Trying To Sell a 5-Bedroom SFH 15 Years Later in Southport: 3531 N. Bosworth
Not everyone bought their property in the last 10 years.
This 5-bedroom single family home at 3531 N. Bosworth in the Southport neighborhood of Lakeview has been in the current owner’s hands since 1996.
It has been on the market since March 2010 and has been reduced $276,000 in that time.
Built in 1907 on an oversized 37.5×125 lot, it is just a few blocks from the shops and restaurants of Southport.
Its kitchen and bathrooms have been renovated and the listing says it has new plumbing, electric, windows and roof.
3 of the 5 bedrooms are on the second level.
The other 2 bedrooms are on the lower level, along with a second full-sized kitchen, which would make for a possible in-law arrangement.
The house has maintained many of its vintage features including wood floors and wood moldings.
What will it take to sell this property?
Jim Gramata at @Properties has the listing. See the 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
- Currently listed at $1.099 million
- 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
This is what I am talking about when I say that people who bought prior to 2003 should have equity in their houses. The same will hold true for 15 years from now…..
Looks awesome to me. Of course I am in no way there target market.
The only negative I can see is that the backyard is small.
This is a nice place and although not my style I thin it is beautifully done. Great to have that wide lot as well. I would guess that it should attract some buyers soon, maybe it moves at about 1.05?
“This is what I am talking about when I say that people who bought prior to 2003 should have equity in their houses. The same will hold true for 15 years from now…..”
I’d say the over/under of the total reno budget is $350k, so not as much as it first appears.
Yummy and I’m an OTT bigot
could you imagine if they sold in 2006! talk about powerball multiplier
“I’d say the over/under of the total reno budget is $350k, so not as much as it first appears.”
yeah – but you also have to calculate their costs if they had rented for 15 years. Even if they break even with the house, they still are way ahead.
“I’d say the over/under of the total reno budget is $350k, so not as much as it first appears.”
That means this place didn’t even keep pace with inflation. Would you say the hood improved since 1996?
Dunno about that math…how are they “way ahead”? Did they not have a mortgage over the last 15 years? Would they have needed a 5 bedroom rental? You sure that upkeep+taxes+mortgage+rehab was really less than a reasonably comparable rental?
I’m not…
Make sure to click the virtual tour and check the video. That garden-level (2nd) kitchen is sick!
Awesome house. If only I had won the mega-millions. That built-in hutch would be mine mine mine!
“Dunno about that math…how are they “way ahead”? Did they not have a mortgage over the last 15 years? Would they have needed a 5 bedroom rental? You sure that upkeep+taxes+mortgage+rehab was really less than a reasonably comparable rental?”
TftinChi,
I am pretty sure that their “less than 470k mortgage” plus taxes, upkeep MINUS mortgage interest/real estate tax deductions was MUCH less than any comparable rental. I would bet ANY amount of money on this.
“MUCH less than any comparable rental.”
We don’t know the condition of the place in ’96, nor when it became comparable to what it is now.
If they re-did the kitchen in ’96, they also re-did it again in the past ~5 years.
why two kitchens?
Clio you ignored relevant facts. You can’t compare rental costs unless you also compare costs of money. You need to equate interest expensve (plus forgone investment income on the downpayment) and compare that to rental costs. Those usually just about cancel out; though during the last 5 years rents were way below interest expense (even when subtracting out the advantage of the mortgage interest deduction). Add in maintainance and renovation costs and these people walk away at probably a break-even. Not a bad trade, but its not like they got rich off of this property either.
Beautiful house with generous rooms and also huge baths. It should sell for close to ask.
Even the small back yard may be more of an advantage or disadvantage. I really don’t believe that most city home buyers want large yards to care for. If what you love best is to spend your whole weekend grooming an oversized lawn, you can buy that lawn for less money and in a better school district in a fine suburb like Highland Park or even Winnetka, where the prices are crashing like decabling elevators. I am stunned by the drop in prices in these North Shore suburbs… maybe it’s because about a third of houses currently in foreclosure are high end houses, vs. the cheap properties that were the bulk of the foreclosures at the onset of the Great Unwinding.
