Old Town 2-Flat Sells For $140K Under 2007 Purchase Price: 343 W. Menomonee
We chattered about this 2-flat at 343 W. Menomonee in the heart of the Old Town Triangle several times in the last year.
See our September 2010 chatter here.
At least one of you argued this would sell in the $800,000s and others countered that would be way too low because the land itself was worth at least $800k.
Originally listed for over the 2007 purchase price at $1.293 million in January 2010, it was reduced several times and finally sold for $140,000 under the 2007 price at $915,000.
The property had two units consisting of the following:
- 2 bedrooms/2 baths duplex owners unit
- 3 bedrooms/3 baths first floor duplex down rental unit currently rented for $2400 a month
The owners unit has upgraded stainless steel appliances by Viking and granite counter tops. Each unit has its own washer/dryer.
There was no garage or parking but there was a backyard on a 25×100 lot.
The listing says it could be an easy deconversion to a single family home.
Phyllis Hall at Koenig & Strey still had the listing.
343 W. Menomonee: 5 bedrooms, 5 baths, 3600 square feet
- Sold in January 1997 for $425,000
- Sold in July 2007 for $1,055,000
- Was listed in January 2010 for $1,293,000
- Reduced
- Was listed in September 2010 for $1,050,000
- Sold in February 2011 for $915,000
- Taxes of $13,758
- Central Air
- 3-bedroom rental unit income of $2400 a month
- No parking- rental nearby
That’s not a haircut, that’s a buzzcut.
Bill – you broke the seal……
but now that you have – it may not be that much of a loss if you consider that the property could have been considered at least part investment and the loss can then be deducted from income tax. Also, if these owners bought again, they might have gotten an enven better deal on their new place.
What’s a $200K loss when you might get a tax deduction, right?
“others countered that would be way too low because the land itself was worth at least $800k.”
That’s not a fair paraphrase, at all.
900k for that 60’s/70’s facade rehab? At least it looks clean and tidy.
G its funny, but people are the same way about taking gains
oh, i have an 800k gain on BAC, I don’t want to take it and have those taxes to pay! (at 15% tax rates) now they only have a 100k, gain on their BAC stock… morons!