The $300,000 1-Bedroom Isn’t Just Downtown: 3245 N. Ashland in Southport
We’ve chattered several times about the $300,000 (and up) 1-bedroom condo around the city. Most have been in the downtown area.
But Lincoln Park and Lakeview also sport quite a few of these units, including this one at the LV Lofts, a new construction “loft-style” building at 3245 N. Ashland in the Southport neighborhood.
Current stats on the building (on the MLS)(out of 24 units):
- 9 are listed for sale
- 0 listed for rent
Unit #4C has been reduced $10,000 but if you include parking, the unit is still priced over $330,000.
What is the market for $330,000 1-bedroom units in Lakeview?
Unit #4C: 1 bedroom, 1 bath, no square footage listed
- Originally listed in June 2008 for $319,900 (parking $25,000 extra)
- Reduced
- Currently listed at $309,900 (parking $25,000 extra)
- Assessments of $117 a month
- Taxes are “new”
- Elizabeth Muscare at Rooney Realty Ltd. has the listing. See the interior pictures here.
God that’s insane. I had no idea that they were asking that much for them. That’s $100k rich, at least.
Speaking of Southport, anyone see the two very similar, next door to each other houses for sale on Waveland, just east of Southport? One of theme is now sporting a “price reduced” sign–looks to be $575k for a 3/1.2 house.
Yeah I’ll take “rent this condo for $1,100”, Alex!
This isn’t even prime Lakeview which makes it all the more laughable.
that unit is kind of depressing. ashland and belmont is southport? or heart of lakeview? so many things wrong with this one. it might not be a terrible place to rent if that outstanding burrito place with the american flag sign was still just east on belmont. or you go to a lot of shows at schubas.
“it might not be a terrible place to rent if …”
Yeah, it still would be. Ever been in the traffic in that block of Ashland (or the two blocks north or south) on the weekend? Quelle horrible. There are plenty of places to rent just off of Ashland which would be vastly, vastly preferable. Although this does appear to face east, which would be much better, but I personally hate being right on top of an alley.
HAHAHAHA, this will never sell. Not at this price, not for another 10 years.
16×14 Dining/Living Room Combo and a 13×12 Master? This won’t sell anytime soon
They’ll eventually be sold for half price or less once the building gets foreclosed. But seriously, would any lender fund a loan on these units in today’s market? I highly doubt they would appraise for the listed price.
All that stuff in West lakeview is rediculously priced. I know, I rent there!
These will be sold to someone looking to rent it out. I’m sure the price will be closer to $250K including parking. This spot is one of my favorites in the city, easy access to southport, CTA, a gym across the street, a jewel 2 blocks away and whole foods across the street. One wouldn’t really need a car if they didn’t have too and could easily rent the parking spot as parking can be tight around there.
Jason R,
You go buy a 1/1 far from downtown for 250k then. Be my guest.
The “Southport Corridor” is “hawt” like Boston is “hawt”. Bunch of idiots paying a premium to live in a crappy place.
Who is going to buy this for 250k when you need a 10-20% downpayment as an investor?
Sorry but investors are going to buy places in non-hip hoods that are CF positive. No way this rents cash flow positive at a 250k sale price. What do they think they are going to get $1800/month in rent? Seriously?
You can get 2 flats in Bridgeport for 200k, why would any “investor” buy this? I think you’re confusing the terms “investor” with “stuck flipper”.
Ugly..narrow looking rooms and exposed duct work. Absolutely not work the money.
Aren’t the elementary schools on the higher end for CPS in this general area? Though I suppose the lines move quickly I thought (from a non-parent view) that was one of the attractions.
To clarify: Not that a 1 bedroom apartment purchaser would be looking at schools, but rather that the school quality would increase the general area’s values, thus inflating a 1 bedroom ask.
“1 bedroom apartment purchaser ”
Well said! I’m going to call 1/1s this in the future as it is quite accurate and so true. The days of livin’ the RE dream in a 1/1 for a few years after college until the youngins come along are OVER. You bought the apartment clueless overleveraged person, you live in it.
That area Ashland/Belmont/Lincoln is fantastic… close to Whole Foods, a number of gyms, family-friendly places, and great restaurants but… $300K? For a ONE bedroom? Are they high? There’s 2-bedroom lofts down the street on Lincoln cheaper than that.
Whole foods sucks ass. Go to the Jewel two blocks south.
i think we were better off when the site ahd a peep show and prn theater on it
“I’m going to call 1/1s [apartments] in the future as it is quite accurate and so true.”
This is new to you?
Of course condos are mostly are just apartment substitutes that you buy instead of rent. And why? Because the developer makes more money selling them individually as condos than selling the whole buiding as apartments (as Invsco has shown many times over). And people’s desire-to-own/brainwashing-regarding-appreciation.
It’s not that buying a condo is–definitionally–a *bad* idea, but if you don’t consider what’ll happen when you want/need to move before buying, it’s much more likely to turn out to be a bad idea.
