The historic home in East Ravenswood at 4023 N Paulina is a delight to see!

The home was originally built in 1883 and sits on a 50 x 165′ lot.  It  takes advantage of this oversized Chicago lot size – the house is both wide and deep.

4023 N Paulina was recently rehabbed and it’s in great condition.  The thoughtful rehab includes a Christopher Peacock kitchen which overlooks the family room addition.

The new owners will be able to choose where they’d like to have their master bedroom – there is a lovely 2nd floor master suite, but if one prefers having a private third floor suite with office, that is another enviable option.

East Ravenswood is a small neighborhood located between Ashland Ave (1600W) and the Ravenswood tracks (1800 W) between Irving Park Road (4000N) and Lawrence Ave (4800 N).  This neighborhood offers vintage historic and new construction homes on oversized city lots – some 165-183′ deep.  It’s become very popular in recent years, and residents make good use of the Metra Train line located at Ravenswood and Lawrence.

Homeowners in East Ravenswood can take advantage of the property tax freeze for home rehabs – by investing 25% of one’s assessed value back into the home, the Illinois Preservation Society approves a freeze of the property’s assessed value.  These values stay the same for 8 years, then graduate up for 4 more.  It can be a significant property tax savings for homeowners.

Also worth noting is the initial rehab investment – it’s based on assessed value which is often less than what the market value – what the buyer paid for the property.

The home at 4023 Paulina was originally listed in May, 2010, for $1,980,000, but it’s been reduced to $ 1,689,000.  It was purchased in June, 2005, for $ 1,750,000.  The home includes 6 bedrooms and 5.5 baths with a 3 car garage.

For more information about this historic home, or to see vintage houses in Chicago, contact Anne Rossley at Prudential Rubloff (773) 620-5333.

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