Buy a 1893 Farmhouse in Logan Square for Under $200K: 2915 W. Belden
This 2-bedroom vintage farmhouse at 2915 W. Belden in Logan Square is listed for just $175,000.
It was recently reduced $24,000.
The listing says “Attention Investors and Rehabbers” and says it is being sold “as-is” so it is not for those looking for something move-in ready.
Still, the house is on a larger than standard 25×150 lot, has an unfinished basement and has a 2-car garage.
The listing says it was legally a 2-flat but was deconverted into a single family home.
For this price and location, is it worth rehabbing?
Dana Gerstenschlager at @Properties has the listing. See the pictures here.
2915 W. Belden: 2 bedrooms, 2 baths, 2 car garage
- Sold in July 1997 for $122,000
- Originally listed in September 2010 for $199,000
- Reduced
- Currently listed for $175,000
- Taxes of $4004
- No central air
- Bedroom #1: 10×10 (main floor)
- Bedroom #2: 8×10 (second floor)
- Family room: 20×10 (second floor)
does “as-is” mean it comes with all the trash? good grief, hire a cleaning company to at least get all of the garbage out!
hoarder house, who knows how many problems are hidden in this “gem” lol teardown for sure
Not the absolute worst location, but there are a lot of run down houses and two flats in this immediate area. What’s a lot worth around here, maybe low $100K range?
ouch
What a dump. Belden & Lyndale between Kedzie & California are rife with gangs and drug activity, and the single family homes on those two streets are by and large complete run-down, garbage-strewn eyesores. I think it’s going to be a loooooooong time before a purchase in this area makes sense for anyone.
No thank you.
If you’re familiar at all with this specific area, it is really interesting to see a really tough spot try to improve. . .
This block is like a gallery of places like this one– 2901 W Belden @ 189k, 2931 W Belden @ 185k.
In the meantime 3020 W Lyndale sold last summer for 150k, and somebody picked up 3129 W Belden for $85k. . . but there was also a $510k SF sale on this block.
And I have to say California and Milwaukee suddenly looks a lot like north/damen/milwaukee in 1995 to me.
It’s weird. I’ll be really anxious to see what the next 12 months brings to areas like this.
“I’ll be really anxious to see what the next 12 months brings to areas like this.”
Me too. I don’t see it getting better. When nicer areas of Logan are getting cheaper, I’m not sure there’s much upside for this area. Hopefully it will stabilize.
It is close to Rev Brew, Mustache, Chicken Run, and Mikos.
I spotted this listing last weekend, and thought they were overlisted by about $50k. I’ll be surprised if it sells over ~$130k, given that it needs work. Lots of work. I don’t understand how they can put up listing photos like this and then ask $175k.
There’s a place by the Kennedy, that’s been on market for like 2 years now, that started out ridiculously overpriced, for being a frame shack that needs to be gutted or torn-down. I’m not sure the Belden place won’t suffer the same fate of following the market down…
http://www.redfin.com/IL/Chicago/2711-N-Washtenaw-Ave-60647/unit-N/home/13450687
It’s down to $114k, and I think maybe it started out at $199k way back in ’08. Can anyone verify that?
And, to agree with SquareD, I’ve been really pleased with the real vibrancy that’s come to Milwaukee and California as well. There are actual PEOPLE on foot, at all hours, that aren’t scary, that are patronizing the businesses on California and up and down Milwaukee. I get my haircuts at Cali and Altgeld, and if I’m there after work, I’m amazed at all the folks coming home from the train, and the joggers, and the moms w/ strollers and the dog walkers. It reminds me of how the neighborhood looked when I was a teen (70’s), and guys in suits took the train to their jobs in the Loop….
