Historic 5-Bedroom Wicker Park Greystone Sells Above 2009 Price: 2155 W. Caton
We last chattered about this 5-bedroom “Wicker Park Historic Landmark Greystone” at 2155 W. Caton in Bucktown in March 2011.
See our prior chatter here.
At that time, the “rarely available” house was listed at $1.15 million, or well over the 2009 purchase price of $881,500.
Many of you thought, given the pictures and nearby competition from fully renovated vintage homes, that it would be lucky to sell for around $850,000.
Some of you also thought too close of proximity to the El tracks would also be a problem.
The house recently sold for $920,000, or $38,500 over the 2009 purchase price.
If you recall, it still had many of its vintage interior features including doorknobs, hardwood floors with inlay and a large stained glass window above the wood staircase.
Built on a 50×77 lot, it had a 1-car side garage.
The house, however, had no central air.
4 of the bedrooms are on the second floor with the 5th in the third, or attic, level where there is also space for a family room.
There were no pictures of the bathrooms and the only picture of the kitchen showed a double stove and a refrigerator and that was it.
Catherine Caravette at Catherine Caravette & Associates had the listing. You can still see interior pictures here.
2155 W. Caton: 5 bedrooms, 3 baths, 3500 square feet, 1 car detached garage
- Sold in October 2009 for $881,500
- Originally listed in January 2011 for $1.15 million
- Was still listed in March 2011 for $1.15 million
- Sold in June 2011 for $920,000
- Taxes of $9878
- No central air
- Bedroom #1: 14×15 (second floor)
- Bedroom #2: 10×10 (second floor)
- Bedroom #3: 12×15 (second floor)
- Bedroom #4: 12×14 (second floor)
- Bedroom #5: 10×7 (third floor)
This confirms what I have known all along – most home buyers will buy something they can afford and like – they are not interested in getting the “best buy on the block” – this is their home. They are going to buy something they like – and if they can afford it, then there is no reason for them to wait.
oh how my heart yearns for a greystone, but my heart yearns for a society with common sense.
because of this internal conflict will have to sit this CC post out.
The market is hot, the market is back. Even though volume is still low, prices are holding steady and do not appear to be decreasing. Amazing stuff here. We witnessed the bottom come and go. I was so focused on my bearish position that I missed the bullish position on the way back up.
Funny how almost every single follow up post on CC pretty much invalidates all the price arguments from the original post.
seems like a lot of times somebody gets close on the price prediction, chuk. maybe i’m wrong.
At least Illinois isn’t California, where flight attendants are still buying 700k digs, subsidized by us taxpayers:
http://www.nytimes.com/2011/05/11/business/11housing.html?_r=1
“Even those who bought ahead of the changes, scheduled to take effect Sept. 30, worry about the effect on values. Greg Peterson recently purchased a house in Monterey for $700,000. “That doesn’t get you a palace,” said Mr. Peterson, a flight attendant.
He qualified for government insurance, which meant he needed only a small down payment. If that option is not available in the future, he said, “home prices all around me will plummet.” “
I’m definitely surprised it went for this much (I would have said below the 2009 price). However, it did have really lovely vintage details througout, and it had never been ruined by a hideous Chicago-style remodel (e.g., cherry cabinets, diagonal floors, open layout). If the buyers wanted real vintage and wanted to be in this neighborhood, there aren’t many other options. I guess I’m with Clio on this one: the buyers wanted the house and could (presumably) afford it, so they bought it despite the fact that it seems to be above “market” (though almost $200K below asking).
2145 W. Caton, down the street, is also really lovely (and has a kitchen!) but it’s much, much smaller. http://www.redfin.com/IL/Chicago/2145-W-Caton-St-60647/home/13355018
“seems like a lot of times somebody gets close on the price prediction, chuk. maybe i’m wrong.”
Sure, maybe 1 person. But the overwhelming majority are proven wrong time and time again.
Here is a good rule of thumb:
Take listing price -10%
Take CC price +10% (or +25% if you are counting HD’s)
Average the 2 and you will get close to the selling price.
I thought it would sell for less. So I was in the wrong campaign for sure.
It just takes one buyer. Congrats to them. High quality stuff holds value. Hope they love it enough to live there 10+ years.
chukdotcom:
Is your specious formula based upon factual evidence, anecdotal evidence or did you just make it up?
