Why Buy a Townhouse When You Can Get a 3-Bedroom Cottage Instead? 2225 W. Shakespeare in Bucktown
This 3-bedroom cottage at 2225 W. Shakespeare in Bucktown has been on the market since September 2011.
In that time it has been reduced $24,000 to $575,000.
Built in 1891 on a smaller than standard Chicago lot measuring 24×100, it has a new 2-car garage.
Two of the three bedrooms are on the second floor with the third on the main level.
The master suite is large and has skylights.
There is a partially finished basement with storage.
The listing says the kitchen is “new” and has stainless steel appliances.
The house has central air.
Is this house a good townhouse alternative?
Cindy Wilson at Koenig & Strey Real Living has the listing. See the pictures here.
2225 W. Shakespeare: 3 bedrooms, 2 baths, no square footage listed, 2 car garage
- Sold in April 1988 for $74,000
- Sold in October 1993 for $205,000
- Originally listed in September 2011 for $599,000
- Reduced
- Currently listed at $575,000
- Taxes of $7093
- Central Air
- Bedroom #1: 23×14 (second floor)
- Bedroom #2: 12×9 (second floor)
- Bedroom #3: 11×7 (main floor)
- Partially finished basement
“Why Buy a Townhouse When You Can Get a 3-Bedroom Cottage Instead?”
let me edit that for you….
Why Buy in Bucktown When You Can Get a 3-Bedroom ANYWHERE else?
I think I would make the interior less contemporary trendy looking.
I’ve been through this house. It’s nice but has some issues with layout. The upstairs has been opened up to create a large master with a small office (2nd bedroom). You have to walk through the master to get to the office (or 2nd bedroom). The 3rd bedroom is tiny and just off the dining room. The basement is not finished and ceilings are to low to convert.
So… this is basically a one bedroom? I’d take a townhouse with a better lay out.
“The basement is not finished and ceilings are to low to convert.”
What was the height? And any consensus on minimum acceptable basement height for finishing?
“What was the height?”
I’m about 5’9″ and there were plenty of areas in the basement where I had to duck or hunch over to walk. I’m guessing they range from 5’6″ to 6′ It’s mainly used for storage. Excavating is always an option but I don’t think it’s worth it, especially at this price.
“any consensus on minimum acceptable basement height for finishing?”
I think that if you can’t get most of the ceiling to be 7’+, it ends up feeling low, and basement-y, even if you have a very high basement. With dinky windows, like this place appears to have, I’d push it up a few inches.
bucktown expanded in the boom and will continue to contract in the real estate depression
“bucktown expanded in the boom and will continue to contract in the real estate depression”
Tell that to 2131 Cortland that had multiple offers in the first 24 hours.
As to this particular house, the bedroom situation’s not really the most family friendly. But it’s pretty big and has a great kitchen.
This is so humorous… this place is Worker Housing, built for blue collar workers, in a semi-blighted neighborhood for a very white-collar price.
Somehow seems weird to make $200K a year and want to live this way. The rooms are small and the kitchen is bigger than the living room, which is typically blue-collar.
But I’ve been wrong about the west side for 20 years. I still can’t believe how overpriced this area is relative to neighborhoods that look much better to me. You can get something comparable in Lakeview for this price.
“Tell that to 2131 Cortland that had multiple offers in the first 24 hours.”
what does that mean? it was under priced? That has zero reflection on the direction of the neighborhood without more context. if you told me “tell that to 2131 Cortland, that had a multiple offers on a house asking $650,000…the previous owners bought it in 2005 for $575,000”
do some homework and i’ll eat crow if there was ANY appreciation in the past 8 years
“Tell that to 2131 Cortland that had multiple offers in the first 24 hours.”
As bill c suggested, we’ll have to see about that. It’ll have to close for a lot more than list to make the sellers any money.
2131 W Cortland
listed 2/2/12 $685,000
contract 2/5/12
closed 7/31/07 $700,000
Buck town isn’t going anywhere. It’s just a little tiny neighborhood in the city where upper middle class folk like to congregate. Prices will fall but not as much as Yaros seem to think. In case you haven’t noticed the union pacific new line / blue line / Kennedy expressway has gentrified from basically downtown all the way to Harvard, the end of the metra line. A handful of places like Avondale and Jeff park will surely be the next hot areas as the crow flies nw of the city. Look at a demographics or income map and what little pockets remain nw of the city that have improved in the last 20 years. Avondale is going to be the next in the natural progression of things, but they just need to improve the schools a bit…
i’m not inferring that bucktown is going to cease existing
i am just saying in recessions, the “new hot areas” are the first to revert back. core areas like lincoln park and old town will hold longer. pretty basic assumption by almost anyone, i think everyone in here is a little sensitive.
