Old Town Single Family WITH the Parking: 1740 N. Sedgwick
This 3-bedroom home at 1740 N. Sedgwick is in the historic triangle district in Old Town.
Unlike some other Old Town single family homes we’ve chattered about, this one has a 2 car garage.
The listing says the brick home was built right after the Chicago Fire and was renovated by designer David Smith with cypress beams and built-ins. The renovation, from the public records, looks to have been done in the 1990s.
The three bedrooms are all located on the second floor, which the listing points out, is great for those buyers with children.
It is also listed at only $50,000 over the 1998 purchase price.
Is this a deal for Old Town?
Emily Sachs Wong at Koenig & Strey has the listing. See the pictures here.
1740 N. Sedgwick: 3 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in November 1993 for $256,000
- Sold in November 1998 for $1.5 million
- Currently listed for $1.55 million
- Taxes of $17,810
- Central Air
- Bedroom #1: 18×11
- Bedroom #2: 12×12
- Bedroom #3: 13×11
- Family room: 18×13
- Living room: 34×12
- Kitchen: 18×9
- Dining room (combined with family room): 14×11
Wow, back at its 1998 pricing and Im sure a lot has been upgraded since then… nice place. When I see a place like that in that hood, THAT is what I think is a 1.5 million dollar pad, not some mccrapbox on paulina and wellington.
$256 for this place–in whatever condition–in 93 was a steal.
If I were looking even remotely in the price range (or even looking, for that matter), this would be top of the list.
Nice place. a million five conjures pictures of a little more size wise. but I guess Old town is about the best location around so there’s that.
Kind of shocked it went for that in 98. maybe it’s bigger than it looks.
What IS that in the master bedroom?
I wonder if this place ruins ‘old towner’s comps… lol
I dunno 500k per bedroom and bath seems a little steep to me. Its not like nobody was overpaying for places in 1998 either.
Given the lot size and the condition/quality of the house, the price seems to be in the ballpark. I guess we’ll see.
Nice place. Nice hood. However, for 1.5, I still want more house.
I saw this unit… and you have to walk through master bathroom in order to get the the master bedroom from the main staircase. there is a second staircase that can be taken directly to the bedroom right when you walk in the front door. Segdwick is a bit busier than most streets in the triangle…I think a bus line goes right by there.
cc,
i dont think old town with a yard and parking @ 1.5m you can get more house than that. The house is worth about 300k to 400k, the parking in that hood is worth 60k, a big yard there is worth another 175k, and the rest is all location.
I base all these numbers off only 3 of the 7 voices in my head.
Nice but over $500.00 per square foot? I don’t think so.
A quote from Bill Gross that applies to a lot the SFH on here:
“Our economy’s lights, if not switched off in a rehash of the 1930s Depression, have certainly been dimmed in a 21st century version likely to be labeled the Great Recession. Much like John McSherry, U.S. and many global consumers gorged themselves on Big Macs of all varieties: burgers to be sure, but also McHouses, McHummers, and McFlatscreens, all financed with excessive amounts of McCredit created under the mistaken assumption that the asset prices securitizing them could never go down. What a colossal McStake that turned out to be.”
I looked at a smaller house in ’94 in Old Town on Eugenie and that was priced in the low 300s — can’t remember if it had parking but doubtful. And it was a wreak. So $256,000 in ’93 makes sense.
The current price is reasonable-ish.
The 1998 price has got to be a typo or some mistake? I really don’t see how this went for that much back in ’98.
Of course I’m assuming the upgrades were made after the 1998 purchase…
“cc,
i dont think old town with a yard and parking @ 1.5m you can get more house than that. The house is worth about 300k to 400k, the parking in that hood is worth 60k, a big yard there is worth another 175k, and the rest is all location.
I base all these numbers off only 3 of the 7 voices in my head.”
You might be right but I still want a bigger house in Old Town if I’m spending 1.5M
“Of course I’m assuming the upgrades were made after the 1998 purchase”
David Smith* was one of the buyers in ’93 and (of course) sellers in ’98. So the “designer renovation” was most likely done *before* 1998.
*Or “a” David Smith. I guess there could have been two of tehm involved in the house.
“Bob on July 22nd, 2009 at 2:23 pm
I dunno 500k per bedroom and bath seems a little steep to me.”
Shocking.
Looks nice, and a good price for north of North Avenue. If I could afford it, I’d chose it.
Lincoln school district too, which is a very nice feature.
