“Once In a Lifetime” Victorian Sells for $409K: 2633 N. Central Park in Logan Square
We last chattered about this renovated 3-bedroom Victorian at 2633 N. Central Park in Logan Square in August 2011 after it had been reduced $40,000 to $449,000.
See our prior chatter here.
This is one of the many properties that had been bank owned, was rehabbed and then came back on the market.
Even after the price reduction, many of you thought this was still way overpriced compared to other sold comps in the neighborhood. You also disliked the vinyl (aluminum?) siding.
Instead, it sold in November 2011 for $409,000.
If you recall, originally the house was bank owned and the listing called it “not habitable.”
The listing said it needed “to be rehabbed and brought back to life.”
It had some of its vintage features including trim, original hardwood floors and built-ins.
But as you can see from the pictures in the bank owned listing- it needed a lot of work. See those pictures here.
The house sold in February 2011.
It came back on the market in June totally rehabbed and was listed as a “once in a lifetime”.
The house was built in 1878 and was on a rare double lot of 50×125.
In addition to the original pine hardwood floors, it had leaded glass windows, oak moldings and an antique fireplace.
The house also had a new roof, siding, heat, a/c, electric, plumbing and garage.
The kitchen had white cabinets, stainless steel appliances and what looked like butcher block counter tops.
The basement was unfurnished. All 3 bedrooms were on the second floor and there was a 13×14 family room on the main level.
Is it surprising it sold for over $400,000 given its location?
David Bishaf at David Bishaf Real Estate Broker had the listing. You can still see the interior pictures here.
2633 N. Central Park Avenue: 3 bedrooms, 2.5 baths, 2200 square feet, 2 car garage
- There is no prior sales price
- Originally listed in November 2010 for $99,000
- Bank owned in December 2010
- Sold in February 2011 for $162,500
- Originally listed in June 2011 for $489,000
- Reduced
- Was listed in August 2011 at $449,000
- Reduced
- Was listed in October 2011 at $419,000
- Sold in November 2011 for $409,000
- Taxes of $4692
- Central Air
- Bedroom #1: 12×12 (second floor)
- Bedroom #2: 13×10 (second floor)
- Bedroom #3: 14×8 (second floor)
- Family room: 13×14 (main level)
EXACTLY!! This property is a great example of the chronic nay-sayers of cribchatter not understanding how many people out there actually do have the means and motivation to buy in the green and yellow zones of chicago. Because of these people (and there are thousands and thousands of them) prices will NOT go down (despite all or your useless analyses of the CSI, 10-year/15-year note, derivatives and all that other mumbo jumbo nonsense). Also, remember that just because you THINK or WISH prices will go down, doesn’t mean it’s gonna happen – it ain’t!!
i’m not surprised this sold, i’m just surprised it fetched such a high price for Logan Square and on this busy street.
But clio, you have yet to get anything right by ignoring the data. All you present in support of your errors are your incoherent thoughts and wishes.
I don’t know what the fair price for this part of the city and these types of houses is, but I still cannot get over the exterior. It completely strips the Victorian from its character.
20% down convention mortgage. NO FHA nonsense here.
“i’m not surprised this sold, i’m just surprised it fetched such a high price for Logan Square and on this busy street.”
It’s still a reno’d house on a double lot. Yes, on a undesirable street in a less desirable part of logan. Maybe a touch high but doesn’t seem crazy high for the current market. And people love “new”. Doesn’t prove clio’s point, of course.
“20% down convention mortgage. NO FHA nonsense here.”
Disappointed?
“NO FHA nonsense here.”
WTF?
