2/1 in Lakeview Returns To Try Again 2 Years Later (Reduced $50K): 1250 W. Waveland
We last chattered about this 2-bedroom vintage unit at 1250 W. Waveland in Lakeview about 2 years ago.
See our February 2010 chatter here.
At that time, the unit was listed at $319,000, which was just $1,000 under the 2008 purchase price.
Not surprisingly, most of you thought it was priced too high and should have been listed around $280-$290k.
It never sold and was withdrawn.
But, with the spring market apparently picking up steam, it has come back on the market but is now listed at $269,000.
If you recall, it is located within a short stroll of both the shops and restaurants of Southport and Wrigleyville.
Most of the original woodwork is still intact, including a built-in hutch in the dining room and a pier mirror in the foyer.
The kitchen has been updated with maple cabinets, granite counter tops and black appliances. It also has natural stone flooring. The bathroom has marble floors.
While the unit has central air and in-unit washer/dryer, it doesn’t have parking.
Is this now priced to sell for the location and amenities?
Susan Kanter at Dream Town now has the listing. See the pictures here.
Unit #2: 2 bedrooms, 1 bath, no square feet listed but it was 1150 square feet in the old listing, dining room
- Sold in October 2004 for $305,000
- Sold in January 2008 for $320,000
- Was listed in February 2010 for $319,000
- Withdrawn
- Recently re-listed at $269,000
- Assessments of $205 a month (were $174 a month)
- Taxes of $4317 (were $4362 in the 2010 listing)
- Central Air
- In-unit Washer/Dryer
- No parking
- Bedroom #1: 13×12
- Bedroom #2: 12×9
It should go a little lower, perhaps to $250K. Beautiful unit, but only one bath. It’s hard to see where you could add another bath and that is a big minus for most couples. This is a place for a single person.
In addition, the second bedroom is much too small and there is no parking. Street parking is very tight in that area.
The taxes are horrible, though the assessment is not bad.
It’s interesting to see how 2 more years of falling prices have finally knocked some reality into some sellers (about pricing.)
But I am continually stunned by the wealth destruction in the housing market.
Sabrina, what stunned me is the runup in prices to begin with. I was completely staggered by the fantastic appreciation that occurred between 1998 and 2006, because I saw no reason for it. and I was completely dismayed and disgusted because I was just getting to the point of being able to easily afford the 2 bed 1 bath I wanted, just to see the prices spiral out of affordability, and reality. The incomes needed to pay these rapidly inflating prices did not rise at all. In fact, incomes for 90% of the population dropped about 1%.
What made a 2 bed 1 bath in Lakeview that sold for maybe $180K suddenly worth $300K or more? Or a house in St. Louis County that sold for maybe $250K worth $485K? Or a Rogers Park 4 room 1 bed with an old kitchen that sold for $45K in 1997, and $30K in 1992, suddenly worth $135K?
And how were all these people suddenly able to afford to double the size of their houses and go on great European vacations and buy new $40K cars, when they didn’t make any more money than I do?
When we all realized what made the Great Rampage possible, we were all just stupified. My stars, all those IO and 80/20 and ARMs, what the hell were people thinking? Who could believe that anybody would lend so much money to so many people so far over their heads? People will be talking about the Great Rampage 1000 years from now.
We’re going to be paying for the insanity of the 00s for a long, long time.
Is paint the trim white – the unit looks too country with the light wood trim
@ Lunker. The one thing i would definitely NOT do is paint the trim.
I like the wood trim. Painting it would make detract from the vintage charm, make it look generic.
Consdiering you can find a decent number of simular apartments for 200K or less across Lakeview / wriglyville / north center / lincoln square I am thinking overpriced
Painting it white would make it look much more modern. Not a fan of how this place looks due to the trim.
I’ve flipped a few of these vintage condos and always paint the trim white
Lunker: Paint the trim? I oughta take you out back and shoot you, and then toss your body in the middle of the deepest part of lake michigan. that’s an unforgivable sin.
Mortal sins aside, these 2/1’s have gotten slammed, the most in my opinion, and this belongs in the high 100’s, because it’s really just a nice apartment rental that was negligently converted to condos during the great rampage. YOu can pick up 2/1’s in the 5 digits outside of the green zone, so I’m giving the location some credit by making it double or triple the price compared to non-gz properties.
