4-Bedroom Duplex Down in the Heart of Southport for $825,000: 1255 W. Addison
This 4-bedroom duplex down at 1255 W. Addison in Southport came on the market in September 2022.
Built in 1905, this building was converted into 3 condos during the housing boom years, in 2006.
It has 3-car parking and multiple decks.
This is the first floor duplex down unit.
Most of the vintage features have been removed but it still has 3 fireplaces and crown molding.
It has newly stained dark hardwood floors on the main floor which has the living and dining rooms, a family sitting area, the kitchen and a primary suite which has a private deck.
The kitchen has designer white cabinetry, a blue island, quartz counter tops, a Wolf range and Subzero refrigerator, along with a marble herringbone backsplash and overlooks the family sitting area that also has built-ins.
There’s a butler’s pantry.
There’s 3 bedrooms in the lower level along with a second primary suite and a recreation room which has a beverage center.
The lower level has grey luxury vinyl plank flooring and the primary suite has a remodeled en suite bathroom.
In addition to the private deck on the main floor, the unit also has a private 365 square foot deck on top of the garage.
There are two sets of HVACs, washer/dryer in the unit, garage parking is included and includes a spot wired with an outlet for 240 volt for electric car charging.
This building is just a few blocks from Wrigley Field and also just a few blocks from Southport, with all of its shops and restaurants. The listing says it’s in the Blaine school district.
Listed in September 2022 for $850,000, it has been reduced $25,000 to $825,000.
At 3100 square feet, the listing says it “lives like a single family home.”
Is this a SFH alternative for those priced out of buying one in this neighborhood?
Greg Nagel at Ask Nagel has the listing. See the pictures and floor plan here.
Unit #1: 4 bedrooms, 3.5 baths, 3100 square feet, duplex down
- Sold in October 2006 for $720,000
- Sold in May 2012 for $735,000
- Sold in September 2016 for $795,000
- Originally listed in September 2022 for $850,000
- Reduced
- Currently listed at $825,000
- Assessments of $350 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $19,494
- Central Air
- Washer/dryer in the unit
- 1 car garage parking included
- 3 fireplaces
- Bedroom #1: 14×14 (main level)
- Bedroom #2: 15×14 (lower level)
- Bedroom #3: 12×11 (lower level)
- Bedroom #4: 11×11 (lower level)
- Living room: 19×17 (main level)
- Dining room: 12×10 (main level)
- Kitchen: 16×13 (main level)
- Family room: 25×9 (lower level)
- Recreation Room: 22×10 (main level)
- Deck: 20×13 (main level)
- Garage deck: 28×13
Not 3100sf
Old pics are on Redfin
How is it possible to lose money after 6 years in the heart of SoPo?
2 minimal price cuts aint helping
Decent enough, but uninspired finishes. 3 subterranean bedrooms is not ideal.
Sale price is going to start w/ 7
The only thing SFH about this place — the taxes.
More of Bobbo’s ‘outsized appreciation’. No wonder renters are so angry–they totally missed out on these gains:
October 2006 for $720,000 + CPI = $1.06m (was $820 in May-12)
May 2012 for $735,000 + CPI = $950k (seller did a little better–$756 in Sep-16)
September 2016 for $795,000 + CPI = $975k
Can’t get those sorts of returns just anywhere. Uncle Sam making sure homeowners got the best part of the economy.
Feels a bit cold and sterile. I don’t think I’d want to raise a family here. Its also not 3100 feet. No chance.
“October 2006 for $720,000 + CPI = $1.06m (was $820 in May-12)
May 2012 for $735,000 + CPI = $950k (seller did a little better–$756 in Sep-16)
September 2016 for $795,000 + CPI = $975k”
Yep. Bought at the peak several times (2006 and 2016 both peak pricing in Chicago.)
All current sellers missed the top of the market by just a few months if they’ve listed it since July. Luck plays such a big part of it all.
The good news is that Lakeview inventory remains incredibly low.
To the person attempting to post a “new” comment under the name Gary, I’m not putting it through because we already have a prominent Gary and I don’t want there to be confusion. Pick another name.
I like the shutters. Place looks a little banged-up in spots.
Bigger question: usually with these flats there is a single door in the front and then a shared staircase that goes all the way up. It means that the unit is usually more narrow because you have to fit the staircase in.
But this front door leads into this unit, and only this unit.
Where do the other units enter the building? From the back staircase?
What do people think about updating just one of the bathrooms?
Other bathrooms seem to be done in a “warmer” color that doesn’t quite match the lower level floors or the white kitchen.
Updates to the kitchen were smart. Lovely backsplash and the blue island is “in.” No need to put in a whole new kitchen in most cases. Paint, counter tops and backsplash updates can go FAR.
How many buyers are looking for the built-in charging station now? Will some sellers be at a disadvantage without it?
Seems to be turning into a feature, like central air or washer/dryer, that is going to be vital.
Sorry, I see now where the staircase in the front is. It IS still tucked into the side of the building in the front. It didn’t seem clear from this floorplan.
But looking at #2 and #3 floorplans, you can see where it is.
“Its also not 3100 feet. No chance.”