#”When nicer areas of Logan are getting cheaper, I’m not sure there’s much upside for this area. Hopefully it will stabilize. ”
But the “nice areas” got so overly inflated that “nice people” couldn’t afford to buy. Now we’ve got a new group of folks (okay so they’re hipsters) coming to the neighborhood, and maybe a slight lowering of the inflated prices will get them to move in, while before they were simply priced out. I’m thinking it could be a good thing. The specuvesting buyers are bailing out, and I’ll be glad to be rid of them. They didn’t do a damned thing to help the neighborhood, they weren’t friendly or involved. Never saw a one of them at a CAPS meeting, or a block club meeting. FEH.
There are loads of younger folks buying in Logan Sq & Avondale who aren’t hipsters (those folks really rent, best I can tell).
I have several friends who have bought right in this nook in the past 5 years, and several others who bought here more like 10 + years ago.
The groundwork for this area has long been in motion, I am just hoping that the folks taking a stand here aren’t going to end up getting squeezed out in another 5 – 10, as I agree that the lower prices are opening opportunities – IMO stabilization of property values doesn’t really correlate 100% with the stabilization of the neighborhood.
Have the “nicer LS areas” gotten cheaper though?
This week a tiny–nice, but tiny– frame cottage sold for $355k, 2431 n fairfield. Last week 2738 n fairfield sold for $547.
Over the summer, 2507 n sac @ 720k, 2501 n fairfield @ 635k, 2610 n rockwell @ 640, 2617 n richmond for $695k. And CC special 2745 n sacrament for $455k.
I wouldn’t fault anyone for being shocked by these sales prices.
“There’s a place by the Kennedy, that’s been on market for like 2 years now, that started out ridiculously overpriced, for being a frame shack that needs to be gutted or torn-down.”
I often see that place when I browse around Logan and always think of HD.
“Have the “nicer LS areas” gotten cheaper though?
This week a tiny–nice, but tiny– frame cottage sold for $355k, 2431 n fairfield. Last week 2738 n fairfield sold for $547.
Over the summer, 2507 n sac @ 720k, 2501 n fairfield @ 635k, 2610 n rockwell @ 640, 2617 n richmond for $695k. And CC special 2745 n sacrament for $455k.”
I was surprised by the 2501 fairfield price, I didn’t think it would go so high. 2431 fairfield has odd layout, I didn’t remember it being that small though, no garage, but very livable. There’s a new listing 2509 fairfield, short sale, at $399K, that looks nice. 2520 fairfield gut rehab went for $215K. Those feel “lower” to me than couple years ago.
“Have the “nicer LS areas” gotten cheaper though?
This week a tiny–nice, but tiny– frame cottage sold for $355k, 2431 n fairfield. Last week 2738 n fairfield sold for $547.
Over the summer, 2507 n sac @ 720k, 2501 n fairfield @ 635k, 2610 n rockwell @ 640, 2617 n richmond for $695k. And CC special 2745 n sacrament for $455k.”
You’ve got a kind of weird mix in the list above, of different kinds of properties (new, old, graystone, gut rehab) but they all have a similar listing history on them:
2431 N. Fairfield; listed and de-listed since ’07, w/ price drops.
2501 N. Fairfield; listed and de-lsited since 2008, and I think it started out at $799k!
2738 N Fairfield on and off since 2007.
2507 Sacramento, almost a year, starting at $798k
2617 N Richmond started listing in ’08, at like $825k
2745 Sacramento started at $495!
So these are all properties that saw numerous list price drops (many > $100k total!), til they found either a knife catcher, or the sweet spot, depending on your outlook. I think they were all bubbliciously overvalued and thus overpriced when listed, and they’re finding their proper pricepoint.
I’m still watching the Luminiferous Homes over on Cali and Cortland; not a “nice” part and barely in LS… 1822 and 1830 are both short sales, and are really taking a haircut… Man those were a bad idea.
