Buy This 4-Bedroom Old Town House for $221K Under the 2007 Price: 304 W. Willow
We last chattered about this 4-bedroom single family home at 304 W. Willow in the heart of Old Town in May 2011.
See our prior chatter here.
Many of you thought the taxes were too high (looks like they have been reassessed since then as they’re now $7,000 lower) and that the price was too high.
Some of you thought this would sell around $1.2 million. It is now listed at $1.219 million.
If you recall, the house was built in 1874 on a 30×78 lot and is located in the “real” Old Town triangle neighborhood.
It also has the rare feature in the triangle of off street parking. And not just for 1 car- but for 3 cars- in the side driveway.
3 out of the 4 bedrooms are on the second level with the 4th in the lower level – along with a den.
The kitchen has stainless steel appliances and granite counter tops as well as woodmode maple cabinets and a farm sink.
The master bathroom has marble and tile.
At 2700 square feet and WITH the 3-car parking, what price will it take to finally get this sold?
Phyllis Hall at Koenig & Strey Real Living still has the listing. See the pictures here.
304 W. Willow: 4 bedrooms, 3.5 baths, 2700 square feet, 3 car parking on the side drive
- Sold in December 1989 for $475,000(but I think this is a typo when you see the mortgage amount. Was probably $275,000)
- Sold in December 2000 for $425,000
- Sold in May 2001 for $565,000
- Sold in April 2007 for $1.44 million
- Originally listed in October 2010 for $1.38 million
- Reduced
- Was listed in May 2011 at $1.33 million
- Reduced
- Currently listed at $1.219 million
- Taxes are now $13,000 (was $20129 in May)
- Central Air
- Bedroom #1: 17×14 (second level)
- Bedroom #2: 17×9 (second level)
- Bedroom #3: 10×10 (second level)
- Bedroom #4: 15×11 (lower level)
- Den: 17×20 (lower level)
It’s nice, and it’s obviously in a great spot, but while the ability to park 3 cars might be attractive to a big rental house, I can’t imagine that there are many families looking to spend $1.2 million to park outside. Then again, I can’t imagine paying $500k for a condo without a garage space (heck, I’m typing this in 80 degree weather while watching the waves roll in off the Gulf, and I wouldn’t buy a place here without a garage either).
Better street, better house, better lot and better garage – only two blocks away:
http://www.redfin.com/IL/Chicago/1838-N-Lincoln-Park-W-60614/home/13344925
Agreed Matt. Pending after being on the market for 48 hours. 4 car garage is pretty unique in that location. Surely they can get their taxes reduced from 35k?! ouch. I feel the buyers got a great deal even if it sells for ask.
This house is 137 years old. At the end of your 30 year mortgage, you will need to convince someone else to purchase your 167 year old house.
“This house is 137 years old. At the end of your 30 year mortgage, you will need to convince someone else to purchase your 167 year old house.”
And when has that ever been a problem for a well maintained home in a good neighborhood? 200+ year old homes in DC and Boston are common place and neither market has much of problem moving them.
Something is strange about the asking price for that 1838 N. Lincoln place. I can believe that it would go for under the $1.9 million price in 2001, but not for as little as $1.3 million. Hell, if I had known it was on the market at $1.3M, I’d have bought it. Even today, I’d think the seller could get at least $1.7M for that place, and possibly up to $2M. Either the owner had to sell and wanted to set up a short-term bidding war, or there was some kind of insider dealing.
Sad at Plaza, I was thinking the same thing, that they might have priced it low to create a bidding war. Will be interesting to see what it goes for.
Re’ the 1838 LPW home, I do think the $1,399,000 listing price was intentionally set low as Sad @ Plaza and Flo observed. I’ve heard they received 8 offers within the first day. I’d be surprised if it didn’t sell well above the asking price unless there is a huge problem with the property which they would have to disclose. Living in the neighborhood, I had heard it was going on the market, but certainly not at that price!
