Just How Hot Is Andersonville Anyway? 1518 W. Olive
Andersonville is on everyone’s hot list these days as the Chicago Tribune just did a whole feature on the hidden charms of the neighborhood.
This 2-bedroom unit at 1518 W. Olive is in the heart of the action.
The building was built in 1925 but the unit has modern amenities.
The kitchen has 42 inch maple cabinets, stainless steel appliances and granite counter tops.
One bathroom is slate and the other is marble.
There is a large 13×9 front terrace.
The unit has central air, washer/dryer in the unit and garage parking.
On the market since September 2010, it has been reduced $17,000 and is now listed for the 2005 purchase price.
Is this a deal?
Alexander Tzallas at Re/Max Signature has the listing. See the pictures here.
Unit #1E: 2 bedrooms, 2 baths, 1 car parking, no square footage listed
- Sold in March 2002 for $300,000
- Sold in February 2005 for $372,000
- Originally listed in September 2010 for $389,000
- Reduced
- Currently listed for $372,000
- Assessments of $333 a month
- Taxes of $4693
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 10×10
Cute. And around the corner from M. Henry is a definite bonus! But for this price you could find the same in LV for sure, so unless you love the hood not sure this price gets it sold.
For a little more, you can buy a 2-flat and subsidize your mortgage payment. For twice the amount, you get a renovated three-flat. Seems like Andersonville/Edgewater has many of these 3/2, 2/2, and 2/1 units in MLS, but as market remains weak many will remain unsold and re-convert to rentals with one-off landlords. Those with babies will find themselves raising children in an apartment beyond the toddler-phase, and find themselves navigating the kindergarden enrollment headache. Met an architect last week raising two children in an Edgewater condo, stuck, struggling with school applications.
Anyone else heard that stalled new condo conversions/developments in non-Green Zone neighborhoods are now being rented out as Section 8 subsidized housing? Heard this yesterday, but unsubstantiated.
This is in Peirce. I just met two moms
last week who have younger kids at Peirce and like it.
I agree that this seems overpriced.
T.S., the people that move to A’ville do so because it isn’t LV. Great neighborhood and amenities hidden from the masses flocking to LP and LV.
The inventory of nice 2/2s in A’ville proper (West of Broadway, East of Ravenswood, South of Bryn Mawr) is kind of limited so prices remain fairly high. I would bet this place goes around $340ish.
While M. Henry is great, this place does not warrant LP/LV pricing
Agree on M. Henry. Wish there were more places like that in ELP. One can only go to (and always wait to be seated at) Orange so much.
WOW-
Check this out: unit 3w sold for 382k in June of this year.
Same agent.
http://www.redfin.com/IL/Chicago/1520-W-Olive-Ave-60660/unit-3W/home/12719835
I guess crown molding and top-floor gets it done…
Oh no I totally agree about A-ville being great because it’s not LV (or LP). I meant that LV & LP are normally more popular/in demand/whatever, so people looking for a 2/2 that are normally priced out of those areas and have to look north to find a better deal aren’t necessarily finding a better deal in this case. Although I would bet that once they lived here for a while they would love it, I think it’s a great hood!
And yes the lines at Orange (and the like) are awful, but man! The last time I went to M. Henry on a Sunday morning the crowd was unbelievable! I could barely make my way up to put our name in. But you can have a nice mug of coffee or hot cocoa while you wait, which is nice:)
“While M. Henry is great, this place does not warrant LP/LV pricing”
I think M. Henry is overrated.* But there’s a lot other than M.Henry that makes Andersonville more attractive than LP/LV to a lot of people. This particular property is too far north to command the full Andersonville premium, but it’s close enough to draw foot traffic from people wanting to get into the hood.
*To be fair I think brunch is a silly meal.
The buyers of these units aren’t priced out of LV/LP… they just don’t want to live in LV/LP. There aren’t a ton of units available, so it keeps prices high. There is very little new construction available, so most units are vintage and there aren’t a lot of them in the prime areas with the modern updates.
Large 2/2s were selling for around $300 back in 1999
The neighborhood has more mature residents, the shops locally owned, street parking is easy, the EL only a few blocks away, close enough to the lake front. It basically has all the amenities that people want in LP/LV but without all the drawbacks imho. Some think it is too far north though.
I agree with Architect though, I would buy a 2 or 3 flat there as it will probably have more long term value if converted to a single family home.
What is hilarious though is that I recall looking at a 2/1 vintage on Glenwood that was converted in the very early 90s (maybe even late 80s). No parking, no w/d, no central air, and definitely no granite and stainless steel. It was big though… around 1600 sqft. I think they were asking like $250 for it (this was 10 years ago mind you). When we came out of the open house, an old codger that lived in the neighborhood was bitching because he said he remembered when those condos were selling for $85k 10 years before.
