This Teardown Didn’t Sell In 2012 But It’s Priced 37.5% Higher In 2013: 2014 W. Addison In North Center
We’ve chattered about this 2-flat at 2014 W. Addison in North Center several times before.
It had been a bank foreclosure that finally sold in March 2012 for just $200,000.
It came on the market last summer as a quick flip for $439,000 and was quickly reduced to $399,900 but it didn’t sell and was removed from the market in August 2012.
See our June 2012 chatter here.
Last summer the listing described the property as “not a short sale or a foreclosure” although it was being sold “as-is.”
The listing said the property needed a major rehab and that the zoning was RT-3.5. It also was in a hot, hot location.
This time, the listing simply says: “Value is in the land. Drive by only.”
The 2-flat is on a standard 25×125 lot.
Last summer, most of you thought the flipper wouldn’t be able to get $400,000 because of the location of the property on Addison. You were apparently correct.
But the market is hot now.
This property has come back on the market listed 37.5% higher than last summer at $549,900.
What will be its fate this time around?
Are developers desperate for any buildable land?
Jennifer Sahinoglu at Falcon Living LLC still has the listing. See the listing here.
2014 W. Addison: 5 bedrooms, 2 baths, 2 car garage, 2-flat
- Sold in August 1990 for $143,000
- Sold in September 2005 for $485,000
- Originally listed in June 2010 for $399,000
- Lis pendens filed in July 2010
- Numerous reductions
- Was listed in September 2010 as a “short sale” for $279,999
- Finally sold in April 2012 for $200,000 (according to Redfin)
- Originally listed in June 2012 for $431,000
- Reduced
- Was listed in June 2012 for $399,900
- Withdrawn in August 2012
- Re-listed for $549,900
- Taxes are now $7996 (they were $8062 in June 2012 and were also $6861 in 2010)
- No central air
- Zoning RT-3.5
- Standard lot of 25×125
That price is insane. I sold a move in ready (albeit tiny) SFH for less than that in 2008 a few blocks away.
hah good frickin luck, although I’m sure some loser will buy this, and build a 3 flat duplex down+2 crap mccondos in its spot if the zoning is allowed
Does “the value is in the land” mean thar’s gold or oil down there? Otherwise, fuhgeddaboudit, this is insanity.
I realize this is a better location (tho in Audubon rather than Bell) on Addison, but why do they think they can get even $400k for this when the *double* lot at 2434 Addison languishes at $650k?
Or the quadruple lot at 2416 Addison for $899k?
Or this apparently habitable brick 2-flat for $545,900: http://www.redfin.com/IL/Chicago/1943-W-Addison-St-60613/home/13386720
(the last of course being the best comp–and *that* is at least $75k overpriced, as side-street two-flats in Bell haven’t been fetching over $550k, to be teardowns for ~$1.4m houses–NO ONE is paying $1.4m for an SFH here, and I don’t buy demand for more $550k condos here, either)
Side street 2-flats in Bell are now routinely closing over $600k:
http://www.redfin.com/IL/Chicago/3820-N-Hamilton-Ave-60618/home/13388790
http://www.redfin.com/IL/Chicago/3806-N-Oakley-Ave-60618/home/13388527
http://www.redfin.com/IL/Chicago/3803-N-Oakley-Ave-60618/home/13388936
Not sure if this warrants another post, but this ask price is a fail.
I think in this market this lot is worth an easy $350K. Kudos to the buyer for picking it up for 200. That’s a nice investment.
“I think in this market this lot is worth an easy $350K. Kudos to the buyer for picking it up for 200. That’s a nice investment.”
It costs money to tear down a crapshack. Not 150k money but little margin for error when it’s west of Damen. And let’s not forget this location on Addison is not just a regular Ave but one with Wrigley & the interstate within 2 miles. But it’s not Wrigleyville, nor Lakeview proper, nor even part of North Center proper. This is a shitshack on a main thoroughfare on Addison west of the ball park by a mile. 1990 price speaks volumes but the 2005 price is hilarious–someone made off with a lot of loot for an inflated RE appraisal in 2005!! Like a _lot of loot_! God bless America!
“Side street 2-flats in Bell are now routinely closing over $600k:
http://www.redfin.com/IL/Chicago/3820-N-Hamilton-Ave-60618/home/13388790
http://www.redfin.com/IL/Chicago/3806-N-Oakley-Ave-60618/home/13388527
http://www.redfin.com/IL/Chicago/3803-N-Oakley-Ave-60618/home/13388936”
None of those are decrepit teardowns.
