Local Deals: 120 * 90

Wicker Park Foreclosure Sells $125,000 Over Asking

We've been keeping an eye on 1961 W. Schiller for years. It's located directly across from Wicker Park proper on the corner of Schiller and Damen.

A huge majestic home of almost 6,000 sq ft, this historic property dates back to 1885 and sits on an oversized lot that's 25 x 162 feet .

 

Standard Chicago lots are 25 x 125 and many in Wicker Park are 24 x 100.

 

 

 

This property was originally listed for $1,265,000. But with an owner who had been there for almost 38 years, it needed updating and in a very slow real estate market, it didn't sell.

Interior photos courtesy of: Jameson Sotheby's

 

 

In 2010 it was re-listed at $890,000 and still didn't sell. The slow market real estate market continued and financing was difficult. Eventually the property landed in foreclosure in January 2011.

 

 

 

 

On January 25, 2013, Fannie Mae listed the property for sale with an asking price of $775,900. A new real estate market was filled with pent-up demand and the multiple offers poured in. By February 4 2013, the property was under contract and just closed on March 28 with a sale price of $900,500.

 

 

 

 

Sure there's updating and maintenance that needs to be done. But this house is a beautiful historic landmark that's located right in the heart of the neighborhood.  And did we mention it's almost 6,000 square feet ?

 

 

 

 

 

Published April 2 2013  Thyra DeCicco  Licensed IL Real Estate Broker & Real Estate Contributor - @properties - Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com. 773-432-0200.

 

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