Bank Owned 6-Bedroom Greystone Reduces $480K: 1111 N. Hoyne in Ukranian Village
We last chattered about this 6-bedroom bank owned greystone at 1111 N. Hoyne in the Ukranian Village neighborhood of West Town in May 2011.
See our prior chatter here.
If you recall, the greystone was originally built in 1905, but none of its interior vintage features remain.
The house now spans 3 lots measuring 75×105 and that includes a 5-car heated garage.
It also has 2-story ceilings in some parts of the house and a contemporary interior including glass block framing the staircase.
At 9700 square feet, 5 out of the 6 bedrooms are on the second level with the 6th in the lower level.
It also has a lower level great room and exercise room.
If you’re looking for an in-law suite, it has that too.
And, interestingly, the listing says it has 6 furnaces.
Yes, it also has central air.
There are no pictures of the kitchen (though you can maybe see it through a doorway in one of the pictures.) So we don’t know if it is intact.
The listing says “drama throughout.”
The house was last purchased in 1993 when the Ukranian Village was a much different place than today.
How low will this have to go to find a buyer?
Suzanne Gignilliat at Coldwell Banker still has the listing. See the pictures here.
1111 N. Hoyne: 6 bedrooms, 6 baths, 3 half baths, 9700 square feet, 5 car garage
- Sold in February 1993 for $228,000
- Lis pendens filed in October 2008
- Bank owned in June 2010
- Was listed in May 2011 for $1.975 million
- Reduced
- Currently listed at $1.495 million
- Taxes of $20,264
- Central Air
- 6 Furnaces
- Full in-law apartment
- Bedroom #1: 31×24 (second floor)
- Bedroom #2: 14×14 (second floor)
- Bedroom #3: 10×11 (second floor)
- Bedroom #4: 14×10 (second floor)
- Bedroom #5: 15×11 (second floor)
- Bedroom #6: 11×8 (lower level)
- Great room: 19×20 (lower level)
- Exercise room: 22×19 (lower level)
The place could be nice. Problem is that it in 1993 they tried to guess what would be cool in 1998 and missed the mark. Problem would be worth more today if they never renovated it. At least vintage appeals to someone.
For the size the place is cheap and someone will probably get it at 1.4 and put another 500-600k making it actually nice. Only problem I sees is 5 bedrooms are a bit small given size of master and living spaces. I guess ok size for younger kids. Sucks to be a rich teen in such a small room though. May be hard to combine or reconfigure though.
There’s something real strange about this place, has anyone else noticed?
“There’s something real strange about this place, has anyone else noticed?”
Just one thing?
I am thinking $1.3-1.35, put about $650K into it. Take it from 6 to 4 bedrooms, make at least a couple of them en suite. Open up the kitchen. Replace most of the flooring. Add a really nice grill/deck area with fire pit. All new paint. Bathrooms probably all need updating. If there are 6 + 3 halves, that’s $150K right there. Wire the place for sound/security. Need some beams or some other detail for the ceilings in the big living areas. A good decorator could have a field day. Buy that place and plan on moving in about 8 months later.
This place isn’t even finished. The bedroom is clearly still under construction.
The bunk beds should stay.
For the SF and the size of the lot, you’re going to be hard pressed to find anything that could compare. Yes, the place needs a lot of work, but for the price, I think this is a steal.
“For the SF and the size of the lot, you’re going to be hard pressed to find anything that could compare”
That kind of thinking got a lot of people in trouble in the last decade. Location, layout and a host of other things are just as important.
You know that 1800 square feet can easily “live” bigger than 2000 square feet if it has a better layout. Numbers on a page are just that – numbers on a page.
Y’all crazy and talkin’ out of your a$$. There have only been a handful of sales above a million in a mile radius of this place in the last three years; and never, yes never, has a been a SFH of any size sell for $1.495, so what you’re all saying at that even at $1.3 or $1.4 mil this, AS A FORECLOSURE, will be the most expensive SFH to sell in the neighborhood in three years, and probably the most expensive house to sell south of division in this neighborhood, ever, and it STILL Needs $400-$600k in work to make it even more expensive?
Wow, and people say my valuations of properties are off…
* SFH south of division to sell for $1.495 north of divsion there were a few higher priced sales in 2008 and prior, but not after.
I’m very bearish towards this property. I’d say $1mm then tear down the Miami Vice addition, sell off one of the lots and renovate the greystone. Should be able to get $225K+ for the lot, and with demo and a $400K renovation you could be sitting on a high end double lot greystone for under $1.3mm.
