Waiting For a Buyer for 10 Months in Bucktown: 2236 W. Lyndale
The listing for this 4-bedroom vintage single family home at 2236 W. Lyndale in Bucktown says it was gut rehabbed in 2005.
It came on the market in October 2008 and has now been reduced to just over the 2005 purchase price.
Built in 1895, the home has a master suite with a fireplace and french doors to a deck. It also has hardwood floors throughout and the usual stainless steel appliances in the kitchen.
The house has central air and a 2-car garage.
Randy McGhee at Koenig & Strey has the listing. See the pictures here.
2236 W. Lyndale: 4 bedrooms, 2 baths, 2 half baths, no square footage listed, 2 car garage
- Sold in October 1988 for $120,000
- Sold in December 2004 for $410,000
- Sold in September 2005 for $731,000
- Originally listed in October 2008 for $832,000
- Reduced several times
- Currently listed for $749,900
- Taxes of $6558
- Bedroom #1: 19×15
- Bedroom #2: 16×9
- Bedroom #3: 12×9
- Bedroom #4 (lower level): 19×14
I have walked by this home. The 2-Flat directly east is one of those very, very ugly fake “rock” homes. The backyard is very dark and small (notice- no photos). Not “prime” Bucktown area. For this location and money, I would give it a big pass.
Also appears to be a ground level building with no basement and probabaly a crawlspace. May be difficult to heat first floor as well as persistent earthy smell if it’s a dirt crawl, not to mention the rodents. Any sewer/water/gas piping problems, may require removal of flooring for access.
I think I would strain my neck watching that TV.
“Also appears to be a ground level building with no basement and probabaly a crawlspace”
-it looks that there is a finished basement- bedrooom #4 is on the lower level and on the list pic #9 looks to be a basement: small high window & low celing (compare the height to the door frame).
So wait a minute….financing 90% of a $731,000 home (on a small 24×100) lot in a gentrifying area at the height of the bubble wasn’t a good idea…..? Well I’ll be darned…
Furthermore, if you have a single family house in the city and you have kids, why would you want to move? isn’t that why young couples leave the city, so they can buy a ‘house’ in the suburbs? This couple has a house yet they want to move. Maybe it’s the lack of a yard. That must be it.
this is a sleepy little area of bucktown. there are (or were) some odd bars back in there: rich’s first one of the day, burk’s web, etc. You have Holstein park nearby which is nice. And both Damen and Western are walking distance.
Or maybe its the estimated $3,562 P+I payment ($657k @ 5%) plus $500 bucks a month for taxes. I’m sure this rich couple with young children has no problems swinging a $4,000 a month mortgage. In fact, this couple is probably making so much money that they are gonna sell this place and buy and even bigger, more expensive house in Lake Forest, with a big yard, of course.
I’m not a big fan of bucktown but this place is sort of nice, I’m also not a very big fan of living in a place that’s seen the Cubs win a world series either. I mean, how extensive was the gut rehab?
Wow, the stone place next door is pure awesome.
http://maps.google.com/maps?f=q&hl=en&geocode=&q=2236+West+Lyndale+Street,+Chicago,+IL+60647&ie=UTF8&ll=41.922652,-87.684206&spn=0.000443,0.000455&t=h&z=20&layer=c&cbll=41.922653,-87.684093&panoid=rfRhq9CAyDRpOkFJk3envQ&cbp=12,8.5,,1,-9.26
The place next door is the reason we should have mandatory drug testing for all architects.
Oh my god that stone place is horrid! WTF! Who allowed them to build that abomination!
“Furthermore, if you have a single family house in the city and you have kids, why would you want to move?”
Maybe they don’t *want* to move HD. Maybe someone lost a job or got a paycut and, while they could afford to keep living there, it would mean making other sacrifices they don’t want to make. Or maybe they got transferred. Or maybe one of their parents is sick and they’re moving closer to them. There are tons of reasons why they might be trying to sell their house, not all of which involve fallout from overextending.
“The place next door is the reason we should have mandatory drug testing for all architects.”
