2 Years Later: Still Trying to Sell New Construction in West Town: 1357 N. Noble
This 3-bedroom duplex down new construction unit at 1357 N. Noble in West Town has been on the market since January 2008.
In that time, it has been reduced only once, by $26,000.
At 2400 square feet, the unit is larger than most single family homes in the same price range in the neighborhood.
It has hardwood floors throughout and all the new construction finishes such as stainless steel appliances and granite counter tops in the kitchen.
What will it take to finally sell this property?
Daniel Lipton at @Properties has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, 2400 square feet
- Originally listed in January 2008 for $475,000
- Reduced
- Currently listed for $449,000 (parking included)
- Assessments of $210 a month
- Taxes are listed at $1867
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×15 (main level)
- Bedroom #2: 14×12 (lower level)
- Bedroom #3: 14×11 (lower level)
- Family room: 20×16 (lower level)
Very interesting architecture. Maybe a little to interesting for me. Is the reason it can’t sell because the hood is sketchy? I’m not familiar enough with West Town to judge whether this place can command its price.
Living like a Kennedy once had an allure. On the Kennedy, not so much.
350k gets it’s done. This chat board Is constantly talking about the lack of appeal of a duplex down, with the exception of families. Given that a family isn’t going to want two bedrooms on the lower level even that market is limited.
Nice finishes, wrong hood, wrong layout.
Duplex down = down the drain
I always thought making it in life was moving out of your parents basement into your own place. I really dont get the phenom of the duplex down.
no matter what clothes, lambo, or plastic surgery clio has he is still clio. no matter what finishes and extras you slap on a duplex down, you are still living in a basement.
ps. sorry clio for using you in my analogy but consider it your welcome back gift.
The basement bedrooms are like dungeons and its a wee tad bit to close to the Kennedy. The price is astronomical given the flaws. Units like this would never have been buikt but for the bubble.
What is the thinking of the seller? One price reduction in two years? I would imagine after 1 year the agent would lose interest in showing the place.
As for the proximity to the Kennedy, it is a plus if you have unobstructed views of downtown. You are all but guaranteed they will last a long time.
“You are all but guaranteed they will last a long time.”
Yes, but will you?
so what are the Agent Remark that you must ‘SEE’, with all CAPS….
“$5000 buyer credit and SEE Agent Remarks. .. bring your offer”
“ps. sorry clio for using you in my analogy but consider it your welcome back gift”
no worries, groove – im having problems w/Riz right now on another thread…..
C’mon clio, you can settle that carro a carro.
Groove – I’d say for the right price in the right hood I’d be fine with it. Provided, of course, it has decent windows and gets *some* light. The real issue is pricing. One should not pay the same for a duplex as they pay for a duplex down and that is where we got out of whack in the bubble.
this by the way is no the right price nor the right location.
“I’m not familiar enough with West Town to judge whether this place can command its price.”
here are some random “G style” census stats to help mike hg;
2009 pop: 86,354
2000 pop: 87,435
% change: 1.24%
2009 white: 47,923
2000 White: 34,445
white change: 13,478
2009 Black: 7,921
2000 Black: 7,979
Black change: -58
2009 Hispanic: 26,072
2000 Hispanic: 40,966
Hispanic change: -14,894
to me all those numbers really say is soon you will see more potbelly’s spring up over there. so just order the wreck and a shake then call it a day
I’d rather smell and eat at the mom and pop black and mexican restaurants than see another starbucks, potbellys, or panera bread. If I want that I’ll cruise down Lagrange ave in orland park and see one on every other corner. And it looks like any previous homeowners that moved out of the hood in the mid 2000’s made out like a bandit when they sold their home becuase it seems like every house we see in west town is taking a hit.
You mean I can have all this polution and noise and live by an abandonded church for only $449K!
“And it looks like any previous homeowners that moved out of the hood in the mid 2000’s made out like a bandit when they sold their home”
The stories I could tell…
“You mean I can have all this polution and noise and live by an abandonded church for only $449K!”
but wait there is more! for only 449k you get to live in a basement.
and oh thats not all, if call in the next thirty minute we will throw in not just one but TWO whole bedrooms with small windows that need the shades down all the time.
all this for the low price 449k
Hahahaha this rehabber/developer thought a shift to white people would push valuations through the roof. LOL nopes not gonna happen. Those white people pushing valuations sky high during the bubble were using the same crazy financing as everyone else & the jig is up.
Isn’t it 3 years if it’s been on the market since Jan 08?
“You mean I can have all this polution and noise and live by an abandonded church for only $449K!”
no… 444k!
its a deal now!
Maybe I am crazy but the unit seems really nice to me. I have seen a lot of duplex downs and this one is one of the nicest. I don’t know about the neighborhood, but I could definitely see a family living here. Don’t discount the sanity that two different levels brings (especially in a larger household!!).
Since when is St. Stanislaus Kostka abandoned?