A-ville
The land of the aging stroller pushing hipster.
More slate tile in the bathroom. please.
“The land of the aging stroller pushing hipster.”
The land of the girls who aren’t, well, into guys.
I love Andersonville, but I’m a prime example of the kind of buyer who would only move here if it was cheaper than Lakeview. I’ve definitely considered buying one of the cheap SFHs or two-flats west of Ashland, but living near the action in Andersonville usually means living pretty far from the red line. Granted, it’s quieter and less congested than Lakeview, but I love that you can truly have everything outside your front door in Lakeview and it’s a much shorter commute to the loop.
LOL.
Right. Never mind that LP and LV are infinitely more aesthetically pleasing, are orders of magnitude more convenient, have better schools, and don’t feel like suburbs. Aville should def cost the same as both those hoods because, wait. What?
A-ville ain’t exactly the Green Zone, either.
I wouldn’t even pay a buck fifty for this.
This city is in for a R-u-D-e awakening.
T.S. – I agree; actually have plans to sit with friends who live across from Pierce to talk about schools/lifestyle to see if moving there would make sense for us.
I am very interested in seeing how this spring turns out for listings & prices.
“I wouldn’t even pay a buck fifty for this.”
And I suspect everyone in A’ville is glad for it.
Also forgot to mention that the old market for these properties, which was aging hipsters, have all started to move to Milwaukee and Pittsburgh where they can buy SFHs in equivalent hoods for half of what is being asked here.
All you realtards better move to Milwaukee to chase your clientele!
Architect –
Apparently Northwest Highway near Edison Park has a lot of new condo construction that’s been turned into section 8. Don’t know if the trend has moved further east tho.
Geez that will be really interesting for Edison Park residents, I went to elementary school out there. Its totally a city worker/fire/cop land out there.
Wicker- will you report back on Pierce? We have really begun to look into schools and were wondering about it because we like the hood a lot.
“The land of the girls who aren’t, well, into guys”
Bob – maybe they just aren’t into you.
“Check this out: unit 3w sold for 382k in June of this year.
Same agent.”
Ouch, that knife is sharp! I think a couple people fell for that “it’s different here” line.
3W closed June 2010 for $382k
3W closed 7/26/06 for $425k
2W closed April 2010 for $375k
2W closed 9/30/05 for $419.9k
3E closed 11/20/09 for $341k
3E closed 11/16/01 for $323k
All of the above included 1 garage space.
Up in Edgewater/Andersonville, the expressed “happy with school” means parents have put on their rose-colored glasses to convince themselves that local CPS is ok. If you’re moving to E/A, then Bowmanville’s Montessori school (K-8, thanks to Blago) and/or Catholic schools are still prudent way to go. Otherwise, you’re sacrificing educational experience on altar of cultural diversity and CPS ineptitude.
“Apparently Northwest Highway near Edison Park has a lot of new condo construction that’s been turned into section 8”
I havent seen this yet, i am really curious as to where? almost the whole stretch of NW HWY from devon up to park ridge has been converted to condo long ago.
the Zittella and Serg&Banks new construct crap shack monsters could be the culprits, but i still have seen the pudding.
“Otherwise, you’re sacrificing educational experience on altar of cultural diversity and CPS ineptitude”
missed ya around arch 🙂
Orange is way overpriced and the food was meh when I went
“Orange is way overpriced and the food was meh when I went”
have the fillet benedict you will thank me.
hah I make that for myself at home groove!
“hah I make that for myself at home groove!”
is there easy parking or guest parking? what time sunday should i be over? also not peanut products for little groove.
you bring the filets i’ll be glad to make it for you 🙂
Groove – it was in the comments on the cop blog some time back. They were implying that buildings put up by the EEs were the ones who were going Sec 8.
As in: Well, I can’t sell these units so I may as well go Sec 8 to get some money out of them.
Groove: hit up Omaha Steaks; plenty of sales going on at this time of year. Have them shipped to Chez Sonies so that the food is ready to rock as you get tehre.
“Groove – it was in the comments on the cop blog some time back. They were implying that buildings put up by the EEs were the ones who were going Sec 8. As in: Well, I can’t sell these units so I may as well go Sec 8 to get some money out of them.”
I need to carve out more time to read other blogs besides crib chatter.
wow alderman drunky drivey allowed that? well he is gone from that spot now (is he still in the hood there?).
i have seen sec 8 popping up and around the NW side. there is one across from merrimac park that actually i heard isnt that bad and is doing what sec 8 intended.
