Guess the Sales Price on this 3-Bedroom Wicker Park SFH and Win $$$: 1509 N. Paulina
For all of you who think you know what properties should sell for, now is your chance to cash in on your expertise.
This 3-bedroom single family house at 1509 N. Paulina in Wicker Park just came on the market.
The listing agent, Evan Kane at Endeavor Realty, is sponsoring a contest, and knowing how eager all of you are to guess the ultimate sales price, he suggested I let you all in on the rules.
(And, in case you’re wondering, no- an agent doesn’t need to have a contest to get their property featured on Crib Chatter. In fact, we have chattered about one of Mr. Kane’s Bucktown properties sans contest in the past.)
Here’s how it works:
“I am running a contest to see if agents or consumers are better at predicting home sale prices. I am offer $200 cash to the person who has the closest prediction to the actual sale price. To enter, your readers must send me an email with their prediction, their name, address and telephone number. I am not using their contact info for any marketing, only to make sure a person is not submitting more than one entry and so I can announce the winner.
Here are the rules:
Only one entry per person. Submissions must be sent to evan at endeavorrealty.com and include Full Name, Address and Phone Number. Submissions must be received before the property is placed under contract. In the case of two entries with the same estimate only the first submission received will be valid. Real Estate Agents must provide all broker information and agent ID. No purchase necessary. The person with the closest prediction to the actual sale price will win the prize of $200. The property must close with Weichert, Realtors – Endeavor as the listing broker, otherwise contest is null and void. Official Terms and conditions available upon request. VOID WHERE PROHIBITED.”
This house last sold 2 years ago and is listed $79,900 over the 2009 purchase price.
From what I can tell from the prior and current listings, there hasn’t been any major renovations on the house.
The house was formerly owned by David Draiman, lead singler for the band Disturbed (hence the “rock and roll” reference in the listing).
It has soaring ceilings in the living room and skylights.
2 out of the 3 bedrooms are on the second floor with the master bedroom on the third level.
The master bathroom is slate, with body sprays and a Japanese soaking tub.
The second bathroom is not without its own luxury, as it has a steam shower with 8 body sprays.
The kitchen has Viking, Bosch and SubZero appliances.
Built on a 25×125 lot, there is a 500 square foot deck with a hot tub over the 2 car garage.
Will this house sell for a premium over the 2009 price?
Evan Kane at Endeavor Realty has the listing. See more pictures here.
1509 N. Paulina: 3 bedrooms, 2.5 baths, 2435 square feet, 2 car garage
- Sold in November 1988 for $35,000
- Sold in December 1998 for $320,000
- Sold in September 2005 for $849,000
- Originally listed in June 2008 for $899,000
- Sold in July 2009 for $695,000
- Currently listed for $774,900
- Taxes of $9364
- Central Air
- Bedroom #1: 18×14 (third floor)
- Bedroom #2: 12×12 (second floor)
- Bedroom #3: 11×10 (second floor)
Did the 2005 seller do all the work with the current finishes? Tile throughout a first floor is rare for Chicago and may be a turn-off to some, but I generally like the way that this looks. It looks like the 2009 may have had to sell abruptly after a year on the market. Long story short, I do think that this will sell for more than the 2009 price, which looks like a fire sale price to me.
I’m going to gues $1.1 million and then I’ll go buy it for that amount just so I can brag about winning the contest on cribchatter.
I love contests. It is so cool, but I have no idea about SFH prices so I cheer for my fellow chatters : )
ok this one will be a hard guess,
1) you got a “celebrity” lived here home
2) creative marketing
3) HD pictures
4) odd 2009 sale price
5) Increased traffic because of contest
its not your average CribChatter listing i will say 687k and under contract in late july.
Why are there 16 pics but none of the front exterior? That always makes me suspicious.
“listed $79,900 over the 2009 purchase price”
aka “$74,100 UNDER the 2005 purchase price”.
“I’m going to gues $1.1 million and then I’ll go buy it for that amount just so I can brag about winning the contest on cribchatter.”
Doubt you’d have to do anything more than $775k, today, but whatever makes you happy.
I bet HD guesses 325k
lol
I think that a legit price for this is in the low to mid $700k range. Like groove said, lots of factors to make this one interesting. Biggest problem if you aren’t turned off by the finishes is the relatively small space.
$900k
“$900k”
Looks like Aup really wants to buy the place.
Aup–if you want it at $900k, I can help make that happen. I’ll call Evan today and make my bid of $775k, then I’ll close and sell it to you for $900k, and give you **$20,000** as a prize for guessing the closing price. Let me know.
I find myself loving this house in spite of its exterior architecture. it is really an interesting and attractive house I’d enjoy living in, with lots of extra amenities and a lot of visual interest.
