Is Bowmanville the Next Hot Neighborhood? 4-Bedroom Greystone Sells for $1 Million: 1944 W. Farragut
We last chattered about this 4-bedroom greystone at 1944 W. Farragut in the Bowmanville neighborhood of Lincoln Square in June 2012.
See our prior chatter here.
Originally listed for $1.349 million in May 2011, you all chimed in as to whether the Bowmanville neighborhood, which is part of Lincoln Square, could command that high of a price.
The consensus was: “no” (or “hell no” as roma put it.)
Most of you thought it wouldn’t sell for over $1 million.
In April of 2013 the house finally sold for $1 million on the dot.
If you recall, the listing indicated it was formerly a two flat that was converted into a single family home.
The house had 3 fireplaces, crown molding and a box ceiling in the living and dining room.
Four of the six bedrooms were on the second level, with the remaining two in the lower level where there is also a recreation room.
The rear of the house had also been updated to have a wall of windows, which the listing indicated was from the basement to the second floor.
There were also $23,000 in custom window treatments included with the house.
It had an updated kitchen with stainless steel appliances, a large island and stone counter tops.
The house was on a 125×29 lot, had a 2-car garage and 2 decks, including one on the roof of the house and one on the roof of the garage.
Does this sale set a new price level for Bowmanville?
Is Bowmanville now the next hot neighborhood?
Mary Foley at Conlon had the listing. You can also see a video presentation here.
1944 W. Farragut: 6 bedrooms, 3.5 bathrooms, 4500 square feet, 2 car garage
- Sold in March 1995 for $168,000
- Sold in December 2001 for $417,000
- Originally listed in May 2011 for $1.349 million
- Reduced
- Was listed in February 2012 at $1.249 million
- Reduced
- Was listed in June 2012 at $1.099 million
- Sold in April 2013 for $1 million
- Taxes of $9800
- Central Air
- 3 fireplaces
- Bedroom #1: 14×23 (second floor)
- Bedroom #2: 11×13 (second floor)
- Bedroom #3: 13×13 (second floor)
- Bedroom #4: 9×7 (second floor)
- Bedroom #5: 13×13 (lower level)
- Bedroom #6: 12×11 (lower level)
- Family room: 23×15 (main level)
- Recreation room: 21×23 (lower level)
Congrats to the seller and realtor. Seems like a price threshold may have been cracked. With 4500 sq ft of improved space it is just over 220 per sq ft. I’m aware it is not exactly the green zone but is $220 such a huge stretch for the area? Perhaps someone more familiar with this neighborhood can chime in…
“With 4500 sq ft of improved space it is just over 220 per sq ft. ”
Do note that that includes 1200-1500 sf of improved basement space. Which an appraiser will tell you is worth about $10 psf vs unimproved space–so call the basement 1200sf and $60k of value, leaving the other 3300 for $940k, or about $285 psf (or 1500-$75k, 3000-$925k and $308 psf). Which seems less of a ‘value’.
somebody wanted a mcmansion that looked like a regular old chicago two flat on the outside.
I think the “hot” market gave someone the confidence to spend $1M on this. However, I doubt it means that Bowmanville is now hot….or even close to it. I also have a feeling the buyer will end up selling for less than this unless they live here a looooong time.
Did this place sit empty for 2 years? I would guess no only only based on the kids room.
I’d rather have bought the place on Hollywood with the turret that was posted yesterday. Much more charm and arguably a better location.