Condo Alternative in Lakeview Sold: 3652 N. Hermitage
We recently chattered about this cute vintage house with the retro kitchen at 3652 N. Hermitage in Lakeview.
See our prior chatter and pictures here.
It sold quickly at the newly reduced price.
Here’s it’s history again:
3652 N. Hermitage: 3 bedrooms, 2 baths, 2 car garage, no square footage listed
- Sold in November 2002 for $386,500
- Originally listed in August 2008 for $599,900
- Withdrawn in November 2008 at $599,900
- Re-listed in April 2009 at $539,900
- Sold in May 2009 for $525,000
- Taxes of $5739
- Central air
- Living room: 13×12
- Dining room: 10×10
- Kitchen: 14×12
- Bedroom #1: 14×12
- Bedroom #2: 18×12
- Bedroom #3: 9×9
- Partially finished basement
- Kristi Gunther at Re/Max Exclusive Properties had the listing.
so what are the chances that 12 months from now it’ll be back on the market as a foreclosure?
Who won that one?
1) Me (5k under)
2) Edumakated (15k under)
“so what are the chances that 12 months from now it’ll be back on the market as a foreclosure?”
or what are the chances that they redo the kitchen and some other stuff and put it back on the market for $100k more.
i hope they don’t redo the kitchen! that stove is beautiful.
some days i think that if i see one more stainless steel refrigerator i am going to barf.
“i hope they don’t redo the kitchen! that stove is beautiful.”
They could redo the kitchen and keep the stove. The microwave is on a baker’s rack–there doesn’t appear to be any cabinet or counter space.
Nice place.
Off topic, but can someone grab me the prior sales data for PIN: 20-03-407-048-0000, 4456 S. Vincennes? My “sourece” is down. I beleive it was foreclosed on in Decemebr.
Thanks, if not no biggie, thought I would give it a shot.
“prior sales data for PIN: 20-03-407-048-0000, 4456 S. Vincennes? My “sourece” is down.”
ccrd appears to be working fine:
2/5/07–> $700k
5/13/98–> $18k
Also a couple QCs and a 1990 deed from the County Clerk all stating $0 (i.e., exempt transfers).
The lucky profiteer appears to be connected to former aldercritter Tillman.
Jason(tfo) that’s a real doozy of a property:
3/9/98 sold for $18k
1/22/07 Sold for $700k (100% financing)
12/27/07 (Lis pendens)
3 lis pendens, 3 owners in 10 years.
Wells Fargo is the servicer holding this bag of toxic waste: mortgage originator was Saxon Mortgage
There was so much mortgage fraud on the southside and the westside, it’s disgusting and sickening.
Thanks! Yeah, I know. I actually prosecuted this guy…..
HD- MLS # 07146375.
“MLS # 07146375.”
Looks okay for $300k, as long as the reno of the mecahnicals was done decently (doubtful, I know). Not where I wouild live for many reasons, but I know people who certainly would.
Bob gets the “worst spin of the year award” on his assessment:
“This place would be perfectly fine at 350k, but for 540k I have a lot more options and would like a much bigger place, likely elsewhere.”
Jason,
Bookmark these:
That’s a big hunk of redstone apartment building. Probably once incredibly beautiful.
Why can I never get URL’s to work here???
Assessor: http://www.cookcountyassessor.com
Treasurer: http://www.cookcountytreasurer.com
Recorder of Deeds: http://www.ccrd.info
Thanks, I have those I couldn’t get access to them for some reason today.
(I would coment on it, but wouldn’t be stealing Sabrina’s thunder? 😉 There is an offer on it for $240K. I think that is a gift.
>so what are the chances that 12 months from now it’ll be back on the market as a foreclosure?
Why?
I wanna hear more scintillating (read: public record) details from Jason about the prosecution of whats-his-face on Vincennes!
$700k? And I thought it was that the southside was hot!
Sorry, wrong forum!
“Why?”
Because brad many of us bubble-preachers know there are still flippers out there, bereft of a skillset for another occupation, trying to make a living off of real estate speculation still despite all indicators to the contrary saying flipping might no longer be economically viable.
Why? Because I suspect whomever bought this didn’t do it to live in it themselves. Hence, real estate speculator.
$525,000 not only did not get granite countertops for the buyer, it got no countertops at all!