” and always paint the trim white”
I hate that. I bought a heat gun to strip the damn paint off my trim. I always thought it was some bad 70’s fad to paint trim. I love the look of wood.
What architectural style is this building? I see these places all over the city but have no idea what category they fall into.
I agree about not painting the wood trim (and shooting Lunker) unless there is damage and it needs to be replaced. Then you should still limited it to a room if possible.
CK, I would do that expect my doors and frames are painted white too.
HD, was it converting them to condos in the first place or converting them to overpriced condos that lead to their downfall?
I remember my brother-in-law stripping all the painted trim in his Rogers Park apartment in the 1980s. It turned out beautiful, reminds me of the trim this place, and I think his landlord didn’t raise his rent in the four years they lived there, but it was painstaking work. We agreed it was a bad 70s fad, hard to believe it could ever become trendy again.
“I hate that. I bought a heat gun to strip the damn paint off my trim. I always thought it was some bad 70?s fad to paint trim. I love the look of wood.”
BTW, Naked Capitalism has a piece titled “The Coming Housing Finance Train Wreck”. Yves points out that (1) private securitization market is dead (and is unlikely to revive since regulatory reforms are weak); (2) GSEs are required to shrink their balance sheets over time while in conservatorship; and, (3) Republicans will likely try to rein in FHA lending. These will make housing financing hard to come by. Doesn’t bode well for housing prices.
http://www.nakedcapitalism.com/2012/04/the-coming-housing-finance-train-wreck.html
Definitely overpriced and I see no reason why someone would buy a 2/1 in the first place, especially in this location with no parking. Maybe if it goes below 200K it will get an offer. These should be rentals.
Early 20th century building with late arts and craft style trim most likely in oak. This was not meant to be painted. Earlier Victorian grander homes may have used “better woods” to trim the formal floors and oak trim for the bedrooms/ beamed ceiling, etc. I f oak was used on the top floor/servents areas it was often painted as oak was not a “special wood” overall.
Good article, Julianna.
To all of these factors listed that will have a negative impact on house prices, you can add a few others that are more fundamental, such as A. A generation of young buyers lost because they are burdened with huge student loan balances; B. Shrinking incomes and job opportunities as jobs that paid medium incomes or better are offshored and replaced with low wage and/or part-time jobs; and C. the impact of rising fuel and food prices, that leave people with less money to spend on housing, and D. rising local taxes, which will accomplish the same thing.
What seems to be happening is the gradual impoverishment of the entire population as incomes shrink and people struggle to pay down debts left over from the past 20 years ( or 30 years, really) of financial insanity. During this period, incomes flatlined and even contracted when adjusted for inflation while personal debt increased enormously. A lot of this debt will never be repaid because the debtors will never have the incomes to pay and never did. This limits the amount of capital available to lend money, either to buy houses in Chicago, or start productive businesses that will provide jobs.
Don’t be fooled by the seemingly positive jobs data being reported now. Keep in mind that a 20 hour a week job is considered to be “full employment” and that all the people struggling in straight commission and “independent contractor” so-called “jobs” that people oftentimes don’t even get a paycheck for after a month’s work (if you don’t sell you don’t eat), are considered to be fully employed also. People with partial or ‘contract” employment and $40K or more in personal debt are not prospective house buyers, especially in a market where you have to verify your income and have no collections to get a loan.
I concur on paining the trim being a mortal sin : )
blah blah blah
yeah you’re right things are not looking better and are never looking better ever! real estate has to go to 0 before things turn around!
http://stateofworkingamerica.org/files//Jobs_recession-job-loss-comparison-SWA-live5.png
oh wait, facts and data say otherwise
Comp? Under contract in 30 days…
http://www.redfin.com/IL/Chicago/3846-N-Southport-Ave-60613/unit-2/home/13385471
I’m all for not painting the trim but I don’t really like the color of it in this unit. Stained a little darker would look so much better
Steve, thanks for posting this comp at 3846 N Southport.
It shows that if something is priced right, it will sell. The Southport unit is priced at $239K. That would suggest that $250K is top dollar for the unit featured here.
