3 1/2 Years Later, The Lakeview Tuscan Villa Is Still Available: 2965 N. Sheridan
We’ve chattered about this 4-bedroom mediterranean style home nicknamed the “Tuscan Villa” at 2965 N. Sheridan in Lakeview since November 2007.
We last last chattered about it in October 2008, after a lis pendens had been filed on the property.
See our October 2008 chatter here.
The house has some unique features, including an interior atrium and a solarium.
Built on a 23×151 lot, all 4 bedrooms are on the second floor.
The kitchen has luxury appliances including Subzero and Bosch.
There is also central air and a 2-car garage.
Given the length of time on the market, you’d think the price would be lower than when we last chattered about it in 2008.
But in fact, the list is actually $70,000 more.
What will be the fate of this house?
Brent Rosenbower at Prudential Rubloff still has the listing. See the pictures here.
2965 N. Sheridan: 4 bedrooms, 4.5 baths, 4600 square feet, 2.5 car garage
- I couldn’t find an original sales price
- Listed in November 2007 for $2.8 million
- Reduced and re-listed
- Was listed in August 2008 for $2.28 million
- Lis Pendens filed in September 2008
- Was listed in October 2008 for $2.28 million
- Lis pendens foreclosure filed in July 2010
- Currently listed for $2.35 million
- Taxes of $9348
- Central Air
- Bedroom #1: 43×20 (second floor)
- Bedroom #2: 12×12 (second floor)
- Bedroom #3: 20×10 (second floor)
- Bedroom #4: 23×20 (second floor)
This is a row of poorly contructed town homes from the 50’s that should have been torn down long ago. On top of Sheridan and all the traffic noise: this home is trying to be a silk purse rather than a sows ear among plain barnyard neighbors. Someone spent money – the question is why? I would not even look at this property after seeing the outside. A price tag of 650K may get someone inside to see the “cheesy” almost ridiculous transformation.
It’s funny. Their financial walls are closing in on them so they’re going to show the world for not accepting their initial ask price and ponying up last year by raising the price! Brilliant! LOL!
Maybe if it was actually a villa in Tuscany it would be worth over $2MM. This thing is going back to the bank.
Fugly meets a home equity line of credit. What the hell were these people thinking with that renovation. I am embarassed for them.
First, it looks like a motel from the front. Second, the agent remarks say “motivated seller” – yeah. Third, I never understand why someone in foreclosure proceedings would have an overpriced house on the market but I see it all the time.
Gary: they can’t just give it away now! My neighborhood had a ridiculous asking price all the way to juducial sale. He even had a good offer that would have netted him a couple hundred k. But he turned it down bc he wanted more. The bottom dropped out a few months later and he got nothing instead.
“He even had a good offer that would have netted him a couple hundred k”
how long ago was this? I’m finding it hard to believe anyone was so greedy they walked away from a few hundred K…how much more did your neighbor expect?
This place really does have about the worst curb appeal imaginable for a residence listed for over $2 million. I’m guessing the fate of the house will be an REO sale for … maybe $1.2 mil if the square footage is close to accurate, or lower if it is not.
There is no point in living by the lake and paying a huge premium if you are not going to have lake views and direct access to the beach.
Why is this a huge premium Clio? There are dozens of houses on the Near North Side that are a block or two or three away from the lake that are this expensive. None of them have views or any kind of beach access (let alone “direct”- since that would only be about 20 homes in the city of Chicago.)
Two and a quarter million dollars gets you 50s hotel room, that is cheek-to-jowl (and asscheek-to-asscheek) with your neighbors.
Are the neighboring units also $1M plus properties?
anybody know a good cardiologist? i just saw the list price an i think i broke something
“Why is this a huge premium Clio? There are dozens of houses on the Near North Side that are a block or two or three away from the lake that are this expensive”
Sabrina, compare a 2.5 million dollar house in winnetka, kenilworth, wilmette, evanston, etc. to this one and you will see that you will get a lot MORE for your money up there. Also, you will have a more prestigious address, and better schools. It really is a no-brainer. I don’t think I would pay more than 750k for this place.
“anybody know a good cardiologist? i just saw the list price an i think i broke something”
don’t know if you need a cardiologist – but I know that Jack Kevorkian is a pretty good doctor – why don’t you call him?
my wife once toured one of these places as a rental and told me it was awesome on the inside, the nicest place she saw. and i was shocked because it looks like one of the motels on north lincoln that you rent by the hour. the only place i can think of to rival this in price/ugly combo is the palace in chinatown.
http://cribchatter.com/?p=7989
Wow,
I was walking around, with photos turned off my cell phone, wondering how bad can a 4,600 sq ft place be that everyone is pissing on it.
Holy shit this is horrendous.
