Old Irving Park 3-Bedroom Brick Victorian Finally Sells After 26 Months: 3656 N. Tripp
We chattered about this 3-bedroom brick Victorian at 3656 N. Tripp in Old Irving Park several times over the last 2 years.
See our last chatter, in October of 2010, here.
Originally listed in June 2009 for $499,000, the house was reduced numerous times before it finally found a buyer in August 2011 at $375,000.
Built in 1903 on a corner 34×155 lot, all 3 bedrooms were on the second floor.
It had a finished basement, central air and a 2-car garage.
The kitchen had stainless steel appliances, granite countertops and maple cabinets.
Did someone get a deal for the neighborhood?
Irene Yungerman at Baird & Warner had the listing. You can still see the interior pictures here.
3656 N. Tripp: 3 bedrooms, 2.5 baths, 1700 square feet, 2 car garage
- Sold in May 1989 for $170,000
- Sold in May 1999 for $273,000
- Originally listed in June 2009 for $499,000
- Was still listed in August 2009 at $499,000
- Reduced
- Was listed in October 2010 for $449,000
- Sold in August 2011 for $375,000
- Taxes of $6790
- Central Air
- Bedroom #1: 15×13
- Bedroom #2: 13×12
- Bedroom #3: 13×11
This $375 to $450 price range seems to be the hot price point for the neighborhood. Most livable single family structures within this price range have sold.
Right now there is a dearth of these reasonably priced homes for sale in old irving. I mean, all the good homes have been snapped up. On the southside of irving, there is only one livable victorian for sale and it’s listed in the $500’s; beyond that, there’s nothing livable under $450’s because they have literally all been snapped up. On the north side of irving there are only a handful left, one of which is a short sale, the other is pretty dumpy and the third is newer construction, and the other is pretty small. Even in the villa the $300’s priced homes have all been snapped up and all that remains is the new construction and the million dollar home.
Examples:
3633 N SPringfield 8/23/11 $408,000
3632 N Harding 9/30/11 $350,000
3725 N Lowell 8/1/11 $455,000
3732 N Lowell 9/8/11 $425,000
4442 W BERTEAU Ave 05/23/2011 $450,000
4316 N TRIPP Ave 07/25/2011 $427,000
4156 N Kedvale Ave 04/25/2011 $360,000
4327 N KEELER Ave 05/23/2011 $431,000
4253 N Kolmar Ave 09/23/2011 $355,000
3919 N Lowell Ave 07/08/2011 $425,000
4507 W DAKIN St 04/28/2011 $470,000
So people are buying nice homes. Thanks HD.
Interesting that this closed almost 20% below most recent listing price.
Wow on the $829 & $929k SFHs nearby properties in the Urban Real Estate link sidebar. I wonder if they will sell more quickly than my $400k 3/2 in Avondale 🙂
“Interesting that this closed almost 20% below most recent listing price.”
Sabrina skipped a couple. It was at $410 on May 15 (per HD in the prior thread).
So HD, what’s your reason for not buying again? Or were you the buyer? Do you think prices of these types of homes will fall further? I thought this was the area you wanted to live in. Seems like fairly nice homes at decent prices…
you want to know why those priced homes are selling, HD?
mortgage rates are so fricking low!
look at these payments on a 400k house 20% down = 320k loan
30 year loans
@ 6% $1918
@ 5% $1718
@ 4% (todays rates) = $1527
on the 30 year loan you are only paying $1066 a month in interest (461 going towards principal) and that interest decreases by about 1.50 every monthly payment you make
15 year loans (what a deal!)
@ 5% $2530
@ 4% $2367
@ 3.25% (todays rates) = $2209
on the 15 year loan you are only paying $800 a month in interest (1400 going towards principal) and that interest decreases by about 4 bucks every monthly payment you make, that is one hell of a deal IMO
Convert this, although it’s “only” a 25×125 lot…
http://www.redfin.com/IL/Chicago/4021-N-Kenneth-Ave-60641/home/13482107
Getting back to the house: This is a corner lot, which is a big strike against it. And the rooms upstairs have low ceilings, which cuts back on their size a bit (floor space doesn’t really count if you can’t stand on it).
