Vintage 3-Bedroom On A Double Lot Still Waiting For a Buyer: 3902 N. Central Park in Irving Park
We last chattered about this 3-bedroom single family home at 3902 N. Central Park in the Independence Park neighborhood of Irving Park in November 2011.
See our chatter here.
Most of you were shocked at the 2006 sale price of $850,000 and thought the sales history clearly showed the Chicago housing bubble in action.
Since our last chatter it has been reduced another $15,000 to $635,000.
If you recall, the house was built in 1914 and is on a double lot measuring 50×124.
2 of the 3 bedrooms are on the second floor with the third in the lower level along with an office and a great room. The bedrooms also have ensuite baths.
The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.
The house has central air and a 2-car garage.
How low will this go?
Elizabeth Bleeker at Prudential Rubloff still has the listing. See the pictures here.
3902 N. Central Park: 3 bedrooms, 3.5 baths, 3370 square feet, 2 car garage
- Sold in October 1988 for $70,000
- Sold in June 1998 for $222,000
- Sold in December 2006 for $850,000
- Originally listed in September 2009 for $849,900
- Reduced
- Was listed in November 2011 at $650,000
- Reduced
- Currently listed at $635,000
- Taxes of $5040
- Central Air
- Bedroom #1: 18×13 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 12×9 (lower level)
- Office: 11×11 (lower level)
- Great room: 18×12 (lower level)
This is a charming, well-kept old house, but I don’t believe that third bed being on the lower level is helping. To many people, that makes it only a 2-bed house, and in fact, I can remember that basement space could not be counted as “real” living space, at least in some locales.
Besides that, it really is a great-looking house and I like the way the back deck area is finished. The finished basement looks great and is very livable. You might want to make some little changes and cosmetic improvements here and there. It just isn’t really spacious.
$575K.
I like the house and it would be fun to be walking distance from Alps. I think it’s interesting that the listing agent lists this house as it’s own comp (click on the Similiar Properties tab).
And by “interesting” I mean figure out how to tweak your freaking program/code to show more accurate comps instead of plugging in an address and letting it fly Ms 900 Michigan Avenue.
This is a wonderful house. Unfortunately, it is on Central Park. If it were even one block west, I’d bet it would have already sold. Central Park is the worst stretch in an otherwise very nice area.
“Central Park is the worst stretch in an otherwise very nice area”
Don’t know the neighborhood – what’s so bad about this stretch?
Cute or not, I don’t see how this is even a $500k house, given the area. 2006 purchase was financial suicide for the current occupant. Brutal.
Central park is nothing more than a side street and one way too in the neighborhood. Not an issue. The real issue is the lack of public school given then high price point.
Surprise……surprise…. once again, for all you young people (Bob, HD, Sabrina, etc.) – real estate is cyclical – there absolutely will be another boom within the next ten years. Just be smart about it.
http://finance.yahoo.com/news/big-homes-back-business-
040100736.html;_ylt=AoJaggG8XdKb5QgcpBN02z.iuYdG;_ylu=X3oDMTQ0djl0ZTYyBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDZDFmOTQ5MWMtOGZlMi0zMDk3LTkwYjctYWVkMzA1ZjQ1OTVjBHBvcwMzBHNlYwN0b3Bfc3RvcnkEdmVyAzNjZjdjYmUwLWIxNTMtMTFlMS05ZWZiLWFlOTA5N2MyZGNkMA–;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
“The real issue is the lack of public school given then high price point.”
Ehn. It’s a one kid house, anyway. Be okay if your kid just got into D-II, right? 9 years, + a lotto ticket for 4+ more, right?
What do you think that (presumably, w/o checking) buildable side lot would fetch right now? $100K?
“real estate is cyclical – there absolutely will be another boom within the next ten years.”
There’s a boom right now in multi-family. Being smart about the cyclical nature of real estate also requires recognizing that real estate is not a monolithic asset class, and that the cycle can run through the various segments.
