Get a Lincoln Park Single Family Home for Under $650,000: 1556 W. Wrightwood
This 4 bedroom home at 1556 W. Wrightwood in Lincoln Park has been on and off the market for 2 1/2 years now.
During that time, it has been reduced $345,100.
While it is located across from Wrightwood Park, it is also on the corner of Wrightwood and Ashland.
The kitchen has stainless steel appliances and granite counter tops.
The house also has a rooftop deck with views of downtown.
3 out of the 4 bedrooms are on the second level with the fourth in the lower level.
The listing says the lower level is unfinished.
The house is built on a 40×50 lot which is a lot smaller than the standard Chicago lot.
Is this house a deal?
Brian Cleary at Jameson has the listing. See the pictures here.
1556 W. Wrightwood: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in April 2000 for $628,500
- Originally listed in June 2008 for $995,000
- Reduced numerous times
- Was listed in August 2010 for $675,000
- Delisted
- Now back on the market for $649,900
- Taxes of $17,429
- Central Air
- Bedroom #1: 16×12 (second floor)
- Bedroom #2: 14×10 (second floor)
- Bedroom #3: 11×10 (second floor)
- Bedroom #4: 16×12 (lower level)
I couldn’t believe anyone would want to live on this corner. It’s right on Ashland. even a couple houses east would be so much better. This section of the neighborhood hasn’t totally transitioned, but has nice homes on this street and is across from Wrightwood Park, which nowadays is much better than that used to be.
The Family Matters house is about 150 yards east of here.
Is this REO or short sale yet? Urkel living nearby is worth $100K for sure.
my oh my, where to start?
so guys what flavor bubblicious do you think this one is, grape or watermelon?
El Presidente…mmmmm….24/7/365.
Proximity has to be worth _something_.
I think those taxes are going to need to be appealed. If I could get my wife to move north I’d check it out. But how does it have a 4th bedroom on the unfinished level? The description says 3-4 bedrooms. What gives?
3/4 means you could use that upstairs family room with the terrace as a 4th bedroom. I’d bet there is no bathroom up there and also no door to close off the sound travel. How big can the lower level be? It’s mostly garage and I’d doubt there is a basement below that level.
In agent remarks it says that the lower level can be used as an office or a 4th bedroom. But if it’s really unfinished there is no way the agent should be listing this as a 4 bedroom house. That would be a clear violation of MLS rules.
Its a nice looking place in a great area IMO. At $650k I can see value even being right off Ashland. The problem is that in this market buyers in that range have a huge selection to choose from, and the high traffic street and super small lot are deal killers.
There appear to be no windows on that level. If true then regardless of the finish it can never be call a true bedroom! Typical useless agent spin! Not all of them are idiots but some of them show their true worth with statements like that.
They probably have windows on the side of the house but for MLS rules you don’t have to have a window for the room to count as a bedroom. However, a room that is more than 50% below grade can not be included in the bedroom count, though it can be shown as a below grade bedroom.
“El Presidente…mmmmm….24/7/365.’
Ha! ha!
Yeah- right across the street.
Over half a mil to live at THAT intersection? HAH!
Looks like a mausoleum, to boot.
if it goes for anything near ask (say, within 25k), I’ll be really really surprised.
California sized lot; California sized pricing. $485,000.
$585K. I do think this one is close to the right price.
ugh, the traffic. if this is even a half block further down it’d be better, but right on ashland? yuck.
is the proximity to a school bad as well? ie, is that a bad thing regardless of the school? also, the fact that it’s Prescott and not a better school isn’t great either.
El Presidente … haven’t been there since a cucaracha sauntered right across our table in the 80s – we walked out after my dad left it crushed with a note apologizing that we didn’t realize the table was taken.
Funny money was floating around in 2000 just as in 2007. The original owners bought a $628,000 using two mortgages: $502,800 for the first and $62,857 for the second. They purchased a $628,000 home with a mere $62,813 down payment. Of course back then to get these piggy back and low down payment loans you needed good credit and stable job. But, nevertheless, it did contribute to bubble pricing. Lincoln Park, including the fringes like this, have been propped up with funny money pricing, ARMs and IO’s for quiet some time and it is inevitable that prices fall. Especially on properties like this. On Ashland, no lot…cookie cutter construction. My range is $485,000 on the low end, $535,000 on the high end…in a couple of years. But tomorrow? If this had to sell tomorrow it would sell in the high $500,000 or very low $600’s but no higher than 2000 purchase price. But ultimately, this property has a pricing destiny well below the 2000 price given it’s numerous shortcomings.
you should not be allowed to charge 2/3 of a mil for a 1/3 of a lot.