Whoever listed it at $499K was delusional. The 1999 price actually looks closer to reality than what it sold for. Considering the poor economy over the last decade, is this house really worth nearly 40% more than it was 12 years ago?
“Considering the poor economy over the last decade, is this house really worth nearly 40% more than it was 12 years ago?”
I think when you consider the area yes it is. If you look at the examples HD lists and the fact that desirable housing stock in this part of Old Irving is lower than most other areas this is a good price.
What’s wrong with corner lots?
“What’s wrong with corner lots?”
more sidewalk to shovel in the wintertime?
“Considering the poor economy over the last decade, is this house really worth nearly 40% more than it was 12 years ago?”
Do you *honestly* beleive that the interior was in this condition 12 years ago?
That kitchen ain’t 12 years old.
more sidewalk to shovel in the wintertime?
I guess, but not everyone is fat and lazy.
“Right now there is a dearth of these reasonably priced homes for sale in old irving. I mean, all the good homes have been snapped up.”
How can that be? You told me that volume was low because they were priced too high. The real problem is there aren’t enough of them for sale at current market prices.
“I guess, but not everyone is fat and lazy.”
yeah you’re right, only about 50% of the population
Please, not again.
Corner lots are inherently less desireable because they have smaller yards and front on two streets instead of just one (more noise).
Point taken – the house has been improved since 1999 and the price is in line with others nearby.
chuk: not again..not again, no no no
I haven’t bought because I’ve been blacklisted by the realtor cabal.
Just went down to McCormick Place, mainly via Michigan there and State back. Have to say, much of the SL looks like a very nice place to live. Still, even on a day like this, it looked pretty uninhabited.
yeah you’re right, only about 50% of the population
Sounds about right. That’s still a good capture rate ; )
“I haven’t bought because I’ve been blacklisted by the realtor cabal.”
You surprised by this?
Disagree about corner lot. You get way better light, esp on first floor.
Corner lot is bad if it is on abusy street.
Also are we comparing 1999 price adjusted for inflation ?
Cue anon with the numbers…..
“Just went down to McCormick Place, mainly via Michigan there and State back. Have to say, much of the SL looks like a very nice place to live. Still, even on a day like this, it looked pretty uninhabited.”
Really, I did the same thing the other day and thought just the opposite. Seemed like a lot going on.
the nice thing about sloop is there isnt a lot of crap that draws people from outside the hood, tourists, super popular bars etc. makes the area more livable in my opinion. esp printers row.
if you’ve never lived on a corner lot, it’s hard to imagine just how much more street noise/foot traffic there can be. And this holds true for quieter, interior street corners as well.
Stop signs add noise (car music, cars accelerating/braking), foot traffic is double, and in chicago often there is at least one apartment building on any given corner. Factor in the noise generated by that, and it adds up.
I speak from experience.
I like Corner lots on wider properties like 50Ft so you can buffer the house from the sidewalk with a fence
I don’t like houses that are right on the sidewalk. Too much foot traffic next to the house. Potential for vandalism etc.
“Also are we comparing 1999 price adjusted for inflation ?
Cue anon with the numbers…..”
$273 (’99) + cpi = $371 (’11).
So, yeah, in real $$, HD should be buying.
The subject house is crooked and not level.
sold over 100K over the ’99 price, i think there was room to fall more
“I haven’t bought because I’ve been blacklisted by the realtor cabal.”
Translation: I only want to spend $150k for a 3/2.5 single family that is fully renovated in a good school district.
Just messin’ with ya, HD.
“sold over 100K over the ‘99 price, i think there was room to fall more”
In real terms, it sold *at* the ’99 price AND is a considerably nicer house than it was in ’99.
“The subject house is crooked and not level.”
You wagered against a house? How much it cheat you for?
” I only want to spend $150k for a 3/2.5 single family that is fully renovated in a good school district. ”
Me, too, Russ. Me, too.
Wabash around 14th is the bumpin street in the south loop
“$273 (’99) + cpi = $371 (’11).
