Lakeview 4-Bedroom SFH Under Contract in 9 Days: 1215 W. Fletcher
This 4-bedroom home at 1215 W. Fletcher in Lakeview went under contract in just 9 days.
The listing says the house has been “totally redone” and has a new kitchen and baths.
The kitchen has white cabinets, stainless steel appliances and granite counter tops.
3 out of the 4 bedrooms are on the second level.
There is a large 25×20 media room in the lower level.
The house has central air and a 2 car garage on a standard 25×125 landscaped lot.
It is also listed for about $166,000 over the 2005 purchase price.
Kathleen Fote at @Properties has the listing. See the pictures here.
1215 W. Fletcher: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in January 1988 for $108,000
- Sold in May 1992 for $310,000
- Sold in March 1994 for $338,000
- Sold in February 2001 for $560,000
- Sold in July 2005 for $734,000
- Currently listed for $899,999
- Under Contract
- Taxes of $10,138
- Central Air
- Bedroom #1: 19×16 (second level)
- Bedroom #2: 12×9 (second level)
- Bedroom #3: 10×9 (second level)
- Bedroom #4: 12×10 (lower level)
- Media room: 25×20 (lower level)
Nice looking place. Unless those 2/3 bedrooms upstairs have big closets, they’d feel small even to a school-aged kid (ie anyone with a twin bed, a full-sized dresser and any stuff).
This is near the duplex upper from the other day. What are we calling this location again? 😉
I’m not taking the bait this time, Question! 😉 (Though I guess I could be curious if the SOPO crowd extends their hood s of belmont. . . )
Can’t imagine paying this kind of cash to have the house on the alley. . . I can hear the car horns already.
P.S. when I lived on this street (just east of here) over 15 years ago a rehabbed legal 4 story 3 flat went for $385k. . .
loosk like a really nice place, pretty backyard too.
its encouraging to see sales like this.
“This is near the duplex upper from the other day. What are we calling this location again?”
BelPort.
Cha-Ching, buyer makes a profit…(and dont refute with “but they put money in” because yes they did but not 166k worth)
“P.S. when I lived on this street (just east of here) over 15 years ago a rehabbed legal 4 story 3 flat went for $385k. . .”
Old locals tell me this neighborhood was substantially worse 20 years ago. Which probably means 15 years ago it was a bit worse than it is today. You can still find two-flats around here for ~420k though.
“Cha-Ching, buyer makes a profit…(and dont refute with “but they put money in” because yes they did but not 166k worth)”
Well I wouldn’t put it in the books just yet, because you have to consider that it will possibly close below ask, and then the commissions/closing costs will eat into the profit.
“Old locals tell me this neighborhood was substantially worse 20 years ago. Which probably means 15 years ago it was a bit worse than it is today.”
My realtor (who used to work with my father) bought a SFH on Southport in the late 80’s, somewhere near Schoolyard (it has since been demolished and turned into McCondo’s after she sold in the late 90’s). My Dad helped her move in and he didn’t want to leave her there because it was pretty damn dodgy.
I’d say this is pretty good evidence that whatever marketing brainiac was behind the “SoPoCo” concept over-reached:
http://www.chicagoreader.com/TheBlog/archives/2010/08/20/another-store-closing-tula
Really, central Lake View and a stone’s throw from Wrigleyville wasn’t swanky enough?
Belpo is HOT HOT HOT!
Barry – green jacket, gold jacket; the seller just made $$$
Whoa. Sabrina finally decided to post one of the many Lake View SFH’s in Burley that have gone under contract in the last several months???
What is the world coming to?
Proof young families i) need a nice place in the city to live and ii) can afford a house that requires a jumbo mortage?
Wow.
It utterly amazes me that there are still complete and utter fools left in this market.
Then again, it’s not all that surprising.
Buy now or be priced out forever.
“Proof young families i) need a nice place in the city to live and ii) can afford a house that requires a jumbo mortage?”
I seriously doubt the purchaser of this was your fabled “young family”. Most families I see that live in SFH’s around Lakeview aren’t “young”. Think 40s with kids aged 6+..
Sorry JMM your ideal of the “young family” buying a $900k house is still just a dream/sliver segment.
Let me also go on record, even though i’ve been saying this the last 3 years… bonds are in a BUBBLE… This will be very ugly when it pops. BE DAMN CAREFUL and BEWARE THE INSTITUTIONAL INVESTORS!
OT but I came across an interesting property today. 2004 sold for $1,800,000; today it’s listed for $99,000.
http://www.redfin.com/IL/Calumet-City/642-Wentworth-Ave-60409/home/12897360
By the way, I am not a fan of these two flat SFH conversations. IMO the purpose built SFH’s are a much better layout and have more square footage. This house looks about 35 feet deep and the bedroom sizes reflect it. My guess is maybe only one full bath upstairs?
