Trying to Sell 1 Year Later in Portage Park: 4015 N. Milwaukee
4015 N. Milwaukee, otherwise known as the historic Klee Building, was converted into loft condos in 2007. The building is at the intersection of Milwaukee and Irving Park on the edge of the Portage Park neighborhood.
This 2-bedroom unit has been on the market since October 2008 with no price reductions.
It has concrete beamed ceilings and some authentic brick features.
It appears that the developer has not yet completely sold out the building.
Current status of the building (out of 64 units):
- 6 for sale
- 0 for rent (on the MLS)
Nicholas Tufano at @Properties has the listing. See the pictures here.
Unit #206: 2 bedrooms, 1 bath, 989 square feet
- Sold in November 2007 for $219,500
- Originally listed in October 2008 for $229,900 (plus $7500 for parking)
- Currently listed for $229,900 (plus $7500 for parking)
- Assessments of $184 a month
- Taxes are “new”
- Central Air
- W/D
The Klee building was vacant for many years until a developer decided to restore it and turn it into condos. It’s a nice looking building, art deco, wedge shaped building. Some people have criticized the restoration; if I have the time I’ll find the link showing the new building vs. how the old building looked back in the days.
The problem is portage park. The six corners intersection is blighted and so is the shopping district on irving park to the west and it’s getting worse. In fact the neighborhoods to south and north of irving park are rife with foreclosures. It’s sad actually. A nice stable area being destabilized b/c of high housing costs and also, long time owners heloc’ing themselves right into foreclosure.
And that part of the area is incredibly traffic-heavy with too many people & too much noise.
Yeah it is. Irving Park road gets backed up for blocks at that intersection with Cicero. What happens if they build the crosstown expressway???
989 square feet?? The stated rooms total just under 700. Add 75 or so for the bathroom. I doubt it’s more than 800 sq. ft. in total.
So we’re looking at $286 per square foot for Portage Park. I don’t think so.
“I doubt it’s more than 800 sq. ft. in total.”
I’d guess at 832, based on the kitchen + living area being 13×32 overall and guessing that the bed + bath area is ~the same size, so 26×32 overall, including closets, hvac, etc.
Designer paint? Really?
How much do single family homes in this area cost? Am I correct in thinking that single family homes go for in the mid-200’s in Portage Park?
“Designer paint? Really?”
Some of it runs $100 a gallon.
Single-family homes in Portage Park go from the mid-200s south of the park to 300s around and in the couple of blocks north of the park. I’ve been looking at a lot of homes there recently, and the bubble was big and is no longer. Lot of homes that sold in 400s a year or two ago, are now 50-100k less.
South of the park, south of addison especially, is an unfortunate bunch of foreclosures that someone mentioned earlier on this post. Great brick bungalows though.
“Am I correct in thinking that single family homes go for in the mid-200’s in Portage Park?”
Should? Yes. Do, recently? Notsomuch. More like mid-300s, and those are the busted ones.
I had a friend buy a SF house recently in PP for under 250.
anon (tfo),
350k will get you a really nice renovated bungalow in the nice parts of Portage Park these days. Just had a client close on a large 4 bed brick bungalow that was livable but needed quite a bit of work (mostly updating, bones were good) for 225k 2 blocks south of the park. It had all the original leaded glass and unpainted woodwork though. Had another one buy a smaller brick bungalow (attic not yet converted) north of the park in “prime” PP for 235k that needed updating, also had good bones..
IMO, Portage Park is one of the hidden “gem” neighborhoods that most people don’t consider. There is a lot of great little houses there that can be had for cheap. That being said, I would NEVER consider buying a condo there or advise a client to, especially on that intersection.
jc:
So, you’re agreeing with me in a qualifed way? The “busted” comment was intended to be flippant, and anyway needs to be taken in the context of teh neighborhood–busted in PP is going to be a lot better shape (but possibly uglier) than busted in Englewood.