9-Months Later and Still No Sale on This Renovated 2-Bedroom: 820 N. Dearborn in the Gold Coast
Bought in November 2009 for 45% off the 2007 purchase price, this 2-bedroom townhouse at 820 N. Dearborn in the Gold Coast came back on the market in June 2010 completely renovated.
See our prior chatter here.
Since then, it has remained on the market and has been reduced just $20,000.
The kitchen has been renovated with cherry cabinets, stainless steel appliances and granite counter tops.
The bathrooms have marble floors.
If you recall, the top floor space is now a family room (with a full-sized bath and wet bar) with a private deck and skylights.
The two bedrooms are on the second floor.
It has one car parking and a parking pad.
There are four units in the complex.
What will it take to sell this property?
Todd Mackay at Keller Williams Lincoln Park still has the listing. See the pictures here.
Unit #B: 2 bedrooms, 2.5 baths, 1800 square feet, 1 car parking plus second space in parking pad
- Sold in January 1996 for $230,000
- Sold in June 2005 for $477,500
- Sold in May 2007 for $750,000
- Lis pendens in April 2008
- Bank owned as of May 2009
- Originally listed in June 2009 for $589,900
- Reduced
- Was listed in July 2009 for $539,900
- Sold in November 2009 for $415,000
- Originally listed in June 2010 for $550,000
- Reduced
- Currently listed for $530,000
- Assessments of $146 a month
- Taxes of $10,291
- Central Air
- Skylights
- Bedroom #1: 16×13 (second floor)
- Bedroom #2: 12×11 (second floor)
- Kitchen: 8×9
- Family room: 16×13 (third floor)
Does the seller really expect this place to sell for close to the 2005 price? NOTHING is selling for peak prices, with a tiny handful of really exceptional properties.
This has some things going for it, but its good features are offset by the weirdness of the place. It’s really not all that attractive, at least not exceptionally so, and I would think that parking for only one car would be a real disadvantage in a place sized for a small family.
$450K is really more like it.
480
I can’t believe this monstrosity was ever allowed to be built. The building next door is weeping
“NOTHING is selling for peak prices, with a tiny handful of really exceptional properties”
Not true – there are places that are selling for more than what they were purchased at the peak (demand for good places in great areas is EXTREMELY HIGH right now because lack of good inventory).
what the HECK is that thing?
The price history is dizzying. $750k? Maybe in 2025. This is a few blocks away from a great area.
this was redone. it was an absolute nightmare before the renovation. i think if it gets to $499,000 offer, itll sell within 10% of there.
I think they picked a really bad exterior shot, it looks like it’s more appealing from the front.
If there were one more living room downstairs (perhaps in the basement) the top floor could have been a (unofficial?) bedroom. A 3 bed in the Ogden district at this price would make a lot more sense.
Clio, I really have missed those properties that have appreciated in the face of the recession. I am sure it can happen but maybe I haven’t been looking at the right ones. Can you give me an example of a property that has sold for more than it was purchased for without some major change or being a “pre-development” special?
“Not true – there are places that are selling for more than what they were purchased at the peak (demand for good places in great areas is EXTREMELY HIGH right now because lack of good inventory).”
There are a few- but not many.
In the city that would be:
1. Some of the south facing units at 340 On the Park- although price appreciation in there has halted.
2. Some of the higher priced units at 30 W. Oak (although a lower floor, cheaper unit just sold and that seller took a loss.)
3. Some of the 2 and 3 bedroom units in Crilly Court on Wells Street. We’ve seen 2 of them sell for more than the 2007 purchase price. A third just came on the market (smart seller!) trying to get the same price. We’ll see on that one.
But this is just a handful out of thousands of properties. There are others- but not many. You’ll be sitting on the market a long time if you try to get more (without a major renovation/addition etc.)
Clio–
“Not true – there are places that are selling for more than what they were purchased at the peak (demand for good places in great areas is EXTREMELY HIGH right now because lack of good inventory).”
Demand is not a function of supply (and vice versa) demand and supply only react to changes in price. This is the basic tenet of economics
That is one of the ugliest deck spaces I’ve ever seen. The kitchen is so tiny it makes me feel claustrophobic just looking at it.
This property would not be for me, but there aren’t a ton of options around there for reasonable prices, with reasonable assessments and (somewhat) decent taxes. I can see around $500k for this one.
Zero curb appeal. I have seen this place come in searches a number of times and have never bothered to click through to see interior photos. It needs a facadectomy.
# Sold in January 1996 for $230,000
# Sold in June 2005 for $477,500
# Sold in May 2007 for $750,000
Look at that. Absurd. Half a million dollars is A LOT of money. People throw around the half a million dollar figure as if it’s just pro forma the cost of a decent house, without any real thought about what it means to repay half a million dollars over the next 30 years (not that many people do any more nowadays). I was looking in the real estate section of that rag called the ‘Trib’ and 90% of the houses listed were half a million dollars. Anybody and everybody thinks their four walls of drywall and 3 sets of stairs is worth half a million. It’s getting really irritating.
sorry, ‘de facto’ not ‘pro forma’ it’s money and I’m tired.
