Foreclosure Alert: Tudor Bungalow for Under $200K in Galewood
We’ve chattered about the Galewood neighborhood, located in the western part of the city near Oak Park, several times before.
It’s made up predominantly of bungalows and has access to downtown through several Metra train stops.
This 1951 all-brick tudor at 1931 N. Normandy recently came on the market as a bank-owned property.
It has 4 bedrooms, 2 baths and a full basement. While it’s missing central air, it does have a garage.
It’s also within walking distance of the Mars Metra stop.
The listing says it needs some “minimal updates” but that the interior is in overall “good condition.” There are no pictures of the kitchen in the listing.
Is this a steal at this price?
Coya Smith at Smith Partners & Associates has the listing. See the pictures here.
1931 N. Normandy: 4 bedrooms, 2 baths, no square footage listed, 1.5 car garage
- Sold in August 1991 for $123,000
- Sold in May 1997 for $134,500
- Sold in May 2006 for $405,000
- Sold in January 2007 for $459,000
- Bank-owned as of October 2008
- Currently listed for $199,500
- Taxes of $4097
- No central air
- Bedroom #1: 14×10
- Bedroom #2: 12×11
- Bedroom #3: 11×10
- Bedroom #4: 12×10
- Basement/family room: 23×15
Unless you enjoy overpaying for a property in elmwood park that’s a block from a massive factory… then sure its a steal!
Again only the banks seem to be leading the charge to these more reasonable valuation levels because they don’t have an entitlement attitude towards their appreciation and didn’t use their house as an ATM during the bubble.
Don’t bail out the profligate spending habits of a fat American with an entitlement paradign–DON’T pay bubble pricing for a property!
so whose the bigger knucklehead (to quote Charles Barkley)?
the 2006 buyer at $400 or the 2007 buyer at $450.
By 2007 it was already front page news that the market was turning.
If everything mechanical/structural is in bascially good order, with current purchase incentivess and interest rates, this is a not-unreasonable price for a starter home.
The 92->97 appreciation, projected forward, would put it at about $160k.
Elmwood Park is Chicago?
“Elmwood Park is Chicago?”
Funny that it has a non-Chicago zip code, despite being in Chicago–but 60707 includes the Brickyard and goes east to ‘gansett from North north to Diversey.
anon (tfo) – I hope you’re joking, but Elmwood Park is not in the City of Chicago. It’s a completely separate municipality, though they do share a border for a distance along Harlem.
Some people seem to miss blatant analogies – ie Galewood is pretty much Elmwood Park being the comparison.
“Elmwood Park is Chicago?”
According to some toolbags, Naperville = Chicago
“anon (tfo) – I hope you’re joking, but Elmwood Park is not in the City of Chicago. It’s a completely separate municipality, though they do share a border for a distance along Harlem.”
This house’s zip code is 60707–Elmwood Park. This house is still in Chicago–Chicago alderman, CPS, City Cops, Fire, etc. But it’s mail gets delievered by carriers working out of the EP PO. That is all.
I didn’t miss the “blatant analogy”; I was noting something else I thought was interesting/strange–I had never noticed before that there are parts of the city with non-606xx zip codes.
“According to some toolbags, Naperville = Chicago”
It’s kinda understandable if you’re on the east or west coast, talking to coasters. When you’re in or near Chicago, it’s inexcusable to say “I grew up in Chicago” when your family lived in Buffalo Grove your entire life. I have had this happen more than once. Also inexcusable–describing the entirety of Chicago–to the city limits–as “downtown”, as many ‘burbanites do.
That’s cool anon. I didn’t catch what you were saying. I would have presumed everything in the City would also have a Chicago mailing address.
Though the situation is quite common in many suburbs and unincorporated areas.
“Also inexcusable–describing the entirety of Chicago–to the city limits–as “downtown”, as many ‘burbanites do.”
They all do. They don’t seem to get that W’ville/LP/LV is not downtown, neither is Rogers Park, Hyde Park, Pullman, Riverdale, etc.
River North and South Loop I consider downtown, maybe even GC could be considered downtown, but thats really pushing the northern boundaries.
“Though the situation is quite common in many suburbs and unincorporated areas.”
Yep. Cannot rely on Zip Code = school district, or municipality or whatever in the ‘burbs. Had never noticed is was ever an issue inside Chicgao city limits; now I know better.
“River North and South Loop I consider downtown, maybe even GC could be considered downtown, but thats really pushing the northern boundaries.”
I can understand it (tho I don’t think it’s right) out to the boundaries of 312–Roosevelt to Armitage, West to Ashland.
Roosevelt(ish) to Oak (ish), West to Halsted(ish) is still overinclusive, but brings in all the stuff I think of as being “downtown”.
“Also inexcusable–describing the entirety of Chicago–to the city limits–as “downtown”, as many ‘burbanites do.”
Yeah I had that happen to me where someone asked me if I lived “downtown” I was like, “no I live in Lakeview” he said, “is that a suburb?” And I shook my head and had to explain…
This isn’t the nice part of Galewood, which is two blocks west of Harlem and features very deep lots. That part of Galewood is offers reasonably priced single-family houses on several nice blocks, within walking distance of Metra, with low taxes, and significantly less crime than remaining parts of Austin.
