The Ultimate Bungalow Sells: 5501 W. Cullom in Portage Park
We chattered about this big 4-bedroom bungalow at 5501 W. Cullom in Portage Park several times over the last few months.
See our December 2009 chatter and pictures here.
The house finally sold for $170,000 under the July 2009 list price but $55,000 over the 2002 purchase price.
Built in 1926, the house had much of its vintage woodwork and stained glass still in place. It also had an original walk-in meat smoker.
Heather Lange at Koenig & Strey had the listing.
5501 W. Cullom: 4 bedrooms, 2.5 baths, 2.5 car garage, 3500 square feet
- Sold in January 1995 for $293,000
- Sold in December 2002 for $525,000
- Was listed in July 2009 for $750,000
- Reduced
- Was listed in September 2009 at $650,000
- Reduced
- Was listed in December 2009 at $635,000
- Sold in April 2010 for $580,000
- Taxes of $5001
- Central Air
- Bedroom #1: 15×13
- Bedroom #2: 14×12
- Bedroom #3: 10×10
- Bedroom #4: 12×9
Somebody got a good deal for the money. This is an exceptional house with a lot of features that will never be duplicated in the $500K and 600K schlock condos in trendier neighborhoods.
Looks good from the outside at least
Beautiful jumbo bungalow, but in a blue-collar neighborhood in transition. Majority of neighborhood houses sell for significantly less money. Housing stock is predominantly more modest bungalows, in varying states of building condition and remuddling. Many of the renovated houses have lost their innate bungalow vintage charm, and now have Home Depot handyman special interiors. (Check MLS) Always risky to buy the most expensive house on the block, much less the entire neighborhood.
Neighborhood has a significant number of “for-sale” SF listings. Noticeable number of the Eastern European immigrants (some without legal residence status) who lived in this area are now selling their homes, and some are moving back to Poland (Tribune articles over past two years). Didn’t Tribune also recently note that most SF foreclosures are occurring on the northwest side?
SCC has posted several crime stories regarding new gang activity in this area, large street-fights, loitering, and drug-sales. Neighborhood now houses Section 8 tenants, likely from demolished CHA developments, which has caused uptick in petty crime and neighborhood disharmony. This is an area of transition, and probably not a smart $500,000+ house purchase, albeit a beautiful house.
I really think if you own a 60’s caddy convetable this is the perfect house for you 🙂
This is a beautifully kept bungalow and congrats to the new buyer.
to add to architects above statements, Portage is in transitions again but the wrong way, and many eastern europeans that moved there in mass during the no money down days and Home depot’d the crap out of these historic brick bungalow’s have split or are spliting but not back to poland, but the trend was Australia, Ireland, Iceland. Many just walking away from debt with no recourse.
As for crime it has picked up in this area significantly, just last month i guy was shot and killed at a barber shop just down irving (news said gang related).
Portage is getting bad but it dont think it will get that bad, it was and will always still be a place people go for a good sized brickhome in chicago with big yards, manicured lawns, the neighborhood feel, low taxes, and decent price (well the decent price before 2005).
“Neighborhood now houses Section 8 tenants, likely from demolished CHA developments”
I have a boy hood buddy who lives in the dunning area (a block from merrimac park), he told me there is sec 8 housing on irving and nagle/narragansett. He wants to move badly but he bought late 2006 or 2007 and said he is like 100k upside down so he is stuck
Why is streetview super high quality at many intersections and then poor quality in any direction from that intersection (eg Montrose and Linder, near this place)?
Wonder if this was the developers/builders own house (or the local butcher). I think Architect is one of the many architects moving to the area and is trying to keep prices down.
Groove, did you just say…ICELAND?
“Groove, did you just say…ICELAND?”
yep
““Groove, did you just say…ICELAND?””
Insanely cheap now b/c of the total collapse of their carry trade economy.
so what happened to CC? everyone just up and left?
“so what happened to CC? everyone just up and left?”
The anticipation of the increase in crime scared everyone off.
I think its because the “Obama Coupon” expired
i’m holding out for sponsorship on my posts ala jz.
G has been gone for like 2 mos.
Off topic, but the Poles have been leaving Ireland in DROVES over the past year or so. If you think the US had a housing bubble, look at what happened over in Ireland…
and look at what’s happening in china, canada and australia
Vancouver: http://www.crackshackormansion.com/original.html
“If you think the US had a housing bubble, look at what happened over in Ireland…”
“I think its because the “Obama Coupon” expired”
LOL! I was just at a BBQ yesterday where Obama basically paid to have the heating system replaced in their old house. Another friend pointed out that he was just buying their vote to which they replied: “Well isn’t that the Chicago way?”
Wheres my Obama Coupon? 😀
this is old news but it’s one of china’s empty cities.
http://www.businessinsider.com/chinese-stimulus-spending-constructed-an-empty-city-in-the-middle-of-nowhere-2009-11
At least we have only empty subdivisions…
“the Poles have been leaving Ireland in DROVES over the past year or so”
The outflow started over 2 years ago. Might actually be able to find some Irish working in Dublin again.
so are the Poles the new gypsy’s or something?
Homedelete, Canada has plenty of cheap housing outside the large cities (of which there are, like, three). Vancouver’s RE is sky-high because it has a mild climate, has a lot of rich immigrants from Asia, and the country just didn’t have the subprime mess that the US did. There’s a lot more regulation about lending. Then again, if you look at Montreal, housing is cheap and lovely–Why? Because the economy there always lags behind Toronto’s and Vancouver’s.