“There is no point in living by the lake and paying a huge premium if you are not going to have lake views and direct access to the beach.”
Clio didn’t you pay a hug premium to buy at the palmolive, with no lakeview? Oh I forgot you have a great view of the Westin…. there must be a premium attached to that!
Total curb repellant, but the inside is fairly nice although dark due to the nature of a deep row house, I would have a hard time seeing something like this selling for over a million and a quarter but even if I had that kind of money I could think of about a few hundred houses that I’d rather live in
“anybody know a good cardiologist? i just saw the list price an i think i broke something”
great now i need a hand doctor as i just punched a wall when i saw the taxes are only 9k.
wait screw the docs i need a lawyer, would i have a better chance suing the seller or Sabrina? (no hard feelings Bri Bri, medical bills are expensive)
Clio- you can’t compare the city with the suburbs. It’s apples to oranges. People are clearly paying a premium to live in the city as prices have held up (so far) better than the suburbs- even along the north shore.
My question to you was- why is this a premium to any other Chicago house on the north side that is also around 4000 square feet, has a 2 car garage and subzero and is within a few blocks of the lake?
It’s not. Plenty of these houses everywhere with no beach access and no views. Yes- they do sell.
“Total curb repellant, but the inside is fairly nice ”
I would never leave home for fear of having to return and see the outside once again.
“Clio didn’t you pay a hug premium to buy at the palmolive, with no lakeview?”
Fair question – and true – but the big difference is that The Palmolive is a landmark building and one of the most prestigious places to own. Name recognition is what I was going after (yes, I am that superficial). Also, I only spend 5 nights/month there so the particular unit wasn’t that important to me – the neighborhood and neighbors/building was more important.
Why the f wouldn’t you buy this place instead (yes, I know that we already talked about it):
http://www.redfin.com/IL/Chicago/5965-N-Sheridan-Rd-60660/home/13412066
Icarus: The house went into foreclosure in 2007 with about $350k in mortgages (inherited home from parents and he took out quite a few helocs)….listed for $795k FSBO in 2007 during the foreclosure. His reasoning for the price? “We’re surrounded by million dollar homes.” His house was not one of these million dollar homes, it was a tear down. He was offered $595,000 for the lot value AND HE TURNED IT DOWN. I know this because he told me. Long story short, he lost it in foreclosure, and the same guy who offered $595,000 bought it at judicial sale for something like $400k; so there was a little extra the that the seller got after petitioning the court. The buyer held it for a year and tried to flip, unsuccessfully, for more money. It eventually sold for the same price at which he bought it a year later to a developer who put up a million dollar home. so basically, unrealistic sellers in foreclosure are quite common.
“Why the f wouldn’t you buy this place instead (yes, I know that we already talked about it):”
Well, probably because the 5965 home is a lot smaller and in a different neighborhood, bordering on Rogers Park. Not sure why anyone would pay an extra $1 mil simply for direct access to the beach …
The pricing seems unrealistic and it is hard to get past the unattractive exterior. Not sure what a good price would be, as this location limits a high price for a townhome. Room sizes are large but odd and there does not seem to be any money spent on design. The market for this unit at this price is very, very limited.
The same agent sold a similar unit at 2961 N Sheridan in 2008 for $2.1M. I have to imagine he is aware that values have gone down since then.
“so basically, unrealistic sellers in foreclosure are quite common.”
You use this one example to declare it quite common? If it’s quite common then that means it’s happening all over. I don’t think so.
Oh, yea, look under the “similar properties” tab in the listing to get an idea of the silliness of the pricing for this unit.
What a joke. I wouldn’t buy this place even if it were 300K. Yhe 151 bus passes you about 100 times a day, 10 feet from your front door.
are my eyes this bad or do the pictures blow?
anyway, definitely overpriced, but let’s be real here…you’d buy this for $300K in two seconds.
a lot to hate about it but a lot to like.
$1.495MM list gets it done. in about a week.
“are my eyes this bad or do the pictures blow?”
Pix are terrible. Recall a better set from before.
“you’d buy this for $300K in two seconds.”
Dan wouldn’t have a chance, as I’d name that tune in zero notes.
“$1.495MM list gets it done. in about a week.”
Yeah, prolly. Maybe even $1.75. Definitely need to list under $2mm to find a reasonable offer, imo.
I’d love that Rogers Park sheridan place for summer beach parties. I was wondering if that had sold yet. Think it was owned by Alexi’s brother? Is that in foreclosure?
The reason I wouldn’t pay $300K for this is my familiarity with the property, combined with some other things.
