The Bank Owns This 4-Bedroom Vintage Home: 5901 N. Kilbourn in Sauganash
We return to Sauganash. This 4-bedroom vintage home at 5901 N. Kilbourn just came on the market.
It is bank owned.
Built in 1937, like most of the neighborhood, it is on a 36×124 corner lot.
The house has central air and a 2-car garage.
We don’t know much else about it except that it has a full basement as neither the pictures or the listing reveal much about the interior.
It last sold in 1995.
Are there now some real deals to be had in Sauganash?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
5901 N. Kilbourn: 4 bedrooms, 3.5 baths, 2187 square feet, 2 car garage
- Sold in August 1991 for $310,000
- Sold in April 1994 for $328,000
- Sold in October 1995 for $346,500
- Lis pendens foreclosure filed in October 2009
- Bank owned in December 2010
- Just listed for $549,900
- Taxes of $7538
- Central Air
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 15×11 (second floor)
- Bedroom #3: 12×12 (second floor)
- Bedroom #4: 12×12 (basement)
- Family room: 19×21 (basement)
I sense a theme this week.
Executed Recorded Document Type Amount
10/14/2005 11/09/2005 MORTGAGE $664,000.00
Executed Recorded Document Type Amount
10/26/2007 11/08/2007 MORTGAGE $100,000.00
Seems like a nice place. Not much yard. $25
“Seems like a nice place. Not much yard. $25”
I’ll one up you, HD, and bid $100,000.
“Attention rehabbers and investors” tells me all I need to know about the interior.
Seems like a nice place. Not much yard. $251 a sq ft for a 1937 home seems a little rich for a foreclosure. The best ‘comp’ I could find (after a precursory search on redfin) is
http://www.redfin.com/IL/Chicago/6126-N-Forest-Glen-Ave-60646/home/13515705
about $70k cheaper.
The exterior looks gorgeous. I like this neighbored. I think I will walk around it one of these days when it is warmer.
*in his best Billy Crystal voice*
“Have fun storming the castle!”
Almost positive I went to an open house here a few years back. It needed a LOT of work but could be beautiful (if it’s the same place — I think it is).
Some friends recently moved to this neighborhood and we were just up there this weekend. There is significant inconsistency in the level of upkeep on a house by house basis. You can have one yard that is immaculate and the next looks like a complete dump. I get that you can have this all over the city, but this neighborhood seems like a direct alternative to moving to the burbs. If I’m making the move to the burbs or near burbs, I want the entire neighborhood to be fairly nice. That being said and ignoring condition, the old houses in this part of the city are pretty awesome.
king of the castle king of the castle
“king of the castle king of the castle”
This is a *much* more affordable castle.
But there’s no room for a moat, so it’s off the list.
“We return to Sauganash.”
i.e. You idiots need some education about Chicago neighborhoods you should be familiar with.
My vote, however valued, is that we do Old Irving or Lakeview next. I’d also love to go back to Ravenswood Manor/RH – I can’t wait for Blago’s house to go on the market, which it seems like it inevitably will in the next few years.
This is a great neighborhood!!! I had a client that lived on this very street. (possibly this very block…I cant remember the exact house number.) But anyway….I loved coming around. Very family friendly…very stable. Good investment I would say.
Not much else to say without interior pics…
I want to see Hegewisch!!!
If I was gonna buy this place I would show up to the contract signing in plate mail.
Stay away from old irving postings for the time being, return when some ‘deals’ actually appear ; right now there are 21 sfh listed over $500k but there’s been only been a grand total of TWO sfh homes over $500,000 sold in the last SIX months.
There are only ~13 houses listed under $500k; and two of them are under K;
Virtually every home under $300k (except for two outliers at $299k) have been snapped up in the last six months by first time home buyers and investors…who seem to be just sitting and holding…..
If you include west walker, and the villa and independence park the number of homes increases and the number of listings over $500,000 increases but the number of sales stays the same. Interesting times that are ripe for a price decrease…
Looked at the pictures at the Redfin link another commenter here kindly provided.
What a beautiful house. I don’t think it will sell for less than $450K.
We love places like these because they were designed by classically trained architects who weren’t interested in being “witty” or “ironic” or “edgy”, but flatly wanted to design the most frankly beautiful house they could for the money available. I wish present day architects would just go to the city archives and dig out the plans and schematics for these beautiful old places, and merely update the plumbing and mechanicals, and maybe the kitchens.
“Looked at the pictures at the Redfin link another commenter here kindly provided.”
That’s a different house, Laura.
