If They Build It, You Will Buy It: New Construction Condos at 2842 N. Racine in Lakeview
We’ve recently been chattering about new construction single family homes but developers have also started (slowly) building new construction condos as well.
This 3-unit building at 2842 N. Racine in Lakeview was built in the last 2 years.
It is all brick construction.
The units appear to have more upscale finishes than you would have found in most new construction in Lakeview in the boom years, including SubZero and Wolf appliances in the kitchen, a tiled backsplash and heated floors in the bathrooms.
There is also crown molding and wainscotting.
The units also have central air, in-unit washer/dryer and garage parking.
The top floor unit, Unit #3, sold in May 2011 for $535,000.
That leaves Unit #1, the 3-bedroom duplex down, and Unit #2, which is a second floor 2/2.
Unit #1 is apparently on the market for $749,000.
Unit #2 is listed for $449,900.
Will buyers flock to new construction condos the same way they flock to new construction single family homes?
(By the way- you can’t really see it in the picture above, but to the south of this building is a hole in the ground and ongoing construction. So something is being built next to this building.)
Jeff Lowe at Prudential Rubloff has the listings. You can see pictures for what looks like a combination of both Units #1 and #2 here.
Unit #2: 2 bedrooms, 2 baths, no square footage listed
- New construction
- Listed in June 2011 for $449,900
- Assessments of $176 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the Unit
- Garage Parking appears to be included
- Bedroom #1: 13×10
- Bedroom #2: 13×11
- Living room: 18×17
- Kitchen: 13×10
Sabrina,
I think you will be surprised that these WILL sell – and probably to some ignorant young couple who can’t see further than 5-6 years in their future. You have correctly stated that most young buyers (to whom this type of place is geared) SHOULD be thinking about whether the place is suitable for kids (pleural) – but, in reality, most are not – more really can’t think beyond 5-6 years in the future (maximum). Are they right? Who knows – the recent past would make you think “no” but in 2016-2017 prices may be much higher and they may be right….. this is why the 2/1 and 2/2 will not be decimated……
“It is all brick construction.”
So, not brick over frame?
anon- so that’s your contribution?!! I am so sick of people like you who nitpick details that really aren’t important to the overall issues and have no bearing on people’s decisions. What’s the deal? You need to feel superior, important? Jesus, people like you are total obstructionists and the main reason nothing can get done in the world. Just stfu….
Clio, considering the finishes are nice but generic and the condos have a nice amount of the general condo “upgrades” then, yes, I find that looking at the structuarl composition and build quality is imporatant (really in all situations but it is pointless to comment on the finishes are here as they are pretty much fine).
clio- so that’s your contribution?!! I am so sick of people like you who blame every one of the worlds problems on other people’s bad attitudes when, in fact, you have one of the most entitled, obnoxious and unrealistic attitudes I have ever personally witnessed. What’s the deal? You need to feel superior, important? If your wealth can’t buy happiness, maybe berating and belittling random people on the internet will do the trick, am I right?
Christ, you have no fucking idea how easy this is. Get a clue clio: your behavior and attitude is SO. FUCKING. BAD.
[yawn]….can we get back to crib chattering now?
does anyone have a strong opinion on split-level kitchen islands vs. the non split-level, which is better?
So here we have angry clio.
Is this the junior broker in clio’s suburban office park real estate office that can’t cover his draw this month? Which shill do we have today who says:
“nitpick details that really aren’t important “, like masonry construction. People here obsess whether a fridge is all stainless or stainess front, with black sides. Yes, moron, construction is important.
Bjornfree:
All flat. Makes it feel like you have a shit ton of usable countersapce. downside is that if it is open to to other rooms you don’t have much of a visual barrier. Also, if you go the all one height route it is imperitive that you get counter height bar stools, trust me.
does anyone have a strong opinion on split-level kitchen islands vs. the non split-level, which is better?
Depends on function, if the island is wide enough split level is nice because it often hides dirty pots and pans from the dining/living area. But the island has to be extra wide for it to work otherwise there is not enough eating space. Also, design wise its better if the ends are the same height as the bar/eating side so you don’t see the split level from the side…that detail adds to costs however.
The developer should have covered/finished off the exposed rafters on the balconies…you can see the 2x4s which looks cheap. If you’ll note you can see them from the living room through the window…that’s not high end. I hate how developers through in high end appliances and upgrades with out doing good finish carpentry. This is for someone who looks for bells and whistles but has no idea what good workmanship really is.