I will be the first to say I don’t think it will sell near ask. I would guess closer to 899. Then again I am also not a fan of the amount of “vintage” finishes, too dark for my tastes. If I were in the market for a $1mil+ home it would be new construction.
Laura, I have been looking for a good foreclosure in OakBrook/Hinsdale – I can’t find ANY. None, period.
“why two kitchens?”
LOL unless its the servant’s kitchen this is a two-flat.
$1.1MM ask price for a de-converted 2-flat with new finishes?
Yeah and maybe this will be the Cubs year.
“Even the small back yard may be more of an advantage or disadvantage. I really don’t believe that most city home buyers want large yards to care for.”
But, bc of the 1.5 lot, this is a tweener–it’s large enough to require maintenance, but not really large enough to be useful.
Wow Bob you might be right.
Central sitting room upstairs? 2 beds downstairs? 2 Kitchens?
‘GORGEOUS 5 BED 4 BATH SPACIOUS RESIDENCE ON OVERSIZED LOT IN PRIME LOCATION. FORMAL ENTRY, SITTING ROOM & SEP DR W/ SUNNY FRONT LIV RM. SOLID VINTAGE FINISHES W/ MODERN UPDATES: KITCH & BATHS, HVAC, PLUMB/ELEC, WINDOWS, ROOF, 2 CAR GAR, ETC. THREE BEDS UP/2 DOWN. CENTRAL SITTING ROOM ON 2ND FLR. LUX MSTR SUITE W/ HUGE WALK-IN CLOS. HDWD FLRS. DECK W/ FENCED YARD. LL HAS FULL KITCH, 2 BEDS. REC RM. WALK SCORE 95/100! “
“$1.1MM ask price for a de-converted 2-flat with new finishes?”
This is Chicago, and not Des Moines. Do you really still think that a large number of people in Chicago don’t have the means and desire to live in a place like this? but, then again, like I wrote yesterday, sometimes it is okay to live in a fool’s paradise if that is what gets you through the day….
Yeah, doesn’t this look like a 3br Owner’s unit w/ possibly-legal 2br garden unit? Looks like they realized it’d be better to market as a SFH so they took the basement living area and re-staged it as an “entertainment room.” It looks like the 80s set from rent-a-center.
I think the ask is a bit high on this one. I for one am not a fan of the brown molding, but that’s just personal taste I guess. I feel like there are better options in this price range, but it is a SFH in a desirable area…still, i think its a bit ugly. i’d say 899 is fair.
“but not really large enough to be useful.”
Depends. If its for friends smoking, small BBQs, giving the dog a place to go and spacious enough for a fireworks launch tube, its useful for a bunch of stuff right there.
“Do you really still think that a large number of people in Chicago don’t have the means and desire to live in a place like this? but, then again, like I wrote yesterday, sometimes it is okay to live in a fool’s paradise if that is what gets you through the day….”
That’s why this things been listed for coming up on a year, cowboy. Fool’s paradise indeed.
You would think if they wanted to try to exploit the pricing premium between 2-flat & SFH they would’ve went the extra step and removed kitchen 2.
This just looks like an unfinished 2-flat de-conversion with that 2nd kitchen in there.
“Yeah, doesn’t this look like a 3br Owner’s unit w/ possibly-legal 2br garden unit? Looks like they realized it’d be better to market as a SFH so they took the basement living area and re-staged it as an “entertainment room.” It looks like the 80s set from rent-a-center.”
It’s assessed as a *3* unit (not that the assessor’s records mean much).
This:
http://www.redfin.com/IL/Chicago/1539-W-Grace-St-60613/home/13384203
is listed for $1.15 and is under contract. Similar size, similar-ish location, smaller lot, totally different reno.
“Depends. If its for friends smoking, small BBQs, giving the dog a place to go and spacious enough for a fireworks launch tube, its useful for a bunch of stuff right there.”
But this place has an extra 1500 SF side yard–which is excessive for your purposes, but not good for much beyond a dog run and *maybe* having a catch.
anon, what a great contrasting comp. I think the subject listing is more warm and inviting but yours looks much cooler.
I like anon’s listing quite a bit. that’s a place i could understand someone spending 1 mil on. again, personal taste plays a role.
Maybe they’re Italian?
