Largest Rowhouse on Alta Vista Still Available 22 Months Later: 3825 N. Alta Vista Terrace in Lakeview
This 6-bedroom historic rowhouse on the landmarked Alta Vista Terrace at 3825 N. Alta Vista Terrace in Lakeview first came on the market in June 2010.
We last chattered about it in October 2010. See that chatter here.
This is apparently one of only 4 three-story rowhouses that also have a basement on the street.
It is also one of the largest rowhouses on the block.
The rowhouse also has room in the back for one car parking (not all of them do.)
The kitchen has been renovated with cherry cabinets, stainless steel appliances by Subzero and Wolfe and granite counter tops.
The house also has central air.
While other, smaller, rowhouses on the street have sold since this was first listed in 2010, this one has not.
It also has NOT had any price reductions in the entire 22 months since it first came on the market.
What price will it take to get this property moving?
Arden Fowler at Coldwell Banker now has the listing. See the pictures here.
3825 N. Alta Vista: 6 bedrooms, 3.5 baths, 1 car garage, no square footage listed
- Sold in June 2000 for $595,000
- Was listed in June 2010 for $899,000
- Was still listed in October 2010 for $899,000
- Currently still listed for $899,000
- Taxes now are $7253 (were $6663)
- Central Air
- Skylights
- Bedroom #1: 19×13 (second floor)
- Bedroom #2: 8×15 (second floor)
- Bedroom #3: 11×10 (second floor)
- Bedroom #4: 10×20 (third floor)
- Bedroom #5: 12×8 (third floor)
- Bedroom #6: 11×10 (third floor)
Bite the bullet and get it down to at least $850K. What will it take to sell it? Oh, perhaps lotsandlotsa open-houses during Cubs season…
i like it
I kind of like it, but these folks should have de-listed, then returned with a list in the low $800’s, with the goal of closing in the low to mid $700’s. Without looking up the mortgage history, I’m going to guess that in the 12 years since they paid $595k, they borrowed against the place in order to make any of the updates (and likely to spring for other things). Perhaps some wild peak era ATMing of the place is a contentious aspect of the divorce that was mentioned in the previous Chatter.
I just can’t see anyone paying $900k (which they appear to be holding out for) for this particular property, in this particular location, at this particular time. In early 08, we nearly signed on a lease on condo barely two blocks from the subject property, up on Dakin. It was an awesome top floor, new construction 3 bed, with a garage and an elevator. But we delayed the signing for a day, so that we could cruise around the immediate hood that night. That was that.
anonny – Bought with 0 down? Then re-fied only 463k of that in 2003. Nothing since.
F’ing love this street, Gosh Dang hate the streets location.
i think 850k is a great price for this house and street, no clue why it hasnt sold consider how hot the “contract” market is right now
Dislike the re-organization of the interior and open first floor. Too many small bedrooms with limited storage. 750K
“i think 850k is a great price for this house and street, no clue why it hasnt sold consider how hot the “contract” market is right now”
Who’s the market for this place? I’d bet that many would-be buyers of this place could afford another $100-200k+, and for that, they can do better. If they’ve only got 2 kids, they can get a nicer 3 or 4 bed rowhouse in a much, much nicer location. If they’ve got 3 or 4 (or more) kids, their $1 million is going into an actual SFH, in a hood dominated by other $800k-$1.5 million SFHs, or the burbs.
That leaves only those buyers who (i) must remain in the city and (ii) for whom $850k is their max (assuming these sellers would entertain *any* reduction). Again, I’m having a hard time envisioning the professional family with $85k (assuming they can get a jumbo with 10% down) (let alone $170k) to put down who’s saying “Well, this place, in this hood, is where we want to spend the next 10 – 20 years. We feel good about the school prospects for all our kids, we’ll always be a one car family, and it will be great to be here when the Cubs win the Series.”
It’s not that such buyers don’t exist, it’s just that there are likely very few, and they’ve got lots of options.
