Bought in 2013 and Selling in 2014: A 2-Bedroom at 1130 W. Cornelia in Lakeview
This 2-bedroom townhouse at 1130 W. Cornelia in Lakeview just came on the market.
But if the interior pictures look familiar, that’s because this property was on the market last year and the pictures with the current listing are the same as the pictures which were used last year.
It has an open layout with a 2-story living room and lofted den.
Both bedrooms are on the second floor.
The kitchen has white cabinets and counter tops, stainless steel appliances and a tile backsplash.
It has the finishes buyers look for including central air and parking.
In spring 2013 it was listed at $350,000, when the market was red hot.
It sold for $15,000 OVER ask at $365,000.
This year, the townhouse has come back on the market at $20,000 higher, at $385,000.
Will it get the appreciation over last year’s sale?
Jesse McGrath at @Properties has the listing. See the pictures here (which are the same as the 2013 listing.)
Unit #J: 2 bedrooms, 2 baths, 1800 square feet
- Sold in April 1989 for $171,500
- Sold in April 1992 for $195,000
- Sold in January 1995 for $225,000
- Sold in September 2011 for $225,000
- Originally listed in April 2013 for $350,000
- Sold in June 2013 for $365,000
- Currently listed for $385,000 (parking included)
- Assessments of $247 a month
- Taxes of $3979
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×12 (second floor)
- Bedroom #2: 13×9 (second floor)
- Loft: 10×10 (second floor)
What appreciation? I hope this seller negotiates a lower RE commission than the standard 6%, which would chew right through his $20K “appreciation” and leave him a couple thousand in the hole.
This is a very nice place with a lot of great features for the money. The price actually seems a little low for the area, and for the type of place it is- a very clean, modern, low-maintenance duplex with privacy, and all the bells and whistles. Too bad the bedrooms are so small, but that is probably a minor point to most buyers, given the other features the place has.
I am noticing many Lakeview properties languishing on the market and many that seem really underpriced, especially in vintage buildings with high HOA fees. Seems the market is much softer than a few months ago, and much more so than can be explained by just the season.
“Seems the market is much softer than a few months ago, and much more so than can be explained by just the season.”
That’s what I’ve seen in Lakeview, parts of LP and even Bucktown/Wicker Park as well Laura. There are properties (mostly condos) just sitting there. Some of them for 4 to 6 months.
And these aren’t even the vintage high rise units with higher HOAs (although those are a tough sell right now too.)
It’s strange.
Yeah- this time of the year is normally slow. But the slowdown started months ago- when the weather was still good.
“That’s what I’ve seen in Lakeview, parts of LP and even Bucktown/Wicker Park as well Laura. There are properties (mostly condos) just sitting there. Some of them for 4 to 6 months.”
uhhhhhhh isn’t that a pretty historically “normal” market time though?
“uhhhhhhh isn’t that a pretty historically “normal” market time though?”
There’s presumably an answer out there though I don’t know it, but 6 months sounds like a v long time for a typical or median property.
“There’s presumably an answer out there though I don’t know it, but 6 months sounds like a v long time for a typical or median property.”
http://blog.lucidrealty.com/images/Chicago_DOM.jpg
Thanks, chuk. Next question. Am I supposed to be tipping on uber? Never thought so but was reading a driver forum and they don’t seem entirely happy with the no tippers…
“Am I supposed to be tipping on uber? Never thought so but was reading a driver forum and they don’t seem entirely happy with the no tippers…”
Absolutely not for UberX. It is included in their payment. I’ve done probably 100+ and never tip extra. UberBlack may be diff. I have never done that.
“Thanks, chuk. Next question. Am I supposed to be tipping on uber? Never thought so but was reading a driver forum and they don’t seem entirely happy with the no tippers…”
i never tip on uber. isnt that the whole point? i call a cab/uberx/black car with my phone, get in, go to my destination, get out and im done. no scanning credit cards, no handing the driver cash, etc.
“Absolutely not for UberX. It is included in their payment.”
