Portage Park 3-Bedroom Fixer Cottage Sold: 4947 W. Pensacola
I missed the closing in the spring on this 3-bedroom cottage at 4947 W. Pensacola in Portage Park.
We chattered about it several times. See our November 2010 chatter here.
It was an estate sale.
Most of you thought- just from looking at the pictures- that it would need extensive renovation.
At least one of you thought it would sell between $125,000 and $135,000. Some of you thought it would sell for much less.
The house sold in March 2011 for $117,500.
The house had good bones, incluging a wood burning fireplace and built-ins along with other vintage features such as beamed ceilings and the original glass door knobs.
Marti Corcoran at Century 21 McMillen had the listing.
4947 W. Pensacola: 3 bedrooms, 2.5 baths, 2 car garage, 1094 square feet
- Sold prior to the 1990s
- Was listed in September 2010 as an estate sale for $199,000
- Reduced
- Was listed in November 2010 for $175,000
- Sold in March 2011 for $117,500
- Taxes of $652 (senior exemption)
- No central air- window units
- Bedroom #1: 13×11
- Bedroom #2: 10×9
- Bedroom #3: 9×8
depending on the buyer;
*if a reno company-expect a gut rehab with C/A installed and basic finishes and basic mechanical and a barely acceptable water heater and under powerd furnace.
then relisted at 380k
*if a rehab live in owner (highly unlikely) expect real basic finishes (home depot quality) in the all the rooms except the kitchen and master bath. those two rooms will end up being 60%, and will have a high end energy efficient furnace that will be over powered for the small house (making it inefficient)
*if a flipper expect it to be cleaned up and painted, a new kitchen and baths, a new 30 gallon (10 gallon less than minimal) water heater) and only a new breaker for the kitchen thas it.
then relisted two months later for 490k
*if its HomeDelete then that explains it all.
Damn looks like I missed my dream home again!
So at $117K my guess is that someone bought it to flip and that the property will be back on the market at $325 by fall. Anyone have a better plan?
HD got pretty close with his prediction here
“This is a $100k ish house. ”
I’m a little disappointed Mrs HD told him he shouldnt hang out with us so much
so now we know the value of a teardown lot in portage park
fantastic
All I want is the kitchen sink, that thing is awesome.
This home looks so filthy. I could see it reselling for as much as $300k if fixed up, but I don’t think it would be worth it giving how much money it would take since the mechanicals are certainly in need of a complete overhaul.
I have a buddy that live by here on his way home from work he is passing by each day and texiting me.
i want to dumpster dive those green tiles, door knobs and sink. First come first serve FormerRVer
only thing is since i found out about in now i wonder if the demo is already done and its already on the finishing stage. will know on monday.
I would have that wood burning fireplace checked out because it looks like all the smoke goes into the house and not out the chimney. Either that or the owner was smoking 3 packs a day.
This place would have to be a total gut. I doubt that wood floor can be saved. I don’t even know what to say about the floor in the bathroom. What do you think that is?
Assuming the structure is sound, it’s probably going to cost $100K to get this place into shape. Then you list for $299 and hope for a quick sale, you can still walk away with over $50K profit after expenses.
houses are only selling for 200k in portage park though… so good luck with that one
http://www.redfin.com/IL/Chicago/4547-N-Kostner-Ave-60630/home/13482645
http://www.redfin.com/IL/Chicago/4055-N-Kenneth-Ave-60641/home/13481787
um HD, the first house you linked is almost twice the size of this one, and the other is 3 times the size…
so thanks for further proving my point
HD, what do your listings illustrate? They’re not in portage park, right? Should there be more a discount for portage in the pre-rehab price?
These homes are just a few blocks from the pensacola property. one is mayfair and one is the dumpy side of old irving, within walking distance of portage park boundaries. They were dumpy properties that sold in the 100’s and were rehabbed and sell in the $300’s. The SQ is misleading because it includes updated basement space and probably is totally made up (who has a home exactly 2,000 or 3,000 sq ft). Finish the basement of the pensacola property and call it 2,500 sq ft, who is going to argue with you.