I’m happy to see the market is functioning properly. Like you said, this is a renovated house, on a double lot, in a ‘hip’ area like Logan Sq. I grew up in a suburban area where various parts of my town had attached housing, or smallish sub 1000 sq feet single family homes *(1). So when of course a 2,200 sq ft renovated home in a hip city area will cost more money. In some soulless suburbs these days buyers can purchase 1,000 sq foot two bedroom townhomes for $70,000; these were selling for $180,000 at the peak bubble. Not everyone has the right to live in a single family structure; and not everyone has the right to live in a newly renovated single family structure. Buyers will pay dearly for that given the short supply of these homes. *(2)
(1) Of course just directly north of my suburb, and to the east of where I grew up, were very nice suburban areas with large 3,000 sq foot homes on large, often acre minimum sized lots.
(2) When the foreclosure tsunami arrives it will bring lots of cheaper priced but older homes; homes with years of deferred maintenance, or in bad shape. The worst seem to be the Homepath foreclosures that got fixed up by Fannie/Freddie. They put lipstick on a pig with a new coat of paint, industrial carpet in the family room, and a stainless steel fridge, not addressing any of the underlying issues like leaking roofs, outdated kitchens, nearly lifeless mechanicals, etc.
“DZ (January 20, 2012, 8:47 am)
“20% down convention mortgage. NO FHA nonsense here.”
Disappointed?”
“in a ‘hip’ area like Logan Sq”
Yeah, we’ve got a Charlie Trotter disciple led yakitori-ya-ish now. But who doesn’t these days.
Logan is totally hip. Portage Park is totally not. I don’t think these is much to debate about this issue.
“NO FHA nonsense here.”
What’s their slogan?
Creating Underwater Borrowers One Closing at a Time Since 2007
Nearly everytime I see a comp where it appears the buyer totally overpaid, the mortgage info shows an FHA loan. There was one a few months ago where the buyer overpaid by about 100k compared to what conventional buyers paid just a few months later.
I was expecting it to sell for less but I am continually surprised by how much people are willing to pay to live on the 2400-2800 blocks of Central Park. But, hey, I’m in Logan Square, so doesn’t bother me. I’m not going to argue with all of the money pouring into the neighborhood.
DZ–re: the building housing the new restaurant that you’re referring to–2853 N Kedzie Ave. I was at a Mediterranean spot in the city and suggested to the chef/owner that he consider opening his next place in Logan Square. We went to see that building twice in 2010 but he lost interest. Would’ve been nice to have that cuisine in the area (though Masada is supposed to open in June). Anyway, the building sold for next to nothing–$112k in 2010. Haven’t been to “Yusho” yet. That block isn’t great but it’s just a matter of time for it to get better as retail spreads outward from the square.
But for the people living inside, that’s a moot point. One of the unspoken rules of up-and-coming neighborhoods is focus on the inside of your house, not the outside – as fancy on the outside invites burglaries.
This buyer got a deal IMO. We looked on this block and were ready to move there 10 years ago. Nice proximity to Milwaukee and the Spaulding entrance to the Logan Sq. Blue line stop, short walk to all the action around the monument, etc. It’s a hair too busy of a street for many, that’s the main issue with it.
“I don’t know what the fair price for this part of the city and these types of houses is, but I still cannot get over the exterior. It completely strips the Victorian from its character.”
“But for the people living inside, that’s a moot point. One of the unspoken rules of up-and-coming neighborhoods is focus on the inside of your house, not the outside – as fancy on the outside invites burglaries.”
Might sound fine with a $200K house, but $400K?
G: 400k is a lot, but that’s what 2 DINKs can afford and that’s the demographic for a home like this. I’m not saying it is a wise decision, but that’s a different matter for a different day. Its not a deal, but the market price. Prices will fall but until DInks stop desiring renovated homes in hip areas, or there is a deluge of similar homes, which is not likely, than it is what it is. This would never sell for 200,000 in this condition in this neighborhood. Years in the future maybe, but not today.
North of $400k may or may not have been too much but this isn’t going to go for $200k either. You’ve said yourself that you see the Milwaukee corridor continuing to improve and that’s exactly what is happening. And DINKs are not going to stop desiring renovated homes in hip areas.