But the things that make it interesting are the very things that will probably be deal-breakers for the typical buyer. Weird features that you love might be what puts buyers off your house. For example, this place does not look easy to heat, and the colors might be a little strident for some folks, like the bright blue basins. The floor plan might be inconvenient and unworkable.
Additionally, houses in the upper-middle bracket ($600K to $1M) might be especially difficult to sell now, for a variety of reasons. One thing is the Fannie and Freddie loan limits and another is a dearth of “move up” buyers because of the total collapse of the low end. While upper bracket buyers have no problem coming up with cash and are usually solid in their extremely good jobs, people in the middle to upper middle income brackets are very insecure, and most are already very burdened with debt, and with houses they can’t unload.
I sent my guess to Evan, for about the last selling price.
Aup they tried 900k back in the days before the Lehman collapse and it didn’t work. Maybe the market has stabilized now?
Looking at case shiller this place sold for 695k when the index was at 128.32. The index is now at 113.26, an 11.74% decline. If this SFH tracks the case shiller index it would be valued at $613,400.
Most buyers will want to change that bright orange tile all over the main floor. That will be very expensive and buyers will deduct it from what they’re willing to pay.
669K. Celeb or not. There’s too many better alternatives on better streets in this neighborhood.
At least the contest is creative, if nothing else. Next bet, who gets more price guesses… evan or sabrina?
I will guess $711,000
Also I just want to say thank you to Sabrina for running this blog. I am sure it’s a lot more work than most of us realize, and I know this keeps a whole lot of us interested for a good portion of our day. Nice site and thanks for your work.
Quark you are very close to my guess!
The inside photos reminds me of a Tuscan villa. Not sure I like this place in Chicago. Again an architecture which is our of place IMHO. But I guess the floors can be changed and of course those blue sinks : )
Who is the celeb? I missed it. Celeb or not, I am guessing 677,000–close to groove’s guestimate.
@ Endora, according to Sabrina:
“The house was formerly owned by David Draiman, lead singler for the band Disturbed (hence the “rock and roll” reference in the listing).”
I have never heard of him personally : )
Sorry, just saw it– lead singer of the band disturbed. I am sticking with my estimate.
Thanks miu miu. Do yuu have vanity plates? I think I was behind you ( or someone who has vanity plates with your moniker) the other day.
Travertine in the bathroom, the staple of 20 year old midwest design
Pick up a design magazine once in a while maybe.
“Travertine … 20 year old midwest design”
1991? In the midwest? Really?
Yes really
had em in 90,
time to move on
Hi Endora, I don’t have them. That is interesting though : )
This is a creative way for an agent to obtain extremely valuable info from the informal market survey on this particular (extremely unique) house for the low cost of $200. He probably has little idea WTF this place will sell for, so he seeks your pricing assistance.
Pretty clever, Evan.
“Yes really
had em in 90,”
“Staple” tho? Were you that much of median taste then and demanding style-forward now?
What color are your kitchen appliances?
I used to live a stone’s throw away from this address, and I gotta say, IMO, this is just not a great area of WP. We ultimately moved from this area when we had kids. You’re right between Pierce and LeMoyne, and I don’t think LeMoyne ever really cleaned up the way our agent anticipated it would. There is a church/soup kitchen on the corner of Paulina and LeMoyne and there were always transients hanging around. I never really felt unsafe, but it was depressing.
The house would be cool though for a young hipster who wants to be near all the action in Bucktown.
The travertine came with the unit I rented in Northbrook at the time. They were crap then, moreso now,
You are defending the travertine which by default makes you one of the midwest tasteless who believes that personal opinion constitutes good design, you are quite wrong
the travertine, ehh, i can live with it. the slate in the master bath has to go. why do people continue to put slate in a bathroom. just ugly
Disturbed?
Good god is that a Shit band.
Time to bob barker all you guys!
“I BID ONE DOLLAR BOB!”
AOB,
what suburb did you move too?
I am with you Marco.
“why do people continue to put slate in a bathroom. just ugly”
I can deal with slate on a pavement or outside in general but don’t like it at all in the bathroom. Many of Museum Park units have them in the second bath.
“You are defending the travertine”
Where do I defend the travertine? Re-read what I said.
What color are your appliances?
My real contact info is worth way more than $200
“why do people continue to put slate in a bathroom.”
It’s good in your cabin.
Was the house with the log cabin basement a Sabrina post or someone’s link? That place should have had a slate bathroom, at least in the basement.