#
CH on January 10th, 2011 at 3:26 pm
why two kitchens?
“listed for $1.15 and is under contract. Similar size, similar-ish location, smaller lot, totally different reno.”
I like it a lot more. It is Blaine v Hamilton though and at least in realtor listing description world, that’s not trivial.
“Yeah, doesn’t this look like a 3br Owner’s unit w/ possibly-legal 2br garden unit? Looks like they realized it’d be better to market as a SFH so they took the basement living area and re-staged it as an “entertainment room.” It looks like the 80s set from rent-a-center.”
You can see in the 1st level kitchen photo how the rear door extends to the garden level. It’s a SFH. If it were a separate garden unit, it would have front entry.
Ugh, all this negativity. This is a really sweet place, IMO. Didn’t remove the 2nd kitchen? I think it’s awesome just to re-do it. I think it’s awesome to have a garden level modern entertainment space — media, TV, kitchen, et cetera all on one level. Cool for kids or kids events as well. Keep the guest beds in the basement, with the family beds on the upper level.
Simply put, I think this place is awesome. Green space, parking, great vintage detail (those fireplaces are great and the built-in hutch is gorge), and the basement is awesome.
“Maybe they’re Italian?”
What is that supposed to mean? Please don’t sterotype. My mother is 100% Italian and doesn’t know how to cook well at all.
I’ve been in the Grace one. It’s really gorgeous. Problem is that Grace is a fairly busy thru street, especially during Cubs games and this one is a little too close to Ashland for my taste, but they did do a great job on the reno. I will be very interested to see what it closes for. I had friends looking at buying it, but ultimately were turned off by the street traffic.
The comp just killed the price on this unit. The Bosworth unit is larger, but the Grace unit is “dressed to the nines”.
My parents have two kitchens in their home, one in the basement, with a separate dining area that opens up to the TV room and living area. it’s where the family spends a lot of time, and a lot of the smell from cooking, and the general hustle and bustle doesn’t wear the rest of the house down as much.
The upstairs kitchen is more just for breakfast and looking pretty. it’s a pretty common concept in Asian families, and from what i’ve heard in some european households too.
“It is Blaine v Hamilton though”
That was the basis of the -ish on location.
“Problem is that Grace is a fairly busy thru street, especially during Cubs games”
More so during school dropoff. It’s a one-way there headed straight to Blaine.
Personally, I’d like a blend of the two places, and I think they are *both* too close to Ashland.
I probably mentioned this before, but I know a couple in a two flat where they’ve left the bottom pretty much as is. They’ve done some reno on the upstairs but not much downstairs. They do a LOT of entertaining of large groups and it really works well for them to have downstairs space that can take a lot of foot traffic and kids. They also don’t have a big family though, so can spare the space. Fits their specialized needs.
“Personally, I’d like a blend of the two places, and I think they are *both* too close to Ashland.”
They are two completely different styles – it would be odd to mix 2 completely separate looks – that only works well with people (mixed race).
“They are two completely different styles – it would be odd to mix 2 completely separate looks – that only works well with people (mixed race).”
Totally agreed. For example, that Grace listing doesn’t resonate for me at. all.
“They are two completely different styles – it would be odd to mix 2 completely separate looks – that only works well with people (mixed race).”
Not decoration-type stuff. Room layouts and wall locations, kitchen and bath designs.
“That was the basis of the -ish on location.”
I was thinking that just crossed the -ish threshold given that we’re in SFH (or mostly converted X-flat) world. (Maybe unfair to Hamilton and overly kind to Blaine, as I’m not really looking in that area and don’t really know the schools, though do know that Hamilton has some fans and Blaine some detractors.)
What makes anyone think the renovation was recent? And who cares? My guess is it was once a two flat with legal garden unit and it got converted into a single family home a long time ago. the decision to leave the 2nd kitchen could be for extra cooking for family holidays or if the need ever arose to convert the garden back to a rental unit for extra income.
I’d be interested to see if there’s any cash-outs on this.
I agree that for the price I’d rather go for the second one, and I think they would be better off marketing that basement level as an au pair space than an in law space.
“What makes anyone think the renovation was recent?”
