Million Dollar Price Cut: 170 W. Eugenie in Old Town
Okay- so it’s not quite a million bucks. But this seller at 170 W. Eugenie in Old Town isn’t messing around with small price cuts.
This vintage single family home has been reduced $976,000 in the last month.
Here’s the listing:
5BR/6BA Victorian Home! 5 Beautiful floors of living space filled with exceptionally restored woodwork & detailed ceilings Designer Eat-in Kit. Custom Venetian Plaster & Luster Stone Paint throughout.
Custom marble baths. 3 Sep BR Suites. 2 Original WBFP. Custom Organized Closets. Sep. entrance to lower level. Must See! BRING ALL OFFERS!
It doesn’t appear to have parking. Will that be a problem at this price point?
Andrea Serban at Coldwell Banker has the listing. See more pictures here.
170 W. Eugenie: 5 bedrooms, 5.5 baths, built in 1891, no square footage listed
- Sold in January 1988 for $227,000
- Sold in October 2003 for $774,000
- Originally listed for $2.975 million in October 2008
- Reduced
- Currently listed for $1.999 million
- Taxes of $13,913
- Doesn’t appear to have parking
- Central Air
The linked listing says that it has 1 assigned parking space. There is a half-alley behind, off of Wells–could be shared space for those 4 (?) buildings.
We’re looking at the 1998-2000 prices now right?
I live near by, and my wife and I often walk by this one, from the outside it is gorgeous. Beautiful details, including some fantastic curved windows in the front bay (I am sure they would cost a pretty penny if they ever needed to be repaired.)
“We’re looking at the 1998-2000 prices now right?”
I’m pretty sure this was rental units (more than 2) in the mid-90s. Otherwise, that $227k was super, duper cheap ($600k @ 5%/; $500k @ 4%/). And they appear to have spent at least a couple hundred thou on fixing it up. I think it’s worth $1mm, easily. That reduction, that fast, almost makes it seem like the $2.975 ask was a typo–and if it was the genuine asking price, it was based on some other mistake.
Yeah to drop your price a million dollars in a month seems fishy to me. Typo maybe or maybe they just have a good agent that talked them into a more reasonable price. That agents going to be talking them down to the million mark though Im afraid.
“a on November 25th, 2008 at 3:30 pm
We’re looking at the 1998-2000 prices now right?”
It really doesn’t matter what price someone paid for this place in 1998 or even 2003. What matters is the price a buyer is willing to pay in today’s market, given the condition and features of the property and the surrounding area.
Our stock market just crashed down to 1998 or earlier levels I see no reason that real estate couldn’t do the same*
*Although real estate returns doesn’t pay dividends so it couldn’t drop as far to break even with the stock market.
“That agents going to be talking them down to the million mark though Im afraid.”
I just checked–unless there is a typo, there are OVER $3mm in mortgage on the property–a first for $2,695,000 and a second for $385k. The first re-fi’d a couple others in March ’07, the 2d was exeucted in April ’07. And the lucky lender on those monstrously stupid loans is ….
WaMu.
I don’t think it’s on the market, but does anyone know anything about the giant, spectacular house on Wrightwood at Hampden Court?
Fraud?
also its a victorian and a row house which means its probably shallow and very narrow, with small rooms
The 1988 sale included 8 tax numbers, including that entire row of vintage houses along Eugenie, plus 3 that I’m not trying to figure out right now–there are some weird things mixed in, but several of these definitely wer included in the one sale. Probably not an arm’s length sale.
Same guy who owns 170 Eugenie also owns the corner place (172 Eugenie), it sold for $1.1mm in ’05. It has a $2.85mm first mtg and a $0 second mtg, also from WaMu.
The one just to the east (168) sold in ’95 for $499k.
166 sold in ’89 for $350k
164 sold in ’03 for $775k. This is one that is weird, tho.
This just baffles me, how on earth is this even worth $1M. Who cares how much money they put into it, there is nothing about this property that stands out, nothing. For $2M there are numerous places you can find in the city with all kinds of special features, perhaps you can even get a two car garage, just a thought. The only people that may be attracted to such a dump are those that have a nostalgic bone and want a Victorian style house. If you are paying ~$2M for a “Victorian” style house it better at least have a grand entrance/foyer.
“its probably shallow and very narrow”
Using the city’s GIS, it looks like about 18×50.
“This just baffles me, how on earth is this even worth $1M.”
Location?
Point taken on location. Essentially the cost of this place should be land value + demolition fees, because it is piece of crap.