“And people love “new”. ”
i will say i fall into that category, i know i have the skills and ability to DIY, which i did to out current house. I would rather not deal with the time and hassle.
i would also rather not deal with the hassle and war zone of paying somebody to do it for me.
i would rather all major stuff be already done and will pay the listing increase for it.
Groove–after going through a lot of renovation myself as well (doing it myself and paying others), I agree–it’s a PITA. Much easier to just buy with the work done if you can afford to do so, especially with rates this low–preferable than paying with cash out of pocket.
DZ (January 20, 2012, 9:30 am)
“in a ‘hip’ area like Logan Sq”
Yeah, we’ve got a Charlie Trotter disciple led yakitori-ya-ish now. But who doesn’t these days
I know this is off-topic, but where is there a yakitori-ya in Logan Sq…as in roasted meat on skewers.
I haven’t had tori kawa in a year!
“Groove–after going through a lot of renovation myself as well (doing it myself and paying others), I agree–it’s a PITA. Much easier to just buy with the work done if you can afford to do so, especially with rates this low–preferable than paying with cash out of pocket.”
when we were just married and no kids and YOUNG all we looked at were fixer uppers we bought one and had tons of fun demo’ing and rebuilding and DIY’ing. it was great to ripp out a plaster wall then find all old the newspapers stuffed in the wall. Good reads.
now that i am old have a kid its a different ball game. time and tolerance is at a all time low, plus things on my body hurt after one day of sledding or sleeping wrong.
You can get renovation loans for 4.25%. Do the renovations before you move in. Then move into a new house. The contractors will hold your hand while they do the renovations. They’ll do the drawings, pull the permits and even plant new trees if necessary. Of course you can’t live there while this is going on. But if you can turn a $200k house into a $300k house or more, and do it ‘new’ with your own chosen finishes, for less than $300,000? Well, to me that sounds like a winning proposition….now you just have to find a $200,000 house that only needs $100,000 in work….they’re out there, keep looking, I assure you they are. Or buy a $300,000 house and turn it into a $400,000 house.
“But if you can turn a $200k house into a $300k house or more, and do it ‘new’ with your own chosen finishes, for less than $300,000? Well, to me that sounds like a winning proposition….now you just have to find a $200,000 house that only needs $100,000 in work”
Don’t you mean a $200k house that only needs $50k of work? If you’re going to spend $300k on tyour $300k house, why not just buy a $300k house in the first place and get a cheaper loan and no brain damage?
And, if you’re going thru the brain damage, why not find a $50k lot and build your 1800 sf home from the ground up and know that you won’t have [problem X] from reno’ing and old house?
The Double Lot sells these places. People appreciate that extra green space
There are NOT many double lots left in these neighborhoods
First of all, it’s difficult to find a $300,000 house that’s new (as show above, it is either $160k as a crapshack or $400k new); and the ability to do it the way you want it is very appealing; and secondly, where the hell can you find a $50,000 lot in a neighborhood that is safe? duh.
DINKS will stop desiring renovated properties in hip areas but the game of musical chairs is still ongoing. These DINK sellers will probably have a child or two, and somewhere down the road will have to sell their 10 year old renovated house to some other DINKS, who themselves may want a new, renovated home, not a 10 year old home. And that’s going to assume there is a constant supply of DINKs who want to live in the city and pay $400,000 for a renovated home.
“I know this is off-topic, but where is there a yakitori-ya in Logan Sq…as in roasted meat on skewers.
I haven’t had tori kawa in a year!”
Yusho is the “take” on yakitori by Charlie Trotter alum. There’s also Wasabi in logan sq which has some of those items. Yakitori/ramen (which I know don’t nec traditionally go together) are the hot thing these days. Many places including slurping turtle by takashi, as you prob know.
I’m underwhelmed, but it takes just one buyer. Looks like an inexpensive remodel with a astute paint color palette, compatible w/”Country Living” magazine’s low-budget decorating ideas. But drywall, shiny woodwork varnish and cheap cabinets/counter age quickly.