That kitchen would have been *shockingly* forward thinking for the ’90s. Also, fridge handles look like something that came out in the past 5 years.
“And who cares?”
Narrowly tailored to G’s point about no real $$ gain.
“What makes anyone think the renovation was recent? And who cares? My guess is it was once a two flat with legal garden unit and it got converted into a single family home a long time ago. the decision to leave the 2nd kitchen could be for extra cooking for family holidays or if the need ever arose to convert the garden back to a rental unit for extra income.”
What makes me think the renovation wasn’t as recent as it apparently was before the days of multiple ovens in your kitchen to accommodate “extra cooking for family holidays”. Its a great space saver vs. an extra kitchen.
I would think at a $1.1MM the need might arise to gather some “extra income”. However when I think of a million dollar place I don’t think of an in-law unit. This has to be a first and a hilarious one at that.
“However when I think of a million dollar place I don’t think of an in-law unit. This has to be a first and a hilarious one at that.”
Not even the first on CC, is it? There was one in B’town, but it didn’t have a full kitchen, right? Or am I mixing real life with here?
“However when I think of a million dollar place I don’t think of an in-law unit. This has to be a first and a hilarious one at that.”
“Not even the first on CC, is it? There was one in B’town, but it didn’t have a full kitchen, right? Or am I mixing real life with here?”
This one (and $2MM list at that)? I think there was actually another one in btown that was discussed.
I just can’t see putting my in-laws in any basement (I know that’s not the only use of the space but they’re the only people likely to live in our house besides us).
http://www.2029dickens.com/
omg – the things i would do to live in that house on Grace. seriously…. that is my “ten years from now…” dream house.
“This one (and $2MM list at that)?”
That’s the one I was thinking of. And it does have a full kitchen.
“that is my “ten years from now…” dream house.”
I’ll be dead long before I can live in anything that nice. I do love this place though. It’s the kind of thing I’ve always wanted. Just not at this price.
In my dream world, far removed from reality, the owners are trying for $276,000 (such as the bold type above) and nobody wants to live in the city cause its yucky. Plus these places are everywhere.
OK, enough. Back to dreaming about the lottery.
“omg – the things i would do to live in that house on Grace. seriously…. that is my “ten years from now…” dream house.”
Ten years from now the contemporary feel could be just as attractive as the white euro kitchens and lighting stylings that were in during the early-90s. The wall cuts and everything else, imo, are incredibly timely.
That’s why I love this Bosworth place. Vintage classic is vintage classic and will always be appreciated. Natural woodwork, gorgeously kept vintage touches (FPs, built-ins, architectural touches like the bay windows), yet updated heating/cooling/windows/lighting. And you get the great updated kitchen/bath finishes.
I cannot believe I’m like, the only person on here gushing over this place.
boiztown, you should be happy you are the only one gushing – no competition. I hope you find something like this in your price range. It really is nice to see someone actually appreciate where they live and not constantly looking for somewhere “better”.
overpriced. 825k.
nice home though.
$825K? lol
Only if they’re desperate to sell. $825K for this type of preservation and upgrades — not to mention the neighborhood and decent lot size — is simply wishcasting.
A squeaker under $1mil is its floor. I fully think this can nab between $1m to the revised $1.1m asking price.
“I cannot believe I’m like, the only person on here gushing over this place.”
Boiztwn, I like this property too. It also opened my eye up to a new potential possibility. I want SFH and will never be able to afford one like this in the green zone, short of winning the lottery. But if I find a nice 2-3 flat like this for cheap, perhaps I could build a similair creature for a lot less.
Below is another similar house that sold recently that I thought was a pretty attractive place:
http://www.redfin.com/IL/Chicago/706-W-Roscoe-St-60657/home/12562779
I remember that place LVSF (and brought it back up on the recent Victorian Andersonville SFH chatter)! Also very nice, though I still do prefer this Bosworth place overall.
“But if I find a nice 2-3 flat like this for cheap, perhaps I could build a similair creature for a lot less.”
There are plenty of those. Even in the GZ as long as you are willing (and able) to renovate.
Heck, that house on Paulina just a block or so over just sold for $275,000 (needed work though.) Do you have vision? It was on a standard lot. Put in another $150k and you have a SFH for the price of a condo.
