Get 5 Decks, a Jacuzzi and a Tikki Bar with this 3-Bedroom Duplex Up: 1348 W. Addison in Southport
This 3-bedroom duplex up at 1348 W. Addison in the Southport neighborhood of Lakeview has been on the market since August 2011.
It is the perfect property for the person who loves their outdoor space.
The listing says it has 5 outdoor decks including one terrace measuring 20×25 and a private rooftop deck measuring 1400 square feet complete with a jacuzzi and a custom Tikki Bar.
The kitchen has espresso cabinets and upscale stainless steel appliances. It also has 2 inch concrete counter tops (instead of the standard granite counter tops.)
There are 2 master suites and a home theater in the 2400 square feet.
It has all the other features condo buyers look for including central air and washer/dryer in the unit. It also comes with a coveted 2-parking spaces which will be helpful given the unit’s location down the street from Wrigley Field.
Since August, it has been reduced just $10,000 and is still listed $89,000 above the 2007 purchase price.
Unit #1W, a 3/3 duplex down on the first floor, is currently on the market for $625,000 or $95,000 under the 2008 price of $720,000 (but it doesn’t have 5 outdoor decks).
Can this property command a premium to the 2007 price?
Richard Kasper at Conlon has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 3.5 baths, 2400 square feet, 2 car parking
- Sold in November 2007 for $800,000
- Originally listed in August 2011 for $899,000
- Reduced
- Currently listed at $889,000
- Assessments of $330 a month
- Taxes of $11,684
- Central Air
- Washer/Dryer in the unit
- 1400 square foot rooftop deck
- 5 decks total
- Bedroom #1: 16×13 (third level)
- Bedroom #2: 13×10 (third level)
- Bedroom #3: 16×16 (fourth level)
- Family room: 21×16 (fourth level)
A few strikes against this (besides price) just from reading the listing:
Small association
Low assessment
High taxes.
Otherwise, good location and I like outdoor space. And top floor is good. But price needs to come down. Do they really think it’s worth more than it was in 2007, at practically the peak of the market?
This is before I look at interior photos.
Just looked at the interior photos and really like the outdoor space. Great views! I’m not too big on two-story living areas, but that’s me. Not sure who this place is suited for. Not really a family home. Maybe a wealthy bachelor who does a lot of entertaining? This would be a good place to throw a party, especially in summer time.
Maybe the outdoor space justifies the high price, but I’d still say it has to go under $800K.
“Maybe a wealthy bachelor who does a lot of entertaining?”
my ears were burning……
seriously, though – I don’t think this place is going to go for much more than 600k. I just don’t see it happening…..
Was it new in 2007?
Very nice, would be better it if it were on Southport vs. Addison, but 2-car garage is a nice/rare amenity. That plus quality finishes and uniqueness should help buyer come close to break-even.
“a custom Tikki Bar”
What does Tikki Tikki Tembo–or Rikki Tikki Tavi–have to do with bars?
1W (duplex down) is listed for 13% *under* the Feb-08 purchase price:
http://www.redfin.com/IL/Chicago/1348-W-Addison-St-60613/unit-1-W/home/26807884
Also, per RF, the mls prior price of 3W was $914,726.
Looks nice!
To me this place says mid-life crisis divorcé who gets his teenage kids on weekends, who is so badly into said mid-life crisis that he thinks the young girls he lures back to his ‘bachelor’ pad are actually interested in him, rather than his platinum Amex. So, Clio, except he doesn’t care to see his kids.
you don’t often see pool tables in duplex-up condos. They don’t seem to fit in unsound proof mccrapbox construction.
This place says inherited dumb money who loves the cubs and entertains before/after games because the idiot doesn’t work all day
Either that or a traffic/gardening enthusiast
” mid-life crisis divorcé”
Perfect call on that one Jennifer as that is exactly the target market. Although I’d bet that deep down inside most of them really do not care if the tramps they attempt to bring home are truly into them or their Platinum AMEX card.
Another option is the mostly happily married north shore highly successful dad that is helping by financing the down payment for his recently graduated son or daughter. That way he can come down and be a perv checking out his/her frineds when said child has summertime parties. Not sure which is worse.
BTW cool place although the bathroom cabinets are not in keeping with the rest of the place. My guess is that it sits until they get really lucky and find a buyer to offer something between $775-800K. That will be a generous offer in this market.
agree with JP….looking at sub 800 for this. In this location your best hope is the bachelor, can’t see empty nesters or families interested in this.
I agree on the divorcee..a dude who lost the lincoln park manse to the wife, but gets teh kids on the weekends.
The divorcee would also likely be bald. Or have very thin hair. He tried Propecia, but the results weren’t as promising as he’d hoped. He has a fondness for fine whisky and the occasional cigar. While out at sports bars, it’s domestic beer. His blood pressure is pre-hypertensive, if not hypertensive. He lashes out sometimes at the ones he loves. But only because of some deep-seated issues he has with himself. He wouldn’t pursue therapy though; that’s not his cup of tea. Although he did try couples counseling, but only after his ex twisted his arm. He really wants to play more golf next season. And he’s been eyeing a new watch. He also forgot several shirts that have been languishing at his old dry-cleaners for some time now.
(I love these stories users create about who should live in a particular crib!)
Buster, I do NOT have thinning hair!!!!
http://www.youtube.com/watch?v=rzP4tC2PXHs
Tiki music for a tiki bar.
