Bucktown 3-Bedroom Victorian Storefront Reduces Another $50,000: 2075 N. Oakley

We’ve chattered about this 3-bedroom duplex down in a Victorian storefront at 2075 N. Oakley in Bucktown several times in the last 18 months.

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See our November 2010 chatter here.

Since our last chatter the property has been reduced another $50,000.

It is now listed $81,600 under the 2006 purchase price.

Way back in our first chatter on the property in January 2010 when it was first listed for $824,900, several of you predicted it would sell somewhere between $550,000 and $650,000.

This unique unit is located in what was a Victorian storefront and appears to still have the original tin ceiling.

The kitchen has marble counter tops and stainless steel appliances.

2 out of the 3 bedrooms are on the main floor with the third in the lower level.

There is also a lower level family room with marble floors.

The side yard is private to the unit and there is an attached garage.

Is the problem with this property that some single family homes are available in the neighborhood for about the same (or less) price?

What will this finally sell for?

Jennifer Mills at Koenig & Strey still has the listing. See the pictures here.

Or see it at the Open House this Sunday, June 26 from 11 AM to 1 PM.

Unit #1: 3 bedrooms, 3 baths, 2600 square feet, duplex down, 1 car parking

  • Sold in April 1999 for $320,000
  • Sold in January 2002 for $462,500
  • Sold in July 2006 for $731,500
  • Was listed in January 2010 for $824,900
  • Reduced numerous times
  • Was listed in November 2010 for $699,000
  • Reduced
  • Currently listed for $649,000
  • Assessments of $259 a month (includes cable)
  • Taxes of $6614
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×10 (main level)
  • Bedroom #2: 18×12 (main level)
  • Bedroom #3: 14×11 (lower level)
  • Family room: 21×19 (lower level)

16 Responses to “Bucktown 3-Bedroom Victorian Storefront Reduces Another $50,000: 2075 N. Oakley”

  1. This is still overpriced. It will probably sell to a sucker at $550k however, assuming they can get it appraised at that.

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  2. SoPoCo Lurker on June 22nd, 2011 at 6:43 am

    “This is still overpriced. It will probably sell to a sucker at $550k however”

    You’re crazy bullish! If you’re ok with sewage-level condos, you could have gotten a 4BR duplex down in the green zone for that.

    http://cribchatter.com/?p=10450 (under contact btw)

    This place needs to go below $399k.

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  3. $750,000. The bottom has passed. Didn’t you get the memo?

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  4. i am sorry i cant look in the mirror every morning knowing i paid 650k to live on ground level abutting the sidewalk.

    the fact that three other people thought it was ok boggles my mind, the fact they each last three years is the biggest shocker.

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  5. Yeah, Grove has a point – these were among the first properties that attracted DIY types and “urban pioneers” back in the day as they were CHEAP and were basically big open spaces you could customize.

    Not sure I see the appeal these days, although the side yard is obviously a plus.

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  6. “Is the problem with this property that some single family homes are available in the neighborhood for about the same (or less) price?”

    Certainly a big issue. What family would pick this over say the cottage on homer that was featured here?

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  7. DZ let me edit this for you…

    …”Certainly a big issue. What family would pick this?”

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  8. I’m in agreement that living on ground level abutting the sidewalk isn’t that great but this place is alot of square feet that is very appealing with a great layout. A friend of mine has a child and would love this layout as she is looking for a nanny’s room with some privacy for the nanny–a bedroom tucked away a bit. That isn’t easy to find. Plus the yard, garage, walk to blue line, there are alot of plusses here.

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  9. I agree there are a lot of pluses, it’s a beautiful place. I’m not terribly familiar with the market for this nook, but I’d guess they’re getting close to a selling price.

    Maybe $599K gets a few interested people bidding up over $600K – the side yard adds a LOT of value to the right family, and not so much to others. Depends who’s looking right now.

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  10. “DZ let me edit this for you…”

    Thanks groove, although I’m kinda trying to put my life back together after reading about your tv/napping situation.

    “I’m in agreement that living on ground level abutting the sidewalk isn’t that great but this place is alot of square feet that is very appealing with a great layout. A friend of mine has a child and would love this layout as she is looking for a nanny’s room with some privacy for the nanny–a bedroom tucked away a bit. That isn’t easy to find. Plus the yard, garage, walk to blue line, there are alot of plusses here.”

    But there are SFH that have a 3rd (or 4th) bed in finished basement, don’t have people living above you, and are not duplex down with top level right on sidewalk.

    http://www.redfin.com/IL/Chicago/2332-W-Mclean-Ave-60647/home/13356745

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  11. DZ, your point is well taken but keep in mind that some people dont’ want sfhomes. My aforementioned friend, for instance, is a single mother, travels often for work, needs a live in nanny and does not have any interest in cutting a lawn on saturdays or meeting with a roofing vendor. She really needs a condo lifestyle. And frankly, that goes for alot of people–not everyone thinks single family homes are an “upgrade” from a condo. There are many lazy people out there. Maybe that is why Americans are obese–they are all in condo’s, eating away and not doing any home repairs!

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  12. “your point is well taken but keep in mind that some people dont’ want sfhomes. My aforementioned friend, for instance, is a single mother, travels often for work, needs a live in nanny and does not have any interest in cutting a lawn on saturdays or meeting with a roofing vendor. She really needs a condo lifestyle. And frankly, that goes for alot of people–not everyone thinks single family homes are an “upgrade” from a condo. There are many lazy people out there. Maybe that is why Americans are obese–they are all in condo’s, eating away and not doing any home repairs!”

    I’m not particularly good at home repairs and am lazy, so take your point too, although note this place has the side yard, which I’m guessing is the sole responsibility of this unit as it’s not common (also, there are lawn services, which don’t cost that much). And this is also far from a full service building, so if something goes wrong in your unit, you’ve still got to figure it out yourself.

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  13. BettyBoop,

    In a self-managed condo association, your friend may still have to meet with the roofing vendors. This is a huge problem with self-managed condo associations – what I’ve dubbed the renter mentality. Everyone owns the building and the roof, and someone has to take care of it, but usually, if the building is lucky, only one maybe two residents will do any of this work. We spent 7 months looking at 4 bedroom condos in Lincoln Park and Lakeview and ultimately decided if we were going to be the ones doing all the work, we’d rather have a single family home so we have ultimate say in who we’re paying to work on the place. People buying two bedroom condos generally don’t intend to live in the building for a long time and seem to forget that they own more than their internal walls.

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  14. DZ I agree that not all think highly of the SFH lifestyle making some condo options quite interesting. There are some developments near many train station communities that are mainly known for SFH. Some of those developments have done well over the last decade catering to your moms demographic who want to downsize from a larger SFH and all the headaches that come with that type of structure.

    A bigger building with a stable association and proven track record of staying on budget would be a great benefit to fixed income seniors as noted by oprf.

    The 3 bedroom storefront however does not have that appeal. I guess it is a demographic of a fairly wealthy family that wants an underground bunker for storms like last night.

    Love to meet the banker and appraiser that ok’d that deal at $731K. Wow!

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  15. This place is so depressingly ugly. But it is spacious so it might find some buyers who are willing to sacrifice quality for quantity.

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