Cash Only If You Want to Buy the “Castle on the Kennedy”: 3721 N. Parkview Terrace in Irving Park
We last chattered about the “Castle on the Kennedy”, the 5-bedroom new construction house that looks like a castle at 3721 N. Parkview Terrace in Irving Park, in May 2010.
See our May 2010 chatter here.
Back then, it was listed at $1.89 million.
While everyone agreed that it was too high for the neighborhood, when someone suggested it could sell for under $500,000 others thought that was crazy.
Three years later, it has come back on the market at $425,000.
The situation of the property is the same as 3 years ago, however.
It is still being delivered in “drywall state.”
The master suite still takes up the entire third floor.
It’s still unclear if it has central air (but since it’s unfinished, a buyer can obviously put it in.)
A buyer better have the cash on hand though because the listing says “Bank prefers cash only. Sold in as is, where is condition subject to court approval.”
It’s on an oversized 131x124x71 lot.
What is the market for this house even at the lowered price?
Lindsey Delrahim at Jameson Sotheby’s has the listing. See the exterior picture here (no pics of the interior in the listing.)
3721 N. Parkview Terrace: 5 bedrooms, 5.5 baths, 7000 square feet, 2 car garage
- Sold in December 2005 for $150,000
- Was listed in May 2010 for $1.89 million
- Lis pendens foreclosure filed in June 2010
- Amended lis pendens foreclosure filed in March 2012
- Currently listed for $425,000
- Taxes of $2926 (they were $4069 in May 2010)
- Bedroom #1: 18×16 (third floor)
- Bedroom #2: 15×11 (second floor)
- Bedroom #3: 15×11 (second floor)
- Bedroom #4: 14×11 (second floor)
- Bedroom #5: 14×11 (second floor)
oh sure, now that I already bought a place this one finally comes down in price 🙂
I have the feeling that listing price means nothing on this one. Might as well list it for $1.
They should sell it to a non-profit for $10 and a pledge to turn it into a shelter for domestic violence victims.
Gut it and make it a 6 unit condo or 2 unit town home.
If this thing remains a SFH you are guaranteed to be the most hated neighbor for as long as you live here.
Southern outpost for the Marrs Cheese Castle?
“If this thing remains a SFH you are guaranteed to be the most hated neighbor for as long as you live here.”
Previous chatter indicates it is zoned for SFH only.
Why would turning it into townhouses or condos make you less hated?
“Previous chatter indicates it is zoned for SFH only.”
And what was it zoned previous to construction? I am sure the city would be more than willing to work with the next owner to make the best use of this eyesore.
Thanks, Sabrina, for following up on this house that I’ve been following in my neighborhood. I shudder at how atrocious this place is and how out of place it is with the style of other homes in the area.
I’m just not sure that this price will get any bites. It’s clear that it will take quite a bit of money to make it livable. And the reality is that I’m not sure it’s worth it. I mean, it’s basically new and my mind goes to the question of whether it’s possible this house is a teardown.
IMHO, the type of person who could pay cash for this place and then pay the cash to complete it wouldn’t be willing to live on the highway. I was always taught its always a bad idea to have to most expensive house on a block because when values increase, your house increases the least and when values drop, your house drops the most.
here is an example of this architect’s first work (see picture #1)
http://www.redfin.com/IL/Chicago/417-N-Noble-St-60642/unit-8/home/12708184
lololol wtf!
So $400K to purchase the place and another say 700K minimum to finish it out. That makes it a $1 million dollar home in a sub 300K neighborhood. Very unusual scenario but I do still like the place.
How much would it take to un castle the look, take the top floor off as a goodwill gesture to the neighbors, and make it not stick out so much?
I love when you go to Redfin and do the street view of this home, it actually puts you on the Kennedy. 🙂
I wouldnt’ exactly call this a sub $300K neighborhood. There are a number of beautiful homes in this area (Independence Park/Irving Park) that could certainly command $500-$800K. Still this place is such a disaster. I think a construction fire would be the best outcome here.
The Tribune today has said that the Castle is already under contract. Amazing.
http://www.chicagotribune.com/classified/realestate/luxury/ct-biz-0711-elite-street-20130711,0,4140125.story
Thanks for the tip Greg. Of course, I can’t read it because I don’t have a digital subscription to the Tribune. But nothing surprises me anymore.
I wonder if it’ll be torn down.
“I can’t read it because I don’t have a digital subscription to the Tribune.”
You can read those blocked articles if you block flash from chicagotribune.com. I use an add on to Firefox called No Script.
Here’s the writeup.
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Here’s the writeup from the Trib:
Castle under contract: The 7,000-square-foot turreted house that is a familiar landmark for Kennedy Expressway motorists came on the market this week for $425,000 and went under contract. The buyer wasn’t disclosed.
The house was built between 2006 and 2010 by Rudy Acosta, onetime head of a Chicago hip-hop recording company, on land he had purchased from the Illinois Department of Transportation. Neighbors had complained about the 42-foot height of the three-story brick-and-limestone house, which Acosta never occupied.
Acosta listed the house for six months in 2010 for $1.9 million. It was listed again Tuesday and went under contract that same day. Listing agent Lindsey Delrahim of Jameson Sotheby’s confirmed that the home had gone under contract but declined to explain why the listing price was so far below its 2010 asking price.
Public records show the castle has been the subject of a foreclosure action. Listing information noted that the five-bedroom house was being sold as is and is subject to court approval, and that the bank “prefers cash only.”
At that listing price I figured that it would’ve under contract immediately. At that psf price it is a deal especially if there was only minimal damage from being left as a shell for years. Im looking forward to seeing that project when its done. I’m sure the Castle will be featured in some article or magazine. Even if itdoes not come on the maret as a flip one can assume that the individual who lives there would want to show off their trophy. The house screams look at me, look at me……
Apparently it fell out of contract as this is listed as an Open house this Sunday. Go figure! I can’t make it this weekend but I am hoping that one of you CC’ers can get over there to get the whole story!
Make that open house this Saturday from 12-2pm
I was able to see the Castle on Saturday. As expected it was a highly unusual home that is in drywall stage. The home needs all finish work completed. The real challenge was that it is an unusual layout with some odd room size choices for such a large home. Most people that build a 7000 sq. foot home would not be satisfied with this home.
In large homes most buyers expect an extremely large kitchen with ample room for an eating area. That was not the case in the Castle. It was not tiny, but clearly not in scale or proportion to the size of this home. With the exception of the master bedroom on the entire top floor the other four were small. Many of the closets were often pointy triangle shapes with limited usable space.
The biggest oversight was in the bathrooms which were terrible! There are four bedrooms on the sleeping level and two very narrow jack and jill bathrooms. Those just did not fit the scale of the home and will be tight. The guest bath near the kitchen that will service the LR, DR, and Kitchen was minuscule. I’d call it a half of a half bath!
Finally you can quit your health club if you own this home. It seemed that every room was on a different level. The LR, DR, FR, Kitchen garage, and half bath are all on different levels. I’d bet that there will be at least four sets of steps from the garage to the kitchen. That is just not practical at all.
Total disapointment.
Does anyone have the latest info on this crazy build? Did it sell, who is the real estate agency and I would love to get some interior photos. Super curious!
Someone bought the Castle on the Kennedy and they are actually renovating it.
Check it out.
http://www.dnainfo.com/chicago/20150706/irving-park/that-castle-on-kennedy-expy-has-new-owner-hes-finishing-it