Why Aren’t We All Rehabbing? A 2-Bedroom At 2119 W. Crystal in Wicker Park
Who says you can’t make money in real estate?
This 2-bedroom at 2119 W. Crystal in the Wicker Park neighborhood of West Town came on the market on August 30 and in under 10 days it is already under contract.
(Sorry for the bad picture but that massive tree in front blocked it from every angle.)
It was recently a Fannie Mae property and sold in May 2012 for just $180,000.
It looked to be in pretty bad shape previously. Most of the kitchen and the floors were missing.
Check out the pictures of the unit when it was bank owned here.
It was since rehabbed with a new kitchen with white modern cabinets, stainless steel appliances and ceasarstone counter tops.
The bathrooms were also rehabbed and now have Italian porcelain tile.
There are dark stained oak floors and it is wired with smart home technology.
It has central air, washer/dryer in the unit and a 1-car garage is included.
The parking lot you can see on the right side of the picture belongs to the church next door.
With the kind of money that is being made rehabbing and selling the bank owned properties- why aren’t more people getting into the game?
Michael Vesole at @Properties has the listing. See the current pictures of the rehabbed unit here.
Unit #2: 2 bedrooms, 2 baths, no square footage listed, garage parking
- Sold in September 2000 for $258,000
- Sold in July 2004 for $326,000
- Lis pendens foreclosure filed in December 2009
- Bank owned in July 2011
- Sold in May 2012 for $180,000
- Originally listed on August 30, 2012 for $319,900
- Under contract in under 10 days
- Assessments of $111 a month
- Taxes of $3990
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×11
- Bedroom #2: 10×10
“With the kind of money that is being made rehabbing and selling the bank owned properties- why aren’t more people getting into the game?”
Easier said than done.
Seems to be nicely done. The new sales price seems kinda high to me. I’m astounded it sold so quickly at such a high price. Perhaps nicely staging a place really gets the job done!
The kitchen screams ikea white glossy cabinets and low end home depot appliance package. Just sayin’.
At least they spent a few hundred dollars extra and ‘splurged’ for the counter-depth fridge. The photographer noticed it too and took a picture of it. The staged couch in the living room is Ikea too but the pattern has been discontinued. I”m familiar with the catalog because the partially below grade areas in my home contain ikea furnishings because my neighborhood has suffered two 100 year floods in the last five years so it makes no sense to spend tons of money in an area that may someday flood. but i would not put ikea anywhere else – other than maybe counter stools.
Most people wanting to live in the Wicker Park area can only afford Ikea crap, I don’t think its that big a deal. And whats up with that bathtub in the later pictures? why not do a combo bath/shower? Maybe there wasn’t enough room?
As to why more people aren’t rehabbing… well its not exactly a DIY thing unless you have the skillset of an unemployed general contractor (time and experience)
There’s almost nothing funnier than an elitist with no taste and no money.
Ah, your self-deprecating humor, JJJ; it might actually be funny if you didn’t sound so pathetic.
Ikea is crap. It’s all particle board and cheap veneers. Ikea is not for $300,000 condos in Wicker Park. This unit is a flipper’s special and some sucker signs up to buy. probably an FHA buyer too.
” JJJ (September 10, 2012, 9:11 am)
There’s almost nothing funnier than an elitist with no taste and no money.”
You should also put Ikea crap in your basement so the kids can crap it up and you won’t really care
I’ll grant you some leeway here. The median home price in chicagoland is around $150, $160k. This house is more than double that. So I don’t think that ‘most people’ who can afford ‘$300k’ can only afford ikea. There’s a huge gulf between idea and ethan allen, it’s not always one or the other.
” Sonies (September 10, 2012, 9:00 am)
Most people wanting to live in the Wicker Park area can only afford Ikea crap, I don’t think its that big a deal. “
That too sonies, kids can mess it all up.
Ikea allows two great things with the inexpensive stuff
One – It is meant to be disposable furniture for younger individuals who may move more frequently or that like to change their look in the home.