So, yeah, in real $$, HD should be buying.”
Of course, but HD thinks we’re going to get to 1940s prices in real $$…
“Of course, but HD thinks we’re going to get to 1940s prices in real $$…”
Don’t have a clue what this would have sold for in 1940, but defalte the $375 to 1940, and it’s $23,174.20.
No, if you look at the photo, the house appears unlevel and the left side looks lower than the right. Could be the photo though.
“Could be the photo though.”
If you have a redfin acocunt (or are willing to register) look at the straight on pic here:
http://www.redfin.com/IL/Chicago/3656-N-Tripp-Ave-60641/home/13458473
Looks like the ground slopes a bit toward the corner of the lot, which could create a perspective illusion.
The North porch column–bt the two pix–does look a little off-plumb.
The straight-on photo certainly makes the porch roof line appear out of level with the ground horizontal.
“The straight-on photo certainly makes the porch roof line appear out of level with the ground horizontal.”
Ground isn’t level, tho–check the space from the steps running right, and the relation to the under porch trellis.
Seems like a nice house that went at a reasonable price. I agree with the minority that corner lots are nice. I’d rather get the light afforded by not having a house on the lot line and deal with the extra noise and snowblowing.
“So people are buying nice homes. Thanks HD”
It’s never been a secret here that there will be knife catchers all the way to the bottom. Try to keep up.
There are so, so many more expensively priced homes in Old Irving that are not selling and all the lower priced homes get ‘snapped’ up; so what’s going to happen to the higher priced homes? Someday they’re going to sell for a fraction of their listing price today; and that will destroy the value of the the buyers who purchased further down the property ladder. Mark my words.
“G on October 7th, 2011 at 3:13 pm
“So people are buying nice homes. Thanks HD”
It’s never been a secret here that there will be knife catchers all the way to the bottom. Try to keep up.”
“
“Mark my words.”
From your keyboard to the eyes of God.
“destroy the value of the the buyers who purchased further down the property ladder”
But you keep telling us that the higher priced homes are substantially the same as the ones that sell, and often worse, but just asking too much wrt market selling prices.
Internal consistency, please.
“Internal consistency, please.”
I believe price is all there is to the property ladder. When those up the ladder have to sell, they will add inventory to the rungs below. There are a lot of them, and they will eventually have to sell (mostly as foreclosures in Old Irving.) Current sales volume is very low and many will be wrong (yet again) about what the market clearing price really is.
“I believe price is all there is to the property ladder.”
I haven’t seen you suggest that the no-selling, over-priced houses in OIP are substantially similar to the selling, (currently) right-priced houses in OIP. I agree *totally* with your point (as I think you know).
I was asking HD how it is possible that a now-over-priced, future-right-priced house will destroy the “value” of a substantially similar home that currently *appears* to be further down the property ladder. (but I think you knew that, too)
If you have to ask yourself the question then I think you already know the answer…
“I was asking HD how it is possible that a now-over-priced, future-right-priced house will destroy the “value” of a substantially similar home that currently *appears* to be further down the property ladder. (but I think you knew that, too)”
“I agree with the minority that corner lots are nice. I’d rather get the light afforded by not having a house on the lot line and deal with the extra noise and snowblowing.”
Agreed. I would gladly spend an extra few bucks installing triple pane glass in exchange for natural light pouring in along the entire home.
“If you have to ask yourself the question then I think you already know the answer…”
I wasnt asking mayself the question…
Looking at those interior photos, I have to ask; are the balusters on that staircase railing up to code? I thought they have to be spaced such that a kid couldn’t get their head stuck in there, or fall through in some way? Those don’t look like they’re close enough together.
@anon (tfo) “Ground isn’t level, tho–check the space from the steps running right, and the relation to the under porch trellis.”
Shouldn’t the steps be parallel to the porch roofline?
“Shouldn’t the steps be parallel to the porch roofline?”
Yes, but mine were not for a long time. Porch roof level, steps crooked.
And, I’m not defending the house–don’t really know either way–just not seeing the out of level from the pix.