2-Bedroom “Maisonnette” in The Barry Going to Auction: 3100 N. Sherdian in Lakeview
We’ve chattered about this bank owned 2-bedroom unit in The Barry at 3100 N. Sheridan in Lakeview several times.
See our January 2011 chatter here.
It has been bank owned since June 2010.
The bank first listed it in September 2010 and has been lowering it since then but there still haven’t been any takers.
In January 2011, HD thought it would sell between $150,000-$160,000 (or just over the 1997 price.)
Gesco thought it would sell around $240k. Laura thought it would go for $236k.
As of March 2011, it had been listed $31,100 under the 2001 purchase price, at $204,900.
Then the bank apparently gave up and is now offering it for auction.
If you recall, the unit has dark hardwood floors throughout, french doors and some crown molding.
There is no in-unit washer/dryer, parking or central air (window units only.)
The listing says there is a new kitchen and bath and the pictures indicate that the stainless steel appliances are still in the kitchen along with granite counter tops.
Several years ago, when it originally came on the market, it was called a “maisonnette in Paris.”
What price will finally sell this property?
Coya Smith at Smith Partners & Associates still has the listing. See the pictures here.
Unit #1B: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 1995 for $114,500
- Sold in September 1997 for $131,000
- Sold in May 2001 for $236,000
- Sold in January 2003 for $245,000
- Sold in March 2006 for $309,000
- Sold in May 2006 for $325,000
- Sold in July 2007 for $336,500
- Lis pendens filed in August 2008
- Was listed in October 2008 for $389,000
- Lis pendens filed in August 2009
- Bank owned in June 2010
- Was listed in September 2010 for $296,900
- Reduced
- Was listed in January 2011 for $252,500
- Reduced
- Was listed in March 2011 for $204,900
- Now listed for auction
- Assessments of $691 a month (includes gas, heat, cable)
- Taxes of $3158
- No central air
- No in-unit washer/dryer
- No parking
- Bedroom #1: 15×11
- Bedroom #2: 15×9
I actually like the style of this place (dark wood floors, decent paint colors, decent kitchen reno), but I still think its tough to bite the bullet on those assessments. $150K.
Oh yeah, and I actually dont mind the fact that it is at the street level. If you’re going to be in a building without balconies, might as well be able to climb out of your window and onto the sidewalk.
The assessments wouldn’t be a hindrance if the place had central A/C, in unit W/D and parking, or even any two of the three. Without any of them it’s a tough sell regardless of assessments.
See the edgewater co-ops for under 50K. Tough, tough, tough sells.
I was going to say “What’s wrong with this place?” Until I saw the assessments.
James was contemplating making an offer at $185 back in September and was warned off by *everyone* who commented on that.
If he’s still interested, maybe go to the auction with a *hard* limit of $165k? Anyone have any guesses on starting bid and/or reserve?
this is a nice unit in a prime area but it really shows how important parking, A/C, low assessments are. how many beautiful, huge vintage condos in ELV are selling for $300-350k bc they dont have those things?
“I was going to say “What’s wrong with this place?” Until I saw the assessments.”
uhh – 690/month is nothing. Seriously, try figuring the expenses on a sfh – you will end up paying MUCH MUCH MUCH more than 690/month for even a small house on a small lot.
To Clio’s credit, back then he warned that it was not a deal even @185.
“James was contemplating making an offer at $185 back in September and was warned off by *everyone* who commented on that”
“back then he warned that it was not a deal even @185.”
Like I said, everyone.
“uhh – 690/month is nothing.”
For a comparable 2/2, it is a fortune.
1 bathroom
no parking
no ac
no in unit w/d
no deal
looks to be in ok shape and updated though, it will take a ballsy investor to scoop this up
hey, at least you can’t say he always has a NARshillistic personality disorder.
uhh – I disagree. Small single family homes on small lots give you the choice of doing your own lawncare, house painting, snow shoveling, etc and you can save the $8280 to pay for those “special assessment” type things that happen every 25 years, like windows and roofs, and still have LOTS of cushion in your “special assessment account”.
“uhh – 690/month is nothing. Seriously, try figuring the expenses on a sfh – you will end up paying MUCH MUCH MUCH more than 690/month for even a small house on a small lot.”
“uhh – I disagree. Small single family homes on small lots give you the choice of doing your own lawncare, house painting, snow shoveling, etc and you can save the $8280 to pay for those “special assessment” type things that happen every 25 years, like windows and roofs, and still have LOTS of cushion in your “special assessment account”.”