Imho logan will continue gentrification albeit at a slower pace. The trend is gentrification all the way up milwaukee until old irving and north to jefferson park where it will merge with the nw side. Its the natural progression of things. The neighborhoods lend themselves to gentrfication: no projects, high density, public trans, infrastructure. The belmont stop will be super hot in 8 years but first avondale has to clean up its act. An underground subway stop inbetween logan and old irving near the highway will eventually seemlessly blend in the mix.
My great-great grandfather grew up across the street on Belden, right where it backs up to the El. They moved in before the El went in, and were paid a large sum back then to have the train go through the very back portion of their yard. Used the money to eventually buy a bar. Belden used to have a different name back then too. Overall, the neighborhood ha character and will come back.
Anyone know of a site like this that tracks properties in the San Francisco/Bay area?
“Anyone know of a site like this that tracks properties in the San Francisco/Bay area?”
Yes. Socket Site is the leading housing website in the bay area. It mainly covers San Francisco, however.
http://www.socketsite.com
what’s happening now is the boulevard itself has completely phased into the “100% safety perception” zone – so everything within a block or two north and south is now being seen as more desirable (which, based on the architecture, is how it developed originally).
I can tell you from my 9th halloween just SE of the Belmont blue line stop that we’re improving just fine. significant decreases every year, to the point of almost zero idiot teenagers coming by after 8 pm without costumes looking for candy. nice decrease in moron parents walking around collecting candy for “the baby at home” as well (seriously, WTF!), carrying a few bags/buckets (I yell no double dipping and send them on).
I was laughing about all of this with some new neighbors – our block has gotten a few LGBT owners in the past two year, nice folks, they’re funny as they just have no comprehension of the deep-rooted problems, they’re just so overwhelmingly positive about fixing up their place, focusing on improvements on Milwaukee, etc. Ahh, I am an old jaded cynic. However, all of my friends are way jealous, apparently I should be including this new demographic somehow when getting my house appraised to refinance.
Anyone remember the Redmoon Theater Halloween parades in the 90s? I remember thinking that the fire breathers were awfully close to the boulevard trees for my comfort.
“Imho logan will continue gentrification albeit at a slower pace. The trend is gentrification all the way up milwaukee until old irving and north to jefferson park where it will merge with the nw side. Its the natural progression of things. The neighborhoods lend themselves to gentrfication: no projects, high density, public trans, infrastructure. The belmont stop will be super hot in 8 years but first avondale has to clean up its act. An underground subway stop inbetween logan and old irving near the highway will eventually seemlessly blend in the mix.’
I hope so, and it seems possible, but I just don’t know if there is enough money and demand out there. There’s a lot of money that has been sunk into other areas already and a significant part of hte impetus for development has been that people have been priced out of the more popular areas.
Halloween was great on Logan this year. We were out early b/c our kid is young. Very nice festive crowd at that time.
#
“what’s happening now is the boulevard itself has completely phased into the “100% safety perception” zone – so everything within a block or two north and south is now being seen as more desirable (which, based on the architecture, is how it developed originally).”
New listing on Logan Boulevard! Cute little house, modest, needs some updating, but hey, it’s ON THE BOULEVARD! Ever since I was a kid, living on the boulevard was considered the be-all and end-all for this area. It’s why my parents bought a block away, back in 1969, and I’m glad we kept the property after they died.
http://www.redfin.com/IL/Chicago/2653-W-Logan-Blvd-60647/home/13449935
“New listing on Logan Boulevard! Cute little house, modest, needs some updating, but hey, it’s ON THE BOULEVARD! Ever since I was a kid, living on the boulevard was considered the be-all and end-all for this area.”
Being on the boulevard would be great. The block west of here is has some really amazing mansions on huge lots. There’s a double lot on the end of that block (SE corner of Logan/Fairfield) listing for $850K, which seems high to me, but who knows. I’m not sure 2653 doesn’t have more value as a lot. Listing says it’s landmarked. Not sure what that means but it doesn’t look that distinctive.
Man. Wish my dad had held on to his 2 flat at 2513 Fairfield, I’m sure it’s a pretty pricey locale right now.
