$81K Under 2007 Price in Lakeview and Still Waiting for a Buyer: 1041 W. Grace
This massive 4-bedroom duplex condo at 1041 W. Grace in Lakeview has been on the market since March.
Built in 2007, it has been reduced several times and is now listed at $81,001 under the 2007 purchase price.
This one has all the luxury finishes like Viking and Bosch appliances and silestone countertops.
The listing also says the 8 wall-mounted tvs are negotiable and that the garage is “exclusive”.
Are the new construction condo buildings getting hit the hardest on the north side?
Amanda Colby at Century 21 Pro-Team has the listing. See the pictures here.
Unit #1: 4 bedrooms, 3.5 baths, 2800 square feet, duplex, 1 car garage
- Sold in October 2007 for $769,000
- Originally listed in March 2009 for $779,000
- Reduced several times
- Currently listed at $687,999
- Assessments of $100 a month
- Taxes of $14,709
- Central Air
picture #9. Seems this guy get his real estate expertice from watching TMZ and Deal or No Deal. We’ll see how well this works out.
Oh, and it seems that you get to watch those in the basement.
The guy has three TVs mounted on one wall, just like Elvis. I guess the King lives!
Seriously, who wants to spend this kind of money to live in a basement.
I am in shock and awe that somebody actually paid 770k for half a house. This is nothing more than a condo with one parking space, yet they paid over three quarters of a million.
Epic fail.
NO DEAL. This guy should have spent a little more time in reality than he obviously did/does in tv fantasy land.
Half a house right near the red line… brilliant purchase!
it’s not like it’s up against the red line. looks like at least a half block away
Something funky with the taxes–$14k billed for ’07; only ~$9k paid. 1st half 08 taxes billed as $0. Seems likely the PIN wasn’t split and this unit was being billed for the whole building.
Oh, and no homeowner’s exemption. Taxes for an o/o buyer likely ~$7500.
No way this 2800 sq feet.
“No way this 2800 sq feet.”
Overall building (based on aerials) is about 20×70 (there’s a notch, but the longest dimension exceeds 70′). Times two floors = ~2800, unsing what is accepted measurement.
That someone paid $769k just before the edge of the cliff (in 2007) makes me sad. That someone would list it at $10k more long after having fallen off that cliff, well, that makes me confused. Fortunately, my state of sadness and confusion was shortlived, as the picture with all of those televisions made me laugh.
It is somewhat close to the El, but not that close. 2 blocks east and north, which also means that you only have to walk two blocks in the morning and evening to get to work.
Yeah, it is half a house and I am annoyed that it is a duplex down (perhaps irrationally I just find them unsafe). But please tell me where in Chicago you can find substantially over 2000 sqft, (at least) 3 bedrooms, new or at least gut renovated in the last few years, for cheaper and still be in a decent hood. Really, I want to know cause I want to buy something like that and it actually is hard to find. There are a whole lot of small 2 beds in LP/LV and everything that is decently sized is a duplex down or well out of walking distance to the El.
There just isn’t a whole lot of housing stock in between the $500k starter condo small 2 beds and then $1.25MM++ SFHs.
PUKE
The nearly identical unit in 1039 is listed, too. For $749k, down from $799k in March (and it’s Broker Owned!).
Anyone know what the two single floor units sold for? In either of the buildings?
The 1041 property was purchased for $775k in ’06. Those sellers paiid $183k in ’88.
kp,
You can use the MLS to find SFHs in Lakeview and Lincoln Park for around this price. Sure some SFHs some on her would pick apart with a fine tooth comb, but SFHs with around the square footage you had requested nonetheless.
As you’ll find most of the ‘fine tooth combers’/complainers on here won’t even be in the 750k range anyway much less 1.2MM. The MLS turns up 20 SFHs in LV with ask prices under 800k.
1030 W Roscoe St is one: 2,674 sqft with an ask of 649k. Use the MLS the MLS is your friend. Anybody that used the MLS would’ve seen this was ridiculously overpriced back in the day as well.