you should not be allowed to charge 2/3 of a mil for living on ashland
you should not be allowed to charge 2/3 of a mil for having to drag your garbage cans out to the street in Chicago (for that location).
you should not be allowed to charge 2/3 of a mil for only having a iron fence to block sound.
you should not be allowed to charge 2/3 of a mil for living on ashland
you should not be allowed to charge 2/3 of a mil for living on a two lane major street AT A STOP LIGHT
you should not be allowed to charge 2/3 of a mil for having a 40ft wide home and ending up with a kitchen that size.
you should not be allowed to charge 2/3 of a mil for no architectural details
you should not be allowed to charge 2/3 of a mil for living on ashland
you should not be allowed to charge 2/3 of a mil for having your back exit stairs taking up 60% of your “yard”.
you should not be allowed to charge 2/3 of a mil for not planting any shrubbery to have some privacy and noise reduction
you should not be allowed to charge 2/3 of a mil for increasing your future health risk by living on a major street.
You guys know what i could get for 2/3 of a mil on the NW side?
Neighbors who attended state colleges?
“You guys know what i could get for 2/3 of a mil on the NW side?”
“you should not be allowed to charge 2/3 of a mil for living on ashland”
Word.
Of course you can charge 2/3 of a mil for living on Ashland, but, it should be against the law for someone to pay that much for it!
Look at the absurd June 2008 pricing? Who do the owners think they’re fooling???
– Originally listed in June 2008 for $995,000
““you should not be allowed to charge 2/3 of a mil for living on ashland””
You guys must not familiar with Chicago – the price of this place is actually pretty good and I am sure it will sell for near 600- look at what is out there in terms of sfh/town homes in this area and you will see that it isnprettybaccurately priced. Just because you can’t afford it does not mean it is overpriced.
So we see time and time again where some seller is priced at or near what they owe and the peanut gallery here believes the value is a lot less. Do those of you in the know think that it would be possible to do something creative like roll the difference into the home you are trying to buy?
example: you owe $500K on a property but it’s only worth $400K Crib Chatter dollars. Could you purchase a $300K home and might a lender let you add the $100K?
I’m guessing they have no reason to do so other than to make more money off the interest?
clio: “You guys must not familiar with Chicago – the price of this place is actually pretty good and I am sure it will sell for near 600- look at what is out there in terms of sfh/town homes in this area and you will see that it isnprettybaccurately priced. Just because you can’t afford it does not mean it is overpriced.”
Snap it up! What a deal!
The answer is no; it’s not like a car note where you can roll it over; because the value of the new property would be less than what you owe from the beginning making the LTV more than 100%.
The owner of this property refi’d in 2001 combining the two mortgages into a $560,000; and then refi’ again in 2005 into a $503,000 mortgage IIRC. So there’s plenty of room to move, but it would likely represent a net loss to the owner after 11 year of ‘rentership’ not ownership.
“Do those of you in the know think that it would be possible to do something creative like roll the difference into the home you are trying to buy?”
Looking at the LOT it was a 60 x 120 corner lot and they divided into 3. Savvy builder. Doubt that would ever get approved in this day of age.
And, I don’t think its that ridiculous in regards to price. Location as a whole is good, place looks pretty nice. In regards to the No Yard – its not difference than living in a Town Home.
Taxes are crazy high I agree.
And Google satellite has the SF tore down behind it. I wonder what that went for in a tear down?
Wow, that’d be a very intriguing way out of the valuation problem banks have. Market a new mortgage product that allows you to roll value that isn’t paid off (like a short sale, but not written off) into a new mortgage or secondary loan for a new place. Maybe not a HELOC or a mortgage but a personally backed full faith etc loan.
Bank was losing it anyway with a short sale; person has to have a place to live. Might be easier for a bank to process and collect on a defaulting personal line of credit and would then have a right sized mortgage on books for second property, removed underwater mortgage off books, and transferred risk to a different department/ p&l.
i remember seeing this listed 2 years ago for a million. then looking closer and noticing “wtf it’s on ashland”. lulz
“You guys must not familiar with Chicago – the price of this place is actually pretty good”
that right there says it all why many will “attack” you. Glad you made it home safe after the bday.
yes that price maybe a steal three houses east. but this lot and location and its all around WTF makes it for me just not kosher.
what somebody else will pay for this, i can care less, but its a crime against nature to charge that price for that lot and that structure on it.
“Neighbors who attended state colleges?
“You guys know what i could get for 2/3 of a mil on the NW side?””
yeah but it can be said for LV too!
Banks would never do that. What new bank is going to want to lend someone money for a mortgage when they never paid off the last one?
That program does exist… It is called doing a short sale and agreeing to pay back the outstanding balance while RENTING a new place.