I love this little house, great yard and it’s just so charming! I actually like this neighborhood and wish the schools were better. However, you can get a nice house with a yard in this neighborhood for much less. Why not do that and put a little $$ into it to make it exactly how you want it? You’d still be under the price of this home. (Although the double lot here is a nice bonus!)
Old Irving and independence park each have quite a few upper 400s listings these days, there were close to zero as recently as a few months ago. I still think the bottom for this area was 2010. The days of the 300k Victorian or four sq is over, prices are firmly in the 400s for now.
here is another place you can get for ~650k
http://www.redfin.com/IL/Chicago/5616-N-Kolmar-Ave-60646/home/13514154
much nicer home, much bigger in size, much bigger lot, in a much nicer hood, with a much better school
The only issue with the extra lot is it’s along a street – that means less privacy, not to mention you have to keep up that stretch in terms of snow and leaf and trash removal.
But I think this is an awesome place – a little too far from the train for my personal needs, but it’s gorgeous, especially the landscaping. I can’t fathom why anyone would choose that place on 2200 W. Barry over this.
“a little too far from the train for my personal needs”
umm from my assumptions of your current location to the belmont stop, this house is only like a block further from the addison stop
Or if you do like this part of Irving Park, get this bigger house and add some bathrooms with the savings
http://www.redfin.com/IL/Chicago/3916-N-Monticello-Ave-60618/home/13457273
Central Park is dense, narrow one-way, that still gets too much traffic. When it rains, it takes about 2 weeks before the water drains or dries up along the curbs (something wrong with sewer traps?). Rumor has it that Disney Magnet II wants out of its too-small building in Avondale and wants to move into the large, under populated Marshall Middle School just 2 blocks west of this house. That should do wonders.
“The only issue with the extra lot is it’s along a street”
dur, I should have looked again, as I misremembered–house is basically in the middle of the 50′ width. Mans you’re nicely set back from teh street and neighbors, but hardly have the usuable outdoor space that a side (25′) lot provides.
4-car off-street parking here, too. With still-usable outdoor space.
Montecello comp is pretty, and more realistically priced. Double lot too. The further distance from Elston is a plus in my opinion.
Monticello place looks pretty nice and on a better street. Only issue is the bathroom situation.
I’m less than 1/4 mile from Belmont, about a 5 minute walk. That extra block is murder on we old coots.
“umm from my assumptions of your current location to the belmont stop, this house is only like a block further from the addison stop”
Disney II is a pure magnet school and neighborhood kids don’t get any spots due to proximity, right? No real value then, and actually possibly a negative due to increased traffic.
“Rumor has it that Disney Magnet II wants out of its too-small building in Avondale and wants to move into the large, under populated Marshall Middle School just 2 blocks west of this house. That should do wonders.”
This is the best SOLD comp in area…
http://www.zillow.com/homedetails/3821-N-Hamlin-Ave-Chicago-IL-60618/80819838_zpid/
“I’m less than 1/4 mile from Belmont, about a 5 minute walk. That extra block is murder on we old coots.”
i bet you were thinking the walk the Irving stop in your first post. which is a longer and uglier walk.
but i hate walking so an extra block would murder my soul too.
“No real value then, and actually possibly a negative due to increased traffic”
though it might help with parking when eating at smoque. (wont solve the seating issue though)
“Disney II is a pure magnet school and neighborhood kids don’t get any spots due to proximity, right?”
I pay only passing attention to magnet schools, but I thought there was a proximity lottery this year. Not sure what my basis is.
“large, under populated Marshall Middle School”
Who do such middle schools serve? Are there many K-6 schools?
“Who do such middle schools serve? Are there many K-6 schools?”
there are a few but they seem to be special ed ones. then there is the chicago academy in the old wright college building, i dont get that one, its like k-4 only or 4-8 only cant remember
“Disney II is a pure magnet school and neighborhood kids don’t get any spots due to proximity, right?”
All the magnets (for now) have the 1.5 mile proximity preference, no? Not that the move helps this particular house, as it’s clearly w/in 1.5 now, as well.
