After a $1.45 Million Reduction, is the Abbott Estate a Deal? 4605 N. Hermitage in Ravenswood
The Abbott Estate at 4605 N. Hermitage in the Ravenswood neighborhood of Uptown came on the market in February 2016.
If it looks familiar, it’s because we chattered about it in 2010 after it had been on the market during the Great Recession years in 2009 and 2010.
You can see our chatter here (where some of you advocated tearing this down and building something new).
We chattered about it again in February 2016, when it came on the market for nearly double the 2011 sales price.
You can see that chatter here (where most of you thought it was, surprise, over priced.)
If you recall, this is a unique north side property.
Built in 1891 for the founder of Abbott Labs, Wallace Abbott, this Victorian is on an oversized 92×165 corner lot (which is nearly an acre), and has a wrap around porch.
At the time it was built, the house was in the Chicago suburb of Ravenswood.
The house is 7000 square feet.
It also has an updated carriage house. In 2010 they were renting it out for $2400 a month. The current listing doesn’t say that it is rented. There aren’t any pictures of the interior in the listing either.
Here’s what was said about it in an article by Dennis Rodkin in Chicago Magazine in March 2011:
Price Points: Karras was no-nonsense about having sold the house at 17.6 percent below its 2006 purchase price. “The market speaks; the market knows,” he insisted. “That’s all you can say, right? It’s a tough market.” He declined to say how much the carriage house renovation and other improvements cost, but Jeff Lowe, the Karrases’ agent (their third to market the property), notes that the rehabbed structure, once uninhabitable, now rents at $2,000 a month. That goes a long way toward covering the property’s $28,000 annual tax bill, Lowe says.
In 2010, the listing said the home had updated bathrooms and mechanicals. The 2016 listing said it had been “modernized.”
Now it says things like the house has a “newer” kitchen.
The kitchen still has white cabinets and stainless steel appliances.
5 bedrooms are on the second floor with the master suite is on the top floor.
In 2010, the basement was unfinished but now the space has drywall and carpeting and a rec room, exercise room, work room and playroom.
There’s space pak cooling.
In the last hot market, in 2006, the house sold in only about a month for just $39,000 under the list price.
But in 2009, it didn’t sell until February 2011.
It came back on in February 2016 and was under contract by April 2016, but it fell out of contract and was relisted.
Originally listed in February 2016 for $3.449 million, it has now been reduced to $1,999,000.
That’s close to the October 2006 sales price of $1.95 million.
Is this house now a deal?
Jennifer Ames at Coldwell Banker now has the listing. See the pictures and floor plan here.
4605 N. Hermitage: 5 bedrooms, 6 bathrooms, 7000 square feet
- Sold in May 2004 for $1.5 million
- Sold in October 2006 for $1.95 million
- Originally listed in August 2009
- Was listed in November 2009 at $2.338 million
- Reduced
- Listed in September 2010 for $1,999,999
- Reduced
- Was listed in October 2010 at $1,799,000
- Sold in February 2011 for $1,606,000
- Was listed in February 2016 at $3.449 million
- Under contract in April 2016
- Reduced
- Currently listed at $1,999,000
- Taxes are now $24,570 (they were $16,141 in 2016 and $18,268 in October 2010)
- Space Pak cooling
- Rental carriage house
- There’s a 2-car garage
- Bedroom #1: 18×17 (third floor)
- Bedroom #2: 20×16 (second floor)
- Bedroom #3: 19×16 (second floor)
- Bedroom #4: 16×12 (second floor)
- Bedroom #5: 12×11 (second floor)
- Bedroom #6: 16×12 (second floor)
- Recreation room: 44×15 (basement)
- Exercise room: 20×19 (basement)
- Work room: 12×11 (basement)
- Playroom: 23×13 (basement)
Dont know if its a deal but the price point is getting a hell of a lot closer to reality.
Depending on how motivated the seller is, I see $1.75MM in its future
If you get much below 1.75 I expect you’re in theoretical teardown value territory for a triple lot on this gorgeous block with some of the best train access anywhere. (easy walk to brown line and Metra that is better than 99% of properties for those owners who want both). This place deserves better than that.
I see $1.75MM in its future
you see a price increase, after a decrease? That is some reality you have described.
whoops, I was looking at the reduction, not the current price.
Sabrina, you got to code this site for editing, even if it only has a time limit of 5 minutes.
wonder if the baseboard radiators actually keep the place warm.
I like how the assessor only thinks its worth 1.17 million…
what a joke! eff this town
“notes that the rehabbed structure, once uninhabitable, now rents at $2,000 a month. That goes a long way toward covering the property’s $28,000 annual tax bill, Lowe says.”
well its not going to go very far against your upcoming nearly 40k tax bill…
this is an awesome house though, but the thing that surprises me is the cheap refrigerator, like really they couldn’t splurge on a subzero?
“property’s $28,000 annual tax bill” (per Chicago mag 2011)
Taxes now listed at $25k (j ames wouldn’t play games, right?). Taxes went down since 2011?
“like really they couldn’t splurge on a subzero?”
Fair point, I do prefer my food kept colder.
