3/3 Duplex Down in Lakeview Still Available 4 Months Later: 3251 N. Racine
We last chattered about this 3 bedroom duplex down unit at 3251 N. Racine in Lakeview in August 2010.
See our prior chatter and pictures here.
It has been reduced $15,000 in that time and is now listed $50,100 under the 2005 purchase price.
The kitchen has 42 inch maple cabinets, stainless steel appliances and granite counter tops.
2 out of the 3 bedrooms are on the main floor, with the third in the lower level.
It has central air, washer/dryer in the unit and deeded parking.
What will it take to sell this property?
Mark Pasquesi at Prudential Rubloff still has the listing. See more pictures here.
Unit #1: 3 bedrooms, 3 baths, 2200 square feet
- Sold in August 1995 for $225,000
- Sold in June 1999 for $320,000
- Sold in September 2005 for $485,000
- Originally listed in June 2010 for $459,900
- Reduced
- Was listed in August 2010 for $449,900 (parking included)
- Reduced
- Currently listed for $434,900
- Assessments of $145 a month
- Taxes of $6614
- Central Air
- Side-by-side washer/dryer in the unit
- Bedroom #1: 15×12 (main level)
- Bedroom #2: 13×11 (lower level)
- Bedroom #3: 11×10 (main level)
- Family room: 25×18 (lower level)
If this sells at $434,000, the sellers will lose their down payment too – all 9% of the purchase price.
$359650 + $76850 = $436500 / $485000 = 9% down.
well if they’re going to lose everything good thing they only put 9% down right?
What will it take to sell this property?
A wrecking ball would be good start.
“still available”. Love it.
Good Lord, how many cinder block apartments are for sale on the north side for $400-600k? Too many to count.
This is priced at about a 10% discount from the 9/05 price. Realtors need to tell everyone trying to sell that prices are WAY down since 9/05. I bought my place at 35% off of its 1/06 price and the sellers had made material upgrades. That’s the reality of where the market is today for many properties. Hell the market’s probably even lower than that, it’s just that I couldn’t pass up the 4.25% 30 year rate. When will sellers understand this?
Is it me, or do the lower level ceilings look REALLY low? Could be an issue to any potential buyer.
Wow, this a bona fide 1st-generation McCrapbox, right at the very genesis of the genre.
“Sold in August 1995 for $225,000”
I wonder who did the very first one?
I’d buy it for $250k. Just because that’s my budget and I could live here!
“Sold in August 1995 for $225,000?
If it tracked CS-Condo exactly since then, the sale prices would have been:
Jun-99: 266k
Sep-05: 428k
and the Sep-10 value would be: $348k.
Of course, had places like this not ballooned as they did, the CS index wouldn’t have gone as high as it did, so even that overstates the “normal” bubble curve.
Which one of the owners redid the kitchen? I don’t think that’s a ’95 original.
Would anyone *not* call this a deal at under $350k?
@Permabear, either the seller cannot afford to go any lower or they found a realtor who told them that its still 2005! I’m surprise because Prudential Rubloff usually does accurate comps — maybe Eric Rojas will chime in — so there might be something to back that price.
Yeah, I bet they can’t go any lower. It just seems like a giant waste of the realtor’s time at that price, though.
Possibly a bit nicer, but not too dissimilar, and I’d rather be on Racine:
http://www.redfin.com/IL/Chicago/1318-W-Belmont-Ave-60657/unit-1W/home/12793273
3/3, duplex down. Sold for $445k in August. Looks like a really solid comp, but I’m no expert.
The true “comp” for this at the time they listed was 3319 N Seminary that closed for $415K in December 2009. So, listing this at $459K in June of 2010 after the tax credit expired was a tough sell.
I like the Seminary location a bit more too, further from Belmont, one way street and awesome park setting with the Hawthorne school.
It looked doable at $415K early in the year, but not now. The Realtors working with these folks are excellent and we don’t truly know the circumstances and at what number they can truly sell this at.
However, someone could come in and make their offer and it may be good enough for the sellers to get out. We don’t know the circumstances until you write a real offer with ability to close.
Seminary as a street is infinitely better a location than Belmont and is much better than Racine, too.
@Eric, follow up question. Are you finding that buyers aren’t willing to waste time making an offer on a place if it isn’t priced right? I read an article — cannot find the source at the moment — saying that buyers don’t want to bother with “lowball” offers and will merely wait for the right price?
thoughts?