Logan Square New Construction SFH Reduces $22K: 1943 N. Albany
We last chattered about this 4-bedroom new construction single family home at 1943 N. Albany in Logan Square in early November 2009.
See our prior chatter and pictures here (where it was decided this home is indeed in Logan Square and not Humboldt Park.)
It is being marketed as a “green” home.
Its finishes include granite, stone and recycled glass.
The listing also now says that the developer is offering $5,000 for appliances.
With all the buyers wanting “new”, is this house getting more attractive at this list price?
Ron Knoll at Saffron Realty Group still has the listing. See more pictures here.
1943 N. Albany: 4 bedrooms, 4 baths, den, no square footage listed
- Sold in July 2006 for $283,000
- Sold in November 2007 in a judicial sale for $139,000
- Sold in August 2008 for $175,000
- Originally listed in April 2009 for $688,000
- Reduced several times
- Was listed in November 2009 for $550,000
- Reduced
- Currently listed for $528,000
- Taxes are “new”
- Central Air
- Looks like there are 2 parking spaces with the house (not sure if it’s a garage or not.)
I wonder if the price reduction had anything to do with the fact that a 14-year old boy was shot in the head while walking with his mom yesterday a couple of blocks away (3400 W. Armitage)…(he’s in a coma) This house will have some problems getting a family into it.
“This house will have some problems getting a family into it.”
Not so much if they had a realistic asking price. Like $275k. Get the nut down under $1600, and this moves easily, gangsters with guns or no.
Any word on what the shooting was about? I read some implication that he was wearing the wrong colors, in the wrong place. Or was the shooter simply completely wacko?
From a news article: “A man in his late teens or early 20s reportedly approached the two, yelled gang slogans and flashed signs, and shot the boy.”
“Not so much if they had a realistic asking price. Like $275k. Get the nut down under $1600, and this moves easily, gangsters with guns or no.”
I’d guess most places out there would move quickly when you cut the price in half.
“I’d guess most places out there would move quickly when you cut the price in half.”
Sure. And this place won’t unless it’s a foreclosure, and even then, only maybe. But the neighborhood issues are really a price issue.
I’ll stick with my prior–fair value for the place (land value + replacement cost) is $450k, subject to a neighborhood deduction, which Groove asserted was $100k. I’d call it a good buy at $350k-$375k. In other words, I’d put $5 on “going to foreclosure”.
$275k would sell it quick because that’s what is needed to revive an anemic real estate market. Too many fence sitters sitting on the fence and not buying. Me included. Get the fence sitters off the fence by reducing prices. $1,600 a month for a SFH is doable for the types of people who want to live in this area.
Damn it, I forgot – this house is PUUUUURFECT for a power couple making $175k+ a year with 2 or 3 children (or near term plans for the same), who likes the modern design, location and doesn’t use public trans. How stupid of me to assume that it needs further price reductions. This house should have already sold! It’s the buyer’s fault, these fence sitters, don’t they know that now is the puuuuurfect time to buy??
this home has many ‘green features’ like the fact that an existing property was torn down and somehting else was put in it place. No waste there. You’d have to be a huge DB to think you are doing some good by buying this place.
Good thing ‘green’ is not a gang color…
Not to make light of it, but I think this is a broader issue for the city. A return to what once was, which means crime in so-called gentrified zones. I also do not think LP or LV are immune from this trend.
Dude, HD its green, that in itself is deserving of a 200% price premium because don’t you know all those empty nesters from San Fran want to come and experience the Chicago winters now that their kinds are out of the house, and well compared to San Fran, real estate here is a DEAL.
I like the layout of the house, but the exterior (is that vinyl siding?) is less than attractive. No walking distance access to train lines. No easy/quick route to the expressway. No good restaurants. Given the quality of this section of LS, not to mention alternatives, why buy here?
I thought the purpose of buying in a gentrfying area was to get in cheap and “rough it” until the neighborhood improved, at which point you could renovate or sell . . . This property defies that logic.
Also, from our last converstaion on this property – did anyone notice that the City of Chicago neighborhood boundry maps have different boundries depending on the map (all from the same website), and that these maps occassionally conflict with the US Census Bureau community boundries?
v-i-n-y-l. love the vinyl.