“the cost of this place should be land value + demolition fees, because it is piece of crap”
And there are a lot of people who feel the same about anything “modern”. Basically a style mismatch for shiphouse.
Judging from those interior shots, there doesn’t appear to be much ‘original’ left.
It is not a style mismatch at all, I just feel that this house is a very poor representation of what the “Victorian” style has to offer. Their is nothing unique, original, or historic about this place. From the pictures it looks like exactly what it was a poorly convereted apartment building. At one point in time this was probably a grand victorian, but no more. It is one of my biggest pet peeves when somebody thinks they can take on restoring a victorian to its original form. It is not as simple as a dream or a desire to have a victorian house, you have to put your lifeblood into it and have very deep pockets to truly do it right. Unfortunately while these owners may have had good intentions they failed miserably. It happens time and time again with projects like these because you can never truly estimate the expense of a restoration such as this. As such, this place is essentially worth the land value + demolition (to the interior anyways). Essentially this project needs a do-over. This argument has nothing to do with modern v. historic but rather about doing a project right.
at that price you have to have more that one parking space, and it better be a two car garage. Great location though.
I just got around to google earth’n this place. What a great location!
I think some of you are undervaluing this one, it isn’t just a good Lincoln park location, it is a fantastic Lincoln park location. It is 1 block down away from the park the lake beyond that. That is just about the perfect distance in this neighborhood, extremely close, but not directly on Lasalle street. It is huge and the rooms don’t sound all that small to me.
Rooms: Level Dimensions
Bedroom 1: 2nd Level 17X12
Bedroom 2: 2nd Level 12X11
Bedroom 3: 3rd Level 16X13
Bedroom 4: 3rd Level 15X12
Bedroom 5: 4th Level 14X13
Living Room: Main Level 17X14
Family Room: Lower 30X16
Kitchen: Main Level 19X12
Dining Room: Main Level 17X14
Other Room 2: 3rd Level 12X12
Other Room 3: Lower 12X12
If you get up close to it, you’ll see that the detailing and woodworking was really well done, this isn’t just someone’s weekend project, it was clearly done by craftsmen with some skill.
Another thing, someone should really verify the time on the market, because I am fairly sure it has been out there longer than 1 month, I’ve seen the sign out front of the building for at least the past year, so I imagine it took them quite awhile to decide to come down in price.
Shiphouse, could you be more specific about the building? Have you ever been to it, outside or inside? You seem ready to damn the craftsmanship on it, but I wonder if you’ve even seen it.
The craftsmanship looks fine. I suspect shiphouse is more up in arms about the attention to stylistic conformity. That ceiling and chandelier in the master bedroom do indeed look rather strange. But in this price range, swapping out various fixtures and trim pieces doesn’t seem like too huge a deal – sure, negotiate downward a little on the price to compensate, but it definitely doesn’t push the property into a different price bracket.
That roof deck is pretty great, too. A truly superb location, as previously noted. Who knows if they’ll get anywhere near their ask – but based on location, general size, and level of finish, this is by any measure a desirable property.
They won’t sell it until they drop the price to $700,000.
17×14 sounds pretty small to me, especially when a standard six-flat has bigger living and dining rooms than those.
I know of a rowhouse in the gold coast which was fully restored to original condition and then purchased and gutted of all the original woodwork and detail. It happened to a friend of mine too, who had restored her vintage high rise to pristine condition and then sold it to someone who gutted for no real reason, which is a shame, since it was truly special.
Anon writes:
The 1988 sale included 8 tax numbers, including that entire row of vintage houses along Eugenie, plus 3 that I’m not trying to figure out right now–there are some weird things mixed in, but several of these definitely were included in the one sale. Probably not an arm’s length sale.
Perhaps this 1988 sale was planned to be a highrise site. thankfully unrealized…
Hideous decor. Get rid of all the victorian dreck and stage it with some more attractive CONTEMPORARY furniture. It won’t clash, it will actually feel fresh.
Kills me that people with so much money have such crappy taste.
Money is inherited but taste isn’t.
still a ripoff, they bought 172 w. eugenie also , bought for 774k and put maybe 150k into, trying to double up, sorry party is over and were not in Manhattan.
I know one of the neighbors — this was a COMPLETE gut job — there is nothing of the original Victorian stuff left at all; it’s 100% new. And parking is in an alley shared with the neighbors so everyone has to be close by and ready to move their car out of the neighbor’s way 24/7. And no one shovels. Why would anyone pay $2mm to do that?? Like shiphouse sed, you can get a 2-car heated garage for $2mm and twice the house as well.