3-Bedroom Vintage Southport Cottage Returns at $879,000: 1338 W. Grace
This 3-bedroom vintage cottage at 1338 W. Grace in Southport came on the market in November 2022.
Built in 1891, the house is on a smaller than standard lot measuring 58×40. It has no back alley but instead, has a side driveway which is accessed from the street.
If this house looks familiar, that’s because we last chattered about it in February 2020, just as the coronavirus pandemic was about to hit.
Back in 2020, the house came on the market in February and was under contract within just 5 days.
See our 2020 chatter here.
In the 2020 listing, it said that they made up to $3,000 a year from renting out spots on the side driveway during Cubs games.
If you recall, the kitchen has wood cabinets, white quartz counter tops, a breakfast bar, a white subway tile backsplash and stainless steel appliances.
There’s an enclosed porch off the kitchen that can be used as a mudroom.
The first floor also has a den with a wood burning fireplace and a full bath.
All three bedrooms are on the second floor, with hardwood floors, along with one full bath.
The primary suite has a walk-in-closet and the front guest bath has a closet which has been converted into a work-from-home space with a desk.
The house has a basement which the listing says a third full bathroom can be added as the architectural and engineering plans have already been drawn up.
The house has central air.
The listing also says a carport, or similar structure, could be added by the next owner.
The house is in the Blaine school system, which is just down the street.
It’s near all the shops and restaurants (Dairy Queen!) of Southport and just a few blocks from Wrigley Field.
The house is listed at $879,000, which is $84,000 more than the March 2020 sale of $795,000.
Houses under $1 million are rare in Southport.
Will this house go under contract within the week again even with 7% mortgage rates?
Brad Zibung at Compass has the listing. See the pictures and floor plan here.
Or see it at the Open House this weekend on Saturday, November 5, from 12:30 to 2 PM.
1338 W. Grace: 3 bedrooms, 2 baths, listing now says it’s 2300 square feet, single family home
- Sold in April 1993 for $206,500
- Sold in September 2001 for $547,000
- Sold in August 2016 for $630,000
- Was listed on Feb 19, 2020 for $825,000
- Under contract on Feb 24, 2020
- Sold in March 2020 for $795,000
- Currently listed at $879,000
- Taxes are now $13,492 (they were $12,992 in February 2020)
- 3-car driveway (no garage)
- Central Air
- Wood burning fireplace
- Bedroom #1: 16×12 (second floor)
- Bedroom #2: 17×11 (second floor)
- Bedroom #3: 15×12 (second floor)
- Den: 12×11 (main floor)
- Living room: 14×13 (main floor)
- Dining room: 16×14 (main floor)
- Kitchen: 13×11 (main floor)
- Family room: 26×13 (basement)
- Storage: 10×6 (basement)
- Walk-in-closet: 9×8 (second floor)
- Mudroom: 12×6 (main floor)
“Will this house go under contract within the week again even with 7% mortgage rates?”
No, at least at nothing close to ask
The current mortgage is $2100 less than current at ask. Or looking at it another way, in 2020 you could go up to 1.2MM and have the same payment. Anyone buying this is near ask going to have regrets for a long time
“September 2001 for $547,000” + CPI = $910k.
“March 2020 for $795,000” @ 3.5% (20% dp) = P+I of $2,856
$879k @ 7% (20% dp) = P+I of $4,678
Matching the sellers P+I? $536,600. Adjust for same $159k dp, $588k.
Yes, that undervalues some, bc of possible future refi rate reduction, but same-same, 20%+ lower.
“Anyone buying this is near ask going to have regrets for a long time”
Not if rates remain elevated for years.
Y’all don’t get it. But I understand. We’ve never seen a higher rate market like this. Can’t wrap our heads around what will be the buyer behavior.
You all keep thinking that sellers have to chase the same buyer as a year ago. But they won’t. The buyer for this house, at high rates, will be a completely different buyer.
This buyer will now be someone who is approved to buy up to $5,000 a month. That’s it. The 2020 buyer at $2700 will be looking at other properties.
But as you move up the price point, there are fewer of those buyers available. Upper end should slow, especially in the $1 million to $1.5 million price point. Those buyers will all move down to under $1 million now.
But rates have to remain elevated for a year or more to get the change in behavior. Right now, we’ve had 7% rates for a month. Buyers are currently thinking that those rates will come down and by the spring they will afford more. But will they?
For now, the market is mostly dead while everyone waits. If you’ve got cash, however, you can do whatever you want and maybe pick up a deal.
Also, very little new properties coming on the market. It’s interesting timing with this house. It has the market to itself, for sure.
Also, I was wondering about the “58X40” lot size, and how you get 3 cars in 58′ less the grass–turns out most of the front yard is actually part of the street right of way. The front property line is basically at the bottom of the front steps.
This house is adorable and the location is excellent. The negatives are the low ceilings. Both upstairs and in basement. Still, seems like it’s a good value below $1 million.
Nice. Wouldn’t take much to make it even nicer (especially the basement). I like the porch.
“This buyer will now be someone who is approved to buy up to $5,000 a month. That’s it. The 2020 buyer at $2700 will be looking at other properties.”
Are you drinking again? The monthly nut is 6200 w/20% dp
“Y’all don’t get it. But I understand. We’ve never seen a higher rate market like this. Can’t wrap our heads around what will be the Seller behavior.”
FIFY
“But rates have to remain elevated for a year or more to get the change in behavior. Right now, we’ve had 7% rates for a month. Buyers are currently thinking that those rates will come down and by the spring they will afford more. But will they?”
Not sure why you only look at this from the by side – Job losses, Bonuses being reduced/eliminated, Bond markets demanding changes from Chicago/Cook/Il will affect owners/seller. Sellers that have already closed on another property and dont want to carry 2 notes.
The majority of buyers are already living somewhere – they dont have to move
“If you’ve got cash, however, you can do whatever you want and maybe pick up a deal.”
You’re going to be fighting other buyers for any “deal” property.
“Are you drinking again? The monthly nut is 6200 w/20% dp”
You’re such a boring, dull broken record JohnnyU. It’s so tiring. You just look like a fool.
I was using anon(tfo)’s estimates that he posted.
Clearly labeled as P+I, because that’s all the realiably varies based on rates.
“Also, I was wondering about the “58X40” lot size, and how you get 3 cars in 58? less the grass–turns out most of the front yard is actually part of the street right of way. The front property line is basically at the bottom of the front steps.”
You mean that all the fencing and driveway gates etc this and neighboring houses have is not for their property? Maybe I can put a get on my driveway.
I do have one neighbor that solves their parking problem by taking up half of the sidewalk where their curb cut is.
“You mean that all the fencing and driveway gates etc this and neighboring houses have is not for their property?”
Yes. Same story for the 3 houses to the east, including the previous cc feature at 1320:
https://cribchatter.com/?p=11246
and the apartment building east of that. Then, across Lakewood, the sidewalk jogs north to its ‘normal’ location.
It hasn’t sold in a week this go around. The ice cold market has gotten to it.
Reduced $30k to $849,000.
Why are you rooting against America?