I took the 151/156/153 CTA bus to school down Sheridan Road every day for 10 years going to school back in the 80s. This was before these townhomes got redecorated on the outside. Back then, when you could still see them in their original form, the comparison with the motels on Lincoln Avenue was quite appropriate. So I know what they’re hiding under the fake “Tuscan” exterior trappings. Also, they’re squeezed very tightly together. You’d better hope for nice neighbors.
In addition, my point about the bus going by 10 feet (OK, maybe it’s 20 feet) from your door 100 times every day stands. The location is good only in the sense that this is a great neighborhood. You’d do much better with a vintage condo on Oakdale or Surf, which you could get for less than $500K and live on a tree-lined, relatively quiet street.
This place has 4,600 SF – fine. But 1/3 of that is in the basement. A basement is a fine thing to have, and I’m glad I have one. But it’s not equivalent to space above ground.
Very nice inside and great outdoor space, but it’s all 151, all the time.
“You’d do much better with a vintage condo on Oakdale or Surf, which you could get for less than $500K and live on a tree-lined, relatively quiet street.”
I wouldn’t live in it Dan, but at $300k, it’d be *huge* rental value. **HUGE**.
Just one more point:
I know someone who sold a 50’s era townhouse on Aldine east of Broadway, just a few blocks from this one, for around $600K in 2007 – before the real estate crash. The home was on a much better street, was far more attractive from the outside, and had some quirky original 1950s interior elements that I personally like but might turn off others. The point is, it had character (and also had a very pretty front yard with large, shady trees and room for a garden – neither of which the featured townhouse here has).
Although the townhouse on Aldine was probably only 2,500 SF, it was perfectly livable for a 2-child family (in fact, they raised their kids there all the way through high school with no problems), and had a large basement rec room.
So either the people I know who sold their place for $600K four years ago got taken for a ride, or the people asking over $2 million for this place are trying to take someone else for a ride. I think I know the answer.
I used one example from my personal experience, sort of like how a wall street journal article always starts out with one particular example and then goes on to describe a broader trend.
but seriously, there are a lot of unrealistic sellers everywhere, and it should be no surprise that sellers in foreclosure are also unrealistic too.
“#
Chris on April 28th, 2011 at 8:29 am
“so basically, unrealistic sellers in foreclosure are quite common.”
You use this one example to declare it quite common? If it’s quite common then that means it’s happening all over. I don’t think so.
“
“This place has 4,600 SF – fine. But 1/3 of that is in the basement. ”
Also, I’m pretty sure there is no basement (vaguely recall a floorplan previously). Assessor agrees with me. Listing sez *nothing* about basement or lower level.
“So either the people I know who sold their place for $600K four years ago got taken for a ride, or the people asking over $2 million for this place are trying to take someone else for a ride. I think I know the answer.”
Both? $600k, for a 2,500 sq ft TH on Aldine east of Broadway near the peak of the bubble, even if quirky and dated, would have been a steal. It would be a very good deal today.
Anonny:
Interesting. I thought at the time they got a good price, but maybe you’re right. It was pretty much in line with comparables in the neighborhood, and they’d paid less than $200K for it in the 1980s, so they more than tripled their investment.
The quirkiness factor might have been a turn-off to some, but I feel like I have a decent eye for style, and the quirkiness, to me, was genuinely charming.
“First, it looks like a motel from the front. ”
A hotel room that charges by the hour.
“Two and a quarter million dollars gets you 50s hotel room”
I wonder if there is a heart shaped bed that comes with this and the ability to make it jiggle for a bit if you put some quarters in the slot.
“Interesting. I thought at the time they got a good price, but maybe you’re right. It was pretty much in line with comparables in the neighborhood, and they’d paid less than $200K for it in the 1980s, so they more than tripled their investment. ”
The G unit sold for $620 in Aug-10. Updated kitchen and 1/2 bath.
Used to live around the corner from this hideous complex and always wondered why these units fetched so much. Figured it was because they were roomy and were townhouses, which seems to be the favorite form of housing on the north lakefront.
I’m with poster “ed”- the place should have been torn down a long time ago. Couldn’t possibly justify more than $600K for this, and the “upgrades” only made it uglier.
This place is disgusting. It’s not even te fact that it’s probably overpriced 300%, but even at a pricetag of 700k, who would want to buy this anyway? I never get it when people dump so much money into a house with such fugly curb appeal. I knew a kid in college who spent 35 grand upgrading a Honda civic – engine swap, rims, lamb doors, the whole tacky package. At the end of the day, it will never be a Benz. He took a bath when he sold it- this is the townhouse version of that concept.
Clio, I absolutely despise that ranch house on Sheridan close to Thorndale, that you linked to.
Nice house with nice (though bland)interior and wonderful beachfront, but gawd is it ugly. Moreover, I am just affronted by the sight of a ranch house in an urban neighborhood. It’s one of the ugliest types of common domestic architecture ever conceived.