“Oh my god that stone place is horrid! WTF! Who allowed them to build that abomination!”
Jeebus, people. That’s an overlay.
That house’s original facade was exactly the same as this house and the house to the west. Sometime between 1950 and 1980, the facade needed tuckpointing (or more) and the owners decided to go with the faux stone cover, rather than fix the brick. It’s the same sort of thing as all the (all-too-common) frame houses with the asphalt roll shingle siding (and fundamentally the same as vinyl/aluminum siding) or the brick houses with “concrete” parapets. It was a cheaper, ugly way of fixing exterior problems.
I like the rug in the kid’s room.
Or as a general rule its not a good idea to finance 90% of a 731k purchase price during a mania. I stand by my assertions. Its morons like these that contributed to making single family homes on most of the northside very unafforable.
There must have been a special on olive green paint (kitchen, bathroom, bedroom). Someone called this the “sleepy” part of Bucktown and that’s very true. It’s pretty close to the expressway, not that close to the good part of Damen, far enough from the park, and that part of Western is not the best either.
There are enough really nice places south of that house in the $800K range that this place will get passed up over and over (which seems to already be happening for the 9 months). The pictures make the place look dark and gloomy with low ceilings and not enough windows. The backyard and garage must be pretty bad since pictures aren’t including on the listing. I’d rather have a condo in that area because there are some nice duplex ups on Belden/Leavitt that are newer and have great outdoor space (roofdecks) for less than this. The condos have cooler living spaces too because they tend to have atriums and tons of light. Don’t get me wrong, love the SFH but not this one.
“Furthermore, if you have a single family house in the city and you have kids, why would you want to move?”
Because the city’s a pain in the ass.
“Its morons like these that contributed to making single family homes on most of the northside very unafforable.”
But now we can laugh at them because they are financially ruined. No way this comes anywhere near ask. They are likeluy underwater and only a short sale or foreclosure will save them. Otherwise they better learn to like this hood for the long term becase they are stuck.
I wonder what their mommy and daddy (who likely helped them with the 70k downpayment) think of investing in their children’s future now. LOL!
Wait, Bob, we shouldn’t judge their situation. I’m sure they could afford the $4,000 mortgage payment. If they couldn’t afford the payment then the bank wouldn’t have given them the money, right? Because as we know everyone who borrows $657k against their home has long term sustainable income and savings to pay for it, right? No specuvesting here, right? right?
“Wait, Bob, we shouldn’t judge their situation.”
You know HD, sometimes you’re really a d!ck. Yeah, they probably paid too much. Yeah, it would have been better (for society and them, probably) if they only used 80% financing.
But you know what? It would also be better for society if there were fewer lawyers. And law school would be cheaper (and much cheaper for those who don’t go to LS) if there weren’t people like you* financing it thru federal subsidized loans.
It’s not like they’ve defaulted (altho maybe they will–if they do, I’ll change my mind). It’s not like they haven’t accepted the fact that they will lose money when they sell (current ask less transaction costs = loss).
*Note–I don’t know if you borrowed or not, but most of your classmates did. Hence “like you”.
Going to lawschool increases one’s income (generally). Even if the ROI doesn’t make as much sense as it used to with ever increasing tuition costs, its not nearly as collossally stupid as spending 730k for this place.
Lawyers never wrecked our economy like these imbeciles.
Law school cost less than 1/7th of this home. No comparison.
No I’m not a dick, these owners are dicks, they bought at the height of the bubble and helped drive up the costs for everyone. FB’s were passively speculating and now it costs $749k for a renovated home in Bucktown. That’s not sustainable for anyone and it drives the rest of us out to naperville to buy a $450k house. I want to stay in the city, most of us do, but when greedy passive specuvestors ‘snapped’ up all the houses in bucktown, this one for THREE QUARTERS OF A MILLION DOLLARS, it’s just another nail in the coffin for gentrification of the city.
As Dr. Housing Bubble would put it, this is a Bucktown Real Home of Genius.
I don’t know what this home’s price to median income was in 1988 but I can guarantee you it was far, far lower than it was in 2005.
