This Southport 5-Bedroom House Just Sold For Double the 1996 Price: 3531 N. Bosworth
We last chattered about this 5-bedroom single family home at 3531 N. Bosworth in the Southport neighborhood of Lakeview in January 2011.
We debated how much profit a seller could make who had been a long-term owner of a property (which we seldom see these days) as the seller of this house had owned it for 15 years.
See our prior chatter here.
Some of you LOVED this house, but some thought it was a former 2-flat disguised as a SFH (because it had a kitchen in the lower level) and that it would sell under $900,000 as a result.
The seller of this house had previously purchased it in 1996 for $470,000.
Originally listed in March of 2010 for $1.375 million, it recently sold for $945,000.
Built in 1907 on an oversized 37.5×125 lot, it was located just a few blocks from the shops and restaurants of Southport.
Its kitchen and bathrooms had been renovated and the listing said it had new plumbing, electric, windows and roof.
3 of the 5 bedrooms were on the second level.
The other 2 bedrooms were on the lower level, along with a second full-sized kitchen, which would make for a possible in-law arrangement.
The house had maintained many of its vintage features including wood floors and wood moldings.
What does this sale say about the argument that if you own for an extended period of time (10 to 20 years) – that you’ll come out ahead?
Jim Gramata at @Properties had the listing. You can still see the interior pictures here.
3531 N. Bosworth: 5 bedrooms, 4 baths, no square footage listed, 2 car garage
- Sold in May 1992 for $402,000
- Sold in April 1996 for $470,000
- Originally listed in March 2010 for $1.375 million
- Reduced a few times
- Was listed in January 2011 at $1.099 million
- Sold in July 2011 for $945,000
- Taxes of $12,293
- Central Air
- Bedroom #1: 25×12 (second floor)
- Bedroom #2: 22×14 (second floor)
- Bedroom #3: 11×9 (second floor)
- Bedroom #4: 10×10 (lower level)
- Bedroom #5: 12×10 (lower level)
- Rec room: Lower level
11 years of ownership haven’t been kind to these owners, assuming that 2000 price is accurate:
http://www.redfin.com/IL/Chicago/2131-N-Lakewood-Ave-60614/home/13353036
“some thought it was a former 2-flat disguised as a SFH”
It IS a “former” **THREE** flat, per the assessor:
http://cookcountyassessor.com/Property_Search/Property_Details.aspx?Pin=14203010130000
No “disguise” or anything, but facts is facts.
2131 N Lakewood – originally had a $900,000 mortgage in 2000 and has today ballooned to $1,000,000 as of 2008. Amazing property but the $24,000 taxes is more than my take home salary. One can dream!!!
“11 years of ownership haven’t been kind to these owners, assuming that 2000 price is accurate:”
1. Seems about right for the 2000 price.
2. Like the “22 year old kitchen and baths” note in the listing
3. Kitchen should be *perfect*, since white is “in” and the refrigerator (and garbage compactor!!) is panel front, not SS.
4. Perfect example of “contemporary” design aging poorly.
5. Awesome GatorDeck.
6. Taxes!! OUCH!! Address weirdness with the Assessor; should be clarified/fixed before buying.
“but the $24,000 taxes is more than my take home salary.”
are you leaving some of your salary at a saloon or something?
“Perfect example of “contemporary” design aging poorly.”
Not able to confirm on googlenet, but I’d bet a chunk of money at even odds that architect is Marcel Freides who has designed homes we’ve chattered about.
http://cribchatter.com/?p=10862
OK everyone, calm down – the storm is gone:
http://finance.yahoo.com/news/Home-building-jumps-in-June-apf-2439450214.html?x=0
Icarus: we live too close to the Admiral. j/k.
“the storm is gone”
from the article:
“Still, that’s roughly half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.”
I remember looking at 2131 just after it was built in ’86 or ’87. It was $650K and not a penny less. Both this place and the larger house to the left was built by at the same time by the same guy (Marcel was the architect for both), and the developer took the larger one for himself, but you could buy it for $950K, and someone did.
No basement, and they had HVAC with holes poked in the ductwork running thru the low crawl space to ‘heat’ the first floor. On the second floor, the bathtubs here sunken into the floor… full tubs, not a shower basin. Now that’s some quality sh*t.
I wish homeowners could be convinced to rebuild the cornices on properties like these.
“I remember looking at 2131 just after it was built in ‘86 or ‘87. It was $650K and not a penny less.”
So, it’s (barely) below the real dollar cost when new. Which, with the level of deferred maintenance/replacement (even if just the baths and kitchen) means its *way* above the as-new price.
‘So, it’s (barely) below the real dollar cost when new.’
I’m guessing that’s true anon. Thing is, 2131 was built right before the RE crash of the early 90’s when cheaply built McMansions were going up weekly in sub-prime areas; now where have we heard that one before? The only thing that promoted the once ‘high’ value of this place was the next bubble. Can you think of anything in the pipeline that will elevate the price again? Maybe population shifts due to a massive CA earth quake? Rising ocean along the coasts? Anything… anything?
“The only thing that promoted the once ‘high’ value of this place was the next bubble.”
Comparative pricing, too–what else could you get in a newly constructed SFH for $650k at the time? IF this were updated to the price-appropriate level, and any deferred maintenance issues resolved, I could easily see the $1.2 price–because what other nearby SFHs are up to date and meaningfully cheaper. Problem is, it looks like it needs a *lot* of money (I’ll eschew a guess, b/c I don’t want to get into it) put into it to get to that level.
For upwards of $1M, the outside ought not to look so fugly.
“For upwards of $1M, the outside ought not to look so fugly.”
That’s why they got the $55k discount on the $1mm number.
‘Comparative pricing, too–what else could you get in a newly constructed SFH for $650k at the time?’
You could find a lot of similar houses in Sheffeild for $650K at the time, $400K’s in Wrightwood and Ranch ($400Ks for old but needs renovation in LP). But… the new places were all cheaply built as this one was, and I’m sure they’re all suffering the same fate some 22 years later. There *wasn’t* a lot of quality construction in the 80’s and nowhere near the resources to find quality materials as there is tnow, although that doesn’t excuse this place. That’s why I’m so hard on what people *think* is quality today…. it ain’t. Trust me, back in the 80’s this was chic/in the moment and sold for top dollar (20% down/11.5% too). I see the same bs being pitched today: builders fireboxes, cheap cabinets, lack of proportion – everything 2131 has. There’s a reason I bought old and renovated in LP… held up its value quite nicely, even in these times.
“But… the new places were all cheaply built as this one was, and I’m sure they’re all suffering the same fate some 22 years later”
Just goes to show the enduring appeal of “new”, even if it’s crap.
‘Just goes to show the enduring appeal of “new”, even if it’s crap.’
Amen!! When you figure that one out, can you please let me in on it???
AHHH! My favo little Bosworth house sold!!! I am so jealous it’s not me that gets it. And just under a mill too. The buyer is so lucky!
Haters of this house to the LEFT, please’n’thankyouverymuch.
oops. Yeah. Wrong thread.
Augh. No it isn’t. I was just confused after the fact because the comments aren’t about my favo house ever on CC.