5 Years Later, This Developer Tries (Again) To Sell This 2/2: 1169 W. Eddy in Lakeview
It’s not just condo owners who are renting units while they wait out this market, developers are doing the same.
This top-floor 2-bedroom unit at 1169 W. Eddy in Lakeview has been on and off the market since 2007 but has never sold.
At one point, in 2011, it was rented for $2850 a month.
The building was built in 2007 and has 3 units.
The second floor 2-bedroom only recently sold for $385,000. (No- the Redfin data isn’t correct. There is one PIN number being used for all three units.)
It has oak stained hardwood floors. The kitchen has luxury appliances including SubZero and Wolf.
The baths are natural stone.
There is a private rooftop deck exclusive to the unit.
It also has central air, washer/dryer in the unit and parking.
Back before the bust,in October 2007, the unit was listed at $609,000.
It recently came back on the market at $459,000.
Will this unit finally find a buyer in 2012?
Emily Connolley at Joyce & Kerrigan Real Estate has the listing. See the pictures here.
Unit #301: 2 bedrooms, 2 baths, no square footage
- Still developer owned
- Originally listed in October 2007 for $609,000
- Reduced
- Withdrawn
- Rented in January 2011 for $2850 a month
- Re-listed for $459,000 (includes parking)
- Assessments of $150 a month
- Taxes are not listed
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×14
- Bedroom #2: 10×11
It seems like a decent unit for what it is (nice bathrooms and kitchen, w/d and parking), but I’m not sure that there’s enough demand for this type of place these days. That’s a very high price tag for a place that may not be spacious enough to grow into for many couples, and it’s so close to Wrigley… It’s hard to commit for something long-term when you know that people will be throwing up in your front yard and peeing in your alley (and I even like the Cubbies and have fond memories of Lakeview!). $2850/mo. — I can’t believe someone forked out that much in rent for this place.
I agree, $2850/month in rent is obscene.
While I share your “concerns” re: Lakeview (hence why I’m leaving the area), I think this unit goes for darn close to list. Nice finishes, good appliances, great amenities and a private rooftop deck. 2/2s aren’t the most marketable for families, but this could be a starter home to get someone through their first child.
“$2850/mo. — I can’t believe someone forked out that much in rent for this place.”
I haven’t noted much exaggeration in the recent frequent discussions of increasing rents, so this doesn’t really surprise me that much. Unit is nice enough and location is pretty decent – that part of Wrigleyville is generally pretty quiet. I’ve had many people tell me that they can’t find apartments to rent and everything decent now rents immediately. My take is that the fact that so many people who need a place to live were buying from 2004 – 2007 really decreased rental demand, and now that so many people are renting and wouldn’t consider buying, the demand for rental apartments is way up with only some corresponding increases in the supply from individual rentals of condos individuals own.
I have never in the past increased rents on people renting my properties when they renew, on the theory that it’s better to delay cleaning and rehab costs, avoid a potential vacancy and just raise the rent when they move out. That changed this summer, when not one but two different sets of renters contacted me in advance and offered to re-rent their property for another year at an increase of $100 – $200 / month over the previous year. This shocked me and I readily accepted, and one of the guys even told me that they looked at other properties and decided that this was a very renter-unfriendly market.
anyone else have a hard time believing not one but two renters decided to call up their landlord and ask to pay more rent to stay?
” when not one but two different sets of renters contacted me in advance and offered to re-rent their property for another year at an increase of $100 – $200 / month over the previous year.”
This place is nice, but it is just too small. Bedrooms look just way too cramped, along with the living room. Love the outdoor space – location/proximity to Wrigley doesn’t concern me. All things considered, I don’t think the 3rd floor commands a $74,000 premium over the 2nd floor comp. Interesting that the Relator mentions that the building is “solid brick” and hyping that as a selling point. Must be a Crib Chatter reader…
“I haven’t noted much exaggeration in the recent frequent discussions of increasing rents, so this doesn’t really surprise me that much.”