Some polish contractor bought the home for cash.
jeez
i dunno HD, both those houses look way bigger than this one with useable upstairs space
“Some polish contractor bought the home for cash.
jeez”
don’t go dissin the poles 😀
at least the poles are trying to improve the hood
can’t say the same about the irish
Those walls are stained with either tobacco or mold. I think the structure is fubar.
Maybe HD will be able to afford this alone from his moonlighting stints at the 7-11.
If the choice is among the catholic, I’ll go for an Italiano : )
Isn’t the bathroom floor made of Miu’s favorite linoleum?
“at least the poles are trying to improve the hood
can’t say the same about the irish”
awesome!!!! LMAO!!!!
Oh Jennifer don’t mention the L word, you might bring james back ; )
Too late!
lol told you : )
Btw, I love Poland and Slavic culture in general and I can speak some Polish and Czech even though my family comes from the tropics. I guess opposites really do attract because I spent some time in Krakow and when I arrived, a male Polish friend told me, “Milkster, if you move to Poland, you will have a boyfriend as often as you change your socks.” So I said “Just so you know, I change my socks 3 times a day!” 😉
Of course I loved it, even though it could be disconcerting at times. Once this boy – he claimed to be 21, but I think he was more like 17 – just latched onto me on the street and decided right then and there we were going to be together and that was that. I was 32 at the time. I was like “Pawel, you need to find a girl your own age.” So he said “What?! Mohammed married Khadija and she was 20 years older! I don’t care!”
I told him goodbye and he grabbed me right there in the Old Town Square and literally rammed his tongue down my throat, so I pushed him away and escaped into an internet cafe. I was in there for 3 hours and when I came out, he was still waiting!
I mean, who wouldn’t like a young, handsome, masculine, blonde Pole who isn’t afraid to act!
“I told him goodbye and he grabbed me right there in the Old Town Square and literally rammed his tongue down my throat, so I pushed him away and escaped into an internet cafe. I was in there for 3 hours and when I came out, he was still waiting!”
Ha! ha! Great story Milkster.
http://www.redfin.com/IL/Chicago/4947-W-Pensacola-Ave-60641/home/13476819
JUST LISTED!!
Stunning. Totally stunning. Watch this get snapped up FAST! DEAL!
lol…just read milkster’s story that was funny specially the Mohammed story.
Good catch HD.
Why aren’t their pictures of the new kitchen? I don’t get it. That’s the #1 thing people want to see in a house in the pictures on line. It’s got to be all new and fancy. Why not show it?
I wonder what they did with the green bathroom from the original house? Some collectors would probably want that.
This one will be interesting. This house isn’t very big.
thanks HD,
man its good to see a falling apart home get a new life. the rehabbers deserve the nice profit they are hopefully going to get.
I would be very wary of this rehab. I see the 59c special HD floor tiles in that bathroom and it makes me wonder if they cleaned the place up as thoroughly as they should have, or if they simply painted over it all.
I’m hoping they could only afford the 59c special HD floor tiles because they spent the bulk of their money on the more important/critical repairs/updates.
“Why aren’t their pictures of the new kitchen?”
Prolly hadn’t quite finished it when they took the pix?
also, worth noting. The estate at one time wanted $200K for this before putting any work into it. it’s going for $320K after someone put put some work into it. Let this be a lesson for other kids trying to make a quick buck off their folks home.
UNDER CONTRACT – AMAZING, STUNNING
UNDER CONTRACT LESS THAN 30 DAYS AFTER LISTING
HOW MANY OF THESE REHABS ON THE NW SIDE DO I NEED TO SHOW YOU HOT HOT HOT THE REHAB AND FLIP MARKET IS?
The other day I was thinking about just how wrong HD has been regarding the housing market.
http://www.calculatedriskblog.com/2011/08/summary-for-week-ending-august-19th.html
Volume levels 4% above a post dough-for-dumps depression does not equate to any sort of a bottom. People had to buy real estate last year in time to get their plasma TVs and leather couches along with, which meant signing on the dotted line by April 30th.