This does however tell you people are willing to jump on a turkey home (read: non-forclosure cluster-F story) at a decent price. Further evidence foreclosures do not make the market, as seen by buyers voting with their feet.
“Old locals tell me this neighborhood was substantially worse 20 years ago. Which probably means 15 years ago it was a bit worse than it is today”
Oh it was definitely dodgier back then. I wasn’t suggesting appreciation was not warranted due to the improvement in the hood. Just providing a point of reference (I was talking about a beautiful graystone w/4 units including owners duplex up).
What’s definitely true is Burley being a reason to buy. . . that has got to be a major factor in the contract on this place.
Even so, I would hope the closing price is closer to 800 than 900. . .
Sonies – Bonds are in a bubble but I do not foresee it popping in the near term future. Invest now before it pops!
gotta love the downspout releasing water right @ the foundation. wonder what else was overlooked.
“I seriously doubt the purchaser of this was your fabled “young family”. Most families I see that live in SFH’s around Lakeview aren’t “young”. Think 40s with kids aged 6+..”
Actually, that is not correct. Since we own rental properties in that area, I do know a thing or two about this demographic.
Most Burley parents I know are in their 30’s with at least one child less than 5. I consider a young family as anyone with kids who are younger than HS age, anyway. There are plenty of older people who live there too but they bought long ago.
Typical new frame SFH buyer (esp. not newer construction) = 35 yo, 2nd child recently arrived. Trading from 3br duplex/condo/townhouse in a less family friendly area. The kids that litter the streets in this neighborhood is staggering.
Of course, if you pulled your head out of you heiny you’d know this.
“gotta love the downspout releasing water right @ the foundation. wonder what else was overlooked.”
Yes, I bet a penny there is no drain tile system here. Only a matter of time before the 4br becomes a 3br… Lol.
Sellers paid $734K in 2005 and supposedly put $300K into it. In the first week there was apparently a lot of interest in it. It’s close to the El and it’s in Burley.
“The kids that litter the streets in this neighborhood is staggering.”
You’re right. I like the neighborhood because families are comfortable living here. The kids on my block race around on their bikes and through the alley all the time.
I live in the neighborhood and most of the people buying single family homes fit into 2 segments – those buying newer construction homes overe $1.5M – usually the husband is older and is a trader/hedge fund/attorney, or there is family money involved. Wife stays home and often they are under 40YO.
The other segment is those buying the older homes – these people tend to be 35-45. Often both spouses work. They bought for less money (600-1M) but have more common careers.
it’s no surprise this sold quickly. There are plenty of people with incomes who can afford this. Bush/Obama have given billions to the banks and that money is still working it’s way through the rentier class; and the medical profession is a good place to be with 45 million new patients with an Obamacare card.
but for the rest of the hoi polloi and the serfs collecting 99 weeks of unemployment, it really sucks out there.
HD — it sucks for *you* out there. No one who posts here can mollify that for you. Lol.
Dave M:
Agree the 1.5M+ home straosphere is rich and frankly quite unusual anywhere in Chicago (let alone the north shore right now). That buyer wants something bigger and better than the neighborhood and usually the home stands out because of it.
I wasn’t commenting on that so much as the 1990’s construction or older but recent rehabs that trade lower (750-1M). 30-40 is what I see and they tend to be pretty high income families for their age. My guess is 200-300k per family. And yes, a lot of our neighbors a dual career but childcare eats a chunk of that up as you know.
I’ve noticed quite a few new constrution single family home projects going on near Southport – on School just west of Southport there are 2 side by side, there’s one on Lakewood just north of School, and there’s a couple more lots in the area that look ready for more to be built. Interesting how they keep on building. It kind of shows that the higher end people are continuing on with their lives, and the haves are doing well.
JMM: Not everybody’s got grampa’s money to rely on during hard times.
It’s great grandpa, thanks very much.
Similarly though, not everyone went to crappy law schools and couldn’t get a big law job either.
Were you in the move ‘Born Rich’? Your arrogance and intelligence leads me to believe I saw an interview with you in that movie. Are you that guy who said “I want to be the first one in my family to graduate college?”
“#JMM on August 23rd, 2010 at 1:38 pm
It’s great grandpa, thanks very much.
Similarly though, not everyone went to crappy law schools and couldn’t get a big law job either.”
Even better, you’re the dude who says “Did you ever have an encounter that rubs you the wrong way? It’s whoever pisses you off. And I’m up at boarding school. And this kid’s from like some shit town in Connecticut. You know, I don’t know. I can just say, fuck you, I’m from New York. I can buy your family, piss off. And this is petty, and this is weak. And this is very underhanded, but it’s so easy, you know.
