Get 3-Bedrooms Near the Brown Line for Under $280K: 4704 N. Sawyer in Albany Park
This 3-bedroom at 4704 N. Sawyer in Albany Park came on the market in March 2011.
It is listed $31,600 under the 2005 purchase price.
According to the listing, the building was converted into condos in 2001.
This top floor unit has a sunroom and an eat-in kitchen in 1600 square feet.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
There are hardwood floors throughout.
The master bedroom has a marble bath.
It has all the amenities buyers look for such as central air, in-unit washer/dryer and parking.
The unit is just steps from the Kedzie Brown Line stop and the shops/restaurants on Kedzie.
Is this a good starter condo?
Deborah Hess at Conlon has the listing. See more pictures here.
Unit #3S: 3 bedrooms, 2 baths, 1600 square feet
- Sold in October 2001 for $251,000
- Sold in August 2005 for $311,500
- Originally listed in March 2011 for $299,900
- Reduced
- Currently listed for $279,900 (parking included)
- Assessments of $239 a month
- Taxes of $4117
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 12×12
- Bedroom #3: 12×12
- Sunroom: 10×9
Nice looking property and shows well – spacious kitchen and bfast room; certainly plenty of good restaurants in the vicinity, though there’s also the train yard. Here’s the problem: with condo values declining, you can buy 3 BR places in far more desirable areas, with much better schools, in this same price range. It ain’t 05 anymore – the money ain’t flowing like it used to, and the buying craze is over. There just aren’t enough families willing/able to buy here who can afford it.
Re. Albany Park:
I have friends who bought a condo in the area about 5 years ago and my impression is that they’re pretty regretful. The neighborhood remains edgy from a crime standpoint. It isn’t gentrifying as quickly as they had hoped. The schools are a huge issue, and their condo, which they’re now trying to sell, has had little interest from potential buyers despite it being a good rehab in a nice building. Not to mention its value has fallen, along with the rest of the market.
Roma – what do you think of this one in comparison? Note the obvious price difference…
http://www.redfin.com/IL/Chicago/4441-N-Beacon-St-60640/unit-2A/home/26807580
Neighborhood gentrification rarely progresses anywhere, and often reverses, during economic downturns.
“I have friends who bought a condo in the area about 5 years ago and my impression is that they’re pretty regretful. The neighborhood remains edgy from a crime standpoint. It isn’t gentrifying as quickly as they had hoped.”
Stunning photographs – what a difference it makes. I’m not too familiar with this area, or any of the “more desirable” ones where you can get a 3 bedroom for under $280. Seems very well priced to me.
“with condo values declining, you can buy 3 BR places in far more desirable areas, with much better schools, in this same price range. ”
@Roma, could you provide some examples?
Here is some Albany Park 2BR condo data.
quarter/closings/average/median/minimum/maximum/% foreclosure/short
1Q2011 18 $84,417 $61,300 $23,000 $220,000 94%
4Q2010 26 $91,111 $85,000 $21,000 $224,000 81%
3Q2010 28 $135,878 $131,500 $34,000 $274,500 61%
2Q2010 35 $151,415 $170,900 $30,000 $265,000 40%
1Q2010 25 $147,054 $180,000 $30,500 $260,000 56%
Some more facts:
-short sales closed all had foreclosures in progress
-foreclosures averaged 449 days from lis pendens to auction and 262 days from auction to REO sale (711 days total)
-approx 185 new 2BR foreclosure filings in 2010
-approx 80 new 2BR REO in 2010
Albany Park condos will not stabilize in price for years to come.
@Justyna,
Those Beacon units are huge! I toured one about 3 years ago when they were doing the conversion. They had a great layout and a real eat in kitchen. Great for someone thinking about starting a family in a couple of years.
The biggest negatives for us on those units were the lack of garage parking (parking spot only) and we were unsure about living in Uptown. I imagine the area also may be falling backwards rather than gentrifying.
I’d consider this place if it were cheaper as a starter home. It looks nice and the location isn’t bad but $280 is a lot for a starter.
@notClio,
I live a few blocks south of Montrose (right off of Buena), so am also mulling the move into “real” Uptown territory. I might humor myself with a showing, though…
I agree that garage parking will likely be a turn-off for me, but I find that I keep going back to units for sale in the direct vicinity…
Any hopes that the new Alderman will turn things around in the area??