Digging the mirrors on the ceiling the master bedroom and urinal in the master bathroom
Properties were the taxes require me to keep working make me a sad panda.
The bank has to keep paying the property taxes on all of their foreclosers, correct?
But HD their 1.495mm valuation guess likely took into account the unique and fantastic interior design on this place. Benjamin Button is sure to ‘snap this up”, as Suzanne researched this.
I have seen the interior of this place and it needs an incredible amount of work. I think a complete gut job is in order. The house is a great deal if someone wants to purchase a significant rehab project.
$1.050MM
“There have only been a handful of sales above a million in a mile radius of this place in the last three years; and never, yes never, has a been a SFH of any size sell for $1.495”
Um, I think you mean something other than “radius” or something other than “mile”.
bc this:
http://www.redfin.com/IL/Chicago/2047-W-Cortland-St-60647/home/13356201
is (barely) within a 1 mile radius of 1111 Hoyne and sold for more than $1.495mm THIS WEEK.
Good grief I love that Studio Dwell home on Cortland… absolutely perfect.
I like the Studio Dwell place as well, but damn that’s a lot of money to spend for a place outside of GC, LP, or LV.
“I like the Studio Dwell place as well, but damn that’s a lot of money to spend for a place outside of GC, LP, or LV.”
I dunno. It’s under $300 psf, after you deduct the land value, even with the short lot (it’s barely more than 1.5 standard lots, rather than a true double).
I don’t think that *particular* block is the one I would choose, but it’s hardly a bad location.
Anon that’s like 2 neighborhoods away and just south of armitage in bucktown. This is in uk South of divison. A mile as the crow flies maybe…..
The market for this house is limited, as most people are in one camp or another: traditional, restored (or restorable) homes or new. This house needs someone who wants a traditional exterior, with a modern interior. In addition, they would not mind spending money or energy on renovations. You really do have to be a special person for this and at this price point it would be hard to find that special person. There are beautiful and elegant (stunning) older homes just blocks from this property. There new and exciting homes just blocks from this property. Why bother at this price? This property must be just outside the Ukrainian Village historic district boundaries. It sticks out like a sore thumb.
Yes, the bank is trying to sell a foreclosure as the most expensive sale in the neighborhood. So dumb, so dumb….
$1 million max, plus $200,000 to fix house. Don’t know whether neighborhood comps can support that kind of investment long-term. Taxes already high; even $1 million sale will push taxes higher yet, plus inevitable tax rate increases due to budget problems at all the governmental agencies – I’d expect a $30,000 bill in two years here.
I don’t think banks pay RE Taxes for foreclosed properties; anyone confirm?
“I don’t think banks pay RE Taxes for foreclosed properties; anyone confirm?”
They sure do, there are these little things called tax scavenger sales and tax deeds to make sure they do; but banks only give a 100% tax proration rather than 110% at closing.
This place could be pretty awesome with a little cash, but the neighborhood sucks.
Sucks may be too strong of a word. Many homes around here are very attractive. There’s a lot going on in the area, with Division St and Wicker park nearby. Easy access to the El and 90/94.
I’ll admit at this price some target buyers out there might agree with JP$ but personally I would have no issue with it, if I was a millionaire.
Kinda a big if. 🙂
“that’s like 2 neighborhoods away and just south of armitage in bucktown. This is in uk South of divison. A mile as the crow flies maybe…..”
You chose the measure–a one mile radius. That means everything within a mile, as the crow flies.
“SW of Milwaukee”–yeah, you have a point. There just wasn’t any reason to exaggerate it into “a one mile radius”.
homedelete: RE taxes are billed for foreclosure properties, but with robo-signing mortgage companies, sloppy files, and multiple loand transfers – is Cook County actually collecting those taxes? I’ve heard the tax-delinquent property lists for low-income areas of south-side and west-side are very very long.
Several south suburban municipalities (and their residents) haven’t paid their water bills for years. Chicago, which sells that water, has only recently flagged issue for media.
I realize that bank for this property still expects to realize $1 million plus recoupment, so likely remembers to pay RE taxes.
in the ‘suicide of a superpower’ vein, could you imagine if someone paid $1.5 million dollars, and then this neighborhood goes poor/ghetto over the following 20 years?
6 bedrooms, 6 baths, 3 half baths, 9700 square feet could hold a small institution of some oddball sort.
Looks like it sold on 21 Nov “as is” for $1.22M. No word on whether the buyer was a religious sect “of some oddball sort,” in which case the decor could be seen as a bonus.