Someone should tell the parishoners, because they’re planning to build a new sanctuary.
haywood on January 5th, 2011 at 9:54 am
You mean I can have all this polution and noise and live by an abandonded church for only $449K!
oh a sanctuary, that always brings about the kind of people I want walking around my neighborhood while my children play outside
oh my
http://www.chicagorealestatedaily.com/article/20110105/CRED03/110109951/mental-health-non-profit-wants-to-buy-mesirow-condos#axzz1ABCV9O38
“so what are the Agent Remark that you must ‘SEE’, with all CAPS….”
The $1000 agent bonus must be it.
A sanctuary is a church. Every Catholic church has a sanctuary. Do you have something against churchgoers?
sanc·tu·ar·y? ?/?sæ?kt?u??ri/ Show Spelled
[sangk-choo-er-ee] Show IPA
–noun, plural -ar·ies.
1. a sacred or holy place.
2. Judaism .
a. the Biblical tabernacle or the Temple in Jerusalem.
b. the holy of holies of these places of worship.
3. an especially holy place in a temple or church.
4. the part of a church around the altar; the chancel.
5. a church or other sacred place where fugitives were formerly entitled to immunity from arrest.
Sonies on January 5th, 2011 at 10:38 am
oh a sanctuary, that always brings about the kind of people I want walking around my neighborhood while my children play outside
A sanctuary is a church. Every Catholic church has a sanctuary. Do you have something against churchgoers?
sanc·tu·ar·y? ?/?sæ?kt?u??ri/ Show Spelled
[sangk-choo-er-ee] Show IPA
–noun, plural -ar·ies.
1. a sacred or holy place.
2. Judaism .
a. the Biblical tabernacle or the Temple in Jerusalem.
b. the holy of holies of these places of worship.
3. an especially holy place in a temple or church.
4. the part of a church around the altar; the chancel.
5. a church or other sacred place where fugitives were formerly entitled to immunity from arrest.
Sonies on January 5th, 2011 at 10:38 am
oh a sanctuary, that always brings about the kind of people I want walking around my neighborhood while my children play outside
The abandoned church referred to is also on Noble, but further south, at Chestnut.
Joe, I wonder if that would be on the disclosure form? I doubly wonder if Lisa or the z-deuce find that question actionable?
Do you mean St. Boniface, soon to be redeveloped into senior housing?
http://www.suntimes.com/business/2953868-452/church-boniface-mchugh-chicago-inc.html
anon (tfo) on January 5th, 2011 at 10:54 am
The abandoned church referred to is also on Noble, but further south, at Chestnut.
ok a am a bit hurt guys.
i work hard on giving you guys some G style stats and get no props for it. where is my ball?
“i work hard on giving you guys some G style stats and get no props for it. where is my ball?”
It went home w/o you.
““i work hard on giving you guys some G style stats and get no props for it. where is my ball?”
It went home w/o you.”
i lob them you hit them out of the park 🙂
I love the area…it is just outside of wicker park and close to just close enough the highway to avoid all traffic. you have the jewel, blue line and some other spots all within 1/2 mile. there is that park in the center with the fieldhouse and they have art shows, etc there. there is also a gated dog park just down the street. as for the unit, i saw it a few weeks back. the first floor is nice and shows well. the duplex down part is a little odd with the layout and the bathroom has some awful tile. i agree with the other poster that if this were a duplex up and some tweaks to the floor plan, it would be a great buy. garage parking, low assesments and low taxes make it attractive, but probably for at least $20k less.
why is duplex down bad? besides “I don’t like them”
“why is duplex down bad? besides “I don’t like them””
Why are garden apartments “bad”? Why are basements not traditional living spaces?
Three non-rhetorical responses:
1. Lack of light.
2. Possibility of water infiltration.
3. Current appraisal standards discount the value of below-grade space in many (most? all?) cases.
1. Lack of light.
> I see windows.
2. Possibility of water infiltration.
> True of any housing type.
3. Current appraisal standards discount the value of below-grade space in many (most? all?) cases.
> When was the last appraisal you had done on a garden or duplex down? I would like to see it.
“1. Lack of light.
> I see windows.”
when you lived in your parents basement it had windows also, how much light did it really get? the window are 6 inches above ground level and most light can easily be blocked a hosta plant.
“2. Possibility of water infiltration.
> True of any housing type.”
yes but most homes dont have their MAIN BEDROOMS there so it only damages stuff in storage and the W/D.
“> When was the last appraisal you had done on a garden or duplex down? I would like to see it.”
there has been debate on which lenders actually lend duplex downs now. has anyone hard proof of it…you can google that for yourself.
“1. Lack of light.
> I see windows.”
And I see dead people. Windows =/= light.
“2. Possibility of water infiltration.
> True of any housing type.”
Fine. Possibility of water infiltration in 50% or more of your living space. And I mean ground water seepage, overland flooding and sewer backup, none of which are possible in a 3rd floor duplex up.
“3. Current appraisal standards discount the value of below-grade space in many (most? all?) cases.