Two – Getting to permanent pieces from places like Design Within Reach may take a decade. Think of that couple that is staying put and has figured out their taste and style. Do they really want to go shell out $50K – 75K or more at one time to buy a house of furniture. No they do not! This way they can set up a goal of picking up a great piece or two each year and over time get what they really want.
Sometimes patience is a good thing!
Big gulf between DWR and IKEA. CB, pottery barn, room and board west elm, room place, Carson’s etc.
” i would not put ikea anywhere else ”
whatever, snob.
exactly jp3, thats pretty much what we’re doing, adding nice peices over time and replacing ikea crap with nicer stuff (blu dot, dwr, etc.) eventually
I also hate Charles Shaw wine. Does that make me a snob because I won’t drink headache inducing $3.00 a bottle wine? I’m just saying there’s a reason this stuff (ikea, shaw) is so cheap, because it sucks, and most importantly, in my opinion, doesn’t belong in a $300,000 condo.
Nice furniture? Sure, if you’ve already got enough money to (i) live in a premium location, (ii) pay for premium preschool tuition (and, if necessary, K-12) and other childhood enrichments (e.g., summer camp, museum memberships, etc.), (iii) consume premium food and beverages, and (iv) get away at least a few times a year to an ocean and/or mountains and travel abroad at least once every few years, then by all means, go nuts.
Is it form over function or function over form?
Had an aunt who was a single MD down in TX. We visited her when I was 12 and she had a great house. She had been there for around a year and had almost zero furniture. Used an outdoor patio table for her dining room table. She had high ceilings so she left the umbrella in it. I thought that was soooo cool.
We went back 10 years later and it was still sparse. She said that she just did not have the time. In the end it turned out perfect after 15 years of living there. She was truly function over form. In the early years she only picked up what was needed but that was an odd way to live.
“[ikea] is so cheap, because it sucks, and most importantly, in my opinion, doesn’t belong in a $300,000 condo.”
Like I said. Snob. You’re not invited over to my house to see the ikea stuff that’s all over the place.
“(iv) get away at least a few times a year to an ocean and/or mountains”
The getaway does not need to be “premium”? Also, what’s wrong w the lake that you otherwise worship so much?
“You should also put Ikea crap in your basement so the kids can crap it up and you won’t really care”
You keep your (hypothetical) kids in your (non-existent) basement?
anon(tfo) you’re so full of $hit your house is not filled with Ikea particle board containing toxic amounts of formaldehyde and melamine.
“Is it form over function or function over form?”
Having spent probably $75k on furniture from Ethan Allen, I vote for function over form. We have a “formal living room” that I have never even sat in that was over 10k to furnish. We watch TV in the family room. We have a dining room that we eat in once a year for Thanksgiving that was around the same. We eat all of our meals in the kitchen at the island or our kitchen table I would much rather have that 20k+ in my pocket now.
“anon(tfo) you’re so full of $hit your house is not filled with Ikea particle board containing toxic amounts of formaldehyde and melamine”
None (? have to think harder) of the melamine stuff, but:
plenty of veneer casegoods, numerous rugs, various storage things, some kitchenware, (thinking…), curtains (and rods), kids stuff, couple of chairs (ready to replace those, tho), etc etc. And that discounts the stuff we’ve had and gotten rid of.
“I would much rather have that 20k+ in my pocket now”
Chuk – I’m with you. Perhaps it is because I am cheap and would rather spend my disposable cash on great trips, entertainment options, and excellent food and drink. Maybe it is because I also have a dog and young daughter that tend to be tough on furniture.
So often we are invited over to a newlywed’s new home and I am astounded on how much new high end furniture they have already amassed. Either other people did way better on cash at their weddings then we did or they just took on substantial debt to have the perfect home immediately. Nothing wrong at all with that so long as they are content keeping it for years. My guess is that their tastes and living situation will often change after five years of being married. Will they regret those choices and have to buy a new set later in life? If so then perhaps they would have been better off waiting or having bought some CB2 or Ikea first.
it’s a great thread where hd sounds more hoighty toighty than anonny.
