Get a 3-Bedroom Renovated Rowhouse in the Heart of Bucktown for $750,000: 1840 W. Wabansia
This 3-bedroom vintage rowhouse at 1840 W. Wabansia in Bucktown has been on the market since September 2011.
Built in 1893 on a smaller than standard 24×80 lot, it supposedly was a former 2-flat which was converted into a single family home.
There’s now a big master suite with bathroom and lots of closets on the third floor.
The other bedrooms are split- with one on the main level and one on the second floor.
The main living space still has some of its vintage features, such as millwork and moldings.
The kitchen is Scavolini.
Because of the small lot, there appears to be no backyard space but there is a rooftop deck along with a 2-car garage.
The rowhouse has been reduced $75,000 since September 2011.
With its prime location near the Damen street shops/restaurants of Bucktown, is this house now priced to sell?
Robert John Anderson at Baird & Warner has the listing. See the pictures here.
1840 W. Wabansia: 3 bedrooms, 4 baths, 2800 square feet, 2 car garage
- Last sold before 1988
- Originally listed in September 2011 for $825,000
- Reduced
- Currently listed at $750,000
- Taxes of $8410
- Central Air
- Bedroom #1: 19×12 (third floor)
- Bedroom #2: 14×12 (main level)
- Bedroom #3: 11×8 (second floor)
- Family room: 24×11 (main floor)
Seems like there are a lot of styles clashing here, and the really short lot would really suck. I don’t follow Bucktown closely these days, but I’d be very surprised if you couldn’t get into a cookie-cutter recent SFH for around $800k. If you really love the half-vintage/half-updated look, and didn’t mind the short lot, maybe this makes sense around $700k?
Love it. Lack of backyard is probably the issue why it hasn’t moved, but I like the place. I can’t comment on exact location either, but this is what I am looking for in a single family home in terms of style.
That living room is soo small. Do they watch the tv from the stairs or just angle it towards the couch?
Why would this be considered a rowhouse when it’s fully detached? I always thought rowhouses had shared walls and this one does not (I’ve been through it).
This is what taste looks like.
If you consider the neighbor at 1838 a comp, then $750k is reasonable. Dumping one of the interior pics for a picture of the rooftop deck might help the marketing.
http://www.redfin.com/IL/Chicago/1838-W-Wabansia-Ave-60622/home/13354772
I’ve been in this one. It feels very much like a chopped up converted two flat. The kitchen and “main” living area are upstairs, but there is also a second living area on the first floor. The master suite is large and somewhat newer, but it is in an addition off the back of the house and is a staircase/set of doors away from the rest of the house (not a big deal if you want the seclusion, but parents might care).
For us, odd layout, mix and match finishes, and no yard were a dealbreaker.
That being said, there are some nice vintage details, and the inventory is a bit thin in Bucktown (hard to find something close to North+Damen, off a main street, and less than $1m). I wouldn’t be surprised to see it go under contract before too long.
I love it, but it’s not a rowhouse.
“The kitchen and “main” living area are upstairs”
Why on earth would you put the kitchen on the 2nd floor in this type of conversion? I would think that would turn a lot of people off?
Yeah, this place is interesting–the photos make it seem like it’s two separate houses–one vintage and one modern. I do think that the architect owner should’ve worked with the intact vintage feel–rather than clash with it by implementing a modern design in the rest of the house. Then again, I’ve seen few “architect designed” homes that attempt to anything other than ultra modern style.
That being said, it looks nice. However, 80 feet is very short.
This looks like a quality renovation. I would pay 750k if it was in Lincoln park. In Bucktown, I think fair value is 600k.
This is such a mix and match of various styles. I like most of it separately (with exception of bathrooms, the tiles on foyer, the green stone around one of the fire places, etc…) but together looks like a patch work quilt.
“I would pay 750k if it was in Lincoln park.”
I’m trying to imagine what an LP location would look like to allow this house to go for $750k. I suppose some combination of the river/ClyCo/El adjacent/facing North Ave/Sec. 8 adjacent/directly on Lincoln or Diversey/short sale or relo-paid deal. But I’m not sure it would stay on the market for seven months.
That’s funny annony
This looks like a quality renovation. I would pay 750k if it was in Lincoln park. In Bucktown, I think fair value is 600k.
Could you please provide a comp for this assertion? I would sell my place in a heart beat if I could get anything remotely like this for $600k in this area.
