Buy a 3-Bedroom SFH in Bucktown for just $229,900: 2225 W. Charleston
This 3-bedroom single family home at 2225 W. Charleston in Bucktown (it IS east of Western) just came on the market.
It is bank owned and listed at just $229,900.
Built in 1887, the listing says it is on a standard Chicago lot of 25×125 and has a 2-car garage.
So what’s the catch?
Check out the interior pictures to find out.
There are lots of requirements to follow if you’re going to make an offer:
“Days 1-7: Offers will not be reviewed, Days 8-12: Offers ONLY from NSP buyers, Municipalities, Non-profit organizations and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers.”
Will this sell fast given the price and the location?
Will there be a bidding war that pushes the price well above the ask?
What’s the price of land worth in this location?
[You’ll also notice the bank has been holding onto this property for nearly a year.]
Samuel Tarara at Koenig & Strey Real Living has the listing. See the pictures here.
2225 W. Charleston: 3 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in September 1988 for $113,500
- Sold in July 1990 for $122,500
- Sold in January 2001 for $360,000
- Sold in June 2004 for $455,000
- Lis pendens filed in October 2008
- Bank owned in January 2011
- Currently listed for $229,900
- Taxes of $10,796
- Central Air
- Bedroom #1: on the second level
- Bedroom #2: on the second level
- Bedroom #3: on the lower level
1. What is “West Wicker Park”?
2. If there is to be a bucktown, this is clearly in bucktown.
3. Is this really 125 ft deep?
4. Seems like a good price.
There is no such thing as West Wicker Park… leave that nonsense to the real estate agents. This is firmly Bucktown.
…even if there was a West Wicker Park, why the hell would it be located North of Wicker Park?
Isn’t it more like Logan Square Heights! Humboldt Park Manor!
Great deal for a rehabber as this thing is worth 380k easy finished and needs only 50k work.
This is in Bucktown and what a deal!
Handyman hipster special!
somebody said the in the MLS notes it states “$1,500 off closing costs for an extra superb mustache”
is this true?
1. Clearly Bucktown. Maybe a TOL (touch of Logan). No way is this Wicker or Humbolt anything.
2. Unless this lot is 25′ longer than its neighbors on either side, it’s a 100′ deep lot.
3. The house next to it is beautiful – they should buy this and tear it down as a side yard… http://www.environsdevelopment.com/images/uploads/brochures/2227-charleston.pdf
4. I’d say that this is close to land value, maybe even a little bit low – lots were at about $300K in this area a while ago but I think it has gone a bit lower. Maybe $250K.
5. I’ve learned that when dealing with the bank, a price like this is usually part of some pre-determined game.
(Sabrina – typo in the ask price (not $299,900) and I don’t think that lot size is correct)
Bob,
Can you please provide budget of how this can be livable for 50k?
“The house next to it is beautiful”
Was wondering what was next to it. Could see the edge of neighboring house on the front photo but it was still empty in streetview.
“they should buy this and tear it down as a side yard”
That’s gotta be the right answer, ignoring the homepath stuff.
“Bob, Can you please provide budget of how this can be livable for 50k?”
I was gonna say I wasn’t sure which of Bob’s numbers was more off. However, putting in $50K might indeed get you something worth $360K. Not something you could live in, mind you.
“an extra superb mustache”
Cafe mustache, despite the name, is a surprisingly good coffee shop with really nice people.
“3. Is this really 125 ft deep?”
Assessor sez: if 125 deep, then only 19.2 wide, and if 25 wide, only 96 deep.
Likeliest reality: 24×100.
“Can you please provide budget of how this can be livable for 50k?”
$50k of *work*, by people paid in cash. And a bunch of materials that fell off a truck. And a fair amount of “free” GIY.
“Likeliest reality: 24×100.”
But who knows, really? There are a gazillion ways to measure it. Prob best to go with the realtor’s numbers.
“Prob best to go with the realtor’s numbers.”
absolutely the worst thing ever said on CribChatter
Updated homes this size in this area are probably worth between 500-550, maybe more.
2214 Charleston just closed at $570
http://www.redfin.com/IL/Chicago/2214-W-Charleston-St-60647/home/13356771
2225 shakespeare around the corner is listed at $599
“But who knows, really? There are a gazillion ways to measure it. Prob best to go with the realtor’s numbers.”