” We have a dining room that we eat in once a year for Thanksgiving that was around the same. We eat all of our meals in the kitchen at the island or our kitchen table I would much rather have that 20k+ in my pocket now.”
I have been married 30 years now (I know…I seem much younger) and we have never owned a dining room set. Early on I amortized the cost over the number of meals we would eat there and determined it would be $1000 per meal. Seriously, I did.
“anon(tfo) you’re so full of $hit your house is not filled with Ikea particle board containing toxic amounts of formaldehyde and melamine”
Toxicity of ikea furniture concerns you but you were willing to have your kid live less than 500 ft from the xway?
“it’s a great thread where hd sounds more hoighty toighty than anonny.”
I dunno, did you read nonny’s comment?
“Early on I amortized the cost over the number of meals we would eat there and determined it would be $1000 per meal. Seriously, I did.”
I do the same thing! (also with shoes – cost per wear) This got me in serious trouble when I wanted to repair my woodburning fireplace so it would be functional again – I went ahead and did it anyway, but thinking about the cost per fire makes me a little ill. I doubt it added to resale value either.
How was my comment hoighty toighty? Just expressing a difference in priorities is all.
Some folks spend money on things like a SFH, nice furniture or a nice car in ways that I would not (though I would, and may yet, if I’m able). That’s sort of a “things” oriented life. I spend money on one-block proximity to the park, relatively healthy foods, early childhood enrichment and trips in ways that other folks would not. That’s sort of a “life” oriented life.
premium pre school? LOL! now there’s a waste of money
I enjoy cooking “premium” meals at my home, so I can afford a nice car and furniture… does that make sense to me? sure why not
anonny: Would you also claim to not understand how your 12:09 comment might seem hoity toity?
Ok, ok, the toit may have been a tad hoit. Perhaps it would help if you saw the late 1990’s kitchen in our two bedroom condo, and some of our furniture acquired at Affordable Portables.
As part of my renovation, the ‘sitting room’ became a secondary family room which has an open floor plan into the kitchen and dining room. Living rooms/sitting rooms are a relic of a bygone era.
Someone the other day told me that they wanted to buy some furniture to hide their tv from view. so their sitting room could also be a family room. That’s stupid. In today’s modern world, the room with the 51″ tv IS the main room and is something to be shown off, not hidden away in some large unwieldy piece of against the wall.
“Someone the other day told me that they wanted to buy some furniture to hide their tv from view. so their sitting room could also be a family room.”
Did you tell them to get a projector and a drop down screen?
Mitt Romney, according to Ann Romney’s speech, lived in a small basement apartment as Mitt attended graduate school. See, everyone ‘slums’ it at one point in their life.
” anonny (September 10, 2012, 12:29 pm)
Ok, ok, the toit may have been a tad hoit. Perhaps it would help if you saw the late 1990?s kitchen in our two bedroom condo, and some of our furniture acquired at Affordable Portables.”
Geez anonny, i thought you were more of a Fort Pitt furniture kinda guy
“Mitt Romney, according to Ann Romney’s speech, lived in a small basement apartment as Mitt attended graduate school. See, everyone ‘slums’ it at one point in their life.”
Anonny’s dad gave him a bunch of stock options, too?
Parents who put their kids in premium preschools aren’t paying for a premium education (Although they may believe it so), they’re really paying a premium to have their children socialize with other the children of other wealthy and like minded parents. Parents have access to different social circles with other rich parents rather than just the typical suburban house mom in Schaumburg. The same goes for Harvard, Yale, Stanford, etc. It’s not like Biology 101 or CS 101 is a better class at an elite school, or different material is being taught, it’s that the kid next to you could be the next dot com millionaire, or could be on the supreme court someday.
