What a 4-Bedroom Single Family Home Will Cost You in Graceland West: 1445 W. Cullom
This 4-bedroom single family home at 1445 W. Cullom in the Graceland West neighborhood of Lakeview came on the market in February 2020.
Built in 1901, it is on a wider than standard Chicago lot measuring 30×125.
It appears to have had an addition added to the back because there are 4 bedrooms on the second floor, including a master suite with an attached bathroom and walk-in-closet which wasn’t, obviously, a common feature in homes in 1901.
It still has what looks like some of the original woodwork on the main level and a wood burning fireplace with a gas starter.
The kitchen has white cabinets, what looks like granite counter tops and stainless steel appliances, along with an attached family room/eating area.
There’s also a recreation room in the lower level along with an office and the laundry room.
It has central air but there’s no garage.
The listing says that the “Seller is offering a $10,000 credit at closing towards a garage.”
Originally listed at $1,149,000, it has been reduced $74,000 to $1,075,000.
Currently, there’s a basketball court in the back yard, along with a back deck.
At this price point, will the seller just have to build the garage and then re-list in order to get a sale done?
Marlene Granacki at Re/Max 10 Lincoln Park has the listing. See the pictures here.
1445 W. Cullom: 4 bedrooms, 2.5 baths, no square footage listed
- Sold in June 1989 for $193,500
- Originally listed in February 2020 for $1,149,000
- Reduced
- Currently listed at $1,075,000
- Taxes of $21,197
- Central Air
- Wood burning fireplace
- No garage- but seller willing to credit $10,000 for one
- Bedroom #1: 21×15 (second floor)
- Bedroom #2: 12×12 (second floor)
- Bedroom #3: 12×12 (second floor)
- Bedroom #4: 10×9 (second floor)
- Living room: 17×12 (main floor)
- Dining room: 14×11 (main floor)
- Family room: 21×15 (main floor)
- Kitchen: 17×12 (main floor)
- Office: 14×9 (lower level)
- Library: 12×10 (main level)
- Recreation room: 18×16 (lower level)
- Walk-in-closet: 10×7 (second floor)
At this price point, will the seller just have to build the garage and then re-list in order to get a sale done?
Good question. I will likely never buy at this price point but if I did, I would want move-in ready and that would include covered parking spots, especially for this neighborhood.
I’m not sure how much of a garage you get with $10K, obviously, it’s just a starting point. But that money will end up being used somewhere else and then when this buyer sells, they are back to square one with the garage.
Got the feeling that the days of million dollar homes on every block over. Unless of course bread goes to $20 Loaf than we will all be millionares!
“Got the feeling that the days of million dollar homes on every block over.”
Why?
You aren’t getting a garage for $10k
The soffits in the basement look to be <6’.
The walk-in closet pic is sad.
Nice they keep the woodwork, though the kitchen is a hot mess and clashes with the overall vibe of the house
“Why?” Deflation. The popping of the everything bubble. Reversion to mean. Dollar revaluation. A lot of reasons – mostly an economy built on bullshit is ending.
marko / Sabrina – gold bug and finance twitter always have the deflation inflation debate. I think authorities got a real taste of the type of freak out society is coming to, they won’t let it happen. Twitter started posting pictures of military humvees being mobilized, boarded up downtown storefronts. People are legitimately afraid of looting and crime.
I think inflation is the winner, housing won’t fall apart the way people are afraid it will (more like the 70s), and gold and bitcoin are the most obvious asset to own a ridiculous amount of.
@Mike – sure, but first deflation then inflation. If your house stays the same price for 15 years while everything triples or quadruples, like the late 60s to 1982, it might as well be deflation for housing – or stagflation?
“Zillow said Monday it has stopped purchasing homes, following rivals SoftBank-backed Opendoor and Redfin Corp. “No one can say what a fair price is right now, so we’re not making any instant offers,” Redfin’s Chief Executive Officer Glenn Kelman said last week.”
“A lot of reasons – mostly an economy built on bullshit is ending.”
Is it?
I’ve been hearing this same thing for about 5 years now from the bears.
The home builders just had their best February for sales in years. Is that demand “fake” too? Or just a strong economy?
And what happens when this virus is over? Consumers will be jittery for a period. But if most go back to work pretty quickly, it could pass quickly. The “V” shape recovery.
“I’ve been hearing this same thing for about 5 years now from the bears”
Im talking about the last 40 year super cycle, the one floating on trillions of dollars of recycled petro dollars. That system is ending and with it the easy money, everything goes up forever FIRE economy overlay.
I’m actualy quite bullish that the real economy will come out stronger in the end once people can afford housing again, their time and wages are productive and their dollars have purchasing power.
“Is that demand “fake” too?” The demand is real, the prices are not.
“the prices are not”
They’re all based on zirp and ‘howmuchamonth?”.
look at the redfin financing estimate: $1.075m, 20% down = $5820/mo on a 30yr fixed at 3.611%.
What’s that “worth” at 7.5% mortgage (assuming no change in taxes)? ~$710k, 20% down.
So, yeah, the stupid low mortgage rates are inflating residential real estate prices by about 50%.
“So, yeah, the stupid low mortgage rates are inflating residential real estate prices by about 50%”
And this is economic policy. Assets at all costs. This is the third global economic meltdown of the last 20 years, 3rd! And the same morons are still in charge. The Pelosi and Shummers, Blankfeins and Diamons never went away, never turned over power, just extend and pretend until they jump out with their golden parachutes while their pile of shit burns.
“So, yeah, the stupid low mortgage rates are inflating residential real estate prices by about 50%.”
It’s no secret that home prices have basically followed the fall of the 10-year treasury over the last 20 years.
But it seems like we’ve basically reached near the end of mortgage rates helping home prices. We’re going to need real wage growth going forward to see big housing gains.