What Would You Pay for a Fixer/Lot in Historic Lakewood Balmoral? 5453 N. Magnolia
This 5-bedroom Victorian at 5453 N. Magnolia in the Lakewood Balmoral historic district in Andersonville has been on the market since May 2011.
The listing says it is “not in move-in condition” (although when I walked by over the summer, someone was living in the property and you can see from the picture above that windows are open.)
The listing says it is “ideal for a complete rehab or build new.”
The 2250 square foot house is built on a coveted 48×123 oversized lot.
There are no pictures of the interior of the property but there is a floor plan with the listing.
Since it was first listed in May 2011, it has been reduced $95,000 to $545,000.
Is this a deal for the location?
Connie Atterbury at Dream Town has the listing. See the floorplan here.
5453 N. Magnolia: 5 bedrooms, 2 baths, 2 car parking, 2250 square feet
- Has had the same owners since the mid-1980s
- Originally listed in May 2011 for $640,000
- Reduced
- Currently listed for $545,000
- Taxes of $8374
- No central air
- Bedroom #1: 13×12 (second floor)
- Bedroom #2: 13×12 (second floor)
- Bedroom #3: 11×19 (second floor)
- Bedroom #4: 11×11 (main floor)
- Bedroom #5: 18×23 (third floor)
Amazing how at one time I would have considered taking something like this on. I’m not sure if I just don’t want to do rehab at all or this particular location. To answer the question of What I would pay for a fixer:
$400K – cost of renovations/rehab
I’d be interested in something like this, but this one looks like it backs up to Broadway which is probably why it is slow to move. For the investment, I’d rather be a block west at least imho. Still a great street, but not a sacrifice I’d make it for A’ville.
I guess it depends on how much work is needed to make the place acceptable for buyers in this price range. My guess is $250k-$400k at least to do it right versus a half assed renovation.
Not too many buyers have the time, vision, and funds to take on a complete gut rehab. Not a ton of buyers out there for these projects.
“$400K – cost of renovations/rehab”
$400k LESS cost to turn it into a $750k+ home? I know you know that that would never happen.
I can definitely see it going for something based on current ask (maybe -10%, so under $500k) less structural/exterior/roof defects.
Do not love the exact location–would prefer the other side of the street, so not backing on Broadway.
“I can definitely see it going for something based on current ask (maybe -10%, so under $500k) less structural/exterior/roof defects.”
Agreed. A fully and very nicely reno’d place on a double-ish lot for around $1MM seems plausible. Agreed also with russ and anon that the exact location might be a major factor. Detracts from one’s a’ville dream home. Although have to ask how many other potentially available double lots are around.
Sorry Anon (tfo) I thought the question was “What Would Icarus Pay for a Fixer/Lot in Historic Lakewood Balmoral”
My level of comfort for any mortgage payment would be as south of $400K as possible while maximizing size and features, so probably not the project for me.
“Sorry Anon (tfo) I thought the question was “What Would Icarus Pay for a Fixer/Lot in Historic Lakewood Balmoral””
Oh, no, I realize both that that was the question AND that that was what you were answering. I also think that you know that there’s no way it get’s that low, largely becasu–as Russ notes–the cost of renovation piece well could be $400k, which would lead to a $zero price for lot + structure.
I’d take this property over 1911 Bernice.
Awesome street, I don’t even mind being on the Broadway side. The problem is the place is a disaster. It will take a lot of money to fix it up. I used to live nearby.
“I’d take this property over 1911 Bernice.”
Me, too. And twice on Sunday.
…such a pretty house. It’s sad that it has fallen into a bad state. How much do houses in this area go for when fully rehabbed?
Whoa, weird because I’ve been eyeing this listing a lot. The place is undoubtedly beautiful but it’s difficult to gauge where prices are heading around here and I’m sure its a disaster inside.
Based on where 5426 Magnolia sold. I’m thinking you have to be thinking of somewhere between 700-750K for an end value after a very well done renovation.
This leads me to believe that the house as it is currently is worth somewhere between 350-400 depending on the current state inside. Funny because I read on another site that this house was actually listed over a million for a while.
