3-Bedroom Duplex Is Back: From $467,000 to $1.1 Million in Just 3 Months in the Gold Coast: 39 E. Schiller
We last chattered about this 3-bedroom duplex up at 39 E. Schiller in the Gold Coast in February 2013.
See our prior chatter here.
Back then, it was bank owned after being on the market before that as a short sale.
It also was a 2-bedroom with a family room and now it is simply a 3-bedroom. (Was it smart to make it a 3-bedroom?)
At 2800 square feet (it was 2400 square feet in the previous listing), some of you who saw it said it needed to be totally gutted and the chatter revolved around how much it would cost to fix it up and whether or not it could be flipped.
Some thought it would cost a couple of hundred thousand to fix up properly. Others thought $50,000 could do the trick. Helmethofer wondered if a renovator could add a lot of can lights to bring in extra light.
Listed by the bank at $399,000 it sold in March 2013 for $467,000.
It has come back on the market with a new kitchen, baths, and new can lights 3 months later for $1.1 million.
The kitchen now has dark cabinets and some stainless steel appliances. The listing calls it a “chef’s kitchen.”
It didn’t have a parking space before and it appears to still not have parking.
The unit does have central air and in-unit washer/dryer.
Will this get the premium?
Or are Chicago housing prices starting to bubble over in some neighborhoods?
Rick Levin at Rick Levin & Associates has the listing (also has an interest in the property). See the new pictures here.
You can see the “before” pictures here.
Unit #1W: 3 bedrooms, 2.5 baths, now 2800 square feet, duplex up
- Sold in May 1999 for $510,000
- Sold in August 2002 for $662,500
- Sold in March 2005 for $710,000
- Originally listed in October 2009 for $680,000
- Lis pendens foreclosure filed in November 2009
- Reduced several times
- Was listed in April 2010 for $550,000
- Bank owned in December 2012
- Was listed in February 2013 at $399,900
- Sold in March 2013 for $467,000
- Currently listed for $1.1 million
- Assessments now $804 a month (they were $875 a month in April 2010) (includes cable and did include special assessment in 2010)
- Taxes still $4471 (they were $7196 in April 2010)
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 26×16 (second level)
- Bedroom #2: 20×14 (main level)
- Bedroom #3: 17×15 (main level)