3-Bedroom Fee Simple Townhouse in West Town for $600,000: 511 N. Bishop
This 3-bedroom townhouse at 511 N. Bishop in West Town came on the market in July 2023. Sorry, I don’t have a picture but I still wanted to crib on it.
511 N. Bishop is a group of fee simple townhouses that were built in 1999.
This is an end unit which has side yard and 2 other private decks. The listing says it’s a “rare opportunity” to own a fee simple end unit.
The first level has a one car garage, including space on the driveway for a second car, the foyer, the third bedroom or “flex space,” the laundry and a powder room.
The second floor has the main living spaces including the living room, dining room and kitchen.
The living and dining room is a half flight up from the kitchen and has a wood burning fireplace.
The kitchen has wood cabinets, black granite counter tops, a peninsula with seating for 3, a tile backsplash and stainless steel appliances. It opens to a private back deck.
The third floor is the other two bedrooms along with two full baths. The listing says both bathrooms have been renovated including one featuring white marble herringbone floors, a walk-in-shower and gold accents.
A spiral staircase leads to a rooftop deck with city views.
The townhouse has central air.
This townhouse is near the shops and restaurants of both Grand and Chicago Avenue and is close to popular Fulton Market. There are several bus lines nearby.
Listed in July 2023 at $600,000, it went under contract that month but has fallen out and has now been relisted at the same price of $600,000.
As of the evening of Aug 20, 2023, Redfin said this property had been viewed 4,079 times.
Will this townhouse go under contract for a second time this week?
Amanda McMillan and Samuel Liochon at @Properties Christie’s have the listing. See the pictures and floor plan here.
511 N. Bishop: 3 bedrooms, 2.5 baths, no square footage listed, townhouse
- Sold in June 1999 for $270,000 (per Zillow)
- Sold in December 2003 for $380,000 (per Zillow)
- Sold in November 2009 for $408,000
- Originally listed in July 2023 for $600,000
- Under contract in July 2023
- Re-listed in August 2023 for $600,000
- No assessments. Fee simple.
- Taxes of $9183
- Central Air
- 1 car garage
- Wood burning fireplace with a gas starter
- Bedroom #1: 15×11 (third floor)
- Bedroom #2: 15×11 (third floor)
- Bedroom #3: 14×10 (main level)
- Living room: 17×14 (second floor)
- Dining room: 11×5 (second floor)
- Kitchen: 17×11 (second floor)
- Foyer: 7×6 (main floor)
- Deck: 10×10 (second floor)
- Rooftop deck: 20×14 (fourth floor)
Is the basement a legal bedroom?
Shame the RTD is accessed thru the master
Kind of a stretch to call out a side yard thats a 5′ stretch along the alley and that there’s a parking pad w/o blocking the sidewalk
Probably would have been easier to sell before school started
“Probably would have been easier to sell before school started”
They originally DID list it in July. You just never know if a deal is going to fall through. But with Chicago’s market this tight, I doubt they’ll have any trouble finding a buyer in August. But we’ll soon see.
“They originally DID list it in July. You just never know if a deal is going to fall through. But with Chicago’s market this tight, I doubt they’ll have any trouble finding a buyer in August. But we’ll soon see.”
With constrained inventory, theoretically they should have just gone with the second bidder.
Sucks for the sellers, hope they’re enjoying the earnest money
“With constrained inventory, theoretically they should have just gone with the second bidder.”
It was several weeks later. Other buyers might have moved on to other properties already.
“It was several weeks later. Other buyers might have moved on to other properties already.”
But theres no inventory
Circular argument is circular
“But theres no inventory”
If you lose a bidding war for one property, you’re out there bidding on the next one. You don’t wait around a month waiting to see if the original property comes back on the market. But I’m sure if there were other bidders on this townhouse, that the agent DID call the other bidders to see if they were still interested. (A good agent would do so.)
Also other things to think about are a rate lock expiring and that rates have risen. Some buyers might have decided to wait and rent another 6 months. More inventory will come on in the spring.
When inventory is this tight and you lose out on a few bidding wars, some people can’t handle it and decide to keep renting.
“ If you lose a bidding war for one property, you’re out there bidding on the next one.”
But there’s no inventory
“ More inventory will come on in the spring.”
Based upon what?
“But there’s no inventory”
Huh? There is constantly new properties coming on the market. But you have to move fast because they are going under contract within a week.
“ More inventory will come on in the spring.”
“Based upon what?”
More inventory always comes on in the spring. In Chicago and nationwide. It’s called “the spring selling season.” Real estate is very seasonal, except during the pandemic when all of that was thrown out the window. But it has now returned to its normal seasonality.
“More inventory always comes on in the spring. In Chicago and nationwide. It’s called “the spring selling season.” Real estate is very seasonal, except during the pandemic when all of that was thrown out the window. But it has now returned to its normal seasonality.”
If the interest rates stay elevated, this is doubtful
Contingent again? Decent place with the shittiest TV setup I’ve ever seen though haha. Look to be nicer townhouses directly north. Overall odd location to me. I would rather be straight north closer to Beauty Bar, Five Star, Chipp Inn, etc. Or of course further south in actual West Loop (which is overpriced / hyped imo). Walking distance to District Brew Yards though!
“Look to be nicer townhouses directly north. Overall odd location to me. I would rather be straight north closer to Beauty Bar, Five Star, Chipp Inn, etc. Or of course further south in actual West Loop (which is overpriced / hyped imo). Walking distance to District Brew Yards though!”
Rob, are those townhouses on the market?
From what I can see, there is exactly ONE townhouse in all of West Town between $550,000 and $650,000. I didn’t even screen for bedrooms or the garage.
There was this townhouse to the north, on Cortez, for $49,000 more. Maybe they didn’t like it or it was out of their price range?
https://www.redfin.com/IL/Chicago/Undisclosed-address-60622/home/12789689
It’s pretty absurd to tell buyers right now in these market conditions that “you” would rather live in all of these other locations. In a dream world, sure. But the buyers right now are dealing with a low inventory reality.