Candidly, this area of Sedgwick was not so savory back in the 1990’s. Cabrini was a different community back then than it is now and its only a block off North.
I agree with all that 1998 seems to be an outlier on price.
I saw this place about 30 minutes ago. This place has a cool sunroom off the back family room. The dude living there has a lot of art. It can get kind of wacky, which makes the rooms hard to see for what they are.
I think the biggest weakness is the kitchen. It’s got a huge island/counter that is just sort of awkward. Some things, like a lot of the fixtures, seem a little outdated. The lot is extra deep so the house stretches back a long way. It has a nice outdoor space.
Also, the agent didn’t laugh at any of my jokes.
Move two miles due west and the price for a SFH like this or better goes for like 850. Is OT really worth that much?
Keepin’ it real… personal.
I think this place is a great do.
Think of it as a place Anon, G, Bob, and Sabrina will never live. I say that in a respectful way.
“Think of it as a place Anon, G, Bob, and Sabrina will never live. I say that in a respectful way.”
God you’re a douchebag. The possibility of meeting you* at a school fundraiser is enough to keep me out of the Lincoln attendance area.
*Or people who like you.
“Move two miles due west and the price for a SFH like this or better goes for like 850. Is OT really worth that much?”
Two miles west and you’re in the janky north eastern part of west town near the expressway and old industry.
“Think of it as a place Anon, G, Bob, and Sabrina will never live.”
Well Stevo is right. Even if I had the means, I would never, ever live here. You don’t stay rich by signing up for a 1.5MM liability that equates to 500k per bedroom and bath. Lets not forget about those 20k/year taxes.
Mr. Steve,
Why are you so mean? come on chillax, have a coke and a smile!
You shouldnt judge people by there monetary worth, but more as the morals and character.
and buy you making that above statement “Think of it as a place Anon, G, Bob, and Sabrina will never live.” how does that show your character?
This has got to crush the listing at 1852 Sedgwick (http://cribchatter.com/?p=6967). Separate 2-car garage vs. curb cut, larger lot, approximately the same sqr footage and $1M cheaper. Plus no flooding problems from below grade back yard. No way the modern upgrades (which some would actually consider detrimental) are worth it. I’m amazed at how much inventory there is in Old Town. I’ve had my eye on the area for a few years and there were usually no more than 2 SFH’s for sale at a time.
“Move two miles due west and the price for a SFH like this or better goes for like 850. Is OT really worth that much?”
Yes. Keep using that logic: move four miles further west and a house like this or better goes for $450k. Move four hundred miles west and it will cost $250k. Yes, location is worth it. That’s why you pay to live in the city. Otherwise, just move to the burbs. Or Iowa. This is good price for this hood. People who have the means right now are lucky . . . Buying into this hood used to be only for the super rich. It’s now getting feasible for the kind of rich.
PF,
I’m not sure this “crushes” the listing at 1852 Sedgwick. They are completely different. I am not saying that 1852 is priced right, but there is certainly nothing like it in that area (nor is there likely to be given the tight building restrictions in the area), not to mention that it is a brand new house. Say what you want about its style (which I admit is not everyone’s cup of tea, but I have lived down the street for years, and it was built very well.
This was previously listed for sale on 1/31/06 for $1,850,000 and subsequently lowered to $1,750,000 before the listing was cancelled on 8/15/06.
This is not a deal at $1,550,00 today if it could not sell for $1,750,000 during the easy mortgage money mania.
“if it could not sell for $1,750,000 during the easy mortgage money mania”
Do you actually believe that the only possible reason it didn’t sell in ’06 was because it was overpriced?
Well if it didn’t sell because of ‘location, location, location’ then it failed to sell because of ‘price, price, price’.
“Do you actually believe that the only possible reason it didn’t sell in ‘06 was because it was overpriced?”
No, in this infinite universe it is not the “only possible reason.” Hence, the if in my comment.
“Hence, the if in my comment.”
Then I must be unfamiliar with the dialect you posted in, because that’s not how it reads.
“Well if it didn’t sell because of ‘location, location, location’ then it failed to sell because of ‘price, price, price’.”
No, it might not have sold b/c of unreasonable conditions imposed by the seller; or deferred maintenance that has been dealt with; or any number of other things. All we know is it was listed (and that the owner had enough money to not *have to* sell–check him out if you like HD; dude wasn’t hurting).
Damn anon(tfo) why you suggest I look up the owner. All it does is piss me off and make me wonder where I went wrong in life. Especially in this particular case.