This seems pretty expensive for a 2/2 in this location, which is kind of far west.
It’s hard for me to see there being $1.7 million worth of real estate in this building. The units are nice, but I would tend to agree with those who say that these are a little pricey for this location. I would really be shocked if the 3 bedroom duplex down goes for more than $650k or the 2 bedroom simplex goes for more than $410k.
That said, I have previously thought that Jeff Lowe’s listings were overpriced, and he surprised me with his ability to get to a closing at only a reasonable discount off the list price. My impression is that he is one of the full-price brokers who earn every penny. I’ve never met him or worked with him, though.
There’s a very similar building to this one on Diversey around Greenview that I have been meaning to check out.
Yeah, no way this is $1.75M worth of real estate. I don’t think a bank would lend 80% of the $750K price tag for unit 1 unless there’s some kind of inside/connected deal going on. I think total sales for the building will be around $1.6M instead, with unit 1 going for $660K, and unit #2 going for $405K. What kind of financing does this developer have?
I recognize those Grohe masterbath faucets. They are the lowest priced Grohe “builder’s series”, and they are made in China, not Germany, but they still say Grohe, and they work just fine. I put that same faucet in my own bathroom.
“…details that really aren’t important to the overall issues and have no bearing on people’s decisions.”
WHAT? Brick over frame or all brick is NOT an important issue for a buyer to consider?
Are you kidding me?
The more I read your nonsense, the more it is apparent that you do not…repeat…DO NOT know shit about any aspect…ANY ASPECT of Real Estate…NOTHING.
“You need to feel superior, important?”
Is this you receitng your daily mantra in front of a mirror or your moronic attempt to post something of relevence on CC?
I say the former.
anon(tfo) is one of the…no wait, he actually tops the list of valuable contributors to this blog. He knows far, far more about RE than you and his grasp on a large range of topics far, far surpasses yours.
“Just stfu….”
Please do us all a favor and take your own advice.
for 450k I would like bedrooms (at least one) larger than 143 sqft… both of those bedrooms are very small for this price point and location
If I’m throwing down this much on a house I would want at least a master having 200sqft minimum! (14×15)
everything else looks sorta nice I guess, not really my style though
my guess is this one sits on the market a while
These units do appear to be better outfitted than most of the ‘almost exact’ duplicates of this style of housing scattered throughout metro Chicago.
What is the correct asking price? I guess it depends on the location and what is directly around them.
I recall a half block of them (4, maybe 5 buildings) lined up on W Jackson near Skinner Park in the WL that were priced from $525 -$745, depending on the floor. While they did sell rapidly, there was nothing special about them or the location. Same goes for this building.
Who knows if this is a good deal or not considering the abundance of replicas in most every area in the city.
These two lots were previously smaller frame houses or 2 flats, see Google street view.
I could see in next 10-20 years, more frame houses being torn down for brick [ish] McCondos.
westloop and the rest of you – just ignore my posts. obviously you gain nothing from my posts so just ignore them. It isn’t that hard to do….(but then again, look who I am adressing)
somewhere in oakbrook a mcmansion sits on the market for 500+ days. please share the link
I’m sure Jeff Lowe does a good job, but not everything he touches turns to gold, that’s for sure. Here’s a listing he had (which I looked at when I was in the market for a 2/2 or 3/2) and it ended up selling for over $100K less than the price at which he originally listed it.
http://www.redfin.com/IL/Chicago/1520-W-Henderson-St-60657/unit-3/home/13382621
In response to: “That said, I have previously thought that Jeff Lowe’s listings were overpriced, and he surprised me with his ability to get to a closing at only a reasonable discount off the list price. My impression is that he is one of the full-price brokers who earn every penny. I’ve never met him or worked with him, though.”
great another one of thoses days.
clio you pretty much ruined cribchatter for all of us. everyones deep down wish is you would just go away or sabrina will ban you.
i know the days you are actually treating patients and the others posting on your behalf are busy are the days we here are the happiest.
your an unethical shill and a hack doctor. please do us a favor go away.
This is a pretty dull part of Lakeview, IMO. There’s nothing interesting to walk to on Diversey. You’re a long walk from the bustling street scenes of Clark and Broadway, and even farther from Lincoln Park and the lake. Also, Racine is a pretty busy street.