Come on, who really thinks this wouldn’t sell immediately at list if it were listed under $1 million? You can’t be serious with all these $300ks and $700ks.
There are some drawbacks and the outside is ugly, and maybe this wouldn’t be your castle in Second Life, but it’s a ton of space with decent finishes in a pretty good location. Looks like a $1.8 million mortgage, and I’m not sure if the seller gets below that, but it’s a good deal at anywhere under the mid 1 million range.
Only the really great location makes this place worth even $700K, IMO.
If you’ll go a little way west, say to 1750 W. Surf, you can get THIS for less than $700K.
http://www.realtor.com/realestateandhomes-detail/1715-W-Surf-St_Chicago_IL_60657_M75046-44607
“If you’ll go a little way west, say to 1750 W. Surf, you can get THIS for less than $700K.”
2 miles is not “a little way” and that’s a condo. The 4 brs are on three different floors. And the footprint of it is such that the 3033 SF almost certainly counts either the garage or the roof decks.
I need your help- who is the bigger Jackass on this deal, the broker or the owner?? My answer is both!
Anon,
You’re completely correct. Going to 1750 west is not “a little way west.” It’s an entirely different area, and a long haul from Lincoln Park and Lake Michigan, which are the two biggest benefits of buying the crummy townhouse on Sheridan Road. (There are no other benefits I can see, especially for over $2 mln).
I know some realtors have tried to label west of Ashland “West Lincoln Park.” Doesn’t work for me.
“There are no other benefits I can see, especially for over $2 mln”
Just for argument, say they were asking $1.35mm. Do you think there would be as much ridiculousness about it being worth *maybe* $300k? I think the extreme “this is worth no more than $150 psf, and may be worth $65 psf” reaction is because their asking price is offensive, rather than its real market value is that low. They clearly don’t really want to sell it, or they’d’ve priced it at $1.99m, to at least fit within the right search category for a potential buyer (at something around $1.5, maybe).
OK, OK, 1750 W Surf maybe makes it worth a few hundred thou less.
But the offset is the EXTREME ugliness of this place. This complex looks like the low-rise housing projects built in a lot of cities in the 50s, usually in the shadow of high-rise projects (which some high rises on Sheridan sorta resemble). At least the high rises in this area are being priced really reasonably, like 330 W Wellington and2909 N Sheridan. This place is nowhere near reasonable.
You really have to want nothing but a townhouse with 4600 sq ft in that precise location to put up with something like this.
“You really have to want nothing but a townhouse with 4600 sq ft in that precise location to put up with something like this.”
The whole row is uglier than it has to be, and this is one place where a HOA for the streetscape should be welcomed by all. Nothing could fix the ridiculous overhangs, tho, so even with consistency and consistent maintenance, still ugly.
I sort of appreciate the “hidden” quality provided by the blah facade on a busy street. Don’t love the interior, still, but like some of the spaces provided–again, the pix offered now are crap, I remember some decent, interesting interior spaces, and the relation to the outside spaces is, at least, interesting, too. *nothing* close to $2mm interesting, but still.
Would anyone be reacting so stridently if they were *actually* trying to sell at had it priced at $1.5-ish?
I think $1.5-ish is also crazy, so yes, I’d have reacted the same way. Laura’s comment comparing this complex to CHA low rises is on the mark.
Maybe I wouldn’t have been so strident if they were asking $600K. However, I don’t really believe this place could have 4,600 SF with no basement. They seem way too small for that, at least from the outside.
“However, I don’t really believe this place could have 4,600 SF with no basement. They seem way too small for that, at least from the outside.”
Check the aerial. Almost the whole lot is covered, mainly with two stories. Lot is 3,473 sf (verified), so, even excluding the garage and GatorDeck, easy to see 4600 SF, with typical rounding (ie, maybe it’s more like 4100, but it sure is a lot more than 3500).
If they were asking $600k, it would have been under contract within the week of the listing, and *prolly* same day.
Curb repel. Fugly. I mean…. wow. These people are seriously on some crack/shrooms for that price.
What kind of “clout” did the original builder have with City Hall, that allowed him to build something so out-of-character with the high-rise-friendly surrounding neighborhood? Must be an interesting story there!
I think that place up in edgewater is pretty cool… definitely seems like an awesome trophy property to have. I wonder how easy it would be to change the zoning… there would probably be alot of angry condo owners across the street if you did.
GIANNOULIAS DEMETRIS bought the place in 2001, for 1 million
70s coke dealer panache
only a few listings in Chicago have this unique classification.
“Back then, when you could still see them in their original form, the comparison with the motels on Lincoln Avenue was quite appropriate.”
There are two units on the end still subdivided into crappy apartments.
Still listed for 2.35MM. Waiting for Godot = free.