Be The “First To Live In” This Old Irving Park 5-Bedroom SFH: 3912 N. Lowell
This 5-bedroom house at 3912 N. Lowell in Old Irving Park came on the market in March 2012.
But before that it was on the market from 2008 until it sold in February 2012.
I’m confused by this listing. I took a picture of this house all the way back in November 2010.
One old listing I ran across indicated the house was built in 1901 but the listing calls it a “well built new home”. The current listing says “be the first to live in this airy, bright, hip and graceful, well-built spacious, new and historical home….”
Is this a rehab of a vintage house?
The kitchen has white cabinets, stainless steel appliances and stone counter tops.
Three of the 5 bedrooms are on the second floor with the fourth on the third and the fifth in the basement. There is also a large 27×20 recreation room in the basement.
It is built on an oversized 50×144 lot and has a 3 car garage.
This house has been reduced $100,000 to $1.049 million since it came on the market in March 2012.
Can Old Irving Park still command million dollar prices?
Cynthia Brick at R.E. Broker Associate has the listing. See the pictures here.
3912 N. Lowell: 5 bedrooms, 4.5 baths, 4600 square feet, 3 car garage
- Sold in April 1992 for $200,000
- Originally listed in November 2008 for $1.299 million
- Reduced to $1.25 million by August 2010
- Sold in February 2012 for $800,000
- Re-listed in March 2012 for $1.149 million
- Reduced
- Currently listed at $1.049 million
- Taxes of $3781
- Central Air
- Bedroom #1: 16×16 (second floor)
- Bedroom #2: 13×18 (second floor)
- Bedroom #3: 11×17 (second floor)
- Bedroom #4: 16×15 (third floor)
- Bedroom #5: 10×9 (lower level)
Yeah, this is really strange. First of all how can you be the FIRST to live in a NEW AND HISTORICAL home? Second, that February sale did not occur through the MLS. Third, how can it be sold for $800K and then immediately remarketed for over $1 MM?
Great house, great area, great block. Based on comps it’s not worth a million, probably more in the $700’s or $800’s, even http://www.redfin.com/IL/Chicago/3942-N-Lowell-Ave-60641/home/13459089 is all new, similar house, and it’s not selling at $899,000 (and it’s been on the market for a while). OIP has a very small buyers market for these high end homes at the high end prices. There’s a lot of demand for the sub-$500 victorians and four-sqaures, but then the developers went nuts and thought ‘bigger means better means more profit’ and the neighborhood has too many of these $1,000,000 four squares as is
“Can Old Irving Park still command million dollar prices?”
I never felt that Old irving should have commanded a million dollar price tag even in the bubble.
yes many of the houses are beautiful, but you can get the same houses on bigger lots cheaper in Norwood, Oak Park, and Evanston. Old Irving really doesnt have anything “extra”, and I never saw anything special about the area.
I use to be jonesing for a home in OIP. Most were well out of my price range and over time I learned, thanks in part to this site, just how over priced they are. Now I’m over OIP for the most part. I see that some homes are finally listing for what they should have in 2008/2009. These homes also have a lot of deferred maintenance and require updating, which a person buying at the top limit of their price range wouldn’t have money left over to do.
“Old Irving really doesnt have anything “extra”, and I never saw anything special about the area.”
The draw of old irving today is the same as it was 100 years ago. A nice leafy neighborhood close to downtown with large homes yet still in the city. Evanston and oak park are suburbs and norwood is a little too ‘norwest side of sha-ca-go’ if you know what i mean (wink, wink). Old irving is still definitely the city, but it’s an oasis of larger homes and more value. it’s hard to find large older victorian era homes on double lots anywhere south, or east or southeast of old irving! Bucktown is filled with 100 foot lots, lakeview has crammed mcmansions or workers cottages, or three flats, but Old Irving it’s still possible to get a decent SFH for less than half a millino dollars in a nice area of the city this close to downtown. Norwood is the most comparable but again, it’s an old world chicago kind of place, whereas old irving is more lakeshore neighborhood folks who wanted to stay in the city but forego the congestion and high rents.