Dropped to $449,900.
“Dropped” to $449,000.
“Taxes are now $7996 (they were $8062 in June 2012 and were also $6861 in 2010)”
Wouldn’t it makes sense to pay to knock this down, get the taxes reassessed for vacant land. Any knowledgeable people out there that would know if this is feasible? what would the RE taxes be if this was a vacant lot?
(I suppose it would take a considerable length of time to get the Assessor to change it?)
““Side street 2-flats in Bell are now routinely closing over $600k:
http://www.redfin.com/IL/Chicago/3820-N-Hamilton-Ave-60618/home/13388790
http://www.redfin.com/IL/Chicago/3806-N-Oakley-Ave-60618/home/13388527
http://www.redfin.com/IL/Chicago/3803-N-Oakley-Ave-60618/home/13388936””
They were closing above 600 in 2004 when I moved from the neighborhood too. In fact they were listing at $850
Now at $439,900.
This is a shitty intersection to live on. Too much traffic , too shitty all around
Now at $429,000.
Oh, also, Taxes are now $6,161.84, but that’s with a fradulent HO exemption.
Sold for $425,000
http://www.redfin.com/IL/Chicago/2014-W-Addison-St-60618/unit-2/home/13388340
Seems like a lot of money to me. I think it should have sold in the mid-100’s.
Why mid 100s?
” I think it should have sold in the mid-100?s.”
I think your house “should” sell in the mid-100s, too, but that isn’t any more based in reality than your view on this place.
It’s like the listing for this place– http://www.redfin.com/IL/Chicago/3844-N-Oakley-Ave-60618/home/13388734 –used to say–nothing else for sale and the ask is based on the comps.
lmao great salesmanship on that listing anon!
“nothing else for sale and the ask is based on the comps.”
Hey, if you can build and sell $2MM places (I know Claremont is not quite Hoyne), why not?
http://www.redfin.com/IL/Chicago/3921-N-Hoyne-Ave-60618/home/26829543
Why 100’s? I’m just kidding, trying to rile up the chatterati this cold 3 degree day.
“Hey, if you can build and sell $2MM places (I know Claremont is not quite Hoyne), why not?”
1. There’s that Yale DMC magic again!
2. Oakley isn’t quite Claremont, either.
3. Didn’t you read the listing? 38xx Oakley is the *best* block in Bell!
4. (to Sonies): You should have seen one of the prior listings–basically ‘don’t even think of offering below ask’.
“There’s that Yale DMC magic again!”
piano nobile!
“Oakley isn’t quite Claremont, either.”
Oh right, I saw some $750 under contract listings on claremont (I think). Didn’t check if they were likely guts/teardowns.
“Didn’t you read the listing? 38xx Oakley is the *best* block in Bell!”
could prob have them face off against the 2000 block of bradley.
“There’s that Yale DMC magic again!”
Assuming it closes above $2.0, is that a record for the hood?
“could prob have them face off against the 2000 block of bradley.”
Not that there is anything *wrong* with 38xx Oakley, but I dunno if it’s top 5. Definitely above average, tho.
“Assuming it closes above $2.0, is that a record for the hood?”
Of those showing on Redfin, this is the high: http://www.redfin.com/IL/Chicago/2038-W-Waveland-Ave-60618/unit-1/home/13388491 $2,049,781. Dunno if that’s the actual high, tho.
So, looking at other nOrtCentEr listings, saw this one, listed for $339k:
http://www.redfin.com/IL/Chicago/1811-W-Addison-St-60613/home/12705699
which sold for $320, when new, in Mar-03. Not much to show for 10 years (2 owners–prior sale, in ’05 for $360k, was a cash buy).
“don’t even think of offering below ask”
Uh oh, down to $725. Good thing they talked people out of offering $745.
“Uh oh, down to $725. ”
So, to do or not to do, the sending of the snarky email?
Send it! Most realtors are lazy idiots! The seller’s realtor at my closing couldn’t be bothered to show up and give the buyer the key. I had to drive to his office and pick it up before I could even go in and have my first beer. What a piece of garbage. I’m almost tempted to put his name on here but there’s a little thing called ‘YELP’ for that.
Demo permit obtained.
Appears to be condos going up. Moving fast, but not yet listed.
Also of note from this post–the “no lowballs considered” two flat hasnt sold, and the Yale DMC magic holds, as the closing price was $2,075,000, which looks like a new record high for the hood.