So, 25×125 (in base-Realtor):2400 as Gazillion (in base-Realtor): what?
Whatever it is, that’s a very strange maths system.
Sorry- you are right. This is Bucktown. I think the map it was listed on was wrong. I should have just gone by the street- which I’ve been on many times.
I’ll fix it.
Bucktown, Bucktown, Bucktown!
And yes- the price is $229,900.
“Whatever it is, that’s a very strange maths system.”
There’s an isomorphism (prob 1-1) between realtor measurements and real world measurements but they only tell you what it is when you pay your NAR dues.
A steal. Will sell for over list price.
Well buyer doesn’t need to worry about seller’s choices for finishes. I’d venture to say it needs $30,000 for higher-quality small kitchen build-out (stainless steel better quality appliances, granite counters, Ann Sacks-style tile backsplash and floor installation, semi-custom cabinets), another $35,000 for 3.5 bath build-out (again, higher-quality fixtures, maybe steam shower and Sacks-style tile installation in masterbath, etc,) and another $30,000 for drywall and paint minimum. Add another $10,000 for plumbing and electrical finishwork, another $10,000 for HVAC finishwork, and minimum $10,000 GC coordination.
Only way this house can be finished for $50,000 is for owner to run his own cash-paid crew and rely upon Home Depot’s and/or closeout tile/flooring materials and catalogue cabinets, and install simple drywall/paint finishes, hoping that interior framing, electrical, plumbing, and HVAC are intact and properly installed and roof/foundation in good condition.
“Likeliest reality”
Most likely scenario?
“There’s an isomorphism ”
DZ, nice to see someone took some math classes beyond calc : )
The individual who said $50k to get the home completed must have been referring to the kitchen and guest bath. We recently completed a major reno (but not a complete gut) on a place smaller than this in the same ‘hood. Unless this individual is Bob Villa, $50k is unlikely to pay for the raw materials, let alone the labor. I’d say more like $125k, which still makes this place a pretty sweet deal.
Okay so Architect and MikeInBucktown say $125K, Bob says $50K. Why such a wide range on the estimate?
“Okay so Architect and MikeInBucktown say $125K, Bob says $50K. Why such a wide range on the estimate?”
Bob.
If you really could get out for $400K and have a nicely finished place, that would be a fantastic deal for bucktown. Which suggests to me the price will go higher, will take more than $125K (for a regular person) to finish nicely, or there are some issues that are not apparent at the moment.
I’d say 200k. Really depending on how much was already done and how much of it needs to be redone.
Add another 20K for flooring and another 20K for surprises (dampness, backflow preventer, etc.) and another 8K for financing the property during construction. This is probably low. The house looks nice, but I would be worried about the quality of the second floor addition-bump-out.
I assume this would have to be purchased with cash? Can you get a mortgage or any type of financing purchasing a place in this condition (no kitchen/baths).
2129 w homer sold for $279k a couple of weeks ago. It needed to be totally gutted. Was listed for same price of this one at $229k.
I am not a rehabber but my standards of livable are different than most. Dahkichi is a rehabber but I consider 200k insane rehab costs.
I just helped a couple with a rehab of a decent sized house. Mind you this was not a full gut. We did not do an addition. We only added/changed a few windows. No landscaping. Super minor exterior work. And it cost 200k.
We gutted /expanded kitchen into part of existing addition. Skylights, Mudroom. Added quality hardwood floors to entire first floor. Added Master bath on second floor ( in what had been the smallest bedroom) Master closet. expanded upper hallway a little. Turned out in construction that roof needed to be replaced. Whole house had to be rewired. Furnace added in attic. Stairway sanded and new railing. Nice, but not crazy expensive tile/cabinets/appliances.
Trim/doors/flooring/ labor/architects drawings/unanticipated construction ‘surprises’
are overlooked on this board.
“2129 w homer sold for $279k a couple of weeks ago. It needed to be totally gutted. Was listed for same price of this one at $229k.”
So, what, something like $325K assuming the work done on this place is not worthless (this place also seems slightly larger than homer)? With dahliachi’s $200K estimate, ending up at $525K for a very nicely finished but not over the top place seems ok (would be higher if it wasn’t only 2 beds up).
“Okay so Architect and MikeInBucktown say $125K, Bob says $50K. Why such a wide range on the estimate?”
