What Happens After A Rehabber Rescues A House From the Bank: 2035 W. Hutchinson in North Center
We’ve chattered about this 5-bedroom single family home at 2035 W. Hutchinson in North Center several times over the past few years as it went back to the bank in 2010 and then came back on the market.
See our August 2011 chatter here.
It was built during the Great Recession and never found an original buyer.
The house went back to the bank in 2010.
According to the Redfin agents who saw the house when it was bank owned, there was water damage and mold.
Originally listed by the bank for $1.25 million, it finally sold in September 2011 for just $660,000.
It returned to the market last December and the listing says the house has been completely rehabbed.
Built on a 29×117 lot, it has 4600 square feet and a 2-car garage.
Three of the bedrooms are on the second floor and the other two are in the lower level.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The house has other upscale finishes including extensive millwork, a limestone fireplace and whole house audio.
The listing says it is in the Coonley school district.
What will this house sell for this time around?
Stephen Porter at iTown Realty now has the listing. See the pictures here.
2035 W. Hutchinson: 5 bedrooms, 3.5 baths, 2 car garage, 4600 square feet
- Sold in September 2005 for $495,000
- Originally listed in October 2008 (I couldn’t find an original list price)
- Lis pendens filed in July 2009
- Bank owned in May 2010
- Originally listed by the bank in July 2010 for $1.25 million
- Reduced
- Was listed in August 2010 for $1.095 million
- Reduced
- Was listed in August 2011 for $750,000
- Sold in September 2011 for $660,00
- Re-listed in December 2011 for $1.299 million
- Reduced
- Currently listed at $1.249 million
- Taxes of $19,802
- Central Air
- Bedroom #1: 17×15 (second floor)
- Bedroom #2: 15×10 (second floor)
- Bedroom #3: 15×11 (second floor)
- Bedroom #4: 14×11 (lower level)
- Bedroom #5: 14×10 (lower level)
- Family room: 21×10 (main level)
We looked at this place before the rehab and there were serious issues related to the quality of the construction but what really drove my wife nuts was the galley kitchen. It’s too bad that they spent such little effort on designing and building this home because the location is outstanding.
How ostentatious. Both inside and out. Hate those columns (the exterior and interior ones). Whoever buys this is completely oblivious to what makes good architecture.
the interior details look very well appointed. exterior is hideous, and did they build the monster lot line to lot line back to front?
“did they build the monster lot line to lot line back to front?”
Worse: they built up the bard “yard” with hardscape about 5′ above the neighbors’ yards. If the builder were somebody ([cof]Ochal[cof]) Kass would probably write a screed.
*Very* curious what their drainage system in the back is. Drain’s not in frame of the one pic, so water likely drains toward garage wall, which sux.
I don’t understand that at all (the building up of the backyard) – is the point to save the space you would otherwise need for stairs going down?
“Worse: they built up the bard “yard” with hardscape about 5? above the neighbors’ yards”
nice big FU to the neighbors huh?
“the building up of the backyard”
I’ve seen many places with a deck straight off the back door, covering the whole backyard, but this–with pavers–is a first.
Think the Great BIg Recession will be 2013.
Flipper should price it at $950,000 and let it go with a reasonable profit from $660,000 plus carrying costs. Look at the modest neighboring houses in the listing photos, no wonder it’s cropped tight in the main photo. Good choices for interior paint color, but very hard to establish from photos actual quality of build-out. Looks subdivision builder-grade.
If house had documented black mold, then I hope flipper took plenty of pictures of demo and reconstruction of walls, ceilings, and wherever else mold occurred to demonstrate that all mold and affected substrate was removed and not just covered.with new drywall and flooring.
The columns and interior decor look like my grandma’s house….Problem with that is there are lots of grandma’s looking to sell their house and young couples don’t want them.
I don’t understand what’s not to like. It’s a classy looking place. Again, I’m a big fan of the wrought iron on the staircase. 2 car garage is nice. Could easily park the matching PT Cruisers in there.
It is certainly not my taste at all, but I would think due to size, location and school district that this would fetch more than a million. maybe 50 to 70 k off gets it done.
Plus, it’s New for all purposes and it’s staged to within an inch of its life, so most people I would think believe that it shows well.
You all sound like a buch of sour grapes curmudgeons.
Yuck.
If I lived here, I’d be tempted to walk around in a slip drinking bourbon and quoting Tennessee Williams characters. Not that I’m not tempted to do that anyway.
wow – I’m shocked at all of the negative comments. I think the place is absolutely beautiful.
Dan # 2, I agree with you regarding the architecture. The facade of the house is completely botched. What a shame- just a few changes to the porch and steps, like building a solid brick terrace with concrete steps, would have helped the place out a lot.
I rather like parts of the interior.
Whether or not I like the house, were I looking to buy this house at this price point or anywhere near it, I’d would be really wary given the construction quality issues and history of the house. For example, the mold problem that developed when the house was empty and uncared for. Did the rehab really cure this forever, or will it recur stealthily at some future point? I would worry.
I find it hillarious that the same agent that posted about significant water issues and mold now posts that there is no evidence of the previous problems, paperwork confirms the mold has been mitigated then goes as far to call the place a trophy home.
If I were paying $1.25M for a “trophy home” it would not be a former mold infested unfinished home. There is far better to buy at this price!
Wait…is someone living here now? or is this place staged?
another Q: what is the minimum price point for new construction where the developer feels it’s necessary or beneficial to stage it with furnishings? I see that show Selling NY on cable, and since they’re marketing places always above $1.5 million, sometimes even $4-$5 million, I guess it makes sense to spend $30K to stage it? How much does it cost to stage this place, or is it rented stuff?
don’t know the hood well, but one could do a lot worse for $1.25MM
if it were me though i’d never get over the mold problem, despite what any certificate says about it being remediated.
sub $1MM would seem a steal…perhaps $1.1 to $1.15MM.
Designers who stage houses mostly use rented furniture and sometimes they have a personal inventory of staging furniture that gets used for several homes and is replaced on a regular basis. You can often get a very good deal on stylish, neutral furniture of reasonable quality when stagers trade 3-year old furnishings in for new ones to stay in style.
I met a designer a couple of years ago who stages homes as her main trade. She’s a young woman starting out as a designer, and she told me she liked to replace her stuff every 2 years or so.