The Single Family Home in the Perfect Bucktown Location: 1744 N. Wilmot
This 4-bedroom single family home at 1744 N. Wilmot appears to be in a nearly perfect location in Bucktown.
It is close, but not too close, to the Damen El line stop and is just a hop, skip and a stroll over to the restaurants and bars on Damen and Milwaukee.
It is also on a cul de sac.
Built in 1999, the home has Italian cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.
It also has a lower level media room with a home theater system.
Is this home in a “perfect” Bucktown location?
Laura Rango at @Properties has the listing. See the pictures here.
1744 N. Wilmot: 4 bedrooms, 3.5 baths, 2 car garage
- Sold in April 1995 for $110,000 (prior house)
- Sold in August 1995 for $148,000 (prior house)
- Sold in May 1999 for $550,000
- Originally listed in September 2009 for $895,000
- Reduced
- Currently listed for $839,000
- Taxes of $12823
- Bedroom #1: 16×13
- Bedroom #2: 11×9
- Bedroom #3: 14×10
- Bedroom #4: 14×10 (lower level)
“Perfect Bucktown location” for me is not West of Damen. It’s East of Damen, North of North, West of Ashland, and South of Armitage.
It looks like one of those houses rebuilt around the demolished Cabrini Green Highrises, like the ones on Ogden and Scott and all around the division street PJ’s.
And what a bland, vanilla place it looks like my mothers house.
As for the location, I think South east of Damen + Milwaukee would be best but whatever I hate Bucktown no matter what. I was actually drinking in that area outside this past Saturday afternoon and was LOLing at all the hipsters walking by.
I now realize that southeast of damen and Milwaukee is Wicker park, no wonder I would prefer that location 🙂
But, at least the owner would have quick access to Aldi. Great canned veggie deals there. Oh and be surrounded by massive $MM houses.
Love how it is “contemporary”. More like add water and watch bland house sprout up from nothing. Insta-house. I have seen habitat for humanity houses with more character on the outside.
Decent space and location though.
I’m gonna go with Russ on this one. The exterior reminds me of UK architecture. If you think new construction here is bland and uninspiring just about every new construction over there looks like this place. If it has the same design similarities as it does cosmetic this place should definitely at least be waterproof.
Curious about this one. What is the general consensus on the ask price?
“I have seen habitat for humanity houses with more character on the outside.”
Hilarious. I was thinking the same thing. And the Cabrini comment, so true… Looks like a 1995 3 flat condo. Let me guess, split faced block on the sides?
Homes almost exactly like this were regularly breaking the million mark in north center, lakeview, etc – even the same layout – as late as the middle of ’08. I’m not as familiar the pricing of these cutter cookie homes in Bucktown but I know that $839,000 is a major improvement…
But the key to future pricing is the 1999 new construction price. This SFH brand new sold for $550,00 in 1999. I knew Bucktown in 1999 and it’s only slightly more gentrified today than it was back then. This seller can’t claim the urban pioneer price credit.
I’d say this eventually sells in the upper $700’s, severely hurting the comps for the bozos who bought similar cookie cutter homes in the 800s and 900’s during the height of the boom.
Yarg, the internet ate my prior post. Summary:
Lot is 24 x 100–bad. Lot backs on Milwaukee–bad.
Splitface sides (by lokk at streetview)–bad. Square facade in front of pitched roof–bad.
Assessor thinks house is 2997 SF (excl. basement)–double bad, but fixable and would *really* reduce taxes.
99 price + 3%/yr = $739k. That would be a genuinely good price, right now, despite the bad mentioned above. $839k?–bad.
For once anon(tfo) you think a fair price is lower than my estimate. next thing you know, cats and dogs will be lying side by side and we’ll be having 80 degree days in December. Hallelujah.
I like this location. Lot does not back onto Mlwk but it is only 100 ft as is most everything around there. I would not be surprised to see it sell close to ask in 3-6 months. The kind of people who bid on the Oakley house might be into this place.
Anon obviously meant that it backs up to the alley shared with the rear of the Milwaukee Ave bldgs. Definitely a negative to share an alley with comm’l users.
“Definitely a negative to share an alley with comm’l users.”
I reckon you don’t like rat huntin’?
You have a choice. Alley access to your garage in the back and hence rat hunting.
Or a lovely front load garage breaking up your lovely building facade.
Living in Chicago. It’s what you do.
Even IF the rats are under control, there are still the many private sanitation & delivery trucks. There will also be employee/customer traffic who have no concern for the area.
I’ve always considered the condition & use of the alley to be a very good indicator of the livability of a hood, no matter where it is in Chicago.