I have been in this home. Clearly something isn’t working since it hasn’t sold and other Alta Vista listings have in the past few years, if my memory’s right. IMO, they should stage with more modern, smaller scale furniture to make it feel larger and perhaps appeal to more buyers. Vintage people can see around the more modern stuff but I don’t think it always goes the other way. When you’re in the home, most of it feels very petite. Given the pricing and the fact that the sellers did work, you’re paying a premium for someone else’s choices that we didn’t necessarily agree with. For example, we would have combined some of the small rooms, esp by the master (the clawfoot tub with the glass vessel sink, for example, is the master bath and it is SMALL and impractical — we felt we’d be showering in the hall bath, which is the one with the brown tiles and walk-in shower. So much for a master bath). Garage would barely fit our teensy car, it is very low.
Floorplan — http://www.smartfloorplan.com/orders/bin/player07.pl?file=public_html/il/v301790/v301790.xml&map=yes
I am not so sure that the room dimensions are accurate, some felt like large closets (and again, I am a vintage person and do not demand open floorplan or huge rooms).
There is no coat closet, they had hooks in the stairs to the basement. Steep stairs and lots of them. Outdoor space is at the back on a 3d floor balcony. Kitchen is nicely done but KraftMaid. They obviously cared about details, though, like push-button reproduction ligthtswitches. Fundamentally, it’s too bad that they can’t enjoy their renos and stick it out to amortize the cost more. But given what else you can get now based off a list of around $900,000, someone’s got to want to pay a massive premium and essentially badly overpay if it were to sell anywhere near list. It’s just an unfortunate reality of today’s market. We *love* Alta Vista and we really wanted to love this home, but we we made a different choice that demonstrates that 899,000 is just way out there for what you get here. I hate to be negative about Alta Vista but if these folks really want to sell, they need to lower the price substantially to get people in and make them want to be more flexible about compromises that are inherent to the space. The Alta Vista premium (which will be valued by people who seriously consider this home) just doesn’t go as far as the sellers think it does.
Btw, here’s a price reduction to $714,000 for vintage/no parking that we didn’t end up seeing that’s been on Cribchatter a few times — http://www.redfin.com/IL/Chicago/2408-N-Burling-St-60614/home/13368360
I think it hasn’t sold because no one wants to buy a house whose basement is on the street
“This is apparently one of only 4 three-story rowhouses that also have a basement on the street.”
looks like it should be converted into a b and b
Love it but wonder how realistic the owner is about selling, considering they’ve never cut the price in 22 months.
I agree that there’s a limited audience for this place. If I were looking to buy on Alta Vista, it would more likely be after the kids grow up, to buy a smaller one on the street as an empty nester couple. Wouldn’t need all these bedrooms.
“Who’s the market for this place? I’d bet that many would-be buyers of this place could afford another $100-200k+, and for that, they can do better.”
historical significance and uniqueness? for only another 100k more? please provide listings. as i dont think they are out there.
Alta Vista’s big draw has always been its uniqueness – a tiny enclave of vintage “charm” in a busy urban district. (In fact, in summer it evokes to me the dreamy Victoriana of the recently departed Thomas Kinkade).
But I don’t know if there’s still a “charm premium” that homebuyers are willing to pay for in this market.
Recently reduced to 780,000 —
http://www.redfin.com/IL/Chicago/3825-N-Alta-Vista-Ter-60613/home/13383822
That’s a big drop – they must be getting desperate. Still too high. Needs to come down another $150K.
I don’t know about desperate…. they stayed at a wildly unrealistic price for a very long time in the face of comps that doomed them, plus what you could get for an asking price around theirs. 2 car garage, yard, tons more space, updated. Still high but maybe not as out there for a starting point for the right buyers. A doll house but still Alta Vista, albeit remodeled in a way most would not do. No reason to keep all the tiny rooms, but I hope the house gets someone who loves it.