Our Favorite Tuscan Villa is Still Available: 2965 N. Sheridan in Lakeview
Gary posted about this house in the forums. We’ve chattered about this 4-bedroom single family home, nicknamed the “Tuscan Villa” at 2965 N. Sheridan in East Lakeview several times over the last few years.
See our August 2012 chatter here.
It’s been on the market for over a year, but in July 2013, it reduced $300,000 to $1.399 million.
If you recall, the house has some unique features, including an interior atrium and a solarium.
Built on a 23×151 lot, all 4 bedrooms are on the second floor.
The kitchen has luxury appliances including Subzero and Bosch.
There is also central air and a 2-car garage.
It has been on and off the market since November 2007- which is almost SIX YEARS.
Not only that, but the bank filed a lis pendens foreclosure over 3 years ago, in July 2010. (But it does not appear to be interested in taking possession.)
At what price will this house finally get sold?
Brent Rosenbower at Prudential Rubloff still has the listing. See the pictures here.
2965 N. Sheridan: 4 bedrooms, 4.5 baths, 4600 square feet, 2.5 car garage
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- I couldn’t find an original sales price
- Listed in November 2007 for $2.8 million
- Reduced and re-listed
- Was listed in August 2008 for $2.28 million
- Lis Pendens filed in September 2008
- Was listed in October 2008 for $2.28 million
- Lis pendens foreclosure filed in July 2010
- Was listed in April 2011 for $2.35 million
- Was listed in August 2012 for $2.35 million
- Reduced
- Was listed for $1.699 million
- Reduced in July 2013
- Currently listed for $1.399 million
- Taxes are now $10,021 (they were now $9931 in 2012)
- Central Air
- Bedroom #1: 43×20 (second floor)
- Bedroom #2: 12×12 (second floor)
- Bedroom #3: 20×10 (second floor)
- Bedroom #4: 23×20 (second floor)
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Anyone think this would have sold at ~$1.5m if that had been the original list?
Why am I not surprised that this is still on the market? It just proves that however many gullible people are out there, none are gullible enough to pay over $1 million for this little 1960s townhouse 10 feet away from a busy CTA bus line. You can’t put lipstick on a pig. Well, you can, I suppose, but underneath it’s still a pig.
I think under $500,000 might get this place.
For half a mil, you can sign me up. They were dreaming at $2.8mm, but I would be surprised if it drops much further. That’s a lot of space on two levels.
“this little 1960s townhouse”
It’s not little. The 4600 sf is at least close to legit.
OK – but much of that space is in the basement. And it’s a very narrow home that doesn’t go far back. I honestly don’t know if I can trust that SF figure. I lived for years in a 1950s townhouse in this same area and it looked bigger on the outside than this one and I know it was less than 3,000 SF, including basement.
OK – maybe $500,000 is too low if it really is 4,600 SF. But way too many disadvantages to be asking seven figures. And the original ask of nearly $3 million is a laugh.
“much of that space is in the basement. And it’s a very narrow home that doesn’t go far back.”
Dude, do you bother looking at *anything* before repeating the same mistake? The place is 110’+ deep (w/o counting the garage), it’s about 22′ wide (ie, at least as wide as a house on a standard city lot), and there is no evidence that there is a basement at all.
Now, if the units immediately on either side were built back the same way as this one is, it would make the whole place feel like a basement, but that’s not the facts now. Does recommend *strongly* buying at least one of the neighboring THs, to guarantee the light on at least one side. Of course, who *doesn’t* want a double lot?
I did a street and overhead view but it’s hard to tell it goes back farther than the others. If that’s indeed the case, I’ll retract what I said about the SF.
Hi Dan#2, This place is huge! I think your confusing properties here.
“it’s hard to tell it goes back farther than the others”
Seriously? There are 8 units in that row, and three of them go back to the alley. The other 5 have uncovered parking in the back.
Anon makes a good point about what happens to this unit if the others build back. However, anyone who builds back next to this unit will be creating their own dungeon so that should serve as a disincentive to do so.
Gary: “anyone who builds back next to this unit will be creating their own dungeon”
Well, it would be a dumbass developer, not an actual resident, but this does seem like a strip where combining every other front unit is the best end result.
These units are only going to continue to depreciate. The owners of all the units should ban together and sell the land to a developer. The parcel is more valuable than each individual townhouse.
The first lp was filed in Sep-08. Lender is into it for $1.8m. There was a window open when I went by recently, so seems there is someone living there still.
Think this one will be bought by a biglaw attorney? The summer programs have declined by 51% since 2007. This will only make it uglier for the upper end housing market as there are fewer big law attorneys to buy the overpriced homes. Partners have been forced out or been demoted to income partner from equity partner as well.
http://abovethelaw.com/2013/09/more-on-the-decline-of-the-biglaw-summer-program/
“Think this one will be bought by a biglaw attorney? The summer programs have declined by 51% since 2007.”
Wow. Brutal.
Dave M: Have you seen this New Republic article about the End of Big Law? Very interesting. Uses Mayer Brown as an example.
http://www.newrepublic.com/article/113941/big-law-firms-trouble-when-money-dries
Also, there are some Chicago BigLaw firms that only offered jobs to 75% of their summer associates over the last couple of years. So nothing is secure in the law anymore.
I know this strip of homes quite well as I lived in the area for 8 years. There are two nice homes in the row & the rest appear quite undesirable and unkept. Location is great albeit heavy on CTA and car traffic. I definitely would not pay that sort of money for a glorified townhouse when you could easily purchase a SFH in other just as desirable neighborhoods in the city.
What happened to the like buttons?
Sabrina, please bring back the old format!
Yes, Dan!