Nice house for grown-ups looking for SFH in this neighborhood rather than downtown condo. Needs a stylish empty-nester couple, because it’s not a “young family w/kids” plan configuration.
We looked at this place. Very choppy. Kitchen is on second floor, nice master is off the back (over the garage) with a view of an alley. Living space on first floor feels somewhat abandoned. Tastefully done but would not want to live there. And the lack of backyard is felt.
This goes to show that it doesn’t pay to half-ass a SFH conversion. Do it right (aka, put kitchen on first floor and ensure the place doesn’t feel like 2 apartments combined into one) or don’t do it at all.
“Could you please provide a comp for this assertion? I would sell my place in a heart beat if I could get anything remotely like this for $600k in this area.”
“Mike in bucktown” and “aannoy”: My name is “housing bear” – meaning I am “bearish” on housing. I am sure you could find someone willing to pay 700k for this place. My contention is that said person will have a house worth 100k less in the next 5 years. I think any first time buyers who buy NOW are missing a huge opportunity to WAIT/RENT.
Re comps:
I don’t know this hood well so pardon if I am missing subtleties regarding the location, but I prefer this one much more for 750K: 1843 N HOYNE Ave.
re: 1843 N HOYNE Ave.
Funny you should bring that one up again because there you have the kitchen and living room below grade (whereas here people are complaining that it is on the second floor). We looked at the Hoyne house as well and it photographs better than it was in person — very small choppy outdoor areas and a rather odd stucco-like material on the exterior.
anonny (April 2, 2012, 12:51 pm)
“I’m trying to imagine what an LP location would look like to allow this house to go for $750k. I suppose some combination of the river/ClyCo/El adjacent/facing North Ave/Sec. 8 adjacent…”
Since this house has no yard its LP competition would be townhouses and row houses, not SFHs.
How about Sheffield/Armitage? http://www.redfin.com/IL/Chicago/2014-N-Sheffield-Ave-60614/unit-B3/home/13351838
Fire your agent if you’re in the market. You’re missing a lot of LP town and row houses in the $750k range. Last year there was a gorgeous row house in Sheffield Neighbors, a 3/3 with about 2,700sf, a million times better than the subject property, listed for $850 before getting taken off the market. Can’t find the listing now.
I much prefer this over Hoyne. I wonder if the lack of vintage on the first floor and the reason the main living areas were put on the second floor were because as a two flat the first floor unit was ripped of its vintage features and the second floor was kept original as an owners unit.
Walking upstairs to the main living area is a pain but it puts you up off the street into the trees and gives you skylights. I could imagine I could get used to/like this layout. I think it just takes the right person.
SoPo, that townhouse cost more than this place is listed for AND has a HOA fee when this doesn’t. I doubt the owners per month payment will be very similar.
Anyways, i’d rather be in Bucktown than LP.
“I think any first time buyers who buy NOW are missing a huge opportunity to WAIT/RENT.”
I am curious why one should wait right now as a first time buyer- with the assumption that the market is going to continue to decline? One should just sit and wait for that elusive “bottom”? Sounds like a guessing game to me.
The inventory in my mind is already pretty crappy. I have rented my whole life (lived in NYC for a big chunk of the adult part) and am thinking of buying given the interest rate environment- also waiting to find the right place at of course the right price. Harder than it looks given what I have seen on the market. This house is a perfect example of that- really lovely in photos, not user-friendly in person.
Housing Bear,
You said “I think fair value is 600k.”
You didn’t say this place would be worth $600k in 5 years. You are suggesting that it’s worth $600k now which is patently untrue. It would be like a trader saying, “I’m bearish on Apple so I’ll pay you $400/share” despite the fact that we have an established market for Apple stock trading north of $600. You can be bearish all you want, there is certainly evidence in both directions, but I’ve seen little to suggest that we have another 20% to lose. The number $600k comes across a bit like wishful thinking.
“Fire your agent if you’re in the market. You’re missing a lot of LP town and row houses in the $750k range. Last year there was a gorgeous row house in Sheffield Neighbors”
Might be in the market next year, but I’m obviously obsessively following it. An agent proposing that we see something at Sheffield would be grounds for a firing.
“I am curious why one should wait right now as a first time buyer- with the assumption that the market is going to continue to decline? One should just sit and wait for that elusive “bottom”? Sounds like a guessing game to me.”
