Empty Homes in Every Neighborhood: 1919 N. Drake in Logan Square
Inventory continues to build around the city. If you look at enough listings you’ll notice that much of it is empty.
Take these three townhomes at 1919 N. Drake near Logan Square. (Not sure it’s actually IN that neighborhood though.) Built in 2005, I don’t believe they have ever sold.
Two of them have a sale in 2006 but they’re to the same buyer so I’m assuming those aren’t long-arm transactions.
Unit #J: 4 bedrooms, 3.5 baths, 2 car garage, 2700 square feet
- Sold in September 2006 for $469,900
- Currently listed for $514,900
- No Assessment
- Baird & Warner has the listing
Or, you can rent it for $2200 a month.
Unit #A: 4 bedrooms, 3.5 baths, 2700 square feet, 2 car garage
- Sold in September 2006 for $469,900
- Currently listed for $514,900
- No Assessment
- Baird & Warner has the listing
Unit #G: 4 bedrooms, 3.5 baths, 2 car garage, 2700 square feet
- Currently listed for $499,000
- No Assessment
- Baird & Warner has the listing
How long will it take to clear the inventory? These townhomes have been on the market for a long, long time.
Palmer Square, if you don’t want to call it Humboldt Park, which is what it actually is.
$375k, max. It’s not like the land that each of these is on is worth $100k.
They look nice, but who would pay that much to live in that location? I generally agree with anon, I can’t see these going for much over $400K, and even that’s a stretch.
These places are awful. They almost look like military barracks. Featureless, ordinary places with long stairs up to the front doors, blank walls facing the street, and ordinary, featureless, badly laid-out rooms.
They better drop them by 25%, fast, to make them affordable for some young middle-income family with an income of $90K a year and who needs a roomy place.
Look like they were built by the CHA. I dont think I would call the area Palmer Square though, it seems a bit too far West for that, kind of a no mans land between Logan/Palmer/Humboldt? a new neighborhood perhaps, LoPaHum Park. I can see it now, Real Estate agents will soon be trumpeting this as the “hot new neighborhood”, that will get these units to sell.
“I dont think I would call the area Palmer Square though, it seems a bit too far West for that”
Well, it’s only three and a half (full) blocks west of Palmer Square–the bigger problem is that it’s south of Armitage, which makes it Humboldt Park.
I wouldn’t call it Palmer Sq either, but as we all know, no realtor wants to admit that an expensive property is in Humboldt Park. Maybe they could start calling it “East Austin”?
4 beds? Are they trying to get familes? What schools are near by? Noone would buy that place for the night life……
Maybe they could start calling it “East Austin”?
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YA! And they can call Austin: “East Oak Park”
Unless the block its on has improved enormously in the past year (since the last time I showed the unit to a prospective renter) it won’t sell anytime soon. Whether or not it is dangerous, it *looks* scary (trashed cars, run-down houses and neighbors who don’t look like they’d lend you a cup of sugar, to put it politely)
MK – Agreed, these look like they were built to be used as Section 8.
In any case, cut the price in half and we’re getting closer to the value at that location.
Hollow core closet doors, brass doorknobs on the bathroom doors when the bathroom fixtures are chrome or nickel, CERAMIC bathroom tiles, bottom of the line Home Depot cabinets, crappy modern-esque light fixtures……..seriously dude?
Did the builder’s even try or just slap this tripe down and move on to the next suckers?!!! And who buys these characterless places anyway?! Neighborhood aside, give me something that’s worth spending 1/2 million on! Crap, crap, crap!!!!
Sorry, I meant “builder” instead of “builder’s”. My bad.
Those steep metal stairways look like a logistical nightmare for Chicago winters (aside from just being plain ugly). If I were a homeowners insurance underwriter, I would not be eager to offer coverage on these homes for fear of neverending slip-fall claims.