These morons bought with no understanding of the true value of something and just assumed that real estate always goes up. They deserve to lose their 70k and then some more. I hope the holder of that second mortgage comes after them for another 70k and garnishes their wages if they default.
I think they seem like nice people . I like the slide they have in the playroom.
I’m sure they’re nice people.
“it drives the rest of us out to naperville to buy a $450k house”
$450k houses in Naperville aren’t sustainable either.
“greedy passive specuvestors”
They lived in the house. Calling them specuvestors diminishes the meaning of the neologism.
“Going to lawschool increases one’s income (generally).”
Hehe. Don’t actually know that many lawyers, do you? The folks at the top of the pay scale (may*) do better, sure. But 90% of lawyers weren’t in the top 10% of their class and aren’t in the top 10% of lawyers earnings. The median income of lawyers is shockingly low–considering the “investment” of $100k for the degree (after $50-$150k for U-grad).
“I don’t know what this home’s price to median income was in 1988 but I can guarantee you it was far, far lower than it was in 2005.”
Well, yeah, b/c it was a rattrap two-flat in a very marginal area. Was it “worth” $730k? Nah. But the unsustainable bump in price was the $410 paid for it pre-reno. That was the “real” bubble piece (’88 price + 3.5%/annum = ~$210 in ’04; make the reno’d price ~$225k less and it doesn’t seem so bad, right?).
*it isn’t easy to know, as those who graduate top of the class from LS likely would have been successful in another field. And that’s the real comparison. Plus the opportunity cost of 3 years of school.
Well I went to a similarly overpriced b-school full time. From a post-ante perspective, maybe the ROI didn’t make sense. However I nor HD wrecked the economy with our lack of ROI optimization in our decisions.*
*even so, I know for sure our ROI is/will be far higher than these folks deep negative ROI.
There is ample evidence that the housing bubble and rampant speculation wrecked the economy, not any evidence that too many lawyers/b-school grads/med students/etc did similarly.
“Law school cost less than 1/7th of this home. No comparison.
No I’m not a dick, these owners are dicks, they bought at the height of the bubble and helped drive up the costs for everyone. FB’s were passively speculating and now it costs $749k for a renovated home in Bucktown. That’s not sustainable for anyone and it drives the rest of us out to naperville to buy a $450k house. I want to stay in the city, most of us do, but when greedy passive specuvestors ’snapped’ up all the houses in bucktown, this one for THREE QUARTERS OF A MILLION DOLLARS, it’s just another nail in the coffin for gentrification of the city.”
Waaaah its someone elses fault I can’t afford a place… Clean up your tears and save up some money.
What you never financed anything in your life? At least these guys had a fairly decent place to live in, to call them specuvestorts is dumb. They lived here!
“They lived here!”
And they’re probably going to grow old and die there. 😀
“There is ample evidence that the housing bubble and rampant speculation wrecked the economy, not any evidence that too many lawyers/b-school grads/med students/etc did similarly.”
Uh, who do you think the bankers (who you pillory all. the. time.) are? DeVry grads? Who do you think was buying the $900k houses? Lawyers, doctors, MBAs, right? And (if you listen to certain right-of-center voices) it’s the lawyers who have driven up the cost of health care and imposed all of the building restrictions that “make” buildable lots expensive.
“What you never financed anything in your life?”
He financed law school (based on no refutation–apologies if I’m wrong). $100k in unsecured loans. There are *plenty* of recent grads with $200k in loans b/t LS and U-grad.
Bob
in 1988 this was a 2 flat, these style of buildings tend to be tiny 2 bedroom two flats, they can make nice conversions to SFH though, they may (or may not) have basements. Many have nice vintage features, lots of woodwork, decorated fascades in that faux italian style, they are all over bucktown and WP
The level of ignorance in the comments is amazing. So many experts making so many conclusions from such little information. I haven’t been inside this home but as a genre of construction it has a lot to offer. The beauty and robustness of the old brick makes the new homes look like the crap that most of them are. If the gut rehab was well done this could be a great combination of a strong building shell and newer more efficient interior space. To type up comments about the ugly building next door and the possibility that the crawlspace is musty is silly and adds little if anything to the dialogue. The faux stone on the home next door could be chiseled off and replaced with a more pleasing cladding quite easily. It wasn’t an architect who specified that faux stone, it was the home owner and it was probably installed sometime in the 50’s.