When we refinished the floors in the owners unit of our Lakeview 3-Flat (mid-80s) we tried to match them to the trim color. It was close to the trim color in this place, and though not an exact match, the golden brown looked better than the natural floors in this place, imo. I had a hard time convincing my husband – the floor guy tried to convince him natural was better. I like the trim color here, but think the floors should have been stained darker.
“I’m all for not painting the trim but I don’t really like the color of it in this unit. Stained a little darker would look so much better”
Painting the trim is not the same as staining the trim. So I agree that nice, high quality wood trim should never be painted, but you should definitely consider having it sanded and stained.
“the floor guy tried to convince him natural was better.”
That’s because floor guys aren’t going to make much more by doing the dark stain application. Our floor guy took the same position with me when we did our floors, and I was easily persuaded that (i) natural/ligther floors would make our place look bigger and (ii) thus the extra cost (which would have been nominal in the grand scheme) wouldn’t be worth it. Big mistake. Dark wood floors, with rare exception, just look richer, and provide a sharper contrast to the baseboard/walls/trim. Granted, a coat of polyurethane over the natural floor is likely more durable for little kids, but it just looks more “90’s condo” like and cheap than the dark floors one sees in stately old houses and buildings. Live and learn.
‘Dark wood floors, with rare exception, just look richer, and provide a sharper contrast to the baseboard/walls/trim.”
agreed. When I refinished my floors 4 years ago, I went to a darker stain from the mostly-natural oak. The sanding and stain brought out amazing details in that quartersawn planks.
and I see that place going for $215-$225 eventually. No parking in that area is a killer.
http://stateofworkingamerica.org/files//Jobs_recession-job-loss-comparison-SWA-live5.png
Look at this link again Sonies, but I want you to think about it so you have a chance at interpreting it right. There are still 4% less jobs than there were five years ago. There are still less jobs from peak than at any point during any other recession in that chart, both in percentage and absolute terms. Only the troughs of the 48 and 57 recession were lower than today’s employment drop from peak.
The cost of living for the middle class has gone up substantially in most other categories: healthcare, education, housing taxes/assessments.
As they were already living large on credit, this means any increase in other expenses must come at the expense of decreased consumption elsewhere.
That’s going to be in ability/willingness to pay for real estate. The purchase price is really the only negotiable expense regarding real estate. You’re not going to get your taxes dropped much and good luck telling your HOA you’re not going to pay.
The government has been working hard to try to turn the tide of confidence in hopes the momentum will build on itself, but it was a fool’s errand, their policy interventions were akin to taking advil for aids.
Oh yeah Sonies and it’s called Good Friday because it’s good thing the market is closed. March jobs created was below the most pessimistic of forecasts.
120k jobs/month isn’t going to get us out of this. We’d need 5x that amount. But keep whistling Dixie if it makes you feel better. And try not to watch the ticker tape Monday if you’re long.
http://1.bp.blogspot.com/-95b2uGl5Mi0/T37yVzzRHDI/AAAAAAAAMt0/Ge4w8MaPv5c/s1600/EmployRecAlignedMar2012.jpg
The problem with you interpreting the trend as rosy Sonies is that’s a very context specific way to look at it. Yeah things are a lot better
today than in 2009. But that’s like saying falling off a bridge is a lot better than falling off the grand canyon.
You should be happy Bob, the bloated public sector is shrinking while the private sector is expanding, that’s why there aren’t as many jobs being created, the public sector is actually a drag on it since it is stil shrinking. 200k private sector jobs a month is very good for these times we are in today
And I hate to burst your bubble bob, but crappy Obama is going to get re-elected no matter what. Regardless of how shitty you “think” the economy is, and yes I am pretty pissed about it… I mean fuck, is Romney really the best our party can do? for fucks sakes 20 years ago he runs as a liberal, he’s a Mormon Massachusetts republican, may as well be Richard Simmons running for president.
“120k jobs/month isn’t going to get us out of this. We’d need 5x that amount. But keep whistling Dixie if it makes you feel better. And try not to watch the ticker tape Monday if you’re long.”
The unemployment rate for those with college educations is like 5%. The cities are NOT the problem (if you have a college degree.) Plenty of people looking to hire right now (all over the north side of Chicago- especially in the service industry at restaurants etc.) The problem is outside the urban centers. Jobs are sparse because manufacturing isn’t going to come back. And, frankly, most of those workers don’t have the skills to compete in the global marketplace. And that’s what the “economy” is now. It’s a global game.