“new hot areas” is easily defined as western of western in most parts of the green zone. I’m not a bucktown defender by any means.
“bucktown expanded in the boom and will continue to contract in the real estate depression”
bill c is right. All you dumb whities who love b-town who bought and voted down bill c’s comment are truly fucked. Go back to listening to your smashing pumpkins songs watching MTV2 pretending you’re not some giant douchebag cliche which you actually are.
You are giant douchebag cliches. And add totally financially fucked to those who bought here within the past decade.
“Tell that to 2131 Cortland that had multiple offers in the first 24 hours.”
I think people are getting confused with sellers actually pricing their properties correctly for this market and then getting multiple offers- and actually MAKING money. There still aren’t many homeowners selling for more than they paid in the last 10 years- even within the GZ. There are occasional properties that do- but when you strip out closing costs/transaction fees- they end up losing money anyway. If you break even- you’re very, very lucky.
“Somehow seems weird to make $200K a year and want to live this way. The rooms are small and the kitchen is bigger than the living room, which is typically blue-collar.”
Check out the bungalows in the Bell school district Laura. Same thing going on. They’re 2-bedroom houses with 1000 square foot on the first level and basements and yet they’re selling for close to $500,000.
“Check out the bungalows in the Bell school district Laura. Same thing going on. They’re 2-bedroom houses with 1000 square foot on the first level and basements and yet they’re selling for close to $500,000.”
Which ones that aren’t getting torn down?
“Which ones that aren’t getting torn down?”
There’s one on Bell that just went under contract almost as quickly as it was listed (for $499k.) I don’t know if it’s a teardown. I’m assuming it is but who knows these days.
As I’ve stated in previous threads, I’m perfectly happy to listen to a compelling argument about why Bucktown is doomed and prices will revert back to the 80’s with 24 months (this is hyperbole), however, I have yet to hear a SINGLE piece of evidence to support this….I look at the homes that have sold/ sat on the market and I see a reflection of the RE problems in this country. If anything, I think this area has held it’s value better than other areas of the city (S Loop for example). I agree no one that bought at full retail in the last 10 years is likely to see any profit, and in fact, are likely (inevitably) going to lose some money as of now. What I don’t agree with is the idea that there is anything to suggest this slide back to the gang warfare days being suggested by a few individuals on this site. I was out all day on Saturday with my family and I heard the constant sound of construction. I saw an open house with mutiple people flowing in and out. I saw businesses filled with customers. These are not exactly signs of an impending RE apocalypse.
I ask that peope try to make agruments that are based in facts and numbers and stop making riduclous statements that have no evidentary support.
Bucktown’s not going anywhere now that it’s surrounded by other gentrification. There’s some sketchier areas to the near west, on the other wide of western, but that will be taken care of in due course.
http://media.apps.chicagotribune.com/chicago-census/less-than-five.html#41.92048095613873,-87.68360137939453,13,less-than-five,41.920469,-87.683649
Look at this map and in my opinion it’s more likely that the children of yuppies will continue populate the NW corridor all the way to Harvard. Watch Avondale and Albany Park to turn increasingly purple in the next 10-15 years. Anecdotally I know of two late 20’s, early 30’s married children less couples who bought livable SFH in avondale/albany park in the last 3 months in the $300,000 range. They’re not quite ready to make the move to a $300,000 house in the suburbs but for the time being, until their unborn children reach kindergarten age, they’ll be living in Albany Park and Avondale. If I had any interest in being a landlord for a 10-15 year time period I’d be buying up multi-units in Avondale for $200,000 a pop. Cheap rent in a safe area, as the neighborhood changes, will always attract tenants. Hell, Old Irving Park is starting to attract it’s fair share of hipsters on single speeds these days.
Notice the solid yellow area between Bucktown/Logan and Old Irving? That’s avondale and 20 years from now Avondale won’t be the same avondale that Skeptic lives in now.
“What I don’t agree with is the idea that there is anything to suggest this slide back to the gang warfare days being suggested by a few individuals on this site.”
This is hyperbole, too.
“Look at this map and in my opinion it’s more likely that the children of yuppies will continue populate the NW corridor all the way to Harvard”
Allstate is going to teardown its south barrington campus. Having already torn down its prospect heights campus. Might end up with less demand for the far NW corridor, except the meth heads.
Theres a ton of demand for Arl Hts at 150$ psf these days.
Sold for 530K