It’s ironic that you feel that your dubious formula is somehow better than the multitude of predictions on the site.
The ironic is so palpable, maybe you’re a hipster.
I wonder what the back story is. They certainly didn’t make any money by sitting on it. Then again considering the downward slide for most everything else this doesn’t look too bad.
Um, it’s chuckdotcom’s OPINION. Just like your Xanax induced- opinions. Everyone has an opinion…not just you.
“It’s ironic that you feel that your dubious formula is somehow better than the multitude of predictions on the site.”
And you’re too stupid to realize that my formula is BASED on the predictions on the site.
You’re too stupid to realize that your formula is just as ridiculous as the price predictions on this site. Your formula isn’t based on price predictions, it’s just as made up as the price predictions and about as accurate too. Now that’s irony.
no HD; he just doing a weighted average and trying to rib you. he won.
What kind of idiot pays almost a million bucks for a house west of Damen with no air conditioning?
Wow the slow transition from “real HD” to “clio HD” continues. For the authentic experience, try more generalizations and namecalling.
And BTW, before you get on your fake high horse over price predictions, you might want to get in the way back machine and check out some of your predictions a few months back. HD lecturing on price predictions…the CC world is truly upside down right now.
“Now that’s irony.”
No it’s not. You might want to look up what “irony” means.
“Your formula isn’t based on price predictions”
It’s not?
Take listing price -10%
Take CC price +10% (or +25% if you are counting HD’s)
Sure looks to me like it is…
“it’s just as made up as the price predictions and about as accurate too”
Wrong again. The price predictions on CC are generally lower than the final selling price. So, adding 10% to them makes them MORE accurate. Conversely, the listing prices are generally too high. By adjusting each of them, you get a more accurate price prediction.
chuk: does garbage in, garbage out mean anything to you? You’re saying that a bunch of incorrect price predictions magically transform into an accurate price prediction after running them through your formula?
I have to agree with CH on this one though. Often someone gets the price right. It is not because we are good at predicting prices, it is just that there is such a wide range that well something usually works : )
The truth is still sellers are in denial. There are many properties that sit on market for a long time precisely because the price is too high; so obviously the ones that sell had either more reasonable prices to start with, or were negotiable, or find just that one buyer who liked the property enough.
HD, all chuck means is that we are low ballers (most CC crowd at least) and most sellers price higher than where the price should be. I think it is a reasonable assumption.
You guys are too sensitive. We can go back to talking about PB and Vegas. Sonies and I have thick skin : )
“Wow the slow transition from “real HD” to “clio HD” continues. For the authentic experience, try more generalizations and namecalling.”
No – HD is just seeing the light for the first time – it is an amazing experience. Now all of you idiot moronic real estate bears should jump on the bus!!!
“chuk: does garbage in, garbage out mean anything to you?”
No. Because it’s not garbage (well, except yours). These are not random numbers. There are comps to be compared to. There are rental rates to judge by. The problem is the people on this board tend to have a bearish bias. Therefore their prices are generally too low. And realtors generally have a more bullish bias, so their prices are generally too high. My “formula” attempts to adjust for that.
“You’re saying that a bunch of incorrect price predictions magically transform into an accurate price prediction after running them through your formula?”
First of all, do you know what a “rule of thumb” is? Secondly, it’s not that the predictions are “inaccurate”. They are just overly pessimistic. They are generally based on sound underlying reasoning.
“What kind of idiot pays almost a million bucks for a house west of Damen with no air conditioning?”
The current western boundary for overpaying is, aptly named, Western ave.
“First of all, do you know what a “rule of thumb” is? Secondly, it’s not that the predictions are “inaccurate”. They are just overly pessimistic. They are generally based on sound underlying reasoning.”
Thirdly, do you know what inaccurate means? Given your view of things, they are inaccurate (which does not necessarily mean they are information or content free).
He did not win, he’s a god damn idiot, that’s what he is. good riddance.
“revassal on July 6th, 2011 at 9:40 am
no HD; he just doing a weighted average and trying to rib you. he won.”
“I guess I’m with Clio on this one: the buyers wanted the house and could (presumably) afford it, so they bought it despite the fact that it seems to be above “market” (though almost $200K below asking).”