I still like OIP but it was the petty crime and lack of realistic and decent schools that drove me away. Disney II has 800 applications for 40 slots a year, Belding is marginal and scammon is awful. St edwards or st viator are the other options but i prefer my children to have public school educations although I have nothing against private catholic schools. Where I live now the schools are excellent, the petty crime is low, and most of the ‘crime’ is just unfortunate people driving through the village who get pulled over for DUI’s or suspended licenses or no insurance. And that it’s half a million dollars for 1,800 feet of above grade non-dormered space, so yeah, it’s costs way more thanI’m wiling to pay.
“A nice leafy neighborhood close to downtown”
no its not close at all
“it’s hard to find large older victorian era homes on double lots anywhere south, or east or southeast of old irving”
ummm ist that the selling point of Edgewater (east), bueana Park (east), hyde park (southeast) and kenwood (southeast), beverly (south)?
“Norwood is the most comparable but again, it’s an old world chicago kind of place, whereas old irving is more lakeshore neighborhood folks who wanted to stay in the city”
I can agree with this
it seems the progression goes as follows;
Graduate-move to lake view – rent a shitie place in LV – buy a 2/2 in LV – have a kid – buy a place in OIP or independence park – kid(s) become school age – move to Palitine (or what ever burb they originated from)
It’s totally close to downtown. It’s a 15 min metra ride and 12 min drive in no traffic.
They’re not moving to palatine groove. Have you ever been to palatine? There’s a million better suburbs than palatine. My suburb, long grove, for example.
“forego”
Not that I normally complain about spelling/typos/grammar on here, but you do know that is not spelled correctly, right? As an attorney who draft documents and such.
“It’s totally close to downtown. It’s a 15 min metra ride and 12 min drive in no traffic.”
its the same distance as norwood. and only two stop difference on the metra. and a 13 minute drive in no traffic.
so why the insane price premium over norwood for a smaller lot in a more crowded area with no public school option?
“They’re not moving to palatine groove. Have you ever been to palatine?”
more of a joke on the exact burb 😉
“My suburb, long grove, for example.”
doesnt coincide with the facts/hints you have said in the past. Morton Grove is a more logical guess from your hints than long grove
Google street view shows older version of the house. They appear not to have changed the exterior design much, except for stripping off 50 years of shlock and doing a fairly decent job of making it look Craftsmany.
Interior if full on McMansion. Why, God?
“The draw of old irving today is the same as it was 100 years ago. A nice leafy neighborhood close to downtown with large homes yet still in the city.”
Close to downtown compared to what? Do you mean city proper? Becuase I don’t think living there gets you close to any “city” amenities such as the lakefront, mich ave, museums etc….where living an extra 10min out by car yields a lower priced home. Whenever you use “Metra” to describe a communiting options, you might as well be in the burbs.
““city” amenities such as the lakefront, mich ave, museums”
AHHHHHHH, this irks me so bad, i want to punch someone or smash something.
Those are fricken TOURIST amenities not “city” amenities for REAL chicagoans.
lakefront is real. the others are tourist-y
“Whenever you use “Metra” to describe a communiting options, you might as well be in the burbs.”
That comment strikes me as smart and insightful.
“‘city amenities such as the lakefront, mich ave, museums’ Those are fricken TOURIST amenities not “city” amenities for REAL chicagoans.”
That commment does not.
I’ll give you that Michigan Ave is mostly for tourists, but the lakefront and museums are definitely amenities for this chicagoan.
“That commment does not.”
coming from one who is not a REAL chicagoan, that makes sense
Is the clybourn stop ‘suburbs?’. That’s a ridiculous comment.
I could drive 10 minutes north of Lincoln park and get A cheaper home too. What’s your point? People pay top dollar for old Irving and just bc you don’t understand it, don’t knock it. I paid top dollar for long grove and I love it. But it’s not for everyone, and especially not for helmethofer
“AHHHHHHH, this irks me so bad, i want to punch someone or smash something.
Those are fricken TOURIST amenities not “city” amenities for REAL chicagoans.”
