The $500,000 Irving Park Single Family Home: 4150 N. Kedvale
This 4-bedroom single family home at 4150 N. Kedvale in Old Irving Park is only a block from the Metra and the El stop.
It was built in 1950 in the Georgian style.
A lis pendens foreclosure was filed in June 2009.
Since October, it has been reduced $225,000.
The listing says it has a chef’s kitchen with granite counter tops and stainless steel appliances. It also has a 2-story family room.
The house is on a 47.5×173 size lot which has a fountain in the backyard along with a two car detached garage.
At $500,000, is this a steal for the area?
Thomas Brandt at Keller Williams Realty has the listing. See the pictures here.
4150 N. Kedvale: 4 bedrooms, 3.5 baths, 2 car parking
- Sold in March 2007 for $640,000
- Lis pendens filed in February 2008
- Lis pendens foreclosure filed in June 2009
- Originally listed in October 2009 for $725,000
- Reduced several times
- Currently listed for $500,000
- Taxes of $8083
- Central Air
wow and i thought my posts here were useless, way to go fake homedeIete 🙂
Is it me or the taxes high for IP?
I love the lot size, the fountain has go to go. You do get one Br in the basement Blah. but the master and second br are good size!
I can see why its a foreclosure the owners went all out.
I say 499k is a good price!
Who’s this idiot?
You can sleep in a bathroom but you can’t pee in a pedroom!
Anyway, this place sure has some “curb appeal”
As in… oh nevermind…
highway noise
My favorite feature is the missing master bedroom wall, so your downstairs guests can hear your business. Or, I guess you can hear theirs.
Also, it looks like they included plug-in fireplaces in the fireplace count. I’ll be visiting Menards this weekend to bulk up my fireplace count before I put my place on the market. 6 fireplaces, in a 2 bedroom condo!
I can completely appreciate having a media room and hope to some day myself, but they seriously couldn’t be bothered to attach the projector to the ceiling so you don’t have to put a bunch of crappy chairs on the side of the room?
Altogether a pretty nice looking place but the neighborhood does absolutely nothing for me.
“I can completely appreciate having a media room and hope to some day myself, but they seriously couldn’t be bothered to attach the projector to the ceiling so you don’t have to put a bunch of crappy chairs on the side of the room?”
Lazy realtor did that i’m willing to bet… home theaters are the new “instant return on equity” things these clowns are trying to pawn… sadly, they are just absolutely piss poor representations.
It’s a nice house on an even nicer lot. The location on the north side of irving isn’t as prime as the south side of irving. The price is a bit high but even tear downs lots were going for $400,000 until quite recently. Schools are OK, belding has supposedly improved quite drastically over the last few years, and if you’re lucky you can get your kid into the disney II, and of course st. viators is right on the other side of irving on keeler/addison. nice place, but i want to live onthe other side of irving but if this were signficantly discounted i’d think about it. furthermore, this part of kedvale is a lot of condos and courtyards whereas kedvale on the other side of irving is mostly homes and then of course the disney ii, i like it.
Not much highway noise, i’m about the same distance from the highway on the other side of irving and i can’t even hear it. The neighborhood in general is great, lots of nice homes, great community, safe, right near the El and the Metra and 90/94, shopping is just a short walk or drive. It’s a great neighborhood. This house in north center or lake view would be at least 50% or 75% more. I like that this neighborhood is right in the middle of the city yet and it’s so close to everything yet it’s quiet, uncongested, plenty of street parking, relatively obscure with great access to transportation.
Sure you can, all you need is a coffee can.
“You can sleep in a bathroom but you can’t pee in a bedroom!”
“This house in north center or lake view would be at least 50% or 75% more.”
A double lot with a decent (if not perfect) house for $750k to $875k in NC or LV? If you see it, let me know.
you mean that it would cost more? I was being conservative at 50 or 75%, i was thinking it would be double or more than that but I didn’t want to be ridiculed. you never can win..