Check out the link’s Philly Fed release.
“The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a slightly positive reading of 3.2 in July to -30.7 in August. The index is now at its lowest level since March 2009 (see Chart). The demand for manufactured goods, as measured by the current new orders index, paralleled the decline in the general activity index, falling 27 points. The current shipments index fell 18 points and recorded its first negative reading since September of last year. Suggesting weakening activity, indexes for inventories, unfilled orders, and delivery times were all in negative territory this month.
Firms’ responses suggest a deterioration in the labor market compared with July. The current employment index fell 14 points, recording its first negative reading in 12 months. About 18 percent of the firms reported an increase in employment, but 23 percent reported a decrease. The percentage of firms reporting a shorter workweek (28 percent) was greater than the percentage reporting a longer one (14 percent). The workweek index fell 9 points.”
Keep cherry picking your facts to fit your narrative. Not all data is even that bearish (industrial production and capacity utilization are rebounding nicely), but for you to be bullish you’d need to call the sky green.
bob to be fair, those numbers could be because of kids returning to school
Bob: low supply, high demand (at reasonable prices like this rehab) makes for a hot market. God only knows what’s going to happen. I’ve been waiting for the onslaught of foreclosures for years now, or price reductions on the $500k+ listings, and guess what: They’ve never coming.
The only issue I see is that in the zips I follow, such as 60646, 60641, 60630, and some of 60618, I see the sub-$400/$500k listings sell relatively quickly, and within 10% of ask, because there are so few of them. However, for every sub $400k/$500k listing that has sold in the last 3 months, there are twice as many above $400k/$500k listings that languishing for months and months, and a shadow inventory of sellers who don’t even list. THere have been so few above $500k sales in these area for years now, and buyers who want to buy look at the sub $500k market and fight for the slim pickings.
But who knows whats going to happen in the future. I never predicted that the banks would sit on literally millions of properties for years and years, allowing homeowners to live for free, and dripping out literally one foreclosure a month. Seriously, there averages only one or less foreclosure in the MLS per month in old irving yet we all know foreclosures are everywhere. SO that keeps prices high.
Which brings me to my next point: I can’t even try to predict what’s goign to happen to teh high priced properties just languishing. SO many of them, not selling, so few, if any $500k plus homes have sold, yet there are so many in the MLS. Buyers are not interested in $500k plus homes around most of the city outside of a handful of neighborhoods. What’s going to happen to them? that’s why I’m calling the bottom, because the firesale on these expensive homes aren’t coming. Lord only knows what nonsense will prevail to keep these homes off the market and expensive for future buyers.
“What’s going to happen to them? that’s why I’m calling the bottom, because the firesale on these expensive homes aren’t coming”
Firesale? There was never going to be a firesale. We’re in a deflationary depression and you are looking at the primest of the prime cuts of the cow. It’s going to see less downward pressure than the other cuts–generally those people have a deeper net worth to cover the bleeding for longer. Steve Heitman wasn’t kidding when he would joke that you’re not going to get your 600k dream house for 250k.
But to say prices aren’t continuing to decline in Chicago simply isn’t true. Take a look at MLS 07879354, a short sale listed the other day for 500k. Sold for $771,500 in April 2007. Oh yeah there are at least four or five other homes for sale in the same development.
The fear of loss that HD (of all people) is exhibiting is bubble thinking. Not surpising, considering the bubble has yet to fully deflate.
Sold! Sabrina may post an update later this week for those who are interested. I will keep my comments to myself until then.
““Why aren’t their pictures of the new kitchen?”
Prolly hadn’t quite finished it when they took the pix?”
Pic of the kitchen on the Redfin sold link, now.
I can’t find an active listing that still has the pictures available of the rehab.
But yes- this just sold (again) on 9/1 for $290,000. Was listed originally for $319,000.
Only 1400 square feet!
But it’s “new” and all pretty. Buyers love “new.”