“The same goes for Harvard, Yale, Stanford, etc. It’s not like Biology 101 or CS 101 is a better class at an elite school, or different material is being taught, it’s that the kid next to you could be the next dot com millionaire, or could be on the supreme court someday.”
This is 110% correct.
The only furniture I have in my in-town is an air mattress.
I like it that way.
Easier to clean and the lack of clutter is therapeutic.
“The same goes for Harvard, Yale, Stanford, etc. It’s not like Biology 101 or CS 101 is a better class at an elite school, or different material is being taught, it’s that the kid next to you could be the next dot com millionaire, or could be on the supreme court someday.”
I only half agree with this statement. As someone who attended a smaller Catholic University, my UofI friends gave me hell about the missed opportunities of attending a B1G school. In reality, I have worked directly along side, as equals, people who attended the “big name” schools. Meaning, we ended up the exact same place, despite the supposed difference in opportunities. Does that mean I’ve over-performed, they’ve under-performed, or the difference is merely marketing?
“How was my comment hoighty toighty? Just expressing a difference in priorities is all.”
Despite the (possibly more than occasional but on my part wholly good natured) ribbing, I like the way you focus on your priorities. It’s just that you do it w perhaps more than a soupçon of hoit.
We eat at our formal dining room table at least 4 nights a week, plus we entertain often! Worth every cent. That said, I think IKEA furniture is total junk and very wasteful. I’d rather reuse/refashion hand-me-down or antique furniture until I can replace it with nice stuff than waste $ on IKEA stuff that all looks the same.
Surprised that nobody has tried to pull the CTU strike into the fold.
“Meaning, we ended up the exact same place, despite the supposed difference in opportunities. Does that mean I’ve over-performed, they’ve under-performed, or the difference is merely marketing?”
Education is about more than where you end up working (at least imho). Whether you get the bang for your buck out of an elite university depends on what you expect your child to get out of an education and how motivated / interested they are in academics.
” The same goes for Harvard, Yale, Stanford, etc. It’s not like Biology 101 or CS 101 is a better class at an elite school, or different material is being taught, it’s that the kid next to you could be the next dot com millionaire, or could be on the supreme court someday.”
Not sure. I heard about more joke level classes from friends at avg schools or below than I did from those at the high ends. though that could just be the high ends teach them p.r. I do wonder how the coursework for engineers compares between say Illinois and MIT/Caltech.
“I do wonder how the coursework for engineers compares between say Illinois and MIT/Caltech”
[speculation]Seems to me it would vary mostly on the “quality” (aka, u-grad credentials) of the grad TA’s, and class sizes (esp wrt CalTech, which is a really small school)[/speculation]
A friend who was engineer grad at NU told me he thinks that MIT profs are on a whole different level and don’t teach, just lecture and expect you to learn it on your own. Also, the quality of the students there ( mit ) would have less varience than u of i so your competition is all elite. Had a friend from cal tech and it sounded really rough.
“Had a friend from cal tech and it sounded really rough.
Do you know what’s rough? Fighting in the jungles of Vietnam, that’s tough. Academic isn’t tough. long hours in the lab or study is still in a air conditioned environment, absent the foot rot, sniper fire and agent orange that comes along with war.
all true…back in Nam I bet you didnt even care if anyone saw you sitting in a chair from ikea.
I like how this started out comparing Ikea furniture to Ethan Allen and now its comparing Eng Comp 101 at MIT versus UIUC
Very true homedelete for undergrad and high school… although, I think a good pre-school and early education can help kids lead happier lives if they are given freedom to explore and taught how to think critically. I don’t think most schools offer that sort of education and it’s certainly not offered in a public school with 30+ kids per class. I would pay a premium for early childhood education, but not for college (unless it’s law school, which generally requires going to a top 5 school to get a job).
Didn’t we fight aginst the Ikea in Nam?