Basic economics show that a low interest rate environment produces higher prices and as interest rates rise, prices subsequently decline. right now we are in a historically low interest rate environment which usually equals inflated prices. Interest rates WILL go up eventually, and when they do prices should drop further. Ask yourself this question: would I rather buy as prices are decreasing (as they are now) or buy as prices are increasing? Personally, I would like to see a bottom and miss it, and buy on the way back up. I don’t want to start in a 10% hole like a first time buyer might end up doing if they buy today. I am in a position to buy now too, but see this as a once in a lifetime opportunity to hold until prices have hit a bottom (we are STILL waiting). Once you are in the market, you are in. If you just moved from NYC you can use this as a good time to rent in different hoods to see what you like. end rant
“Basic economics show that a low interest rate environment produces higher prices and as interest rates rise, prices subsequently decline. right now we are in a historically low interest rate environment which usually equals inflated prices. Interest rates WILL go up eventually, and when they do prices should drop further. Ask yourself this question: would I rather buy as prices are decreasing (as they are now) or buy as prices are increasing?”
So, then, one would be better off waiting and buying a place at, say, $650k, with a rate of 6%, rather than buying it today for $700k, with a rate of 4%?
If it’s all the same to everyone, I’ll do what works best for me and not what works best for the crib-think tank, even though I’m sure you all have MY best interest at heart. 🙂
“So, then, one would be better off waiting and buying a place at, say, $650k, with a rate of 6%, rather than buying it today for $700k, with a rate of 4%?”
Well yes they would. If you bought a 700k home to see if drop to 650k when rates hit 6%, you have effectively lost 50k in home equity. Not to mention interest is tax deductible right, so it wouldn’t be the worst thing in thew world to have a lower purchase prices, higher interest rate, similar monthly payment, and higher tax deduction.
“low interest rate environment produces higher prices and as interest rates rise, prices subsequently decline.”
Tell that to everyone who bought in the midpart of this decade. Many had rates in the mid 6’s and I’m pretty sure prices of homes haven’t increased with the rates falling to the sub 4 range.
$650k at 6% over 30 years: payments of $3,897; total paid/total interest paid: $1,402,948.23/ $752,948.23
$700k at 4% over 30 years: payments of $3,341; total paid/total interest paid: $1,203,086.54/$503,086.54
The FED had to lower interest rates (and pump money into the economy) to keep home prices from falling too far too fast. If they hadn’t lowered interest rates, we could have had another depression. The housing market has been manipulated (cash + interest rates) to slow the decline in prices. The gov’t can only do so much to keep propping up home prices. All the realtors on this site want you to buy buy buy–you have to think independently sometimes.
Are there a lot of brokers on this site? I’ve counted only a handful at any given time.
I’m pretty sure the fed lowered rates to increase liquidity for financial institutions. I’ve never had a realtor on this site tell me to buy buy buy. They definitely tend to be overly optimistic about conditions just as you among others are overly pessimistic. My independent thought process has lead me to the conclusion that purchasing a home and renovating it for a total cost that is 30%+ less than what other very similar properties have sold for in the last 3 months is a good deal for me.
I’ve never had a realtor on this site tell me to buy buy buy….
I have to call myself out on this….Clio has definitely said buy buy buy….but then again we’re talking Oakbrook (insert sarcasm here)!
“Basic economics show …”
That’s where ya wen’t straight to shit…
I’ve never had a realtor on this site tell me to buy buy buy….”
look 3 comments above you where annoy is explaining why buying now at 700k is better than buying at 650k next year
$650k at 6% over 30 years: payments of $3,897; total paid/total interest paid: $1,402,948.23/ $752,948.23
$700k at 4% over 30 years: payments of $3,341; total paid/total interest paid: $1,203,086.54/$503,086.54
well anonnys a moron. seriously he thinks ELP is like Manhattan..or rather it’s UES, or Monaco, Gibraltar, etc.
I bet people who live along lake Michigan–the other 99.99% of it, laugh at people like anonny in Chicago for what they pay to live along the same lake.
[Chris M] ” I do think that the architect owner should’ve worked with the intact vintage feel–rather than clash with it by implementing a modern design in the rest of the house. Then again, I’ve seen few “architect designed” homes that attempt to anything other than ultra modern style.”
