If They Build It, You Will Buy It: 3935 N. Paulina in Lakeview
This 4-bedroom new construction single family home at 3935 N. Paulina on the edge of Lakeview and North Center came on the market in May 2011.
The property/lot has an interesting history.
A 3-bedroom, 1 bath small frame house was originally on the property.
In 2007, it came on the market and was being marketed as a “development opportunity.”
It had been in the “same family for 90 years” and was being sold “as-is.”
It sold for the asking price of $539,000 but 3 years later, it was bank owned and came back on the market for 50% under the 2007 purchase price.
In 2010, it was marketed for its location but the listing warned it “needed complete rehab.”
It went under contract within a week and sold for $20,100 above the asking price at $275,000.
Less than one year later, the frame house is no more and this brand new home now stands in its place.
Built on a standard Chicago lot of 25×125, the 4300 square foot home has all the luxury features you would expect at this price point.
It has 3 fireplaces and custom built ins.
The kitchen has white cabinets (white is “in” again!) and even the custom matching built-in white refrigerator (instead of stainless). Stainless is “out”- the blending in appliances is “in.”
3 out of the 4 bedrooms are on the second floor with the 4th in the lower level.
There is a main floor family room and also a lower level recreation room.
The listing says it is in the Blaine school district.
First listed in May 2011, it has been reduced $50,000.
Will this sell quickly given its location and that buyers want “new”?
Tricia Ponicki at Coldwell Banker has the listing. See the pictures here.
3935 N. Paulina: 4 bedrooms, 3.5 baths, 4300 square feet, 2 car garage
- In the same family for 90 years
- Sold in June 2007 for $539,000
- Lis pendens foreclosure filed in February 2009
- Bank owned
- Listed in May 2010 for $254,900
- Sold in June 2010 for $275,000
- Originally listed in May 2011 for $1.345 million
- Reduced
- Currently listed for $1.295 million
- Taxes of $7493
- Central Air
- Bedroom #1: 18×16 (second floor)
- Bedroom #2: 12×18 (second floor)
- Bedroom #3: 11×13 (second floor)
- Bedroom #4: 11×13 (lower level)
- Family room: 16×16 (main level)
- Recreation room: 16×18 (lower level)
I’m surprised this hasn’t sold yet…this is exactly what I’d want if I was in the $1M+ price range. I think the price is fair and I think the house is tastefully done. The location seems good as well.
Is it just brick face? the picture of the back door and garage looks like siding
I hate that!
Much like the piece of Las Vegas real estate that recently sold for 15% of it’s 2007 price, this developer should’ve seen the writing on the wall in 2007. The bust was no mystery by then.
Great timing on the sell for the long-time owners. I guess they did have 90 years to assess the housing market there.
“It had been in the “same family for 90 years” and was being sold “as-is.”
It sold for the asking price of $539,000 but 3 years later, it was bank owned and came back on the market for 50% under the 2007 purchase price.”
The builder seems to have done a nice job on the place. If anything I think they over did it with the tray-ed ceiling and amount of built ins and trim. OTH the market for $1mil homes in this area looks relatively healthy… good luck to the seller: $1.1M
$1.2MM Blaine school district will keep this valuation on the high side. I’m shocked the lot went for just $275,000 frankly. To me that’s the real story as this is Blaine – some of the most valuable lots in the city!
Why are the taxes only $7493?
i know this conversation has been had several times but the “stainless is out” is BS. you’re only seeing integrated appliances in high-end homes (1 million+). you’re not seeing that average 2/2 or cottage with them.
I think Sabrina said it tongue-in-cheekly. Or did she…
I am pricing out a kitchen model, and I was kind of blown away at the premium built-in refrigerators demand.
“I’m surprised this hasn’t sold yet…this is exactly what I’d want if I was in the $1M+ price range.”
But you aren’t–so maybe you’re overestimating the number of people that are. That might explain your surprise.
“I am pricing out a kitchen model, and I was kind of blown away at the premium built-in refrigerators demand.”
hence why they’re only in high-end places.
just curious, are their any other manufacturers besides subzero that offer them?
I live in the immediate vicinity and walk the dog down this street frequently. It is most definitely only faced with brick, and despite the claims of being a small 3br frame house previously, I believe the bones from that house remain for this one. There was certainly never a hole in the ground. When they took the face off the old house they tarped the front and gutted the interior and tarp remained until it was faced. Despite this nice little 4×2 block enclave, this house is out of place, probably specifically because it’s on the 3900 paulina block, which has more of the non-remodeled houses with 20+ year owners than the surrounding blocks.
