Rehabbed 4-Bedroom Albany Park Bungalow Sells: 4701 N. Whipple
We last chattered about this rehabbed 4-bedroom bungalow at 4701 N. Whipple in Albany Park in April 2011.
See our prior chatter here.
The house was a prior foreclosure. Most of you were uninspired by the rehab and the $350,000 list price.
Homedelete commented: “no one in the history of this property has ever paid $350,000. i know some lipstick is on this pig but come on.”
The house just sold for $350,000.
If you recall, the listing said it had an all new kitchen with granite counter tops and stainless steel appliances and a new deck with backyard landscaping.
Built in 1908 on a 28×125 lot, the house had 2 bedrooms on the main level, one large attic bedroom and a bedroom on the lower level.
There was also a family room and bathroom on the lower level.
The house also had central air and a 2-car garage.
Does the sale of this property at this price confirm the theory that buyers simply want “new”?
Brian Connolly at @Properties had the listing.
4701 N. Whipple: 4 bedrooms, 2 baths, no square footage listed, 2 car garage
- Sold in July 1988 for $68,500
- Sold in December 2001 for $265,000
- Sold in December 2004 for $325,000
- Lis pendens filed in April 2009
- Bank owned in February 2010
- Originally listed in August 2010 for $279,000
- Reduced
- Sold in October 2010 for $110,000
- Was listed in April 2011 for $350,000
- Sold in June 2011 for $350,000
- Taxes of $4440
- Central Air
- Bedroom #1: 11×10 (main level)
- Bedroom #2: 11×9 (main level)
- Bedroom #3: 25×9 (second level)
- Bedroom #4: 14×10 (lower level)
- Family room: 18×10 (lower level)
Never under estimate the power of a nice shade of lipstick. The right stick along with multiple beers by the viewer can turn a pig into a princess.
To sell that quickly, I’m just guessing that the buyer agreed to the asking price in exchange for other intangibles like a quick closing and maybe some other things that don’t show up in the mortage deed?
also:
Lunker on May 5th, 2011 at 9:45 am
Good luck on this one flippers – I see $300 max
“Homedelete commented: “no one in the history of this property has ever paid $350,000. i know some lipstick is on this pig but come on.”
The house just sold for $350,000.”
Damnit, you’re just encouraging the Bizarro HD.
“the buyer agreed to the asking price in exchange for other intangibles like a quick closing”
Do you have to pay flippers anything to get a quick closing?
“Damnit, you’re just encouraging the Bizarro HD.”
This DID cross my mind, actually.
Sorry HD. I’m sure this just adds to your current housing depression. I didn’t mean to make it worse. But this house does illustrate something I’m seeing all over the city and the suburbs. Buyers are willing to pay a big premium for something that is “new” and completely move-inable (even if they could have bought the same property for 50% less just a mere months before.) No one is willing (or able?) to do the work themselves.
This is a much nicer unit than I give it credit for. they saw the unit, they loved it, and they bid on it! That’s more than I can say I did. It must be a great place, I hope the new buyer loves it. Congrats!
The bottom is in folks, the bottom is in. You’re looking at the floor. Prices WILL NOT be going any lower – despite what the cS or corelogic indexes say.
If this sold for $350,000 the market is back on. like I said, $350,000 is a price NO ONE has ever paid for this house – until now. And the market is hot hot hot. IF this costs $350,000 there’s no way any rehabbed house on the NW side should sell for less than this, and any SFH east of western will sell for at least 1/3rd more just simply being west of western.
G’s specious (and dubious) stats don’t reflect quality rehabs like this and how this is putting a floor on prices everywhere. This is it, the never ending supply of people who will pay top dollar for quality prices continues.
I mean seriously, think about what this means. No one has ever paid $350,000 for this house, ever. Despite having not one but TWO sales during the bubble (2001 and 2004!). But after a quality renovation by a local rehabbing, it’s returned to the market and sold at a higher price than ever before. This is great news, prices have bottomed (and maybe going up based upon properties likes this) and volume will go up. I’m going to take the rest of the day off to celebrate! Congrats to the new buyers! The market is hot and they got a good deal on a newly renovated place.
I will at least give the flipper credit for installing a stainless fridge that is stainless (or at least appears stainless) on all sides. I hate when I can see the sides of a stainless fridge and they are black. I would much rather have an all white or all black appliance than one that is stainless with black sides.
With 20% down @ 4.75 the note is less than $1500 per month (no assessments in a SFH either).
Is that so outrageous for a decent little rehabbed house that is Brown Line accessible?
Doesn’t seem that bad to me.
I forgot to mention this is a *good* area too, there’s only been 25 homicides within a 2 mile radius of this home in the last 36 months.
