Flipper Alert: Hoping for Six Figure Profit in Irving Park: 4144 N. Ridgeway
This 4-bedroom single family home at 4144 N. Ridgeway in Irving Park was on the market as a bank owned property just 9 months ago.
Purchased and then renovated with a new kitchen, baths, floors and a fresh coat of paint, the house returned to the market asking $279,000 more.
At 2400 square feet, it now stainless steel appliances and granite countertops in the kitchen alongside what look like 42 inch cabinets.
Two of the four bedrooms are on the main floor and two are on the second floor.
It also has a 10×20 lower level finished family room.
Yes, there’s central air and a 2 car garage.
The house is on a 37×125 lot and is within a few blocks of the Irving Park Metra and Blue Line stations.
Pedro Ferrel at Chicago Property Develop LLC has the listing. See the pictures here.
4144 N. Ridgeway: 4 bedrooms, 3 baths, 2400 square feet, 2 car garage
- Sold in May 1993 for $177,500
- Lis pendens filed May 2008
- Bank owned in March 2009
- Sold in June 2009 for $170,000
- Originally listed in November 2009 for $449,000
- Reduced
- Currently listed for $434,900
- Taxes of $4006
- Central Air
- Bedroom #1: 13×16 (second level)
- Bedroom #2: 13×13 (second level)
- Bedroom #3: 9×16 (main level)
- Bedroom #4: 9×10 (main level)
I added up the square footage of all the bedrooms, the kitchen, dining room, living room, family room, and “other room” and it totaled 1423 square feet. So where is the other 977 square feet they managed to measure. House must have some huge closets and bathrooms or the realtor just said &*#@ it and guestimated.
Is there a walkout on the “lower level” or is it a glorified finished basement?
I havent been to this area east of elston since i was a teen, dated a girl that lived a block over on springfield we used to go to the bowling alley (on central park and montrose it think) and make out 🙂
i think the bowling place was torn down and condos went up?
anyone know if the hood better now than i remember it?
Apropos of nothing in particular, but I just saw a ridiculous listing at 2632 N Talman, (claimed) 7000 sq ft new construction, listing for $1.5MM, when the average house on the block can’t be much more than the $400K range. Ignoring the fact that it is a half block from the Kennedy, it’s a nice enough area, but $1.5MM?? Or even $1.0MM?
DZ said:
“2632 N Talman, (claimed) 7000 sq ft new construction, listing for $1.5MM, when the average house on the block can’t be much more than the $400K range. Ignoring the fact that it is a half block from the Kennedy, it’s a nice enough area, but $1.5MM?? Or even $1.0MM?”
That property has a bit of a history… It took a VERY VERY long time for them to build, and there were doubts it would ever be finished, much less be sold. That they really think they can get that amount over there is pretty funny. I actually lived a few houses North of that lot back in the 80’s. You can hear the expressway at night, when you’re trying to sleep, and lots of soot comes in if you have open windows. Nice block, nice people, “safe” and otherwise quiet, but not ideal location.
House must have some huge closets and bathrooms or the realtor just said &*#@ it and guestimated.”
Footprint appears to be ~20×50–so the main floor is 1000, 2d floor has 600 usable, and the basement 800 usable. Seems non-insane.
“anyone know if the hood better now than i remember it?”
Not sure how you remember it, but yeah, probably. Know a couple people over there. It’s certainly nice enough to live w/ your family, if you can figure out the school thing. I don’t see it in this house at this price, even if they reno’d to the studs (which I’d guess they did not). The layout compromise + location could be okay at something like $350k, tho.
“2632 N Talman”
They *have to* be counting some outdoor space–the footprint is right around 2000 sf, with 3 levels plus a ~450 sf 3d floor, so saying 6500 sf interior space would be based on reality (if not actual reality). If it’s actually finished (w/ the lack of pix and the crap narrative, I’m a little dubious), and that’s the real price, it’s non-crazy–>the lot+half is worth ~$200-250, 6500 SF of deluxe construction costs over $1mm. But you have to like the location (questionable, not that it’s “bad”) and have a long horizon, b/c I think re-sale will be tough.
This house is on the wrong side of Pulaski and the wrong side of Irving and it’s not even in the little microcosm of West Walker. There’s a lot of nice homes in the immediate area but nothing to special about living there.
“There’s a lot of nice homes in the immediate area but nothing to special about living there”
susie’s beef in walking distance!!!
“2632 N Talman…If it’s actually finished (w/ the lack of pix and the crap narrative, I’m a little dubious), and that’s the real price, it’s non-crazy–>the lot+half is worth ~$200-250, 6500 SF of deluxe construction costs over $1mm. But you have to like the location (questionable, not that it’s “bad”) and have a long horizon, b/c I think re-sale will be tough.”
Ok, maybe it’s non-crazy in the sense that it actually costs something close to that much to build plus land. But it’s got to be crazy to build that there. (And I like the area, just not for a $1.5MM house.) You could build a $2MM mansion in Garfield Park and say that’s what it costs, but it’s still crazy. If it were in that neighborhood and not so close to the highway, I would have said maybe, maybe, you could find someone at around $1MM. As it is, I don’t know what happens to it.
