Selling 1-Year Later and Under Contract: 3512 N. Southport in Southport
This 3-bedroom new construction luxury condo at 3512 N. Southport in the heart of the action in Southport came on the market in July 2009 only one year after it was purchased.
It was originally listed $25,000 under the 2008 purchase price and then was reduced further.
The unit has upscale finishes like a Viking stove and solid core doors. It also has both front and rear decks.
The building also has an elevator (a must for some buyers at this price point).
The listing says there is a 2-car tandem parking spot with one space being covered (looks like a carport.)
Was this a bargain for the buyer?
Gregory Desmond at Prudential Rubloff has the listing. See the virtual tour, floorplan and pictures here.
See the property website here.
Unit #2S: 3 bedrooms, 2 baths, no square footage listed, 2 car tandem parking
- Sold in July 2008 for $673,000
- Originally listed in July 2009 for $650,000
- Reduced
- Currently listed for $625,000
- Under contract
- Assessments of $223 a month
- Taxes are “new”
- Bedroom #1: 16×16
- Bedroom #2: 14×11
- Bedroom #3: 14×11
- Living room: 19×14
- Dining room: 19×8
- Kitchen: 14×10
- Laundry: 6×5
someone explain to me what “luxury” really means in chicago real estate.
(if anyone says granite and stainless steel you will be kicked in your kidney)
If this were the top unit, it might make more sense. Who wants to pay $600+ and have people walking around in the unit above you. The finishings in this place are nice, but it doesn’t make up for the fact that it’s a second floor place on a pretty busy street (traffic and people). The elevator isn’t that much of a plus when you are on the second floor. Whoever paid $673 in 08 for this is a damn fool. Looks to me like the unit includes that awful top-o-da-garage deck.
“what “luxury” really means in chicago real estate”
Means the developer sends his kids to Parker or Latin.
Love the photoshopped sky in the first pic…
A few “luxury” things I can see from the photos
Marble slabs (not tiles) in the master bedroom shower as well as a rain (overhead) shower installed
Master bedroom is nice and large, but I HATE the decks off of the bedrooms. Like I want to lug some burning steaks through the bedroom to the dining room right?
Kitchen has nice appliances, wine fridge, thick granite or marble island and lots of cabinet space
Crown molding (whoppidy doo)
things that are NOT luxury about this place:
Other bathroom could use some updating
Custom cotton candy colored paint?
Same Wood floors in every bedroom? bleh
Living/dining combo and appears to be kind of small for this price point.
Tandem parking (no garage)
I don’t know Groove; maybe it’s a combination of things…? The cabinets seem nice/good quality, the tile backsplash in the kitchen, the built-in wine cooler, the viking stove, (the Bosch fridge?, hardwood, crown moulding, nice lighting, steam shower, etc. Oh yeah, and the granite – I KID! Stay away from kidney.
I like the place, but it still seems like a lot of money for what boils down to: a large apartment. Is this in the Blaine school district?
“Looks to me like the unit includes that awful top-o-da-garage deck”
Okay, I get the general issue, but how is it worse than the 2/3s smaller deck on the 3d and 4th floors? Would it be better if they had *no* outdoor space there?
Should’ve hit refresh before I posted. Sonies got there first.
“I HATE the decks off of the bedrooms. Like I want to lug some burning steaks through the bedroom to the dining room right?”
That’s what the 8×8 front deck is for, dude. Again, would it be better if they just put in windows that looked out over the garage roof to the alley with NO outdoor space?
“Okay, I get the general issue, but how is it worse than the 2/3s smaller deck on the 3d and 4th floors? Would it be better if they had *no* outdoor space there?”
I don’t know whether the top one has it here, but often times the top unit will have a roof top deck. That would be what I would want (and incidentally have) for this amount of money. No real difference between the second and third floor, so the garage deck would be a plus that the second floor has over the third.
Nevermind – found my own answer. Not Blaine, Hamilton.
I detest the “Southport Corridor” generally as its overpriced crap yuppy couples buy to show they’re too mature for Lincoln Park (they aren’t).
This listing in particular makes me want to barf. Of course there’s a crib in one of the pics and I bet the genius couple is just now realizing its hard to afford private school tuition with a ginormous mortgage.
Whoever bought this place last year and this year is an idiot. Just goes to show some idiots bail out other idiots.