Be competitive or die. Many of those in small town America can’t compete with the best in Mumbai, Hong Kong, Sydney, or London. This is the transition our economy is now making. It is similar to the one that happened after the Great Depression when people moved from farms to cities. In the 1920s, something like 40% of Americans made a living on a farm. It went down to 6% in the 1950s. It’s something like 2% now. Farming jobs aren’t coming back either. But it’s rough for many people while all of this adjustment is going on.
“Lunker: Paint the trim? I oughta take you out back and shoot you, and then toss your body in the middle of the deepest part of lake michigan. that’s an unforgivable sin.”
Lunker- I’m with you. I always want to paint the trim white too! It’s SO much nicer.
Actually, I live in a vintage rental which has both. Half the wood is painted and half isn’t. I just love the rooms with the painted windows. I can’t help it. It looks so much more cheery.
“And try not to watch the ticker tape Monday if you’re long.”
Well my do the opposite of whatever Bob says theory will be tested once again.
“You should be happy Bob, the bloated public sector is shrinking while the private sector is expanding, that’s why there aren’t as many jobs being created, the public sector is actually a drag on it since it is stil shrinking.”
I think I read somewhere that that March number includes only 1k public sector/govt job cuts. As much talk as there is about cutting spending & shrinking the public sector, it seems impossible to do.
“but crappy Obama is going to get re-elected no matter what. ”
I’m guessing 70% chance of that. 30% chance for Mitt if this hiring continues to stall and gas prices stay this high or even go higher.
Reagan was further behind Carter at this point in the election cycle in 1980 the journalists are saying.
“is Romney really the best our party can do?”
Don’t be so hard on yourselves. He is way better that Drill-baby-drill Palin and Ayatollah Santorum.
Also he is rich, white, male, has shifted his money overseas to evade taxes, doesn’t like or care about the poor. Heck he even doesn’t care about the family pet. It seems to me he is a perfect representer of the right wing mentality with the bonus that he is not a complete nut case. I think he has a fair shot except for the Mormon glitch in you people’s eyes.
“There were bright spots: Wages inched up and governments cut just 1,000 jobs, suggesting the drag from big public-sector cutbacks is easing.”
http://online.wsj.com/article/SB10001424052702303299604577327350639645794.html?mod=WSJ_hp_LEFTTopStories
The private sector jobs recovery is fizziling. Also I’d sooner have Romney, a self-made man in the private sector, over a community organizer who doesn’t seem to have a clue how to create jobs (or care).
If the entire ACA is thrown out I really must congratulate the community organizer, however. Had he actually paid attention in law school he might’ve suggested inserting a sever-ability clause into the act. Because it was missing, the entire act is now at risk 😀
I would find it hilarious the community organizer and his legions of liberal politicians lost this one over an issue of basic competence.
“If the entire ACA is thrown out I really must congratulate the community organizer, however. Had he actually paid attention in law school he might’ve suggested inserting a sever-ability clause into the act. Because it was missing, the entire act is now at risk.”
Well that’s one opinion. Here’s mine: (1) It’s not the administration’s lawyers who should have spent more time with the law; rather, it’s the accountants, consultants, etc., i.e., the folks who failed (so far) to devise workable logistics, implementation mechanisms, enforcement, etc.; (2) there’s no so-called severability clause because, without the mandate, it’s pointless; (3) the entire law will be upheld, but expect to see lengthy concurring opinions by at least Scalia, if not others; (4) expect to see further high profile battles throughout the federal courts over the implementation/enforcement of the law (e.g., someone fails to get insurance, is penalized via whatever ill-conceived tax-filing-based enforcement mechanism is ultimately deployed, and faces jailtime over it…).
“(3) the entire law will be upheld”
I disagree with this. 5-4 vote with Kennedy going against it. Which is why I’m not too worried about whether the community organizer gets another four years: I don’t see much difference in their policies and to those who say at least Mitt would pick better Supreme Court justices let us not forget Kennedy was a Reagan appointee (!). And let’s not forget what Georgie Jr tried to pull with his own court picks.
I have no confidence Mitt would pick a justice like Scalia. Nothing in his background indicates as much.
