Rehabbed Historic Old Town Home Reduces $300K: 1722 N. North Park
This 1875-built vintage home at 1722 N. North Park in the “prime” part of Old Town has been restored to its former beauty (and then some.)
We last chattered about it in June when several of you thought it would sell for close to asking despite there not being any parking with the house.
See our prior heated discussion on the property here.
Since then, it has been reduced $300,000.
The listing describes it as a “eco-friendly” rehab.
The house has 3 exposures, radiant heat on all levels, and Viking, Sub-Zero, and Miehle appliances in the WoodMode kitchen.
And don’t forget the mud room.
Robert Picciariello at Prello Realty Group has the listing. See the pictures here.
1722 N. North Park: 5 bedrooms, 4.5 baths, plus den, 3492 square feet
- Sold in July 2008 for $1.435 million
- Was listed in June 2009 for $2.3 million
- Reduced
- Currently listed for $2 million
- Taxes of $16,920
- No parking
- Central Air
Must have this house. Amazing.
Surprising, based on the last chatter I thought “Old Town was different” and would sell at ask!
I Love the interior of this place, the exterior isn’t my style but wow it looks nice on the inside. Great location too, this isn’t “Cabrini” Old town, this is the nice part.
Its not our fault they don’t have a legitimate profession other than rehabbing and real estate speculation. They’ll be lucky to get their money back with regard to the purchase price. The amount they sunk into the rehab is toast.
Haha sorry pal you picked the wrong segment of real estate to play in–no government support or bailouts for this segment of the market!
I live down the block from this. It’s a gorgeous house but it has no parking or yard. I’m fairly convinced the owners, who spent 11 months rehabbing this, only to move in for 4 months before listing it for sale, may have fallen on hard times.
I would like to live here. Sadly I do not have that kind of coin.
By the way, the picture of the “yard is misleading. I don’t think it is part of the property. It is actually part of the entry to parking spaces for other units in the area.
Absolutely a beautiful home. Oh, I wish I had that kind of money to spend…
The interior looks amazing. It is quite unfortunate that this has no parking. Otherwise, I’d be bidding on this one at this price point.
“Matt the Coffeeman on September 25th, 2009 at 1:58 pm
By the way, the picture of the “yard is misleading. I don’t think it is part of the property. It is actually part of the entry to parking spaces for other units in the area.”
hold on… there is a picture that feature the yard in 3/4 of the shot, the house is barely there. If this yard/parking pad is not included in this property then this is the biggest piece of BS ever concieved of by a relitter/ realtard ever. Not being honest with sqft is one thing, trying to pass of pictures of your neighbors propert as your own is a nother.
No wonder this hasn’t sold who would trust the re ageant or seller with this kind of BS…..
That’s a view of the side of the house. Considering the lot is only 31.5 foot wide, and that the house appears (at least to me) to be at least 25 feet wide, you would only have 6.5 feet of that “yard.” (about half of the width pictured). Keep in mind, under the best case, the cars have an easement across the “yard.”
See for yourself (the house is yellow in google street view):
http://maps.google.com/maps?q=1722+N+NORTH+PARK+Ave&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&hq=&hnear=1722+N+North+Park+Ave,+Chicago,+IL+60614&gl=us&ei=9Dm9SuWOIdXU8Abgt_SoAQ&sa=X&oi=geocode_result&ct=title&resnum=1
The picture of the yard taken by the Realtor is directly behind that car gate on the left.
Proves that flipping isn’t for everyone. Beautiful reno but the initial sales price was to high.
“hold on… there is a picture that feature the yard in 3/4 of the shot, the house is barely there. If this yard/parking pad is not included in this property then this is the biggest piece of BS ever concieved of by a relitter/ realtard ever.”
The yard/parking area is a piece of a tax parcel on the street to the west. It is in NO WAY part of the land for this house.
But someone (the agent, I assume) said on the last post:
”
This house has a 6? south side yard set back. There is an easement that allows the neighbors to pull into their parking spaces. The homeowner retains use of the side yard. There are trees and foliage in what is effectively a 30? south side yard.
”
I have to assume this is truthful or else Tom’s comment is spot-on (and it should be reported immediately)
sorry for the multiple posts (I was getting an error)
Sabrina, please delete
I think it goes for about $1.6M. The house looks amazing, but the misrepresentation about the yard will bring down the price a bit. I wonder what options for parking are in this neighborhood other than a $225 a month rental.
Sad situation about the relitter going forward from the initial listing about this deception while both his superiors and the sellers do not feel a need to have him make any correction. This fact shows the prevalance of unqualified and unscruplous relitters still dominating the industry…even at his price level.
I had to laugh when reading the old post predicting this place would sell quickly at asking. Where is that poster today and what would his post read? I have a feeling it was the relitter who posted under an alias in order to garner some interest.