Interesting, I wonder how many people would be willing to buy a home & move into Disney II’s zone just for a lottery shot. Guessing not many, but it could be a tipping point over another place that would certainly be a perk for the existing neighbors.
groove – you’re right, I was thinking Irving. I *suppose* I could walk the 3.5 blocks to Addison, but I am just so bloody spoiled with the current location.
“I pay only passing attention to magnet schools, but I thought there was a proximity lottery this year. Not sure what my basis is.”
Interesting, I thought I learned all this stuff but maybe not/or it changed.
“All the magnets (for now) have the 1.5 mile proximity preference, no? Not that the move helps this particular house, as it’s clearly w/in 1.5 now, as well.”
“Who do such middle schools serve? Are there many K-6 schools?”
Seems that the current attendance elem for this house (Murphy) is curently K-6.
“/or it changed”
With CPS, if it’s been more than about 3 weeks since you did your research, it’s safer to presume that it has changed. Current rules:
http://cpsmagnet.org/apps/pages/index.jsp?uREC_ID=72698&type=d&termREC_ID=&pREC_ID=121673&hideMenu=1
Siblings first, then 40% of remaining seats for a proximity (1.5 mi radius) lottery. Most likely not worth moving for, BUT if you are already going to move, prob worth considering, esp if renting.
“All the magnets (for now) have the 1.5 mile proximity preference, no?”
gthooi just now, from http://cpsmagnet.org/apps/pages/index.jsp?uREC_ID=72694&type=d&termREC_ID=&pREC_ID=121694: ” If more than 50 percent of the entire student body is comprised of students within the proximity, and if more than 50 percent of the student body is any one racial or ethnic group, no proximity lottery will be held for that school.”
I have faint memory about disney ii proximity lottery for this year, though could go away.
“Not that the move helps this particular house, as it’s clearly w/in 1.5 now, as well.”
But much nicer walk, right?
“Siblings first, then 40% of remaining seats for a proximity (1.5 mi radius) lottery. Most likely not worth moving for”
HD, what’s your best (real) estimate of proximity lottery odds?
“HD, what’s your best (real) estimate of proximity lottery odds?”
HD was about 4 years removed from caring and now is permanently separated.
Odds bad at all (northside) schools, but especially so at D-II, is my impression.
800 applicants for 40 spots and half the 40 spots reserved for siblings for the 2011-12 school year. So do the math. Odds maybe slightly Better with proximity lottery. Not much. School in my suburb middle class suburb are better than disney 2 anyway and no testing to get admitted.
“The days of the 300k Victorian or four sq is over, prices are firmly in the 400s for now.”
Beg to differ with you on that one
http://www.redfin.com/IL/Chicago/4117-N-Harding-Ave-60618/home/13484031
“no testing to get admitted”
So, same as Disney II.
“Odds maybe slightly Better with proximity lottery. Not much.”
Quick look on cpsobs indicated highest D2 prox waitlist was ~150. W/o miumiu around to tell me how to estimate total prox waitlist from that, I’ll say 200 total prox applicants, for probability of 10 percent.
“School in my suburb middle class suburb are better than disney 2 anyway and no testing to get admitted.”
Yeah but commute and lack of oip ambiance are surely big negatives.
“I’ll say 200 total prox applicants, for probability of 10 percent.”
40% of spots *after* siblings. 50 seats (not 40); assume 50% sibs is accurate–proximity spots = 10, so p=5%, plus a chance in the regular lottery, too, with 800 going for 15, with p=2%. Shows the benfit of proximity, if the two n are reasonably accurate (ratio is prob pretty close).
Commute isn’t too bad most days. Longer but not too bad. The ambiance is actually better because my city has a little downtown. Oip lacks a shopping area or quaint downtown. Architecture is a bit newer than oiP but equally as attractive.
Question for the burb folks. Do you come back into the city on the weekend for various daytime events, particularly in the summer?
“40% of spots *after* siblings…50% sibs is accurate”
So the prox lottery may go away sometime at D2 if rules remain in place, though that’s got to piss off a lot of people.