The 1988 selling price tells you what a dangerous, dirty, slummy neighborhood WP was at that time. Well I remember. I laughed then at the idea that Wicker Park would ever be as valuable as LP or Lakeview. The area was very ugly and blighted at that time and I gave it no chance of succeeding long term. How wrong I was.
i STILL laugh, but it happened.
Time to go buy in a nabe that’s dirt cheap now but could make a major comeback in another decade.
bronzeville is calling you laura
I like travertine, esp. the roman cut tile, honed. must be tasteless, and I’m from the east coast.
sells for 699k
Sonies on May 23rd, 2011 at 10:53 am
I bet HD guesses 325k
lol
SONIES YOU’RE RIGHT $32.5
You also must be in your seventies,
“I like travertine, esp. the roman cut tile, honed. must be tasteless, and I’m from the east coast.
“
“You also must be in your seventies”
ha, what do you young bucks like?
James, would you mind pointing us to a link of your dream bathroom if you get the chance, I’m actually curious because one if mine could use an update in the next few years.
@Groove77– Didn’t move to the burbs; we’re in Andersonville now.
“what suburb did you move too?”
This house does have the distinct advantage of being right around the corner from Pot Pan and Piece pizza. If I still lived in that nabe I’d weigh 500 lbs.
Is Disturbed the band that sings that “Down with the Sickness” song?
“Tile throughout a first floor is rare for Chicago” That 1st floor looks to be below grade; maybe has a tendency to flood
HD where are you?
Bob’s at 613.4 — and I gotta take “unders” on that.
hmmm . . . I think . . . 588.
Don’t know why. maybe for the reasons Laura cites and maybe too my own “crazy” hopes that frannie is someday killed (unlikely) or the banks are forced to hit bids with their inventory (also unlikely).
I’ll say $588,000 buys this house. The seller will be sad (but they shouldn’t be!). the buyer will think they’ve gotten a “deal” (but they haven’t). Anything much north of Bob’s number is too high.
Ze, where would you offer me a put option on this house with a strike price of $600k? (Given everyone else’s views, it better be cheap.)
My $32.5 is obviously factitious and in jest. however, after reviewing the pictures twice and examining the loan history, and reading the comments,
I’m having difficultly determining a final selling price. It’s a very unique property and with a tiled living room, blue bathroom sinks, and other eccentric designs, it’s difficult to put a value on that. The elementary school probably sucks which explains the crib in the 2nd bedroom (doesn’t it always?) I do like the open floor plan and then large windows in the front; and the skylights on the roof provide lots of natural light and the multiple outdoor areas are unique (but yet not enough for a child to play). I don’t know. Brick homes seem to be in the $700’s so a frame house with eccentric designs has to be somewhere in the mid to lower $600’s, but I would not be shocked if it sold in the high $500’s.
Sonies, I think I’ll take Edgewater or Rogers Park. Beautiful architecture, right on the north lakefront, very convenient to essential retail and the el, dirt-cheap, and fairly safe, with only a couple of really nasty pockets in Rogers Park (which are improving).
Bronzeville has all those things you mentioned laura
El = green + red line
architecture = check
lakefront = check
dirt cheap = sorta
fairly safe = yeah
comiskey park = yeap
except its on the south side rather than north, and retail has not gone there yet. However you mention comparisons to wicker park back in the early 90’s, well how much convenient retail was set up there back then? Probably not much!
actually after perusing redfin, real estate isn’t that cheap down there, looks like someone already had my idea, $175 a sqft? lol no thanks!
I love slate, I want to put it in my new kitchen some day. I don’t know about in the bathroom, depends on the individual bathroom I guess.
uh-oh.
HD it looks like you’re actually thinking about this instead of making a Carnac-like prediction (like me): “588!”
Are you gonna top my bid? go ahead. I won’t chase it.
are you taking “overs” or “unders” on Bob’s 613.4k ?
(Ze, can you prop me an offer on that put option with 6, 12, and 18 month expiration dates?
There isn’t much convenient and RELEVANT retail in Wicker Park even now.
I mean, it’s easy to find cute coffeehouses and restaurants and little boutiques selling $400 shoes, but major supermarkets and dry cleaners and other basic necessities are scattered far and wide.
And Bronzeville is impossible.
Edgewater has everything very close at hand, in a very walkable, friendly, convenient neighborhood with no major safety issues. By Edgewater, I mean the area bounded by Foster to the south, Devon to the north, and Clark to the west.
The part I’m interested in is the area east of Clark and north of Bryn Mawr, close to Granville and Broadway. The retail district around Broadway and Granville still looks dull and frumpy, but it supplies all the necessities and there are more nice little restaurants than there were for a few years ago. This is one of the most convenient neighborhoods in the city and it’s 3 blocks from the lake. Great public transit and very safe.