“anon (tfo) on January 13th, 2010 at 4:23 pm
“This house in north center or lake view would be at least 50% or 75% more.”
A double lot with a decent (if not perfect) house for $750k to $875k in NC or LV? If you see it, let me know.
“
“you mean that it would cost more?”
You betcha. 50-75% above the original ask, more likely.
“This house in north center or lake view would be at least 50% or 75% more.”
i think we can add 5% more based on fountain usage
I wonder how the conversation went when deciding on installing the fountain.
HD been in the apt long, gotten used to the noise? or is it age, can you hear hf noises from electronic devices?
ur right about the neighborhood being great. that’s why it will probably sell for more than u’d pay for it/ whats its worth.
I believe the highway noise can be distinctly heard upto at least .5 miles away, might not be very noticeable, but still can be heard at night. Also esp in winter with no leaves. (I am not commenting on if it can be hear inside, that varies bldg to bldg) only at the location.
There will be noise at this location. (direct line of audio waves)
{”
Not much highway noise, i’m about the same distance from the highway on the other side of irving and i can’t even hear it. The neighborhood in general is great, lots of nice homes, great community, safe, right near the El and the Metra and 90/94, shopping is just a short walk or drive. It’s a great neighborhood. This house in north center or lake view would be at least 50% or 75% more. I like that this neighborhood is right in the middle of the city yet and it’s so close to everything yet it’s quiet, uncongested, plenty of street parking, relatively obscure with great access to transportation.’/
I’d be more worried about the el noise rather than the highway. I’m just saying that if you’re in your living room at 7:00 p.m. with the windows open in the summertime, the sound of the traffic from the highway will be negligible and not really an issue.
Homes above $500k have been a tough sell lately in OIP due to financing, household incomes, etc. Like I’ve been saying most homes in the $300’s get snapped up pretty quickly (god i hate that saying) but they may need a little work. Homes in the $400’s and $500’s and above sit on the market. One in a while there’s some outlier like the 2mil house that sold to some CEO a few weeks ago but that’s the exception not the rule.
I’m not too concerned, the days of the $500k home in OIP are pretty much over. The deals will continue to get better as time goes on. Sellers won’t like it but the market doesn’t really care what sellers think.
Here’s a nice one http://www.redfin.com/IL/Chicago/4044-N-Kostner-Ave-60641/home/13481786
languishing on the market for a long time. Needs a substantial haircut bigger than the one it just received to sell
“revassal on January 13th, 2010 at 4:44 pm
HD been in the apt long, gotten used to the noise? or is it age, can you hear hf noises from electronic devices?
ur right about the neighborhood being great. that’s why it will probably sell for more than u’d pay for it/ whats its worth. “
and by $500k I mean the average house (which was the 2006 high point during the boom IIRC); of course there are nicer homes which should sell for me, there are a lot of nice homes on the market, but even though high end homes, like everywhere else, are languishing.
Who is this loser homedeIete? Why’s he got a bone to pick with me? What did I ever do to him?
If I ignore you will you go away?
“homedeIete on January 13th, 2010 at 5:12 pm
ahhh, my kid started typing on the keyboard again. nevermind what was just written. like i said, homes that are 500k now will sell quickly. coo coo ka choo.
“
I like the eclectic medieval-knights-meets-vertical-blinds feel of this place. /snark
CLOSED YESTERDAY AS A SHORT SALE FOR $432,000.
# Sold in March 2007 for $640,000
# Originally listed in October 2009 for $725,000
# Listed for $500,000 in January 2010
Its the 32.5% off the 2007 price sale.
What percentage has the CS index dropped in Chicago since the peak in late 2006?
Will this house as a resale affect the index?
BUMP
“What percentage has the CS index dropped in Chicago since the peak in late 2006?”
Max to 2010 min (which we are up off of a bit) is 29%. So, in the ballpark.