Back to the property:
The interior, esp. the kitchen , looks very nice. But that doesn’t make up for the fact that it is, at it’s core, a somewhat crappy vinyl sided house on a narrow, standard, lot right on the alley.
I understand that yuppie parents like to flock together, but with 800k, I think you should be able to get higher quality construction.
I think that’s the trend in the area – who knows, maybe the buyer is planning on further renovations or an addition to make the property more of what they want. We also don’t know if this one is going to close, and what contingencies could be in play here.
“OT but I came across an interesting property today. 2004 sold for $1,800,000; today it’s listed for $99,000. ”
lol that has to be an extra zero typo… no way is that even fraud, because even the dumbest of bank underwriters wouldn’t have let that one slip by… I mean its in Cal city! the whole town isn’t worth that much
aww sonies. cal city aint so bad. the chili’s across from river oaks is pretty good.
“I understand that yuppie parents like to flock together, but with 800k, I think you should be able to get higher quality construction.”
Not really. Assume lot value is 400k. 3,000 sq ft costs about $130 per sq ft. That is not that high quality of construction, nor is it at all expensive. Mangan would be $200 sq ft easy.
This trades below replacement value, granted replacement would probably have some things you might want (drain tiles, sump, cat 5, hardie siding).
“replacement would probably have some things you might want (drain tiles, sump, cat 5”
There appears to be a bathroom in the basement–if they installed an ejector w/o also doing drain tile/sump, they were being foolish. And the cat 5 is no biggie, if they did any wiring, which, again, would be shocking if absent.
You can absolutely have an ejector without a drain tile system. That is duplex down condo construction 101.
Check when the structure was built. You think they went under the basement footings? Give me a break.
“You can absolutely have an ejector without a drain tile system.”
Of course you *can*, but it would be foolish.
And if that’s what they actually do/did in duplex down condos, count me as a vote against buying *anything* in any of those structures–as the association would presumable be on the hook for foundation-type repairs whether or not most of the benefit flows to the owner of the space in the basement.
“You think they went under the basement footings?”
Sure, it’s more likely that the realtor lied to Gary about them spending $300k, but if they did, that would be one of the things you’d do.
Per Gary in the other thread:
“I believe it was an unfinished basement originally. It had to be dug out. Now it’s totally finished.”
If they dug it out and didn’t install drain tile, they were being foolish.
That said, the existence of drain tile doesn’t obviate the need to carefully consider the drainage of that downspout in the alley.
Finally, if they dug it out more than a few inches, and had the space done nicely (as the pix make it appear), they could have easily spent $150k on the basement *alone*.
anon,
The ejector pump is for the toilet. By code you need a sump pump ( separate pit and pump) if you have a flood control system.
So you can have one without the other.
“So you can have one without the other.”
Yes, I know. It was the fact of doing the plumbing and digging one pit (for the ejector) that I maintain makes it foolish not to install the drain tile. And digging out a basement without doing so is really a bad idea, imo. Frankly, I think it’s nuts to do a basement and not switch into an overhead drain for all your water, but that’s a bunch more money most people don’t budget for (unless you’re a quite capable plumber–the $$ *is* mostly in the labor).
btw, the city is back to preferring/requiring that household stormwater drain into sewers, rather than overground as the commented-on drain pipe on this property.
how about an ejector pump for this particular thread? all of this discussion about ejector pumps, toilets, drainage is boring and needs to be flushed down the sewer!!
clio–if its so boring why don’t you go drive you cherry red lambo and stay off of CC like you promised last week?
I suspected you were a troll who was too OCD to stay away 😀
bob –
1. the color is “Rosso Vik”
2. I love real estate WAY too much to stay away from this site
3. putting a “smiley face” after you say something mean doesn’t make it any better.
I suspect that the MAJORITY of these upper-middle class people received some sort of downpayment/financial support from parents.
“The other segment is those buying the older homes – these people tend to be 35-45. Often both spouses work. They bought for less money (600-1M) but have more common careers.”
“those buying newer construction homes overe $1.5M – usually the husband is older and is a … attorney[.]
The other segment … have more common careers.”
Since when is “attorney” not a “common” career in Chicago? It stopped being special (ish) 30+ years ago.
Buyer seduced by finishes and kitchen range? Most experienced Chicago home-buyers would avoid purchasing houses located parallel to an alley, particularly if the house wall sits on the property line like this listing, no matter how “nice” the house. Trucks, car-horns, and drunken drivers denting the sidewall, all bothersome and unavoidable here. House photographs well.