I’m the seller of this property. I’ve enjoyed following this website daily since I discovered it when this property was first featured. We loved living in this house, loved the area, and actually found the kitchen surprisingly functional (the stove worked like a tank). We grew our own veggies in the back yard (including corn) and enjoyed the city amenities in a great neighborhood.
For the curious, the buyers are not flippers, but a family retuning to the city from the suburbs. They value the neighborhood, backyard, and indicated a redo of the kitchen was not high on their list. In good neighborhoods, there are very few SFH’s remaining that haven’t been turned into mcmansions, are still livable, yet still offer the opportunity to upgrade.
I enjoy the site, and will continue to follow it. Its the diversity of opinions that allow markets to exist.
The sky isn’t falling…
Sabrina should start a pot and whoever guesses the right sales price wins.
I love how that seller shut you guys up….
nobody posts on this site on the weekends… I guess this is just a “worktime” site 8)
@ Seller
I am curious what the Sq. Footage of this home is. Could I ask for a guesstimate?
BTW, I really do like that kitchen. I am thinking of hunting down one of those old stoves. The only thing I hate is that I hear they are very very heavy.
“I love how that seller shut you guys up”
What had anyone posted that was “shut up” by the seller’s post? Bob’s were the only repeat posts even vaguely related to this property and he just thinks the price paid was too high–but that’s b/c he thinks that $500k should by a big new or freshly reno’d house, rather than a smaller, quirky house.
$500K should buy a big or freshly renovated house. But for loose lending standards, buyers with decent incomes leveraging themselves 4x-6x income, option arm loans, over-HELOC, etc, $500k should buy a nice place. $500k will buy you a nice place in most other place in the county except the coasts
should be *country* not county.
@CK
I would guesstimate square footage to be around 1300-1400 SF (650-700 main level, 650-700 upstairs and nothing included for basement). This is based on approx. building footprint, not subtracting for walls, etc. The room sizes listed in the post are accurate but don’t include hallways, stairs, closets, both baths (probably around 80 sf each) pantry or entry.
“but that’s b/c he thinks that $500k should by a big new or freshly reno’d house, rather than a smaller, quirky house.”
Exactly. And if you saw the city I came from you would understand my context. There you can get a nice sprawling house for 500k, as you can in most other cities & suburbs between the coasts other than Chicagoland.
“$500K should buy a big or freshly renovated house. But for loose lending standards, buyers with decent incomes leveraging themselves 4x-6x income, option arm loans, over-HELOC, etc, $500k should buy a nice place.”
It does… in the Suburbs. Not in Lakeview.
Lakeview should be the same price as a nicer suburb. However due to density a buyer should get less for the money than the suburbs.
Why should an area filled with young couples with children desperate to escape to the suburbs cost more than the suburbs to which they are moving?
I dunno Sonies perhaps before the bubble. I see a lot of 30yr old dumpy properties in Schaumburg/insert suburb here that are really uninspiring for half a mill. There are also some that I consider good deals that will likely move. Basically one of their neighbors in the cul-de-sac probably sold in 2006 to an overleveraged person (Suzanne researched this) and now they are anchored to that transaction.
Noone has the heart to tell the people of the dumpy properties noone is going to part with half a million for their unimpressive house. At the 500k range you’re finally starting to see real competition.
“an area filled with young couples with children desperate to escape to the suburbs”
You know young couples who purchased SFH’s in teh city who are desperate to move to the ‘burbs? Serious question, as I don’t even hear this 3d-hand. Condo dwellers, yes, but that’s apples and oranges.
2007/8 30 or 40 year old split-levels in Glenview/Northbrook listed for $750k! What a joke.
“Why should an area filled with young couples with children desperate to escape to the suburbs cost more than the suburbs to which they are moving?”
Two reasons, only one of which I find deplorable (#2):
1) Differing demographics. Far less people with kids in the city vs. burbs, and those without kids have a ton more disposable income to throw at housing.
2) Because Jack & Jill, being the geniuses they are “like the nightlife, baby!”, just not without that comma thrown in there. And Jack and Jill historically have been allowed to overpay for city properties and move later for a profit when they want the schools. Its all part of the ponzi scheme of infinite real estate appreciation. Everyone benefits, even the government, except the FB left holding the bag when the cards come falling down.