“you bring the filets i’ll be glad to make it for you”
you jest but a hungry groove may be a knockin one day 🙂
wicker, great idea we can send them for march madness and go to his place when illini are in the sweet sixteen! i call dibs on the lazy boy with ottoman
LOL sounds like fun, I dont’ have room for a lazy boy though i’m in a tiny condo 🙂 comfy couch and a few bar stools though if you’re down with that! I do have a kickin TV setup so sounds good to me especially if the illini make the second weekend of the tourney!
Apparently Northwest Highway near Edison Park has a lot of new condo construction that’s been turned into section 8
**********************************************
not true,this is something the nuts at the second city cop blog like to get their shorts bunched up about.there are a couple buildings on central and elston that george michael(you know,the guy who tried to get his north shore mansion declared a church) owns that are sec 8,and some of those are in foreclosure.
even more off topic,i was in des plaines the other day and i see where some of those brand new,never been lived in condos off of golf rd are being demolished.not really familiar with that area,but i wonder if this is going to start happening elsewhere.
“some of those brand new,never been lived in condos off of golf rd are being demolished … wonder if this is going to start happening elsewhere.”
It will. Probably quite a bit.
north of A’ville, in RP:
http://www.redfin.com/IL/Chicago/6556-N-Bosworth-Ave-60626/home/13567283
Deal?
Architect,
Isn’t that chip on your shoulder (about parents who actually have a viable city school) getting heavy? I know Peirce ( yes, that is the correct spelling) was not an option when you decamped to suburban pastures back in the day, but is it so hard to believe that it is now?
FYI, one of the moms who expressed satisfaction with Peirce had had kids at both Roycemore and R.P. Montessori in the past.
Architect on December 16th, 2010 at 1:46 pm
Up in Edgewater/Andersonville, the expressed “happy with school” means parents have put on their rose-colored glasses to convince themselves that local CPS is ok. If you’re moving to E/A, then Bowmanville’s Montessori school (K-8, thanks to Blago) and/or Catholic schools are still prudent way to go. Otherwise, you’re sacrificing educational experience on altar of cultural diversity and CPS ineptitude.
dahlia: I had a similar thought but wouldn’t have been as nice about it*, so just held my pixels.
*not that you were being esp. nice.
“Deal?”
Isn’t “as-is” and “two year warranty” a contradiction?
Seems like a deal if everything works and nothing *requires* replacement w/in 5 years, but I’m not a fan of that immediate area north of Devon. If that were my budget, and I could actually afford it, I’d seriously consider it.
Two things:
1. I think this price is high, prime Aville is several blocks south and is on par with LV and LP (IMO).
2. Orange is now closed
“Orange is now closed”
I count 5 still serving overrated brunch.
“Orange is now closed”
correction: Orange at Clark and Belmont is now closed…I should do a quick google before I post anything.
“Seems like a deal if everything works and nothing *requires* replacement w/in 5 years, but I’m not a fan of that immediate area north of Devon. If that were my budget, and I could actually afford it, I’d seriously consider it.”
Yeah, I’m not crazy about those blocks north of Devon either, but I’m interested in checking it out.
Orange sucks. Of the superwhiteyuppie brunch places, only Milk and Honey is worth its salt (M Henry perhaps just for the bread pudding).
Roma
On one hand there is some gang activity on the 6500 block of Bosworth. On the other hand a beautiful rehab on the same block closed for over 600k earlier this year.
Also good brunch at Uncommon Ground on Devon and Glenwood.
“Orange sucks. Of the superwhiteyuppie brunch places”
i dont know if i want to be offended or not yet.
Not! Nothing but love, Groove, nothing but love. You’re the only on here who will get my Gangstarr references. But come on, we all know a superwhiteyuppiebrunch place when we see one!
Back on-topic (sorta) this is a good test of just how hot A’ville is:
http://www.redfin.com/IL/Chicago/1672-W-Edgewater-Ave-60660/home/13404876
I mean, how much can a (presumably) very well-done flip, with fantastic staging really do for a place?
We’ll find out!
p.s. before anyone flips out, “flip” for me is not a pejorative term of art, and is basically synonymous with reno.
^^
Under contract!!
How hot is Andersonville? Blazing! This certainly looks like a professional, high-end reno, but not 500k worth (as I say, the spot-on staging undoubtedly helps). Who says you can’t turn a big profit in this market – right, Clio?
Roma,
Here is some more evidence of Andersonville’s heat:
1637 W Summerdale, under contract very quickly, priced at 749k
1650 W Olive under contract rather quickly and priced at 949k ( although as new construction in 2007 it sold for over 1mil)
1650 W Olive just closed for full price-949k.
Dahliachi:
Wouldn’t you agree that the sale of a property at $949k really has nothing to do with the attempted sale of a property at, now, $369k (as it has been reduced since we chattered about it)?
This is what I’ve been saying. The upper bracket and the very lowest bracket are having decent (though not great) sales. Most things in the middle- not so much.