> When was the last appraisal you had done on a garden or duplex down? I would like to see it.”
Just what I’ve heard. Do you have *any* evidence to the contrary? Like a recent appraisal that *doesn’t* discount compared to similar, but all above-grade comps.
Duplex Up has much different water infiltration issues. Like: roof leaks, frozen gutters leading to leaking water, and water coming in directly through the building materials such as brick or block.
In terms of appraisal value, I do have proof: I have taken out one loan on my duplex down from Chase and then a new refi from a different lender 2 years later to get an even lower APR. Both said nothing about the duplex down fact. I am happy to email my bank appraisals if you wish.
I manage my condo building so I see ALL of the issue that happen in ALL units. Duplex downs, duplex ups, and simplexs. I now know more than I ever care to about building issues. There is absolutely no unit or house that is 100% safe from issues. It’s just different issues.
“I have taken out one loan on my duplex down from Chase and then a new refi from a different lender 2 years later”
So, one of those certainly isn’t from the last 12 months. Is the latter one from 2010? If not, it’s outside the timeframe in which I’ve heard about the issue.
Also, were any of the comps used not *other* duplex downs? It only matters when comparing apples to oranges.
I got the refi in December of 2010. I got the original loan in Jan 2009.
Why would they not use a comp of another duplex down? Almost every building in West Town/Wicker Park/Bucktown has a duplex down unit to use as a potential comp.
Not a big fan of the neighborhood north of Division and east of Ashland, and Division/Ashland/Milwaukee intersection has to be one of the most disgusting, Third World, pigeon-dung infested, homeless drifter infested, intersections in the city. Pulaski Park has an outdoor pool, but it’s not GZ types, it’s mostly local Hispanic kids and the kids from the projects just south of Division.
> Division/Ashland/Milwaukee intersection has to be one of the most disgusting, Third World, pigeon-dung infested, homeless drifter infested, intersections in the city
How many times do we have the same discussion on this blog?
I’m out.
“Why would they not use a comp of another duplex down? Almost every building in West Town/Wicker Park/Bucktown has a duplex down unit to use as a potential comp.”
They have to sell for there to be a comp, no?
And, I was trying to give you reasons why people are down on DDs, other than “I don’t like it”, not start an argument with you about it–you’re obviously closer to the reality of it than I am.
“I manage my condo building so I see ALL of the issue that happen in ALL units. Duplex downs, duplex ups, and simplexs. I now know more than I ever care to about building issues. There is absolutely no unit or house that is 100% safe from issues. It’s just different issues.”
“I was trying to give you reasons why people are down on DDs, other than “I don’t like it”, not start an argument with you about it–you’re obviously closer to the reality of it than I am.”
Is there any question that the market as a whole values space in a duplex down less than comparable space that is not duplexed down? For some people, duplex downs obviously make sense, presumably because they value the extra space at lower cost. Maybe some people even prefer living in a duplex down period (in which case they’re lucky to value something highly that other people do not).
anon (tfo)… I am just trying to educate here, not be defensive. I think duplex downs, when purchased smartly, can be a good value. But, the issues with one are not the issue with all. Just like any house.
“I am just trying to educate here, not be defensive.”
Nor was I, just throwing out things I’ve seen mentioned here and elsewhere. My personal objection is an unworkable, in virtually all cases, bedroom arrangement for *me*.
“I think duplex downs, when purchased smartly, can be a good value. But, the issues with one are not the issue with all. Just like any house.”
Sure, but you have to be smart–which includes (a) being certain about the drainage situation (which is easier to discern than possibly defective roof/walls leading to future leakage) and (b) not overpaying–and not mind the layout/light/etc “issues”. But, of course, they are a good value *because* many people are in the “don’t like ’em” or “can’t deal with the ‘issues'” camp, so there’s somewhat less demand.
When I think of living in a basement I think of of Bohemian jokes. And the Hillbillys my father rented the basement apartment in his 2-flat to.
I visit Crib Chatter a lot but I have never left a comment. I often leave the site disgusted because of people denigrating where I live -and I really think that they have no clue what my house and neighborhood is really like. I live in a duplex-down (oh, the horror!)and really, I like it. A lot. I know many families that live in them and we all like them. I belong to NPN, which is a big Chicago parenting site, and there was a big thread about duplex-downs – and the general consensus was that we ALL like our DD’s.
I have not had a problem with water seepage in my DD. In fact, the main issue I have had with seepage was from the roof. The duplex-up got the worst of that.
As for light we get lots of it in our family room. It doesn’t feel like a basement. That’s because it’s not below grade – it’s 1/2 below grade. A basement feels like a dungeon – but no duplex down I have been in feels that way. The bedrooms do lack light; I will give you that. But guess what, my little kids could care less about light.
There is no way I would live in a townhome with kids (too many stairs) or a duplex-up with kids (groceries, plus kids, plus stroller up the stairs = hell to me).
Thanks for listening to the perspective of someone who actually live in a duplex-down.