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415 N Elmwood Avenue
Oak Park, IL 60302
$1,125,000
Conventional
Property
Bedroom
5
Bathroom
3
Property Type
Conventional
Square ft
3600
Property Description
Stately prairie four square centrally located in coveted Frank Lloyd Wright Historic district. Built by noted Danish Oak Park builder, August Christenson, for prominent Chicago businessman, CJ Johnson, it's been in the same family for generations, impeccably maintained and sensibly upgraded from the horse and buggy era to the space age. It's near everything making OP desirable - farmer's market, Ridgeland Commons Athletic center, schools, libraries, shopping, dining, entertainment, public transportation, and yet is a quiet, peaceful retreat. Oak Park's proximity to all the city has to offer and O'Hare is an added plus. The hallmarks of a Scandinavian aesthetic and American arts & crafts, which this home exemplifies, are natural materials, lack of ostentation and contrivance and, most importantly, nature- it's beauty and tranquility are always an integral part of a residence. This home's prominent characteristic is a craftsman interior of -grained old wood, built- ins, cozy fireplace, stained glass, wainscoting. These make you feel sheltered, secure, comfy inside. Large windows, porches, abundant greenery lure you outside to commune with nature in your lovely, private garden. It's country living in a refined urban setting. You enter through an elegant, dramatic 30 X10 porch partially screened by white pines. A deck in the secluded rear garden has a Viking cooktop/rotisserie/grill and handmade picnic table. It overlooks an expansive, lush, fenced garden with specimen trees. There are 2 rear patios, one with a firepit. A bright airy country kitchen with a large pantry between it and the formal dining room is for simple, everyday life with everything in easy reach. All four 2nd floor bedrooms are light and airy, punctuated with green views. One has a balcony. There's a mid-century modern bath. The 3r floor bedroom, occupying the entire floor, is a quiet sanctuary with antique wainscoting, full bath. The modern basement with heated floors was architecturally designed as an adaptable space. It can be your family room, gym, children's space, for guests & in-laws, it's fitted for quick installation of an additional light kitchen, if you desire. It has a private entrance, Bose sound system, spa bath with steam shower, Bain Ultra aromatherapy/chromotherapy/thalassotherapy tub, laundry room. There's a 2-car garage w adjacent exterior space for additional cars. The home's many updates include total rewiring, sprinkler system, landscape lighting with 250 volts in the garage to support an ev charger, rare 3 zone pump driven radiant heat, 2 Bradford White water heaters, sump pump, backflow preventer, new sewer line, replacement windows tilting in for cleaning, and more. Space Pac AC includes the attic. The village has just installed a new green alley.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1904
MLS Number
12051554
Location
Address
415 N Elmwood Avenue
City
Oak Park
State
IL
Zip Code
60302
County
COOK (COUNTY CENTRAL)
Listing
Provider
iRealty Flat Fee Brokerage, Inc., original listing
Name
iRealty Flat Fee Brokerage, Inc.
Phone
(708) 542-4577
Office Name
iRealty Flat Fee Brokerage
Office Phone
(708) 542-4577
Agent Name
Vanessa Carlson

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.