Sonies (September 10, 2012, 3:51 pm)
Didn’t we fight aginst the Ikea in Nam?
thanks for making me laugh out loud (in a very quiet office) on a long monday afternoon
Going to a top-tier undergrad school also gives you a huge leg up getting a great consulting/finance job out of almost any major or into a good grad/med/law school (that 4.0 from a Big 10 school really isn’t a match for Ivy connections and cache, where getting in is the big deal). That said, my spouse now tells wannabe lawyers DO NOT DO IT!!!! They never listen.
Does anyone here want to talk about the properties? Seems like there are two comments on the featured property, then it goes off on some tangent.
Looks like a fairly tasteful (but not fancy) reno, but I think the price is high for the size and location close to the southwestern edge of Wicker Park. A friend of mine used to live one block north of this place (on Potomac) and witnessed quite the shoot-out, so I’m a little leery of it. People pay for new, though, so it may go for close to asking.
“Does anyone here want to talk about the properties?”
Decent looking place with a decent W Div location. Like it a lot more at the zestimate price.
Anyone know who makes a tub about the size of that one, but *not* jacuzzi?
Java, Thanks for making my day 🙂 I also agree with your comments. Well now we can go back to talking about schools and Ikea.
Also: do NOT like being next to church parking lot. And I don’t like the concept of sharing an alley with a commercial strip.
Also forgot (again) to mention do not like hospital proximity.
Were I interested in living along W Div, would want to be E of Hoyne and have at least a street bt me and Div or Damen.
”The same goes for Harvard, Yale, Stanford, etc. It’s not like Biology 101 or CS 101 is a better class at an elite school, or different material is being taught, it’s that the kid next to you could be the next dot com millionaire, or could be on the supreme court someday.”
Not this one. The classes are a joke at these “elite” schools (at least in the liberal arts.) Everyone gets As. University of Chicago is one of the few that actually grades accurately (I had a friend get an F on a survey course there. An F!) There have been numerous articles about the grade inflation for the undergrads at places like Stanford. Everyone gets As and Bs.
Also, there are more CEOs from non-ivy league schools and public universities than all of the elite schools combined. If you want your child to succeed in business do NOT send them to an ivy league or “elite” private school. Send them to UNC or UCLA.
“Early on I amortized the cost over the number of meals we would eat there and determined it would be $1000 per meal. Seriously, I did.”
they’re always for sale on craigslist. Same with full china sets.
“If you want your child to succeed in business do NOT send them to an ivy league or “elite” private school.”
How many CEO’s do you think feel that way? I don’t know many, but I do know a fair number of lawyers, doctors and successful academics, and none have ever pined that their kids grow up to be successful business people. I hope my kids go to the best college they can, ideally one located in a place where they’ll also have interesting experiences off campus as well. It would be great if it’s a Yale or Brown or whatever, but wherever it is, I hope they are liberal arts majors. If they’re really “career focused,” then sure, I hope they’re bio/pre med or engineering or the like, but then I hope they’ll do a minor in philosophy, English, classics, etc. I’m not spending the next couple of decades working like crazy in a corporate environment, grinding out hours and stressing over business generation, profits, and competition, all so that my kids can end up doing the same with their lives. I hope they study the mating rituals of whales or work as a doctor at Everest base camp, or teach post-Earth apocalypse art at the university on Mars, or run a B & B for surf tourists. If it’s the latter, their success won’t be owed to their having been business majors at some public school with a football team.
re: private/elite schools vs state/public/normal schools.
I have attended both and while I was quite impressed with the resources available at the public schools (as well as the quality of students – which was much higher than I expected), I have to say that the overall mindset and motivation of the two types of students is ENTIRELY different. At U.of I., students are from very normal backgrounds and most of them have goals of living in lincoln park for a few years, marrying a cute girl/guy, moving to Naperville/Highland Park type suburb, having kids and just living a “normal life”. There is NOTHING wrong with that – however, the people at Harvard and Stanford had higher aspirations and were infinitely more motivating, engaging, and REALLY encouraging to someone to explore and pursue their wildest and most unimaginable goals/interests – and THAT is the difference. These schools bring out the inner dreams (you know, the ones that everyone told you to forget because they were impractical) – and THAT is where the truly successful people flourish.