At that rent, and assuming taxes of ~7500 (or, hell, 5000), it’s worth no more than $400k, so that rent doesn’t really surprise me either.
in my experience, actual rents are usually about 30% below advertised rents, at least when looking at multiunits. My favoritel ine from realors is always
“I know they are renting this for X, but you could easily get X+ for these units”
“anyone else have a hard time believing not one but two renters decided to call up their landlord and ask to pay more rent to stay?”
Yeah, me, I had a REALLY hard time believing it, especially since that means that 50% of my renters have offered to pay more rent to renew, and especially after the second set called me. It’s the same building, and they know each other, so maybe they talked, and one of the renters in one of the units works in real estate so maybe she’s aware of what’s going on generally.
I also talk to a few other folks I know who have a few random rentals like I do (we help each other out with stuff that one of us can do, but isn’t trivial, like maybe replacing a water heater), and they have said that they’ve been overwhelmed by interest in rentals they post, and several have even stopped paying people to show them and get them rented because now it just takes a couple of days of showings and a few credit checks to find someone well-qualified and interested where before you got lost in the flood of ads on Craigslist, etc., and had to deal with flakes who can’t afford it for a few weeks.
According to map, it’s next to an alley (bet those dumpsters smell in the summer!) and across from a parking deck ramp…
Dumpsters usually contain odors, unlike a Manhattan curb.
Seems overpriced. I’ve seen 2/2 townhouses in the area going for less than that (go a couple blocks south on Racine to Hawthorne Court, between School and Roscoe or Sweeterville on Fletcher between Racine and Lakewood).
Listed for sale before the bust and couldn’t get it sold? Shame on the developer.
“Bulls make money, bears make money, pigs get slaughtered.”
I know a couple who rented their condo just by mentioning they were going to do it to a couple of friends – didn’t even post a listing anywhere and they got multiple inquiries.
I’ve seen some crazy rents lately, but $2850 doesn’t seem sustainable for this place. I looked at a place on Greenview a few years ago and Mark DeRosa was renting in building. He just signed his Cubs contract and wanted something short-term until he got settled. The rent he was paying was way stupid and I don’t think the owner got anything close to it after he moved out. Maybe I’m wrong, but just because someone paid $2850 once doesn’t mean you can expect it consistently. Even based on $2850, this place is still high.
http://www.youtube.com/watch?v=x4o-TeMHys0
STOP THE PRESSES: THE CHATTERATTI GOD (CSI) HAS SPOKEN:
http://www.chicagotribune.com/business/breaking/chi-chicago-makes-biggest-gain-in-spcaseschiller-index-20120731,0,2123983.story
So what do you negative nellies have to say now?
So what do you negative nellies have to say now?
THE RENT IS TOO DAMN HIGH!
I really do think we are in a temporary rent bubble. People are starting to buy again now that prices are generally more reasonable, and mortgage approval is finally becoming more streamlined again. Additional rental units are being built by the hundreds. Everywhere I look a new apartment building is being built and they all expect to get $2000+ for rent on a studio apt! How many new college grads can afford this plus their student loan payments?
Chicago has always been a renter’s market since there is unlimited room for new supply. The city can grow on 3 sides and it is relatively easy for builders to get permits to build, unlike many big cities.
2 years from now, rents WILL be lower then they are currently.
“So what do you negative nellies have to say now?”
Still down YoY.
$2850 for a unit with such a large outdoor space in lakeview / wrigleyville is the NORMAL these days in a 2 / or 2BR/Den. Two years ago, maybe not, now the rental market is very strong.
From a buying perspective things I don’t like
1) living room compared to comps is under-sized… is that because the kitchen is bigger in this unit or unfortunate other layout?
2) the fixtures are pretty standard for this era of building. Not high end. Sure the wolf stove and sub-zero–that’s two appliances that are above average builder, but then look at the kitchen faucet and cheap ceiling fan. The bathrooms even seem low end to me compared to other mid-range condos built in the same era, low end toilet, faucets, etc. It’s like a mish-mosh of above average and home depot builder grade, obviously built not to be of high quality but to attract some distracted buyer that sees the brand of refrigerator and gets excited.