HD what do you think of this one? worth converting to SFH
http://www.urbanrealestate.com/property/4023-N-Springfield-CHICAGO-IL-60618-LP2GUTY5UDFHI.html
Icarus: Not a deal I think there are too many houses for sale at such high price points, with so few sales, that most assuredly prices will collapse in the neighborhood sometime soon, and I wouldn’t want to be taking on a construction project of such expense and magnitude on the precipice of a SFH price crash. The area has over 10 months inventory of homes price $500k an above and they just plain aren’t moving. I’ve been pimping Old Irving, The Villa, Independence Park for years now but in the last six months the dearth of sales has sort of freaked me out, I know prices have fallen but the listing prices in OIP don’t exactly reflect that (except on the $200k crapshacks)….
“HD what do you think of this one? worth converting to SFH”
There’s a double lot on Harding for sale for $435; not quite as nice a location as this one, which is also wrong side of the freeway. If the updated kitchens and baths included updated mechanicals (doubtful) the structure might not be much of a liability.
If your plan were to live in the small unit and rent out the big, and you could get it for a conforming loan + DP, and the structure and mechanicals are all reasonably updated and done well, then it could make sense as a future SFH conversion.
As it stands, the SFHs on this side of the Kennedy that have sold in the past year just don’t support that price for a SFH needing a gut reno.
Sorry HD, I was commenting on the house on Redfin you linked to. It’s gorgeous, worth the money. Love at first sight.
The listing featured here is good looking but I have no idea what the interior looks like. $549K seems way overpriced.
i’m sensing a theme this week too.this one looks like a little castle.you should check that neighborhood out,miumiu.it’s pretty cool.
Sorry, Laura, but it’s just not that easy. Floor plans from the 1920’s generally have little relevance to the way people in the 21st century live. Now closets are always bigger, kitchens are not sequestered from the rest of the living space, and “split bedrooms” seem to be an absolute must (sex has appearnatly gotten much noisier in the last 100 years).
There is also no way this all brick house with limestone accents, slate roof, custom windows and imagined interior detailing could be replicated at anything close to $251/sf. The term “McMansion” was coined for a reason…
OK, it’s “apparently”. Sorry.
Agree that the split bedrooms are something that needed to pass. However, I’ve found the floor plans in older apartments are much better than those in newer ones, and the closet space is better.
But segregated kitchens might come back. But maybe that’s just me- there’s nothing I hate like seeing a lovely traditional dining room defaced with a breakfast bar open to the kitchen.
Strange, but the closets in my intact 20’s vintage apartment are immense, while the closets in gut-rehabbed buildings are so small, I’d have to keep half my wardrobe plus my vacuum cleaner in the storage locker.
This house isn’t from the 1920’s, it’s from 1937.
From the outside alone it looks like a very beautiful home. Like Laura, I just love homes that were designed a long time ago that exhibit a unique character. This home does just that. Compare it to a McMansion and hands down a home like this wins.
The neighborhood is great. If you ever drive around Sauganash it doesn’t even feel like you are in Chicago. However, price is the main sticking point. Prices are still way overvalued and we are already in a second leg down into this real estate crash.
The other problem with this place is that it is not walkable to public trans. The owner occupants with children will require at least a two car household and will probably drive everywhere. A little south or west and the metra train runs at a minimum once an hour.
@HD I want to believe you but the house across the street (4020 N springfield) sold for $530 in July. It was also a two flat though it looks like it was quickly converted into (back into?) a SFH. I do not know how the insides of the two compared.
I’m torn. I don’t know if I should hope for prices to come down so I can buy a decent SFH or hope they go up so i can sell my 2/1 condo at break even cost.
If you are up sizing pray the prices come down. If you are down sizing, hope they come down.
As for modern-classic debate. I love both. As long as it has character and is consistent with geographical location, I am all for it. Beauty comes in many shapes and forms. BTW, I am with Laura on storage, many older houses have great storage.
oops meant to say
“If you are up sizing, pray the prices come down. If you are down sizing, hope they go up.”
Got distracted by freshly delivered chocolate from Sprungli : )
Icarus: the 4020 n springfield house was bought in cash without a mortgage. Last July. Last july is a long time ago in this precipitously dropping market. And it was bought with cash, which is a strikingly unique situation in the area.
My suggestion is see where prices play out in a 9 months to a year from now. I hvae a feeling, given the near frozen state of teh $500k+ market, that prices are going to fall, and some sellers will likely capitulate
20s and 30s vintage places are very much alike, though I notice bigger baths in the 20s vintage places, with smaller bedrooms.