Sorry meant to add link for 5426 Magnolia
http://www.urbanrealestate.com/property/5426-N-Magnolia-CHICAGO-IL-60640-SEWVELNVOOVBY.html
Edgewater still has rundown houses – check out the three on 5800 N Magnolia block, for instance. If someone wants a frame victorian or prairie house for under $500,000, large lot, nearby retail/restaurants, and El access to Loop, why not Oak Park for $450,000 (or less), and in occupant-ready condition? And you don’t need to purchase private school education for the kiddies. The Andersonville “house is a wreck/pay me $,5 million” era is over. It may sell for more, but this house is worth $300,000 for the lot, demolished.
“I’d take this property over 1911 Bernice.”
“Me, too. And twice on Sunday.”
Are you (hypothetically, on sundays or other days) constrained at about $500K? B/c that seems to me the likely buyer of the Bernice house, if there is a likely buyer, and not of this house.
“Based on where 5426 Magnolia sold. I’m thinking you have to be thinking of somewhere between 700-750K for an end value after a very well done renovation.”
How much do you think the very well done reno will cost for 5426?
so, what’s the horror on the inside?
Just plain old slobs lived there, or hoarders lived there, or animal hoarders, or what?
I’ve seen some pretty awful interior photos, so I’m wondering how bad it must be that they don’t even want to show any at all.
“Are you (hypothetically, on sundays or other days) constrained at about $500K? B/c that seems to me the likely buyer of the Bernice house, if there is a likely buyer, and not of this house.”
Depends how bad the interior of this place *actually* is. Plus, I’m at ~$500k less structural/exterior repair costs, if any, so my bid for this place is probably below likely sale price on Berenice (which I would absolutely *not* consider for purchase with the location, unless it were cheaper than renting an *apartment* in the same hood).
Isn’t this the street that had the murders a few years ago? It was in someone’s house – a home invasion, I believe.
I agree that this house loses value because it backs up to Broadway. That’s a really sore point.
Can we PLEASE stop suggesting “why not suburb xyz instead of this city home because of blah blah blah”. It gets so damn old. And, not everyone gives a shit that the suburbs have better schools – We know that already.
“Isn’t this the street that had the murders a few years ago? It was in someone’s house – a home invasion, I believe. ”
Unless you are a federal judge, I don’t think you have to worry about a similar circumstance leading to your home being invaded.
I will say I have seen a pick up in borrowers who are interested in construction loans for these types of projects, although most shy away when they see what is involved.
If an investor can get the cost down on this place, I could see someone renovating and flipping the property. Single family homes in the area are hard to come by, particularly those that have been renovated well and completely up to date. A turnkey renovation would probably get this place sold fairly quickly.
Completely agree on being tired of the suburb comparisons. Commute to the loop is not the only thing people care about. This place is a 10 minute El ride from Wrigley. That matters too.
Russ: why do most shy away from construction loans after learning what is involved?
“Completely agree on being tired of the suburb comparisons. Commute to the loop is not the only thing people care about. This place is a 10 minute El ride from Wrigley. That matters too.”
And a 10 minute walk to the Andersonville strip.
“why do most shy away from construction loans after learning what is involved?”
I’m guessing a combo of the construction loan requirements and the realities of construction, leaning to the realities of construction.
HD, Anon summed it up. Cash on hand required, architectural plans, zoning, permitting, managing contractors, dealing with the bank, budget over runs, etc. People soon realize it isn’t like what they see on HGTV. Most professional folks do not have the time to deal with the headache of a full renovation of a large house. Getting a kitchen or bath renovated is headache enough.
There are some fairly good construction loans available, but it is the time commitment and lack of a place to live for an extended period of time that prevent people from engaging the projects. Most buyers need their place now, not 12 -18 months from now. Most rather just buy it already done too.
I’d say 10 out 10 people that ask me about construction loans wind up buying either a new construction place or recently renovated place from a flipper/developer.
Tangential question on the construction issue: when, exactly, are architectural plans, zoning and permitting strictly required?
