A New Construction 2/2 Listed At $579,900 In Lakeview: 3321 N. Seminary
There’s a bunch of new construction right now going up on Seminary in Lakeview like this 3-flat at 3321 N. Seminary.
The buildings all look similar with brick and front decks.
This is a top floor unit with a private roof deck and a patio off the front of the building.
It has custom millwork including wainscotting.
It also has 54″ cabinets and SubZero and Wolf appliances in the kitchen.
The master bathroom has body sprays.
The listing says the building and garage are all brick and there is concrete soundproofing between units.
I know many of you don’t find chattering about these new construction units exciting (sorry- inventory is low right now).
But they ARE being built and they ARE selling.
Did you ever think you’d see 2/2s in Lakeview being listed for nearly $600,000 again so soon after the bust?
Timothy Sheahan at Conlon has the listing. See the pictures here (they are of another property completed by the developer).
Unit #3: 2 bedrooms, 2 baths, no square footage listed
- New construction
- Currently listed at $579,900
- Assessments of $100 a month
- Taxes are “new”
- Top floor
- Private roofdeck
- Bedroom #1: 13×12
- Bedroom #2: 12×10
- Living room/dining room combo: 17×17
- Kitchen: 10×9
“Did you ever think you’d see 2/2s in Lakeview being listed for nearly $600,000 again so soon after the bust?”
Kinda, just like the stock market came back so fast.
$459,000.
There’s nothing unique about this place. The finishes and decorating are current, but you could transform any other similar condo to look like this place for probably less than you could buy this new. Of course there’s a premium for move-in ready but how much is it?
$400 for an older condo, 25k to renovate.
“$400 for an older condo, 25k to renovate.”
You offering to buy and install that much stone, wainscotting cabinets, and those appliances, AND refinish floors and paint all the walls in a similar sized condo for $25,000? Or know someone who will? If so, I need contact info!
Agree, tho, that I don’t see the market for this and this price. Maybe I’m just missing something.
“You offering to buy and install that much stone, wainscotting cabinets, and those appliances, AND refinish floors and paint all the walls in a similar sized condo for $25,000? Or know someone who will? If so, I need contact info!”
It all depends on the condo you buy. That fridge alone is almost $10k but is it really necessary? I’m thinking of my own 2/2 that was built in 2003 with a current MV of 400k. Cabinets looks exactly like the ones in this place, so a counter change to white is all that’s needed. Fridge is new 2010, semi custom fit and counter depth but not a Sub Z. (I actually have a Sub Z in my current house and I don’t think it’s all that). Stove, $3k for a Viking. I currently have a lot of custom millwork including wainscotting and window and door trim but nothing in the ceiling. Floors are already dark stained and laid diagnolly. Bathroom updates would just be flooring and shower tiling and maybe new hardware. So yeah, I think it’s doable if you buy the right place to start with.
Beautiful architecture. This builder really captured the essence of an era bygone. Sadly, the developer deviated from true neo-millenial construction techniques and neglected the split stone sides. However, the wrought iron balconies enhance the vintage 2004 feel. It’s a shame that this building won’t appreciate as much as the beauty next door, a sought-after and timeless classic. I am surprised the developer didn’t come in at a higher price point. Buyers should be clamoring over this property. $375-400/sf minimum. I expect multiple bids.
^ Thanks for the laugh
“That fridge alone is almost $10k but is it really necessary?”
Necessary? of course not. But it is almost 2% of the asking price, and something like 8% of the diff bt your suggested ‘value’ and the ask (adjusting for subbing a cheaper fridge). Add in the relative costs of the range, the other appliances, swapping in more reasonable (and, imo, likely better, if still cheaper) finishes at other points (tile, faucets, etc), *absolutely* you could get a very similar “look” for a lot, lot less, but it would be not-the-same for the label whores, who *are* legion.
As HD(?) once said: the red knobs cost a lot. And this is a perfect example of that.
People will snap these up since everyone wants new construction. Although, I suppose it’s not the ugliest of its neighbors. What’s with the facade of the building next door? Are those cinder blocks plastered on the front?