While I still like the interior, I have a feeling that it will not sell for a long time. I believe when the current owners bought (at a ridiculously high price) they had every intention of making this their long time permanent residence. They made all of the renovations to match what their needs/wants/dreams were without any regard to the fact they may have to sell in the future. Now that decision, which obviously cost a HUGE chunk of $$$, will force them to have to keep making those astronomical monthly payments.
There is customizing for your own use, customizing to fulfill the wants/needs/dreams for a client and customizing to make the unit appeal to a wide variety of potential buyers. While doing an outstanding job of renovating this home, they did so only for themselves….a fact that will force them to hold onto this place for years.
While both of my residences are very unique and architecturally significant, I know they would have a very limited group of buyers and I would have a problem selling if I had to. I would have to do some major work to get them to gain any interest that would lead to a sale. I have a feeling I and these sellers are in the same boat.
I walked through this house at an open house a week or two ago and it is definitely quite beautiful and unique inside and out. The table pictured in the posted picture belongs to the sellers and they use that bit of property as their own although my understanding was that it is shared with the folks in the rear. The picture shows the back deck/stairs so I don’t see a problem with that (ie, I don’t find it misleading). The rehab took 10 months and was an entire gut. Everything in that house is new and still looks it. The current owners have lived there for 14 months (not 4 months as was posted previously). I don’t think they intended to sell so quickly, but it was not my impression that they were desperate to sell either. Looking at prices of other homes sold in this area over the summer this price seems about right to me, although it is unfortunate there is no parking — no doubt that is what’s making it stick because it is done superbly.
“Looking at prices of other homes sold in this area over the summer this price seems about right to me”
What about the volume of other homes sold in this area around this price range relative to recent history? Maybe its sticking because this segment of the market is toast?
Come on now bob, this market segment has slowed down considerably, but it has not stopped entirely.
Sorry, old towner, the math of them living there for 14 months doesn’t add up. They bought in July of 2008 and spent 10 months rehabbing. That means they moved back in at the earliest in May of 2009. They listed in June of 2009. That means we are both wrong, they only lived there max of 2 months before listing. Ouch.
WL,
Your posts are getting creepier and creepier. a detailed listing of transactions, profits and the assurance these are only your low ticket items, amount of houses in Florida, number of cars in your Manhattan garage… you are putting that guy John, who couldn’t help but define his net worth to us, to shame. It’s in every single post now… Just creepy.
You asked me once before “why?” when I accused you of being insecure, My response, you gotta read your own posts.
Ze,
I share my info as I feel it is relevent in the discussion, as I am basically telling my situtation and how it relates to the thread.
I posted transactions of my few holdings in the higher end of the RE market (which may seem high for the Chicago market but in comparison to other investors in NY and Fl, is pretty much common place investing) to give an idea of how an investor/renovator is facing a decline in profits and lower sales prices due to the stalling of those level of transactions.
Although they are not vast in number, they give an idea of what others in my situation are facing with the decline of transactions and the change in pricing/profits.
I have been asked on a number of occasions what renovation costs I incur and feel to disclose that info is appropriate. I do not do so only to ‘brag’ nor do I stretch the truth doing so…merely stating facts. Now if I revealed the size of my bank account or other personal information perhaps that would be an internet faux pas, but I don’t do that. Nor do I state the maker of my furnishings as you have on a number of occasions nor do I tell of sending a house boy/foot messenger to the traders to record your transactions.
The revelation of the number of cars (which I don’t recall doing) I believe was in response to the tandem parking dilemna that occurs when a household owns more than one car. Again, not touting any wealth, merely expressing how my situation is on the topic being discussed.
I have one residence in Fl and one in NY…no big deal in disclosing that stuff..again done so as it is relevant in the discussion.
Do you recall how it was appropriate for you to mention sending your foot messenger to the brokers or traders or for you to name drop Molinari and Roche Bobois sofas? Since we aren’t allowed to speak of furnishings here, how was that fact relevant?
I don’t think anywhere have I revealed my net worth to anyone here, to do so would be inappropriate and dangerous, No?
Should you find my posts inappropriate or ‘creepy’, please feel free to disregard them as I don’t want to make you ‘uncomfortable’…
If anyone is feeling insecure, perhaps to find that person, you should glance in the mirror mounted above your Roche??
Funny… I don’t remember it as subtle namedropping. I thought it had something to do with shooting back at when you were in one of your Quueny bitchy belittling moods accusing me or someone else of having IKEA furniture.
Hehe Ze, what does ‘quueny’ mean? If you mean and are attempting to define ‘queeny’, I suggest you correct your typo then revisit past posts of yours for good examples. Funny.
I really don’t remember contributing to any posts regarding IKEA furniture…but I do recall you saying you mixed an IKEA side table with your Roche sofa with *smashing results*? But while we are on the topic, why would anyone mix a throw away table with investment quality furniture…as you say, “Who says that?”
I will just let it drop.
screw both of you,
my jennifer convertible sofa and target end-table are pimptastic.
There’s nothing wrong with IKEA furniture. Some of it is throw-away, but some of it is very well-made. All of it seems priced appropriately.
