2 Years Later And The Hot Tub With Wrigley Field Views Returns: 1131 W. Addison In Lakeview
We last chattered about this 3-bedroom top floor unit at 1131 W. Addison in Lakeview in October 2010.
It had been on and off the market for a year and finally sold in October of that year for $22,000 under the 2007 purchase price.
See our final chatter, after the unit sold, here.
I asked in the final chatter whether or not the buyers got a deal for the square footage (and the rooftop hot tub).
Clio said:
“Of course they did – again, it’s not all financial. I’m sure the buyer probably is ecstatic and excited about moving into this place – you can’t put a price on peace of mind and a sense of stability that comes when you finally make your decision and actually buy a place. Also, most buyers are unwilling to compromise – so even if there were cheaper alternatives out there, something about this place may have “spoken” to the buyer. Good for them for having the balls to go out and buy a place (instead of crying, whining and complaining about how everything is terrible in real estate and we are all going to lose money, etc. etc. like so many on this website like to preach).”
Mike HG said:
“I mean, if they like the place and all, then does the price really matter if they are going to stay for 10 plus years? I wouldn’t pay more than 500k for it, but if I was a Cubs fan than it might be a little different. They should try to get those property taxes reduced, they seem a tad high.”
Just a little over 2 years later, the unit has come back on the market (yes, the hot tub is still there).
If you recall, this duplex up has luxury finishes including Viking kitchen appliances, granite counter tops in the kitchen and baths and custom cabinets.
The master bathroom has a spa shower.
The building is all brick.
The unit has four exposures along with the private rooftop deck with the hot tub and Wrigley Field views.
Two of the bedrooms are on the main level with the third in the duplex up.
It has garage parking, central air and washer/dryer in the unit.
It’s currently listed $16,100 under the 2010 purchase price.
Here’s a quick look at the sales history:
- June 2007: $552,000
- October 2010: $530,000
- November 2012: currently listed at $513,900
Is it priced to sell quickly this time around?
Elizabeth Amidon at Dream Town has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, duplex up, 1 car parking, 1500 square feet
- Sold in June 2007 for $552,000
- Originally listed in October 2009 for $629,900
- Withdrawn
- Was listed in March 2010 for $609,000
- Reduced
- Was listed in May 2010 for $589,999
- Reduced
- Was listed in October 2010 for $579,999
- Sold in October 2010 for $530,000
- Currently listed for $513,900 (includes parking)
- Assessments still $176 a month
- Taxes now $8118 (they were $7605 in October 2010)
- Central Air
- Washer/Dryer in the unit
- Private roof deck with hot tub
- Bedroom #1: 14×13 (main floor)
- Bedroom #2: 10×10 (main floor)
- Bedroom #3: 22×13 (third floor)
Can you smell the Wrigley urine stench eminating from that rooftop picture?
There is way too much going on in the design and the finishes here, and it seems mishmashed and frankly kind of ugly. Layout also looks goofy and room sizes are small. Two years is too quick to be reselling, especially in this market. There was a time that there would have been bros lining up to buy this place but those days are probably gone. Listing at this price could probably get them a closing around $465k, but that might be too big of a drop for these sellers in just two years. They may end up having to drop the price under $500k to get showings. After commissions they’d be losing almost six figures.
This just shows that time horizon is critical in residential real estate. Why the hell would someone buy in late 2010 if there was any chance they’d be moving in the next two years? Especially after seeing the price drops the previous sellers had to do several times.
Who cares about losses now? With increased taxation on everything, might as well spend your money and enjoy life. I hope these people got a good two years out of this place. They should take solace that they won’t be taxed on any profits on the place and, if they set it up correctly, can deduct the loss from the sale of this place from their income (as tax rates for a person in this price range are sure to go up next year). All in all, they might lose some money – but not as much as they would have if Romney had won…..
“VIEWS of…..Wrigley Stadium”
Seriously?
What this place needs to sell is for a Cubs loving father who has a son or daughter fresh out of college to buy it and then rent it out to their son/daughter and their friends. I can’t imagine raising a family here with the stairs, busy Addison traffic, and party atmosphere neighborhood. The $500 increase in taxes in one year is also brutal. Keep voting for the Illinois D machine sheeple.
There doesn’t seem to be anywhere to eat in this house except the kitchen counter. Maybe there’s room for a table next to the counter, but you’ll be intruding on what living room space there is, which isn’t much,.