Calling these places a loft is a bit of a stretch. I say $225k max. Nothing unique or special about them IMHO. Close to amenities but a busy street. No way I would ever buy on Ashland. A big no no.
“Whole foods sucks ass. Go to the Jewel”
Substituting Jewel for Whole Foods is nutso, they’re complimentary. If you actually cook and do *all* your shopping at either (not that I ever go to Jewel–brand selection/store layout doesn’t suit me), I question your judgment.
But then, I grocery shop semi-regularly at no less than 4 stores, so maybe I’m the weirdo.
“No way I would ever buy on Ashland. A big no no.”
Hey, yeah. This violates two of Stevo’s basic rules–new construction and on a major street. Whatever the eventual buyer pays, Stevo’s rules say, when they re-sell, they will lose money. This place isn’t worth more than it’s cashflowing rental value.
Substituting Jewel for Whole Foods is nutso, they’re complimentary.
No they aren’t. Whole foods is about twice as expensive than Jewel and IMO the food at WF is far worse.
They compliment each other. The cheese selection at WF is excellent. Where else you gonna get the humboldt fog?
My wife and I took a look at the LV lofts at the end of last year. Terrible…one of the worst places we’d seen from a value perspective. Very small rooms, yucky layouts, lack of quality throughout, and you get all this for ridiculously high prices! The quality of construction in particular looked cheap…one unit we were in appeared to have water damage, and also had very uneven alignment of the ceiling (concrete maybe?) slabs. The lazy realtor also couldn’t be bothered to get out of her lawn chair to show us the place. Avoid like the plague, although given the other responses on this page, I don’t think anyone’s gonna be purchasing one of these anytime soon.
I’m with Sonies on this one. Sounds like anon(tfo) is a preppy masquerading as a plebian.
hd, Fox and Obel… but then you do need to live downtown.
Actually, the lack of good cheese shops in Chicago is really sad.
The cheese selection by the deli/bakery at the Jewel on wellington and Ashland isn’t bad either.
Anyway, back to the absolute IDIOTIC pricing on this unit. There’s probably 25 properties in the area for sale that are 2br/1ba’s for cheaper than that.
You need Whole Foods AND Jewel to grocery shop!
Kp if you looking for a cheese shop go to pastoral, I beleive there is one on lake street and belmont.
Lake and Belmont are parallel streets!
Bob,
I wouldn’t be surprised if someone could rent this place for $1400 to $1500 a month including the parking. You completely underestimate the “keeping up with the Jones” mentality in Lakeview. Since nobody can buy anything, the next best thing is to rent a very nice, brand new condo at a high price.
I know people that spend $2400/month on 2/2’s in this hood, because they are nice units and these people are still living an “entitled” lifestyle, so they certainly can not be seen living in a sub-par apartment.
Your comparison about bridgeview is shit. sorry but you can not compare bridgeview with lakeview. They are completely different. Right or wrong, you’re trying to compare apples to oranges.
Not gonna happen. It’s too close to the price point of a two bedroom.
lake crosses belmont?
The stupidest thing about this unit is not the insane price. Its the fact that there is no justification whatsoever for this price. The location isn’t great; the finishes aren’t great (GE Profile appliances, are you kidding?). Nothing about the place is spectacular. The bathroom looks nice, but isn’t nearly enough to justify the price. The square footage can’t be big, based on the room dimensions listed.
The seller and/or realtor are just clueless and do not understand the market.
Bob: “a preppy masquerading as a plebian”
When have I ever “pretended” to be a plebian? But not a preppy, either.
Can someone tell me what is half the price at Jewel as at WF? And I don’t mean inferior substitutes–I mean identicial items, conventional v. conventional or organic v. organic, etc. It’s not reasonable to compare organic milk to full-hormone milk, even tho, yes, the full-hormone milk is 50% less.
I can see maybe the prepared food, but I buy very little prepared food, so I’m not familiar with price comps.
I’m with anon(tfo) … to even attempt to paint Whole Foods as being twice as expensive as Jewel is well, dumb. I rent a joint right near here and shop at both. Whole Foods for nuts, veggies, fruits, and some non-prepared fish/meats when on sale. Jewel for everything else.
On topic, this unit is ridiculously overpriced. There’s very little chance this unit would rent out for $1500 … it’s only 900 sq ft.
It would probably be closer to $1200 – $1300 (w/ parking). That’s obviously just my humble opinion…
Valasko meant Pastoral Cheese Shop….with a location on Lake St by Wabash and on Broadway (a couple of blocks south of Belmont, I think.)
Pastoral is awesome! And the employees are very helpful and knowledgeable.
Thanks G
Pastoral is the best….. and free samples before you purchase. They also keep a data base of your purchases for future reference.
I miss WF and Fox and Obel… Would kill for one down here.
Southport is a street not a neighborhood. Calling “Southport Corridor” a neighborhood (as opposed to, say, a commercial corridor) is a stretch as-is…