I bet it was 90%+ financed in both transactions. Livin’ the debt dream.
this place is sweet, i do like it, but………but when i think “luxury” i think DETAILS. when i hear luxury i want fininshes, flooring, tile, doorways, windows and doors all to be well you know “in the details”.
for luxury, as sonies pointed out, i dont want my floor in my kitchen to match the floor in my second bedroom. I dont want my tv over the fireplace, i dont want my drawer pulls to be something that can be replicated at lowes, i dont want my lighting to be replicated at home depot, i dont want my doorway to my patio to be a doorway to the patio it should be a conversation started.
well thats my rant on luxury
Bleh Missed the front deck, kudos to you anon
“I don’t know whether the top one has it here, but often times the top unit will have a roof top deck.”
All the aerials I can find are too old, so I can’t tell, but would guess you are correct. Although the access to the roof appears to be via the twin shared stairwells.
It sort of looks–from the undwerconstruction pics–like the 4th floor also has the master BR deck.
mrsB,
“the viking stove, (the Bosch fridge?, hardwood, crown moulding, nice lighting, steam shower, etc”
Very true but viking/subzero/bosch are all something easily added, Crown moulding, whip-de-freken-do, no details on this moulding.
now the shower i missed, and will concede that its a swanky one
Bob, “I bet it was 90%+ financed in both transaction”
surprised anon hasnt answered that yet.
Oh, I know…I totally agree. I was just guessing as to what a realtor, or even a typical buyer, might consider “luxury.”
I’ve been in a number of these types of units and generally like the layouts. Not so much on this one. I am wondering if that all important elevator is what is taking up so much of the space at the back of the place?
The layout just seems odd and would be hard to set up, esp if you are Bob and take advantage of the outside space. Not a fan of this place and since it was just Sabrina who labled this place a luxury unit, I will not comment on what comprises a luxury condo…just note, this is NOT a luxury…anything.
Over 600K for that place? That is totally absurd. There is nothing special about it and the living and dining spaces appear really cramped for the price. I live in SOPO and love the neighborhood but these people are nuts. $500,000 TOPS for this place.
Decent space, but I still think it is way over priced. I just find it hard to believe that any walk up building is worth $650k. Some of the larger duplexes… maybe. But certainly not any of these type of units.
under contract doesn’t mean it is going to actually close though… I would love to see the appraisal on this one.
Where is SOPO?
“Bob, “I bet it was 90%+ financed in both transaction”
surprised anon hasnt answered that yet.”
Well, (1) the recent transaction won’t be of record yet, since it hasn’t closed, but I doubt they got 90% financing for a jumbo condo mortgage in the current lending environment and (2) 90% of $673k is $605,700; 95% of $625k is $593,750. If they financed 90%, the seller is bringing $$ to closing.
And now you’ve got me curious enough …
It was harder than normal to track down, as the condos were sold before PINs were assigned, but there is a single mortgage on teh property, in favor of Northern Trust, in the amount of ….
Wait for it ….
$320k.
Plus, they moved to St Louis when he got a much better (if not necessarily much more lucrative–I can’t tell for sure) job. The things one can find on the internet!
I *think* SoPo is short for “Southport,” like “SoHo”…??
Sorry, yes. SOPO=SouthPort.
please don’t call southport SOPO again… that’s um… bad
“I am wondering if that all important elevator is what is taking up so much of the space at the back of the place?”
If you look at the floorplan, it’s adjacent to the rear stairs. It seems that the space is consumed by the elevator combined with having two sets of stairs.
What do you care?
Right!?! WDYC if she calls it SOPO? Unless she’s your BFF and it bothers you, then NBD! ttyl
Just trying to help out
“please don’t call southport SOPO again…”
LMAO!! Perhaps Jill is a misplaced or lost NYer who feels the need to brand all areas of the city with all cap names. FIDI, SOHO, DUMBO…bringing the apple to the windy city….I love it!!
hey i live in GETO, guess what thats short for?
i kid Jill.
“Same Wood floors in every bedroom? bleh”
Why would someone want different wood floors in all the bedrooms? bleh
“GETO, guess what thats short for”
Groove Eats Tacos Ole?
Groove Educates The Ogs?
Groove Evidently Takes Opiates?
close anon its for “Ghetto” silly
“close anon its for “Ghetto” silly”
Never would have gotten that. Thanks man.
Groove Explains The Obvious
wow humor and sacasim is missed when typed sorry to disappoint you anonymous
Nah man, not disappointed, just a little pleased with myself coming up with my own very small joke, keep up the good work.
“wow humor and sacasim is missed when typed sorry to disappoint you anonymous”
I’m just annoyed I didn’t come up with it. It’s perfect.
