42% Gain in 13 Months for this 4-Bedroom Duplex Down: 1122 W. Diversey in Lakeview
This 4-bedroom duplex down at 1122 W. Diversey in Lakeview came on the market in August 2015.
But it last sold just 13 months ago in July 2014.
The current listing describes it as “renovated” with newly dark stained hardwood floors on the main level.
The kitchen now has white cabinets, whereas they were maple cabinets just a year ago, with granite counter tops and stainless steel appliances.
The three bathrooms appear to be the same as the year ago listing.
In 2014, however, this unit only had 3 bedrooms.
A 4th bedroom appears to have been created in the lower level out of extra space in the family room where a wet bar had been.
The listing says the 4th bedroom is being used as an office. You can still see the tiny sink from the old bar in the corner of the picture of the office.
It has all the other features that buyers look for including central air, washer/dryer in the unit and 1 garage parking space.
The unit is listed for 42% more than just 1 year ago.
But it’s now a 4-bedroom, instead of a 3-bedroom, and 4 bedroom condos are rare in this neighborhood.
Will they get the premium?
Jennifer Mills at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
You can also see the 2014 listing pictures here to see what was renovated.
Unit #1E: 4 bedrooms, 3 baths, 2400 square feet
- Sold in August 2000 for $409,000
- Sold in June 2005 for $505,000
- Sold in July 2014 for $527,500
- Originally listed in August 2015 for $749,000
- Currently still listed for $749,000
- Assessments of $180 a month (includes water, scavenger, exterior maintenance)
- Taxes of $6339
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Bedroom #1: 14×12 (main floor)
- Bedroom #2: 12×10 (main floor)
- Bedroom #3: 15×11 (lower level)
- Bedroom #4: 10×10 (lower level)
It looks better and more up to date, but such shallow cosmetic changes do not warrant a 40% increase IMHO.
I wonder if they are playing a game (testing the waters) but going so high and then accepting a offer say with 20% increase or something?
BTW, the 4th room is not a read BR so it is still not exactly a 4BR.
Any guess on the cost of Re-staining floors + painting cabinets + 2 new light fixtures + painting all rooms. I’m thinking it’s significantly south of $222,000.
220k to paint some cabinets, stain some hardwood and paint walls gray. Nice! I’ll have to watch this one, might be time to pursue a career change if this sells at list.
are duplex downs in west lakeview selling for 750k again? wow
I guess so. Look at this one:
https://www.redfin.com/IL/Chicago/2619-N-Wayne-Ave-60614/unit-1N/home/27838063
I don’t understand why you would pay that much when you could have your own townhouse or even SFH for that kind of coin
That kitchen doesn’t look like a $750k kitchen.
I loathe this style of building. For God’s sake, use internal fire escapes! I don’t want to see my neighbors traipsing through my balcony on their way to throw out garbage.
Then, where to even start with those bathrooms? Again, they are low end bathrooms that I would expect to see in a $250,000 condo, not a $750,000 condo.
Also realtor is a dumbass for not knowing that north of diversey = Lakeview NOT LP
Also you could find those same exact fabulous frigidaire appliances in my CMK 2/2
“I guess so. Look at this one:”
That place is at least $50k nicer in the kitchens and baths and at least $50k nicer in location. And it’s been on the market for almost 9 months at something like $800k, so I don’t think they’re going to get that.
Yes, this one has an extra bedroom and an extra tub, but really seems more like 675-699, tops, to me.
“realtor is a dumbass for not knowing that north of diversey = Lakeview NOT LP”
North side of Diversey is still ’14, so still LP zip, so still plausible.
42% ***unrealized*** gain. –Very important.
Agree with miumiu on the 4th “bedroom”. I would stick the in-laws there.
Hearing things like “West Bucktown” and “high LTVs” on this site gives me hope that we’re reaching bubble-bursting levels. I’m still amazed at what some sellers try to list at right now, only to see them linger for months.
“North side of Diversey is still ’14, so still LP zip, so still plausible.”
yes as plausible as calling cabrini the gold coast due to its zip code lol
The impact is that we will be funding luxurious lifestyles for lazy retirees, while those of us in the private sector will never get a pension and never be able to retire.
Sorry… Wrong thread : (
This place is hideous. The bathrooms, the low-tier appliances, the 1999 granite, the location on busy Diversey, the list goes on. If this sells for anywhere close to $750,000 then I’ll eat my hat. $550,000 is more reasonable.
Why do you post headlines that are inaccurate, this unit has not sold yet how can there be any gain?
The south side of Diversey is Lincoln Park, the north side is Lakeview.
I completely agree, Mel. The gain is unrealized. Why the misleading headlines? (Same thing with 154 W Hubbard post). Is it a clickbait thing?
here’s a comp? This sold. Same ask price.
http://cribchatter.com/?p=22329
With inventories at record lows, why won’t they get this asking price?
Clearly they think they will because there’s been NO price reductions and it’s no longer a “new” listing. Everyone who wanted to see it has already done so in the last few weeks.
The sellers clearly think they are priced correctly.
Silk purse sow’s ear. I toured this unit in its pre-renovated state and did not make it to the lower level as it was dreary and had a load of DePaul students across the hall with a large hot tub. Just what the light sleeper really needs. There ought to be a law on split face block units asking for this kind of money besides. I predict it sells in the low sixes, if any more than that this market is crazy.