Love To Do Vintage Restorations? This McCormick Rowhouse Is For You: 859 W. Fullerton in Lincoln Park
This 5-bedroom historic McCormick Rowhouse at 859 W. Fullerton in Lincoln Park has been on the market since January 2012.
Built in 1890 on a 32×105 lot, it is a sought-after corner rowhouse (more windows!).
However, it needs to be brought back to its former glory.
The listing says “Restoration tax credits may apply.”
2 of the 5 bedrooms are on the second floor with the remaining 3 on the third floor.
There are 2 wood burning fireplaces.
The listing says there is 2-car parking and guest parking (it is apparently across the alley).
If you want to see what a restored corner rowhouse looks like, look no further than 841 W. Fullerton right down the street which just came on the market and went under contract in under a month.
Built in 1884, it is listed at $999,000.
See the pictures for 841 W. Fullerton here.
859 W. Fullerton has been reduced $50,000 to $798,000 since January.
Having seen the fully restored rowhouse and that list price, what will this have to be listed at to make a vintage lover who likes to restore properties bite?
Louisa McPharlin at Coldwell Banker has the listing. See the pictures here.
859 W. Fullerton: 5 bedrooms, 4.5 baths, 3000 square feet, 2 car parking
- Sold in March 2007 for $800,000
- Originally listed in January 2012 for $848,000
- Reduced
- Currently listed at $798,000
- Taxes of $16951
- Assessments of $79 a month
- Central Air
- Bedroom #1: 14×17 (second floor)
- Bedroom #2: 13×14 (second floor)
- Bedroom #3: 15×21 (third floor)
- Bedroom #4: 12×12 (third floor)
- Bedroom #5: 12×13 (third floor)
I wouldn’t want to live in this location
Wonder what the lead abatement would run you a place like this. I’m guessing you have to save the windows due to landmark status — or at least should want to.
“I wouldn’t want to live in this location”
doode can you imagine the tail that would be walking by your front steps on a daily basis.
that right there deserves a 200k price premium
This seller must be motivated. He/she is willing to take a $2000 (0.25%) haircut on a property purchased at the pinnacle of a once-in-a-generation bubble.
The location is no good and it’s a money pit. The seller has to get realistic. The $500,000 townhome on Alta Vista featured earlier this week is a better value (and the location on Alta Vista is better, even though it’s in Lakeview, by virtue of not being on a busy street with CTA buses going by all day and night).
From the few interior photos (crappy listing/agent in my opinion), this old place looks to be in the same shape as my old place was when I bought. That being said, I’d say $300K would give you a decent renovation that follows the lines of the existing layout – no Peacock cabinets, Ann Sachs tiles or paneled rooms, but still decent.
You could apply for an Illinois Preservation deduction where you agree not to change nor alter the exterior historic character of the property (that agreement transfers to all future owners too); they give you a one time federal income tax deduction based on a percentage of the value of your house. Lots of people in LP have done this including myself, but being that we’re already in a historical area and can’t change the exterior (as is the case with this house) it really would be a win-win situation. I can’t remember exactly, but I think it was something like an $80K deduction for me. There is also a federal renovation credit or something of that nature, but it also governs what you can and can’t change on the *inside* of your house… didn’t want to go down that road.
“doode can you imagine the tail that would be walking by your front steps on a daily basis.”
I’d have to build a nice covered front porch though, and thats probably not going to happen
“I’d have to build a nice covered front porch though, and thats probably not going to happen”
why would you want that, it would take you away from the action. I would be sitting on the second or third step for the full clear view.
I’ve been in a couple of these places and they are very cool– the extra wide really helps the townhousness of it.
But yeah, you have to want to live here, and watch the streams of students out back. And the W end of the development is not as desirable as the E end.
However, remember it’s pretty dead all summer, and the interior “quad” area is well used as little private “park” / green space by the residents and their families.
(And thx for the 841 W photos– that bath is an example of what I want to do in our place)
Living in one of the row homes facing Belden or the park is the way to go here. The Fullerton ones are the least desirable.
“Living in one of the row homes facing Belden or the park is the way to go here. The Fullerton ones are the least desirable.”
doesnt the price reflect that.
and honestly I would prefer the Fullerton, so clearly belden is not “the way to go here”