You could buy the church across the street at 2625 for $800K…
HD: it’s not in West Walker? I thought this was (tho the nicer part is the triangle west of Elston, right?)
No doubt this home is way overpriced, though, West Walker or not.
“You could buy the church across the street at 2625 for $800K…”
And it would cost — what, $400k + a year of your life — to turn it into a reasonable, large house.
“As it is, I don’t know what happens to it.”
Appears to be two mortgages–acquisition loan for $261k (assigned to fannie in ’02) and a construction loan for $952k (GW Savings Bank, which is getting killed on Chicago resi construction loans). So, something like $1.25 would probably pay everyone. And that’s probably still too much, given everything. So, I’d say it’s probably heading for a short sale or f/c at something right around $1mm.
p.s. Groove, a friend in the neighborhood says those in the know go to Beef N Burger now, no more Susie’s (management change or something?)
“it’s not in West Walker? I thought this was ”
It is. CP to Pulaski, IPR to Montrose. Elston right down the middle.
roma, it maybe west walker but the nicer part is the triangle and that’s where everyone wants to live, or across the street in independence park which is pretty nice too.
“p.s. Groove, a friend in the neighborhood says those in the know go to Beef N Burger now, no more Susie’s (management change or something?)”
i noticed the changes buns but the fries are still the same when last summer i slide by.
where is beef and burger, i will need to stop in. will be in that area saturday afternoon.
No way the renovations (supplied by Home Depot) merit an increase of $279K.
If you want to see something funny, check out 2200 N Rockwell:
http://www.redfin.com/IL/Chicago/2200-N-Rockwell-St-60647/home/21870328
Bought in December for $191k, on the market last week for $450k, and already listed as contingent.
While the photos are lovely, this is one of the worst renovations I’ve ever seen, and I’m no expert. Everything is just slapped together. They should use this house to train apprentice inspectors – – it’s that bad.
The developer was in such a hurry that when remodeling the kitchen, they FORGOT THE OVEN. Yep, there’s no oven. Makes you wonder what else they forgot. And, the kitchen cabinets are already scratched and broken, even though they are supposed to be brand new. I also enjoyed the full bath adjacent to the home’s entrance and on a floor without a bedroom.
Check out the photos – – lipstick on a pig.
REB,
More proof of my Sergio & Banks conspiricy!!!!!!!!!!!!!!!!!!
It makes me depressed when homes go under K in 6 days, because there is 33 months of shadow inventory lurking out there that could be released onto the market, which would help make things more affordable.
REB: I think you were the one asking about rental SFHs a while ago. Didn’t have time to respond then, but wanted to mention that we were in a similar position a few years ago. There definitely are places but it really takes some effort to find them. Our budget was in the low $2K range. My impression is it was a thin market on both sides. There aren’t that many places but I’m not sure there are that many good tenants either. You sound like you would present well to a landlord (responsible, financially secure, long-term tenant).
We have an SFH in the general vicinity of Logan Sq/Bucktown (closer to Logan), paying a little over $2K. I think it may be a bit below market but we are really ideal tenants for him–he knows we could afford to pay more but he also knows we would leave on principle if we felt he was trying to extort us. We saw some other places that were good candidates (nice coach house in Bucktown, SFH on Central Park just south or Wrightwood). We went with the one we did in part because the landlord is long-term. He’s not going to move back in the house or try to sell it. We’ve also since learned there’s a couple of other houses on our block that are rentals too.
We looked in craigslist, maybe the Reader, and asked around. Just took time and effort, but there are places out there.
The developer is making some nice returns. Check out 4338 North Albany bought for $95,000 just closed for $424,000 also 4316 North whipple bought for $118,500 and closed on for $390,000. I believe he just bought one at 3520 north Albany for $97,000.
REB: I think there actually is an oven…it’s just in the island, not along the wall. Which is always a bit odd. Actually looks like an electric stove, though, which is also odd at that price point in Chicago.
That Bucktown pace is so sterile. Did they really have to make it THAT modern? Also, it is complete incongruous with the outside.
Groove, It’s right next to Susie’s.
http://www.yelp.com/biz/beef-and-burger-chicago
Check out fries and report back!
“Groove, It’s right next to Susie’s.”
that used to be Golfo’s or Golf’s (sp) back in the day 🙂
“b on March 3rd, 2010 at 11:50 am
REB: I think there actually is an oven…it’s just in the island, not along the wall. Which is always a bit odd. Actually looks like an electric stove, though, which is also odd at that price point in Chicago.”
Yes, there is an electric stove. But, no oven underneath. It’s just missing.
Thanks, DZ. We’d be so happy to have a well-located small home rental in Logan. Especially one with a good landlord.
