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Bargain hunting in Lakewood-Balmoral

filed under: Andersonville, Buyers, Chicago home prices, Market conditions, Neighborhoods posted on October 18th, 2011

LAKEWOOD

A FADED BEAUTY: This rundown 5-bedroom house in Andersonville's historic Lakewood-Balmoral district is now priced at just $580,000. It's been on the market for five months.

It’s quite rare to find a house for sale in Andersonville’s beautiful Lakewood-Balmoral historic district for under $1 million. But every real estate downturn has an upside, and today there are several homes — including a genuine fixer-upper — priced closer to the half-million mark here.

The handyman’s special, a dilapidated three-story, turn-of-the-century Victorian complete with a turret, is in such lousy shape that the realtor didn’t bother to post any interior photos. “Not in move-in condition,” the listing advises. “Ideal for complete rehab or build new.” Located at 5453 N Magnolia, this 5-bedroom home has already been on the market for five months and is currently priced at $580,000 (a screaming deal for Lakewood-Balmoral, where a similar home in restored condition would fetch perhaps $1.4 million.)

On the same block, another faded beauty — this one with a third-floor ballroom in need of major work — is for sale at $675,000. Located at 5426 N Magnolia, this 1901 house retains some of its original splendor (the photos depict gorgeous wainscoting and stained glass in the dining room) but, again, the listing warns off casual house hunters. “House needs work, serious investors only,” it says. This home recently went under contract, after more than 6 months on the market.

And right across the street (what is it with this block?) there’s another home for sale, this one a brick 1906 house that looks a bit like a 2-flat from the outside. Priced at $720,000, it has just 3 bedrooms (plus one in the basement), but it also boasts the original staircase, leaded glass windows and built-in cabinetry. It’s been updated, with a newer kitchen and partially finished basement, and it’s been on the market since June.

Recent sales indicate that Lakewood-Balmoral bargains are often quickly snapped up. An updated 4-bedroom at 5410 N Wayne sold for $665,000 in May, while another updated 4-bedroom — this one at 5441 N Wayne on an extra-wide lot with a finished basement — sold for $750,000.

So if you’re in the market for a historic home in one of Chicago’s nicest neighborhoods, now is an uncommonly good time to make your move.

Written by Sue Fox //

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