“Will this house as a resale affect the index?”
Yes, but they might have some discount for short sale, as they do for f/cs.
interesting…
“Yes, but they might have some discount for short sale, as they do for f/cs.”
(anon, I’m not disagreeing with what you said, just elaborating hopefully.)
Was curious so just looked at this. They explicitly include sales of foreclosed properties (not transfer to bank but any subsequent sale) as part of the index. Seem silent on short sales but don’t see any reason they would exclude.
They have some not fully specified process for eliminating non arms length transaction, based in part on price changes I think, so it in practice it could be caught in that, but that’s not the goal.
For non-excluded transactions, there is a further process of down weighting potentially anomalous price changes. I don’t believe this is specific to short sales or sales of foreclosed properties or targets them in any particular, but would certainly down-weight them as part of the overall effort to address outliers.
“For non-excluded transactions, there is a further process of down weighting potentially anomalous price changes. I don’t believe this is specific to short sales or sales of foreclosed properties or targets them in any particular, but would certainly down-weight them as part of the overall effort to address outliers.”
They are purposely cagey about it. I read their methodology description to imply that may down-weight (I meant “discount” this way rather than as “exclude”, which it could easily be read to be) REO transactions, but that they certainly aren’t excluded from the calculation barring other circumstances providing a basis for exclusion.
“I meant “discount” this way rather than as “exclude”, which it could easily be read to be”
I understood it the way you meant it, which is why I said I wasn’t disagreeing.
“I read their methodology description to imply that may down-weight…REO transactions”
I don’t see anything that specifically says they are weighting REO transactions differently than they would be weighted if everything were the same except it was not REO. They are explicit in saying they view REO sales as arms length. And I would actually be willing to bet that that is in fact how it works. My gut is that as economists, they would tend to take the simple view that REO is arms length and not to treat differently because of that.
Maybe this is a semantic debate–if REO price changes tend to be outliers, and they are catching outliers, then they are catching REO and down-weighting. But they designed this at a time when outliers were not obviously dominated by REO. Not sure, certainly REO was not as big then, although there may have been periods in their dataset when REO was quite significant, and they surely tested effects of different assumptions on the index.
SOLD 10/14/2010
$432,000
Mortgage: $419,225 97% financed.
Imagine what this would have sold for if competing buyers with a real down payments didn’t have to compete against some other guy willing to borrow 97% of the purchase price.
perhaps im foolish, but we dont have a jumbo. i thought u couldnt get a mortgage > 417k without a 20% down payment per jumbo loan rules. i realize this is just slightly over 417 mortgage amount, but im confused. can someone clarify the rules for me?
I think you can include costs which takes the amount slightly above $417,000. I don’t know of any regular lender that will give a 97% financed mortgage in today’s market. FHA will lend up to $410,000, and I assume there’s 9,000 in closing costs. Here’s the link to the mortgage on CCRD : $419,225. The selling price was $432,000.
http://www.ccrd.info/CCRD/controller;jsessionid=DDCE67670B567BC4EEA053BF94F24223.CCRDAPSRV1?commandflag=getDetails&optflag=DetailsCommand&county=il031&userid=null&userCategory=7&nameid=-7302478&ptrno=340244035&instrumentnumber=1029434022&fileDate=10/21/2010&doctype=MORTGAGE&partytype=&name=HORNE%2BMICHAEL%2BC&officeid=70&lastname=HORNE+MICHAEL+C&proptype=&pin=17193030200000§ion=04&township=39&range=14&SEARCH_SELECTED=
So Wells Fargo is giving out mortgages with virtually nothing down still?
Must be nice to have Fannie and Freddie backing everything so you can lend with no concern about taking a loss.
In my opinion, the best thing they can do to save the housing market is to mandate 20% downpayments again (as they did in the 1940s.) It stabilized the market for decades. It would be severe pain now- but make up for it later. Why can’t we learn from our past?