The Lakeview Single Family Home for Under $500K: 1308 W. Addison
If your budget is under $500,000 and you want to live in the Southport neighborhood in Lakeview, apparently you aren’t limited to simply condos.
This small vintage single family home at 1308 W. Addison just came on the market as a condo alternative.
The house, built in 1893, has vaulted ceilings on the first floor, skylights and a partially finished basement. It also has a much sought after 2-car garage.
The listing says it is being sold in “as-is” condition.
Nancy Gardner at Coldwell Banker has the listing. See the pictures here.
1308 W. Addison: 2 bedrooms, 1.5 baths, no square footage listed, 2 car garage
- Sold in April 1998 for $314,500
- Currently listed for $499,000
- Taxes of $7975
- Central Air
- Living room: 23×19
- Dining room: 15×11
- Kitchen: 11×8
- Bedroom #1: 14×12
- Bedroom #2: 13×12
- Partially finished basement
Love the pic of wrigley the realtor slipped in there. Classy.
Kinda pricy for tight space in that location.
I agree. I seems like it would be the kind of place you’d rent out. Near that bar with the board games, and D’Agostinos, so the location has its perks.
“Taxes of $7975”
Seriously?
I guess so. And that’s WITH the homeowner’s exemption.
Nice landscaping… LOL! And nice picture of Wrigley in there… I’m sure the owners will love the traffic right outside their house for 80 days a year.
I wouldn’t even pay 250k for this place since it doesn’t even have a full two baths!
“TftInChi on June 17th, 2009 at 1:38 pm
Love the pic of wrigley the realtor slipped in there. Classy”
As classy as the pic of the open garage door. Is that suppossed to imply that the garage door actually works or that the owners (and you too) are fancy Volvo drivers.
Can we get a new category for ‘What was the listing agent thinking?’
I bet the Volvo is the realtor’s car… haha
This has to be a foreclosure. Offer $300K.
“I agree. I seems like it would be the kind of place you’d rent out. Near that bar with the board games, and D’Agostinos, so the location has its perks.”
And the Taco bell is just down the street. That’s a bonus!
Wondering what the ‘as is’ equals? Poor overgrown landscaping? LOL
Refi’d in 2002 for $440,000 with Astoria Fed Mort (although purchase loan for $298,775 with Citibank does not show a release.)
“This has to be a foreclosure. Offer $300K.”
$440k mortgage from ’02. No lis pendens.
Also, no release recorded for the $299k mortgage from ’98. Tho I doubt that that wasn’t paid off–this wouldn’t have appraised at $750k in ’02.
Appears the re-fi cash was used to buy another house–the excess closely matches the diff b/t purchase price and mortgage on the new house.
I have a friend who owns properties in Brooklyn. He refinanced a couple of them without paying off the original mortgage. The banks were unorganized and it slipped through. It’s pretty messed.
should read: pretty messed up.
150K premium over a 2/1 condo to live in your own building? maybe for some people but not me.
“as is” in this case means it comes with free urine from the drunken Cubs fans after every home game.
wow, if you throw in the urine, this place is a steal!
The garage door is up to show the size of the garage, for some people having a large garage is a plus.
The deck needs some serious work, nice patch job.
damn, what a disaster. Looks to me like they created the “cathedral ceilings”…by ripping out a bedroom – taking the floor and walls out.
Plus, its still not finished. I’d want a huge discount in order to rebuild bedroom number 3.
“cathedral” ceilings in a building that’s about 120 years old – can you imagine the HVAC costs?
All that empty, drafty space to heat and cool. Uh-uh.
What’s the zoning for this little dump? It better be R-4 so a person can tear it down and built a decent three-unit when the market starts to firm up a little.
A buyer would really be better off in a good condo, and Lakeview now has a vast number of lovely, comfortable two-bed condos with real architecture and fulsome amenities and space for way less money than this.