This isn’t a terrible deal, but you can certainly do better at that price point in this neighborhood.
albany park is not for the weak, but i will say a saturday afternoon walk down Lawrence from the grocery store just east of kedzie to just before elston is one every need to take once in their life.
would i pay 300k for a condo in albany park? NO
would pay 250k for a house in albany park?
I think it’s worth being a little bit careful about describing Albany Park as a whole. Ravenswood Manor should really be considered separately. (Though I don’t think that area would affect Gs data on condo sales much, if at all, since it really isn’t applicable.) Also, I think that the area between the Francisco and Kedzie stops is generally fine.
Please, Eat, Eat. Look at you, you’re all skin and bones, EAT! Really, I insist.
“I think it’s worth being a little bit careful about describing Albany Park as a whole.”
true, rave manor/north park/rave gardens are “technically” albany park but in my mind i generally exclude those, your right many would know and may include them.
The photos do look great, but why not show us the master bath? Also, G what about 3 bedroom data? Surely an extra bedroom helps the price.
Justyna, I’d definitely take the Beacon place over this, but I wouldn’t be surprised if it doesn’t go near that asking price.
Here is some Albany Park 2BR condo data.
G –
Thanks for getting those numbers to me, INCLUDING the averages. Took you awhile, but thanks for doing that for me 🙂
Have a nice day!
I am currently trying to sell my 2/2 condo in Albany Park. It’s a nice, spacious unit with a very healthy HOA. However, it is likely my husband and I will sell for a price well under what we bought it for in 2003. It’s depressing, but we’ve never regretted the purchase. It’s still a lot nicer than anything we could rent for the price and we’ve enjoyed the neighborhood. If we didn’t have a small child that will need a quality education, we would stay. I am ready to cut my losses and get a house in a more upscale suburb than I would normally be able to afford. We are lucky. We don’t have to move. We want to move to improve our quality of life (guest bedroom, yard, shorter commute, etc). These types of things also have a value.
“albany park is not for the weak, but i will say a saturday afternoon walk down Lawrence from the grocery store just east of kedzie to just before elston is one every need to take once in their life.”
Groovy – I took the walk. Did I miss something? I know you don’t like that stretch of Lawrence, but I thought it was okay. I like Montrose too.
“Groovy – I took the walk. Did I miss something? I know you don’t like that stretch of Lawrence, but I thought it was okay. I like Montrose too”
oops i might have came off wrong, its a fun walk and an enjoyable experience.
awesome in the summer as you can pick up a few snacks at the street vendors on the way.
Am I imagining things, or did there used to be a long strip of Korean businesses along Lawrence between Kedzie and Elston back in 2000?
There are 3 br condos for 300 all over the city. Hell, there are 3BRs in Lincoln att boundaries for 350.
Now, obviously, the ones in this price range in lakefront/yuppie hoods won’t look as shiny as this one. But for 3 brs and up, you’re dealing mostly with family buyers, my hunch is that they tend to choose location/schools over finishes.
For the record, I think Albany Park is fantastic, it’s one of my favorite hoods in the city. From an economic perspective, though, it’s hard to justify buying a nice condo there, unless there’s enough of a discount over better-situated and better-schools areas. Or, obviously, if you can just barely afford this but can’t afford more (say, you can afford $250 but not $300). But then, why buy one at all?
“Am I imagining things, or did there used to be a long strip of Korean businesses along Lawrence between Kedzie and Elston back in 2000”
you are correct, it started at central park and did go to elston, some moved over to bryn mawr and kimbal, and the rest are still there but changed to cater to the neighborhood clients (mexican-central american-ecuadorian)
the signs did change from the korean language to spanish but if you walk in you will see some owners are still korean.
This apartment is gorgeous and I like Albany Park, but you have a ton of inventory to choose from at a much lower price point. You can pay way less for something nice in the area.
Groovy, I thought so. that was the first time I visited Albany Park. I stayed with my boyfriend at the time’s ex-girlfriend in Mayfair. Now, that’s a story for you another time!
Honestly, Milkster, I don’t know if you are thankful or just still being a bitch. If Sabrina didn’t post an Albany Park property and the intern wasn’t busy, you wouldn’t have seen the data from me. Thank them.