Galewood is technically in Austin boundaries, and not in Elmwood Park.
“the nice part of Galewood, which is two blocks west of Harlem ”
East? West of Harlem is Elmwood Park.
“Also inexcusable–describing the entirety of Chicago–to the city limits–as “downtown”, as many ‘burbanites do.”
So what? This is not at all different from my city colleagues refrerring to my home being in “the suburbs” as if there is no difference whether someone lives in Berwyn, Schaumburg, or Homer Glen.
this one is under contract as of today, per the mls
been here, nice enough neighborhood but the house needs appliances throughout, kitchen and baths are empty (minus the tub), entire house to be painted and some drywall work. could work, if the 1st time buyer has cash for repairs, but therein lies the problem.
“So what? This is not at all different from my city colleagues refrerring to my home being in “the suburbs” as if there is no difference whether someone lives in Berwyn, Schaumburg, or Homer Glen.”
So, Edison Park or Beverly is “downtown”? If you live east of Lake Road in Lake Forest, are you in “downtown” Lake Forest? If you live in Morningside Heights (or Whitestone, or anywhere on Staten Island) do you live in “downtown” NYC?
Words have meaning, dude, and “downtown” does NOT mean the entirety of a metropolitan area’s major city.
“So what? This is not at all different from my city colleagues refrerring to my home being in “the suburbs” as if there is no difference whether someone lives in Berwyn, Schaumburg, or Homer Glen.”
LOL! But you do live in a suburb, apparently, so I fail to see how your city friends are being incorrect. Yeah Englewood, too, is “downtown Chicago”. LMAO!
It is different, as anybody with a highschool education could clearly see.
Also to me, there is no difference between Berwyn, Schaumburg or Homer Glen, in fact theres no tangible lifestyle differences between these burbs and the burbs of Indianapolis or Cincinnati.
Congrats for overpaying for your suburban existence as you can live in a house for half or a third of the cost in the burbs of any other midwest city.
“So, Edison Park or Beverly is “downtown”? If you live east of Lake Road in Lake Forest, are you in “downtown” Lake Forest? If you live in Morningside Heights (or Whitestone, or anywhere on Staten Island) do you live in “downtown” NYC? ”
Did I make those claims anywhere in my post? I actually agree with you on the “downtown” point (which I failed to pint out in my first post)
I have an issue with calling all of Chicago proper “downtown” as much as I have an issue with lumping together everything outside Chicago proper as “the suburbs”, ok?
Best!
its all relative, you’d ask what they mean/where and get specific
words do have meaning, but self-identity can be fluid depending on the context.
Bob,
You have no idea how little sense your last two paragraphs make.
“You have no idea how little sense your last two paragraphs make.”
You drive everywhere, past the Wal-Marts, McDonalds & Applebees(also in Cincy) to get places, and goto a 7-11 as a convenience store instead of a Dairy Mart in Cincinnati.
Same exact lifestyle, the difference is your housing costs more here in suburban Chicago. Makes perfect sense to me: suburban living in midwest cities are almost perfect substitutes for one another. You just pay more for housing than someone in Indianapolis or Cincinnati, thats about the extent of it.
“as much as I have an issue with lumping together everything outside Chicago proper as “the suburbs”, ok?”
Good point. I actually consider Skokie and Evanston quasi-city extensions as they are served by city trains (which have much more flexibile/frequent schedules than the metra).
Bob,
Is living in Indianapolis or Cincinnati a perfect substitute for living in Chicago? I guess your answer would be that it is not.
So, then living 20 minutes away from Indianapolis or Cincinnati can’t be a perfect substitute for living 20 minutes away from Chicago.
You are making an assumption about the lifestyle in “the suburbs” which is evident in your “Wal-Marts, McDonalds & Applebees” paragraph. Does this assumption (a generalization in any case) equally fit to a resident of Oak Park compared to a resident of Naperville? As you see, I am getting back to the issue of lumping together “the suburbs”.
HJP:
“Did I make those claims anywhere in my post?”
No, you did not, but–this is your whole first post:
““Also inexcusable–describing the entirety of Chicago–to the city limits–as “downtown”, as many ‘burbanites do.”
So what? This is not at all different from my city colleagues refrerring to my home being in “the suburbs” as if there is no difference whether someone lives in Berwyn, Schaumburg, or Homer Glen.”
But it IS different in that “the suburbs” does in fact mean ALL of the suburbs and “downtown” does *not* mean all of the city. So your agreement with my point–which you quoted and said “So what”–couldn’t be assumed; indeed, the “so what” implied disagreement.
I mean, is your home in “the suburbs” or not? My home is certainly in the city, but definitely not “downtown”. If you do not live in “the suburbs” or Chicago, where do you live?
anon (tfo),
Fair enough about the “implied disagreement” point. I mentioned earlier that my first post was not written clear enough to make my point.
“I mentioned earlier that my first post was not written clear enough to make my point.”
Fair enough. Not arguing, but clarifying.
And, yeah, “the suburbs” is too generic, if you know where is being discussed. But when I say something like that it’s because either (a) all I know is HJP takes Metra to get downtown, or (b) HJP gets riled up about Burr Ridge (or Barrington Hills, or wherever) gets lumped in with Joliet and Bellwood and North Chicago and I like to tweek him when I can.