“Shows the benfit of proximity”
Yeah, although at 5 percent, I’d view that as essentially negligible in terms of identifying where to buy.
“plus a chance in the regular lottery, too,”
From previous cps site link: “General lottery: conducted for all students not included in the sibling or proximity lotteries (when applicable, this includes the four tiers)”
You don’t get to be in both, do you? And, what’s the sibling lottery? Aren’t you auto in as sibling?
“Commute isn’t too bad most days. Longer but not too bad.”
I could almost see a metra commute (as far as just the commute aspect) if I worked closer to station. Would want walk-to-station house. I would hate to give up the ability to just leave when ready and not be on a train schedule. And as I’ve mentioned below, I’ve found the wireless broadband to be pretty bad along the bnsf line at least.
So where does HD live? Clues given:
Mortgage with a construction loan < $100K
Commute isn’t too bad most days. (assume driving)
city has a little downtown.
Architecture is a bit newer than oiP but equally as attractive.
Discuss!
“So where does HD live?”
Park Ridge? Riverside?
“Park Ridge? Riverside?”
All of the above, yet none of the above.
All of the above, yet none of the above.
Forest Park? Lincolnwood?
Woodstock.
in order of what i think
Park Ridge? Palatine? Mt Prospect? Arlington HTS? Des Plaines?
No way Riverside–HD is a NW kind of guy.
“Woodstock.”
Wait, it’s not this?:
http://www.zillow.com/homedetails/355-Elmwood-Ave-Crystal-Lake-IL-60014/5054248_zpid/
Crystal Lake isn’t far enougn: Put it this way, the commute from the north shore of milwaukee to my firm’s in the northern/northwest suburbs off 294 isn’t too bad if you leave early enough, no longer than taking the red line from roger’s park to the board of trade like I did for a number of years during undergrad. ANd the north shore of milwaukee is far cheaper than the north shore of Chicago. And we have scott walker up here too.
“You don’t get to be in both, do you?”
No.
“And, what’s the sibling lottery?”
When there are more siblings than available spots (would almost certainly be at 1st grade or higher)
“Are there many K-6 schools?”
Classical Schools. And some overcrowded elem’s.
There used to be many middle schools (DII itself occupies the former Irving Park MS) in Chi but they obviously cost a lot more (own building, admin, etc.)
Is the old Alvernia Catholic girls’ school being used for any educational purpose now?
“Is the old Alvernia Catholic girls’ school being used for any educational purpose now?”
That’s where Marshall is now.
Interesting short piece in the Reader on Alvernia when it was closing:
http://www.chicagoreader.com/chicago/hail-alvernia/Content?oid=873816
even if we knew where HD lived (heh heh) the CC way is private lives are private lives
Disclaimer: you’re a public figure ala Jamie Dimon or you specifically posted your own property and didn’t cover your tracks ala Clio
could be fun enough to start chalking a CC symbol around the city. Instead of pointing out free wifi if could mean lots of things – property being discussed, we know your here *teasing* , michigan ave walking speeds, places where tortoises roam… Anyone one design on?
“So where does HD live?”
Niles
Thanks for pointing me to the article on the closing of Alvernia; sounds remarkably similar to the stories we’re reading now about the closing of St. Scholastica’s in Rogers Park. Both schools were victims of demographic changes, the economy, etc. Plus, both were all-girls schools in a society (even among Catholics) that is more geared towards co-education on the high school level.
Can’t work up too much of a cry over the nuns/laypeople who ran these schools and apparently didn’t explore the idea of letting the boys in, so that enrollment would increase and perhaps local residents would be more interested in sending their teenaged children there. As far as I’m concerned, the faculty and supporters of these schools must look in the mirror and catch a clue.
“And we have scott walker up here too.”
I think that they think that now that it’s over they needn’t be concerned with removing their Recall Scott Walker bumper stickers as they might not be victims of vandalism now that it’s over. They would be sorely mistaken.