Lots a dining room table sets for sale on craigslist, many midcentury modern designs in good shape for relatively cheap prices. Not Name brands but nice stuff. I bought an original 1950s circular Formica coffee table in good shape for 30$. It really makes the room, even more so than the rug.
“There is NOTHING wrong with that – however, the people at Harvard and Stanford had higher aspirations and were infinitely more motivating, engaging, and REALLY encouraging to someone to explore and pursue their wildest and most unimaginable goals/interests – and THAT is the difference.”
The difference is that you went undergrad at one and graduate school at the other. Ever talk to Michigan MBA students? Or law students? What about those at Boalt?
The undergrads at the ivy schools are just as “normal” as everywhere else. Yes- they come from Naperville too. And yes, they want to live in Lincoln Park when they get out of school. No difference. Graduate students have more ambition (especially at the “elite” programs like a Harvard, Michigan, UVA, Berkeley.) The schools DON’T bring out the inner dreams. The students who get into the graduate schools already HAD the dream (and that’s why they got in there.)
“If it’s the latter, their success won’t be owed to their having been business majors at some public school with a football team.”
Anonny: I didn’t say anything about them being business majors. You made that assumption. In fact, most CEOs probably weren’t.
So what kind of career do you think your children will have where they will equal your success of living across from Lincoln Park? Do you think studying the mating rituals of whales is going to do it? Going into fashion design? Being a poet? Sure- they can join the peace corp. These things are great. But you don’t get the Lincoln Park lifestyle off of that. You’re living in Rogers Park.
And that is fine. Nothing wrong with that. I just think it’s funny when people choose to live the upscale prestige lifestyle and then somehow think their children won’t also want to live that lifestyle. They won’t suddenly be Bohemians if they’re going to the Latin School where people go to Paris in August to buy fall fashions for their kids.
“If you want your child to succeed in business do NOT send them to an ivy league or “elite” private school. Send them to UNC or UCLA.”
or UIUC! We claim the top slot in Top Party Colleges By Salary Potential
http://www.payscale.com/best-colleges/top-party-colleges.asp
Just think, the guy you’re doing beer pong with could be the next Hugh Hefner or Roger Ebert or Ang Lee or John Corzine!
“If you want your child to succeed in business do NOT send them to an ivy league or “elite” private school. Send them to UNC or UCLA.”
or UIUC! We claim the top slot in Top Party Colleges By Salary Potential
http://www.payscale.com/best-colleges/top-party-colleges.asp
Just think, the guy you’re doing beer pong with could be the next Hugh Hefner or Roger Ebert or Ang Lee or Jack Welch or John Corzine!
People make their own path in life. Sure it clearly helps to have a degree from an upscale and well regarded institution however it is the individual that determines the final path. I have a cousin that graduated from Harvard, not the Harvard that Lesko speaks about, the real deal university. He got great grades in school and has driven a taxi for at least 10 of the last 15 years since graduation. What a immense waste of talent and intellect.
Many CEO’s from small and mid-sized companies are self taught and have blazed their own paths. Two of the companies we distribute for have CEO’s with not any college education at all. To be fair, and fully transparent, they are from a former generation and are now in their 60’s. That may not happen in this era. Another company has a CEO from UNC.
“They won’t suddenly be Bohemians if they’re going to the Latin School where people go to Paris in August to buy fall fashions for their kids.”
Are you kidding me? There is big money in modern depravity. I think it’s easier to be a degenerate and be in the mainstream $$ world than be an upstanding moral person these days. Lady Gaga, Jon Corzine, Sarah Silverman, Sacha B. Cohen, Simon Cowell’s products, raising money for Emily’s List….you name it,big money in depravity. The lead “society woman” in Chicago in the 21st century, Candid Candace, is a former stripper and porn model!
what do you have against borat? seems like you’d agree with him on a few topics