BUT–this bill includes heat/gas, water, some insurance and cable. Which, in a small SFH, could well be $3000. Just to be apples to apples.
Still a lot of cushion and no neighbors footsteps and loud parties keeping you up at night.
“BUT–this bill includes heat/gas, water, some insurance and cable. Which, in a small SFH, could well be $3000. Just to be apples to apples.”
i would gladly pay at least $200 a month to have to never ever worry about
1) Mowing a lawn
2) Raking leaves
3) Shoveling snow
4) Trash pickup day
5) Landscaping
What’s with the crumpled up piece of toilet paper or towelette or whatever that is on the sink counter in the bathroom?
Well considering that the definition of a maisonette is a dwelling on two floors, I’m not even going to start on the Paris aspect.
I think there is a buyer for this, but its a very specific buyer (no car, doesn’t do their own laundry, doesn’t entertain at home and plans on never having kids, and paying cash), which obviously is harder to find.
$3000 anon? That is a lot.
Neighbors here pay $30/week to get lawns mowed by Pedro’s service, raking & shoveling are sporadic and neighbor kids are willing to do it for cheap. Trash pickup is less than five minutes a week rolling your garbage out a few feet to the curb. And landscaping is low maintenance if you do it right.
“i would gladly pay at least $200 a month to have to never ever worry about
1) Mowing a lawn
2) Raking leaves
3) Shoveling snow
4) Trash pickup day
5) Landscaping”
“Still a lot of cushion and no neighbors footsteps and loud parties keeping you up at night.”
I’m not cut out for communal living, either, but I like the comparisons to be as close as possible.
“i would gladly pay at least $200 a month to have to never ever worry about
1) Mowing a lawn
2) Raking leaves
3) Shoveling snow
4) Trash pickup day
5) Landscaping”
3 of those (1, 2 and 5) you don’t have to worry about simply by virtue of the building you live in, right? And I can tell you for sure that I don’t even think about trash pickup day unless I have something large I want to disappear, and I still don’t “worry”.
Does the place have a W/D in the basement shared among the units or nothing at all. If it has one, I can see someone buying it. Otherwise, Honestly I cannot imagine anyone buying in a no laundry building, but given how many of them there are, it is the lack of imagination on my part apparently : )
And those assessments are high for a no amenity building. One could get a nice 2/2 in SL or even down town with doorman, gym, maybe even a pool and still pay as much heat/water/cable included.
“uhh – 690/month is nothing. Seriously, try figuring the expenses on a sfh – you will end up paying MUCH MUCH MUCH more than 690/month for even a small house on a small lot.”
yea, but you own a SFH. You can’t make any comparison between a SFH and a 2/1. None whatsoever.
Juliana hits the head on the nail with the one, (by the way thats my fave name ever)
But Clio no way will one spend that type of cash on upkeep on a chicago lot. Even this month, where i spend the most because of gardening stuff and includes all the flowers and plants, will i even get close to $690.
well ok i bought a new mower, but my old one was 8 years old and this one was so shinny 🙂
and all other maintenance is decided by me AND ME ONLY so i can pick and choose which project to handle as my budget allows.
now your likes and enjoyment factor causes you to pay others for the upkeep. which is ok because thats you and your life
but i enjoy getting my hands dirty so my costs are minimal compared to yours if our home were equal.
but you cant say the cost is better or worse across the board, its more a individual comfort thing.
Also, I would not want a window A/C unit on the first floor. Although there might be things you can do to make it secure, i dunno…
“rash pickup day unless I have something large I want to disappear, and I still don’t “worry”.”
doode just put anything back in the alley by the end of the day it will be gone on any day! i have found on saturday though it will be gone within one hour if its metal or has copper wiring.
“doode just put anything back in the alley by the end of the day it will be gone on any day!”
I just give it to the guy back there. Doesn’t everyone have an alley valet, or is that just in logan?
garbage chutes are a very underrated aspect of condo living
“$3000 anon? That is a lot.”
$125/mo for gas/heat, $800/year for water (yeah, for reals, if you don’t have a meter), $50/mo for cable, $100/yr for structure insurance = $3000. Some of that is low, some high, but $3k is totally possible.
“doode just put anything back in the alley by the end of the day it will be gone on any day!”
Never tried to get rid of broken cinder blocks/pavers or large-ish pieces of broken concrete or a broken couch, have you?