1041 #2 sold 6/30/08 for $481,500
1041 #3 sold 10/25/07 for $568,000
1039 #2 sold 6/4/07 for $499,000
1039 #3 sold 8/16/07 for $568,000
“But please tell me where in Chicago you can find substantially over 2000 sqft, (at least) 3 bedrooms, new or at least gut renovated in the last few years, for cheaper and still be in a decent hood.”
I’m not going to plow thru them to figure out if they *actually* match your requirements, but I searched on Redfin 60657, over 2000SF, 3+ BR, built since 2000, priced b/t $475k and $650k and came up with 20 listings. 10 of them east of Ashland. 9 of them claim to be townhouses. So there’s stuff out there, you just may not like it as well for the price.
So, 1041–$769 + $481.5 + $568 = $1818.5. Less $775 = $1043.5 for construction, carrying costs, profit–a little over $190/SF.
Land acquisition cost was a bit under $140/SF.
anon (tfo), thanks, I just ran that search.
East of Ashland you have 7 duplex down, one duplex up, and one in a large condo building on Lincoln. Now the search does miss a fair number of things since so many things don’t list sqft (also, why realtors do this is also beyond my comprehension).
Now I’m sure they are not all bad, but I don’t know what the people on here who say “well you can find a SFH that is as nice as that for the same money” are smoking.
1030 W Roscoe St. is cute and all, but clearly vintage and it backs onto the El.
People, give it time, let the real estate bust will work its course, it will take years, think 2011 and beyond. There will be plenty of inventory available priced b/t $475k and $650k because that’s the sweet spot for households with $130k-180K a year income.
I’m NOT predicting a McMansion for $650k in LP. However, I predict that your search (60657, over 2000SF, 3+ BR, built since 2000, priced b/t $475k and $650k and came up with 20 listings) is will produce a lot more than 20 units by the time 2011 rolls around.
good luck with that damp basement smell!
Not sure what all the negativity is about here. $248/sqft for new construction, high end finishes, great neighborhood. You aren’t going to find a lot better deals than that in the current market.
KP:
Are you only looking in Lakeview? There are some nice and big (2000 square feet) townhouses with garages in Lincoln Park that have sold under $600,000 (and the one I covered a few months ago sold for $475,000- it had fantastic bones as I was in it before it went under contract.)
As big as many single family homes and in a nice location. Not east lincoln park- but near transportation and not on a loud street or near the El tracks.
But no- you’re not going to get a 2000 square foot single family home in the “prime” neighborhoods for $500,000. It’s not being realistic.
I’ve said it before- the suburbs have tremendous deals and many are near cute downtowns with the same amenities as you’d find in most city neighborhoods. In some cases- even identical restaurants and stores with better commutes (on the metra instead of the El.)
I’m just saying…
@homedelete
$475k and $650k because that’s the sweet spot for households with $130k-180K a year income.
I think even that is optimistic. Good luck to anyone mortgaged to the hilt that wants children and to move down to a single income.
I’m talking prime neighborhoods with large down payments and dink households.
“Good luck to anyone mortgaged to the hilt that wants children and to move down to a single income.”
To hell with them. It probably never occurred once to these lemmings that if they saddle up with a huge mortgage debt that limits their options in life with regard to one spouse raising the kids.
Sabrina,
“I’ve said it before- the suburbs have tremendous deals and many are near cute downtowns with the same amenities as you’d find in most city neighborhoods. In some cases- even identical restaurants and stores with better commutes (on the metra instead of the El.)”
Which burbs are you referring to, i would like to add them to our search, i am a city kid and just know the average stuff about the burbs, and if we move out there we would like one of the burbs you talked about, cause i think it will help me transition from the city.
hmm who wouldnt love the smell of stale beer and Urine in the morning! You could even play find the beer bottle cap wit hyour kids almost every day of the summer
“Not sure what all the negativity is about here. $248/sqft for new construction, high end finishes, great neighborhood. You aren’t going to find a lot better deals than that in the current market.”