“@Groove77– Didn’t move to the burbs; we’re in Andersonville now.”
AOB,
I love andyville would move there in a heartbeat if it wasnt so far removed from family. its an all out pain to get from foster and ashland to mt prospect. thank you for not jumping ship to the burbs 🙂
are we using Price is Right Showcase Showdown rules?
645K.
I agree laura, edgewater is great, unless you have to work in the loop. I couldn’t deal with 45 minute EL train rides each way, but if you work up north or at home, I couldn’t think of a neighborhood that has it all and is affordable (mainly due to perceived abundance of crime) like edgewater.
“skeptic on May 24th, 2011 at 7:39 am
are we using Price is Right Showcase Showdown rules?”
already put in place skeptyc.
.
.
.
“Groove77 on May 23rd, 2011 at 12:55 pm
Time to bob barker all you guys!
“I BID ONE DOLLAR BOB!”
Sonies, Edgewater has a much better crime profile than Wicker Park or Bucktown, and better than Rogers Park or West Rogers Park to the west, or Uptown to the south.
By and large, it is clean and safe, even though they occasionally have problems. But the neighborhood has made great strides in safety and has cleaned up most of its bad buildings thanks to the efforts of the former alderman, Mary Ann Smith.
The only issue I really have with the nabe is the extreme ugliness of Broadway Blvd. This street was built around the automobile and was in fact where most of the north side’s first auto dealerships were located. It is now a wilderness of storage facilities, drive-throughs, fast food outlets, strip malls and curb cuts. Nice little pockets of fine-grained retail with nice streetscaping exist here and there, but for the most part the street is hideous and not inviting to walkers, especially since it is wide and fast, and motorists act like they are on Hwy 83, with extreme lack of consideration for pedestrians. Plans to rebuild this street and landscape it are being implemented piecemiel, but it will take decades to phase out all the drive-through outlets and fast food and build structures that make a street cozy and inviting.
@ Jennifer, we have slate in our bathroom and it is a pain to clean. With all its uneven surface, the normal cleaning mops don’t really clean it well. I have to ask for it to get scrubbed by hand the old fashioned way. I bet it will be even more trouble in a kitchen especially with kids. So you might want to consider that.
ha, yeah, I Missed this one – but it wasn’t answered! as it stands HD will trump ya with his 32.5!
“Time to bob barker all you guys!
“I BID ONE DOLLAR BOB!””
hmm, so the smart money thinks ‘the price is right’ somewhere between Bob’s 613.4 and Skeptic’s 645?
I’d still take “unders” on that.
I said $675K
Miumiu thanks for the tip – my new kitchen is teeny tiny (probably about 45 sq ft of floor space) so while it probably wouldn’t be too much of an issue, it’s definitely something to consider.
Before I make my prediction, I would like to make some considerations:
– Foreclosures are here to stay, at least for the next 2-3 years (or more, some say).
– I follow close to 50 homes and see price reductions right and left, every week.
– Price is the ONLY driver moving sales today, since mortgage rates is the lowest.
– The Real Estate market will crash more and more, day by day (check articles below).
Based on the above, I MUST guess that this house will go for $585,000.
===SELECT ARTICLES===
1) Will Mortgage Interest Rates Remain Attractive This Year
http://dailynewspulse.com/will-mortgage-interest-rates-remain-attractive-this-year/2225729/
2) As Lenders Hold Homes in Foreclosure, Sales Are Hurt
http://www.nytimes.com/2011/05/23/business/economy/23glut.html?_r=2&nl=todaysheadlines&emc=tha25
3) Illinois among slowest states for foreclosure process
http://www.chicagorealestatedaily.com/article/20110517/CRED0701/110519883/illinois-among-slowest-states-for-foreclosure-process
Sonies —
“actually after perusing redfin, real estate isn’t that cheap down there, looks like someone already had my idea, $175 a sqft? lol no thanks!”
$175/sq ft? How about $30?
http://www.ziprealty.com/property/4620-S-VINCENNES-AVE-CHICAGO-IL-60653/81256440/detail
Sorry, I couldn’t find it on redfin. I saw one of these duplexes when they were asking $110/sq. ft. in 2006. I’m glad I passed on it!
Looks like this home just had another price (and Realtor) change to $675K. http://www.zillow.com/homedetails/1509-N-Paulina-St-Chicago-IL-60622/3859979_zpid/#{scid=hdp-site-map-bubble-address}
I like it the way its is cute ,roomy – however – The market is on a down skid – the surrounding area has clean up -yet like most – I see is around $380k – If the market does not turn soon this is not going to be an mortgage – but rental because this is where we are heading , If I could afford this cute home it would see me for $450K.