The Original Condition Condo: 1427 N. Leavitt in Wicker Park
If you yearn to remodel the kitchen and baths exactly to your specification, then this 3-bedroom vintage unit at 1427 N. Leavitt in Wicker Park might be for you.
No cherry cabinets, granite kitchen counter tops or marble bathroom floors found here.
The listing admits that the kitchen and baths need to be re-done but that it’s “priced accordingly.”
The unit has central air, an in-unit washer/dryer and 2 tandem parking spaces. It’s also within walking distance of both Bucktown and Wicker Park restaurants and shops.
Is this a deal even though it needs to be rehabbed?
Dennis Eng at Baird and Warner has the listing. See the pictures here.
Unit #2: 3 bedrooms, 2.5 baths, 1979 square feet, 2 car tandem parking
- Sold in March 1997 for $151,000
- Sold in October 2000 for $265,000
- Originally listed in January 2009 for $399,000
- Reduced several times
- Currently listed at $359,000
- Assessments of $75 a month
- Taxes of $4111
- Central Air
- In-unit Washer/Dryer
- Bedroom #1: 12×18
- Bedroom #2: 10×12
- Bedroom #3: 8×11
- Den: 7×11
No vintage appeal here for this unrenovated and dated unit. This unit looks like a early 80s gut rehab, from the first wave of gentrification that swept Wicker Park. This seems to be no “vintage” charm other than the fireplace surround, which doesn’t look original to the building. There is no wood trim casing around the windows, and the room configurations suggest that the unit was demolished and rebuilt to a new layout. I suspect this building was originally a six-unit tenement building (it was never an upscale three-flat, like those found along lakefront).
Price seems unsupportable, irregardless of the “spaciousness” of the SF area. Why overpay, then spend another $50,000 plus to do an inexpensive kitchen-bath renovation?
It may not be beautiful, but it’s livable — one can update as much or little as they like. If reconfiguring interior walls is an option as well, you’ve got plenty of sq ft to put together a nice layout. Assessments are practically nil and it’s less than $200/sq ft with 2 parking spaces. I’d much rather have this than something $50,000 less with half the space in a glass & metal box in the South Loop with high assessments.
I’m waiting for somebody to say “April fools”.
Tubbs! Crockett! They went that-a-way!!
It’s priced as if the place has already been remodeled.
I throw up a little inside whenever I see those god awful white cabinets with the pine or whatever trim on the bottom… BLECH!
As for the price, well if it is indeed a real 2000sqft its not totally out of this world, but still a little crazy IMO.
A really nice 3/2 in the area is like 450-500.
I think someone would want more of a discount to go through the trouble of fixing the place up. And anyway, it’s still not going to be all that great when you are done.
As EJ mentioned, the buyer might be someone who thinks the finishes are good enough, likes the price and does no renovation.
“irregardless”? you mean regardless. Sorry about being the grammer police, but that ones a personal pet peeve.
Cheers!
ha! grammer police. classic
“grammar”
and the “that ones a” should be “that one’s a” since it’s short for “that one is a”
/grammar police calling up the whambulance
oh snaps, it’s a grammar throw down.
I like people on the intertubes that make a snarkey remark like “Nice grammer” – mis-spelling the word grammar. Also the one thing that annoys me is people that say “mute” point. The f’n word is MOOT, not mute you idiots!
How did this sell for 265k in 2000??? It should have sold for less than 200k back then!!!! Insane!!!!!!!!!!!!!
THis place looks decent enough for 300-325K. I wouldn’t mind a few year reno donig most work myself,, but i have no need for 3br at this poitn in my life.
thankyou. grammer police was for your entertainment, but you have me on the “one’s”, punctuation isn’t strongly encouraged on this site. to be fair, I brought this on myself, and will now shut up about it
Sonies, I would rather see “mute point” than “may I AX you something”!
I saw this unit twice and the square footage is real. Ultimately, a sale price at $330,000 might be fair. The person would easily put $60k into it and have a gorgeous place.
I haven’t noticed any posts that comment on the fact that it’s a historic Greystone and the building is more solid than any new construction today. It’s built “3 bricks deep” and the limestone facade alone is worth more than $100k.