“garbage chutes are a very underrated aspect of condo living”
Yeah, the 50′ walk from my back door to the garbage can in the alley is a killer.
juliana, just because you broke it down by week doesn’t make it any better…
I said $200 a month to never ever have to even worry about any of that crap, let a lone spending precious time scheduling or getting someone to do it for me.
you said it only costs $30 a week, *(or about $125 a month)… for just mowing the lawn… and guess what, you still have to worry about paying extra for landscaping, snow shoveling, etc. as well as pedro mowing over your new garden hose, or hitting a rock and sending it at a window or your car and then there’s the other hassles I mentioned.
and if I need grass I can walk 2 blocks to a nearby park and be social with other adult people and kids instead of keeping my dumb kids locked up in the back yard between piano lessons
“Yeah, the 50? walk from my back door to the garbage can in the alley is a killer.”
I’m sure it is during the 10 months of the year its unbearable to go outside in Chicago…
“you said it only costs $30 a week, *(or about $125 a month)… for just mowing the lawn”
I agree, $30/week is too much for lawn mowing. Is that really what the services charge? And do most people get it done weekly? Seems more like and every-other thing.
Tho, remember, it’s *max* 7 months of mowing.
““garbage chutes are a very underrated aspect of condo living”
Yeah, the 50? walk from my back door to the garbage can in the alley is a killer.”
i am supprised sonies doesnt see the positive. he is married and should know the positives.
anytime you want to get out of “discussion” use the take out the garbage trick and with putting on the shoes, jacket, walking 50′ and chatting up the neighbor by the time you get back in she forgot the subject and your off the hook!
““garbage chutes are a very underrated aspect of condo living”
Yeah, the 50? walk from my back door to the garbage can in the alley is a killer.”
i am supprised sonies doesnt see the positive. he is married and should know the positives.
anytime you want to get out of “discussion” use the take out the garbage trick and with putting on the shoes, jacket, walking 50′ and chatting up the neighbor by the time you get back in she forgot the subject and your off the hook!
““garbage chutes are a very underrated aspect of condo living”
Yeah, the 50 walk from my back door to the garbage can in the alley is a killer.”
i am surprised sonies doesnt see the positive. he is married and should know the positives.
anytime you want to get out of “discussion” use the take out the garbage trick and with putting on the shoes, jacket, walking 50 and chatting up the neighbor by the time you get back in she forgot the subject and your off the hook!
“I’m sure it is during the 10 months of the year its unbearable to go outside in Chicago…”
Who are you and what did you do with the Sonies who used his balcony 9+ months a year?
It wasn’t fun the week after the blizzard, but that’s all that’s ever bothered me. It’s a job that can wait until the rain stops.
“Never tried to get rid of broken cinder blocks/pavers or large-ish pieces of broken concrete or a broken couch, have you?”
all you need is a radio flyer wagon a friend and find somebody doing a roof there should be a dumpster on the street somewhere 😉
I missed it the first two times Groove, so thanks for the trifecta.
Back to this place, specifically:
What do we think is FMV rental for this place (ignore any possible Ass’n limits on rentals)? Anyone think it’s an easy renter over ~$1750? Makes me feel like its’ “worth” something around that ’97 price, like HD predicted.
Juliana, I thought you lived in Naperville. I realize that you’re (understandably) a big proponent of the SFH, but as nice as Naperville is (and yes, it is nice), the housing options there are about as relavant to life in ELV (where this property is located) as the options are in one of Naperville’s usual competitors for the title of “best place in the nation to live” (which I believe Naperville has won in the past) and, for geographic purposes, that competitor – Fort Collins, CO – has essentially the same location, only without the mountains and 300 days of sunny, low-humidity weather.
“Who are you and what did you do with the Sonies who used his balcony 9+ months a year?
It wasn’t fun the week after the blizzard, but that’s all that’s ever bothered me. It’s a job that can wait until the rain stops.”
ha! glad you’re paying attention
The rain never seems to stop the last few months, brutal this year!
Have you been outside yet today, its like 25 degrees colder than it was this morning 🙁 just in time for the weekend
w/ anon – if its even possible, what would this place rent for?
I vaugely felt out $1800. Too high?
I am the most hard core vintage fanatic I know.
I looked at another unit in the Barry a few years ago.
The building is overpriced even though it has EVERYTHING a true vintage lover would want.
Maybe the association is wacked who knows.
Or maybe they just want to keep poor people out,
who can blame them?
