Price Reduction for Southport 1-Bedroom: 1148 W. Roscoe
We just chattered about this 1-bedroom at 1148 W. Roscoe in Southport in October.
It’s now been reduced $15,500.
Here’s part of the listing again:
Trying to find a one bedroom in the Lakeview/Southport Corridor/Wrigleyville areas with newer finishes, great space & parking? That can be extremely difficult since not many new one bedrooms are built in the area. This is the exception!
Built only a few years ago, this newer construction home offers all the amenities of new construction with a great layout and an amazing location. The living room has excellent width, providing for easy furniture placement.
A gas fireplace has been highlighted by a slate tile surround and wood mantel and shelving on each side for a striking focal point to the room. Access to a private outdoor patio is off this living room area thru glass sliding doors.
Ed Jelinek at Coldwell Banker has the listing. See more pictures and the virtual tour here.
See the property brochure here.
Unit #1W: 1 bedroom, 1 bath, no square footage listed
- Sold in July 2005 for $293,000
- Was listed in October 2008 for $315,000 (parking included)
- Reduced
- Currently listed for $299,500 (parking included)
- Assessments of $120 a month
- Taxes of $3,736
Reduced by 15k. Not even close. Still the most over priced place I’ve seen this year.
Technically based on purchse price, this property should be listed in the 335k-340k range. (in a seller’s market) However, I think that they severely overpaid in 2005. Looking at the floor plan, I would figure the interior S.F. to be around 670-690 S.F. If this is in fact the case, even with their reduction of 15k, the price/SF is in the $440-$445 range. Way too much for this market, or any market in my opinion. Great location, but a garden apt. w/ mediocre finishes…not so much.
nsarch,
don’t forget to subtract the parking spot first… 25K i guess. would put it at 397/sf @ 690 total sf. Still ridiculously overpriced. $225k seems affordable and somewhat reasonable.
I still think that balcony is rediculous.
Would anyone buy this for 200K? Just wondering?
I would. I think you’re underestimating the value of the location and the scarcity of new one bedrooms in the area. As far as I can tell, it’s extremely difficult to find a relatively new-construction condo in Lakeview or Roscoe Village for less than $300,000. I’m sure this price will come down, but it’s not like there are nicer one-bedroom options in Lakeview.
I don’t think I’d ever buy a one bedroom unless I were an old person and planned on retiring and/or dying in the unit. Buying prices vs. rent just isn’t comparable.
Lakeview and Roscoe Village simply cannot support $300,000+ one-bedroom condos without gimmicky bubble financing. It’s not Streeterville.
2 years from now, you won’t find a single one-bedroom for sale north of North ave. for more than $300,000; and you won’t find many in the city at all.
“2 years from now, you won’t find a single one-bedroom for sale north of North ave. for more than $300,000; and you won’t find many in the city at all.”
That’s not a bet I would make–I suspect that there will be **one** one bedroom apt. north of North that’s a converted 2 or 3 BR that would sell for $300k plus. People do crazy things. I know of a house (on the SF peninsula) that’s over 12000 sq ft and has only 2 bedrooms–with no other space easily convertable to bedrooms. So I wouldn’t bet against a 2500+ sq ft 1 bedroom apartment somewhere north of North.
Pete: There shouldnt be, but there will. They wont sell however, because the seller will be disillusioned. Mark my words, 2011 will be the worst of it. Then we’ll finally start recovering.