When you touch electric/plumbing? When you touch a load bearing structure? When you want to tear down or put up a non-load-bearing wall? When you want to replace the flooring or drywall in a room?
I have known several people that have done rehabs on places that never got permits or any other sort of prior approval. Granted, those rehabs were 90% cosmetic and didn’t touch electric, plumbing or the structure of the property. But let’s say you wanted to go further…when is it required or advisable to jump through the crazy number of hoops required by the city/county/state?
“those rehabs were 90% cosmetic and didn’t touch electric, plumbing or the structure of the property”
So, they painted, and put in new closet hardware? Didn’t even relocate an outlet or a light fixture?
You can get away with a HUGE amount of work without a permit. But even pretty minor seeming stuff (new hot water heater) “requires” a permit.
“Isn’t this the street that had the murders a few years ago? It was in someone’s house – a home invasion, I believe. ”
Unless you are a federal judge, I don’t think you have to worry about a similar circumstance leading to your home being invaded.
VA:F [1.9.12_1141]
I wasn’t worried. I was just wondering.
TftInChi, to learn when a permit is needed you should refer to the city’s website:
http://www.cityofchicago.org/city/en/depts/bldgs/supp_info/learn_when_a_permitisneeded.html
Anon: they moved a little plumbing, put in new appliances, did drywall and some other surfaces. According to roarke’s link, a permit would’ve been required on some of it.
After permits, how many of those things can be done without a “professional”? Quite restrictive…
This house has potential, but a limited number of people who would buy this and deal with the headaches and time necessary to renovate the house. I don’t know what condition the house is in, but it will probably have to come down in price even more due the the buyer limitation and other choices for buyers.
Why buy this and put $250 into it when you could just buy 5340 Lakewood for the same amount? Ok, you get a slightly wider lot, but the better location on Lakewood has gotta make up for that
You’ve got to REALLY want to customize your own place to deal with the time, effort, headaches, displacement, bureaucracy, …
Well, for one 5340 is no longer on the market…
And of course in addition to the permits there’s the “Chicago tax” to facilitate the speedy completion of the process, ifyaknowwhatImeanandIthinkyoudo…winkwink…
No one gets permits for a new hot water heater.
“No one gets permits for a new hot water heater.”
Right, but they are *”*required*”*.
“After permits, how many of those things can be done without a “professional”?”
All of them. They just might not be done correctly. 😀
““No one gets permits for a new hot water heater.”
Right, but they are *”*required*”*.”
I want to say Home Depot/Sears/Lowes does if you have them install it too. They are very simple machines and easy to hook up its the gas line thing is why a permit is needed.
Getting permits is a good thing even with something as simple as a water heater replacement. Installation can cause quite a bit of mischief with a gas line (explosion), exhaust line (CO), and even the water line (contamination). The permit and subsequent inspection are for the homeowner’s safety.
Dd- city doesn’t inspect water heater installation. Hire a professional plumber.
dahliachi: agree on using a professional plumber to install a water heater. My comment isn’t just for Chicago. Professional plumbers will not balk at getting a permit and I would not hire someone who wants to cut corners.
That street is probably the most non-uniform in the area. Too many broken porches, overgrown shubbery, old windows nearly falling out in some of those homes. If this place is that bad that pictures can’t even be shown, it’s a tear-down. I just couldn’t imagine putting that much money into a home in these uncertain times when you have no idea what the future holds for the others in obvious disrepair. It’s common to be confronted by a wino or two on any given morning – around Berwyn anyway. “10 minute walk to Andersonille strip”. That’s great, but once you been up and down that “strip” 10 times, it gets old and that all there is. There needs to be stores, grocery, etc. to support those housing prices there too. You’ll be doing alot of driving. Should be able to walk to the lake but who knows what you might be confronted with along the way as well. If a higher percentage of single family homes in the area, possibly. The area is to transient, both in residents, amenities (or lack thereof) and shopping. Sorry. I don’t get it.