BTW, December wasn’t the bottom for Albany Park 2BR condos.
benjamon9,
Not enough studio, 1 or 3br condo sales in Albany Park for a meaningful analysis. Here are all of the 3br condo sales since 1/1/10 (address/unit#/closed date/price/days on mkt/short sale or foreclosure):
4445 N Kimball 3 4/5/2011 $123,000 82 N/A
4946 N HARDING 1W 3/22/2011 $38,500 151 F
3043 W GUNNISON 3 1/3/2011 $180,000 223 S
4830 N Albany 2N 10/28/2010 $263,000 161 N/A
3002 W MONTROSE 3B 9/30/2010 $225,000 201 N/A
4920 N Ridgeway 1 9/23/2010 $235,000 75 S
3925 W AINSLIE 2 9/13/2010 $86,000 153 F
4801 N SACRAMENTO 1 9/9/2010 $220,000 344 S
4803 N SACRAMENTO 4803 7/27/2010 $210,000 157 F
4855 N SPRINGFIELD 2 6/30/2010 $112,000 81 F
3217 W LELAND 1E 5/27/2010 $314,000 249 N/A
3055 W Sunnyside 2 5/6/2010 $299,900 41 N/A
4937 N TROY 2 4/26/2010 $237,500 64 N/A
4456 N SAWYER 2N 4/22/2010 $205,000 181 N/A
4640 N SPAULDING 1 4/15/2010 $252,000 15 N/A
3253 W LAWRENCE 2D 4/13/2010 $239,000 942 N/A
3415 W AINSLIE 1 4/1/2010 $260,000 212 N/A
3253 W LAWRENCE 3D 3/29/2010 $230,000 1 N/A
4843 N HARDING 1S 3/1/2010 $297,500 99 N/A
4637 N DRAKE 1 2/16/2010 $268,000 157 N/A
4441 W AINSLIE 1W 2/12/2010 $150,000 191 S
3848 W SUNNYSIDE 1E 1/4/2010 $277,000 136 N/A
Awwwwww G –
You’re so warm and fuzzy. I’m sure your intern loves working for you. I’m not sure why they call you “Mr. take a data dump” on CC.
And btw, remember I said we’d be bouncing around at the bottom for awhile.
wait a minute here – I say something a little condescending and everyone gets on my case. G calls someone a “bitch” and nobody says anything!!! Typical….. the morons supporting the idiots.
Albany Park (I will define it as Central Park 3600 West to Kostner 4400 West and Irving Park 4000 North to Foster 5200 North) saw a huge number of condos, townhouses, and brand new houses built up during the real estate boom. A lot of speculators and yuppies bought in thinking this was “the next new neighborhood to zoom up in prices”.
I live very close to the area and unfortunately, things are getting bad and becoming worse. The neighborhood changed for the better from 2003 to 2006 and then from late 2006 to 2011 things are getting worse.
From 2001 to 2005 there were an average of about 25 to 35 shooting per year. From 2006 to 2011 it’s an average of about 50 to 110 shootings per year.
And also, I keep saying “aggressively lowball”. You can do that in this market with all the short sales and REOs. If you still think prices have a way to go down, you should definitely be aggressive, lowball and do not go $1 above the ceiling you set.
Another thing I’ve noticed from anecdotal evidence looking at short sales and REOs (which is supported by G’s data on 3 BRs):
Most of them are first floor or garden apartments.
Out of the 22 units on G’s list, 10 were on the first floor.
Thanks G! If you take out the foreclosures and short sales (of which there weren’t that many) the 3 bedroom info does seem to at least somewhat support this price IMO. That doesn’t necessarily mean there is a buyer though that can afford it and will be willing to live here. *shrug*
The high schools for Albany Park are North Side Prep and Von Steuben, right? So from this thread I gather that it’s the grade schools that are in trouble – but in order to become “feeder” schools to these hs’s they must be amping up the magnet programs, etc.? Or is CPS allowing them to languish while the hs’s get all the attention?
Not a very smart strategy as one of the reason families bought in AP was in order to get their kids on the fast track to North Side.
Northside Prep is a selective enrollment school (meaning you have to test in) and Von Steuben is a magnet school with a lottery entrance. The neighborhood school for this area is Roosevelt which is currently a Level 3 school on probation, with less than 22% of it’s students meeting state reading standards in 2009-10.
The only way living in Albany Park would help you get into either school would be the lower Tier it’s probably in.
I’d much rather live in this one than in Albany Park. Same exact price. Where would you rather live?
http://www.redfin.com/IL/Chicago/4427-N-Beacon-St-60640/unit-2S/home/13394115
“Another thing I’ve noticed from anecdotal evidence looking at short sales and REOs (which is supported by G’s data on 3 BRs):
Most of them are first floor or garden apartments.