So, define a “city” amenity? The lakefront is a city amenity used by a ton of REAL chicagoans. So are the museums. Ever go to Peggy Notebart (ok, is that a museum??) or the field museum during the week in the kids area? The zoo? It’s filled with REAL chicagoans. Mich ave is the best city amenity because its a good mix of locals and tourists which to me defines what a “City” is all about.
“Whenever you use “Metra” to describe a communiting option, you might as well be in the burbs.”
I like that. Well put.
“Is the clybourn stop ‘suburbs?’. That’s a ridiculous comment. ”
So is saying OIP is: “totally close to downtown. It’s a 15 min metra ride and 12 min drive in no traffic.”
Groove, perhaps you can enlighten us as to what constitutes a “REAL chicagoan” (sic).
“I paid top dollar for long grove and I love it.”
That’s a nice house, HD. Not my style, but nice:
http://www.redfin.com/IL/Long-Grove/4990-Trillium-Trl-60047/home/17597670
“Groove, perhaps you can enlighten us as to what constitutes a “REAL chicagoan”
we can start by people who dont think and dont quote ““city” amenities such as the lakefront, mich ave, museums” as the first.
“That’s a nice house, HD. Not my style, but nice:”
doode why are there HOA dues on that? its not on a golf course.
could you imagine the peoples gas bill every month on that monster?
“what constitutes a “REAL chicagoan””
First is no snarky attitude of “is sauganash/wildwood/edison park/beverley/mount greenwood/south shore/et etc etc a suburb/’really in the city’?” So, no matter what you do in the future, in tehGroove’s eyes, you’re not a “real” Chicaaaaaagoan. And no, it’s not the same thing as saying “if *I* were to consider [hood X], I’d rather just move to [suburb Y]”, which is a reasonable viewpoint.
Second is not saying “I live downtown” when you live in one of those hoods, or saying “I grew up in Chicago” when you went to HS with HD in Palatine.
“Groove, perhaps you can enlighten us as to what constitutes a “REAL chicagoan”
How about have lived within the confines of a 606 zip code and an alderman for at least 51% of their life?
would that eliminate the native suburbanites who live in the city for a few years before swimming back upstream to the burbs to reproduce? And the transplants from Michigan, Wisconsin and New Delhi?
It should also count for people like HD who grew up in the city as a kid, parents moved them out to the burbs and then they came back to the city for a few years.
Moved to this neighborhood and we like it a lot. The metra and blue line are convenient but I hate trains so I drive to work. Kind of feels like the suburbs and we know our neighbors.
http://www.redfin.com/IL/Kildeer/22154-W-White-Pine-Rd-60047/home/17362171
This may or may not be my home, but it’s certainly my price range and it’s an amazing house in an amazing location.
I really hope those are cedar shingles and not asphalt on the 2nd level… but for over a million bucks in the ‘practically suburbs’ I want an all brick home. I knwo a guy who recently sold a BEAUTIFUL impeccibly maintained all brick massive home on a double lot in Wildwood for this price! And I’d MUCH rather live there where the public schools are acceptable, petty crime is non existent and well the forest preserve is pretty nice too. OIP=overrated as a mothaflunka
According to this quiz, I am not a real Chicagoan: http://www.chicagotribune.com/chi-realchicagoquiz,0,5922242.weightedquiz
” And no, it’s not the same thing as saying “if *I* were to consider [hood X], I’d rather just move to [suburb Y]“, which is a reasonable viewpoint”
dude, good call on the distinction.
“saying “I grew up in Chicago” when you went to HS with HD in Palatine.”
another good call as you could have grown up and went to HS in gurnee or another state but still be a REAL chicagoan.
Homedelete- A guy in my office lives in a huge mansion in kildeer, he DRIVES to the loop every day about 1.5 hours EACH WAY! Then again he hates his wife, kids, and is a workaholic, but still… thats fricking crazy!
“Homedelete- A guy in my office lives in a huge mansion in kildeer, he DRIVES to the loop every day about 1.5 hours EACH WAY! Then again he hates his wife, kids, and is a workaholic, but still… thats fricking crazy!”
About as crazy as all the youngins who live on the northside and drive to Oakbrook, Northbrook etc and spend the same amount of time in the car.