The problem with houses like this is that the rest of the hood hasn’t “turned the corner” and you also don’t get any of the benefits of city living – true walkability. I don’t see the value proposition. I agree, moving to a gentrifying hood is about finding a diamond in the rough before the masses discover it and you should get a bonus for that. I don’t see that happenign here at this price point.
This far west, you might as well just move to Oak Park. Same house, same price points, but with none of the down sides for the most part – access to pubic transportation, good schools, amenities, etc. Only about 10 minutes further west.
In that part of town, how much do you think you could rent that space for – $2,500 or $3,000? I don’t really know, but I also don’t think there would be a large rental market for that property type . . .
Anyway, say $2,500/mo – or $30,000/yr. Assuming 20% down, 2% for taxes and 1% of insurance, at a 4.50% 30/30, that’s a $375,000 purchase price.
JMM,
This house should be half green and half pink and then the Spanish Cobras and IG’s can use it to set up peace meetings here in LK land…
“This far west, you might as well just move to Oak Park. Same house, same price points, but with none of the down sides for the most part – access to pubic transportation, good schools, amenities, etc. Only about 10 minutes further west.”
Those same price points will not come with the same costs due to the big difference in tax rates. Those OP schools and amenities will cost you at an 8.565% rate as opposed to Chicago’s 4.816%.
$500,000 home in Chicago with $20,000 homestead exemption = $6,209
$500,000 home in Oak Park with $25,000 homestead exemption = $10,615
Not comparable if you don’t need the schools. Still a deal for those with kids who want a decent school. Not that anyone concerned about their children would want the Albany location anyway.
“Good thing ‘green’ is not a gang color”
green and black is Cobra Folks.
as for this home i will refer you to a previous brain fart i had
http://cribchatter.com/?p=7714#comment-54041
“Good thing ‘green’ is not a gang color”
green and black is Cobra Folks.
as for this home i will refer you to a previous brain fart i had
http://cribchatter.com/?p=7714#comment-54041
$525k, hahaahahaahahahahaahahahahahahahahaahhahaha… catch my breath and…. hahahahahahahahahahaahahahaha
I love vinyl siding houses. Especially in Humboldt Park. I look forward to hanging out with the future owners where I shoot off fireworks, walk my friends dogs and let them crap everywhere and urinate in public myself and engage in other petty crimes the cops here honestly don’t GIF about.
Move in Mr & Mrs Power Couple! Anon(tfo) knows hundreds of them so it should be an easy sell!
Doesn’t Streetside Bar & Cafe on Armitage and Halsted just remind you of 500k+ homedom?
LMFAO! This takes the GD cake. A tardface is trying to pass this off as a 500k+ home. Look at those beautiful windows..they just remind me of greek or roman neoclassicism.
HAHAHAHAHAHAHAHAHAHAHAHAHA!
“Not comparable if you don’t need the schools. Still a deal for those with kids who want a decent school.”
Howabout New Trier or other top performing school districts and renting there?
LOL! The RE long tardfaces never realized they can get their kids into a good school district merely by RENTING without all the liability of school taxation.
Wow these fools are indeed paying a steep price for their desire to fit in like the other sheep for status symbols like “home loanership” but they’re also ready, willing and able to bid up property prices in good school districts to insane values relative to rents.
Hey tardfaces who did everything you thought you were supposed to in life and to make your parents happy: I’m not a jumping fido like you. And leave me off the wine party invite list. Have fun jumping through hoops like a Fido the rest of your life like the automaton you are.
“Howabout New Trier or other top performing school districts and renting there?
LOL! The RE long tardfaces never realized they can get their kids into a good school district merely by RENTING without all the liability of school taxation.”
I agree Bob. There are some GREAT rental deals on the north shore (or the other great school district suburbs like Hinsdale) that are far cheaper than buying in the same school district. And you get the same great education as those who own.
“Not comparable if you don’t need the schools. Still a deal for those with kids who want a decent school.”
I figured everyone knew where I stand on the rent vs own issue by now. The above was for comparison purposes only.
“Move in Mr & Mrs Power Couple! Anon(tfo) knows hundreds of them so it should be an easy sell!”
thanks for the morning laugh, you are funnier before you go out drinking than when you come home at 2am.
Down to $519k and with a slick new “Pre-Foreclosure, MUST SELL ASAP!” pitch.