homes serve fine as places to live.
WAY above asking. Sold for $422. Boooo McMansions, indeed.
simone (May 21, 2012, 1:42 pm)
We looked at this house to fix up and actually live in. But it was a useless effort as they received multiple offers, all above asking, just to tear the place down. Boooooooo McMansions!
“WAY above asking. Sold for $422. Boooo McMansions, indeed.”
Are they tearing it down yet to build a McMansion? Only a matter of time.
“WAY above asking. Sold for $422”
WOW. That’s a lot for a 25′ lot. One of the nicer Coonley blocks, but still.
“WOW. That’s a lot for a 25? lot. One of the nicer Coonley blocks, but still.”
Is it? I don’t pay much attention to what the lots go for. Won’t they build something that could sell for $1.5 to $2 million anyway?
“WOW. That’s a lot for a 25? lot. One of the nicer Coonley blocks, but still.”
“Is it? I don’t pay much attention to what the lots go for. Won’t they build something that could sell for $1.5 to $2 million anyway?”
Yeah, I thought lots were more in the $300s. They’ll build something like this:
http://www.redfin.com/IL/Chicago/4116-N-Leavitt-St-60618/home/13389762
Or this (note lot price). And they’ll sell it, unless they don’t. Does seem like coonley sales have maybe slowed down a bit. There was a while these $1.2ish places were going almost instantaneously.
http://www.redfin.com/IL/Chicago/2221-W-Cullom-Ave-60618/home/13389960
“Won’t they build something that could sell for $1.5 to $2 million anyway?”
$1.5 is the current “standard” price for newcon in Bell on a 30′ lot, so a bigger house in s “better” school attendance area. Hard to believe they’d price over $1.299 on a 25′ in Coonley. Teardowns in Coonley that I’ve seen have, as DZ notes, been mostly in the mid to upper 300s.
Here’s a perfect example, one block over:
http://www.redfin.com/IL/Chicago/4320-N-Oakley-Ave-60618/unit-1/home/13391033
$470k in 09; $360k in 11; torn down; $1.176m in ’12.
$422 is a pretty solid rebound in lot value. But there are 4 or more developers active in Coonley area right now, so there’s some competition.
Here’s one a bit north of Coonley area, went under contract in 30 days.
http://www.redfin.com/IL/Chicago/2611-W-Wilson-Ave-60625/home/13489665
My take is that lot prices are going up a bit in certain areas because the there aren’t that many left on good blocks with good schools. At the end of the day, developers and contractors want to be working. A $100k difference in lot price doesn’t mean the math for the whole project doesn’t work, I guess. I’m watching a 3 flat that I almost can’t believe is going to be torn down for a SFH, but sometimes people want to build on a certain block or in a certain area and that’s what is available. All in price for that lot will be about $500k. I think that it must be pre-sold, though, and the buyers wanted that specific lot.
That would have to be the most expensive tear down in Coonley @ $422K on a 25 ft lot. i assumed someone was just going to finish off the renovation…though I was also fairly surprised to see 2038 Waveland become a tear down for $586K on a 37.5 lot.
“That would have to be the most expensive tear down in Coonley @ $422K on a 25 ft lot.”
Ever? Nah. Most exensive the last 18 months? Believe so.
The problem with building million dollar houses, especially in city neighborhoods, is that there really isn’t anywhere in price for them to go but down. Sure it’s hot right now and the top 2% can afford homes in Bell but things won’t always be rosy.
“The problem with building million dollar houses … is that there really isn’t anywhere in price for them to go but down.”
Why is that a problem with building them? Seems like that’s a problem for *buyers* not builders.
semantics, semantics anon(tfo), but it is problem for buyers too. It’s a hot area, and like all commodities, they fall in price after initial demand has been met.
“semantics, semantics ”
You aren’t actually a lawyer, are you?