Re: the 1838 LPW home – I wanted to put in an above asking price offer and the realtor wouldn’t even return my broker’s phone call. I think there is something fishy going on. However, if it IS a legit listing/purchase and it goes through, I have to say that the owners were duped into asking too little. They could have easily gotten 1.5 or even a bit higher.
Alright it’s 2012 and already fake clio is back making claims about buying million+ dollar properties. LMAO thanks for the laugh clio and Happy New Year!! 😀
“Re: the 1838 LPW home – I wanted to put in an above asking price offer and the realtor wouldn’t even return my broker’s phone call. I think there is something fishy going on. ”
clio a very similar thing happened to me, once. It was Vegas and it was in 2005 I had recently closed on a deal and wanted to buy this place in City Center–it was like an 800k pad. But what happened was the listing agent had a flat tire on the way to the signing so they instead wound up selling it to the AAA tow truck driver instead for 700k. It just didn’t seem right as they could’ve easily got $1.1MM for this pad. Lucky AAA driver I guess.
Something some people may find helpful/interesting is that Merrill Lynch will allow you to borrow against your investments. They will give you a 30 year loan (currently at around 3%) of a percentage of the the amount you have invested. For example, if you have a portfolio worth 250k, they can loan you 250k (or whatever amount you want/need) for about 3% – and you don’t have to liquidate your investments or change them in any way. You can use that money for anything you want – so what they are saying is that many people who have 500-1000k in investments are taking out these types of loans and buying their home with cash. They then pay down the loan over 30 years. This is how many people are getting around the credit issues….
Clio..Re’ your info on Merrill Lynch and lending against your portfolio, I believe some clarification is needed. I don’t believe if your portfolio is valued @ $250,000 they will let you borrow that amount…certainly only 75-80% of that amount and then it acts like a margin account…if stocks tank, you need to come up with more $$$$. A 30 year loan just means “amortized” over that many years…the 3% rate is tied to the Libor/Treasury bill and in 5 years COULD be 8%. This is a good product for someone who has a large portfolio and if the rates get too high they will just pay it off.
“I wanted to put in an above asking price offer and the realtor wouldn’t even return my broker’s phone call. I think there is something fishy going on.”
Yes- because everyone in Chicago is rushing out and putting in above asking bids (even on REOs.)
NOT!
We’ll have to see what 1838 LPW closes for. But the reality is- prices have fallen substantially even in Old Town and LP. (30% or in some cases 40% or more?) Wake up.
“I can believe that it would go for under the $1.9 million price in 2001, but not for as little as $1.3 million. Hell, if I had known it was on the market at $1.3M, I’d have bought it. Even today, I’d think the seller could get at least $1.7M for that place, and possibly up to $2M. Either the owner had to sell and wanted to set up a short-term bidding war, or there was some kind of insider dealing.”
It sold for $1.05 million in 1998 just to give it some perspective.
Who knows why someone overpaid in 2001. Perhaps there was renovation done between those two sales. If so- the renovations are now 10 years old.
By the way- it’s extremely slow out there so expect some boring posts for the next few weeks until people start listing for the spring.
If anyone sees anything interesting (like that house on LPW that we’ve been chattering about within this post) please shoot me an e-mail at cribchatter@yahoo.com.
I’ll be shooting video at 1838 LPW with Tina Culver on Wednesday morning. Check our YouTube channel on Thursday:
http://YouTube.com/yochicago1
“Who knows why someone overpaid in 2001. Perhaps there was renovation done between those two sales. If so- the renovations are now 10 years old.”
My guess would be that renovations were done between 1998 and 2001 as well. I don’t think those renovations would become valueless after 10 years. Also, given the size of the residence, the lot, the appearance of the interior from the pictures, etc. and comparing it to recent sales in the area $1.3M simply seems very low.
As you say, we’ll have to see what it closes for. I have no doubt that some prices even in LP have fallen by 30% or more from their peak in 06/07, but that’s quite different from saying prices in LP have fallen 35% from 2001. If the latter is true, then I’ll really need to keep my eyes peeled this coming spring.
Why are you shooting a video, Joe, when the house already had multiple offers and is under contract?