The city premium is stupid; go to Detroit or Buffalo or Philly or Oakland and ask what the ‘city’ premium is there.
HD:
Ignoring my question, or is the answer “none”?
“The city premium is stupid; go to … Philly or Oakland”
Per square foot, sure there is. Just like Chicago, it’s only for a part of the city, tho (as we should discount the fraud-based economics of house-trading in certain ‘hoods). And the whole inner Bay Area has been totally out of whack for at least 25 years, so Oakland just isn’t fair.
Buffalo’s a bad example for the opposite reason–the whole metro is super cheap, compared to almost any other top-100 metro.
And Detroit–Seriously? Saint Louis is a better example, and still a bad one. Any of the Ohio cities makes more sense; or P’burgh.
anon(tfo), i didn’t ignore your question, I just didn’t see it post.
But no I don’t personally know of any couples with sfh who are desperate to escape to the burbs; moving to the burbs maybe but not desperate to move. Although this website is called ‘crib’ chatter probably because nearly every property featured has a baby’s crib in at least one photo.
“The city premium is stupid; go to Detroit or Buffalo or Philly or Oakland and ask what the ‘city’ premium is there.”
Or you could actually use an example that makes sense since those are all crap ass towns that nobody wants to live in… How about San Fran, LA, NYC, Miami, Atlanta, Austin, Boston, etc.
If you haven’t noticed, look at the south side of Chicago and look at the “city discount” you get in a lot of those hoods, which are far more comparable to Oakland and Detroit.
HD:
I’m on board with the general disbelief re: likely-future-parents buying a condo in the city (at anything resembling a stretch, financially, at least), esp. if already married. Sure, lots of folks raise a family in apartments (owned or rented), but generally not those who can afford $500k condos (unless they can afford $1mm condos).
But it’s perfectly understandable, I think, to believe that the city will work for you and change your mind or have a change in circumstances force a change. That’s why I was curious about SHF-owners–undoubtedly, some folks buy a house intending to raise their family in the city, but move to the ‘burbs for whatever reason (most understandable to me: probably a kid with a learning problem, or a behavior problem, or both). I just don’t see that as a sustained wave, unless CPS does a 180 and the good schools turn to shite.
“south side of Chicago and look at the “city discount” you get in a lot of those hoods, which are far more comparable to Oakland”
Dude, Oaktown is pretty diverse in the way Chicago is diverse–there’s a whole lot of land area taken up by not-so-good ‘hoods, but there are also a number of nice to excellent ‘hoods where people who could afford to live in another town choose to plunk down large dollars. It’s not the Oakland most see, but it’s there, and there isn’t a sufficient discount to fully pay for private schools.
“I just don’t see that as a sustained wave, unless CPS does a 180 and the good schools turn to shite.”
The whole system doesn’t have to turn around, just one school, and BAM, everything changes.
Look at Roscoe Village and Bell School.
“Look at Roscoe Village and Bell School”
What does one have to do with the other? Roscoe Village is (primarily) in Audubon.
And by doing a 180, I meant from caring about having some good schools to not. Any given school taking a dive will kill that attendance area, but it need not affect other schools unless the CPS admin lets it.
If it takes people who can (allegedly) afford $500k houses and higher to get a good neighborhood school then the CPS is totally fuct, which is something we already knew. The niche for people who can truly afford $500k homes with fully amortizing mortgages, down payments and 28/36 debt ratios is so small that the CPS will never have more than a handful of decent elementary schools in select exclusive neighborhoods.
am, I confusing Bell and Audubon? I don’t have a kid in either, so it’s possible. : )
but both are known for excellence, and yes, both in my opinion have done much to keep the flight to the burbs from happening.
it’s perhaps a chicken or egg issue in terms of figuring out which comes first, but my point is simply that CPS as a whole may be a disaster forever, but that means nothing to people who just want ONE school they can count on.
“The niche for people who can truly afford $500k homes with fully amortizing mortgages, down payments and 28/36 debt ratios is so small that … will never have more than a handful of decent elementary schools in select exclusive neighborhoods”
Much the same can be said for the ‘burbs, tho it’s more than a handful. There are a LOT of crummy school systems in the ‘burbs, too.
“am, I confusing Bell and Audubon?”