“Man. Wish my dad had held on to his 2 flat at 2513 Fairfield, I’m sure it’s a pretty pricey locale right now.”
It’s higher I’m sure but it’s not crazy high at the moment. There’s the 2509 fairfield converted two flat short sale for $399K. That seems like a deal (compared to 2501 at $635K) if there’s nothing horrible on the inside.
skeptic, I probably know/knew you, depending on when you were on fairfield. if it was anytime after 1969, the odds are pretty good.
There’s both money and demand both of which are heavily subject to price. The steady march up Milwaukee Ave is unabated and IMHO it will continue until it merges seamlessly with the rest of the northwest side.
“I hope so, and it seems possible, but I just don’t know if there is enough money and demand out there. There’s a lot of money that has been sunk into other areas already and a significant part of hte impetus for development has been that people have been priced out of the more popular areas. “
For a cool block in Logan Square, check out Bernard Street between Wrightwood and Fullerton.
“There’s both money and demand both of which are heavily subject to price. The steady march up Milwaukee Ave is unabated and IMHO it will continue until it merges seamlessly with the rest of the northwest side.”
I think it might happen. I just don’t know that it happens in your world where existing green zone places start to sell at nominal 1999 prices.
PS did you see 2509 fairfield? Isn’t that close to your price range. Basically move in ready (as far as I can tell). Nice block, really nice area of logan.
2509 fairfield: Nice place, short sale makes it a pain but move in ready. Prices are returning to earth.
Gentrification is going to happen regardless of the economy. People will continue moving to teh city and away from those far out suburbs, gentrificaiton might occur at a slower place than before but life carries on.
“Man. Wish my dad had held on to his 2 flat at 2513 Fairfield, I’m sure it’s a pretty pricey locale right now.”
shoot i wish my grandparents held on to their Logan sQuare place too, oh wait the couldnt they were kicked out so the (later named) Kennedy could be built.
and yes every time we drive over the spot, a uncle or aunt or parent will tell the story of how where they grew up is where the expressway is now one time i turned up the radio in the car and my uncle just talked louder.
“Listing says it’s landmarked. Not sure what that means but it doesn’t look that distinctive.”
Link:
http://webapps.cityofchicago.org/landmarksearchWeb/pageflow/detail.do?pin=1325418007&fid=223307018&hid=2653
It’s an Orange building, so it would take some effort, but not be impossible to teardown. If you preserved/restored the appearance from the street, you could probably do whatever you wanted.
“It’s an Orange building, so it would take some effort, but not be impossible to teardown. If you preserved/restored the appearance from the street, you could probably do whatever you wanted.”
How did they get the addition or whatever it is on top built? Looks terrible. And how is it classified as a Queen Anne?
Any idea of how well it would take layout wise to a rehab? Put in $400K and end up with a nice place “on the boulevard”? It’s not the nicest block, IIRC a couple of apt buildings, not bad, just not as nice as next block west.
“Gentrification is going to happen regardless of the economy. People will continue moving to teh city and away from those far out suburbs, gentrificaiton might occur at a slower place than before but life carries on.”
I’m not sure how the schools will get turned around. Especially in a middle price range where private is not terribly viable, don’t schools have to turn around first?
“How did they get the addition or whatever it is on top built? Looks terrible.”
Bet it’s original, but not the white siding. Maybe cedar shakes below?
“And how is it classified as a Queen Anne?”
Turret + prominent gable + asymmetrical + time period = close enough.
“Listing says it’s landmarked. Not sure what that means but it doesn’t look that distinctive.”
I think anything on the blvd. is considered in the district regardless of Merritt. Just means they will want to further review it at landmarks before issuing permits.
2653 W Logan sold for $360K.
And 2915 W Belden list went down to $100K and is “under contract”.
2915 W. Belden Sold on 02/22/2011
$120,000
I’ll be curious to see if it reappears this fall, renovated.