Will Tight Inventory Lead To Premium Prices in Lakewood Balmoral? A 5-Bedroom SFH at 5457 N. Wayne
If you’re looking for a single family home in the historic Lakewood Balmoral district in Andersonville, you’re not in much luck right now.
This 5-bedroom home at 5457 N. Wayne is one of just 2 houses currently available.
Built on a 29×123 corner lot, it has features that buyers look for including four of the five bedrooms on one level (the second floor). The fifth is in the basement.
The listing says it has a “luxury” kitchen with cherry cabinets, granite counter tops and what looks to be Viking and SubZero stainless steel appliances.
The house has a full walk-out basement with a family room and the fifth bedroom.
It has a 2-car garage, central air and 2 decks.
Originally listed in March 2012 at $320,000 over the 2007 purchase price, it has been reduced $80,000.
But it is still listed $240,000 above the 2007 price.
Will this house get the premium simply because of the lack of inventory in the neighborhood?
Bob Satawake at Jameson Sotheby’s has the listing. See the pictures here.
5457 N. Wayne: 5 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in March 1988 for $110,000
- Sold in July 2005 for $588,000
- Sold in June 2007 for $1.25 million
- Originally listed in March 2012 for $1.57 million
- Reduced
- Currently listed at $1.49 million
- Taxes of $14207
- Central Air
- Bedroom #1: 16×14 (second floor)
- Bedroom #2: 21×15 (second floor)
- Bedroom #3: 12×11 (second floor)
- Bedroom #4: 12×11 (second floor)
- Bedroom #5: 12×11 (in walk-out basement)
- Family room: 23×14 (in walk-out basement)
“Will Tight Inventory Lead To Premium Prices in Lakewood Balmoral?”
“If you’re looking for a single family home in the historic Lakewood Balmoral district in Andersonville, you’re not in much luck right now.”
Was there really tight inventory? I’m not sure but there were certainly a bunch of houses on the market, including this one, with most of them selling, including ones in the $1.5 neighborhood. Isn’t an equally valid question whether, given that we are toward the end of the current season, there is a limited number of buyers for this house at this ask and whether that will depress its selling price if they want to sell this year?
Not going to happen. Great block, area, and neighborhood. Even with inventory hard to come by in Lakewood/Balmoral this still seems a bit high imho. Any buyer is going to anchor off the 2007 price which was already high for the area, so going to $1.5 is a joke imho.
There is also something odd/off about the entrance. It doesn’t match architecturally or something.
I believe this has been marketed before March of this year. The new entry is perverse, “doesn’t match architecturally” is right–totally mistaken materials and fit to the existing structure (which wasn’t a treasure to start with). It’s so terrible that it calls the rest of the rehab into question… evokes pick-up contractor choices. Garage is semi-nicely handled but doesn’t match either, and eats the yard. People spending lots of money in this hood (mostly) know their business and how to do justice to these houses. See ongoing mega-rehab in the next block east. http://www.redfin.com/IL/Chicago/5459-N-Lakewood-Ave-60640/home/13402886
I dunno what you guys are talking about, the red on the gable on the porch roof clearly matches the gutters. I mean, they’re almost the same color.
Yes, that’s a study in how not to do the porch. That was not a cheap addition, either *sigh*. . .
Reno looks nice enough on the inside, but great comparison on that Lakewood sale from last year– I can’t imagine a buyer who would pick this place over that one.
Tacky place and the price is outrageous
no backyard is only drawback that I see. Nice place.
“The new entry is perverse, “doesn’t match architecturally” is right–totally mistaken materials and fit to the existing structure (which wasn’t a treasure to start with). It’s so terrible that it calls the rest of the rehab into question… ”
You don’t like Jerusalem stone? It’s been popular, they used on the new wailing-wall addition to the Goodman Theatre.
Looking at the loan chart in the ad, I got to thinking it would not be a good thing to have to owe $1.1 million on a mortgage. Seems like if you have to borrow that much, you probably can’t really afford a place like this.
“Seems like if you have to borrow that much, you probably can’t really afford a place like this.”
If you can borrow an extra $500K at 3.5%, then why cash out of the stock brokerage/private wealth account? where it can be workin’ for you at higher returns. Maybe that’s the thought process of some.
http://www.redfin.com/IL/Chicago/5435-N-Lakewood-Ave-60640/home/13402758 seems to suggest it’s possible.
OH MY GOD I LOVE THIS HOUSE!!!!!
It has a CORNER LOT!
An amazing FINISHED BASEMENT!
Awesome BATHS!
ROOFTOP!
Prime LOCATION!
It shall be my new house that I shall obsess over on CC. It is my new Bosworth House.(http://cribchatter.com/?p=9828).
I hope they get close to ask.
“I’m not sure but there were certainly a bunch of houses on the market, including this one, with most of them selling, including ones in the $1.5 neighborhood.”
I should have clarified this in the post. I was in the neighborhood in the spring and took pictures of 6 single family homes on the market. Currently there are only two (and only this one is one of the ones from the spring.) Additionally, the other times I’ve been in the neighborhood, there has always been more inventory than this (but this is unscientific, as it’s just the times I’ve been in the neighborhood.)
Corner lot means 3x the snow to shovel.
What a way to ruin a nice home