381 Locust Street

WINNETKA, IL 60093

$449,000

 
MLS# 09622362


Description

HMM...WHAT ARE THE MOST CREATIVE OVERFLOWING & GLOWING SUPERLATIVES IN REAL ESTATE MUMBO JUMBO SPEAK I CAN USE TO DESCRIBE THIS ONE? IN A SINGLE HONEST WORD***OPPORTUNITY***. A REAL OPPORTUNITY TO TAKE A SMALL YET SOLID WINNETKA RESIDENCE ON A BUILDER'S DREAM LOT & MAKE IT ONE'S OWN. UNFORTUNATELY A FAIR BIT OF THE PROPERTY BEYOND THE HOME & TO THE SOUTH IS IN THE FLOODPLAIN SO TOUGH TO EXPAND WHICH KEEPS THE BUILDERS AWAY UNTIL A REALLY SMART ONE CONCLUDES THIS IS THE LOCATION & LOT SIZE TO BUILD A SPRAWLING RANCH WITHOUT A BASEMENT. IMPORTANTLY THE HOUSE ITSELF IS OUTSIDE THE FLOOD PLAIN SO WORKING WITH THE EXISTING STRUCTURE ONLY REQUIRES BASIC BUILDING PERMITS. THE GARAGE IS IN THE FLOODPLAIN. PLEASE KNOW BEING IN THE FLOODPLAIN & FLOODING ON THE PROPERTY OR SEEPAGE INTO BASEMENTS ARE NOT THE SAME THING. TO THE BEST OF OUR KNOWLEDGE THIS IS A DRY BASEMENT. THIS IS THE ONLY HOUSE IN WINNETKA PRICED UNDER $539,000. IT IS A HOUSE WORTHY OF YOUR CONSIDERATION & CREATIVE THOUGHT!
Listed:
05/10/17




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Margaret Goss

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Winnetka

Nestled along the shores of Lake Michigan, Winnetka is Native American for “beautiful land.” Ivy-draped estates, quaint shops and cozy restaurants cluster the tree-lined streets of this North Shore hamlet.  Along the lake, a series of public beaches, boat launches, parks and athletic fields add to the ambiance. Also home to New Trier High School, one of the nation’s most elite public schools, this bastion of tranquil, elegant living has a definite “old money” feel. Accordingly, this kind of charm comes with a price tag.  Winnetka recently ranked #4 in Money Magazine’s 25 Top-Earning Towns, with a median household income of $195,879.

Winnetka

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*Private mortgage insurance is an insurance policy that a residential mortgage lender requires of the borrower if the loan-to-value (LTV) ratio of the home is greater than 80%. Mortgage insurance protects the lender from the risk that the borrower may default on the loan. Federal law requires lenders to notify borrowers when the loan-to-value ratio drops below 80%. Mortgage insurance premiums vary, but generally range from $1,000 to $5,000 a year for an average priced home.

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