Not all alleys are created equal, chichow. Not by a long shot.
“There will also be employee/customer traffic who have no concern for the area”
traffic in a commercial alley sucks, 10x worse if there is a parking for customers in back. 20x worse for a restaurant or a business with a teenage crowd (love kids going 30 mph in an alley)
100x worse if the commercial parking in back is for a taco burito king
“I knew Bucktown in 1999 and it’s only slightly more gentrified today than it was back then.”
Well. . . for Bucktown GENERALLY, I agree– certainly for Bucktown east of Damen.
But in this Northwest corner of the hood, I think your statement is a little less true.
They sure didn’t have that nice new library at Wabansia & Milwaukee then. Also, really, that whole stretch of Milwaukee North of North has all kinds of good stuff that wasn’t there in 1999– theater, restaurants, wine store, etc., have all gone in on Mil between North and Armitage.
And, something to think about: When the Bloomindale trail opens (in a few years), this place will be only a couple blocks away from access That could be a great little perk.
But regardless, what a boring, souless building– do not want.
Agreed, SquareD. We used to live a block or two from this place in 01-02. My car got broken into multiple times and we were reasonably friendly with the local prostitutes, because they always wanted to pet the dog when we walked past. It’s a little different now. Lots of new retail, the library – plenty of good stuff and not nearly as much of the bad. The hood has gentrified since that time.
But this house is so bland. Zero curb appeal. Ugh.
HD: “I knew Bucktown in 1999 and it’s only slightly more gentrified today than it was back then.”
Well, SquareD already called you out on what a dumb statement this is. I’ve LIVED less than 5 blocks from here since 1999 and there is nothing “slight” about the gentrification here. I’m so-so on this place.
Bucktown was terrible in ’99
Puerto Rican gangs everywhere!
So you’re saying it was ghetto in 99 and today it is Bucktown paradise? I’m saying by 1999 it was pretty gentrifed away from the ghetto and the current development is just called neightborhood changing. Was it a ghetto in 99 or was it gentrified? You lived there so tell me. I had a friend who lived in very close to this area in 98. Gentrified. Ghettos gonw but no sbux yet.
“So you’re saying it was ghetto in 99 and today it is Bucktown paradise?”
I was more taking issue with the aspect of change that you seem to know — “slightly.” In 1999 it was nice enough that you could live there but without all of the amenities of say Lincoln Park. In 1999, you also had to put up with a lot more tagging (my garage read “Come get some p—y here” for a while), and that occasional not-so-safe feeling. You could get a 3BR/2bath condo for about $150 less then vs. now.
I would say that the gentrification that has gone on there means more amenities – restaurants (some of the best in the city IMO), shopping (I don’t think any other area has the boutiques like Bucktown), etc. It’s also pretty safe – more property crime than anything.
Take this with a grain of salt though – as you probably know from my discussions with Hatergroove, I’m a fan of Bucktown – found it to be a great place to settle down with partner and 2 dogs and have things to do and space to entertain friends, family and guests.
The fact that this house was built in 1999 and sold for over half a million dollars I think pretty much sums up the fact that this area was well on it’s way to gentrification by the time 1999 has rolled around. This isn’t like saying West Wicker Park was gentrifying in 2006 but still rough around the edges. $550k in 1999.
I too like Bucktown. I’d live there myself if homes like this didn’t list for $839k. In 1999 I was still an undergrad so a $500k house was pretty much out of the question. I guess we have a different meaning of gentrification. I think it means if you were to take humboldt and turn it into wicker park. That’s gentrification. Wicker used to be like Humboldt in the 1980’s. I got a 8 hour tour of the (iirc) 14th precinct which was basically this area (if not specifically this house) from a CPD Sargent as part of a college project in the mid-1990’s and every cop repeated commented at how much the neighborhood had changed in the previous 5 years. One cop said that you would never ever see young white women in the neighborhood in the last 80’s but the 90’s they moved the area in droves for the bars, the city jobs, the nightlife, etc. the critical point from ghetto to gentrified was made in the 90’s, sure block by block it may vary but as a whole that entire area the critical point had passed. Now, areas like humboldt might be gentrifying but there’s a strong argument that the area in fact has not reached the critical mass or changing point whatever, and it could slip back to ghetto. That’s all I’m saying. The restaurants, amenities and such follow after a neighborhood is gentrified. My whole point was that these sellers don’t get the urban pioneer price hike. Logan Sq. sellers definitely get a urban pioneer hike if they bought in the 1990’s but not bucktown.