Would YOU pay $250 a sqft to live in a basement? Well half of this duplex is in the basement, well below grade. And high end finishes? Lol you can find cheap 1″ granite, stainless steel and cherry cabinets (which are sort of lacking for a place this big anyway), in any property from Evanston to The “Wild 100’s” As for new construction, depending on who built it and how it was built that could be a bad thing.
“As for new construction”
It’s been lived in, apparently as a rental. No longer qualifies as “new” to me.
“Would YOU pay $250 a sqft to live in a basement? ”
The sandwich units sold for $350+/foot. Give it the same 10.5% cut that the current ask is, you get ~$320/sf for the main level. They’re basically asking ~$170/sf for the lower level.
If I had that much money to spend I would not spend it on that.
@homedelete
$475k and $650k because that’s the sweet spot for households with $130k-180K a year income.
As a DINK that makes a decent bit more than 180k, I wouldn’t feel comfortable buying a 475k home. But I guess everyone has different spending priorities.
“As a DINK that makes a decent bit more than 180k, I wouldn’t feel comfortable buying a 475k home.”
You feel 2x income is too much to spend on a house?
anon(tfo)..
2 x 180 = 360k.
“2 x 180 = 360k.”
2 x (180 + “a decent bit”) ~= $475k.
Unless “a decent bit more” is only 20%. But I was thinking about 1/3.
150k a year, 500k house with 100k down payment. Totally doable.
More expensive home, larger down payment. I know a 30 something 180k+ dink couple with a 300k wedding gift from the parents. They bought a very expensive home. Ho can the rest of us compete with that? We can’t. There’s always going to be people with more money who can legitimately afford more expensive homes.
Dayum I could have used a 300k wedding gift 🙁
Thats pretty stupid on the parents part as they are going to be taxed on that pretty heavily. Best to ladder it out or find a way to transfer the wealth avoiding taxes.
(think fun with bank accounts and using cash)
The 300k wedding gift is obviously rare but it is incredibly tough to compete witht that sort of purchasing power for sfh homes in lakeview and lp.
Groove77
I know north and northwestern burbs,
Check out Des Plaines its’ downtown is getting better (more commercial but not as much as richer burbs), and the Metra express train in the morning takes like 20min to ogilvie. Also a casino is going to be built.
Highland Park ain’t bad just expensive. But a lot more stores.
Good commutes along north and northwestern lines.
I feel western burbs are worse than northern burbs. I can’t comment on southern burbs.
But the few times I spent down there, their weather was a bit better.
Groove77:
There are plenty of options. Actually Highland Park is quite the bargain right now (plenty of homes for under $300,000 there right now.)
Look along the rail lines. Check out the western suburbs of LaGrange, Western Springs, Downers Grove and Naperville. They all have restaurants, movie theaters, coffee shops etc. You can get to Naperville on the express Metra in like 28 minutes (faster than if you commute from Lincoln Square or Andersonville.)
There are also quite a few deals in Oak Park and Evanston right now as foreclosures are pulling prices down in both of those towns.
revassal,
You know what Des Plaines wasnt even on my radar. i dont know why it didnt even cross my mind? i will have to check the downtown this weekend. I do see casino’s as bad a thing.
sabrina,
Oak Park will always be a place on my list to move, the wife and i end up eating dinner there a lot, we live very close. what i found so far there are for a nice place at i price i want to pay its not a turn key. (I am burned out, and tired of remodeling)
i lived in Naperville for three months with a girl i dated, its beautiful there, extremely family oriented but by the third month i wanted to scratch my eyeballs with sand paper! but now having a family its looking more attractive.
Highland park is nice good schools but feel there taxes are a tad high, but if you say there are home under 300k there i will be hitting some open house this weekend there 🙂
i will add your suggestion of lagrange and downers grove to my list.
now if only i could sell at a break even price 🙂
or seriously, even sell at a small loss in my neighborhood 🙁