Our Favorite Gut Rehabbed SFH Has Been Reduced $200K: 2334 W. Diversey in Logan Square
We last chattered about this 5-bedroom single family home at 2334 W. Diversey in Logan Square in March 2011.
See our prior chatter here.
It had been a 3-bedroom short sale that sold for $138,000 and then was gut rehabbed into 5-bedroom “new” single family house listed at $849,000.
Most of you mocked the price at that location- which is right near the busy Western/Diversey/Elston corner.
It has since been reduced $200,000.
In 2010, the house was a 1915 frame house with 3 bedrooms and 2.5 baths and a new roof put on in 2007.
You can see the exterior of that house here.
Today, it is a 5 bedroom and 3.5 bath house with luxury finishes.
Built on a standard 25×125 Chicago lot, it now has a “stunning chef’s kitchen” with stainless steel appliances and granite counter tops.
The master bedroom has a spa bath with body sprays.
It also has a great room and a deck over the garage.
Even after the reduction, can this neighborhood support this price point?
These are pictures of the house next door and the view across the street.
Wilfredo Aguilar Jr. at Property Consultants now has the listing. See the pictures here.
Or see it in person at the Open House on Sunday, Oct 9 from 1 – 3 PM.
2334 W. Diversey: 5 bedrooms, 3.5 baths, 2 car garage, 4000 square feet
- Sold in April 1993 for $65,147
- Sold in June 1993 for $126,000
- Originally listed in December 2009 for $209,000
- Reduced
- Lis pendens foreclosure filed in April 2010
- Sold as a “short sale” in August 2010 for $138,000
- Was listed in March 2011 at $849,000
- Reduced several times
- Currently listed at $649,000
- Taxes of $4541
- Central Air
- Bedroom #1: 20×14 (second floor)
- Bedroom #2: 18×11 (second floor)
- Bedroom #3: 12×10 (second floor)
- Bedroom #4: 20×14 (lower level)
- Bedroom #5: 15×12 (lower level)
If a buyer’s top priority is being able to get the quickest transfer in the city from the Western to the Diversey bus this could be a steal.
For reference, here’s a smaller but more desirable lil’ house that went under contract down the street.
http://www.redfin.com/IL/Chicago/2538-W-George-St-60618/home/13450988
849 is laughable. It’s a really tough location to be selling at. I have no clue but I’d bet on low 400’s and wouldnt be surprised at high 3’s.
So here’s my question – how is this property, which is “east of Western” actually more desirable than the one on the 3100 block of N. Spaulding?
this location would drive me INSANE, I avoid this intersection like the plague.
If I wasn’t running the marathon this Sunday I would go to the open house and mock them in person.
This house is just west of a bunch of loft conversions, south of THs that sold for $500K, and it’s technically within the Green Zone. Walking distance to Tore’s beef stand.
The neighborhood, maybe, for a nicer property. However, this particular lot cannot support that price, even if it had a nicer facade.
Hah. Great line Chibuilder.
$375
“These are pictures of the house next door and the view across the street.”
Haha, Sabrina, you are too much.
“this location would drive me INSANE, I avoid this intersection like the plague.”
Well, it’s not AS bad the one ?32 blocks southeast (Fullerton/Damen/Elston), right? So at the very least, it’s no lower than the 2nd-worst intersection in the city.
“These are pictures of the house next door and the view across the street.”
Haha, Sabrina, you are too much.
“this location would drive me INSANE, I avoid this intersection like the plague.”
Well, it’s not AS bad the one sqrt32 blocks southeast (Fullerton/Damen/Elston), right? So at the very least, it’s no lower than the 2nd-worst intersection in the city.
I need a formatting tutorial. Where is Madeline when you need her?!?
While true, I don’t think I’ve ever seen a home price this inflated anywhere near the Chicago equivalent of the Bermuda Triangle you mention below.
“Well, it’s not AS bad the one ?32 blocks southeast (Fullerton/Damen/Elston), right? So at the very least, it’s no lower than the 2nd-worst intersection in the city.”
” I don’t think I’ve ever seen a home price this inflated anywhere near the Chicago equivalent of the Bermuda Triangle”
How soon we forget ….
http://cribchatter.com/?p=8790
ooh. that is bad.
“How soon we forget ….
http://cribchatter.com/?p=8790“
Just an absolutely terrible location for a SFH, even more-so one with an identity crisis. I would love to know what brilliant thought passed through the flipper’s head before starting this endeavor.
I really want to say $300s, but who I am kidding, someone will see the “50% asking reduction”, shit their pants and snatch it up at $425 thinking they beat the system.
awww Sabrina, after informing us that this was once a “1915 frame house” I was hoping you’d tell us what it traded for in 1915.
Oh, my! BIG news! They lowered the price to $648k!! What a joke…..
MLS 07781994 is what 10k more buys in Barrington. The nearby views are a bit different.
Logan Square valuations are toast and these natives are going to realize their dreams of getting rich quick off the white people arriving aren’t in the cards as mostly those white people move to Logan Square because they need to save a couple hundred bucks on rent.
This listing is so hilarious everyone should find the most awesome house they can for near 650k and post it in this thread.
MLS 07828404 is another Barrington one but for 50k more. With all of the money you are saving on schooling you can hire a maid to help you clean that 6,500sqft beast.
ok bob, i’ll play… LMAO!
http://www.redfin.com/IL/Galena/125-S-Prospect-St-61036/home/28917676
what an insane pad! LOL!
$648,000 list!!!
Under $600k now!! $250k under original list price!! Better snatch it up NOW!!!
“what an insane pad! LOL!”
thats awesome
Here’s what they should have done:
http://www.redfin.com/IL/Chicago/2324-W-Diversey-Ave-60647/home/13360772
Which is nicer outside and in.
At ~$450k, this prob would have sold. As it is, they still havent sold it.
Just saw a public notice on this rehabbed SFH (2334 W. Diversey) that a zoning change was filed for transitional residence as A Fresh Start Sober Living Environment for female clients at $200/wk rent each. This being a 5 bdrm home could mean monthly income of $4000+.
The Public Notice is still there, posted on the front window.
I’d bet good money that some of the bedrooms would be rented out as “doubles”..
It’s a weird location for a “transitional residence”.