Stuff built after WW2 is usually, though not always, much blander, and the details aren’t as interesting. There was a reaction against traditional architecture in the post-war period and everyone, including my parents, wanted something with contemporary architecture, a ranch house or a split level. Strange that what was so trendy then is the last thing anyone would want now.
i think 2/1s have reached a bottom or close to it. they are plentiful, at or below rentals, and if priced right, sell quickly, at a variety of price points. I don’t know the specifics of your situation other than you’re underwater, but you have a variety of options, all of which are unpalatable to different degrees, but if you’re unhappy with your situation, but if you have the income and the savings, you have far more options. If you only have one mortgage you could walk away with little more than a hit to your credit score. If you have income you can rent out your 2/1 and buy your second house. If you have cash on hand you can either buy your way out or use it as a down payment on your second unit. There’s a couple other options including short sale or whatnot.
I find 50’s ranches strangely intriguing and desirable. I can’t put my finger on why but I do.
“{Strange that what was so trendy then is the last thing anyone would want now.”
Laura: “I wish present day architects would just go to the city archives and dig out the plans and schematics for these beautiful old places, and merely update the plumbing and mechanicals, and maybe the kitchens.”
HD: “I find 50’s ranches strangely intriguing and desirable. I can’t put my finger on why but I do.”
I’d love to get an empty plot of land (.5 to 1 acres) and construct a new knockoff of Mies’ Farnsworth House, but with some type of energy efficient movable enclosure inside the glass.
This is my favorite source of house p0rn:
http://www.atomic-ranch.com/
speaking of mid century modern, this house seems very nice (although I have no idea about the area):
http://www.redfin.com/IL/Olympia-Fields/96-Graymoor-Ln-60461/home/12840448
that house is awesome clio good find
There are a lot of 1950s houses like this in the south suburbs. It was popular there and there was plenty of land to build in the suburbs along the train lines.
We chattered about this beauty in Flossmoor last year (same agent on the listing.)
http://cribchatter.com/?p=8877
how much do you think it would cost to build an identical house like that today?
Ok what the heck Bri Bri, i get busy at work and you go on a northwest side post-a-thon.
I call foul, foul i say, foul! 🙂
Ive been past this house many times, not been inside but the from the outside i swear it has to be larger than 2000sqft.
its a wonderful home i would love to own it, but at 550k and since i assume from the “AS IS” and no pictures that the inside is dated and needs major work i wounder if this will sell? so much inventory and turn key homes in edgebrook (which rarely go on sale) are starting to pop up and at a lower cost than this place (550k plus work needed)
BTW the saug park playground is finally finished and if you like tennis there courts are always filled so you have to find a different place to play.
if your ging to pay 550k and reno the whole place why not buy a place thats already ready to rock n roll, or as arch called it “toothbrush ready”
http://www.redfin.com/IL/Chicago/6066-N-Forest-Glen-Ave-60646/home/13515865
Dang it Groove, if future Mrs Icarus sees that kitchen I’m gonna have to work three jobs to buy her a place like that!
“Dang it Groove, if future Mrs Icarus sees that kitchen I’m gonna have to work three jobs to buy her a place like that!”
wouldnt it be easier to build a time machine go back to 2000 then leverage yourself into a over priced home then sell in 2008 then rent for 3 years and buy this home made from the interest/dividend from the previous sales investments
the easy part is building a flux compasitor, the hard part is getting a delorean that actually works.
The finishes (not the space or amenities) in the kitchen on 6066 Forest Glenn (Groove’s link) is technically outdated now. It was cutting edge in 2000-02, a premium upgrade in 03-06, and mainstream in 07-today.
Wait 2 years and it will be as desirable as white formica cabinets with the honey oak trim at the bottom from 1990.
Same probably holds true with the floor designs.
Screams Mcmansion.
another oh snap-a-dingles, listing sales under contract!
i say bank rejects offer and listing will be back to active?
SOLD!
5/6/2011 $559,000
10k over list. Uh oh HD – we’re bouncing off the bottom!
“10k over list. Uh oh HD – we’re bouncing off the bottom!”
did you hear that?……….
that was the sound of HD’s bike chain breaking and he cranked to hard trying to get to the closest Century 21 office 🙂
I just read on chicago breaking news a a lambo crashed into a guy on a bike whose chain broke.
a passer by, by the name lil pookie said he heard the guy in the lambo screaming “i told you i was right, doom and gloom this…” right before the accident.
reported by robin robinson.
I said the other day that we’re looking at the bottom in our rear view mirrors.
It’s nuthin’ but sunshine and pretty flowers for the housing from here. And my dumbass missed the bottom, and now, I’m priced out forever. So stupid homedelete, so stupid!
“the hard part is getting a delorean that actually works.”
Maybe you’re just not providing him with the right amount of Cocaine?
“And my dumbass missed the bottom, and now, I’m priced out forever. So stupid homedelete, so stupid!”
wait dont give up yet HD i know a guy who will do some creative seller financing that could have you in a home of your dreams in 30 days. at the moment his inventory is one “farm” light but if you like hinsdale or the palmolive building you are in luck. best yet he has a place in the heart of everything dan hates.