Historic Renovated Rowhouse: 4408 S. Oakenwald in North Kenwood
This 4-bedroom renovated vintage rowhouse at 4408 S. Oakenwald in North Kenwood (and a stones throw away from the lake) reflects the soaring home prices in this gentrifying neighborhood.
The listing says this home has a finished basement and a completely remodeled kitchen with stainless steel appliances.
Was this area caught up in the bubble or was gentrification inevitable given its location close to the lake and downtown?
Latrice Williams at Baird and Warner has the listing. See the pictures here.
4408 S. Oakenwald: 4 bedrooms, 3.5 baths, 1922 square feet, 1 car garage
- Sold in June 1997 for $82,500
- Sold in August 2002 for $260,000
- Sold in January 2004 for $392,000
- Sold in November 2006 for $670,000
- Currently listed for $760,000
- Taxes of $3240
- Central Air
- Skylights
Listing says “Hyde Park” ….f***ing lying bastards.
Was this house renovated twice, between 97-02 and 04-06? Does anyone know if the city is still planning to build the park in that area? That would be the only thing to justify going over 350k in North Kenwood. Here’s a link to it:
http://www.lakeparkcrescent.com/community.htm
Can we assume that the mention of the “one year old sump pump” in the listing means that they have water problems?
Clearly deserving of a 1000% return since 1997, and a 13% return since the peak of the bubble in 2006…
There was an auction of remaining units of the Jazz on the Boulevard project in North Kenwood in Dec. Townhomes and condos sold at huge discounts. Prices definitely crashing in that area (not surprising given the large number of foreclosures).
The facade is very cute, but the renovation is only so-so. Oakland still has great potential, though not for a few years.
“Listing says “Hyde Park” ….f***ing lying bastards.”
The listing also says the lot is .25 acres. Even if the lot were 200 feet deep (it’s not), that would mean a 50+ foot lot width, which it definitely isn’t.
“Can we assume that the mention of the “one year old sump pump” in the listing means that they have water problems?”
Not necessarily, although it is the rare Chicago basement that has absolutely no water issues. Don’t know the water situation in Kenwood.
“Clearly deserving of a 1000% return since 1997”
Eh. The same sarcasm could be applied at 600%, but if the ask were $450k (600% less the same rounding factor used to get 1000%), I think that most would say that the price seems reasonable.
“Was this house renovated twice, between 97-02 and 04-06?”
I would guess kitchen and bath in 04/05. But mostly it was using not-comparable properties as comps, so the appraisals supported the price.
In the 90s my brother and I used to drive through everything east of the Ryan between downtown and hyde park. We both worked for the CPD in different capacities, and wanted to get a feel for what might happen.
I appreciate this questions in the post: “Was this area caught up in the bubble or was gentrification inevitable given its location close to the lake and downtown?”
In my view, its a mix. Gentrification was a little inevitable, in the bigger sense that society can’t subsidize placement of the poor nearest the job centers and natural amenities while forcing taxpayers farther out. The massive concentration of public housing that was there (it still is, to a lesser extent) could not last forever, as it was essentially a drain in every way imaginable on the surrounding areas. My explanation back then was that if you look to old European or Latin American cities, the poor were eventually concentrated on the outskirts over time. And those places have had 100s of years to work it out.
Nevertheless, prices like this reflect the bubble. As numerous commentators here have stated before, there simply are not that many people in Cook County with the kind of cash to afford 700K homes as there are people asking for 700K for their homes.
Back when we used to take our rides through there, the largest number of street stops by uniformed police we ever saw on one street was on 47th street in a 1 mile stretch. There were 9 or 10 separate incidents with uniformed officers going through groups of males, and this about 7 or 8 at night.
Needless to say, those days are long, long gone, and in a way that is simply not true for the supposedly gentrified west side.
Long term, I expect a solid, natural recovery for everything along the lake north and south. It just might take awhile, and its not at the point yet where random rehabs should command 700k in the midst of a deflationary spiral.
This is a quiet beautiful block. If someone wanted to buy in North Kenwood, this is the street you wanna be on. It is a hidden jewel in the neighborhood, right by the lake.
There is a new development on this very block with nice new construction townhomes. If someone felt compelled to spend in that range in this area, they’d probably do much better to get one of those. This renovation is not that great.
“Gentrifying neighborhood” + “Housing slump” = Likely de-gentrifying neighborhood.
(it IS a beautiful house though)
Sure it is a beautiful place, but it is way overpriced just as the other listings for this agent.
Perhaps overpricing their properties because of the ‘Olympic dreams’?