I don’t get it. I know you get paid to shoot the videos for Sergio & Banks as they are a client of yours so you don’t care, you get paid either way- but what’s the point? Why would the owner want a video shot of the house AFTER it has basically already sold?
“that many people….are taking out these types of *loans* and buying their home with *cash*.”
I am amazed G did not show up for this one… hopefully he is still somewhere working on a tan.
Sabrina,
I’ve shot video at a number of homes after they’ve gone under contract. As to the why, I’ll refrain from speculating.
I parked on the 1800 block of N Lincoln Park West while at the zoo in October. There was some work being done on the property under contract. I’m surprised at the low price to be honest, but maybe it was to draw in multiple offers, which could potentially be over the asking price. Who knows.
Clio I will just caution you that it is a lot easier to lose a quarter mill than it is to earn it. Even at your wages.
I love vintage and own 100+ year old home, but I do not understand who would buy this place. It looks cute and historic from the curb, but looks like a newer McCondo inside.
So, the owner has all the pitfalls of an old frame house (concerns over structural integrity, termites, lack of insulation, etc.) but none of the old-time charm inside. And, I would not count on that finished basement (and 4th bedroom) staying dry- it’s almost 140 years old. At $1.2MM, this home seems like an albatross in a glitzy neighborhood.
“Something some people may find helpful/interesting is that Merrill Lynch will allow you to borrow against your investments.”
They’ve been offering that for over 15 years. I beleive ML private client was also the original popularizer of the “pay option” mortgage that ended up being such a scourge.
Anon, true – but most people forgot about that option during the easy financing in the mid 2000s. Now, they need to be reminded that there are options out there to obtain financing.
I bid on the house at 1838 N Lincoln Park West. It is a trust sale run by BoA. It will be printing for more than asking price – my guess is $1.4-1.7mm. The process was very strange – on the market Tues night (before Xmas no less) – showings Wed / Thurs and bids due Thurs afternoon with the “winner” to be notified Friday morning. Something fishy seemed to be going on. Also – it is being sold “as is” so there could be some kind of structural issue with the house. I have never seen something like that before.
Like I said – there was some renovation work going on outside in October when I walked past it twice and parked nearby. I saw a scaffolding and workmen doing exterior work. Not sure exactly/don’t remember what they were doing but it didn’t seem to be minor repairs…
They were repainting. I saw no evidence they were doing any structural work.
1838, I walked by the property when it came on the market, and there were workers everywhere. They worked thru the night the first night it came on the market. They couldn’t speak English and wouldn’t answer my questions of what they were doing in the house. It might be something structural as they were hauling in a bunch of wood. Might be floors too, I guess. Anyway, kinda shady. I was gonna try to see if they wanted to sell the coachouse and 4 car parking separately.
“They couldn’t speak English and wouldn’t answer my questions of what they were doing in the house.”
Were you able to ask your questions in whatever language they could speak?
Yeah – they definitely weren’t painting. Seemed really unorganized. Curious if anyone else saw this?
DZ…I’m not really sure. I only know basic English, German, and Spanish. My best guess would be Spanish. I gave up Spanish classes in college, and even with some understanding, find it almost impossible to carry out conversation with natives that don’t have patience. Anyway they were much more interested in smoking their cigarettes than dealing with me.
In regards to DZ’s somewhat arrogant statement “were you able to speak their native language”…I would hope that with a large crew of workmen in a million plus home, that one would be able to converse in the native language. I have heard that the seller is of Polish descent so perhaps that was the language Flo heard. There certainly is something very strange about this transaction and can you just imagine the original owners are rolling over in their graves!
“I’ve shot video at a number of homes after they’ve gone under contract. As to the why, I’ll refrain from speculating.”
You’d have to speculate to answer this question? You never asked why or cared to ask? How about having a mind of your own and giving us your guess as to why?
helmethofer,
I was responding to Sabrina’s specific question about 1838.
There’s already more than enough ill-informed and inaccurate speculation in this thread. How about having a mind of your own and calling the agent to ask her why?
