After Trying to Sell in 2009-2011, This 4-Bedroom Duplex Returns to Try Again: 2948 N. Pine Grove in Lakeview
There are so many properties coming back on the market that we’ve chattered about in prior years on Crib Chatter (but which never sold) that I could do nearly every post about them.
This 4-bedroom duplex up at 2948 N. Pine Grove in Lakeview is one of them.
We last chattered about it in January 2011. See that chatter here.
Back then, it had been on and off the market from August 2009 until 2011 and had reduced to $399,900. It was available to either buy or rent (for $2750 a month).
It never sold and has now come back on the market.
If you recall, the building was built in 1922.
The unit has 3 bedrooms on the second floor and a formal dining room and the fourth bedroom on the first.
There is a unique 2-story living room with spiral staircase that leads to an open family room.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
There are two refinished Kohler baths.
There is an in-unit washer/dryer but there is no deeded parking and no central air (window units only.)
It has come on the market for $50,000 more than its last list price in 2011, or $449,000.
Why isn’t everyone who couldn’t sell 2 years ago trying to sell now?
Cheryl Reid at Prudential Rubloff now has the listing. See the pictures here.
Unit #2: 4 bedrooms, 2 baths, no square footage listed
- Sold in May 1992 for $207,500
- Sold in June 2000 for $318,000
- Sold in July 2006 for $469,500
- Originally listed in August 2009
- Was listed in June 2010 for $475,000
- Reduced several times
- Was listed in January 2011 for $399,900
- Or you could have rented it for $2750 a month
- Withdrawn
- Currently re-listed for $449,000
- Assessments now $518 a month (they were $519 a month in 2011) (Last time they includes heat and cable, this time it just says water)
- Taxes now $8422 (they were $8104 in 2011)
- No central air- window units only
- Washer/Dryer in the unit
- No deeded parking- rental in the neighborhood
- Bedroom #1: 15×10 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 12×8 (second floor)
- Bedroom #4: 12×10 (main floor)
- Family room: 15×12 (second floor)
Very sweet place except for that tight spiral staircase that is a real danger to anyone not young or agile. I wouldn’t want a 4-year-old child climbing it anymore than someone 80 years old. It would have to be replaced with a real staircase with wide treads and a reasonably easy slope to it. The loft railing isn’t attractive and doesn’t suit the place.
Aside from all of that, it’s a great place in a wonderful neighborhood, and I expect that it will go quickly for the ask price in this fevered climate, with such small inventory available.
How much does it cost to make a nice open kitchen with big island? Do that to this place and it would sell yesterday.
Cool place. I’m not a fan of the location and I’m a unicorn person but I think you can do better for the price if you’re not set on living in building like this.
“How much does it cost to make a nice open kitchen with big island? Do that to this place and it would sell yesterday.”
From the pictures, which are really hard to get an idea of the layout, it doesn’t look like you could open the kitchen up. I’m not sure whats on the other side of one wall (outside) and ther other way you would run into the staircase.
If that $2750 rent is realistic, using Stevo’s old formula (relying on 5.5%), it’s only ‘worth’ about $409k. And I always insisted that that formula overvalued [Purchase price]:[Rental rate net of T+A].
Taxes *are* a bit high, based on last sale.
You could possibly make room to open up the kitchen by relocating the staircase, which needs to be rebuilt in any case. It would be expensive, but I would want to have a wooden staircase built along the wall to the right of the kitchen wall, a staircase more gently graded, and replace the loft banister with a wooden one.
I like this place, save for the tight kitchen, but really can’t believe people are paying these types of prices again.
“If that $2750 rent is realistic, using Stevo’s old formula (relying on 5.5%), it’s only ‘worth’ about $409k. And I always insisted that that formula overvalued [Purchase price]:[Rental rate net of T+A].”
Would this really rent for $2750? It still always seems much cheaper to rent vs. buy to me (although to be fair I don’t keep up with the downtown rental market, which is booming by all accounts)
These people managed to come back on the market and convince some rube to buy this place immediately listed at $450k:
http://www.urbanrealestate.com/property/1262-W-Bryn-Mawr-Unit-2-CHICAGO-IL-60660-GN62STHDOLQJY.html
when the exact same place (but on the top floor!!!) is rented for $2000.
As the kids would say, smh…
http://old.urbanrealestate.com/property/1262-W-Bryn-Mawr-Unit-4-CHICAGO-IL-60660-UEMIYQDRENZSM.html
“These people managed to come back on the market and convince some rube to buy this place immediately listed at $450k:
http://www.urbanrealestate.com/property/1262-W-Bryn-Mawr-Unit-2-CHICAGO-IL-60660-GN62STHDOLQJY.html
when the exact same place (but on the top floor!!!) is rented for $2000.”
Stevo’s formula sez that’s ‘worth’ about $280k.
roma, 1262 W Bryn Mawr is not a good comparison, because that is a much less expensive and desirable neighborhood. I also don’t believe the top floor unit of THIS building is a good comparable, either, unless it is also a 4-bed duplex as this is. Tell me if I’m wrong, but I thought this was the only duplex unit in this building.
It’s difficult to find a beautiful duplex with 4 bedrooms and 2 baths in a super-prime neighborhood for less than $500K, or so it seems to me.
Laura,
I wasn’t comparing the Bryn Mawr apartment to this one. I was just using it as an example to examine renting vs. buying, since they happened to be two identical places in the same building, one on the top floor and one on the bottom.
I think you’re probably right that a large, vintage duplex-up is a rare commodity. The fact that it has 3 BRs on the second floor really makes it almost like a house, with living areas on the first floor and bedrooms on the second. The rooms are very narrow, though; a 12′ wide LR is not what I’m looking for — and replacing the spiral staircase would eliminate even more room.