Photo: Courtesy of Redfin
List Price: $375,000
The Property: Although completely refreshed and ready for a new start, this former foreclosure in Logan Square is on the market for the same price it went for in 2006. And that was before its kitchen, baths, and mechanicals were replaced, along with numerous other upgrades, all made by the investor who bought it last fall after the prior owners lost it.
The four-bedroom on an extra-wide lot (30 feet, compared to the standard 25) needed some love after the people who bought it in 2006, for $375,000, lost it to the lender. The cabinets and appliances had been ripped out, the utility systems were aged, and the front yard was threadbare.
An investor bought the property for $99,000, cleaned it up, and replaced everything that needed replacing. The buyer also upgraded the kitchen and baths—two full and one partial—and rebuilt the mechanical systems and walls. “He did a heavy gut,” says the listing agent, Michael Bennett, “and basically made it brand new inside.”
Bennett says the investor has rehabbed at least three other foreclosures: two of them in Logan Square and one in Humboldt Park. The Cook County Recorder of Deeds file on this property identifies the investor only as a Limited Liability Company.
The listing photos show a fresh interior with refinished hardwood floors, stainless steel appliances, and granite countertops in the kitchen; and new porches on the front and back of the house. There’s a sizable yard out back and a two-car garage on the alley.
Nearby is all the shopping, dining, and fun that the neighborhood offers, not to mention one of Logan Square’s most inviting features, the boulevards. The heart of the neighborhood, where the CTA’s Logan Square stop and the Illinois Centennial Monument are, is a one-mile walk northeast from the house. Metra’s Healy stop is seven-tenths of a mile west.
The house came back on the market September 12. Of its price, Bennett said, “We looked at all the comps. There’s not a lot out there in single-family homes in Logan Square for under $400,000, and if you’re looking at new construction, today they’re at $420,000 to $450,000.”