If I were in the market for something like this condo, which I never would be, by the way, as I’m a high-rise person, I’d rather be a half a mile north of here near the Southport corridor, on a side street. And I wouldn’t want to pay more than $400K.
“I’m sure Jeff Lowe does a good job, but not everything he touches turns to gold, that’s for sure.”
Of course not, and my comments were intentionally pretty soft, because I haven’t really looked into this issue. It’s also rife with confirmation bias unless you really look at the data. I expect that someone with real MLS access and the ability to crunch numbers could tell us something substantive about how good he is. My idle observation was just that. I’ve got my eye on a pending listing he’s got and I’m curious to see how that one turns out.
“your an unethical shill and a hack doctor. please do us a favor go away.”
I have NEVER hacked into anyone’s computer. In fact, I don’t understand computers that well.
Also, since you insist on repeating this same statement over and over and over again everyday, let me explain: it is “you’re” not “your” – learn your contractions!!! (see, anon would be so proud of me!!!).
I do not wish deep down that clio would go away.
Touche! That 1100+ day listing is a gem. You made me smile
Love the msssive parking lot in front of that Oak Brook McMansion. Imagine how many Escalades you could park there!
Obviously no one will pay $5 million plus for that property. Price has to come down quite a bit.
As for me, if I were in the market for high end, I’d rather pay $1 million less and have a back yard fronting on Lake Michigan:
http://www.coldwellbankeronline.com/property/details/2170454/MLS-07842665/307-North-Deere-Park-Drive-Highland-Park-IL-60035.aspx
That highland park place is awesome.
Dan #2
yes a million less but 50k in taxes!!!!!!!!!!! ouch!!!!!! but that is low taxes for lake front, in cook that same place would be 70-80k in taxes.
“let me explain: it is “you’re” not “your” – learn your contractions!!! (see, anon would be so proud of me!!!).”
Clio i am free for lunch how about we sit down and go over my grammar together?
“Clio i am free for lunch how about we sit down and go over my grammar together?
”
sorry – I have too much hacking to do today – no time for lunch!!
“sorry – I have too much hacking to do today – no time for lunch!!”
I am free for lunch all week except Friday.
Only a true hack would not recognize what it means when someone calls you a hack.
Bjornfree
split level. if the island faces your living area it helps to hide your kitchen. it’s also easier to sit at bar level if you’re going to add seating. split level is a must if the island has a cook top, it provides a bit of a barrier and just seems safer, especially with kids.
“Racine is a pretty busy street.”
not really here
““Racine is a pretty busy street.”
not really here”
Most at these prices would still prefer to be on a side street–Wolfram or George–and (imo) Racine just south of Diversey is nicer than just north, but you also have this ( http://www.redfin.com/IL/Chicago/2853-N-Racine-Ave-60657/home/13362132 ) across the street asking ~10% off the ’07 price.
racine is not that busy even north of here, I mean its not like living ON diversey or ashland or lincoln at all
Racine is no major arterial, but it is most definitely busy as it’s physically the size of a side street but has to handle all the traffic that gets frustrated when the arterials jam up. Which, much like another part of Chicago, is “early & often.”
btw, the interior looks good, this does not look like the generic cookie-cutter McCondos that pepper the neighborhood – but I’m really baffled at the price difference between the two units. $750K for a duplex down? err… why not just buy a house at that price point and not worry about dealing with a condo association and all that?
actually racine is much wider than your typical side street
I think its because a street train ran through the middle of it back in the old days
what is all this bs talk about traffic/congestion? If you don’t like it, then mover the suburbs for god’s sake!!!
Re. the Highland Park place on the lake: Yes – the taxes are extremely high. That’s a huge drawback. However, the price of $4 million is about $2 million below where this property would have been priced 3 years ago, by my estimation.
I’ve paid pretty close attention to lakefront properties in HP, as I’ve always dreamed of owning there (and will continue to dream). This would appear to be a great buying point, and maybe you could get the taxes lowered due to the lower price.
I rode my bike down the street this HP house is on the other day. It is a beautiful area. A sub-division from the 1920s, when they knew how to build a sub-division. Very classy and not too ostentatious, unlike lakefront areas in Winnetka, for instance.