“It should also count for people like HD who grew up in the city as a kid”
It was HD’s *mother* who moved out of the city at 6 yo. HD spent his live ’til college in Palatine–hence his anger.
Sonies, how about this one for much less
http://www.redfin.com/IL/Chicago/4044-W-Warwick-Ave-60641/home/13458041
“According to this quiz, I am not a real Chicagoan”
according to that quiz i am not a real chicagoan either. so disregard all i have said above, the tribune is correct in outing my realness.
“It was HD’s *mother* who moved out of the city at 6 yo. HD spent his live ’til college in Palatine–hence his anger.”
And now he’s condemning his kid to the same fate. It is hard break the cycle.
Is it just me, or does it look like there is a ghost looking out of the upstairs window?
– Person who doesn’t usually believe in these things OR post on blogs
Much better for the price Icarus… I even like the “. Disney Magnet School.” in the listing! LOL!
That Kildeer place is ugly as heck. Split entry homes are a blight upon the landscape. Geesh, were you trying to lure us in or scare us off? I’ve only made the drive out to Kildeer once, and I never want to do it again.
Sonies, how about this one for much less
http://www.redfin.com/IL/Oak-Park/308-N-Kenilworth-Ave-60302/home/13271908
or this one for less ?
http://www.redfin.com/IL/Chicago/6032-N-Nickerson-Ave-60631/home/13508629
or the same area for much less?
http://www.redfin.com/IL/Chicago/4502-N-Kildare-Ave-60630/home/13481656
Newsflash: many real estate agents are unethical liars who will just say a lot of bs to get people interested. They mean “approximately the first” to live in this “new and historical home,” I guess. Why not just make a big deal out of the fact it’s newly renovated, instead of being dishonest. I guess you can attribute it to a turn of a phrase, but I want my chronologically-challenged statements in my tween pop, not in my real estate listings.
Egads, all these places you are linking are giving me maintenance nightmares, during the day!
I think a nice condo in a good area will be nice to have, and then maybe a separate house out in the “country”
“I think a nice condo in a good area will be nice to have, and then maybe a separate house out in the “country””
i can help you on the nice condo;
http://www.redfin.com/IL/Chicago/1872-N-Clybourn-Ave-60614/unit-606/home/13350953
house in the country refer to clio’s st charles farm seller financing debacle which is for sale again
St. Charles sucks, I was thinking more rural like that contemporary place in Sandwich. Nice loft though, I wouldn’t want to live ON clybourn especially in that area, I HATE driving in that area on the weekends…. its the WORST, but I could maybe manage
@Groove, I could have sworn the Kildare house went under contract when they dropped it to $414K. Any inside info?
“@Groove, I could have sworn the Kildare house went under contract when they dropped it to $414K. Any inside info?”
looks like the you have more inside info than I. I didnt know its under contract. its a HUGE house on a HUGE lot.
” Nice loft though, I wouldn’t want to live ON clybourn especially in that area, I HATE driving in that area on the weekends”
Its a trade off for a sweet loft, but considering the location i dont think you would need to drive at all.
also i woulnd worry as much about the traffic in driving than if you can get a full on wiff from the tire/garbage burning from that junk/trash yard off the river behind it
I have never looked at listings in Sandwich, so I just did out of curiosity after reading Sonies’ post – this place is beautiful. http://www.redfin.com/IL/Sandwich/910-N-Lafayette-St-60548/home/14205237
“I have never looked at listings in Sandwich, so I just did out of curiosity”
Why go all the way to sandwich this is closer and on water
http://www.redfin.com/IL/Algonquin/1511-N-River-Rd-60102/home/17799173
and why live in old irving for this price when you can line in Park Ridge for the *same price
http://www.redfin.com/IL/Park-Ridge/311-Murphy-Lake-Ln-60068/home/12632690
I had my eye on the Algonquin property for a while. (Lunker is a boater) but it was too far out for my wife.
With this school strike BS maybe I’ll bring it up tonight to her
The water access is nice, but otherwise meh.
“I had my eye on the Algonquin property for a while.”
I have my eye on it now that I found it. need to ask the wife tonight if a boat can be in our future 😉
“With this school strike BS maybe I’ll bring it up tonight to her”
i forgot your over at hitch or onahan? and yes the strike is BS as it has nothing to do with the actual kids being taught. both sides are greedy fucts.
