East Lincoln Park Landmarked Home Now Listed Under $900,000: 2106 N. Hudson
This 4-bedroom single family home at 2106 N. Hudson in East Lincoln Park was listed in October 2017 (once again, sorry for the awful picture).
If you recall, we chattered about this house in a historic district in November 2017.
Back then, it had sold quickly in a sale from the original family for $860,000 and then was re-listed for $1.2 million.
See our extensive chatter here.
The house has never sold.
Back in November the property was described as the following:
“R5 zoning allows for SFH or multi-unit construction of over 6,000sf above grade. Landmarked facade eligible for property tax reduction w/ 8yr tax freeze to someone willing to invest at least $35,000 into the home. A tremendous opportunity for the right owner occupant or investor or developer to consider.”
There were no interior pictures last year.
Now, it has returned to the market with interior pictures and this description:
“This historic home is on an incredible street with a deep 135 foot lot. RM5 zoning allows for expansion to nearly 5000 sf with a 2 car garage and a wonderful yard. See illustrative plans developed by Burns & Beyerl Architects. Wide footprint, functional floor plan, high ceilings. Potentially huge savings from Landmark tax freeze, facade donation, permit fee waivers etc.”
Additionally, the listing appears to indicate a buyer could live in the house but…
“Please note the existing house could be suitable for a unique buyer but most buyers will likely want to compete a total renovation.”
If you recall, this house was built in 1886 and has landmark protection.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The living/dining/kitchen and family room are on the main level.
3 bedrooms are in the lower level with the master on the second level.
There’s a spiral staircase.
The house has central air.
It says it has a 2-car garage but it doesn’t look like it from the pictures.
The house has been reduced $305,000 to $895,000.
Given that this is cheaper than a 3-bedroom duplex down in the neighborhood, will someone who wants to live in the house, without doing a complete renovation, actually take a chance on this?
Emily Sachs Wong at @Properties still has the listing. See all the pictures, including interior pics, here.
2106 N. Hudson: listing now says 4 bedrooms, 2 baths
- Owned by same owner since 1993
- Listed in January 2017 for $799,900
- Sold in February 2017 for $860,000
- Was listed in November 2017 for $1.2 million
- Reduced numerous times
- Now listed for $895,000
- Taxes are now $13,831 (they were $13,381 in November 2017)
- 25×135 lot
- Central Air
- Bedroom #1: 17×12 (second floor)
- Bedroom #2: 25×8 (lower level)
- Bedroom #3: 13×12 (lower level)
- Bedroom #4: 14×12 (lower level)
$895K to clean up someone else’s mess and be restricted by Landmark covenants? No Thanks.
I think it is saying that there is room to expand to a 5000 sq ft home with a 2 car garage. There is not currently a garage. That said, yes this is not entirely “move in ready” but if you really had to be in this neighborhood but couldn’t spend >$1M, it doesn’t seem to be nearing condemned status. The yard is pretty amazing for this area. I agree that the Landmark stuff would be my big hesitation. Just think the copy about unique buyer living it is really odd…why does the selling agent care?
We went to the open house this past weekend. Trust me, nobody wants to live in this house without doing a complete renovation.
INSANITARIUM LOLZ!!!!!
It doesn’t look that bad and definitely looks livable. But more appropriate for the $600k range.
900k doesn’t buy what it used to buy thats for sure… yikes
What would a teardown in that area be? Well over $600K, for sure. Obviously this is different, though, as you’d also be stuck with the landmark issue, so wouldn’t be bidding against those who wanted to build some brand new mansion, but the land alone is worth a huge amount in that location. I imagine that’s also why it hasn’t sold.
Did they have the architectural plans that were created for potential buyers at the open house? Curious how much that was estimated at and what they looked like.
They did have architectural plans on display at the open house. I didn’t bother asking how much, since we’re not in that price range. We were hoping it was somehow livable with minor renovations. The listing pictures are way better than reality. Three of the 4 bedrooms are in the basement, which wasn’t apparent to me in looking at the photos.
maybe i am the ideal buyer but this doesn’t scream TOTAL HOME RENO to me. I figured it would be destroyed inside or like, 1950s
We also stopped in an open house for this place but about a month ago. Kevin is totally right in saying the pictures make this look so much better than in person. The rooms are all small and it has a very awkward layout.
The realtor who was there during the open house said the renovations were estimated at 300k but that didn’t seem possible since you would be adding an entire addition and removing a few walls.
A teardown in this area likely would sell for 1.5M or more. Compare the location in the OP with https://www.redfin.com/IL/Chicago/2006-N-Mohawk-St-60614/home/13348378 and https://www.redfin.com/IL/Chicago/549-W-Grant-Pl-60614/home/143334659 (undersized lot). The landmark protection is depressing the value of this land by at least several hundred thousand.
Thanks for the information about the open house. I’d be curious to see it, even though I’m not in the market (and wouldn’t be at that price range anyway).
a total renovation is going to cost $1m+. There is NO WAY you can do this for 300k unless you’re shopping at big lots.
Renovations that are estimated at $300k, typically cost about $600K. And take about triple the estimated time.
You would think that architects and contractors would be able to give good estimates, based on many years of experience. You would be wrong.
@MZ – if the renovation materials come from the Merchandise Mart, then I agree with your estimate of $1m+
“The realtor who was there during the open house said the renovations were estimated at 300k”
I’d be more than happy to pay that realtor $50,000 for a swap agreement, wherein I pay $300,000 for completion of the renovations/additions set forth in the plans, and s/he pays for any and all overage, and gets to keep anything that comes in under budget.
Maybe $300k to reno w/in the existing walls, and not use too deluxe of anything. And build a Danley-quality garage. Standard gator-deck garage (probably spec’d on those reno plans) would eat up 20%+ of that $300k amount by itself.
We did a massive kitchen, bath, deck rebuild including steel beam for kantilever. Miele appliances, Merchandise Mart bath fixtures mostly and almost all new plumbing through entire house. $200k.
I love the space in the backyard. Where else can you find a single family home this close to the lake front for this price that isn’t in gangland (like South Shore)? Even if the interior is not so nice in person, you’re still getting a single family home in an incredible neighborhood for less than $900,000. You will never have to deal with a condo association or assessments or those damn board meetings.
“a massive kitchen, bath, deck rebuild including steel beam for kantilever. Miele appliances, Merchandise Mart bath fixtures mostly and almost all new plumbing through entire house. $200k.”
Who is your contractor?
A 4-piece Miele kitchen package starts around $10k (plus tax), but that’s with the tiny fridge. With a 36″ fridge, it’s $16k and up to $25k.
Polish guy, GC. Yeah Miele was about $25k.
This is the most bizarre little house. That is all I have to say.