We’re seeing one tonight up near the Montrose blue line stop. But, they are asking $2000, and it doesn’t even look nice, unfortunately. For $2000 in a non-prime area, I’d expect a nice house. But, the owners paid $368k two years ago, so I’m sure there isn’t too much room to negotiate on price. They have to rent because they’re relocating for a job.
What’s surprising is how I scour Craigslist and find only one or two affordable single family houses a week under $2200 anywhere near a northside blue or brown El stop.
REB, you must have missed the walk-in oven downstairs, a.k.a. the mechanicals closet. Those apprentice inspectors are going to love the furnace installation.
REB, if we buy a house, you’re welcome to our rental. It definitely also pays to ask around. That’s not how we got our place, but a couple of houses on our block have I believe rented more by word of mouth than a formal listing.
How about this listing:
http://chicago.craigslist.org/chc/apa/1626341519.html
REB
my mistake….maybe they want you to get one of those new indoor turkey fryers for all of your cooking needs?
I realized after the fact that that’s probably the one you’re looking at. Didn’t mean to highlight it. Looks nice in the craiglist picture.
REB, we’re moving out of our duplex upper. But, it is a little more expensive than you want to spend, but you might have some wiggle room. There is a big yard. A good landlord. Two decks. He allows dogs. And, he would allow you to garden all you want. And, you can rent a space in the garage if you want. Walking distance to the Paulina stop.
“DZ: I realized after the fact that that’s probably the one you’re looking at. Didn’t mean to highlight it. Looks nice in the craiglist picture.”
Yep. Found pics of the interior elsewhere. Hubby didn’t like pics from last sale, but who knows how the house looks two years later.
Yeah, I’m trying word of mouth, too. I asked on the Logan Square message board, and have been mentioning it to friends. I’m surprised how much trouble we’re having. As you suggested, we are desirable renters with extremely stable income and outstanding credit, willing to put a fat security deposit down for our well-behaved dog. We have a cleaning lady twice a month, have never been late on a rent payment, and have never lost a penny of a security deposit. Oh well.
“Question on March 3rd, 2010 at 2:42 pm
REB, we’re moving out of our duplex upper. But, it is a little more expensive than you want to spend, but you might have some wiggle room. There is a big yard. A good landlord. Two decks. He allows dogs. And, he would allow you to garden all you want. And, you can rent a space in the garage if you want. Walking distance to the Paulina stop.”
Thanks, Question. We need to stay below $2000, including parking. Not sure about doing a duplex up rather than a SFH. We’ve really been holding out for a SFH. While we’re not noisy folks, on the coldest days, we (need to) play with the dog inside, and that just wouldn’t be fair to lower level neighbors.
All these tips are really appreciated, though.
I’m ready to say “screw it” and go live in Morton Grove. At least, this house looks like someone actually cares. Guess that 1994 Taurus that we haven’t gotten around to selling could get me to the Metra and back.
http://chicago.craigslist.org/nch/apa/1624770702.html
REB,
Not a SFH, and slightly above $2000/month, but seems otherwise close to what you are looking for:
http://chicago.craigslist.org/chc/apa/1620441322.html
It is the first floor and finished basement of a duplex.
Hi, DL. Alas, no central A/C and no parking and no SFH. We’re only going to pay $2000 if we get all or most of the things we’d like. The interior of this place looks nice, though. And I like the location. Appreciate your sending this along.
The place last night on Hutchison was only fine. Not worth $2k, and their mortgage is such that they can’t lower the price. We’re talking Pergo and vinyl and carpet in the master bath. Really old, small kitchen.
We’ll keep looking. And I appreciate the tips!
Shame about the Hutchison place. I’ve lost sight a bit of how little $2K covers in mortgage and other costs.
I’m surprised at how few listings there are. How about these. (I’m not as obsessed with your house search as I may seem to be, I’m partly interested in making sure our rent is reasonable, which it seems to be. And I recognize you are perfectly capable of searching craigslist and each of these probably misses some of your requirements.)
http://chicago.craigslist.org/chc/apa/1627415032.html
http://chicago.craigslist.org/chc/apa/1626578609.html
http://chicago.craigslist.org/chc/apa/1625820348.html
http://chicago.craigslist.org/chc/apa/1625809188.html
http://chicago.craigslist.org/chc/apa/1624143336.html
Just wanted to update every one on the status of the property @ 4414 N Ridgeway, it is currently under contract and should be closing next. Its an excellent home and a lot of hard work and real money went into getting the property back to a marketable condition. This is what I do, I bring value to a neighborhood near you. We wouldn’t want that house to sit boarded up would we? I sold over 10 properties in Irving Park in the last 12-18 months I believe there that a lot of happy neighbors and happy new home owners. If any one would like to find out more about what I do and how I may help you, please contact me. Pete Ferrel 312-719-0420.
@Pedro Ferrel, the address of your property is 4144 N Ridgeway, NOT 4414 N Ridgeway.
What did it go for? Appears it was last listed at $377.5k correct?
Opps Sorry…. Yes a slight price adjustment and we are closing just above the current list price. Looking to close on the August 31st. I will post the sale price for you after we close. Thanks for letting me post!