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826 W Hutchinson Street
Chicago, IL 60613
$3,249,000
Conventional
Property
Bedroom
7
Bathroom
7
Property Type
Conventional
Square ft
10709
Property Description
The Hutchinson Street Historic District is one of the most cherished enclaves on the north side of Chicago, known for its rich history, storied architecture, lush landscapes, and oversized lots. Rare is the opportunity to own one of its best mansions, the "William T. Lake House", sitting quietly yet confidently on a massive 200x117 lot (equal to 1/2 acre in the middle of the city). Built c. 1904, Lake was a prominent corn and grain broker who commissioned a then up-and-coming architect, George W. Maher, to design this 7BR, 5.2BA home in the new and stylish Prairie School style. Maher studied under prolific country home architect Joseph Lyman Silsbee, alongside Frank Lloyd Wright. The Lake House marked the third of five homes Maher designed in the neighborhood. Maher incorporated his two quintessential signatures--his large arched limestone lintels, and a Poppy motif found in many of the original windows, doors, and friezes throughout the home. In Maher's brilliance, the brick color & low roofline were an optical illusion to give the impression the house blended in with the tree trunks--as if to hide in plain sight. 120 years later, the home retains many of its original details and mystique, due to its careful and loving preservation by the current owners for the last 25 years. From the moment you step through the door, the house greets you with an undeniable warmth--like a big hug from a family member. The floor plan follows the lay of the grounds--a grand foyer to the west, followed by large formal living and dining spaces, to the wraparound porch on the east, out to the grounds that comprise the eastern half of the lot. Everywhere you stand in this house, the large windows fill every room with light and views of green landscapes--"letting the outdoors in", and a feeling of space and nature all around you. 5 fireplaces throughout the home add charm & functionality (screens and equipment are excluded from the sale). The kitchen may be on the smaller side for a home of this scale, but every drawer and cabinet serves a well-thought out purpose, and has top-of-the-line appliances. The kitchen also offers many ways it could be laid out for a larger footprint, if one desired. The family room leads to a 2BR/1BA attached coach house, perfect for home offices, or a guest/in-law/au pair suite. Upstairs in the main house the second floor has three large bedrooms plus a library connected to the primary suite. The primary suite has stunning south and east views and sunlight, has two walk-in closets, and a large primary bathroom with dual vanities. On the third level are three comfortably situated bedrooms, sitting & luggage rooms, and a full bath. Downstairs in the basement is a perfectly laid out rec room space including a home theatre with a drop-down projector screen, billiards area w/a fireplace, massive laundry room/scullery, two powder rooms, and tons of storage space. A long, heated driveway leading to the 2 car garage makes winters and guest parking easier! Professionally landscaped grounds and pergolas were designed by Hoerr Schaudt Landscape architects, and offers a park-like setting. Plenty of space for parties, and one spot would be a great place for a pool if one desired. PIN #'s are still separate, if one decided to sell off the side lot for redevelopment. Close proximity to schools: Chicago City Day, Lycee Francais, Sacred Heart, Bernard Zell Anshe Emet, Waldorf, and Disney Magnet. The house sits in the middle of Buena Park, known for "Good Living By the Lake". Lakefront bike path and beach access is at the end of the street, plus a plethora of public transit options (CTA 146 & 148 express buses are within two blocks, several other CTA bus and train options nearby). Two blocks to Jewel, Target, Aldi. Bar on Buena & The Reservoir are neighborhood hot spots. Easy access to Lake Shore Drive in less than 3 mins. The Lake House is a once in a generation opportunity few have gotten to enjoy, and it awaits its next owner!
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1904
MLS Number
11968025
Location
Address
826 W Hutchinson Street
City
Chicago
State
IL
Zip Code
60613
County
COOK (NORTHEAST CHICAGO)
Listing
Provider
Keller Williams Chicago ONEChicago, original listing
Name
Keller Williams Chicago ONEChicago
Phone
(312) 216-2422
Office Name
Keller Williams ONEChicago
Office Phone
(312) 216-2422
Agent Name
Alex Wolking

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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.