Bucktown Cottage Tries Again at the Same Price: 2069 N. Oakley
We last chattered about this 1891 Bucktown cottage at 2069 N. Oakley in October 2008 when we compared it to a storybook cottage in Glencoe for the same price (the Glencoe home is no longer on the market.)
See the old chatter here.
While it was reduced while on the market in 2008, it was recently re-listed at its October 2008 price.
Will it have better luck selling for the same price in 2009?
Here’s its history again:
2069 N. Oakley: 2 bedrooms, 2 baths, 2 car parking, square footage not given
- Sold in March 1992 for $105,000
- Sold in July 2003 for $413,000
- Originally listed in June 2008 for $524,900
- Reduced
- Was listed in October 2008 for $499,900
- Was re-listed in January 2009 for $499,900
- Taxes of $4,073
- Central air
- Joanne C. Gross & Associates still has the listing. See the listing and more pictures here.
Lol why do people want to live in Bucktown. I don’t get it.
It’ll have the same luck for the same price. When will these people get it?
I’d say a 2/2 in bucktown should go for no more than $350K. The neighborhood will return to its working class roots.
There is only $330k in mortgages on the property ($270 + 60) all taken at the time of purchase in ’03.
Return to its working class roots? I’m no Nostradamus, but that seems about as likely to happen in Roscoe Village as in Bucktown.
The second bedroom is 12×7? How does that qualify as a bedroom?
I like this place at $350-375k; this place needs major overhaul.
CB,
The demographics are different in Bucktown vs Roscoe Village. Roscoe Village has many more DIWKs, Bucktown has more of the Wicker Park service sector crowd/younger.
Sonies there are some cool bars out in Bucktown. Cans is one of my favorites and has a hot wing eating contest. Now why anyone would want to own in Bucktown is beyond me. Especially this little shack. 370k max on this place.
it used to be the case that the hipster wannabee girls of bucktown were a lot more fun to take home then the preppy trixies of lincoln park. not sure if this stereotype still holds.
I just purchased a brand new rehab in Wicker Park – 2/2 duplex down for 288k. I love this area. North Side is just soooo bland.
I would live in Bucktown in a second. I’m really not a fan of the typical chicago “cottage”, however i agree that this neighborhood is not returning to its working class roots anytime soon.
$350K seems very cheap because i think think alot of people would like to live in a house versus a condo. This place is cute, brick – i’m predicting a 2009 sale price of at least $450K, not having looked at a single comp.
I guess another fair questions is why wouldn’t YOU? I don’t like this particular location (or house), but I do like BT/WP. I would want to be closer to Damen/North, good transit, good shopping, good food …. it works for me and my wife.
SSDD
The only reason Bucktown and Wicker Park became trendy in the first place was due to the high prices of Lincoln Park. Now that Bucktown has become almost as expensive, I really don’t see the appeal. For almost the same price, I’d rather be by the lake.
I looked at this place last year. I like the location, but the numbers weren’t right for me.
Unless you live right by the blue line, the area sucks for public transportation. But those places are fetching LP prices, which is nuts IMO.
And what demographic can afford to pay 499k for a cottage in bucktown? Now that the bubble has burst who wants to pay 499k for a cottage in bucktown? What happens when the occupants want to have children? Who can they expect to sell to sell to at a profit? If they are forced to stay where do they send their children to school? If someone buys for 499k today (or even 350 as some posters suggest) how long must they live there before the can expect appreciation? My opinion is that these sellers were Screwed with a capital S the day they signed the contract for 413K. What were they thinking? Did they believe it would appreciate 50k or more a year?
Sonies,
I couldn’t agree more. The blue line RE developers who were hoping on LP/LV like prices for these places are going to be utterly stuck holding the bag in this downturn. There was and still is a reason historically these places had lower prices. Now that the bubble is gone and sensible valuations are returning, a lot fewer are going to be willing to spend a big chunk of change on a risk like WP/BT.
Btw pregentrication 1998 this property sold for the princely sum of $65,000.
1988 sorry typo
“The only reason Bucktown and Wicker Park became trendy in the first place was due to the high prices of Lincoln Park.”
The ‘artsy’ culture in Bucktown and Wicker Park is a draw. I’ve lived extensively in both LP/LV and WP/BT. Each has their strengths, and I couldn’t justify current prices in either market. That being said, I would take the BT culture over LP any day. You either get it or you don’t.
The north-side bias here is amusing.
I agree with you CB. though it does seem the culture of BT gets closer and closer to LP every year.