/sarcasm off
http://homicides.redeyechicago.com/search/?address=4701++n+whipple&geocode=-87.704378%2C41.966794%2C0
“I forgot to mention this is a *good* area too, there’s only been 25 homicides within a 2 mile radius of this home in the last 36 months”
that comes out to .69 homecides a month!
also, the kids who write for the RedEye think Albany Park is in Europe 😀
Yikes! There were 43 homicides within 2 miles of University Village, where I live over a 3 year period.
…only 13 in the area I grew up near Peterson Park.
It’s going to take something special to make me pull the trigger and buy in this environment. I’m looking for “value”. Others are looking for “a deal”. I think Sabrina is right, “new” is one of those triggers that tempt buyers. Why settle–in this market you don’t really have to.
“I will at least give the flipper credit for installing a stainless fridge that is stainless (or at least appears stainless) on all sides.”
the more I look at it, the more i think it’s like the one we bought. Instead of black on the sides, it’s grey.
“that comes out to .69 homecides a month!”
Well, then no one actually dying. Just a bunch of people 69% wounded.
“I will at least give the flipper credit for installing a stainless fridge that is stainless (or at least appears stainless) on all sides. I hate when I can see the sides of a stainless fridge and they are black.”
I agree with you but believe it or not, the black side option actually costs more. If you look closely at the photo (easily seen in person), this fridge actually has grey sides. If you go with the grey side version, you have a grey toekick, which will not match the rest of your SS appliance toekicks, as they are all black. Also, the grey can look bad next to certain cabinet colors and arguably looks more plastic-y than black. Problem solved (assuming you want grey sides– we had white cabinets and thought grey was better than black) with either an expensive cabinet depth model (no sides show, although needs a fridge cabinet which the flipper here did not spring for) or a black replacement toekick on a grey trim fridge. I don’t understand why they can’t wrap the sides of the fridge but they don’t come that way, at least according to the folks at Abt.
Sabrina: “No one is willing (or able?) to do the work themselves.”
I like to think I’m competent with a hand tool. However, I know well enough to leave certain jobs to professionals. Doing a half-assed DIY rehab will be obvious to anyone with a good eye.
” Buyers are willing to pay a big premium for something that is “new” and completely move-inable (even if they could have bought the same property for 50% less just a mere months before.) No one is willing (or able?) to do the work themselves.”
Sheeple going to sheep…
They would rather overpay for “new” as they only have enough scratch to put 3.5% down and won’t have anything left for reno’s on their own.
Thought’s on strategy of putting 3.5% down on a fixer and using the remaining 17% of saved down payment for renovations versus going 20% down. Seems to be a lot less competition/better deals in that market for non-updated homes.
I’m bothered with how close this house is to the edge of the property. The windows practically abut the sidewalks on both side. It seems very unsafe. Plus the whole neighborhood can walk by and here your conversations and watch your TV through the window.
“Yikes! There were 43 homicides within 2 miles of University Village, where I live over a 3 year period.
…only 13 in the area I grew up near Peterson Park.”
i bet some of it has to do with availability of prey, i.e., young people walking at strange hours without being careful which makes them easier targets.
I don’t think that these are UIC students getting murdered. Nor do I think that they are mostly random targets. I can’t say for sure, but I’m guessing that most of these homicides are associated with the illegal trades.
“I like to think I’m competent with a hand tool. However, I know well enough to leave certain jobs to professionals. Doing a half-assed DIY rehab will be obvious to anyone with a good eye.”
you are right danny but also people are short on cash which prohibits them from remodeling with or without professionals. I think that is what Bri is referring too.
danny,
Too true, a good friend of mine use to rent a house with windows abutting the sidewalk. One day he was watching porn and the police came banging on his door. Apparently someone walking by peered in their windows and reported him.
His quip to the police “who is the pervert here, me or the peeping tom”.
“I’m bothered with how close this house is to the edge of the property.”
I don’t know that picket fence looks tight in the picture but perhaps there is more room than we think? Maybe I’ll bike by sometime and take a peek — but not in the actual window cause that would be creepy, right!
wow HD a whole 5 more murders than if I lived in river north… terrible!
It doesn’t even look like a dauschund could run out for a pee between the house and the fence.
“I like to think I’m competent with a hand tool. However, I know well enough to leave certain jobs to professionals. Doing a half-assed DIY rehab will be obvious to anyone with a good eye.”
“you are right danny but also people are short on cash which prohibits them from remodeling with or without professionals. I think that is what Bri is referring too.”
Even with professionals, still a pain in the ass to deal with hiring and monitoring them. Willing to pay a premium for a place done to our tastes (which is tough as it will never be exact) and when I have some reasonable assurance or ability to check that work was done well.
“I forgot to mention this is a *good* area too, there’s only been 25 homicides within a 2 mile radius of this home in the last 36 months.”