3) the private roof deck, while private, has stairs to the back… some builders did this, some didn’t. The ones who didn’t build stairs in back didn’t initially build a deck because there aren’t two egresses, but plenty of decks have been built after-closing w/ no issue whatsoever. As a buyer I prefer no stairs in back for security reasons.
The pictures overall are kind of terrible too, particularly of the master bath. There’s presumably a whirlpool tub and a nice stand-alone shower (with steam)? big whoop you showed a picture of your cheap vanity and cheap light fixture…why? second bedroom picture is terrible.
I do think its a rent bubble. I’m on a condo board and am amazed at how quickly units in my building rent out (even ones that need painted and touched up) and at high prices. Even the “loser” who bought in 2007 is renting his out at a profit….
Buying is cheaper than renting now for the most part, yet people still want to rent…
I understand the need to rent, but it should be a time to save, not waste money.
CSI reports that chicago has seen it’s biggest gain since it started tracking prices – and now this behemoth sells – real estate is hot hot hot:
http://www.redfin.com/IL/Winnetka/319-Sheridan-Rd-60093/home/13785501
“and now this behemoth sells– real estate is hot hot hot:”
Doesn’t even show as under contract and it has been on the market nearly 5 months.
REAL hot!
Even if it is under contract, that is still far from sold as we have seen several times as well….
clio your such a tool
“anyone else have a hard time believing not one but two renters decided to call up their landlord and ask to pay more rent to stay?”
Yeah not one idiot renter but two? I call BS on his claim. You rarely get renters that stupid offering increased rent. Two begs belief.
“CSI reports that chicago has seen it’s biggest gain since it started tracking prices – and now this behemoth sells – real estate is hot hot hot:”
No you are stupid and bad at reading comprehension. The data did not indicate this at all.
Methinks that bob will be in for a big surprise when his lease expires. Of course the demand for illegal basement studio apartments off the alley in west lakeview might be small 🙂
Ahh Bob, pleasant as a summer breeze as always!
I have the impression that you think everyone’s out to screw or trick you… even unknown blog commenters who aren’t talking to you.
Why in the world would JJJ make this shit up? It is entirely logical to assume that the renters worried about a rent-jack, given all the press and word-of-mouth about rising rental rates. Better to lock in a moderate increase than deal with a potentially massive one – especially if you have no interest in leaving/paying moving costs.
And the likelihood of one renter coming up with that idea and mentioning it to their neighbor seems high as well.
“CSI reports that chicago has seen it’s biggest gain since it started tracking prices – and now this behemoth sells – real estate is hot hot hot.”
Sales aren’t supporting the “hot” theory. But is it off from the bottom? Yes.
Inventory is also running WAY less than previous years. So anectdotally it “feels” like things are hotter because it seems like “everything is under contract in my neighborhood.” And while that may be- there are 25% fewer listings than last year.
It also feels like just a few of the most sought after areas are hotter. I don’t know about everyone else but I’ve been to quite a few barbecues this summer and, sure, in Bucktown there are multiple offers but heaven help you if you’re trying to sell in Portage Park, Jefferson Park, Galewood etc.
Roof deck is nice but the rest is generic cookie cutter, right down to the TV over the fireplace. And I’m sure it’s one of those units where the front door leads directly into the living room, which I dislike. Being on an alley is also a negative, as is a rather small second bedroom. Pass.
More people are looking long-term in deciding whether to buy. People are factoring in the fact on a 30 year mortgage you are not building any equity in the place, you are basically just covering depreciation. Whether you own a single family and have your own maintenance expenses, or you are in a condo and you have increasing monthlies and special assessments, either way you are going to have to put money into it if you own. Not to mention the cost of voluntary updates to your place in 10 or 15 years when it becomes out of date.
I think there will be another leg down in real estate as the economy worsens and there is another wave of bankruptcies. The economic news lately is downright depressing, even though the stock market has continued it’s levitation.