On vacation, there was what I think was a true commercial wolf stove. It was amazing.
“On vacation, there was what I think was a true commercial wolf stove. It was amazing.”
where did you go that had that? airbnb I take it?
$1.6 m in 2011, seems like it should sell at close to the current price.
But there’s just not a lot of similar sales in the area, in part because there’s not a lot of comparable properties. Seeing what sells for $1.5 and even $1.7 m in the area, North Center, and Lakewood-Balmoral, I think this would be a total steal if it drops to $1.75 m.
“where did you go that had that? airbnb I take it?”
no, just from the old fashioned internet. Was a former inn converted to a rental for large gatherings.
we have an alleged wolf stove and this one blew it away.
“you see a price increase, after a decrease? That is some reality you have described.”
Its called not drinking your breakfast
“Its called not drinking your breakfast”
Tyrion’s breakfast at Winterfell:
“A servant approached. “Bread,” Tyrion told him, “and two of those little fish, and a mug of that good dark beer to wash them down. Oh, and some bacon. Burn it until it turns black.” (Game of Thrones)
One of a kind property in a neighborhood that can’t support a high price point. Maybe a Lycee Francias family will buy it. I don’t think there is much of a buyer pool for multi-million dollar homes at that location otherwise.
I do appreciate the well done perspective photos. Nicely done.
“a neighborhood that can’t support a high price point”
defining the sub-hood as Montrose to Lawrence, Ashland to Ravenswood, there have been (per redfin, so, at least) 5 sales of $1.5m+ in the last 3 years, with a high price of $1.885m for this:
https://www.realtor.com/realestateandhomes-detail/4513-N-Paulina-St_Chicago_IL_60640_M83289-71842
which is new and nice enough, and at least not a cookie cutter duplicate of 100 other new northside houses, like the $1.6m current listing on this block at 4640 (link in next comment).
4640: https://www.redfin.com/IL/Chicago/4640-N-Hermitage-Ave-60640/home/146252434
which is also fine, and new, but just doesn’t compare to the featured house.
The question is whether the elementary school makes a huge difference at that price point. My guess is probably not as much as at the $1 m or even $1.5 m and under point.
So I’d probably define the neighborhood more broadly and say that people looking in that area are likely the same ones who look in, say, North Center and Lincoln Square and Graceland and probably even Lakewood-Balmoral.
Given that, I think there’s certainly a buyer pool for houses around $2m in the area.
One issue is that there’s just not a lot of houses like that in west Lakeview, Lincoln Square, and North Center in part for the same reason they got hot for upper middle class people looking for houses — significant parts of those areas are SFH neighborhoods, but they tend to be more modest ones due to the history of the neighborhood (or converted 2 or 3 flats), and thus don’t sell for $2m unless you knock down what’s there and go with new construction (but a market for $2m new construction shows a market for the price range in the area).
Anyway, there certainly are a lot of houses that sell in that general area for between $1.5 and $2 m, and some above $2 m. Examples are 4207 N Greenwood for $3.4 m, although I don’t know anything about that place, 4436 N Hamilton for $2.5 m., 1428 W Berteau for $2.6 m, 3750 N Hoyne for $2.3 m, $2.55 m for 4141 N Hermitage, so on.
“4207 N Greenwood”
is redic, and started at $4.4m.
“3750 N Hoyne”
is cookie cutter, but huuuuge. Started at $4m.
My very simple point is just that places in the general area do sell in that price range. The area can support high price points, at least if that’s referring to $2 m price points.
Not much is all that similar to the featured property, but that’s because not much in the area exists that’s similar to the featured property.
One thing I did notice is that lots of people seem to think houses in that range will sell a lot higher, which is why I used sales, not what’s listed now.
That’s a commendable garage. I painted our (one car) garage floor a few weeks ago. I now understand why companies charge as much as they do for floor jobs.
The lesson seems to be:
The way to sell a house for $2M in this area, is to have a $4M house.
That you think your house should sell for $X (or speculate that it might) doesn’t mean it’s an $X house.
Call me nuts, but this might be one of those times where the property really is worth the $2 million asking price. A really unique home on a huge lot with some nice vintage detail and the carriage house, too. I’m not saying I’d pay $2 million to live in this location, which isn’t the most exciting, but I think someone might.
Interesting note – my brother lived just down the street from here in the 1990s. I didn’t realize this house was so close.
I probably would if I had $2m for a house. I really like Lincoln Square and while this isn’t quite Lincoln Square it’s close enough, pretty close to Andersonville too, and great location for transportation. LS doesn’t have a lot of interesting big old houses, so it’s special, and the lot size makes it unusual beyond that.
There are several homes that would likely sell for as much or more as this one within just two blocks. The area is not the problem.
This is the second best mud room I have ever seen. The best one had a shower for the dog.
Sold! Under the 2006 price.
https://www.redfin.com/IL/Chicago/4605-N-Hermitage-Ave-60640/home/13392546
Thanks for posting that this sold. Below the 2006 price, but above the 2011 price, at least. Although that was the “low.”
Basically, no appreciation since at least 2004.