Within 1 mile radius of where I live now in logan it’s about 10 homicides. Withing 1 mile of say somewhere in nortcenterish, it’s maybe 1 (a little unclear).
I admit that I am someone who looks for “new.” I wouldn’t mind fixing a place up in the abstract, but when it comes down to it, I don’t think I would have the money left over after putting 20% down to go out and immediately start rehabbing.
If I was wealthy, it would be much different since I could afford to put money down and then make create a place exactly to suit my tastes, but I am not wealthy.
“wow HD a whole 5 more murders than if I lived in river north… terrible!”
And you’re going to overtake them once the full force of flashmobbing hits (either way it may be more of a statement about river north, although I haven’t looked to see exactly where the homicides are, a two mile radius is pretty big in the city).
To buy a wreck and then renovate/remodel often takes more $$$ and that may be the reason more like to buy new. Carrying costs for a renovation are expensive and one still has to live somewhere. Plus one has to work with contractors, which can be frustrating.
“a stainless fridge that is stainless (or at least appears stainless) on all sides.”
It’s grey, not SS. And, as always, show me the mid-priced fridge with SS sides–it’s not a normal option.
The answer is to built a “cabinet” around the fridge.
“It doesn’t even look like a dauschund could run out for a pee between the house and the fence.”
-he might be able to, probably have to back out though.
“-he might be able to, probably have to back out though.”
No problem for a dachsie, being bred to pull badgers out of holes and all.
People definitely prefer new. Most folks don’t have the time, patience, or skills to deal with doing the work themselves or overseeing it being done while trying to live in a property.
Most murder “victims” usually had it coming. The odds of getting gunned/knifed/strangled or whatever are pretty nonexistent for people who aren’t gangbangers, dope dealers, hookers, or just hanging out at a corner liquor store at 2am.
“The odds of getting gunned/knifed/strangled or whatever are pretty nonexistent for people who aren’t gangbangers, dope dealers, hookers, or just hanging out at a corner liquor store at 2am.”
Unless their brother/cousin/guy standing next to them at the bus stop is in one of those groups. Too many bystanders getting killed in Chicago.
“anon (tfo) on July 1st, 2011 at 10:58 am
“a stainless fridge that is stainless (or at least appears stainless) on all sides.”
It’s grey, not SS. And, as always, show me the mid-priced fridge with SS sides–it’s not a normal option.”
Just did the research on this! Ended up buying from ABT, who will, by the way, price match shady online appliance sites.
http://www.whirlpool.com/-%5BGS6NHAXVK%5D-1001348/GS6NHAXVK/
http://www.abt.com/product/38728/KitchenAid-KSCS23FVMK.html
http://www.abt.com/product/51048/Frigidaire-FPHC2398LF.html
There may be more….Also, Whirlpool has SS panels that will fit any of their refrigerators, but the panels are $$$$$$.
“Unless their brother/cousin/guy standing next to them at the bus stop is in one of those groups. Too many bystanders getting killed in Chicago.”
If you’re not a gangbanger, but hang out with them on street corners on a regular basis, a great deal of the blame lies with you when you get shot.
“If you’re not a gangbanger, but hang out with them on street corners on a regular basis, a great deal of the blame lies with you when you get shot.”
What if your older brother/cousin/uncle is a gangbanger, and you get shot on your stoop? Or in your living room? Even if they aren’t actually there when the shots are fired? Even if you’re a pre-teen girl?
Still the vics fault?
Do you think victims of lethal child abuse had it coming, too? Cuz they didn’t run away from home at 18 months?
“Most murder “victims” usually had it coming. ”
Maybe most random murder victims, but I don’t think people killed for insurance or because they are tired with their spouse (ie: Stacey Peterson) had it coming. I’d bet most murders probably aren’t random, either.
“I’d bet most murders probably aren’t random, either.”
Down here the stack of tires, and the gasoline can, would suggest that is the case.
Yeah, that was a pretty heartless comment I made. Statistically, it is correct though. Again, the operative word is MOST. Most murders are in fact gang bangers shooting at other gang bangers.
Yes, there are instances where you get a little girl killed riding a Big Wheel or even a guy killing someone for insurance money. However, those are not the norm. They just garner the most media attention.
The point really is that your typical yuppie is highly unlikely to be murdered.
“And you’re going to overtake them once the full force of flashmobbing hits (either way it may be more of a statement about river north, although I haven’t looked to see exactly where the homicides are, a two mile radius is pretty big in the city).”
wow great post!
not!
what the hell are you talking about the full force of flashmobbing? are they killing people now? last I heard they were just knocking dorks off their bikes
“What if your older brother/cousin/uncle is a gangbanger, and you get shot on your stoop? Or in your living room? Even if they aren’t actually there when the shots are fired? Even if you’re a pre-teen girl?