“The water access is nice, but otherwise meh”
agreed mh, the house is blah but the size of it is awesome, and the size of the lot is awesome, and the boat slip is more awesomer
The algonquin house is nicer than the location. there’s some nice finishes for the size and the price, but the location leaves much to be desired. If i wanted water access, give me a lake or a short ride to the chain of lakes. It’s quite a boat ride from this house to the chain of lakes, like an hour or more, especially on a pontoon boat or smaller engine boat. Algonquin is a little too close to the carpentersville and crystal lake.
“I have my eye on [the Algonquin property] now that I found it. need to ask the wife tonight if a boat can be in our future.”
Those sound like the aspirations of a REAL Chicagoan.
The Algonquin property’s not too far from Barrington and the Metra. Not a shabby location when it comes down to it for the suburbs. Not too far from all of the shops in Crystal Lake, both on Rte 14 and in town, as well as what’s in Barrington itself. Lots of good restaurants in the area, too.
HD – why would you want to get to the Drunk o’ Lakes? Lower Fox is perfectly fine for floating along for the day, plus this house is near Port Edward for a good dinner. Or take a jaunt up to the Broken Oar for the finest in biker bars along the river front.
“why would you want to get to the Drunk o’ Lakes?”
[All sorts of jokes about horrible things that happen up there that I’m not quite mean enough to ascribe to HD wanting to participate in.]
All right – enough about Sandwich, St Charles, Park Ridge, Long Grove. Let’s talk North Shore, dammit!
Just kidding. I just notice no one mentioned my neck of the woods.
By the way, I qualify as a “real Chicagoan” despite my current location, at least by the metrics proposed in this thread. Good to know.
Anon – are you referring to Blarney Island?
“Is it just me, or does it look like there is a ghost looking out of the upstairs window?”
Ha! ha!
I WISH. That would be so cool.
Alas, I think it’s just a reflection of the sky.
“By the way, I qualify as a “real Chicagoan” despite my current location, at least by the metrics proposed in this thread. Good to know.”
Not in the eyes of many CC regulars, I’m afraid. You’ve spent your entire life (besides college?) living in either city neighborhoods with no neighborhood between them and the lake (ELV, ELP) or a suburb with no suburb between it and the lake (HP). Moreover, you were deprived of a CPS education. To some among the Chateratti, you’ve pretty much missed out on all the best Chicago has to offer.
“anonny (September 18, 2012, 4:50 pm)
Those sound like the aspirations of a REAL Chicagoan”
Doooode you still on that? that was soooo yesterday. you wanna hug it out? will that make the hurting stop?
” Dan #2 (September 18, 2012, 10:08 pm)
All right – enough about Sandwich, St Charles, Park Ridge, Long Grove. Let’s talk North Shore, dammit! I just notice no one mentioned my neck of the woods.”
Did somebody ring?
not victorian but way more vintage than this OIP overpriced crap
http://www.redfin.com/IL/Kenilworth/745-Maclean-Ave-60043/home/13783791
There are different types of split levels. II looked at quite a few in teh suburbs during my search (even though I ultimately settled on something else) … The awful ones are the splits where you walk in and there’s a stair case with a half grade up, and a half grade down, and a fugly exterior. The better looking ones are the splits like I showed in Kildeer but the best splits have three levels like this
http://www.redfin.com/IL/Park-Ridge/2400-Irwin-Ave-60068/home/13648416
That’s a lot of money for a 1,400 sq foot house and it went under contract almost immediately. Sure they’re ubiquitous and if you grew up with them you think they’re ugly but they’re a much more interesting style of architecture than nearly every mass produced home built after 1972 … mcmansions, tract homes in exburbs, ugly townhomes, three flats, give me a 1950-1970 tri-level any day of the week.
that 1920’s tudor looks great but needs $150,000 in work – the redfin comments speak of fuse electrical, original boiler? new bathrooms, kitchen, and god knows what else are behind those walls…
“that 1920?s tudor looks great but needs $150,000 in work – the redfin comments speak of fuse electrical, original boiler? new bathrooms, kitchen, and god knows what else are behind those walls…”
Right. The reason they’ve already reduced the price once is because none of the GenX or GenY buyers have the money or time to do a renovation on a 1928 house like this. It would need a lot of work- and it’s not just putting in new kitchens and baths. The buyers today want move in ready- as we’ve seen time and time again. And this tudor isn’t cheap enough (yet) for a renovator to buy it and throw the $150k into it and then re-sell it (which is what will probably ultimately happen.)