The 2007 purchase was 100% financed. No surprise there.
The 2005 mortgage was $382,000 from a $477k purchase.
The 1996 purchase even had 20% down.
I actually love the kitchen in this place. I hate cooking and to me a kitchen is a waste of space.
The listing says it has a car pad and one garage spot. The price seems decent for this area.
I don’t understand why they didn’t get rid of the horrible gold trimmed mirrors in the bedroom.
I go past this nearly everyday on the way home…I actually think it has a fair amount of curb appeal. I personally would not want to live south of Division, but as others have said, for folks who do want to live in this immediate neighborhood, there aren’t many comparable options. This is a good amount of space, with two living areas, one of which rolls out onto a roof deck, a garage, a powder room, and a decent renovation. $500k does not seem that nuts to me, and I’d bet somebody closes it soon for no less than $480k.
i’m no flipper but i think i’d want opportunities that had more skin on the bone than this one.
put in all that work to try and make ~25% BEFORE taxes, interest, closing costs, realtors, cost of rennovations.
how much skin could possibly be left on that bone?
what a waste of time.
p.s. of course i was out on Friday and miss the monster thread.
(looking forward to reading as i sip my coffee)
They were a designer trick from the 1980’s & 90’s to make a room look bigger. When I see them that’s the first thing I think of: room must be small, they’re trying to hide it. But, once they’re in would someone really replace them with white painted ones? Probably not, since the mirrors are useful.
This place isn’t that bad, but the small kitchen will repel some buyers. Having parking is the key to this place.
“I don’t understand why they didn’t get rid of the horrible gold trimmed mirrors in the bedroom.”
*sips coffee*…i think i just found the spark…Dan’s post
(which i think is spot on)
we’ll see what others think.
Yeah, this TH will appeal to someone who’s over 40 and can’t afford the better buildings, but has too much pride to live among 260 other proles at 849 N. Franklin, with its hotel-like hallways, etc. Parc Chestnut is probably the only other option at this price-point, and wasn’t that built by a suburban builder? Lexington Homes?
“but as others have said, for folks who do want to live in this immediate neighborhood, there aren’t many comparable options.”
70s coke dealer panache.
its a shame that’s only a one car garage, the picture makes it look like two could fit. The kitchen could be expanded but not at this price point.
sidenote: i thnk some friends I use to play volleyball with rented in the greystone next door
Actually…I think this place is nice. We live in corporate housing right now and our kitchen is that size…So I dont mind the kitchen size. My issue is the $1K a month just for taxes & assessments. For that money I need more…
Also…I cant believe the 2007 price!!!
By then, all shoppers were looking for deals…very careful about price. And nothing about that says DEAL!
Choosing to live in this house is like choosing to have buckteeth. That elongated awning thing is disturbing me just looking at it.
The only offensive thing here, really, is the awning… that is terrible… It should go. The mirrors, while not amazing are fine for what this place is, a plain-jane townhouse…
I would much rather live in a place like this than a condo of the same size. Having a private entrance alone makes this worth it.
I dread the elevator rides and passing neighbors while walking through the hallway. When I visit my friends who live in condos, I always feel a sense of dread walking down the hallways, hoping that no one walks out of another unit while I’m also in the hallway.
It is interesting how different people are. I love bumping into my neighbors. That is one of the reasons I like having a doorman and in general condos. It is nice to come home and be greeted to familiar faces. My husband things I am too chatty though ; )
“I always feel a sense of dread walking down the hallways, hoping that no one walks out of another unit while I’m also in the hallway.”
It is interesting miu. I’d be in between you and Jenny. I love living in my 8 unit building because I see my nieghbors and have interactions with them in the hallways. I hate large buildings because I would consider people nieghbors but couldn’t find myself to know/be nieghborly with that many people. Definitely small condo buildings or townhomes for me if not a single family home in a neighborhood.
The photo shows actually another unit, A; there are three units in this development, this townhouse is the interior one, facing North side,with the view of the terrace of next door building, it does not face Dearborn, so do not worry about the awning – it is neighbor’s! This house is just way too tiny, with very small living area, tiny kitchen and very small bedrooms. The only outdoor space is rooftop terrace, and that one is also miniature. It is good for two people, for three it won’t work. Lovely tasteful renovation, I wish they could make it larger!
I went and saw this unit. I bet a major reason this never sells is because the listing agent is such a dou*he! He literally yelled at me when I went to test the intercom, try closing a door, etc. He would not stop talking the whole time we were there, to the extent that we got in and out as fast as possible. He told us about the chain smoking next door neighbor as he showed us the outdoor deck that is literally 2.5 feet wide and 8 feet long, advising us against using it due to said neighbor. Even though it may be an appealing buy for a young couple who doesn’t cook or want kids, and wants to be in the Gold Coast, it is so freaking ugly externally and the agent was so annoying and rude that we ran away. He also mentioned that the owner bought it cheap to flip it, paid cash, and doesn’t mind sitting on it until someone pays his price.
Price most recently cut down to 500k on 6/27.