2 doors down is 1431 Leavitt priced at $379,0000 for 3 bed/2 bath in cheesy 1996 construction with 1200 sf. Now that is crazy! There’s also a nice place (needs gut rehab) at 1520 Leavitt for $399,000 which is 3 bed/3 bath and 2400 sf. The 1500 block of Leavitt is prettier (not right across from Sabin school).
Ultimately, I think the cash needed to rehab is what’s preventing these from selling. The location is superb, close to blue line tree lined street.
“Ultimately, I think the cash needed to rehab is what’s preventing these from selling. The location is superb, close to blue line tree lined street.”
I disagree. I don’t think the potential owners market is restricted to those who want top finishes throughout their place. It just so happened during the boom installing top finishes had a positive return on investment so everybody started doing it.
Just becuase there is an excess supply of stainless steel, granite countertops and open kitchens, doesn’t mean there is sufficient demand for it at pricepoints that would reward the sellers with a positive return on investment.
Stephanie – how is the layout?
if you google map it, it seems the extra square footage comes from a decent sized add on to the back of the building, and it looks like a 25′ wide lot which explains why some of the bedroom sizes are rather small
Also, I would htink that if I ahd to put another 50-75K into it to fix up the kitchen and baths, oyu woud proce yourself out of the appropriate re-sale range, ayone else have any htoughts on this?
The interior is dated for sure, but looks to be in good usable condition. Would it really cost $50,000-60,000 to replace cabinets, tile and wallpaper/paint?
But $399 is probably too much. Though, it appears to be a nice family sized unit, which is hard to find in a such a decent neighborhood.
Also, I doubt this was never a 6 unit tenement. Looks like a classic early three flat, which is perhaps confirmed by Haywood’s assertion that it had a large rear addition at time of condo conversion.
I like the bathrooms a lot. The first one is kind of glittery with the starish wallpaper. And the second one has cool tiles that fade from yellow to white. Seems like it should appeal to more buyers who either love the 80’s or want to control the redo not just accept what the seller likes.
Only thing I don’t like about this place is the school directly across the street. I suspect that will dampen the appeal somewhat.
If one were to purchase this unit and expected to make it a long term residence, you would want to invest at least $70-90k in it to bring it up to the area’s other homes that have recently gone through more upscale renovations. Of all the areas in Chi that I looked into, Bucktown seems to have the most $$$ invested per unit in recent renovations.
That kitchen is large with a lot of cabinets & counters…$20-35k (bath vanities also) for good quality product. Flooring and surrounds…$10-15k. Appliances and fixtures (bath and kitchen, w/d) $12-18k. Lighting/ceiling fans and electrical upgrades…$5k. Paint (and primers) for a nearly 2000 sf place, $3k. Of course you’d want to trash that colonial fp and surround for a more mod one $4-7k.
For room reconfig, if set up right (combine den and smaller bdrm) around $5k. Of course you could go cheaper with lower quality materials, but for long term why would you?
I am seeing that buyers now and in the near future are buying with the intent of staying put for years to come. Since this place is large enough for growing family, it would fit the bill.
Or as another poster stated, you could live in it in this condition for a few years and be happy with it as is. 80’s rehabs aren’t all that bad….but def not to my liking.
One place I have that I purchased for around this amount is in the middle of a rehab and I am up to $100k in materials and labor so far. Since it is in a rather nice building, I am not really skimping on much. It will more than likely end up as a rental as I am investing more than planned and since sales are drying up, I don’t see it going for the purchase and reno cost.
I rented this unit about 10 years ago. It’s huge, has 3 bathrooms, and stays warm in the winter. However, the floors are paper thin. You can hear everything going on in the building. It also lacks a porch to grill on. Location is top notch though.
“Location is top notch though.”
Yeah I’m gonna go with no. No, it isn’t.
Actually, this is a great location. Bob, have you been there in the past two years? close to division and Bucktown. Food and shopping paradise.
“Actually, this is a great location. Bob, … close to division and Bucktown”
You wouldn’t like Bob when he’s angry. Bob smash hipsters.
irregardless. adv : regardless; a combination of irrespective and regardless sometimes used humorously (like grammer?)
Still listed at $359K, no reductions LOL
Still the same old pics with snow on the ground, lol.
Someone bought this place, dramatically under the asking price.