Lol, what you wish you created some online magazine?
“make me wonder where I went wrong in life”
Well, one thing you did is get born about 25 years too late. He was a smart businessman, ran a good business and sold at the right time. And he got a little lucky. There are plenty more just like him who weren’t as lucky and also wonder what they did wrong–most likely nothing; it’s not all about skill or right choices, sometimes it’s just about the right set of odd circumstances.
Look at Dr. Phil–he never meets Oprah if she isn’t sued (stupidly, I might add) by the Texas Cattlemen’s Assn (or whatever it was). Without that “luck” Phil’s just a life coach (or whatever he is) in Texas–probably still successful, but not a celebrity.
“Without that “luck” Phil’s just a life coach (or whatever he is) in Texas”
And by god the world would be a much better place..
I wish I had that idea that made me a couple of million dollars so I could hang out and not work all day.
hd,
you do hang out and not work all day, its just in a place you didnt choose 🙂
“that idea that made me a couple of million dollars”
Well, it’s not like he had the idea, patented it and sold it off for millions (as more than a few in Tech areas have). He ran a company successfully for 20 years.
“Then I must be unfamiliar with the dialect you posted in, because that’s not how it reads.”
Really? What threw you? I said the listing was cancelled, which someone with your knowledge should understand to include a number of possibilities (and your comment to HD confirms this.)
As for the second sentence, substitute “since” or “because” for “if” and you have a point.
“He ran a company successfully for 20 years.”
This is why I caution people to be too contemptible to those with money. Had I ever accumulate even $2MM I would probably retire immediately. There are some people who just love to work, are great at working and add a lot of value to the economy. Having a work ethic like that–they should be rewarded handsomely for it.
Many non-rich (the circles I run in obviously) assume these people treat money as a yardstick and thats what keeps them motivated. I beg to differ: these people are just super type As and live for the competition and challenge.
Seriously who needs to still work once you know your family all the way down to your grandkids are provided for? Only someone motivated by something other than money, really.
should’ve read ‘caution people to NOT be too contemptible’
“As for the second sentence, substitute “since” or “because” for “if” and you have a point.”
Shall we tear apart the sentence? (Please ignore the shreiks of horror and derisive remarks.)
“This is not a deal at $1,550,00 today if it could not sell for $1,750,000 during the easy mortgage money mania.”
Can be restructured as:
If it could not sell for $1,750,000 during the easy mortgage money mania, then it is not a deal at $1,550,00 today.
Which has *exactly* the same meaning as the first structure. This, to me, implies that b/c (that is, if…then) it didn’t sell at a higher price before, it cannot be a good deal today at a lower price.
As you acknowledge, there are lots of reasons that it may not have sold in 2006. Many of those reasons may have been remedied or gone away in the 3 years since then. So I was curious if you thought price was the sole explanation in ’06–it seemed unlikely, but many unlikely things are posited here.
Oh, and with verbal cues, I doubt I would have taken the same statement the same way if you said it to me. But the internet is a fairly literal place.
“Only someone motivated by something other than money, really.”
More than a few of them are motivated by money, but as a measuring stick of their “success” rather than as mere dollars.
A 3/3 for 1.5MM is the same thing (almost) as a 1/1 condo selling for 500k. We talk all the time about the ridiculousness of 1/1s selling for over 300k, I don’t see why this SFH isn’t ridiculous as well.
Is the land value really ‘worth’ 600k+? With no condo demand and the current inventory levels? Methinks not.
Trust me I work my a$$ off, and if you combine all the time in my day on this site it’s probably no more than 20 minutes or so; which is like my morning and afternoon smoke break. Most of my time posting is while i’m in the middle of something else not billable.
hd,
homie im just “smacking the lincoln log with a shoe lace”, (thats my new way of saying ‘just kidding’, feel free to use it)
hey i waste about an hour of company time reading on this site and 30 min posting now. I work my bunz off too but only the first two weeks of the month then the rest is slow/stupid project time.
Comprendo, anon. I have no doubt you wouldn’t miss any of my verbal cues.
FWIW, I thought of using IF in all caps originally, but I didn’t want to shout. Which is sorta funny, since it is, perhaps, my most common verbal cue.
Bob,
I think your analogy oversimplifies the situation a bit much, particularly if you are comparing a SFH to a 1 bedroom condo.
Sold in May for $1,312,500–just noticed in Chicago Mag.