Get a 5 Car Garage and a Double Lot for Under $700K in Hyde Park: 5478 S. Greenwood
This 5-bedroom vintage single family home at 5478 S. Greenwood in Hyde Park just came on the market. (Thanks to the reader who got me the pic on this one!)
Built in 1875, it is 3300 square feet on an oversized 50×163 lot.
It actually has a rare 5-car garage.
However, it doesn’t have air conditioning and the listing says “great potential here.”
The house still has some of its vintage details including crown molding and a beamed ceiling.
The house is in a prime University of Chicago location.
Is this a deal for the lots and the location?
Daniel Lipton at @Properties has the listing. See the pictures here.
5478 S. Greenwood: 5 bedrooms, 3 baths, 3300 square feet, 5 car garage
- Sold in September 1996 for $337,500
- Lis pendens was filed in February 2007
- Currently listed at $699,900
- Taxes of $10624
- No central air
- 2 fireplaces
- Bedroom #1: 12×17 (second floor)
- Bedroom #2: 11×13 (second floor)
- Bedroom #3: 12×10 (second floor)
- Bedroom #4: 12×12 (second floor)
- Bedroom #5: 10×10 (second floor)
I would prefer a better location, 10 car garage and at a lower price, but alas I missed the boat on this one…
http://www.redfin.com/IL/Chicago/2525-W-Gunnison-St-60625/home/13490547
^ holy crap that place on Gunnison is awesome
Location and reno costs make this a potential “deal” mostly for U of C tenured faculty / senior administrators with professional spouses.
Seems like it’s trapped in a dark nook with the large complex next door.
I love the woodwork in this house! The building next door is a multi-family place, but not that big. This house is just set much further back on the lot than the place next door which is on the sidewalk.
Interestingly enough, 5210 S. Kenwood was just reduced to essentially the same price. http://www.redfin.com/IL/Chicago/5210-S-Kenwood-Ave-60615/home/13950250 Which one would you rather rehab? Kenwood is much larger, but probably will cost much more. Both are excellent locations in HP.
This house is a bit iffy. It looks like some of the “bedrooms” are built on upper enclosed porch decks that are held up by what looks like 2×4’st. Needs a lot of work.
A much better buy IMHO would be MY house. 🙂 Totally redone, nearly everything is new and no surprises.
http://www.redfin.com/IL/Chicago/5040-S-Blackstone-Ave-60615/home/13949551
ChicagoJ, you have a nice house but lets be honest here.
1. The picture of the deck of this house clearly looks like the enclosed porch is held up by what appears to be brick posts.
2. How do you know that is counted as a bedroom?
3. This house has gorgeous natural woodwork that no longer exists in your house.
4. This location is far better than being across the street from Kenwood Academy.
There is a reason this home is only $300k less than yours even though it needs a significant amount of work (although it appears livable as-is too).
“A much better buy IMHO would be MY house. Totally redone, nearly everything is new and no surprises.”
Yeah, for only a million. Good luck with that with the shitty pictures in that listing.
Oh, also this house has a huge backyard/side yard compared to yours completely covered in cement….
“Which one would you rather rehab?”
I’d rather rehab the Greenwood property. It already has a alley accessible garage, full masonry, smaller and could likely be had for less. The Kenwood property is gorgeous, but the costs of a full rehab (6800SF) plus adding a garage (which due to the footprint of the home would eat up a lot of the backyard) and the annual maintenance costs of all that wood siding would be quite burdensome.
“I’d rather rehab the Greenwood property. It already has a alley accessible garage, full masonry, smaller and could likely be had for less. The Kenwood property is gorgeous, but the costs of a full rehab (6800SF) plus adding a garage (which due to the footprint of the home would eat up a lot of the backyard) and the annual maintenance costs of all that wood siding would be quite burdensome.”
That was my thought, but gosh do I love that Kenwood house! It is a good thing I’m not in a position to buy either or I could get myself into a lot of trouble!!
