Who Says There Was a Housing Bust? 83.6% Appreciation in 10 Years: 832 W. Wolfram in Lakeview
We last chattered about this 3-bedroom townhouse at 832 W. Wolfram in Lakeview last year.
See our March 2013 chatter here.
The old listing said it was a townhouse but didn’t mention any assessments at all. This listing says it is “fee simple.”
As you can see from the picture, it is the unit behind the main house in the front.
(My question is- if it’s fee simple, who’s in charge of shoveling that really long sidewalk all winter long? Or any of the snow removal, yard stuff at all?)
The townhouse has unique features including a modern kitchen with white cabinets and stainless steel appliances.
It also has exposed brick throughout and skylights.
The listing says it has a 1.5 car garage (and possibly two) and there’s a shared roof deck over the garage.
Last year when we chattered about it, it was listed for $678,900 or 47% appreciation.
This year, it came back on the market at $850,000, or 83.6% higher.
Will they get this price in Lakeview?
Nancy Hearon at Berkshire has the listing. See the pictures here.
832 W. Wolfram: 3 bedrooms, 2.5 baths, no square footage listed, 1.5 car garage
- Sold in October 1995 for $264,000
- Sold in May 2004 for $463,000
- Was listed in March 2013 for $678,900
- Withdrawn
- Currently listed for $850,000
- No assessments. Fee simple
- Taxes now $6452 (they were $6732 last year)
- Central Air
- Bedroom #1: 16×12 (third floor)
- Bedroom #2: 15×11 (main level)
- Bedroom #3: 9×11 (main level)
- Office: 9×7 (main level)
- Living/dining combo: 29×18
Why would you ever pay $850k to effectively live in someone else’s back yard?
I wonder how much $$$ was sunk into the place?
It’s a lot nicer than I expected.
If it’s fee simple, what happens if the roof needs to be repaired or the building needs tuck pointing?
“If it’s fee simple, what happens if the roof needs to be repaired or the building needs tuck pointing?”
There *may* be an agreement, but more likely each owner is responsible for their own portion, which *could* end up with roof and brick looking kinda crummy if one owner cheaps out.
Funny but I was just discussing this place with someone.
Pictures look great. It’s coach house living at it’s finest. Lots of lipstick on a pig. Area is sort of ho-hum for the premium they are asking.
Taxes suggest a 5-600k valuation.
Sold for $745k.
so not exactly 83% apprecation based upon an ASKING price now is it
“so not exactly 83% apprecation”
61%. Or 4.9% per year, nominal.
In real terms, +28.5%, or 2.5% per year.
And that ignores that they redid the kitchen and baths sometime during that period.
Still, that’s the result you hope for when you buy a place.
Re-sold in Jun-22 for $900k. 53% mortgage.
$745k (Jul-14) + CPI = $926k. Nominal gain = 2.76% per annum.
No material updates:
https://www.redfin.com/IL/Chicago/832-W-Wolfram-St-60657/home/13363339
Sellers moved elsewhere in the city.