Still the vics fault?
Do you think victims of lethal child abuse had it coming, too? Cuz they didn’t run away from home at 18 months?”
Hanging out on front porches is a dangerous activity in some neighborhoods, doubly so if you’re living with criminals. However, a child generally doesn’t get to choose where to live, so in that case the blame lies with the parents.
I don’t know about you, but I like to manage risks I take in my life. I used to get Chinese take-out from a place in East Garfield Park next to a liquor store. I would get delivery if it were a summer night, as there were too many thugs going in and out for my comfort level.
If I cross a street at a crosswalk without looking and get hit by a speeding car, it’s the motorists fault legally. That fault won’t bring me much solace if I end up crippled or dead.
“what the hell are you talking about the full force of flashmobbing? are they killing people now? last I heard they were just knocking dorks off their bikes”
Relax, just kidding. You do seem very sensitive about the flashmobbing.
“what the hell are you talking about the full force of flashmobbing? are they killing people now? last I heard they were just knocking dorks off their bikes”
Dude, it’s lord of the flies, meets robocop-Detroit, meets boyz’n’the’hood, meets deadwood, meets road warrior out there!!!
Didn’t you listen to those 911 tapes from Memorial Day–there were *people* getting out of cabs on LSD!! and the North Avenue exit was *jammed*!! And there were drunks around and punks being punks!! And organized shoplifting!!
Everyone run for their lives!!!!!
“The point really is that your typical yuppie is highly unlikely to be murdered.”
Yep. And when they are, it’s overwhelmingly likely to be someone they either had sex with or were in business with.
Anon, it is a very fine line. I guess you can always think of some exception or circumstance. As a teen, I purposely stopped hanging out with some friends because they went down the wrong path and I simply didn’t want to be around them if and when things went sideways. I also stopped going to certain parties, clubs, etc due to the high likelihood of stuff poppin’ off.
I would never say that a child or random person is responsible for their own murder. However, statistically, most murders are not innocent victims.
Most people who get murdered know their murderer. The victim is usually involved in some type of illegal activity or very closely associated. Most of the murders occur in specific communities. The demographic is usually a young black male in teens or early 20s. Almost always with a prior criminal record. Just facts.
“Most people who get murdered know their murderer. The victim is usually involved in some type of illegal activity or very closely associated. Most of the murders occur in specific communities. The demographic is usually a young black male in teens or early 20s. Almost always with a prior criminal record. Just facts.”
Yep. And these facts (and they are facts) lead to (1) the “criminal justice system’s” (collective) attitude to the violent deaths of young black men, and (2) the “don’t be snitchin'” attitude (largely) in response to #1.
The “don’t be snitchin” attitude isn’t in response to any sort of treatment by the criminal justice system: it’s in response to fear of retaliation which is a very real threat.
People in bad neighborhoods actually understand that the police cannot protect you. They respond to calls and crimes after the fact.
Dumb yuppies who live in nicer neighborhoods fall for politicians lines like they’re going to put more officers on the streets–officers don’t prevent crimes. The amount of time needed for the police to respond to a call is orders of magnitude longer than it takes most crimes to be committed.
Much better allocation of resources would be to make the penalties meaningful so young violent males are locked up for the entirety of their youth before they kill/maim someone.
Heriberto Viramontes had over a 10 page rap sheet despite being only 31 with many felonies. Why wasn’t he incarcerated for many years for one of his multitude of crimes before he ruined that poor girls life?
Another huge resource misallocation is the drug war. I’d rather violent offenders be locked up than someone transporting or caught with a lot of drugs. By my estimation the inmates at county are a 45/45 split between non-violent drug offenders and violent offenders (& maybe 10% for property crimes like GTA).
This is not a good neighborhood. It’s full of gangbangers and it is getting worse. The number of shootings, murders, robberies, aggravated robberies, aggravated batteries, criminal sexual assaults and burglaries have TRIPLED from 2004 until 2010. That is according to a friend who is a beat cop around the Lawrence and Pulaski area (017th district).
This area is not so bad and Whipple is only one block west of Ravenswood Manor. It gets less reliable as you move West toward Kedzie or North toward Lawrence. Houses that are priced appropriately in the vicinity have gone under contract pretty quickly, especially if they are in the Waters school district. Other properties linger seem to linger because they are priced too high or have significant rehab needs and layout challenges.
This house had multiple bids.It also had all new electrical,plumbing,heating and air,and a brand new tear-off roof,as well as the new kitchen,baths ect.I walked by it every day and talked to the Realtor occasionally.For all you amateurs out there, do your homework before you make silly comments!!
oh and didn’t you read about all the violence in and around the mag mile(michigan ave),I have lived in the albany park neighborhood for over 7 years and never witnessed any violence!