Build “Sweat Equity” with this Edison Park 4-Bedroom SFH: 6569 N. Onarga
This 4-bedroom single family home at 6569 N. Onarga in Edison Park came on the market just before Thanksgiving.
The listing says “Opportunity knocks for sweat equity.”
Built in 1922, the house is on an oversized 45×125 lot, has a 2-car garage and central air.
The listing says a second story addition was added in 2006/2007.
The house now has a master suite with a master bathroom with a glass block shower.
The listing says there is a “new kitchen” with granite counter tops but the refrigerator is missing (although the dishwasher is still intact.)
This property is located just a few blocks from the Edison Park Metra stop. The listing says the school is Ebinger.
Is $400,000 still the going rate for Edison Park single family homes that need “sweat equity”?
Ilisa Farrell at Coldwell Banker has the listing. See the pictures here.
6569 N. Onarga: 4 bedrooms, 3.5 baths, 2369 square feet, 2 car garage
- Sold in November 1995 for $135,000
- Originally listed in November 2009 for $399,000
- Currently still listed at $399,000
- Taxes of $5208
- Central Air
- Bedroom #1: 20×15 (second floor)
- Bedroom #2: 10×9 (second floor)
- Bedroom #3: 14×10 (second floor)
- Bedroom #4: 13×10 (second floor)
- Recreation room: 23×13 (basement)
Since when is Edison park the new hot spot? Unless this hood commands a premium this place is going to sit for a while.
Edison park commands a premium but at 399 the sweat equity has already been priced in. This is no deal.
Fixer frame vacant house in EP for $400,000? Not a bargain, even w/larger lot width. If property is in foreclosure, then lender is deluded. If an estate sale, then executor. If family simply moved out and away, then they’re long past due for disappointment. It might have been a good price in early 2009, when market was still in initial decline, but it’s nearly three years later and prices have slid further down.
Nobody gets excited anymore by glass block.
I’ve seen way too many homes like this where someone already sweated the wrong way and created no equity. #amateurrehab
I think it goes for something around $330K. It still has a bit of work to do. The main picture of the front above almost makes it look like 2 houses.
“I think it goes for something around $330K. It still has a bit of work to do. The main picture of the front above almost makes it look like 2 houses.”
Agreed–I thought I was looking at a pair of rowhomes at first.
so what happened here? They got bored with rehab, or they ran out of money?
“so what happened here? They got bored with rehab, or they ran out of money?”
I think what happens is that people try to do this stuff themselves and make poor choices and also realize that it’s harder than they thought and they’re not happy with the results. And sometimes they also run out of money.
This is one of those listings where I wish we knew whether it was a delusional seller or a clueless agent who priced it.
Other than it being a short sale, why not just go with this Edison Park home instead
http://www.redfin.com/IL/Chicago/6637-N-Octavia-Ave-60631/home/13635946
Given that this has been listed for two+ years I think Sabrina’s question of whether 400k is the going rate for Edison Park SFHs that need sweat equity has already been answered.
A bit of a tangent, but this house down the street from me in Avondale recently was sold for just $5k less than the 2008 price. It might be an anomaly, but decently priced SFH’s are moving much quicker than any of the condos in the nabe.
http://www.redfin.com/IL/Chicago/2538-W-George-St-60618/home/13450988
Icarus (December 12, 2011, 9:32 am)
Other than it being a short sale, why not just go with this Edison Park home instead
http://www.redfin.com/IL/Chicago/6637-N-Octavia-Ave-60631/home/13635946
Rating: 0 (from 0 votes)
Good comp, structure wise, but this place sits at the back of the lot. Yeah one of those – huge front yard, no back yard type properties
Edison Park does seem to command a premium. Also there is very low inventory in the upper $ amount. If you want a 50’s ranch you can find them all day long on the other side of Touhy for $250 get into the pocket South of Touhy and prices seem to be stable and move quickly.
Examples of upper end $ wise under contract.
http://www.redfin.com/IL/Chicago/6855-N-Oleander-Ave-60631/home/13638189
http://www.redfin.com/IL/Chicago/6740-N-Odell-Ave-60631/home/13634915
This one went Undercontract in like 2 days in the summer/fall
http://www.redfin.com/IL/Chicago/6845-N-Oriole-Ave-60631/home/13637795
This subject property seems overpriced at $399K
More like sweat negative equity…
Turn key properties priced correctly will sell quickly, because, inventory is abysmal. Fewer and fewer new properties listed at reasonable prices; more and more of the same properties relisted as *new* appear. I’ve scoured the MLS for my preferred neighborhoods and some of the same properties listed 2 years ago, or even six months ago, are still listed today.
It looks like the previous owner’s sweat equity did more damage than good. Do you really trust that the 2006 2nd floor addition was done up to code and properly permitted?
Shveat equity
It’s bank owned; result of a deed in lieu of foreclosure executed in September.
There are way better deals in E.P. than this listing. I grew up there and think that it is still a great place to raise a family outside the green zone. Safe, quiet, and boring come to mind. The strip of restaurants on NW Hwy are pretty good. Plenty of parks, churches, and health care options within a short distance. Except for the strong likely hood of substantial tax hikes in the near future for ALL Chicago properties EP is still a solid choice. These sellers better get ready for a long and painful drop before this one goes under contract.
Good point danny. It looks like they filed a minimal amount of permits and tried to get the maximum mileage out of them.
https://webapps.cityofchicago.org/buildingviolations/violations/addressinfo.html
Hopefully they really did hire a good architect and an even better workcrew.
Oh, and it looks like the final tab on the borrowing was $430k. Of course, no way to know how much of that may have been a loc not drawn upon.
It needs to be ripped apart and redone.
Curb appeal sucks.
Only thing good about this property is the location.
400k for this pile of crap remodel in EP? Yeah I think you can do a lot better for your money in this area
“A bit of a tangent, but this house down the street from me in Avondale recently was sold for just $5k less than the 2008 price. It might be an anomaly, but decently priced SFH’s are moving much quicker than any of the condos in the nabe.
http://www.redfin.com/IL/Chicago/2538-W-George-St-60618/home/13450988”
A*Man, that prior sale wasn’t in 2008. The mls has it closed on 10/28/09. ccrd has it as 10/27/09.
“A*Man, that prior sale wasn’t in 2008. The mls has it closed on 10/28/09. ccrd has it as 10/27/09.”
Once again, G proves himself to be 100% correct, but 100% useless….. seriously, man who the f@ck cares if it was 2008 or 2009? (yeah, I know…. I know – I am always wrong, have reading comprehension issues, am an asshole, stupid, and an idiot….)
clio: “(yeah, I know…. I know – I am always wrong, have reading comprehension issues, am an asshole, stupid, and an idiot….)”
At least your self-awarness meter has budged a tiny bit off of zero.
I can’t believe this place just sold for $350K earlier this month
One of the worst properties I’ve seen in EP.
lunker: it’s not that bad of a deal if it really has 2,300ish sq ft of above ground space. A $150k of work goes a long way to fix it up, make it look nice.
“can’t believe this place just sold for $350K earlier this month”
i cant believe it either but glad it did. the location is not 350k worthy, and the house itself is not 350k worthy.
and i highly question the 2.300sgft the footprint doesnt compute