“The buyers today want move in ready- as we’ve seen time and time again. And this tudor isn’t cheap enough (yet) for a renovator to buy it and throw the $150k into it and then re-sell it (which is what will probably ultimately happen.)”
Now where have I heard that before?
“These homes also have a lot of deferred maintenance and require updating, which a person buying at the top limit of their price range wouldn’t have money left over to do.”
“It would need a lot of work- and it’s not just putting in new kitchens and baths”
your an evil woman if you want to reno that kitchen. i would leave everything even the rotary phone on the wall.
“the redfin comments speak of fuse electrical, original boiler?”
new boiler 7k-10k (depends on if you want zoning add about 5k)
new electrical 10k-18k depending on if the lines from the pole to the house need to be upped (most likely)
“your an evil woman if you want to reno that kitchen. i would leave everything even the rotary phone on the wall.”
Need a cab-depth fridge. Question where the oven is. Need to *replace* the touchtone phone with a black, bakelite, rotary.
“new boiler 7k-10k (depends on if you want zoning add about 5k)”
Maybe. Seems … optimistic that there are no system issues, which if the boiler actually is 80+ yo, seems unlikely.
Need to add $20k+ for a/c system.
What about appliances and new floors and cabinets and drywall etc. Redo floors, trim? Mold somewhere maybe? Who knows its 90 years old and looks to have years of deferred maintenance.
“Maybe. Seems … optimistic that there are no system issues, which if the boiler actually is 80+ yo, seems unlikely.”
its a simple pipe system, really the only issues would be at the adapter to the radiator, which is usually gunk build up from hard water or other minerals.
“Need to add $20k+ for a/c system.”
considering the size of the home and the most likely use of spacepak over traditional we should bump up that number
” Need to *replace* the touchtone phone with a black, bakelite, rotary.”
oops zoomed the picture it is a touch tone. and yes a vintage white range and oven will need to be added for aesthetics
“What about appliances and new floors and cabinets and drywall etc”
umm are we going all out or something? the appliances look fine to me (need a vintage rage/oven in white) and dear gosh man why kill those awesome kitchen floors and cabinets. even the pulls look original to the kitchens era.
and dude drywall????? this is not a cheap split ranch in Palatine these walls are plaster baby and need to stay that way.
“Who knows its 90 years old and looks to have years of deferred maintenance.”
dont confuse deferred maintenance with a well kept home with out of date decor fixtures. I worked on many homes that looked straight out of the 60’s shag carpet and all that were better kept than a mcmansion built in 2008
“its a simple pipe system, really the only issues would be at the adapter to the radiator, which is usually gunk build up from hard water or other minerals.”
Do it that way, you have a kludge of a system, with a lot of added drag/heat dissipation–keep in mind that, if it is indeed original, it is almost certainly a gravity-circulation system, and so has a ton of over-sized piping and overflow reservoirs (etc) in the basement that you’ll want to take out of the system, which adds a fair amount of expense for pipe and labor.
This listing is goofy. They updated the first floor with a groovy new fireplace and a fancy-shmancy kitchen, but all the bedrooms, heck, almost all the rest of the house, is done up with boring average beige wall-to-wall carpeting, and no interesting or nice trim or architectural details. Yes, it’s clean and “new”, but I’m wondering if they bothered to add insulation, for example, or if this house is gonna be a bear to heat and cool, even with new windows throughout.
High $600’s maybe, $700’s is dreaming, and a mil is delusional.