I missed it the first two times Groove, so thanks for the trifecta.”
my bag, sorry got trigger happy trying to knock things out so i can split early want to take advantage of the balmy 50 degree weather we just got.
“all you need is a radio flyer wagon a friend and find somebody doing a roof there should be a dumpster on the street somewhere”
That qualifies as “worrying about it”. I get everything taken, but try to put as much as possible in the cans, while not making them too heavy, so sometimes I need to pay attention to what day is actually pickup day. And recycling sometimes need to go in a neighbors can.
Six months at $30/week. Zero for the other six months. Pedro is a professional, and I’ve never heard neighbors complain about damage. The other stuff, landscaping costs less than $100 for wood chips, nothing else unless you decide to put in annuals or something. We spend one day in the spring and fall for trimming trees and brush. Pedro will do it cheaply ($300) if you don’t have the time or strength. We take care of our own snow, and the snowblower was probably used less than ten times this year. If you can’t bear the thought of doing any manual labor, you set it up with the neighbor kid who will come by when it snows significantly. It seems your confirmation bias for the choice you’ve made makes you think home maintenance is much more than it actually is…
“you said it only costs $30 a week, *(or about $125 a month)… for just mowing the lawn… and guess what, you still have to worry about paying extra for landscaping, snow shoveling, etc. as well as pedro mowing over your new garden hose, or hitting a rock and sending it at a window or your car and then there’s the other hassles I mentioned.”
The lots are about 1/3 acre, and the service includes trimming and blowing, so that might be considered landscaping. Most people seem to have it done weekly, but I agree it could be every other week in the summer months.
“I agree, $30/week is too much for lawn mowing. Is that really what the services charge? And do most people get it done weekly? Seems more like and every-other thing.”
Sorry my bad, I did not realize you are talking yearly then I think it is too low : )
“Sorry my bad, I did not realize you are talking yearly then I think it is too low : )”
Oh, definitely more than that, overall, but I was *only* including things included in the $691/mo here that are not things (like mowing, general maintenance, etc) that one *could* do for themselves.
I have an English question for you native speakers:
“Maybe the association is wacked who knows.”
Shouldn’t the above say the association is wack. I thought wacked meant drunk and there is whacked as assassinated, right?
Wack is short for wacky, which is crazy.
And yes, whacked as in “I did the weed whacking today instead of paying someone else to do it.”
Taxes and assessments both look reasonable relative to other vintage buildings with similar characteristics and much less going for them in the way of location and building quality.
It looks like an extremely good deal to me. The only thing wrong with it is that it is at street level.
If it goes under $200K, it would indicate that we are in for another leg down in values.
Groove would say the association is wack, possibly preceded by wick, wick.
“Shouldn’t the above say the association is wack?”
Here’s a fun comp, and a much better unit/location. Enjoy the assessments, though:
http://www.redfin.com/IL/Chicago/3500-N-Lake-Shore-Dr-60657/unit-7A/home/39914811
There are far better vintage rental comps in ELV compared to the for sale ones. The subject property is pretty SOL and has nothing going for it.
then there could also be the interpretation of ‘whacking your weed’… Don’t want anyone accidenatlly asking our little miu for a ‘happy ending’.
Btw.. Miu.. Did they have lots of those split air conditioning units in Italy? The ones where the compressor is outside like a window unit but the inside unit is up to 10 meters away. Never saw them in the states, but see them everywhere else.
Maybe the young single first time or move up buyer is just plain tired of the vintage look. Sure I know that it has it’s strong supporters but I for one never liked the look. Have HGTV, Dwell, CB2 catalogs, and other modern style home publications started to make a dent into changing the desires of todays younger buyers. If so then will vintage units continue to struggle?
We chatted about this place last week. Not really a comp. It’s a co-op, probably twice the size of the Berry place, with over twice the carrying cost.
“Here’s a fun comp, and a much better unit/location. Enjoy the assessments, though:
http://www.redfin.com/IL/Chicago/3500-N-Lake-Shore-Dr-60657/unit-7A/home/39914811“
Ze, they have them quite often, don’t know if the cable is quite 10 meters away but yes it is perhaps the most common kind.
Does anyone selling a unit in Chicago take the time to see what rentals are priced at anymore? I live in a 5 year old, 30th floor, 2 bd. with a.c., W/D, cable (150 channels), large balcony, views of lake and city, indoor pool and large gym, and heated indoor deeded parking, all of which I am renting for 2200 a month. I was an owner almost my entire life until I moved to Chicago, and feel, that at least for the last 5 years, renting is by far a better deal in this city.