I think this happens with unique properties. There are not that many extra-wide vintage homes with all details maintained (i.e., no Chicago style redos) this close in. I think that buyers of unique properties (extra wide vintage, 3000+ sq foot lofts, highrises with large floorplans and preserved views) tend to pay more because availability of this product is less…its not as commoditized. LP duplex downs built in 2005 are a dime a dozen. This property is rare.
And who buys a 900K house west of Damen with no air? Someone who wants a real yard, close to the park, and wide house. Air can be added…the vintage features not so much…
‘There are many properties that sit on market for a long time precisely because the price is too high’
While I agree with you on this one miumiu, quality and *some* type of architectual/interior merit are in short supply here in Chicago: Gap houses at Prada prices… and that’s really what sits on the market. This house, while it needs some work, is not a Gap house.
just like there is a guy/girl for everyone, there is a buyer for almost every house.
In some cases you need to cast a wider net and settle on some of your unicorn criteria. In other cases you need to make some improvements and lower expectations.
And then there are the things you need to do to sell a home. 😀
But, Icarus, I’m perfect just like my house. My inflated expectations are just as reasonable as my inflated price.
Too bad there aren’t relationship bubbles, where all standards go out the window just like lending standards. Stated attractiveness just like stated income…
Well Chris, sometimes you don’t want to buy a place, you just want to rent it for a while. 😉
Air is easily added! If you love the bones of a house and it’s location, you should get it. If you only care about air and not location, you can save a ton of money and get yourself a nice CAC foreclosure in kenwood!
then go a little more and accept a small part of what chuk/(clio) say’n (there is evidence to back it up) and keep some of old HD (you still believe it anyways) / with new attitude you’ve got HD2.0 – tada!
”
homedelete on July 6th, 2011 at 10:06 am
He did not win, he’s a god damn idiot, that’s what he is. good riddance.
“
If air conditioning is so easily added why haven’t they done so in the last 110 years?
“No – HD is just seeing the light for the first time – it is an amazing experience. Now all of you idiot moronic real estate bears should jump on the bus!!!”
I’ll jump on the bus AFTER I close on my next long term investment. Until then everything is way overpriced and we haven’t seen the bottom yet;-)
“And who buys a 900K house west of Damen with no air? Someone who wants a real yard, close to the park,”
what park is this close too? half mile to wicker, is that really a perk?
looks like a great street though, tree canopy, lots of super big homes. very cool.
@CH, there’s a little park tucked in there that I’ve seen from the El and its on the listing map as well.
To be honest, I’ve always loved this little hidden section of Wicker Park …the mansions are classic and if I could afford it, I would buy this place in a heartbeat. But my definition of afford it means owning it outright — which isn’t gonna happen for me this lifetime.
They’re referring to that park with the little hills that you see when you’re riding the Blue Line.
“looks like a great street though, tree canopy, lots of super big homes. very cool.”
It is a cool street. A little close to the el, and I’d rather be the other side of milwaukee all else equal, but still a very interesting street.
“They’re referring to that park with the little hills that you see when you’re riding the Blue Line.”
Hard to say what local meant. I would have guessed wicker park, as who would refer to the little park as “the park”? Useful though for kids and dogs I suspect. PS there were some crazy fireworks at Haas Park field on the 4th.
ah, that park is new, they are digging up the vacant lot that was there forever on google streetview. guess I havent been on the blue line much in a while
Sonies, who knows why they haven’t added it? I could come up with a zillion reasons such as they prefer window units, they don’t even like AC much, they are cheap. Perhaps you should go knock on the door before the new owners move in and ask them. Then, come back and report to us what they say. Because we all need to get to the bottom of why AC has not been installed yet.
well whatever, my .92 million dollar abode will have A/C because living without A/C SUCKS
i wonder if the sellers did any work in the 14mos they were there. was it an attempted flip?
Park No. 529! Creative name: http://maps.google.com/maps?q=park+no+529&hl=en&sll=41.912034,-87.680731&sspn=0.002395,0.005659&z=15
Perhaps it is named after the children’s 529 education plans that Alexi Giannoulias looted?
Wow, that seems vastly overpriced.
I look at this and hear the Addams Family theme music (snap, snap) – perhaps Lurch will answer their door.