Thanks Dan and anon for bringing it back. Just when I’ve about had it with guys like HD’s sour grapes bs, I see that there are normal professionals on this page with real information we can all use. Thats why I continue to read these strings. HD, your insights are pretty obvious to all by now. We get how dumb everyone is and how prudent and smart you’ve been. Let it go. What are you trying to prove and to who? So young, so angry. A real shame… Its okay, Daddy loves you… you’ll get that hug someday.
Leave me out of this anon.
Dan if its so architecturally awesome go buy it. I’m sure they’re willing to deal. And anon refers to himself–I love it!
“And anon refers to himself”
I suspect that that anon (not me) was referring to me, without the tfo. Hence the original need for the tfo.
I’m not sour grapes, the kool-aid is flavored grape; I’m more like your daily shot of methadone, I am the bitter taste of reality that keeps you going but doesn’t even get you high. The kool-aid is much tastier yes, but it will kill you financially, just like these fools who paid 90% financing at the height of the boom for a house in Bucktown so they could be kewl homeowners just like all their friends.
anon when you come around I’m going to start you bubs.
Love this house! I totally dig the style.
Sold in Sept for $731,000. Zero appreciation since the 2005 selling price of….$731,000.
The buyer was a freaking moron for anchoring to the 2005 price. Just because the buyer knew the seller wasn’t making out with any appreciation out of the deal does NOT mean the 2005 price was a good price to pay in today’s environment.
I wonder if the buyer did broader market research, especially that 12% of all mortgages with balances higher than $1 million are now 90 days late?
http://www.doctorhousingbubble.com/california-housing-market-forecasting-errors-making-million-dollar-mistakes-and-predicting-the-future-12-percent-of-mortgages-with-balances-higher-than-1-million-dollars-are-now-90-days-late/
“12 percent of mortgages with a balance of $1 million or more are now 90 days late. Last year, this number was 4.7 percent. If we look at mortgages with a balance of $250,000 or less we find that 6.3 percent are in distress.”
I wonder if the awesome buyer was one of the tens of millions of 250k power couple’s that anon(tfo) knows? I’d bet salespeople are just dying to get ahold of his NYE invite list for its millions of killer leads.
Better yet, the buyer probably makes 200k a year and is home in time for dinner prepared by his stay at home wife.
Down to $699
It seems to me that the pictures have changed as well.
http://www.redfin.com/IL/Chicago/2236-W-Lyndale-St-60647/home/13357365
Someone that posted on here had this house for rent as well on his website.
HD’s comment suggested sold in Sept 2009 for exact same price as Sept 2005. Nothing reflects that on redfin.
I must have posted in the wrong thread, sorry.
“Down to $699
It seems to me that the pictures have changed as well.”
Yeah, b/c they moved out. Bought a new house (Nov-09) in Forest Glen for $955k, and 25% down. Apparently they *do* have HH income over $200k.
I would sure hope so.
“Bought a new house (Nov-09) in Forest Glen for $955k,”
there are places that expensive in forest glenn?
“there are places that expensive in forest glenn?”
http://www.redfin.com/IL/Chicago/6243-N-Sauganash-Ave-60646/home/13516048
anon thats sauganash, yes technically saug is a sub section of forest glen, so is edgebrook, but you get the idea.
“anon thats sauganash, yes technically saug is a sub section of forest glen, so is edgebrook, but you get the idea.”
Went with what RF had listed, as I don’t know boundaries up there off the top and didn’t take the time to drill down.
“Went with what RF had listed, as I don’t know boundaries up there off the top and didn’t take the time to drill down”
fair, cause i honestly could tell you the forest glen boundries, i just go by its foster to the forest and call it a day after that its all saug and edgebrook to me.