As I suspect you know, it’s not included in the sense of being an additional X percent on top of the “meter”. But given that the drivers complain that only about 10 percent of riders tip, it seems hard to them to argue that they took the job expecting to get tipped.
This is from an email Uber recently sent to one of their drivers:
“Subject: Warning # 1 – Accepting Tips
Hi there – we’ve received reports from clients that you’ve been accepting/soliciting cash tips. Accepting tips is against Uber policy – you should NEVER accept tips from clients. Please discontinue immediately. If we find out that you have been, your account will be deactivated. We’ve calculated the average fare with tip for drivers in Los Angeles and have ALREADY adjusted our fares to compensate you accordingly to make the clients’ ride as smooth and efficient as possible.”
The drivers simply just want more of a cut of the fare. Call it a built-in tip, call it a lower % for Uber. Doesn’t matter. Bottom line is that Uber is an all inclusive price. How Uber and the drivers split that is their problem. If the drivers don’t like it, they can cough up the 350k for a medallion.
“i never tip on uber. isnt that the whole point?”
I’m frankly a bit surprised that some people do tip. Then again some people like to tip. My wife always feels v uncomfortable in other countries in situations where tipping is not expected.
“As I suspect you know, it’s not included in the sense of being an additional X percent on top of the “meter”.”
Right. If the agreement is that the driver gets $7 on a $10 fare, then whether that is considered $5 base + $2 tip, or just $7 base + $0 tip is mostly semantics.
“$4 min. fare – $1 safe ride fee – 20% = $2.40 to your driver total. Out of this the driver must pay for gas and all other expenses. Uber takes 40%.
“$10 fare – $1 safe rides fee – 20% = $7.20 to your driver. Uber takes 28%.”
“Accepting tips is against Uber policy – you should NEVER accept tips from clients.”
This is a lot more strongly worded and clearer if accurate than “no need to tip”, which encompasses tips not expected but appreciated. Then again, could be one of those rogue uber staff members.
https://support.uber.com/hc/en-us/articles/202290128-Do-I-have-to-tip-my-driver-
“Then again, could be one of those rogue uber staff members.”
Or it could be fake. Considering I found it on the interwebs.
“could be one of those rogue uber staff members”
Careful, or they may start oppo research on you DZ.
$200 psf this close to Wrigley and SoPo?
Not sure why this is so cheap. Seems like a deal. It’s perfect for someone with 1 child, or some young single, or even DINKs. What’s wrong with the place?
“What’s wrong with the place?”
Not sure, but I bet it goes under contract on Monday after the open house.
It sold for $225K within the last 3 years. There’s something we’re not seeing here. There has to be a flaw we’re not understanding.
“It sold for $225K within the last 3 years.”
That was a short sale with a pending foreclosure filed.
“That was a short sale with a pending foreclosure filed.”
Add 30-50k for improvements, and then +40% for market increase. Voila, $385k
Maybe an “in-town” for the new Cubs manager?
Under contract
We had 50 people through at the open house. “Chuk” is correct that there have been improvements, appreciation, and it happens to be priced at the lower end for 2bed units in the area. Add in that it lives like a townhome, has a patio, parking space and lots of light. That was my opinion on setting the price and it seems to have worked.
““Chuk” is correct that there have been improvements.”
Thanks for checking in Jesse. But what were the improvements? The kitchen had already been done (including backsplash) in the old sale. The bathrooms were already done then too. Someone wrote me who went to the open house and they said there were pergo floors on the first floor and the carpet upstairs was older. But the floors were dark in the old sale so I’m assuming those floors were the same pergos from before. They also said it had been repainted (and was no longer the “gray” from the year ago pictures.) But was a tannish/beige.
So what, again, were the “improvements”? The painting? Just curious.
But yeah- if you sold it within a week in December then the pricing clearly worked.
All new flooring, some new lighting, and a brand new patio. But in the end I felt it was undervalued to begin with. I priced it correctly and sold quickly with multiple offers at a tough time of year. Thank you for inquiring.