As a footnote to nothing, we were in Dublin last summer for a week and were stunned by how expensive it was. Best thing about the city: it didn’t get really dark until 10:30pm. Lots of outdoor bars with lots of young people drinking, and drinking, and drinking.
“if you look at Montreal, housing is cheap and lovely–Why? ”
Because Montreal is full of rude people. At least compared to Vancouver and Toronto.
“we were in Dublin last summer for a week and were stunned by how expensive it was”
I hope you got out of the city some. Dublin is the *worst* part of Ireland.
Back on the market…
http://www.redfin.com/IL/Chicago/5501-W-Cullom-Ave-60641/home/13478590
“Back on the market…”
Some the same pix, right? Was that sale to a straw buyer to set the comp?
“Some the same pix, right? Was that sale to a straw buyer to set the comp?”
or somebody in over their head trying to get out quick?
3 days quick??
oh whoops, missed a year…
I don’t think an appraiser would factor in the last sale in determining value.
“Was that sale to a straw buyer to set the comp?”
straw buyer? how would that work and why would anyone agree to be said straw buyer.
“straw buyer? how would that work and why would anyone agree to be said straw buyer.”
family, maybe. Just wild hare speculation; I can’t imagine buying that place, seemingly leaving some of the same furniture in it, and re-listing it a year later.
And by set the comp, I didn’t mean for an appraiser, I meant for an arms-length sucke… I mean mar… I mean mu… chum… crap, what’s the word I’m looking for?
Actually, I think you’re right on that. No mortgage was recorded at that time, though it says a conventional loan was used in the MLS. Also, agent remarks now say: “AGENT OWNED, BUT NOT LISTING AGENT. AGENTS PLEASE PRE-APPROVE YOUR BUYERS AS WE WILL SCHEDULE PRIVATE SHOWINGS THAT WILL TAKE A LONGER TIME FOR THIS WELL ABOVE AVERAGE, UNIQUE, HISTORIC DWELLING.”
It is possible the place was sold with some of the furniture. I do like it and the nabe, but that price point is beyond my budget. I’m not even sure what this should cost but the risk of buying the most expensive house on the block/neighborhood and not being able to turn around and unload it at break even costs if some Life -Disaster like loss of job or excessive medical bills keeps me away.
Who cares what someone paid for it in the past? It’s value is set by TODAY’S market. If you guys are too stupid to figure out how much something is worth on your own (and have to rely on past sales) then you deserve to be fooled by the “false sale” or whatever it was.
“It’s value is set by TODAY’S market…you guys are too stupid”
So does that mean Tomorrow it’s value will be set by Tomorrows market?
Damn got my finger stuck in my nose, again.
Clio — very good point. But how does one figure out the property’s value on Today’s Market? Isn’t the comp thing the standard?
My research showed it was agent owned but I didn’t post anything. I figured that the agent was hoping for a uptick in volume so he could pay the bills. The uptick never happened. Hence the quick sale.
Please refrain from guessing why the house has come back on the market. None of you know and, more likely than not, you are probably wrong.
“Who cares what someone paid for it in the past? It’s value is set by TODAY’S market.”
so your balance sheet reflects current market values or fair market values?
I just want to learn how to ascertain value without any benchmarks…
“I just want to learn how to ascertain value without any benchmarks…”
Beauty is in the eye of the beholder?
This place is back on the market just one year later!
Now on the market for $599,900 — wonder what is going on here!
http://www.rubloff.com/property/chicago/07794846.cfm
“Whatever you do, Jon, don’t speculate here!!”
i second that, be careful on that one.
just stick to racist posts and defining the “real” ELP and you’ll be ok
“just stick to racist posts and defining the “real” ELP and you’ll be ok”
I had half the same thought, but decided against. Thanks, Groove.
demographics, like what the census & CPS tracks, is the more polite term Groove.
“I had half the same thought, but decided against.”
had previous comment lined up last night during the 4 qtr but 86’d it thinking my disappointment in watching coaching strategies may affect my wording.
Dan, do you have any comment on the miscegenation promoted by the muppets?
Or stick to pizza and cars. We all love pizza and cars.
this might be a radical idea, but we could actually discuss the property itself.
Cars + pizza count. One goes in garages, the other the kitchen, that has something to do with homes.
Btw.. an antique Ferrari still may be one of the best investments out there. 40 yrs forward vs. a condo in Streeterville.. not even close!! Just don’t drive it.
“We all love pizza and cars.”
perfect post for this as giordano’s is right by here, also Pete’s #2 is close.
Cars, you have the lynch autoplex. which i think was sold off in parts to different new owners
This house is amazing but I completely agree with Architect’s post on 5/3/10. I’d probably consider if the price was cut in half.
Chris M – Are you smoking something or is half the list price all the money you can come up with?
If I remember correctly, looks like the only pictures that are the same as last time are the exterior. Interior is furnished with completely different furn
“Chris M – Are you smoking something or is half the list price all the money you can come up with?”
For me, close proximity to transit and access to good attendance area schools are important. This house doesn’t fit that criteria. But for someone that doesn’t mind driving most places and paying for private school, I could see this being a good option. However, despite this home’s amazing features, I don’t think it’s worth more than $500k in this market.
“However, despite this home’s amazing features, I don’t think it’s worth more than $500k in this market.”
The other day I showed that there is not a single family home in 60641, the zip code for this home, currently under contract for more than $500,000, the most expensive being 4327 N. Keeler listed at a whopping $478,900. 60641 is taking a beating. The median under contract listing price SFH in 60641 is a shocking low $150,000, which is probably back to the mid-90’s or early 2000’s pricing. The median sales price for 60641 in the last 3 months is $160,000, yet the median under contract price as of today is $10,000 lower. The beating continues.