Viking, Subzero, Wolf?
come on this is a fricken 2 bedroom condo by the Vic. Even GE or Kenmore is just lipstick on a pig.
and F’ing really? really? really? why in the F does one need that much cooking power (and food storage) in a place that DOESNT EVEN HAVE A DINING ROOM?????
” This builder really captured the essence of an era bygone”
Yeah yeah. There’s only so much you can do to a building on a 25ft wide lot when youre’ maxmizing every possible square inch for living space.
“the red knobs cost a lot. And this is a perfect example of that.”
$35/piece
There is a market at this price point for SubZ, Wolf etc. Who wouldn’t want it? If I were in the market for something like this, I would definitely take a look and pay a premium to have a unit like this that is ready to go and the top end appliance can be amortized over 30yrs.
Does anyone else care to throw out a closing price?
anyone think the builder will get his ask on this SFH? maybe you could feature this one, Sabrina?
http://www.redfin.com/IL/Chicago/3520-N-Paulina-St-60657/home/13386379
If someone buys this at the current price, it will reinforce that old adage that a fool and his/her money are soon parted.
“Does anyone else care to throw out a closing price?”
If it goes for $459, there will be a very unhappy developer (prob bc there’s an f/c).
If you say a similarish 2/2 can be reno’d for $425, I’d guess someone pops $525-550 for this, if the builder is willing to deal. Buyer will think they got a *great* deal at the low end of that range.
“Does anyone else care to throw out a closing price?”
$539,900. I wouldn’t pay it, but that’s my prediction.
Wow, thanks for letting us know that 2005 nostalgia is the new trend in local real estate.
Ah, for the good old days when you could spend a kings’ ransom for a kitchen that not only has no dedicated eating area, but also will (I suspect) be used primarily for warming-up leftovers from the nearby pizza and pad-thai joints, or gourmet frozen dinners from Trader Joe’s or Treasure Island.
Has the developer made a deal with a local lender for 80/20 financing? Oh joy oh boy – happy days are here again!
Prices are in the upswing. This condo will sell. It may even sell for more than the asking price. You never know. Inventory is super low and God isn’t making any more land. At least the last time I checked. Besides God, another powerful entity you have to deal with is the United States Federal Government & the Federal Reserve. The most powerful entities in the entire world.
As the adage goes “don’t fight The Fed”. The Government and The Fed have decided to save the housing market at any cost. Are you brave enough to Fight The Fed & The Government?
Jason,
I agree with not fighting the Fed. And the Fed has been peddling easy money for so long it’s hard to remember when it wasn’t (did the mortgage we signed in 1997 – and which believe me is not our current mortgage – really have a 7.5% interest rate? Amazing).
But I have a feeling interest rates are going to start creeping up soon, although the markets – not the Fed – may be the instigator. The economy is growing quite quickly now. I wouldn’t be surprised if we get 4% growth in the current quarter. This is already starting to show in the bond market, and the Fed’s getting nervous. It’s high time it raised rates, or at least threatened to re-think the current easing policy. Should be interesting to watch.
You guys are all morons. They keep putting these up and then they sell for within 20K of asking, over and over and over.
Being across the street from Hawthorne Scholastic helps the price a bit. Nice playground and field there. As does the private roof deck. There is a garage. 2 car would justify a price bump but I doubt this is offering that.
Also I would not consider this “by the Vic” at all, being five blocks away. Quiet street, close to public transit.
That said, still overpriced for a 2/2 with seemingly smallish bedrooms. This is a 3/2 price IMO. But sellers have to list high to get a price they want. $499k
I’ve looked at these units since they are close to our current duplex down that is on the market. The property at 3315 N. Seminary has a coach house next door. They literally have their “front yard” right outside your back deck. The finishes, as already mentioned, are not anything unique. Very cookie cutter. The location is good, but unless your kid is a member of MENSA have fun getting into Hawthorne.
Also, the realtor was gloating about the upgrade soundproofing. We could hear every footstep above us during a noisy open house. No thanks.