I bought a throw-away IKEA computer desk back when I graduated college and first moved to Chicago (nearly a decade ago). As my fortunes have improved it is now surrounded by “investment quality” furniture but that desk just refuses to fall apart and I have no interest in throwing away perfectly fine furniture just to satisfy people with snobby attitudes.
investment quality furniture means what.. does it cashflow?
Hear hear, tipster;
“investment quality furniture means what.. does it cashflow?”
makes cappuccinos
lol “investment quality furniture”
Yeah ok Rockefeller
Hey my “investment quality” furniture has the autograph of the craftsman who built it in an obscure place on each piece. I completely forgot his name but he did a great job.
Anyway, when he dies it should be worth more, right? That’s the most risk-free investment possible!
If he built it in an obscure place, book it.
Alright ignorant biotches…you know perfectly well what I mean by investment quality furnishings. At least I hope you do…being ‘into’ Real Estate as much as you are, well think you are…tell me you know what I am talking about??
Had to write back to the knucklehead who keeps insisting that this family lived in their house for 2 months before listing. I went back to another open house and nailed down the dates. They moved into it July 2008..they listed June 2009 — by my count that is 11 months; however, they’ve now been in it for 14 months. Sounds like they are considering moving to burbs but not desperate to do so. They have kids so maybe that’s why? Can’t guess at that, but I got the idea that they are firm on this and that they are just about as low as they will go on price. This guy is a builder and sounds like he is trying to get back what he put in and get out. There are a couple of nice houses in this neighborhood on the market, but nothing like this one. At this point it is not something to pass up — if you can afford it! People wait forever for a house like this to pop up. I’m really surprised it’s still on the market. Gotta be the parking, but someone will eventually see the value.
OT’r:
We’ve also been told on here that they spent 11 months reno’ing it. Was the reno done before they took the deed (a non-absurd thing, in my view)?
Why would these people want to move to the burbs right after renovating this place into their dream home? The burbs SUUUUCK!
If you consider that they lived in part of while reno-ing another then everyone is right. Maybe they were doing both… with the living .. and the renovating … and the what not.
By the way – with regard to WL and ZE –
I enjoy reading about everyone’s personal situations if they’re relevant to RE. I don’t care what the motivation is. Clearly a lot of people hear can afford some expensive properties, that’s why they’re on this site looking and discussing about more. We’re all adults. It’s okay for people to admit they have more than just credit card debt. There’s no need to shy away from personal experiences or even wealth for that matter.
I for one am a Saudi Prince and despite having billions of dollars, I spend my days reading about $500 k properties.
“If you consider that they lived in part of while reno-ing another”
“The rehab took 10 months and was an entire gut.”
Not if OT’r is correct about the entire gut.
And I apologize for typoing 11 months in lieu of 10 months.
Just dropped another 15k (now 1.985 MM).
On another aside, sorry OT’r, the agent was wrong when he told you at the open house that the sellers “moved in” in 2008 (of course, judging by the comments on this board about the pictures of the alleged “side yard,” which is actually a driveway of a neighboring property, that does not surprise me). They bought it at that time but they then spent 10 months completely gutting the place. I live a few doors away and walked my dog by this place every day during that time. No one lived here – you could see inside at night and it was down to the studs. I actually remember when these people moved back in because it was an 18 wheeler worth of stuff. Then, two months later, it went up for sale – you don’t forget something as odd as that.
I’m calling this one at 1.5 MM.
Matt, the CoffeeMan — whatever the hell that means — you are wrong. I’ve nailed down the dates. The lady who sold it to them (and lived there for some 10+ years and now lives in a condo across the street) told me they closed with her in June 07. Had to get all the permits, etc, but they moved into the place (finished) in July ’08. Went on the market in June 09…that’s just about a full year. But why do we care? They are moving. It’s a beautiful house. Somebody will “snap it up.” I noticed the MLS now says they are offering 2 years of paid parking…that might be just the motivation someone needs.
isnt it too late to be considered a “snap up”?
old towner – don’t you think that your testiness gives away the fact that you have an interest in the property?
Actual check of the record shows the deed was dated 7/19/07, so OT’rs timeline is more grounded in fact than Matt’s. Wherever Sabrina got the July-08 sale date was wrong.
Financed with a $1.148 1st and a $143,500 2d.
I am officially withdrawing from this debate. Personally, it’s a beautiful house that suffers from lack of land and parking. If that’s what someone wants, and they are willing to pay 1.985, god bless them. Not my bag.
old towner, congrats – you win the war by be louder and ruder. The Glenn Beck approach wins. I withdraw all my prior comments.
“Personally, it’s a beautiful house that suffers from lack of land and parking.”
And is advertised w/ misleading pix.
I agree with everything you’ve said about the house, matt, except the timeline–which I’m completely in teh dark about except for the actual date of the deed and when they listed, a period that *IS* 23 months long, rather than 11 as stated in the post above.
ps: A few more pix are available at crescentrock dot com under projects.