Its usually pretty tricky to find a balance between vintage and contemporary… especially when a good amount of vintage detail has been lost… and when the building has been chopped into apartments. That said, some architects can do a really really good job at it. http://www.dspacestudio.com/Astor-Street-Single-Family-Reconstruction.html
SFH that was chopped into 9 apartments, reconverted to a SFH… they ended up designing a LOT of new trim and plaster patterning to mesh with the existing vintage and to blend with the more modern spaces. Pretty impressive IMO.
“well anonnys a moron. seriously he thinks ELP is like Manhattan”
Yep, that nails it beyond belief. Look at who he married, what a sell-out in mind & body.
“well anonnys a moron. seriously he thinks ELP is like Manhattan..or rather it’s UES, or Monaco, Gibraltar, etc. I bet people who live along lake Michigan–the other 99.99% of it, laugh at people like anonny in Chicago for what they pay to live along the same lake.”
I’m not even sure what you’re trying to say there, Bob. If I lived in another part of IL, or in WI or MI, I’d also want to be as close to the lake as possible (and were I in a place far from *the* lake, e.g., Madison, I’d want to be as close as possible to its area lake, or whatever a given area’s premium environmental asset/ammenity might be). But were I living on the lake in, say, Racine, I don’t think I’d laugh at the fact that folks pay considerably more for the same house in, say, the north shore burbs, or for the same sq footage in, say, ELP.
And alleging that one “thinks ELP is like Manhattan..or rather it’s UES” is something a person who’s never lived in Manhattan would say, or a person who’s primary source of knowledge of the area is Gossip Girl. Personally, I liked living in Manhattan very much. But were I to live there long term, it would likely be on the UWS. Comparisons of NY to Chi are a fool’s errand, but to the extent that you insist on analogizing neighborhoods, I’d put ELP with the UWS and the GC with the UES. ELP and the GC (at least one block north of Division) are the two areas I’d be most inclined to live in Chicago, primarily due to proximity to the park and lakefront, while also “feeling like” a big city (easy cab access; tall buildings within sight, which is something some folks feel BT/WP lacks; etc.). I’d prefer the UWS (though I lived in the EV), and currently prefer ELP, because it has more of a “park like” feel to it than the UES or GC (in ELP there are simply more blocks, and thus more homes, within a block’s proximity to the park).
Bill C,
Is annoy a realtor?
Dude, yes! That’s exactly what I’m talking about. That type of renovation is, of course, more costly…but, wow, it looks nice.
Dude, Chris M, do you think in picture #9 (bathroom) that door leads to a water closet or linen storage?
My guess is water closet but if you went in there and shut the door it’d be one claustrophobic dump I think!
I’d be worried someone wouldn’t know to look in there and might have an accident while looking for the toilet.
“So, then, one would be better off waiting and buying a place at, say, $650k, with a rate of 6%, rather than buying it today for $700k, with a rate of 4%?”
It depends on your holding period. If we’re assuming this all happens in the next 12 months, you’d need to hold the property for 5 years (assuming a 3% perpetual increase in RE values after year 1, not accounting for transaction costs) for it to make sense to purchase today instead of waiting a year.
If you assume the same loss in value but only a 1% increase in rates (i = 5%) then it will take a hold of about 12 years for the “buy now” scenario to be the better investment….
Others are free to disagree, but I don’t see this as a “forever” (or even 12-year) property.
“That said, some architects can do a really really good job at it. http://www.dspacestudio.com/Astor-Street-Single-Family-Reconstruction.html .”
Wow, I want to fuck this house. Gorgeous.
Oh my, that Astor place is going to make it hard to look at regular listings (in terms of both the property and the listing presentation).
Holy shit, that Astor property is beautiful. That must’ve cost such a ridiculous sum of money too.
[Andy] “That must’ve cost such a ridiculous sum of money too.”
The owners basically told dSpace to just have at it… the budget was pretty ridiculous.
As for the mystery door, Im not quite sure if it is a linen closet or a water closet, I am not too familiar with the project and cant remember the floor plans to save my life right now. However, I would venture that it is a water closet… and as for being unable to find the toilet, luckily its in the Master Suite, so hopefully the owners would be a little more accustomed to its placement.
I’ve also been in this house, and it is very awkward. to have it be a proper single family conversion would take hundreds of thousands of dollars to even out and make sense of the floor plan. The exterior of the home and spot on the street/neighborhood are spectacular, but the short lot, nonsensical flow of space will cost the buyer a pretty penny.
sold for $710k!