“The $500 increase in taxes in one year ”
That *should* be the increase in *3* years–in October 2010, the second half bill for ’09 wasn’t out yet, so that would be the ’08 taxes, and now we have known the ’11 taxes since August.
Wait – it looks like there’s a table in the front of the LR near the window. Still, it’s awkward to go through the living room with food, I think.
The broker should lose their license for the “Wrigley Stadium” reference. That’s one of the dumbest things I’ve ever seen in a listing.
Is that room at the top of the stairs the 3rd “bedroom”?
“The broker should lose their license for the “Wrigley Stadium” reference. That’s one of the dumbest things I’ve ever seen in a listing.”
Agreed. One of the few purposes of a Realtor is to sell potential buyers on the neighborhood. If you don’t know the name of the nearly 100 year old Major League ballpark down the street you have clearly demonstrated gross incompetence and have no business representing the property. If you are a transplant from Cleveland trying to sell tract houses in Oswego, I might let it slide, but you have no business representing properties in the city, let alone the north side, Lakeview or Wrigleyville.
Let me guess. Couple buys cool place and has many parties. Friends say what a great place they have. Husband gets drunk and brings back some bimbos for an after party on the roof while wife is out of town. Wife finds out and the cool party condo is back on the market.
I agree that it is best served as a rental for a few well off 20 somethings that aspire to continue their Big 10 college day experience for another few years. They can live here while getting established in their careers BEFORE settling down with a wife.
Which traded/released Cubs player bought this?
3 bedrooms??? I count 2. Is the bonus room a third? I thought a closet, a door, and a window was needed to call it a bedroom. I only see a window. Even if you were to build a closet and door, it still has the drawback of not having a bathroom on that level. But, in keeping with the Wrigley Field vibe, the “bro” renting this condo with his “buds” can just take a leak off the balcony.
“Sold in October 2010 for $530,000
Currently listed for $513,900 (includes parking)”
‘Who cares about losses now? With increased taxation on everything, might as well spend your money and enjoy life.”
BWAHAHA! I don’t know what’s funnier. The person who dropped over a half mill on this “baller pad” two years ago who thinks they’re getting out of knifecatching with nary a cut or clio who, true to his typical self, tries to deflect reality from what a dumbass financial decision the 2010 purchaser made in buying this W’ville baller dormitory.
I agree with those who noticed this place is small, cramped, and has tiny room sizes for a half-mil listing.
Geez, I didn’t even realize they’re counting the bonus room as a bedroom. What a joke.
When this condo went on the market in 2010, I made an offer on the unit Day 3 of listing at $629k, with knowledge they paid $552k. The owners had been relocated to Nebraska, and there was some form of subsidy from their employer on the table to sell the unit. The listing agent had this LONG list of what she called “upgrades”, such as “custom painting” and “restaining floors”. I argued these were personal preferences (atleast one of which I would change), so her advising her clients they could even ask to recoop this type of spend was absurb. My agent was advocating on my behalf, and had “market charts” which showed a 14% decrease in Lakeview for PH units during the 2007-2009 period (remember the market had already went down when they purchased at $552k, these units used to sell for $600’ish). Their agent had her own chart, showing the “median home sales price” had increased, which I laughed off.
However, I had 37 days to be out of my old place and purchase, close, and move into a new place. My offer was $529kk on a $629k list. I thought the offer was fair, but also a good deal for me as the buyer. The LA said the sellers refused to counter such a ridiculous offer and they would “wait it out” as their company paid a second mortgage for 12-months, so they were in no rush to sell (notice the sale went through exactly 12-months after listing). So I moved on, and purchased a similar unit from a builder who needed to unload a unit 3 blocks away for $485k, which had been listed at $575k (and purchased below what units 2-3 had sold for without garage and roof decks), so I’m happy.
In regards to the listing, it’s a total lie about 3 bedrooms, someone needs to call the LA on the lie. The upstairs area is about 10×20 with the stairwell taking up about 4×10 of the space, leaving what is essentially a “wide hallway” which has builtins along one wall for a pretty nice home office. There is no door in the space and no closet. Other “challenges” with the unit is a small master bedroom closet (not a walk-in) and the living room is setup in a way where there is really no room to have a large sofa and dining table, it’s an “either/or” kind of decision.
Good luck to the sellers, and THANK YOU to the prior sellers for not accepting my offer!