Seems so. Bell was “good” first. Audubon has been rising fast, esp with the new-ish principal, and, of course, a near total turnover in the student body (happening at Coonley currently, too).
“it’s perhaps a chicken or egg issue in terms of figuring out which comes first, but my point is simply that CPS as a whole may be a disaster forever, but that means nothing to people who just want ONE school they can count on.”
Agreed. The test will be high school in about 4-5 years. If Lakeview could be tured into a decent place–roughly like LPHS–and esp if another couple selective enrollment Highs are established, CPS would have a solid backbone.
As a whole the school districts north of chicago from the lake all the way west to McHenry, south through DuPage and into Will/Kendall county are far better than the CPS schools, yes there are exceptions here and there but the better public schools is not entirely a myth.
HD:
You are comparing whole school districts. That’s not what ANYone else is talking about. The best attendance-area CPS Elems (which is what we’re talking about here) match up favorably with ANY elementary school in the state.
You can complain about $1mm houses in the Bell attendance area (or whichever Elem you like), but the schools you would match it up against in the ‘burbs also have v. high price tags. And much higher tax bills. And are in the ‘burbs.
Just don’t keep bringing Englewood schools into it, b/c it JUST DOESN’T MATTER, unless CPS changes its philosophy (Yes, BIG wildcard). Otherwise, it’s just comparing a city school where I’d never live to, say, Maywood, where I’d never live. Apples-to-apples, the CPS I talk about compare to New Trier and Hinsdale and Naperville, not random-median-priced (or lower) suburb.
LPHS isn’t what I’d call a great high school, the IB kids jack up the accomplishment (and test score) meter way more than the general population warrants.
and Lane is a good school. I know loads of kids who went to Lane, most give it good marks (and a few transferred there from “better” schools like Whitney’s magnet program and Ignatius).
“As a whole the school districts north of chicago from the lake all the way west to McHenry, south through DuPage and into Will/Kendall county are far better than the CPS schools, yes there are exceptions here and there but the better public schools is not entirely a myth.”
Your property taxes are also a lot higher out in the burbs.
“LPHS isn’t what I’d call a great high school”
No, but it’s still better than standard-CPS. Lakeview is pretty much standard-CPS right now, ie, not really where you’d send your kids, given a choice. But far from the worst, too.
“LPHS isn’t what I’d call a great high school, the IB kids jack up the accomplishment (and test score) meter way more than the general population warrants.”
I wouldn’t want to send my kids around a bunch of tool IB kids anyway. IIRC those kids were absolute toolboxes and most burnt out in college from taking college level classes all HS. Oh wow you get two HS diplomas. Know what two HS diplomas gets you these days? A double-shift at McDonalds.
anon(tfo) I just typed a long response but then I realized that you and I’ve had this conversation like 100x before and I realized I’m just ranting; I’ve been procrastinating doing something that I need to do so I think I’ll just do it now. we’ll pick this up at a later time 😉
“IIRC those kids were absolute toolboxes and most burnt out in college from taking college level classes all HS. ”
Uh-huh. You have anything resembling stats to back that up? I’ll bet most IB grads don’t spend half their life complaining about housing prices on the Internet.
“I’ll bet most IB grads don’t spend half their life complaining about housing prices on the Internet.”
Of course not. They spend half their life pouring drinks at some ‘dive’ bar out in Wicker Park.
This is dumb question I know but what is IB? I’m sure as soon as you tell me I’ll be embarrassed.
Its for geeks to think they are somehow superior to other HS kids because they get two diplomas. A regular HS diploma then an “International Baccalaurate” HS diploma, which actually doesn’t mean shyte.
Skeptic which shifts are you working at Krispy Kreme these days 2nd and 3rd? or 3rd and 1st?
HD – it is indeed International Baccalaurate, and Bob would be that guy who didn’t get in, is my guess.
I’m not sure why he feels a need to insult kids who study hard and do 4 hours of homework a night, perhaps if he had done that he could afford some of the homes he regularly bad-mouths.
Never applied skeptic. I saw it as the ticket to non-advancement that it was and a meaningless designation. For parents to push their kids into that program so they can brag to the neighbors at the block party is doing your kids a big disservice, IMO.
