
The Abbott Estate at 4605 N. Hermitage in the Ravenswood neighborhood of Uptown came on the market in February 2016.
If it looks familiar, it’s because we chattered about it in 2010 after it had been on the market during the Great Recession years in 2009 and 2010.
You can see our chatter here (where some of you advocated tearing this down and building something new).
We chattered about it again in February 2016, when it came on the market for nearly double the 2011 sales price.
You can see that chatter here (where most of you thought it was, surprise, over priced.)
If you recall, this is a unique north side property.
Built in 1891 for the founder of Abbott Labs, Wallace Abbott, this Victorian is on an oversized 92×165 corner lot (which is nearly an acre), and has a wrap around porch.
At the time it was built, the house was in the Chicago suburb of Ravenswood.
The house is 7000 square feet.
It also has an updated carriage house. In 2010 they were renting it out for $2400 a month. The current listing doesn’t say that it is rented. There aren’t any pictures of the interior in the listing either.
Here’s what was said about it in an article by Dennis Rodkin in Chicago Magazine in March 2011:
Price Points: Karras was no-nonsense about having sold the house at 17.6 percent below its 2006 purchase price. “The market speaks; the market knows,” he insisted. “That’s all you can say, right? It’s a tough market.” He declined to say how much the carriage house renovation and other improvements cost, but Jeff Lowe, the Karrases’ agent (their third to market the property), notes that the rehabbed structure, once uninhabitable, now rents at $2,000 a month. That goes a long way toward covering the property’s $28,000 annual tax bill, Lowe says.
In 2010, the listing said the home had updated bathrooms and mechanicals. The 2016 listing said it had been “modernized.”
Now it says things like the house has a “newer” kitchen.
The kitchen still has white cabinets and stainless steel appliances.
5 bedrooms are on the second floor with the master suite is on the top floor.
In 2010, the basement was unfinished but now the space has drywall and carpeting and a rec room, exercise room, work room and playroom.
There’s space pak cooling.
In the last hot market, in 2006, the house sold in only about a month for just $39,000 under the list price.
But in 2009, it didn’t sell until February 2011.
It came back on in February 2016 and was under contract by April 2016, but it fell out of contract and was relisted.
Originally listed in February 2016 for $3.449 million, it has now been reduced to $1,999,000.
That’s close to the October 2006 sales price of $1.95 million.
Is this house now a deal?
Jennifer Ames at Coldwell Banker now has the listing. See the pictures and floor plan here.
4605 N. Hermitage: 5 bedrooms, 6 bathrooms, 7000 square feet
- Sold in May 2004 for $1.5 million
- Sold in October 2006 for $1.95 million
- Originally listed in August 2009
- Was listed in November 2009 at $2.338 million
- Reduced
- Listed in September 2010 for $1,999,999
- Reduced
- Was listed in October 2010 at $1,799,000
- Sold in February 2011 for $1,606,000
- Was listed in February 2016 at $3.449 million
- Under contract in April 2016
- Reduced
- Currently listed at $1,999,000
- Taxes are now $24,570 (they were $16,141 in 2016 and $18,268 in October 2010)
- Space Pak cooling
- Rental carriage house
- There’s a 2-car garage
- Bedroom #1: 18×17 (third floor)
- Bedroom #2: 20×16 (second floor)
- Bedroom #3: 19×16 (second floor)
- Bedroom #4: 16×12 (second floor)
- Bedroom #5: 12×11 (second floor)
- Bedroom #6: 16×12 (second floor)
- Recreation room: 44×15 (basement)
- Exercise room: 20×19 (basement)
- Work room: 12×11 (basement)
- Playroom: 23×13 (basement)