“That street is probably the most non-uniform in the area. Too many broken porches, overgrown shubbery, old windows nearly falling out in some of those homes. If this place is that bad that pictures can’t even be shown, it’s a tear-down. I just couldn’t imagine putting that much money into a home in these uncertain times when you have no idea what the future holds for the others in obvious disrepair. It’s common to be confronted by a wino or two on any given morning – around Berwyn anyway. “10 minute walk to Andersonille strip”. That’s great, but once you been up and down that “strip” 10 times, it gets old and that all there is. There needs to be stores, grocery, etc. to support those housing prices there too. You’ll be doing alot of driving. Should be able to walk to the lake but who knows what you might be confronted with along the way as well. If a higher percentage of single family homes in the area, possibly. The area is to transient, both in residents, amenities (or lack thereof) and shopping. Sorry. I don’t get it.”
Of course you don’t get it, you don’t know what you’re talking about. There are two Jewels, an organic grocer and an indepedent grocer all within walking distance. You obviously haven’t been to Andersonville since the 80s.
Hi WayDifferent –
I live in the area and do not have a car. As a matter of fact, I’m learning how to drive now, but really don’t need to around here. Magnolia is a pretty street. And around Berwyn there’s so much good stuff – On Broadway you’ve got a huge Jewel-Osco, The Dollar Tree, a good neighborhood dive bar with a DJ and dancing called Ollie’s. You’re right by the lake. Then walking South you’ve got all the Asian markets, Target, Aldi, banks. etc. Going North there’s a huge Dominick’s by Thorndale and all the little neighborhood stuff I appreciate like a butcher, shoe and bag repair, tons of drycleaners, little bars and good restaurants, plus another Aldi up by Granville. Then on Clark in Andersonville you’ve got a huge Jewel-Osco and Edgewater Produce. Tons of bars, shops and restaurants to walk to. A few branches of the Chicago Public Library. Gyms on Broadway and Clark. I get by really easily with my unlimited CTA pass and walking. The neighborhood has a lot to offer. If you know where some of these rundown homes are, let me know. I’d be interested in buying one.
Also, I’m all over the city all the time and the last time I was confronted by an aggressive bum was on the Clark Street bus in Lakeview. He was physically going up to riders one by one, getting an inch from their face and demanding money. And no one said or did anything! They just got all quiet and took it. When he did it to me I yelled at him to shut the fuck up and get the fuck away from me and that he was holding up the whole fucking bus and to get the fuck off and guess what? He did. Sometimes you guys are too polite and non-confrontational. I’m from Brooklyn and that’s how we roll.
Right Milkster, but other than that, there’s nothing around…..
Milkster wrote: “Sometimes you guys are too polite and non-confrontational. I’m from Brooklyn and that’s how we roll.”
Egad. Even in out-of-the-way (pleasantly so … Edgewater) Chicago I can’t escape simple-minded, broad-brush stereotyping from insecure coastal types.
Milkster, if I ever encounter an annoying panhandler on the 36 bus I’ll scream out your handle and desperately hope that you’ll come rescue my timid, Midwestern backside.
I used to live next door to this place–never really met the people who lived in that house, but they seemed a bit odd. The rest of the block is beautiful, although I agree that one block further west would be ideal. I have to agree about getting a bit tired of the Andersonville strip. The biggest issue is that there’s no bougie shopping there. A couple Jewels and Edgewater Produce–it’s no Whole Foods. Once A-Ville gets a Whole Foods (or its equivalent with decent produce/baked goods/meats/seafood), I’d happily endure the longer commute downtown.
Price Drop, not sure when, now listed 490K.
Reduced today, Andy. Will a price under $500k move this home?
I used to live in Andersonville as a child. I go back quite often because my sister lives on Marine drive. I don’t know what anyone is talking about here but it is a great neighborhood. If you are bored with Clark street move to Wrigleyville. Move to Lincoln Park. They are great neighborhoods but really Chicago has great neighborhoods. All have drawbacks and plusses. I’ll take Andersonville-Edgewater for all the reasons stated. You can’t like everything. Heck some people don’t like I Love Lucy and the Beatles. In truth all the carping about backing up to Broadway and bums on Berwyn is a little dramatic. I feel coming from someone who hasn’t been around the neighborhood in a while.