Marco
“Why would someone want different wood floors in all the bedrooms?”
i would hate if the wood was different everywhere i guess i needed to imply all type of flooring.
anon and anonymous,
you guys are silly
Wow. This forum is totally ridiculous. Too bad. For about three seconds there I was actually intrigued. And, for your information, I don’t know a single person under the age of 30 that actually lives in “Southport” that refers to it as anything other than SOPO or SoPo. And no, I’m not am not from New York though I did spend time on the east coast when I earned my MBA (which stands for Master’s of Business Administration) from HBS (which stands for the Harvard Business School). Get over it.
Jill
That certainly explains a lot. Your overly snooty attitude and your faux “coolness” but hey whatever makes you happy. I just turned 30 and I used to live in the area and never called it SOPO. Guess I didn’t hang out with enough Harvard educated grads, my corn education from a Big Ten school is obviously inferior, and I apologize.
Jill, get over yourself.
I am 27 and live right near Southport and Roscoe. I tell friends I live near Southport and Roscoe. I also spent my college years in Massachusetts and followed that with just about six years as a Naval Officer…guess I am just not qualified to call it SoPo.
SoPo…hahahaha. because south port is so much harder to say? people are queer with these nicknames. at least SoHo shortens south of houston (or whatever) a good bit. My favorite hood abbreviation in the chi is SLoop. It’s the only good one. Jill listen to sonies, and please call the south loop sloop. Only trying to help.
At the risk of sounding insensitive; I don’t feel sorry for anyone that loses money on their 2008 purchase. By 2008 all major TV channels were discussing the sinking real estate ship so why buy tickets to board a sinking ship?!
Nobody mentioned that the unit is right above retail. At least it’s not above the dry cleaners (although most dry cleaners send their stuff out and do not use toxic chemicals on premises).
And she was wearing my Harvard tie! Can you believe it!
“…MBA (which stands for Master’s of Business Administration) from HBS (which stands for the Harvard Business School). Get over it.”
I feel the need to correct you on your interpretation of MBA…it stands for Master of Business of Administration and “not Master’s”.
And yes, I agree with you there is no way you could be from NYC as any self respecting MBA would know the real defintion.
hey i have a 29 year old MBA working under me, he must hate it 🙂 but one thing he doesn’t do is brag about it in a pretentious way.
He also never has said SoPo, he has said southport.
Maybe she trolled us, with her Harvard tie.
“I feel the need to correct you on your interpretation of MBA…it stands for Master of Business of Administration and “not Master’s”.
And yes, I agree with you there is no way you could be from NYC as any self respecting MBA would know the real defintion.”
Nevermind that, “Master’s of Business Administration”? Is that supposed to mean:
1. Master IS of Business Administration, or
2. Master *possesses* “of Business Administration”?
And, who is this Master fellow anyway? I don’t think we should let him into the Harvard Club. Apostrophe abuse like that *surely* must be sanctionable in some way.
Welcome Jill. This site can be vicious, but I found it very insightful while searching for my first place. I closed yesterday.
Laugh out loud funny stuff though guys, very amusing.
Kind Regards.
congrats hippo. hope you love your place
to me, SoPo sounds like a southerner drawling, ‘so pore’, as in “when I was growin’ up, we was SoPo we thought a “round steak” was balogna!”
And I’ll bet there are many in SoPo, who are on their way to the Po House….
I’m a longtime lurker on this site and have never posted anything… until now. I am a 30-something gal with a fancy MBA degree from a fancy school. I have lived around the corner from this property for 3 years. I have never referred to my neighborhood as “Sopo” and would frankly be embarrassed to do so. Then again, I have also never boasted about my education (I frankly do not think an MBA is an extraordinary achievement). I know dozens of people in my neighborhood with fancy degrees from fancy schools who mock those who use faux trendy terms like “Sopo”. To set the record straight: “Sopo” or even “Southport” are made-up terms that realtors use to justify higher listing prices. If you live in the Southport area, you live in Lakeview.
Poor Jill — this can be a vicious website my friend. There are a couple guys/gals who post here who think they know everything there is to know in the real estate world. Which is laughable – especially in these strange times.
Regarding this condo, though, the rooftop is owned by the Penthouse and is pretty spectacular. They have a batting cage up there; an outdoor living room area with a fireplace; a putting green, etc. You get the picture. The entire roof belongs to the PH. Now THAT’s the unit to be in.
Just an update on this unit: It has closed in early November 2009 for $620,000.
The buyer really got a deal with $5K off the list price…
Non-penthouse units shouldn’t go for $620 unless you and your agent are idiots. Hope the seller enjoyed the $50K ding (over 16 mos.)
Don’t forget the 6%+ in transaction costs, Jon.
John this is SoPo and didnt you know its magic there?