Looking for a Starter Home in Hyde Park? 1219 E. 53rd Street
This 3-bedroom vintage condo at 1219 E. 53rd Street is plenty spacious for someone looking for a starter home near the University of Chicago in Hyde Park.
At 1500 square feet, it has retained many of its vintage features including crown moldings and built ins in the dining and living rooms.
It also has a sunroom.
The bathrooms have been updated.
The kitchen has white and black appliances.
The unit has no central air, no in-unit washer/dryer (though it is free in the building) and no deeded parking.
Nina Gaspich at Sudler Sotheby’s has the listing. See more pictures here.
Or you can see it in person at the Open House on Sunday, June 27, from 2 PM to 4 PM.
Unit #2E: 3 bedrooms, 2 baths, 1500 square feet
- Sold in June 2004 for $198,000
- Originally listed in March 2010 for $295,000
- Reduced
- Currently listed for $285,900
- Asssessments of $400 a month (includes heat)
- Taxes of $2848
- No central air
- No in-unit washer/dryer
- No parking
- Bedroom #1: 15×11
- Bedroom #2: 15×11
- Bedroom #3: 8×17
ummmm…..
LOL
no AC
no parking
no w/d
no vent for your stove
no top floor
yet its still almost 300k?
beautiful place besides those pretty major flaws… funny stuff
Looks like the priced in the Obama appreciation…
maybe this lady will scoop it up
http://www.youtube.com/watch?v=P36x8rTb3jI
This is a pretty laughable price–and I *love* Hyde Park. Location is not good–right across the street from a very, very busy little strip shopping center plaza. Parking would be murder around there without a space. And you can get a LOT more for that price in Hyde Park–meaning a place in much better condition. Even that 2004 price looks very inflated to me. Honestly, this place should not even be in the 200’s.
The price is beyond laughable. I live a few blocks away on a nicer street in a completely rehabbed building and the unit opposite sold at foreclosure for $204,000 last December. This is after it had sold for $270,000 in 2006 and $235,000 in 2004.
This is right next door, top floor, WITH parking, and closed for 292; and that was back when the market was bad, but not as bad as now:
http://www.redfin.com/IL/Chicago/1213-E-53rd-St-60615/unit-3W/home/13948290
Admittedly, didn’t have the updated bath
1213 also had in-unit W/D, and a slightly nicer kitchen.
That said, I think Kenworthey is still selling this one short @
cut off…
less than $200k. I’d say this should be around 230-240 or so. HP is still definitely overvalued – it never went up as much during the bubble, and as such hasn’t declined as much. Declining values still likely for a while in HP, if I had to wager — my unscientific sense has registered declines in values are just being limited by very low volume recently in HP. Gary, what do your #’s say about the hood?
not saying it’s a comp, but http://www.zillow.com/homedetails/5749-S-Harper-Ave-Chicago-IL-60637/3990817_zpid/
has been on the market forever. Single family home, with yard (admittedly on the Metra), beautiful vintage details still intact. They are asking $500K, and I suspect would take more in the order of $450. There’s just beautiful housing stock in Hyde Park, and it is only finally hitting reality.
Taxes are CHEAP on the Southside for all that space!
How exactly does that prove HP is still overvalued? If it didn’t bubble as much, it doesn’t have as far to drop.
“HP is still definitely overvalued – it never went up as much during the bubble, and as such hasn’t declined as much.”
You might be right, Roma–but most of what I see in HP are places that just sit and sit and sit. Like for over a year. Even places in much better locations than this listing. I really think most peope are still listing dream-prices–bolstered the occasional sale like the one you point out.
Then again, I’ve stopped paying attention with any seriousness, so I could be way off base.
Roma,
The only numbers I can consistently track at the neighborhood level are inventory levels and market times: http://lucidrealty.com/hyde_park_market.htm
Ignore the last 2 months of market times on that graph as the underlying data has serious problems. However, as you can even tell from the graphs the sales volume in Hyde Park for 2 – 3 bedroom condos is pretty light and months of supply can spike way up.
“How exactly does that prove HP is still overvalued? If it didn’t bubble as much, it doesn’t have as far to drop.”
Sorry, I was being overly brief here. It’s not overvalued BECAUSE it didn’t bubble. It won’t fall as much as other neighborhoods, simply because it didn’t rise as much, obviously. But even those declines have not really appeared, due to extremely low volume. At least that is my hypothesis.
I have the exact same sense as Kenworthey – places in HP sit and sit (sometimes well OVER a year!) Not sure how much of this is due to sellers and how much to realtors — especially Urban Search, which appears to take and price many listings with absolutely no concern for actually getting them sold. Maybe their clients want it that way???
Love that place on Harper. Now that’s a dwelling with soul.
Agree. Hyde Park is a rather weird RE market, not directly comparable to the north side nabes with similar demos, because it is so closely tied to the U of Chicago. Very few people buy in HP just because they think it is a “cool” place to live. It’s a relatively narrow market, which probably explains both the lack of massive bubbling and the long on-market times for properties.
SFH and townhomes bubbled a lot in Hyde Park between 2000 and 2006 or so…Lots of shadow inventory (listings that were rented out), and properties that sit and sit for 2+ years. Some activity this spring, but appears to have died off again.
I don’t live in Hyde Park, but I had friends move out because the neighborhood got more dangerous and scary. Most people do not want to buy in Hyde Park, just rent.
No kitchen cabinets to speak of, either. Kitchen needs serious updating.
Aside from that, it is a beautiful apartment.
Shame Hyde Park is so isolated and so dangerous, because it’s one of the most visually appealing neighborhoods in the city. But because of its location and isolation, and its crime rates, it will be a long time for this neighborhood to become a really desirable place to live. The area surrounding it would have to improve, too, and I don’t see that happening anytime soon.
Regarding crime and danger in Hyde Park. I have had considerable ties there and my wife still works there. I went looking for actual data. It’s not easy – often too granular. However, I did find the 2008 CPD annual report to be rather interesting. I’m just quoting the data here. Lincoln Park has about twice the population as Hyde Park but it has about 4 times the reported crime. The big difference is in robbery and theft. I dunno. Maybe Rich people are more profitable targets? BTW, one murder in Hyde Park and none in Lincoln Park. Not sure that’s significant.
Hmmm. Should probably creatively display this data at some point.
Hyde Park proper is no more dangerous than Lincoln Park. Find it funny that Laura the uptown/rogers park cheerleader thinks HP is dangerous. Sure if you go west of Drexel it is like crossing over into Gaza, but for the most part Hyde Park is no different than other parts of the city.
Hyde Park’s problem is that it is isolated and surrounded by bad neighborhoods. Beautiful streets and apartments. The amenities could be better, but I suspect businesses are redlining HP out of ignorance of the area more than anything.
Laura – the reason there are not many “kitchen” cabinets is that, if you look really closely at the pic, there is a built-in hutch right off the kitchen that can accommodate cookware and dishes.
Not every family needs a whole row of 42″ cabs; they may have storage space elsewhere (such as a pantry) or maybe they’re just not that “into” cooking.
No kidding – there are many downtown buildings with very small kitchens because the architects “know” that Gold Coasters and River Northers will probably either go out or order in for dinner most of the time anyway!
Leave the crime stats out of it, this would still not be a good started home in say…Bucktown or LP as it does not possess all of the required extras.
The buyers would have to do a lot of work to bring it up to date including replacing what appears to be the original windows…and that is just one thing noticable from the pics.
pass.