3-Bedroom Lakeview Loft Penthouse Reduces $55,000: 3133 N. Lakewood

Aug 6 • Lakeview, Lofts • 263 Views • 15 Comments

3133 n lakewood

We last chattered about this 3-bedroom penthouse loft at 3133 N.  Lakewood in Lakeview in June 2013.

See our previous chatter here.

At that time, it had come on the market for $110,000 more than its 2010 purchase price at $710,000.

Some of you thought it was overpriced.

It is still on the market and has reduced $55,000 to $645,000.

If you recall, it has 15-foot ceilings and walls of windows with southeast views of the city.

The loft doesn’t have any of the features you’d find in an older loft building such as walls of exposed brick (there is one wall of bricks in one of the bedrooms but it doesn’t look like it is original to the building.)

It has luxury finishes in the kitchen including Viking and Bosch appliances.

There is a 40 foot private deck, along with 1-car parking.

The loft has other features buyers look for including a full-sized laundry room and central air.

If a property in the GreenZone doesn’t go under contract within two weeks of listing, should it be reduced immediately?

Michael LaRocque at Present Value Realty still has the listing. See the pictures here.

Unit #PH-S: 3 bedrooms, 2 baths, 1600 square feet

  • Sold in June 2008 for $600,000
  • Sold in June 2010 for $600,000
  • Was listed in June 2013 for $710,000
  • Reduced
  • Currently listed for $645,000
  • Assessments of $289 a month
  • Taxes of $6913
  • Central Air
  • Laundry room: 8×8
  • Bedroom #1: 14×13
  • Bedroom #2: 16×10
  • Bedroom #3: 12×11

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15 Responses to 3-Bedroom Lakeview Loft Penthouse Reduces $55,000: 3133 N. Lakewood

  1. Violet says:

    Better staging would improve the property. The windows are nice and the place is bright. But small things make a difference. When you see two barstools, you think there’s not much room for dining. The liquor bottles on top of the cabinets give the impression that there is no cabinet room for my bar stuff, or it’s a college dorm. Better to have no decor, or something modern and tall that fits in the kitchen style. The bedroom’s exercise equipment says this place doesn’t have any amenities–why not furnish it like a study or library or guest room? And gosh, if there’s a 40- foot deck, we need to see that all “decked” out. Not a single photo of it in the listing!

  2. sonies says:

    man this place is a ghost town lately.. no surprise, theres no inventory so nothing interesting to talk about and anything that is, is scooped up and under k instantly.

  3. Vlajos says:

    I agree sonies, there is almost nothing to discuss.

  4. nonya says:

    I don’t get why this ever went for $600k unless the sqft is way off. Similar sized townhomes within a block (sweeterville on fletcher) are more like $500k now ($499 sale in June – http://www.redfin.com/IL/Chicago/1231-W-Fletcher-St-60657/unit-A/home/13366331) and my recollection of 2010 would have them more like low $4s or even high $3s. A duplex up condo on Fletcher went for $625 in May and it’s 2600 sqft (http://www.redfin.com/IL/Chicago/1320-W-Fletcher-St-60657/unit-4E/home/22455700). So what’s special about this place that makes it worth so much more?

    Checking history, listing says built 2008, so the 2008 sale was new and that’s often a premium and also would have been bubble pricing. Current owners appear to be the suckers paying the same price as new in 2010 when prices were way down. I just don’t get the $710k original list. Did the realtor say “prices are up 18% since 2010, so let’s list for 18% more than you paid!”? Even at $645k, where’s the comp?

  5. Joe T. says:

    Good gravy, what is the matter
    With the lack of banter and chatter?
    Perhaps we miss
    Taking the piss
    Out of Helmuthofer’s racist patter?

  6. jenny says:

    The windows are really great in this place. I still think the price is too high for the square footage though.

    Violet, I agree with the liquor comment. Ugh. I really hate the look of objects on top of the kitchen cabinets. This is something I could look past as a buyer though. I can look past almost anything in a house in terms of staging – with the exception of animal skin rugs and religious iconography.

  7. anon (tfo) says:

    “with the exception of animal skin rugs and religious iconography”

    So my tortoise shell punch bowl isn’t an issue for you?

  8. anon (tfo) says:

    “man this place is a ghost town lately.. no surprise”

    Yep, with all the richie-rich (on the internet) regulars, I’m not surprised they’re taking multi-week August vacations.

  9. benjamon9 says:

    “If a property in the GreenZone doesn’t go under contract within two weeks of listing, should it be reduced immediately?”

    In this market yes, and I don’t even think it applies to only Green Zone properties. With low inventory and many places going under contract quickly if your place doesn’t, it either has something wrong with it and/or is priced wrong.

    This place while nice, doesn’t stand out from just the pictures alone. If it has such awesome views and 40′ deck, why no pictures of them? This agent needs to make this listing stand out, not just keep cutting the price I think.

  10. jenny says:

    “So my tortoise shell punch bowl isn’t an issue for you?”

    Did the tortoise die of old age?

  11. anon (tfo) says:

    “Did the tortoise die of old age?”

    Just like all the cows for my leather couch. And the gorilla for my vest, and the greyhounds for my tuxedo.

  12. Greg says:

    I agree with @benjamon9 about the way this was listed. I think it’s more than a price cut in this instance and there are ways to market this better. For crying out loud, show me that deck!

  13. Sabrina says:

    “man this place is a ghost town lately.. no surprise, theres no inventory so nothing interesting to talk about and anything that is, is scooped up and under k instantly.”

    It’s true. Inventory is still low. I’ll probably head out to some “outside of the GZ” neighborhoods shortly to see what is happening out there to spice things up.

  14. Barblakeview says:

    I see lots of for sale signs on Clifton south of Belmont. Did that whole building on racine just south of Barry sell out. My neighbor just rented her condo for 2 k

  15. Sid V says:

    Should anything that doesn’t sell in two weeks have a price reduction? Absolutely not, unless you are just a realtor looking to make a sale without regard for your clients’ interests. Two weeks is nothing.

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