West Lakeview Single Family Sells Just Above 2003 Price: 3449 N. Paulina
We chattered about this 3-bedroom single family home at 3449 N. Paulina in West Lakeview in January 2009.
See our prior chatter and pictures here.
It had been on the market since October 2008 and had been reduced $24,500 from its original list price.
It recently sold for $15,000 above its 2003 sales price.
Here’s its history again:
3449 N. Paulina: 3 bedrooms, 2.5 baths, family room, 2 car garage
- Sold in September 1999 for $431,000
- Sold in October 2003 for $585,000
- Was originally listed in October 2008 for $649,000
- Reduced
- Was listed in January 2009 for $624,500
- Sold for $600,000
- Taxes of $7009
- Central Air
- Mario Greco at Rubloff had the listing
I wonder if the buyer thinks they “saved” $50,000 on the purchase price.
It’s actually a pretty nice house.
Anyway,
$90k downpayment (15%)
+ $417k first mortgage (MERS)
+ $93k second mortgage (Evergreen Bank Group)
_______________________________________________
$600k
The Sellers bought in ’03
$58,500 downpayment (10%)
+ $468k first mortgage (80%)
+ $58.5 second mortgage (10%)
______________________________________________
$585k
Funny thing though:
11/10/1995 WARRANTY DEED $178,000.00
Bob was right, he said it would sell for 590k!
I like that house. Isn’t that a bit cheap, even in this market for a SFH in Lakeview?
“Isn’t that a bit cheap, even in this market for a SFH in Lakeview?”
This is the wrong side (west) of Ashland. Disfavored neighborhood school, and (or although, depending on your view) it’s quite close to the Paulina brown line stop.
That is a great snag for the buyer. I used to live directly across the street from this place and the neighborhood is really good. You have the Paulina L stop at the end of the street, and because there is a stop, the trains are not flying by at full speed, so the sound is not that bad. Lincoln ave is a step away and you have Southport only a couple blocks east. Parking is not bad on the block, but with the garage its a non-issue. There are children in the area and most of the other residents on this particular block use their FRONT porch so there is a nice sense of neighborhood.
No lauren its not that this unit is necessarily cheap. Its that expecting appreciation post 2003 is a bit optimistic at this point.
The longer people are anchored to bubble pricing the longer this will take to resolve. Bubble pricing was a phantom created by easy credit and people at the margins using this spectacular leverage and easy credit to pump up prices to unsustainable levels.
Way to spin a headline! Regardless, though I haven’t been inside this house, it does appear to be a good value for this neighborhood. The location is fantastic — close to shopping, entertainment and transportation, yet it’s much less congested than areas to the east of it.
I think this $600K is a very reasonable price for a SFH in this area. It is a very nice neighborhood. 3 bedroom condos sell for $500k around there.
LG,
I doubt there have been many 500k condo sales in this area lately. In my opinion the 500k condo is going the way of the dodo bird, they were products of the bubble.*
*with an exception for the rare mega (2,500+sf) condos.
Clicked on the link to see the property listing and came across Mario’s blog. All I can say is that he is one optimistic fellow.
http://themariogrecogroup.com/
I wonder if he will let us comment on his blog, ite amusing since it would be pretty easy to disprove everyhting he says
Congrats to the buyer! I think this is a cute home in a great neighborhood.
not really sure how this is such a great deal. unless 1,200 sf of above-ground space is all that you want in a sfh. i’d rather have 1,800 sf above-ground in a condo for probably the same price.
The yard is HUGE. Kids need GRASS TO BE HAPPY. Don’t you know this?
Good point, lots of grass. They’ll be sleeping in the basement, but plenty of room outside to enjoy chicago’s weather. 🙂
I think the price is fair for the current market. It’s just a frame, it’s kind of small, and it needs some updating inside – there’s a lot of mid-90s goin’ on in there.
I’ve been in the house, it’s pretty small on the inside, only 1 bath upstairs. And yes, it needed some updating. But overall it was a cute house. One thing that’s not mentioned is the seller finished out the basement and did it pretty nicely too, so they lost money on the house if you add in that cost.