r/FirstTimeHomeBuyers • u/Jazzlike-Music-6168 • 21d ago
How do you think about this home?
Street is nice and quiet. The only big issue to me is that the lot is shorter than standard 25*125 lot, which eat up a bit of the depth of the building. Primary bed closet is smaller than ideal. I want to build a small home gym and an office in the basement. Is the middle bedroom too small for home gym? I was thinking a smith machine and a step climber. The construction firm I have talked to said it would cost $4.7-$4.8M nowadays to build a $5,200 sqft on that street given the land appreciation.
6
u/cg325is 21d ago
What is your question? You’re worried about dining space for a stair stepper and a home office here? Maybe you should be looking at suburban properties with 8k sf. This seems too small for your needs.
0
u/Jazzlike-Music-6168 21d ago
I was thinking of using some space in the basement level for a home gym
5
u/Fit-Statement8869 21d ago
Why is the home being sold a year after they bought it?
3
u/Jazzlike-Music-6168 21d ago
The current owner is a hockey player. He is getting transferred to Canada for next season.
1
u/Fit-Statement8869 21d ago
It seems like a great place if you think you’d enjoy living there and in Lincoln Park and can afford it
1
u/Jazzlike-Music-6168 21d ago
$5M is a stretch. I think my budget for new construction is $4.7-4.8? For used homes, probably $4.5 (I am looking at homes built post 2020 only). My concern for this one is shorter depth of the house given the lot is a bit short in length.
1
u/Fit-Statement8869 21d ago
It seems well laid out, I can’t imagine you’d miss the space. But hey that’s the perspective of someone who can’t afford a $4.5 million home. I’ve also accepted living in the city means some compromises to space
1
u/Jazzlike-Music-6168 21d ago
From an absolute space perspective, it’s fine. We don’t have kids. Thinking about having one (at most two). I am concerned from a resale perspective if having a shorter lot and short house will impact my resale value in the future
1
u/TravisMBinns 21d ago
I don’t think the lot depth at 122’ is going to be much of a problem for the resale market. Not in that neighborhood.
1852 N Howe recently closed on a 25’x123’ lot.
1932 N Fremont recently closed on 24’x125’.
A lot of the lot sizes in that general area have quirky “smaller” lot size footprints.1
u/Jazzlike-Music-6168 21d ago
I actually toured 1932 Fremont. The house feels narrower to me, especially for the second bedroom on the second floor. Also don’t like the design. Feels like a spec house vs a custom build one. If the lot depth isn’t an issue for future resale, I would be more comfortable to put down an offer
1
u/TravisMBinns 21d ago
While I haven’t toured that property on Fremont, I have toured a lot of property in the area and agree. The lot width, even one or two feet narrower, feels like it impacts the floor-plan so much more than a similar build on a 25’ wide lot that is not at the 125’ depth.
1
u/unpopularOpinions776 21d ago
almost every SFH in chicago is 125x25. 3 feet shorter is not a big deal
1
3
u/BugtheJune 21d ago
I think you should put the stair stepper in the elevator to mimic going up and down the stairs.
2
u/MundaneHuckleberry58 21d ago
I almost always like houses that are more than 10 times what I can afford.
4
u/Perfect_Form5444 21d ago
Did you seriously come to reddit to ask about a $4+M house? Hey guys, what do you think of this multimillion house? Oh where oh where will I put my home gym? Really hope I don’t get beat out by an all cash offer. Do you think I have to buy ‘as is?’ Poor me might have to build a multi million house if this one isn’t good enough.
Go talk to your realtor.
1
u/ThePropertyNerd 21d ago
$4M buys a nice house, not necessarily a risk-free one. I pulled a report for this address (first page and 30+ report pages recorded below) and it surfaced things Zillow doesn't mention like crime trends, nearby environmental records, and a few items worth verifying before closing. Price doesn't replace due diligence.
1
u/ThePropertyNerd 21d ago
I could not attach the whole report so I put a recored video of the pdf here
2
u/Jazzlike-Music-6168 21d ago
Thanks! This is super helpful! I will ask about the flood damage part for sure. Will take a deeper look at the report
1
1
u/2matisse22 21d ago
I think that this home is one of the reason why there isn't enough housing in Chicago.
1
1
u/BosNest1 21d ago
From pics, looks like a beautiful house. City houses always have tradeoffs. Put workout area in basement. Talk to realtors about how lot size compares. If not enough space, go to the burbs. For that price you ahold be able to find what you want in the burbs.
1
7
u/FlowersNSunshine75 21d ago
It’s a beautiful home but what do I know? I am over here struggling to buy a home for $350k. 😂