[no disrespect to MIB intended] Consider the relative positions of the commenters: Architect *does this for a career* and has for decades. Bob lives in a studio and has never owned a house.
Seriously, you could get the place “liveable” for $50k, if you could find a hard-working minimum-ish wage crew and spent a bunch of time scavenging for used building materials. But it wouldn’t qualify as nice and wouldn’t pass a moderately rigorous code inspection.
Dude, it takes no less than $500,000 fix this place up nice. I mean, really nice.
I love how among the chatterati they still price labor & materials at 2006 levels despite the rampant deflation in both. Heck I’d bet even Architect took a big rate hit.
So Architect, who does this for a career, is saying that even with his knowledge and inside connections (contractor discounts, etc) it would still cost over $125K even though the gutting is already apparently done.
That makes me feel better about taking a pass on that Norwood Park Queen Anne I posted on the other thread. It needed a lot of work even if I could have gotten it for way less than the bank wanted.
thanks.
“I love how among the chatterati they still price labor & materials at 2006 levels despite the rampant deflation in both. Heck I’d bet even Architect took a big rate hit.”
What, *precisely*, construction work have you contracted for personally in the last 36 months, Bob?
I don’t want anecdotes about a friend, or some guy, or any other nonsense. I want to know what your direct contracted, out of your pocket, construction work you’ve even had bid out in the last 3 years.
Yeah. That’s what I thought.
“That makes me feel better about taking a pass on that Norwood Park Queen Anne I posted on the other thread. It needed a lot of work even if I could have gotten it for way less than the bank wanted.”
You’re been making major life decisions about whether to buy queen anne fixer-uppers with v limited knowledge of reno costs?
“Most likely scenario?”
I was bending grammarian reality, much like the realtors seem to be bending either maths principles or time-space.
“You’re been making major life decisions about whether to buy queen anne fixer-uppers with v limited knowledge of reno costs?”
And erroring on the side of caution. In this particular case there were three variables: 1) how low would the bank go to unload it before end of year 2) how much would i need to sink into it and 3) how much of a construction loan could I get. Before I could get concrete answers, someone else swooped in and put in an offer, so I’m taking it as a sign it wasn’t meant to be.
@Icarus , One advantage you have over a flipper is that as the owner, you can space out the renovation and do it more gradually. Also if I recall correctly, you don’t have kids yet which gives you more time and flexibility again.
“And erroring on the side of caution.”
Fair enough. And getting good answers (that you are comfortable with) on these things is not easy.
@miumiu, you are correct. There are some things with that house that couldn’t wait — like it needed a kitchen — and we wouldn’t want to be in a perpetual state of rehab. Plus we do want children sooner than later and apparently the state gets really upset if you don’t have annoying things like heat, electricity and roofs that don’t leak. 😀
lol…good luck Icarus. Your life is about to change in ways unimaginable.
icarus buddy,
dont overthink things. your gut knows good and bad on instinct its the brain, heart, and eyes that muck up the original instinct.
dont worry 99% of things are simple, human nature is to make it complicated. but in essence its simple and you will turn out just fine.
good luck on whatever path you go, let me know if need anything.
Taken off the market. From what I heard they received a lot of offers (over 40) and are reviewing them. Any guesses what it closes at? I say $310k
40 offers? It is most assured that some lucky buyer will overpay.
“Any guesses what it closes at? I say $310k”
I’d take the over on that.
WOW-Closed today for 402k
“Closed today for 402k”
Wow, indeed. And, clearly, it is easily worth $380k finished.
“Wow, indeed. And, clearly, it is easily worth $380k finished.”
I was factoring in they had bad/liberachi taste in furnishings that were not only ugly but also quite immobile.
Nearly sold at the 2004 price…..but now totally gutted! I think someone got a little too excited in a bidding war and overpaid.
Bob:”Great deal for a rehabber as this thing is worth 380k easy finished and needs only 50k work.”
This is just the first of MANY examples of how “off” you are with prices/pricing. I am not trying to make you feel bad (since I have been wrong many times), but the truth that you don’t seem to understand is that there ARE many many people out there with a lot more money than you think.
I walked through this house with a GC b/c I was considering putting in an offer. It needed about 75k-100k of work depending on quality of finish. As I said earlier, updated homes just like this are probably worth 550-600.