No Budging on Price for this Greystone 2-Bedroom: 1348 W. Wellington in Lakeview
We last chattered about this 2-bedroom in a vintage greystone at 1348 W. Wellington in Lakeview in June 2011.
See our prior chatter here.
At that time, it was listed at $399,000 or $73,000 under the purchase price from just 2 years earlier.
5 months later, it is still on the market and the price is still $399,000.
Most of you were more concerned during our last chatter with the differences of buying in a small condo building, like this one with 4 units, versus the highrise with a doorman and a (possibly) easier condo association to deal with. Not many made any guesses about the price.
If you recall, it has some of its vintage features intact including moldings and a floor to ceiling wood mantle surrounding a decorative fireplace.
French doors lead to a full-sized dining room. The kitchen is “newer” with an island, granite counter tops and stainless steel appliances.
The property has 2 outdoor spaces with both a front and back deck. It also has a 9×7 laundry room with a side-by-side washer/dryer.
The unit has central air and parking is included.
What will it take to sell this property in the winter market?
Anne Connolly Rieff at @Properties still has the listing. See the pictures here.
Or you can see it in person at the Open House on Sunday, November 20 at 1:30 to 3:30 PM.
Unit #2: 2 bedrooms, 2 baths, den, no square footage listed
- Sold in February 1999 for $276,000
- Sold in July 2002 for $370,000
- Sold in September 2005 for $432,000
- Sold in May 2009 for $472,000
- Was listed in June 2011 for $399,000
- Currently still listed at $399,000
- Assessments of $127 a month
- Taxes of $5564
- Central Air
- Side-by-side Washer/dryer
- Decorative fireplace
- Bedroom #1: 13×11
- Bedroom #2: 10×8
- Den: 10×9
- Laundry room: 9×7
- Dining room: 15×14
- Living room: 18×14
- Kitchen: 13×13
So they’ve been at this price for 5 months. What does that tell you? If anyone was interested in this home within 5% of this price they would have definitely have had an offer by now.
But there was a contract on it briefly in July so now the seller is waiting for another buyer just like that one to come along. Just a wishin and a hopin.
I love this place but it’s really expensive. I don’t think people are throwing around this kind of money on places like this anymore. This is more 1 BR anyway as a 10 x 8 bedroom is more like a closet. I’m shocked someone ever paid $470 for this place.
“I’m shocked someone ever paid $470 for this place.”
In 2009, no less. When the “right” price would have been more like the current $399, likely giving them space to price it at the currently appropriate ~$350.
Waiting for Godot just like the owner of the tiny 600sf coach house here who budged all the way from 225k to 224k, and now delisted. Hoping to find that increasingly scarce Greater Fool come spring time.
At least this genius owner got an 8k tax credit for their real estate shrewdness. Should last them a month at the strip club to keep their mind off their impending financial ruin. And taxes on this place don’t seem to be going any lower either.
Also I hope the new owner has an appreciation for church bells. When walking around here iirc they chime frequently.
Can’t sell until 3 years after you closed on your place, otherwise you owe the IRS their tax credit back…
$472 in May 2009. One of the worst post-Lehman buys I’ve seen on CC, in my opinion. Knife-caught at $325 today if they’re lucky. There’s a nicer 2/2 a few blocks south under-contract for $350.
I’m no longer surprised at owners who think that their homes are worth whatever outrageous price they attempt to sell them at. Setting them lower would be admitting they overpaid.
What does amaze me is how any seller doesn’t get that even IF someone wanted to pay that price for that place, what bank is gonna loan them the money based on the comps?
Needs to be reduced to 350k and then will likely fetch 330 or there abouts. It’s a nice looking place in a great neighborhood.
“There’s a nicer 2/2 a few blocks south under-contract for $350.”
Really? Which one? What’s the address?
I’d like to check it out to see what the competition is.
“Also I hope the new owner has an appreciation for church bells. When walking around here iirc they chime frequently.”
One of my friends lives in Ukranian Village near 2 or 3 churches (within a block.) The bells go off all the time during the day. It’s quite lovely. Almost like being in Europe actually (not surprising that the Ukranians apparently tried to replicate their homeland’s ambiance.) She loves it.
By the way- it’s not like they go off early in the morning or late at night.
“But there was a contract on it briefly in July so now the seller is waiting for another buyer just like that one to come along. Just a wishin and a hopin.”
But there are SO many of these listings all over the city. They are just sitting there for months.
“But there are SO many of these listings all over the city. They are just sitting there for months”
REALLY?!! Not this one:
http://www.redfin.com/IL/Chicago/3232-N-Halsted-St-60657/unit-H301/home/12742612
“But there are SO many of these listings all over the city. They are just sitting there for months”
“REALLY?!! Not this one:”
I’m glad you could find just one Clio.
The media, housing experts and real estate agents all act like 2011 will be the worst of it and that prices aren’t going to go down much more. Instead, there are tons of overpriced listings all over the city of Chicago siting for months (years in some cases)- not selling. Cut the price like a short sale or a foreclosure does- and they eventually sell (although lately we’ve even seen the bank listing too high and many foreclosures not selling either.)
It means to me that 2012 will continue to see further declines. Most of you are arguing that this unit needs to be priced at least another 10% down.
2012 is going to be a really interesting year. I think it’s possible it could be even slower than 2011.
““There’s a nicer 2/2 a few blocks south under-contract for $350.”
“Really? Which one? What’s the address?”
I was referring to this: http://www.redfin.com/IL/Chicago/1238-W-Diversey-Pkwy-60614/unit-2/home/12716446
and this, a 3/2 no less: http://www.redfin.com/IL/Chicago/2800-N-Greenview-Ave-60657/unit-3S/home/12566324
They budged: relisted yesterday with an ask of 379k.