Mortgages are a little more substantial than car loans.
Good luck w that driveway when it snows. Does it come w jeep?
I agree with clio here, I think this is reasonably priced.
Have you looked around for other single family home at this price point?
and no I would say this is 1/3 the size of a normal lot, its about 2/3 at 2000 sqft. Personally I prefer having a wider home than a railroad style home on 25 X 125 lot. They probably sacrifice with little to no backyard, but literally within 100ft of their SFH is wrigthwood park.
chibuilder you are correct. Buyers in this price range have huge selection to choose from. 580 if they’re lucky.
“Have you looked around for other single family home at this price point?”
umm yeah i think all would agree with me that this home is way better.
http://www.redfin.com/IL/Chicago/1513-W-Montana-St-60614/home/13362011
and for gosh sakes if you need to come in a 650k and all you can get is a 50ft depth lot on ASHLAND then you should look elsewhere my friend.
this is not a hey look its the cheapest list home in the area so its a deal, type of thing. its absurd to take you hard earned money and write a mortgage check each month for this exact spot.
“you should not be allowed to charge”
Nobody is “charging” anything. They are offering the house at a listed price. Whether they fetch that price or not depends on what someone (anyone, not just yourself) is willing to pay… my guess the high 500’s… and that is NOT what I would be willing to pay!
I agree with chibuilder, its all about what your willingness as well as ability to pay is. While a potential purchaser may even prefer 1513 Montana listing, at 105k over it may be out of their price range.
Gary,
While I do not know the rules of the MLS system the Chicago building codes are quite clear. No outside egress and vent means it is not a legal bedroom. Doing so will again show a realtor’s lack of detail to the situation.
From the Chicago building codes.
(a) Light required. Every room or space intended for human occupancy shall be provided either natural or artificial light; provided however that all living, dining and sleeping rooms in family dwelling units; all patient rooms in institutional units; all guest rooms in hotels and motels; all day care centers offering care for children under 2 years of age; all class rooms or study rooms in Type 1 and Type 3 schools; and all habitable rooms in residential restrained care facilities shall be provided with natural light. Every bathroom and toilet room shall be provided with at least artificial light capable of an average intensity of at least 3 footcandles (32.29 lux) measured at a level of 30 inches (762 mm) above the floor.
(b) Ventilation required. Every room or space intended for human occupancy shall be provided with natural or mechanical ventilation, provided however that living, dining and sleeping rooms in family dwelling units shall be provided with natural ventilation. Natural ventilation shall not be substituted for mechanical ventilation in rooms or spaces where mechanical ventilation is specifically required in Chapter 13-176*.
* Editor’s note – Coun. J. 7-9-03, p. 3609, § 1, repealed Ch. 13-176, which pertained to ventilation.
(c) Multi-purpose room exemption. Notwithstanding requirements of paragraphs (a) and (b) above, certain rooms in single-and multi-family dwelling units in existing buildings constructed pursuant to a permit issued prior to April 1, 1998 may be considered multi-purpose rooms, and such rooms may be exempt from either the natural light or natural ventilation requirement provided that all of the following requirements are met. The exemption provided by this section shall not apply to any newly constructed building for which a permit was issued after April 1, 1998
@homedelete
those piggyback mortgages are definitely still happening (perhaps not at the volume they were during bubble) – but I do know of two different people this year who set up their mortgage like this to get around paying the 20% down payment on mortgages greater than conventional limits.
This is a divorce situation.
The guy who lives in it appears to be a smoker – ugh.
It’s larger than you think it is – 4 levels, 3BR on the 2nd floor, family room with a great roof deck on the top floor (and a full bath). The lower level has an unfinished room (with windows) and bathroom – it was roughed but not completed for some strange reason.
It has a backyard.
Needs some remodeling, maybe $50 -75K. Finishes are quite dated in the bathrooms in particular.
Can hear the street noise on the main level but strangely not on the top two levels, much quieter than I expected to be honest.
Lots of light from the park across the Street.
Bottom line I think this one sells pretty quickly. Backyard, nice size, strangely soundproof, attached garage. Yes the intersection sucks and it needs some updating – but I think $600K and it’s sold.
jp3chicago: You’re missing the borrowed light and borrowed vent portion of the code there, but you’re mostly correct.
remember though, the only code that applies is the code that was in existence when the building was built. And even at that, building code applies to construction and not to the marketing of said property at any point in the future. while I agree one shouldn’t be able to market a room as a bedroom without it meeting building code, the fact is there’s a lingo in the RE market that defines a bedroom differently (typically based on long standing definitions that were developed long before the current building codes came into effect).
provided however that all living, dining and sleeping rooms in family dwelling units;… shall be provided with natural light.