In addition to my taxes going up under the ACA, let’s not forget another thing thrust upon society: allowing 20-somethings to delay adulthood via another governmental milestone. Being able to stay on mommy or daddys insurance until they figure out what they want to be when they grow up is comical, and a lot like Europe.
Got news for you mid-20-somethings: you’re already grown up. It’s not society’s fault you missed that train. But I can envision the throngs of Obama-nites loving the fact they can backpack around Europe in their 20s under mommy & daddy’s insurance.
Mormonism is strange, makes me uncomfortable.
can we get back to talking about shitty condos instead of the political rantings ?
Sabrina Ive been posting here for years and I’ve never disagreed with you about anything, until today, and thank goodness, it’s something as trivial as painting trim.
IMO, the fix was in on Obamacare. It was all about taking care of special interests, very little to do with affordable health care. Forbes has an article on how “A Dose Of Socialism Could Save Our States – State Sponsored, Single Payer Healthcare Would Bring In Business & Jobs”. Oh, and I’ve started calling Obama “Bushbama” since I find that offends knee jerks on either side. I promised myself not to think about politics today in hopes of avoiding the shouting match around the family Easter gathering.
http://www.forbes.com/sites/rickungar/2012/04/06/a-dose-of-socialism-could-save-our-states-state-sponsored-single-payer-healthcare-would-bring-in-business-jobs/
” I promised myself not to think about politics today in hopes of avoiding the shouting match around the family Easter gathering.”
One thing I do not miss is the year long, 24/7, political nonsense up there. You Americans are such an argumentative and angry people.
I’m more tuned into Keen v Krugman these days, but since the topic of Giant Douche v Turd Sandwich will be more likely to come up, I need to be prepared to STFU instead of fanning flames.
“One thing I do not miss is the year long, 24/7, political nonsense up there. You Americans are such an argumentative and angry people.”
Also I’d sooner have Romney, a self-made man in the private sector, over a community organizer who doesn’t seem to have a clue how to create jobs (or care).
Romney has never created a job either. That’s not what private equity does. They try and spin it like he’s Steve Jobs or something when that is so far from the truth it’s laughable. But- you’re right- at least he’s worked in the private sector.
But honestly, Bob, if you think the President has anything to do with job creation- then the argument has to stop right here.
And once again sabrina, we agree.
“One thing I do not miss is the year long, 24/7, political nonsense up there.”
yeah and when I tell people I don’t watch the news, I don’t give a fuck about politics because both parties suck, they are like OMG YOU ASSHOLE YOU LIVE WITH YOUR HEAD IN THE SAND, then I hit the Real life Ignore button and all is well with the world
Im sure you do Sonies, “the average Roman does not care what the legions are doing in the foreign lands but cared about the pebble in their shoe.”
Vlajos: what if your comment was about black people, or muslims, or jews, rather than Mormans, would that make your commment OK?
Guys have you seen this? I thought it is interesting that the foreclosure process is slower here (I think HD had alluded to it):
http://articles.chicagotribune.com/2012-04-06/classified/chi-chicago-area-housing-market-is-fragile-20120406_1_twitter-mepodmolik-homes-and-short-sales-housing-market
No HD, it has nothing to do with my disdain for other, I just think politics is fucking stupid.
Like some people don’t like the NBA, I don’t like politics.
“then I hit the Real life Ignore button and all is well with the world?
Sonies, I think enlightenment comes when you realize you can hit that button for just about everything…
“ayatollah santorum”
Lol, at least that guy isn’t a hypocrite. Obama’s first job in community organizing in Chicago was funded by the Christian religion, and incredibly honest-in-spirit, but gullible Catholics. (google: DCPChicago)
Obama stands for run-of-mill disintegration that would turn back the clock on civilization, something that Santorum, and all people, should be intelligently against. Santorum is no Kalki or Christ, but at least on the side of the good guys, more than can be said for Obama.
Obama is a total scumbag:
http://www.breitbart.com/Big-Government/2012/04/04/The-Vetting-Obamas-War-on-Catholic-Church-Began-at-First-Job
OH the HUMANITY! My portfolio was down HALF A PERCENT! I’M DOOMED BOB DOOOOOOOMED!
relisted at $250k and is currently under contract.
Sold for $245.