Mostly off-topic, but please indulge me:
If you were a prospective condo buyer, and found a place that, in all other respects, met or exceeded your expectations for your price range, but had a kichen in need of updating (it’s perfectly functional, but doesn’t even have granite), would you (i) pass on it, (ii) factor the cost of the update into your negotiations, (iii) or…? I’m trying to determine whether it would make sense to put some mid-grade counters/backsplash/cabinet fronts in, just so that we don’t offend any would be buyers, or if there are others out there like me who would see the place and figure, “heck, I’m not finding any other places like this for the price…I’ll do the kitchen myself.” Were we to stay put for the long haul, we’d gut the whole kitchen and reconfigure the space as well.
“if there are others out there like me who would see the place and figure, “heck, I’m not finding any other places like this for the price…I’ll do the kitchen myself.””
Is unicorn rarer than uc? I would say yes.
How much for a basic upgrade? I’d say do it.
“Mostly off-topic, but please indulge me”
My “unicorn criteria” for a condo seems shortsighted today. At the time I wanted, among other things, finished and not have to do anything. I assumed I wouldn’t ever gut rehab, merely swap out appliances and fixtures when they became outdated.
therefore, I’d say….
You know the asking price of the condo and CC has probably taught you how to determine how much room the seller has to move on their asking price. If they have room to come down, ask. If they don’t and you feel the asking price is acceptable go for it. Better still, ask for a closing credit which IIRC increases the price you pay but doesn’t extend their out of pocket costs and gives you $$ sort of a Polish HELOC if you will.
“how much room the seller has to move on their asking price”
He is the seller.
“Is unicorn rarer than uc? I would say yes.”
And yes, @fo, I realize nonny is not really the subject unicorn of the uc, but that’s what he likes to be called.
“He is the seller.”
He’s currently a renter. I took it to mean he is the buyer now and the “would be buyers” he doesn’t want to offend are in the future after he’s bought and updated the condo.
” it is almost certainly a gravity-circulation system, and so has a ton of over-sized piping and overflow reservoirs (etc) in the basement that you’ll want to take out of the system, ”
good call oversized pipes, which is why you would find many unfinished basements because of this. basement ceiling height would have a good clearance but the pipes would hang 3-6 inches (depending on pitch) from the rafters and would be another 5-8 inches for the pipe.
so yes add another expense for the plumbing of it.
but two winters ago i replaced a pump on a family friends house. It was a gravity system that was retrofitted with a furnace/boiler and looked to have an new, but poorly adequate, pump that burned itself out (probably trying to keep up the larger pipes flow. i installed a more powerful pump and he says that the back of his house is now warmer on the really cold days than its ever been.
Now this is the only time i have seen a retro fit, dont know if its efficient or not or what the trade off is (probably efficiency to cost)
“He’s currently a renter.”
We’re (potential) sellers. But I’m inclined to consider one of your suggestions, i.e., if need be, inform a prospective buyer that we could do a closing credit to put towards the kitchen (we worked out a similar deal when we purchased, but spent it on other improvements).
“Mostly off-topic, but please indulge me”
good question annony, as in 2008 and prior you would make all the reno costs back plus more.
its a hard call as i think you will get more showings if you do the “smoke and mirrors” upgrade but wont get anything back for the full upgrade.
the other factor i cant answer is if you get a buyer who would like a needing update kitchen as a discount point to upgrade the way they want to.
hard call
On the kitchen question, if it’s a condo and not a house I might pass, but maybe that’s only b/c I can’t imagine staying in a condo for 5+ years and I just wouldn’t want to put in the work. Non-granite countertops would not be a dealbreaker for me, though – it really depends on how out of date it is.
“its a hard call as i think you will get more showings if you do the “smoke and mirrors” upgrade but wont get anything back for the full upgrade.”
I tend to think if he does an appropriate to the level of condo but not over the top upgrade he’d get his money back and it may sell sooner. It would be a major PITA, at least to me, to get the reno done. Question is whether it’s more of a PITA for nonny than for the potential buyer.
http://www.redfin.com/IL/Chicago/4133-N-Kilbourn-Ave-60641/home/13481612
Small at only 1,110 sq ft on the first floor but not a bad price. Needs a little update but perfectly suitable. I would have purchased something like this if I stayed in the city. but my lot in long grove is like 5x or more this size.