Unit #3 has been listed at 1600 square feet in previous sales. If that’s correct, then 3000-3200 should be too. But like I said, the realtors just go off of what the developer originally lists it as. They don’t change course 16 years later. If it was listed at 3100 by the developer in 2006, then that’s what they each keep using.
The building is somewhat close to 1600 sf if you measure to the outside of the exterior walls AND treat the widest part of the side bays as if they ran the full length. It’s more like 1400 to the inside of the walls, and including only the bay area that is really there.
The upper unit enter from a rear staircase according to the floorpan for #2.
https://www.redfin.com/IL/Chicago/1255-W-Addison-St-60613/unit-2/home/18936043
“The upper unit enter from a rear staircase according to the floorpan for #2.”
Looks like a door into the LR, too. See pix 3 and 8.
20k taxes on an 800k property? Wasn’t too long ago that the tribal Chicago RE bagholders would constantly chirp about their RE taxes being cheaper than the burbs.
Fortunately for the baggies Lori Leadbrains backtracked on her inflation indexing plans which would have been the nail in the coffin for that argument. Still, the trend is not looking good.
“Other bathrooms seem to be done in a “warmer” color that doesn’t quite match the lower level floors or the white kitchen.”
Updates to the kitchen were smart. Lovely backsplash and the blue island is “in.” No need to put in a whole new kitchen in most cases. Paint, counter tops and backsplash updates can go FAR.”
Yeah rearranging the deck chairs on the titanic is going to sell this place..
Blue Islands hit Muncie 5 years ago.
“Yep. Bought at the peak several times (2006 and 2016 both peak pricing in Chicago.)”
I’ll give you 06. 16 Was not peak pricing.
https://fred.stlouisfed.org/series/CHXRSA
Quit lying
“Unit #3 has been listed at 1600 square feet in previous sales. If that’s correct, then 3000-3200 should be too. But like I said, the realtors just go off of what the developer originally lists it as. They don’t change course 16 years later. If it was listed at 3100 by the developer in 2006, then that’s what they each keep using.”
Would you like to bet on this, Say I get $1k for each sf under 3100 and you get $1k for each sf over 3100?
Why am I not shocked that you dont have an issue with lying…
@Sabrina = “How many buyers are looking for the built-in charging station now? Will some sellers be at a disadvantage without it?”
It’s still a bit early on this one since there’s still some standardization lacking in charging. Doesn’t sound like they actually have a station, just an outlet, but that alone is useful. Even if someone needs a station that is hardwired, the power being there makes that easier. I would hope it also means any service issues were worked out as well. eg, separate meter for garage or if line is running back to the unit, the unit has 200A service. Also would hope it’s a 50A line, not 30A as many chargers want more than 30A.
Realtors going off developer listing makes sense, but also doesn’t reflect well about attention to detail and verifying accuracy. I mean you’d think they could do the due diligence for the amount of commissions earned. Just saying…
“What do people think about updating just one of the bathrooms?”
Doesn’t bother me one bit. Some bathrooms are better/more useful than others and if there is a comfortable tub, I really don’t care much about bathrooms. The homeowners here should have colored the cabinet damage with $6.99 markers from Amazon.
Generally, I don’t love blue islands (will look very dated soon), but I like it better than the wood colored one previously.
“I’ll give you 06. 16 Was not peak pricing.”
Yep. One of the Chicago peak pricing years was 2016 because that’s when rates suddenly dropped under 4% to as low as 3.5%. Wouldn’t get back down there again until during the pandemic (actually went back up to 5% in the interim.)
Rates matter, as we’re seeing right now. Had a spurt of sales and higher prices in 2016 when the mortgage rates dropped. So, yeah, it was peak pricing in 2006 and again in 2016 and again in 2021 with those rates under 3%.
All of these sellers, unfortunately for them, missed peak pricing.
2016 wasn’t a peak for condos, either:
https://fred.stlouisfed.org/series/CHXRCSA
Sep-16 = 137.74 (Jan-00 + CPI = 143.03)
wasn’t until winter of 18/19 that C-S Condos climbed back above CPI for the first time since Jan-10 on the way down from the bubble.
Note for Bobbo: the ten years from 2000 to 2010 is when there was outsized appreciation. Even since Jan-20, C-S Condos for Chicago has lagged CPI. Yes, people who bought at the bottom–especially REO and other distressed properties–did well, but there’s more goin on there.
“Yep. One of the Chicago peak pricing years was 2016 because that’s when rates suddenly dropped under 4% to as low as 3.5%. Wouldn’t get back down there again until during the pandemic (actually went back up to 5% in the interim.)”
Do I really need to preface my comments that it doesnt include your made up data?
Now listed for rent, asking $4,600/month (yes, $1.50 psf).
“Now listed for rent, asking $4,600/month (yes, $1.50 psf).”
What a deal. Wow.
Now listed for rent, asking $4,600/month (yes, $1.50 psf).
Started at $5k/mo
Owners might be more drunk/delusional than Sabrina…
“Started at $5k/mo”
Should be able to get $6,000+ for this. It’s a 4-bedroom with parking. What a deal.
Also, about trying to rent out something right now: tough time to be doing so. Right in the middle of the holidays and not the season when people are moving their kids due to school schedule.
You are the Jim Cramer of Real estate
“You are the Jim Cramer of Real estate”
Thanks for the compliment JohnnyU.