Update on Old Town Without Parking: 240 W. Willow
We last chattered about this 1873 completely renovated Folk Victorian at 240 W. Willow in Old Town in October 2008.
The listing said it was 95% renovated and had viking appliances- but it didn’t have parking.
See our prior chatter and pictures here.
It is no longer on the market. A tipster tells me that it never sold.
But it did apparently rent for $3500 a month.
What’s that rent versus own calculation like?
Here’s its history again:
240 W. Willow: 3 bedrooms, 2.5 baths, no square footage listed
- Was listed in October 2008 for $1.199 million
- Taxes are $8,192
- Central Air
- No parking
about 100k vs 42k a year.
They are taking a huge hit if they only got $3,500/month, that kind or rent equates to a $650-$750k purchase price, which is what that place should cost since it is a small 3bdrm
From an investment standpoint it would probably be less than $650K-$750K. $42,000 rent – $8,192 for taxes – $2,000 for insurance = $31,808. Even assuming a low rate of return (5%), you are at $636,160. But in today’s market, people would want at least a 7% return, which equates to $454,400. Just shows none of these LP places make sense from an investment standpoint at today’s prices.
The recorder of deeds info says they’ve got a $1.76mil mortgage on the place as of 1.1.2008. Maybe they have an interest only loan? $3500/month isn’t even half of what their monthly payments must be. How the heck???? What the heck???
“The recorder of deeds info says they’ve got a $1.76mil mortgage on the place as of 1.1.2008”
Three possible explantions:
1. Typo. There are lots of transcription errors in the CCRD database.
2. Max value of a construction loan. Since there’s no mortgage tax in Illinois, lenders often record mortgages in excess of the actual expected draws, just in case.
3. Includes another property. Did you check that it was only on one PIN? I’m too lazy today.
from the prior post, tribune had them paying 525k for it in 05. that seems low.
“$2,000 for insurance”
??? Really? For just the structure/fixtures and no contents coverage? I must be getting a screaming deal.
But even the taxes say its a ~$800k house, at most.
No parking? Or No parking provided for at this time?
My understanding is that the zoning code could allow for a single car wide drive/parking space in that front yard to the right of the stair. Granted it would be an open air parking space, could be an aesthetic concern and may require historic commission review, but on-site off-street parking is on-site off-street parking, though at this asking price, one could surely afford to rent parking nearby, also.
The recorder of deeds info is only on one pin, and it does also reflect the $525k purchase in 2005… looks like it was maybe an estate sale?
This entity is the mailing address for the property tax bills, that are paid:
JAWS CAP PARTNERS LLC
123 SHERIDAN ROAD
WILMETTE, IL 60091-3452
and, there’s a homestead exemption on it???
plot thickens.
Lulz tax evasion!
ME,
I doubt it. I almost never see that in northside neighborhoods in Chicago. Parking in front I assume must be a big no-no, especially in a historic neighborhood like Old Town.
“My understanding is that the zoning code could allow for a single car wide drive/parking space in that front yard to the right of the stair.”
Getting the curbcut approved would probably require hiring someone’s brother as your zoning lawyer, but likely could be accomplished. Then, you really get two spots–the one off the street and the one in front of your driveway.
Actually, this section of the zoning code appears to permit such a curb cut as of right., 17-2-0402-A: 1. When the subject zoning lot lacks access to an improved alley.
And if you look at the Google Streetview of this property, you’ll notice at least two other properties on the street with curbcuts, granted they have probably been there for a long time. Actually, the far northwest side of the city has tons of properties with curb cuts from the street.
“Actually, the far northwest side of the city ”
I was unaware that the far northwest side was in a landmark district.
But anon, I would be surprised if the historic commission had jurisdiction over something like curbcuts. That would certainly be a giant misuse of time and effort, especially in the context of the sensitive restoration of a post-Great Fire, but pre-limit Fire Limits house, even in such a high profile district like Old Town.
But local government can certainly be unpredictably irrational at times.
The Chicago way would be to just have the curbcut done if it exists on other parts of the street, but don’t put in the driveway or park a car there/utilize it for quite some time. Then after a couple of years ask with the info that the curbcut is already there. Its a lot easier to beg for forgiveness than to ask for permission.
“The Chicago way would be to just have the curbcut done if it exists on other parts of the street”
Nah, that’s the practical way. The “Chicago Way”** would be to hire an alderman’s relative as your contractor or lawyer, then thay have Streets and San come and dig up the street and sidewalk in front of the house and, six weeks later, replace the curb and sidewalk with a curbcut “because that’s the way it was” before they tore it up. Then, when the neighbors complain, say “I dunno nuttin” and start parking your car across the sidewalk. Maybe you end up paying the shared-cost sidewalk amount for the new sidewalk you got out of the deal; maybe you don’t.
**TM
“I would be surprised if the historic commission had jurisdiction over something like curbcuts”
May be true. But I still wouldn’t want to try to get approval (before just doing it) without hiring someone with connections.
Also, looking at an aerial of the property, yard is quite nicely sized, especially considering the neighborhood, even though the lot is only 100 feet deep.
But 1mil+ seems excessive and can get more in equally good parts of the neighboring hoods to the north (ie Lincoln Park, which technically includes Old Town, to split the hairs).
A neighbor of my parents did a parking pad in her front yard. She was (and still is) a pariah because of it. All the neighbors hate her. She sucked up to the Alderman to get the curb cut (or badgered more likely).
It’s common in the UK and NYC’s outer boros and looks awful, quite frankly.