CB,
I ‘get it’ man. I have MTV2, multiple tattoos, piercings, bicycle to work, smoke parlament cigarettes, drink PBR and have a keen sense of irony regarding life, culture, the arts, etc. LOL! (Ok I admit I do drink PBR sometimes but never to make some sort statement)
Those hipsters all believe they are so attuned to some keen insight regarding western culture or life and are somehow special. They believe their rejection of ‘mainstream’ culture somehow differentiates them. They are just passe.
I ‘get it’ alright, I get that I’m glad they stay west of the river.
The reasons I like BT:
1. Independent retailers and resturants. Previously under threat from national chains now under threat from plunging consumer demand.
2. In addition to the Blue Line, the Clybourn Metra station is in easy walking distance the western side of the n’hood. 8 minutes downtown on two lines. During rush hour there are trains every few minutes.
3. Access to the Kennedy. Many people drive to work in the loop and elsewhere. Don’t have the 10-20 minute surface street travel that most of LP requires. Also very fast to O’Hare with second option on train.
4. Most of the n’hood is less crowded than LP. Your guests can actually park near your house.
I moved to Bucktown from an very nice vintage condo a block of the lake and really prefer it. Not to mention that most of Lincoln Park is not within walking distance of the lake anyway.
2. I meant eastern side, east of Damen.
thats all funny stuff. though it seems to me lp has plenty of stereotyped jokers too. when I lived there they all wore chucka boots and barn jackets. Used to be ink free but now they are getting tats just like their dirtier brethren in bt. just not as many.
My point is there are irritating groups within any neighborhood. I guess it’s just who irritates you more.
Just seems like these owners/realtors don’t understand that these places will never sell anywhere near these levels. Buyers have no stock market gains, probably little or no real estate gains, unemployment will probably reach 10% before the year is done, this level of buyer is also facing higher taxes, a massive supply of homes for sale, tighter lending standards. Who would even buy this place in the low 300’s?
Smug people are obnoxious in any neighborhood. It will be interesting to see whether a real estate bust gives certain people some humility.
BTW – Cans is a horrible bar, just under Frank’s in my book.
Hipsters are like the ravers of the 90s but way less original and probably a little more sober. Either way, I’m glad they don’t live in my hood. The hipsters living off their parnets money are the worst offenders. GROW UP
Regarding the claim that WP/BT around 6 corners is as expensive as LP, that’s completely incorrect. I moved to WP two years ago and then, as now, there was about a $100k premium in LP for a new-ish 1,200 sf 2/2. I like north face coats and sports bars as much as the next painfully caucasian 20-something, but that was way too steep of a premium.
North Face coats are warm as hell. Mine is the warmest and lightest jacket I’ve ever owned.
Black North Face Jackets are issued to you when you move into pretty much anyplace in Lakeview/LP. And smartphones.
“Black North Face Jackets are issued to you when you move into pretty much anyplace in Lakeview/LP. And smartphones.”
Yup. Happened to me. Never thought it would. I few years in LP and BAM! At least I’m warm now and this phone does EVERYTHING!
I’d rather have a north face than southpole
http://www.southpole-usa.com/flash/
black NF jackets are standard attire at any non-community college. even in FL.
It makes it easy to pick out the DePaul students…
“legit” college prepsters have moved on to Arc’teryx/Marmot. NF is only for the “posers” who don’t have a clue (vast majority)
I’ll stick to Patagonia…
‘painfully caucasian’
Ahh Kevin you overt sense of white guilt explains your adherence to hipster values! Maybe you’re painfully white, I’m quite content in my whiteness myself.
I’d take north face and smart phones any day over pulled down baggy pants that show the top of your boxers and a slow swagger that shows “da man” that you’re in no hurry to get any place any time soon.
oh, it’s not guilt, i can just recognize that i’m a walking stereotype. which i’m ok with. and w/r/t to the baggy pants over boxers, i doubt the guys with the fixed-gear bikes and neck tatoos could fit their tight jeans over boxers to begin with. definitely a briefs crowd.
Help….. I am so confused I just don’t know where I belong …. 30-something married DINK w/Tattoos (probably too many for LP), baggy pants (outside of work at least), bikes? Fixgear? Please CTA all the way (and the occasional I-go) Western-European mutt with a smart phone … Do you guys need anymore information to place me in the “right” neighborhood? Help I don’t want to use my interest only loan @ 4x my income to buy in the wrong place! SSDD
Your perfect neighborhood would be either Schaumburg or Naperville.