“my discussions with Hatergroove, I’m a fan of Bucktown”
to go outside myself and my natural being, this may shock some of you :0
i will say from 1998-2003 that i truely liked bucktown and its vibe. the prices then were a smidge high in that period but i felt were sort of justified do to all the great changes that were brewing.
now bucktown is priced way to high and is kind of Lincoln-Parkesque with out the lake and zoo access. too many over-tatoo’d bars and eats. i am tired of dodging skinny jean 10-speed riders in my car.
1997 and earlier up milwaukee from damen was rough!
“i am tired of dodging skinny jean 10-speed riders in my car.”
And their response would be: “then get out of your car, a$$hole”.
“too many over-tatoo’d bars and eats. i am tired of dodging skinny jean 10-speed riders in my car”
oh boy i am getting old, i bet next year i will be squirting kids with my house and screaming “get off my lawn”.
“And their response would be: “then get out of your car, a$$hole””
i bet if i ran them over with a toyota prius they wouldnt even get mad and even say sorry that the blood dripping from their ear got on my electric car.
When you consider that 1823 Wilmot sold for $750, this isn’t a ridiculous asking price for this house…
http://www.trulia.com/homes/Illinois/Chicago/sold/20601399-1823-N-Wilmot-Ave-Chicago-IL-60647
1823 has a $417,000 mortgage PLUS a $242,000; which comes to 88% financing after a $90,000 down payment. $90,000 isn’t chump change, but 10% down is 90% leverage that jack up the purchase price….do you think he could have put down $150k which is 20% of $750? What if 90k was 20% of the final purchase price, do you know what that would be? $450k. THey could afford a $450k home based on their down payment. Now can you see what leverage does to the purchase price?
http://www.redfin.com/IL/Chicago/1823-N-Wilmot-Ave-60647/home/12805027
Honestly though Groove I think your impression of BT is a little dated. I have friends who live in nice parts of BT and for all appearances it is Lincoln Park. They have professional jobs just like LPers. Yeah the bars there suck, but that area is completely gentrified.
“Honestly though Groove I think your impression of BT is a little dated”
true my joking exagerations are dated but i did point out like you just did “now bucktown is priced way to high and is kind of Lincoln-Parkesque with out the lake and zoo access”
“Yeah the bars there suck” i agree they have been blowy and i stopped going to them there around 2006. I only go to OHM there. Well now i dont go any where maybe leo’s den but that stopped bout a month ago.
HD says: “My whole point was that these sellers don’t get the urban pioneer price hike. ”
So in your view, they should not get their price because you don’t think BT was shyte when they bought. Wrong. You really need to stop basing your pricing opinions on what you thing the seller deserves.
R2 kind of, sort of, has a point, HD.
That’s the beauty of the ongoing correction. If sellers lose from their bubble purchase, they get what they deserve. If buyers refuse to acknowledge the bubble correction, they will get what they deserve.
Future generations learn either way. It’s a win win situation!
You’re right RunnnerRunner, I should based my pricing opinions on what YOU think the seller deserves, not what I think the seller deserves. You said “I would not be surprised to see it sell close to ask in 3-6 months.”
Do you also think there will be a bidding war? Or will the seller’s fairy godmother appear miraculously in the form of a knifecatcher with a 20% down payment at the full asking price?
“So in your view, they should not get their price because you don’t think BT was shyte when they bought. Wrong. You really need to stop basing your pricing opinions on what you thing the seller deserves.”
HD,
The difference is that I believe the price today should be based on the market today. You seem to think the price today should be based on something that happened several years ago. INO, you are wrong.
I don’t know you but as an observer, I would say you have some resentment toward anyone making more than what you consider to be a “fair profit” on a RE transaction.
R2, I don’t know you but as an observer, I would say you are resentful toward anyone who has been, and will continue to be, proven correct that RE is no longer worth enough to get what you consider to be a “fair profit” on a RE transaction.
RoadRunner: RE millionaires make money on the ‘buy’, not on the ‘sell’!!! Or at least that’s what the guru in the infomercial told me!
Correction:
“Or will the seller’s fairy godmother appear miraculously in the form of a knifecatcher with a 3.5% down payment FHA loan at the full asking price?”
Walked past this house yesterday in the great weather. It really doesn’t have much going for it from the street. All of the paper blinds were closed, so couldn’t really see inside, but the brick facade is pretty blah. Also, not sure if it was mentioned anywhere here but the train (blue line) is pretty close and it was noisy enough that it’s an issue here.
““Or will the seller’s fairy godmother appear miraculously in the form of a knifecatcher with a 3.5% down payment FHA loan at the full asking price?””
FHA is making $809k loans in Chicago? Sign me up!
Baird Warner’s site says this is under contract.