Prospective buyer better bring a contractor, plumber, and electrician, along w/experienced single-family-focussed architect, to the home inspection. Kitchen age, odd addition to the side, and photos suggest that building systems may need serious work, in addition to usual redecorating. I think this house needs another $200,000 to become a “dual-income white-collar professional couple w/kids” who are able to swing purchase and carrying costs for a house at this price-point. Good bones, interior seems unremuddled and in near virgin state (sideyard bump and monster porch excluded). Better bring a large pocketbook for post-closing activity.
Maybe buyer can carve-out a nanny-flat in basement and rent to a UoC graduate couple for extra income.
Not “become”, to “attract”.
benjamon9 (January 18, 2012, 4:51 pm)
ChicagoJ, you have a nice house but lets be honest here.
1. The picture of the deck of this house clearly looks like the enclosed porch is held up by what appears to be brick posts.
Sorry, I was actually talking about the house on Kenwood, not the one on Greenwood. The one on Greenwood I do think is a good deal and the same price as mine per SF although that is before any rehabbing.
Both houses are on better streets than mine, yes, but not significantly (AND, they are in Hyde Park and I’m in Kenwood). It is actually not bad being across from Kenwood Academy but that would turn off some. There are positives and negatives. The other houses have a LOT of lower priced rentals in close proximity which means lots of riff raff. The other houses need $200K minimum of work to bring them into this century. The one on Kenwood is beautiful in the pictures but go see it in person like I have. It’s nice but definitely a money pit and probably more like $400K to do a proper rehab. My house appraised for $1.2M a year ago (by two separate appraisers) so the price is not far off. Most buyers are not going to want to take on a big project and my house is 99% complete with ALL major systems replaced (including sewer and water service). Nothing is more than 5 years old except the foundation. Yes, no yard…….to mow….and there are like 9 parks within 10 mins of me. Who needs a yard? Interestingly enough, I’m told by neighbors that mine was one of the first houses in the area and surrounded by acres of farmland in the late 1800’s.
“Sorry, I was actually talking about the house on Kenwood, not the one on Greenwood. The one on Greenwood I do think is a good deal and the same price as mine per SF although that is before any rehabbing.
Both houses are on better streets than mine, yes, but not significantly (AND, they are in Hyde Park and I’m in Kenwood). It is actually not bad being across from Kenwood Academy but that would turn off some. There are positives and negatives. The other houses have a LOT of lower priced rentals in close proximity which means lots of riff raff. The other houses need $200K minimum of work to bring them into this century. The one on Kenwood is beautiful in the pictures but go see it in person like I have. It’s nice but definitely a money pit and probably more like $400K to do a proper rehab. My house appraised for $1.2M a year ago (by two separate appraisers) so the price is not far off. Most buyers are not going to want to take on a big project and my house is 99% complete with ALL major systems replaced (including sewer and water service). Nothing is more than 5 years old except the foundation. Yes, no yard…….to mow….and there are like 9 parks within 10 mins of me. Who needs a yard? Interestingly enough, I’m told by neighbors that mine was one of the first houses in the area and surrounded by acres of farmland in the late 1800?s.”
I hope you don’t think I was tearing your rehab apart. It is a good home and a nice rehab. I was just listing some things that were pretty glaring to me when I compared it to Greenwood. A comparison to Kenwood does seem much more accurate. Most buyers definitely do want new, but I think some of the things I pointed out are possibly why you haven’t sold the house yet. It does seem to be priced pretty reasonably.
I’ve noticed that the trend it seems in Hyde Park/Kenwood is to rehab vintage homes and make the interiors very modern. I’d love to find a vintage home like yours/Greenwood/Kenwood rehabbed but still with vintage features/woodwork etc!
Benjamon9,
I walk my dog past your house often. Although the house is large, it is siding, rather than brick which is a negative. It is next to a multi unit building which is a negative. It is across from a school which in my opinion is a negative. Although the interior pictures in the MLS showcase a gorgeous interior I think that you will not finder a buyer until you get down to about $600K.
Bella, I think you may have been talking to ChicagoJ…I own none of the houses discussed here.
However, this home is now reduced down to $515k. Seems reasonable to me depending on the amount of work needed.