Executed Recorded Document Type Case No. Amount
11/28/2007 12/05/2007 MORTGAGE $722,982.00
Moreever, it appears that a man AND A woman together purchased this unit. One is a CFO for some company and the other owns a company.
The crazier thing is that BOTH parties doubled down on real estate to buy this property. One party owns a house in the city and the other owns a condo somewhere just outside the GZ. They’ve been trying to sell the condo since 2007 with no luck but its off market now; and the house, well, I have no info about the house. Between these two geniuses they owe well over $1.25 million dollars on property in cook county alone and the real estate securing that $1.25 million is worth a lot less. Wow, crazy stuff here. And I’m considered the foolish idiot for living in a sub-$1,000 a month rental with a desire to purchase a smallish-medium house in a upper-middle class suburb around $250,000 just outside the city. Or in the city if I could find one in a great school boundary (which barely exists – it exists, but just barely). JEEEEZZ. No wonder clio loves these people – they are his people.
why is this place “not a family home”? Because of its location?
As far as the interior goes, looks like a perfectly alright place to raise a family at least to me.
HD – We had friends in a similar predicament. About to get married and both owned condos so they did the smart thing and doubled down by purchasing an overpriced quite expensive SFH in the green zone. They had a really tough time selling both condos and I think that they took a hit on one of them. I guess they were fortunate to get them sold at that time. In the end it was all done to buy a home that has likely lost 20% or more since they moved in. Ouch, that part hurts!
BTW – the tiki bar music link does not work!
” Between these two geniuses they owe well over $1.25 million dollars on property in cook county alone and the real estate securing that $1.25 million is worth a lot less. Wow, crazy stuff here. And I’m considered the foolish idiot for living in a sub-$1,000 a month rental with a desire to purchase a smallish-medium house in a upper-middle class suburb around $250,000 just outside the city.”
HD – the issue is not how much they owe – it is how much the places are worth (in both monetary and personal value). Someone making 2 million dollars a year who owes 1.25 million on a house/condo is in a very different position than someone making 300k who owes the same amount (ie – you can’t make judgements about a person unless you know their income and personal situation).
the link works for me:
Les Baxter ‘Exotic Moods’
Miumiu,
It has the space to be a family home, and it’s a good location for raising kids. It just doesn’t seem to have that “family” feel, which I can’t really explain. Too flashy, perhaps. But I’m sure someone could make it work.
Happy new year!
The family part comes from the fact that you could spend this much money and buy a real house in probably 98% of the city.
“The family part comes from the fact that you could spend this much money and buy a real house in probably 98% of the city.”
Yeah – but the “1%” doesn’t want to live like the rest of the “98%”!!!!
Thanks for the explanation Dan 2 and happy new year to you and everyone else.
“W/ 2″ CONCRETE COUNTERS”
Has anyone heard of countertops made of concrete? any experience with them? what’s the deal…
“Yeah – but the “1%” doesn’t want to live like the rest of the “98%”!!!!”
Sometimes I just love the math here on CC.
Yeah and like some stupid condo on addison street is a 1%’er type of place. Usually they live in the GC or Greenwich Connecticut or atherton ca etc
Happy 2012 to Sabrina and her merry gang of pranksters, new math and all!
You definitely could raise a family here, but as others said, you could get much better for your money if you had this kind of budget, although this is in Blaine.
For me the issues would be the split bedrooms, and then the fact that you couldn’t take small children onto a lot of the outdoor space because it’s not safe, at least not without a lot of modification.
Some families would prefer this place over a SFH. Outdoor space but no lawn to mow, sidewalks to shovel, etc. also, if the are hands off they don’t even have to maintain the building…the association will.
Not saying it would be my choice but not everyone (even with kids) dreams of a SFH.
I’d prefer a condo over a SFH too for my family, but I’d rather not pay for outdoor space I can’t use.
“Also, per RF, the mls prior price of 3W was $914,726.”
I have said it many many times but I will repeat it again.
Redfin is correct on prior sales prices only about 80% to 85% of the time. With PIN numbers, they are correct only 80% to 85% of the time as well. Their data is only as good as the data the agent submits (about PIN numbers etc.) In this case- according to the public records, which are much more reliable than Redfin, the prior sales price was NOT $914,726.
I follow the public record (because, as I said, it’s much more reliable.)
So I really wish people would only use Redfin’s numbers as a guide- before speaking of them like they are gospel.
“I follow the public record (because, as I said, it’s much more reliable.)”
That $914k is from the MLS. The ccrd number is based on the transfer tax paid. The realtor has an incentive to maximize the MLS-reported number, and the buyer and the seller have an incentive to minimize the transfer tax number.
They could well both be “right”, if the buyer asked the seller/builder to complete the deck, etc, and they “agreed” that the additional work/upgrades consitituted personal property included in the sale rather than “real estate”.
“Has anyone heard of countertops made of concrete? any experience with them? what’s the deal…”
Yes I have two friends that put in concrete countertops. They are fairly practical as a material however the finish detail is all in the hands of the designer of those tops. Many GC’s that are used to pouring concrete all day thought that they could recreate this finish inexpensively. As you might have guessed it turned out either looking cheap or functioning poorly. That was the case in both friends examples. One has a poor slope and the other is not smooth making it very hard to clean up.
There are companies that specialize in them now. I suspect that they are the best and only option if they really are of interest to you for your kitchen application.