Old frame house is still on redfin as #07529078
“I am pricing out a kitchen model, and I was kind of blown away at the premium built-in refrigerators demand.”
Check out some of the other gizmos on higher end kitchens as well. 240V advantium ovens aren’t cheap either (used to only be available as builtin, the 120Vs take longer). Steam ovens ain’t cheap either.
At least these things do more than look pretty (ie: stainless) or look pretty but provide increased maintenance (ie: granite).
I’ve seen quite a few built-in appliances at the Sears Appliance outlet (you can check inventory online). If you’re covering it up anyway…
Marco:
Yeah – Electrolux, GE, Gaggenaue, Miele, Thermador, and Viking, just of brands sold at ABT.
“Why are the taxes only $7493?”
Based on old house. New house just completed, taxes on new won’t come due til 2012, and only if they sell or rent it.
Sabrina the stove is still stainless, can’t see the microwave but I suspect it is too. Aren’t the fridge and dishwasher ‘cabinet front’ rather than ‘white’? At least they have put an actual cabinet front on instead of those butt ugly 80s things we usually see.
“Marco:
Yeah – Electrolux, GE, Gaggenaue, Miele, Thermador, and Viking, just of brands sold at ABT.”
Were I spec’ing a d’lux kitchen right now, I’d probably go Liebherr for refrigeration; many (most?) of their models accept custom panels.
“Is it just brick face? the picture of the back door and garage looks like siding
I hate that!”
Ditto. Actually I think most of the finishes in this place are very home depot looking to me. Even if they were expensive they look low end to me.
very true, bob!
I’ve walked by this house many times. The brick facade and siding combo is horrendous. That said, there’s been two $1mm plus homes, which sold very quickly in this same neighborhood in the last month, so I suspect that this will find a buyer at about 1.13 or so.
however, i do want to say – take a look at what’s on the market in 60613 right now in the $1M-$1.5M price range. I’d say this is one of the nicest ones in that range. Now that could simply be because there isn’t anything ON the market because it’s so slow, but perhaps not.
I still will stand by my thought that this moves within $1.1-$1.2 range by end of summer. We shall see!
Yuck. I can’t stand new construction with all that traditional colonial foofy tack-on crap. Useless, inefficient, and ugly IMHO. I picture a bunch of douchebags in powdered wigs having tea in the parlor in this house.
I’ve always loved white cabinets (traditional and not that 80s contemporary crap) and have them (off-white) in my kitchen. But with white, I still think SS looks best. I’m just not a big fan of the custom built in fridges.
I don’t typically like brick faces with siding either, although I have that on my own house and it doesn’t bother me much. Glad I didn’t pay the builder an extra 100K plus for the stupid faux brick “wrap” or “frick” as I call it.
“Yuck. I can’t stand new construction with all that traditional colonial foofy tack-on crap.”
I’m with you, Bradford! I lived in the DC area for many years, and everything is boring, boxy, cookie-cutter colonial. Buyers aren’t interested in anything interesting –they all want to fit in with the norm. Kind of like Congress.
I’m still hoping for a comeback of “creative” kitchen colors instead of boring neutrals.
Bring back avacado, harvest gold, turquoise and bronze!
Yeah, I guess I’m watching “Me TV” reruns too much…
“I’m still hoping for a comeback of “creative” kitchen colors instead of boring neutrals.”
impossible — all the realotrs have staged those out of existence
they have already made a comeback but the cabinets are the parts with funky colors not the appliances. many modern apartments in Europe have colorful, even mixed texture kitchens, but appliances are mostly ss or fitted.
To answer the tax question above, at $7K they are most likely based on the unimproved structure/parcel. At $1.2MM this will change.
You guys place way too much emphasis on trends and fads here in Chicago and I truly belive this is part of your real estate market downfall.
Surprised the timing of this isn’t being investigated. Thought it took 24 months from first filing to change hands and this thing went back to the bank in 18 months?? Were ANY mortgage payments made?
“You guys place way too much emphasis on trends and fads here in Chicago ”
Are you Jekyll to James’ Hyde, or is it the other way around?
“Thought it took 24 months from first filing to change hands”
There’s a difference b/t “typical” and minimum. If the lender is willing to negotiate and the borrower is reasonable, there’s no reason to not do a deed in lieu promptly after the filing of the f/c.
I find it hard to believe that wasn’t a tear down with a new basement.
If it wasn’t, they did a hell of a job.
I can see $1M. Builder should clear $200K as he probably has $500K in hard costs for that house after the lot purchase.
According to the MLS this is under contract. So curious to see what it closes for….the area for $1 mmm plus properties is definitely hot right now