“I would hope that with a large crew of workmen in a million plus home, that one would be able to converse in the native language.”
You can criticize them, if you makes you feel better, for not speaking whomever’s native language. Just seemed unreasonable to criticize them, in addition, for not answering questions when they may not have even understood them. Not that it’s clear to me a passer by should have any particular expectations for getting his/her questions answered or being dealt with.
Joe- I thought his question was legitimate because I was wondering the same thing myself. Why would you be speculating as to why they want the video? Don’t you already KNOW? Or are you just a video for hire- go anywhere, do anything, record anything as long as you’re paid?
If that’s the case- it’s fine to say “I don’t know why they want the video after it’s already under contract.” Instead- you give us mumbo-jumbo and act as if you don’t know why they want it.
let’s try this again:
“I’ve shot video at a number of homes after they’ve gone under contract.”
What are some of the reasons (in general)? If you’ve never bothered to ask, then kindly say so. If you aren’t going to answer the question, then also just say so. Thanks!
Apparently when there’s scaffolding and lots of building materials on the side of house, it’s pure speculation that the work being done is more than painting. Interesting. Did anyone else see this work being done at 1838 N Lincoln Park West this fall?
helmethofer,
I don’t ask my clients why they want video of homes that are already under contract. In some cases they’ve volunteered the reasons, and I don’t see any point in discussing them here for people to take shots at.
Sabrina,
I answered your initial question honestly – I don’t know the specific reason why the agent wants this home shot after it’s already under contract. I wouldn’t be fair to my client if I speculated about her reasons.
We contractually retain editorial control over any video we shoot, whether or not it’s paid, and we exercise that control to maintain credibility. I’ve refused a number of video shoots, just as I’ve refused to allow a number of companies to advertise on our site and blocked many companies from using Google ads on our site.
I toured the home when it was on the market. At the time most of the work was being done outside but there was sawdust on the floor inside – indicating there may have been interior work done also. There were many workers about (3-4) so it didn’t seem to be minor. As long as the buyers have a good home inspector they will be ok and should be able to find any structural issues. My understanding is that because its being sold “as is” the seller doesn’t have a legal obligation to disclose any issues (even if known) so whatever you don’t find on your own will be your problem as you’ll be giving up the right to sue in the future.
love the house, love the hood, love that it has parking,
HATE THE ALLEY that this street really is
Video of 1838 Lincoln Park West is at YouTube:
http://www.youtube.com/watch?v=6UANAY_NXvQ
The work done on the home was masonry – tuckpointing, limestone cleaning, chimney repairs. There’s a permit hanging in the window.
The current owner reduced the size of the coach house to expand the size of the garage, and that impacted the overall value.
There were 4 offers on the home. It’s scheduled to close this Friday.
…at?
1838, I could see turning into a money pit, even with all the work they’ve already done….
Andy,
The price is confidential until after closing. Realtors can’t disclose it.
I should have mentioned that the home also underwent a complete paint scraping and repainting last year.
Joe Z,
From the video the place looks way more than an 1.2 mil place doesn’t considering the location too?
if i had 1.2 mil for a home i would have been one of the bidders, even with my feelings towards sergio&banks.
Who’d have thought that with a frame house you could have a couple of courses of parged and painted brick?! Love vintage so watched the video. Not good to fix in that rebuilding is the only option to address dampness. It makes one wonder what else the folks working on the house did. Vintage masonry is its own animal. Who knows but some inspector could be saying how spiffy the paint job is. I guess that a cash buyer will be able to deal with it but it is a shame to see vintage brick like that. Lovely house, though. Best to the new owners, I hope they do the house proud.
The sale of 1838 N Lincoln Park Wets closed earlier today for $1,500,000, $201K above the list price.
http://www.redfin.com/IL/Chicago/1838-N-Lincoln-Park-W-60614/home/13344925
Oops – West!
Cheers Joe, yeah figured it would sell above list, but still think that the buyers got a good deal, just not as good as I originally thought. Interesting pricing strategy taken by the seller. However, I think that if they priced it at 1.6-1.7M they could have got that.