This unit, though clever in paint colors, would not even make a desirable rental for me.
Very interesting point Morgan. There was a 2/2 we were interested in buying with all the amenities you mentioned and fab. views which was for sale for 700K (a good 100K overpriced IMHO). They just pulled it off the market and apparently it is rented out for just over 3K. I just don’t get how the owner can keep doing this given the taxes, assessments and mortgage. I bet he is losing money on it. So the question is how long these properties will keep these prices or will the rents go up and prices come down so that there is a meaningful equilibrium?!
“So the question is how long these properties will keep these prices or will the rents go up and prices come down so that there is a meaningful equilibrium?!”
You can only bleed for so long (take a loss for so long.) But many people believe that “losing” X amount a month is better than “losing” $50k or $100k or $200k all at once.
Most of the people I’ve met who are renting out their properties really believe that in a year or two it will be “better” and they’ll be able to avoid the $50k- $200k loss then (so the losses they are taking right now- aren’t so bad relatively speaking.)
Although- I heard this same argument from people in 2008 and 2009- that they were waiting for it to get “better.” 2 or 3 years later (and having a renter in the property)- I am seeing some of those same properties coming on the market again this year to try again. Was the wait worth it? We’ll soon find out.
http://www.prea.org/research/reri/LossAversionandAnchoringinCommercialRealEstatePricing.pdf
Note the above is for commercial real estate (many had previously held that although loss aversion is obviously a huge factor for individuals in residential RE, it wouldn’t be a factor for biznazzmen)
“But many people believe that “losing” X amount a month is better than “losing” $50k or $100k or $200k all at once”
This is a very well-documented psychological effect.
“JPS on May 14th, 2011 at 9:38 am
We chatted about this place last week.”
Oh, lord. Blonde moment! Mea culpa.
“Have HGTV, Dwell, CB2 catalogs, and other modern style home publications ”
Those who bought during the boom and are underwater are probably a bit bitter at these hype publications. Those who never bought but were in a position to do so were never drawn in by the hype. These publications are media hype that have long outlived their popularity.
In 2009, we were looking for 1BR so I cannot talk about specific 2 or 3 BRs of the era, but I have seen few of the 1 BR places we looked at the time, appear on market for lower prices, say 30-40K less and still not selling often times. I would guess that larger more expensive units have even bigger price depreciation (in absolute terms at least if not percentage wise).
“Although- I heard this same argument from people in 2008 and 2009- that they were waiting for it to get “better.” 2 or 3 years later (and having a renter in the property)- I am seeing some of those same properties coming on the market again this year to try again. Was the wait worth it? We’ll soon find out.”
Morgan, just curious, where are you renting? Is it an apartment or condo building? Sounds like it is a pretty decent deal if its in a good neighborhood.
gcoa, many of the Museum Park’s older towers (not the 2 new ones), will fit Morgan’s description.
“many of the Museum Park’s older towers (not the 2 new ones), will fit Morgan’s description”
I thought Morgan ended up renting in Lakeshore East?
Morgan?
I admit I have a good deal, but the owner of the condo unit I am renting gave me a break because I am a single person living in a 2bd, and my income easily qualified me to buy the unit, even at what I still believe are inflated prices. I also admit that most units similar to mine are renting for 3000 or more a month, but my unit was listed for 2500 (at the time) and the owner came down during negotiations. The tower I am living in won an AIA 2004 award, and is not in the south loop, but I would rather not say exactly where I am renting since my landlord may read this site as well.
Thanks for the info Morgan. I don’t blame you for not wanting to say exactly where you are. 🙂
Sounds like a very good deal Morgan. Enjoy it : )
But if the comparable units rent at 3K then there is 800K difference which is pretty substantial amount of money. Also I assume your rental does not include parking.
A. “The tower I am living in won an AIA 2004 award”
B. “I don’t blame you for not wanting to say exactly where you are.”
I might be mistaken, but I think that A =/= B.
“I assume your rental does not include parking.”
@Miumiu, my rental DOES include one parking space and one starge locker space as well. The garage is heated and seperate from any public or visitors parking.
Then it is even a greater deal. Being a renter now, also means you don’t need to worry if you have to move either given how hard it is to sell.
3/2 on Buena right by the lake also going to auction:
http://www.redfin.com/IL/Chicago/703-W-Buena-Ave-60613/unit-2E/home/21822752