But few people have the vision (or the cash.)
… Its sale is also encouraging as to why I’m still “Woo! GO VINTAGE!” and also my thinking that this $1.1m price is right on.
I agree. The one thing I would be curious with on the Bosworth home is whether it is really a SFH or still set up basically as two units, and evaluating how much it would cost to combine into one if it is still broken up.
A floorplan would be helpful.
However, my experience in seeing three/two-flats of this nature in rental capacities in the GZ makes me fully believe it’s a true-blue SFH. The old stairwell entryway of a divided unit (now entry foyer) has the stair leading to the Upper Level and 3 bedrooms, whereas the 1st floor kitchen’s back door (complete with transom YES!) has a seemingly completely redone lower-level access stairwell (recessed lighting; looks good on the landing from the shot) into the garden area, which I think is awesome as opposed to an unfinished giant basement laundry area.
Most finished garden units in buildings like these have front access, or visible side-access. None seems to be visible. Again, a floorplan would be helpful (esp with regard to a potential side access, but even if so it may be a mudroom in the vein of the Grace property floorplan), but in my opinion, it speaks for itself as being a SFH.
This space speaks to me as a true SFH restoration over a decade’s worth of hard work. And it shows. The windows, trim, lighting, and other finishes definitely say as much. This doesn’t look like a “cheap” reconstruction to SFH by any metric; if it were, the LL kitchen would be a busted slop sink and lino floor at most and that very nice ceiling — to cover all the original what-have-you — wouldn’t be in place.
Don’t let all the blah talk of the 2nd LL kitchen fool you as it having a separate garden unit. I highly doubt it’s the case. Plus, that kitchen is ace.
“whereas the 1st floor kitchen’s back door (complete with transom YES!) has a seemingly completely redone lower-level access stairwell (recessed lighting; looks good on the landing from the shot)”
That’s also known as “the back door”; speaking as someone with direct experience with such a layout.
As it is clear (per the assessor) that there once was a legal basement rental unit, the door almost certainly was on the side–likely the side with the side yard, the lack of pix of which I find curious. That may or may not still be there, but only way to find out is a property visit.
a-fed, you are crazy with the $825k! i am a high end builder in the area and can tell you that the land value is higher than that. you would get plent of builders willing to tear that down @ $900-950.
I agree with boiztwn that this is a pretty nice place. But it seem like boiztwn may be the seller herself/himself—the review of it boiztwn typed above seems like self promotion!
Yet boiztwn is closer on price, in my opinion, than those saying $825. Not for this space, rehab’d in this area. Sabrina’s on the mark that this could be done for a fraction of the list price. But hey, buyer’s have no vision and no cash for upgrades. They prefer to mortgage it.
boiztwn is not the seller of this home. He is a friend of mine and he and I both appreciate restored vintage character over contemporary design – especially when the contemporary design is behind an old masonry facade. We do after all work in the industry and have seen countless vintage apartments and vintage homes. To us, there is really nothing that can compare to A+ restoration of an old home like this one.
Everyone has their personal tastes and preferences. For boiztwn and I, it’s vintage elegance over contemporary finishes. But I suppose we are the minority since this house hasn’t sold in 10 months and the one on Grace sold in two months.
I hope to see it under contract in the next couple of months and right around $1 mil. IMO the sellers deserve that for their good taste in preserving that home. And no, boiztwn is not the seller. He too just has good taste when it comes to Real Estate.
“What is that supposed to mean? Please don’t sterotype. My mother is 100% Italian and doesn’t know how to cook well at all.”
Not many paisans in EKW in the late 1970s.
“But it seem like boiztwn may be the seller herself/himself—the review of it boiztwn typed above seems like self promotion!”
Heh! I wish I owned this place so I could claim I’m the seller, but alas. I just love vintage and work within the industry. I’ve also commented around here before, mhw. 😉
”
Not many paisans in EKW in the late 1970s”
What’s a paisan?
Yay. Thanks for putting up my buddy’s comment, Sabrina. He posts, I post, and vice-versa becsuse we’re always talking CC irl. He owns in ELP, I rent in ELV.
He was all “I posted on that house today!” and I was like “Uh, where?” Glad I got to read it 😀