*PS I happen to know the field of work the valedictorain at my HS is in (she’s IB too obviously) and I’m supremely confident my remuneration is higher than hers. hoho
So you actually don’t have any first-hand knowledge of what you’re talking about, thanks for the clarification.
btw, many people don’t judge their success based on their paycheck, as amazing as that may seem.
Know what two HS diplomas gets you these days? A double-shift at McDonalds.
Bob.. that was truly excellent.
“perhaps if he had done that he could afford some of the homes he regularly bad-mouths.”
&
“btw, many people don’t judge their success based on their paycheck, as amazing as that may seem.”
= lol.
Sorry dude you can’t change the rules mid game. Its either they are financially more successful than me because of IB and their hard work OR they don’t judge their success based on remuneration but you can’t have your cake and eat it too.
And most of them fall into #2 I agree. But in so doing you can’t make the claim they wind up in the big houses. From my admittedly anecdotal observations I don’t see that.
Skeptic.. I’ll agree with Bob on this one.. I would have rather eaten my own poop than sit in those classes. All the hot girls were in the dumb classes. That was the place to be.
IB? Whatever happened to AP I had all fours on my exams.
“Its either they are financially more successful than me because of IB and their hard work OR they don’t judge their success based on remuneration but you can’t have your cake and eat it too.”
You’re confusing your worldview with mine. I know loads of kids who were IB, and although they could think rings around you (and me), that doesn’t mean that they decided that making money was a primary goal.
Many people who are fully capable of making big bucks instead choose to work in fields that don’t pay as well, such as education, art, social work, non-profit law, etc.
“I would have rather eaten my own poop than sit in those classes.”
If you weren’t in the classes, how exactly do you know what you’re talking about, again?
1- I never said that I was not in those classes.
2- You needn’t be in those classes to know which classmates were in them.
3- In retrospect, the only thing I remember in High School was the pursuit of girls, playing sports, and my English teacher constantly (and often incorrectly) attributing symbolism in literature that the authors never intended to be symbolic, so everything else in high school must have been a complete waste of time.
Again..
“perhaps if he had done that he could afford some of the homes he regularly bad-mouths.”
So you’re somehow trying to say that everyone in that program potentially could, afford some of the homes I regularly bad-mouth, if only they decided making money was a primarly goal? Yeah and I could’ve potentially been in Muscle magazine IF only I decided to hit the gym for four hours a day. My potential is definitely there. lolz.
LOL. Making money isn’t a primary goal of mine either. I was stating its a worthless designation pushed mainly by parents so they can feel good about themselves for their kids hard work and doesn’t help the kid much. I stand by my position.
Bob,
Do you ever have anything positive to say about anybody or anything. Man your life must really suck………
Also how are those shorts treating you?
valasko,
Seldom on a monday. And yeah you know how they’re treating me. Its a multi-year plan & gonna dump another 5k in them soon (end of July/August).
Methinks the markets gotten a little carried away from March 6 and is totally disconnected from fundamentals. But lets all place our bet at the table. If you go long financials you’re essentially betting against me and can win Bob’s money. Want to see me fume? 8)
Bob,
I generally don’t short the market, you can go broke waiting for the market to correct. Although I totally agree with you.
Currently my strategy is to dollar cost averaging out of the market, and have gotten out of my 3x EFTs 2 weeks ago. I am riding the wave just reducing exposure as we go.
My -2x ETF position (SKF)got destroyed basically, yeah go laugh it was only 25 shares though. But I learned from it earlier this year. No longer messing around with levered funds because as you said you can go broke waiting for the market. Instead I’ll just stick with non-levered funds and work on increasing my contributions. Sure SEF isn’t nearly as sexy as SKF and FAZ, but for longer durations its way way safer if you believe in your convictions.
Doc housing bubble is saying the banking system has 3T worth of writedowns and we’re only about halfway through the woods. The question is do you think another $1T Wall Street bailout is politically tenable?
GM goes bankrupt, consumer spending drops, manufacturing activity continues to drop AND the Dow pops 225? Yeah I’m damn glad I’m (almost) out of levered funds these days.
Sabrina: anything you can do to moderate the comment posts and clean up all the off topics?
“anything you can do to moderate the comment posts and clean up all the off topics?”
You mean, like yours, Ned? I don’t see where *you* were contributing anything to this discussion.