Out of the 22 units on G’s list, 10 were on the first floor.”
Perfect example of selecting data in support of one’s anecdotes. Someone failed to consider that 3BR units are more commonly found on the first floor due to duplex downs (6 on the list.) Indeed, 3BR REO/Short sales on the 1st floor from the list above represented 50% of the total (2 Sacramento props are TH’s.) Stop there and the anecdotes are right!
Sorry, not gonna happen when we can look at more facts, instead. There were 52 REO & short sale condos (no TH’s) closed in 4Q2010 & 1Q2011 combined for all BR types. 10 were 1st floor units and 6 were ground floor. That’s less than a third of what sold.
BTW, what’s with the hedging by the bottom callers with all the “bounce around the bottom” talk? Wouldn’t that constitute a new bottom? What is the wiggle room they are trying to claim?
Albany Park Resident’s comments fit pretty well with my observations above.
Also, Groove did not answer his 2nd question (perhaps he did that to say “maybe…”), but I could have expanded to say:
You can get a condo in a better hood w better schools for not much more money.
What you CANNOT get in those neighborhoods is a nice, livable HOUSE in this price range.
In AP there are plenty of decent SFH options in the 200s. I could definitely see families also looking at more expensive housing options choosing a cheaper SFH here and looking into alternative schooling options (in fact, this is something we have considered and may still…)
ChiTownGal,
It sounds as though a primer on the public schools system would be helpful for you.
If you’re interested, start by clicking “Application Process” here:
http://www.cps.edu/Contact_CPS/Ask_a_question/Pages/faq.aspx
And though it’s certainly not 100% accurate, up-to-date, or exhaustive, CPSobsessed’s “Basics of CPS” could also be helpful (will post link in next comment to avoid moderation)
#
Groove77 on April 21st, 2011 at 1:16 pm
albany park is not for the weak, but i will say a saturday afternoon walk down Lawrence from the grocery store just east of kedzie to just before elston is one every need to take once in their life.
would i pay 300k for a condo in albany park? NO
would pay 250k for a house in albany park?
http://cpsobsessed.com/the-basics-of-cps/
“Also, Groove did not answer his 2nd question”
i didnt answer because my bias towards AP is personal and dont want to paint a bad unwarranted picture for someone looking for a cheap home in the area.
i still have family over in AP and visit often, i will leave it at that.
Nimesh… I call b.s. on your shooting statistics for Albany Park. Please post a link for those numbers.
“BTW, what’s with the hedging by the bottom callers with all the “bounce around the bottom” talk? Wouldn’t that constitute a new bottom? What is the wiggle room they are trying to claim?”
It’s when it stops free falling for a month or two and still hasn’t turned upwards, they can say a bottom is in before it’s proven, last chance to get in.
Trying to call bottoms, or tops for that matter, is a very expensive fools game.
“I live very close to the area and unfortunately, things are getting bad and becoming worse. The neighborhood changed for the better from 2003 to 2006 and then from late 2006 to 2011 things are getting worse.”
I don’t live in this area but I think Nimesh is spot on from my observations (maybe not shootings but in terms of nabe vibe).
I had a friend who was staying here temporarily and his apartment and the apartment next door got raided in a drug bust. Unfortunately he had nothing to do with drugs the cops decided to raid both places on his floor. They never reimbursed him for the smashed in door.
You should see the element that hangs out at the liquor stores around here. Any greenzone yuppie thinking of buying in an area like this “because it’s near the brown line” need only see the liquor stores to know that they don’t belong and would have a tough go of living in this area.
Oh yeah another sucky thing about the Brown line, especially this far north: far too many damn stops.
Does the Brown line really need a stop at Kedzie given the Kimball stop is less than 2000ft away?
Does the Brown line really need a stop at Paulina given the Southport & Addison stops are less than 2000ft away?
Does the Brown line really need a stop at Wellington given the Belmont & Diversey stops are less than 2000ft away?
I must take a really, really long time to get to the loop from the Kedzie stop.
“The high schools for Albany Park are North Side Prep and Von Steuben, right?”
HAHAHAHA! HA!
And living in Evanston means you get into Northwestern and living in Hyde Park guarantees admission to UofC, right?
“Someone failed to consider that 3BR units are more commonly found on the first floor due to duplex downs (6 on the list.)”
Are you saying that duplex downs are more desirable? Cuz to me (and most CCers), a duplex down would be a double dose of awfulness. Unless you’re a backed up sewage enthusiast. Which your nickname would support.