Once you pull out all the extra information the code is not the least bit unclear. You can not have artifical or borrowed light with the exception of say a partial walled loft space. Sleeping rooms need to have “natural” light. If I understood correctly when speaking with an architect it is mainly an egress option in case of an emergency. This is why the burgular bars on the outside of homes are also illegal on bedroom windows. Unless they have some type of breakaway that can be activated from inside the bedroom.
Codes indeed only apply to when it was built. The “grandfater effect” if you will. But adding that new space without a permit is the only way to make a new bedroom without meeting the codes. In this example Joe stated that that space has windows but was never built out. This is very odd indeed!
For the record I recall when they were built and that I actually liked the structures. Sure I might rather have the second or third one in from Ashland for noise but I do think they are a great alternative to a large expensive condo.
“Nobody is “charging” anything.”
I know that, i use it for dramatic affect.
“While a potential purchaser may even prefer 1513 Montana listing, at 105k over it may be out of their price range.”
agreed, thats why i stated;
and for gosh sakes if you need to come in a 650k and all you can get is a 50ft depth lot on ASHLAND then you should look elsewhere my friend.
i have no clue on what the price should be for this, but to pay 650k is just not right, not right at all. (i know 650k is the list and it could close for cheaper or more).
it not a bad home but when you put a 650k price tag on it, that changes the game. once the price tag was 1mil 3 years ago.
the sad thing is the sheeple will pay this just because the zip code is 60614. and 60614 sheeple lack in common grey matter but randomly have access to green matter, so what do i know i am so disturbed internet person.
I used to live in Tamerlane–about 1 1/2 blocks from there. Tamerlane townhouses–with shared walls on both sides and townhouses across the alley in front & back, and with about 200 sq. ft of outdoor space– we’re selling a few years back for 800-900 and are still selling for 600-700 for 2700 sq. ft. models
Compared to that, I’d say this place is appropriately discounted for the Ashland proximity. I’d think there are plenty of people who would rather have a single family on a half size & less than ideally located lot, as compared to a smaller same-vintage townhouse with shared walls & virtually no yard.
“While I do not know the rules of the MLS system the Chicago building codes are quite clear. No outside egress and vent means it is not a legal bedroom. Doing so will again show a realtor’s lack of detail to the situation.”
There is a discrepancy between the Chicago building code and the MLS. Like it or not we go by the MLS rules. It’s not a lack of attention to detail. However, in this case the realtor is probably in violation of the MLS rules as well.
BTW, the whole building code thing is kind of a joke because all these lofts use partial walls to get around it.
“BTW, the whole building code thing is kind of a joke because all these lofts use partial walls to get around it”
Yeah that is partially taken up in section (c) under “buildings” that were built before 1998. It’s all a game to the builder.
Gary – what are your thoughts on smokers selling a home? Assuming there is a strong smell or evidence of smokers living there just how much does that detract from the value? Other than a really good cleaning what steps are needed to get rid of that issue for a new homeowner that does not smoke?
I’m sure that “smoked out homes” were a more common issue twenty years ago than today.
I don’t know why everyone keeps on referring to this being half the size of standard lot, its alot closer to 66%. And its extra wide which allows for a completely unique more open floor plan that someone would have in a standard 25″ wide lot.
Some people might walk into this place and feel alot of potential with this floorplan
“I don’t know why everyone keeps on referring to this being half the size of standard lot, its alot closer to 66%. And its extra wide which allows for a completely unique more open floor plan that someone would have in a standard 25? wide lot.”
yes and the structure takes up 97% of the lot THATS RIGHT ON ASHLAND
Regarding smokers…I’ve often wondered about this myself. Interestingly, I don’t walk into too many places with that problem but when I do…whew! With enough money….I imagine window treatments can be cleaned. Maybe carpet can be cleaned but often people want to replace it anyway. If the walls are coated they are going to have to be repainted. I just don’t know about the hardwood floors. I would think they could just be cleaned thoroughly.
Regarding buying a smoked out property…
I wouldn’t want to find out the hard way that you can’t remove the lingering smell. It also collects in the HVAC unit (and stays there). Cigarette odor makes me miserable on contact. I would never consider owning a place where it was obvious the occupants smoked.
Under contract (within 5 weeks of listing date)
You mean within 2 1/2 years of the listing day, don’t you Clio?
We’ll see if this closes. I’m seeing a bunch of things go under contract and then fall out.
Looks like it clised for 625k
“Looks like it clised for 625k”
WTF?
and now do you guys see why i dislike yuppies!
Buyer/seller’s agent is the same too…hmmm.