2767 N Kenmore – Purchased in 2006 for $599k and sold yesterday for $590k after just 30 days ont he market. Pretty stable if you ask me. Could they have received a higher sales price with a little more patients? I think they could of… –
429 w Grant – Purchased in 2005 for $409k and sold yesterday for $437k.
2043 N Halsted – Purchased in 1994 for $265 and sold yesterday for $682K.
1335 Altgeld – Purchased in 2005 for $432k and sold Friday for $452k.
2017 N Cleveland – Purchased in 2006 for $352k and sold Friday for $407k.
1644 Mohawk – Purchased for $325k in 2001 and sold Friday for $390k
1137 w Webster – New construction purchased in 2006 for $525k and sold this past week at $513k.
2229 n Orchard – Purchased in 2006 for $486k and sold this past week for $520k in 50 days.
There are a few more gains and there are a few more losses in last weeks closing. This is a pretty solid sample and proof that LP is Stable and really has not moved much int he past few years. There are people who purchased who over paid and others that received a great deal. All in all the market is stable and flat.
Thanks for playing…
“All in all the market is stable and flat.”
You forgot to mention that sales volume is way way way down and it at some of the lowest levels seen in decades…
Over on Yo they linked to this article on Calculated Risk that showed home prices bottomed in Chicagoland during the last trough when unemployment peaked.
http://www.calculatedriskblog.com/2009/06/miami-chicago-dallas-real-house-prices.html
What is interesting is that if this repeats itself Chicago real estate could fall 50% from current levels. From a real index value of 150 when unemployment was at 12% in 1982 vs. one today of 300 with unemployment almost at 10% and the trend shows shooting upward.
Mortgage rates were well into the double digits in 1982, retard.
pwned
“Mortgage rates were well into the double digits in 1982, retard.” …….so therefore home prices cannot fall any further? Bob is merely pointing out a trend recognized by a very popular economics blog. Please feel free to send your friendly quote to the author of Calculated Risk: dive_hike at yahoo dot com and inspire them with your wisdom.
“Mortgage rates were well into the double digits in 1982, retard.”
Turd/T2/DB:
Think about the implications of that–when mortgage rates are 10+, there is room for them to go down; when they are ~5, notsomuch. And lower rates generally lead to higher nominal valuations for homes. Thus, ’82 was a better set up for future appreciation than now.
Of course, “What is interesting is that if this repeats itself Chicago real estate could fall 50% from current levels.” is a stretch of a conclusion from the chart presented–the chart, per the linked post, is about showing a correlation b/t UE and home price and hypothesizes that home prices will decline until UE peaks. So, “if it repeats itself” and the current trendlines for CS-index prices holds, we could already be at the bottom–if UE has peaked, OR, if UE continues to rise for 4Qs or more, we could see the Index on the chart drop to 150, or 100, or 25.
Given the current uncertainty around interest rates, I think it is a real risk interest rates will rise from here.
This means that everyone with a non-assumable mortgage (non-FHA loan), might get killed for jumping in with rates artificially low. The Fed can’t intervene forever, as we’ve learned recently.
One of the only differences between 1982 and today seems to be interest rates: employment is shooting up just as quickly as it did in the 1982 recession.
The only other difference I can think of between the two downturns is the 1982 one was planned (to tame inflation), this one wasn’t. This difference is so crucial I liken it to the difference between a planned and unplanned pregnancy.
err…unemployment is shooting up
Yeah yeah we all know real estate prices are going back to 1982… but back to this POS house… so is it worth $500k for an empty lot? Because you’d have to be nuts to actually want to live here.
silly question time: why do banks not want their mortgages to be assumable (at their discretion of course)?
“is it worth $500k for an empty lot? Because you’d have to be nuts to actually want to live here”
The rent is worth at least ~$150k (conservatively), ignoring whatever value the garage has as rental (at least $4k/year, just for Cubs games). So, the question is, is the lot worth $350k, on spec?