Sonies,
I don’t believe street cars (not street trains!) ever ran on that stretch of Racine, but I’ll double-check later when I have my reference guide.
Street cars actually ran on some relatively narrow streets, like Broadway, not just wider streets. Broadway is a narrow street for a commercial thoroughfare (I’m thinking of Broadway in East Lakeview), and it’s always astonished me that they could fit two tracks in the middle of it and still have room for other vehicles besides street cars. By the way, the last street car ran on Broadway in 1956.
I am not sure 750K makes much sense, look at this for instance:
http://www.redfin.com/IL/Chicago/2855-N-Southport-Ave-60657/unit-2/home/13363833
Talking about unrealistic prices, check this out:
http://www.redfin.com/IL/Chicago/1307-W-Wrightwood-Ave-60614/unit-108/home/18962224
Racine isn’t substantially wider than any of the side streets in this neighborhood, though – and it’s a two-way, whereas George, Seminary, Wolfram, etc. are all one-way and this feel more spacious.
I don’t mean to suggest Racine is a highway, just that it’s a fairly busy two-way street in a very densely populated neighborhood with a lot of traffic. Not many great N-S options right here, Sheffield moves slow, Southport isn’t much better, etc.
“actually racine is much wider than your typical side street
I think its because a street train ran through the middle of it back in the old days”
“1307 W. Wrightwood”
See, here’s more Jeff Lowe confirmation bias for me – all those prices seem absurdly high – but look at the closed sales and the prices for that building.
Isn’t east side of Racine commercial here – wouldn’t be a positive for me. Also when I googled this address I see 2 months ago a south side builder purchased that lot next door (w/ building) for $600K. (S can confirm but it appears those sellers paid $650K in 2004). So more cookie cutters coming?
“Isn’t east side of Racine commercial here”
Only the gas station, no? Is there some other biz I’m not thinking of? No biz on the 4 corners w/ George or the 2 corners with Wolfram.
when I was a wee lad Racine had businesses at intersections, some remain:
bar w/restaurant on the NE corner of Racine & Wolfram, now rez
little grocery store on NE corner of Racine & George, now rez
bar on SW corner of Racine & George is still there in a new incarnation, right? it was “The Beartrap” back in my day and as delightful as the name implies.
“Isn’t east side of Racine commercial here”
“bar on SW corner of Racine & George is still there in a new incarnation, right?”
Not looking at Streetview, no. White blinds in all the windows and no sign.
and another one bites the dust.
it’s so hilariously ironic that all of the people now rediscovering the city have these romantic notions of little corner shops, when historically speaking it’s kind of “been there, done that.” I’m not sure people accurately remember how just kinda scuzzy most of those little corner places were.
“Not looking at Streetview, no. White blinds in all the windows and no sign.”
Since someone mentioned streetcars, I thought I’d post a photo of one. Below is the link. The photo shows a Clark Street streetcar in 1957, the last year streetcars ran on Clark (all streetcar service ended in Chicago the following year; the last line was on Wentworth on the South Side). This photo appears to have been taken just north of Andersonville, at least IMO. If someone else recognizes the location, let me know.
http://www.flickr.com/photos/eddie-chicago-railfan/4437273924/
“1307 W. Wrightwood”
Also, I drove by this on the way home for the hell of it, and I think someone needs to model Rose Angelis proximity into any Jeff Lowe-premium analysis. For sure, I think being on the same block but across the street is worth $20/sqft. Thanks in advance, I will evaluate the data you crunch review your Powerpoint prior to your presentation.
…crunch AND review…
To the developer I say “Whoops!” I think it’ll be tough to find buyers at anywhere close to these prices in this location.
Sorry – my brain cramped & the 2800 block of Sheffield morphed & became the 2800 block of Racine. I will look it up & confirm before I post next time.
“Isn’t east side of Racine commercial here – wouldn’t be a positive for me”
I love angry Mondays here on CC. Its a nice staple and a reminder of civility breaking down. I never really liked civility, totally overrated and a vestige of the victorian era.
Hi everyone
Just wanted to respond to the, “is there 1.7 million in real estate in this property” question…Check out the closed new construction prices at 2521 and 2517 Southport. These are comps developers look at…These guys sold for over $1.7 Million on a pretty tough block to sell at (southport between fullerton and wrightwood).
People like paying premiums for new construcion. Wouldnt shock me if they sold out here for 1.7+ ….