Old Town 2-Bedroom Still Waiting for a Buyer After 32 Months: 235 W. Eugenie
We’ve chattered about this 2-bedroom unit at 235 W. Eugenie in Old Town almost since I started writing this blog which was 3 years ago.
It has been listed, on and off the market, since March 2008.
We last chattered about it in February 2010 after it came back on the market and was further reduced.
See our February 2010 chatter here.
It is still available and is now reduced $70,000 from its March 2008 list (although the other prices included the parking and now it does not- so assuming parking is at least $30k, it has only been reduced by $40k since the original March 2008 listing.)
The building was designed by famed mid-century modern architect Harry Weese.
The duplex up unit has the original fireplace.
The kitchen has white cabinets, white and black appliances and white counter tops.
It does not have central air (only window units) but it does have in-unit laundry and deeded parking.
Is this a deal now?
Cara Buffa at Prudential Rubloff now has the listing. See the pictures here.
Unit #T-4: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in August 2004 for $385,000
- Was listed in March 2008 for $409,900 (included a parking spot)
- Reduced
- Was listed in July 2008 for $404,900
- Withdrawn
- Was listed in June 2009 at $384,000 (parking spot included)
- Withdrawn
- Was listed in February 2010 at $368,000 (parking spot included)
- Reduced (kind of)
- Currently listed at $339,900 (parking now extra)
- Assessments of $194 a month
- Taxes of $3,900
- No Central Air- window units
- Washer/Dryer in the unit
- Living room: 21×13
- Kitchen: 16×9
- Bedroom #1: 15×13
- Bedroom #2: 10×8
Parking is indoor or outdoor? Is it a specific spot or anywhere in a lot?
Looks like it’s outdoor with an assigned spot
Back when it was first listed for $409,900 w/parking a long time ago:
G on March 27th, 2008 at 3:07 pm
“A condo of this age gives a nice look at the history of Chicago pricing. Here is a timeline based on 2BR duplex sales here, generally speaking:
1987-88 $180K
1991-92 $145K
1995-96 $170K
2001 $310K
2002 $370K
2004 $385K
2005-06 $410K
Anyone willing to pay within $100K of the asking will be a knife-catcher.”
Seems overpriced to me considering it is a 2/1.1 and the 2nd bedroom has a single digit in it (10×8!). And the outdated kitchen doesn’t help either. Although I will saw the place has a nice clean look to it. Somewhat mod with the dark floors and white walls. I bet if the homeowner spent $5K on new SS appliances in the kitchen this would move fairly quickly.
“I bet if the homeowner spent $5K on new SS appliances in the kitchen this would move fairly quickly.”
I bet it wouldn’t and you have no concept of long-term RE pricing trends and G does.
You’ve been watching too many circa 2006 HGTV reruns.
““I bet if the homeowner spent $5K on new SS appliances in the kitchen this would move fairly quickly.””
Absolutely nothing about this place says $340k+extra for parking to me. It’s a decent enough place in a (to me) really nice location… but that’s a heck of a lot of cash for a 2/1.5 (coming from someone who owns one).
Yeah, definitely overpriced. Pretty sly trick taking off the parking to make it seem like a huge price drop. That kitchen is terribly outdated. I like the size of the master bedroom and the hardwood floor color, but the rest of this place is very underwhelming. I can’t believe they advertise multiple outdoor spaces and then don’t include pictures of any of them. Plus, the glass blocks in the bathroom are hideous. Overall, the number of drawbacks overpowers the very few nice features. Good location though.
Question:
Someone recently told me banks are not lending like they used to on duplex downs? A mortgage broker told me they are valuing the garden square-footage at 50% off. Anyone familiar with this? Has this always been the case? Or is this new? If this is correct, has anyone seen first hand what this has done to the prices of duplex-downs assuming appraisals are well below asking price?
“I can’t believe they advertise multiple outdoor spaces and then don’t include pictures of any of them.”
See pix of the outdoor space in the listing for T-5, here:
http://www.redfin.com/IL/Chicago/235-W-Eugenie-St-60614/unit-T5/home/13344127
asking $399, with parking. And an updated kitchen.
“A mortgage broker told me they are valuing the garden square-footage at 50% off.”
That’s been pretty close to the majority opinion here forever. Basement space should be valued at a huge discount, maybe 50% is too much, maybe to little, but it’s in the ballpark. I might go with 1/4 or 1/3, maybe even 40% off (depending on how far below grade and what the access is like), but anyone valuing it at par is (and always was) being foolish.
I know I’m in the minority here, but I actually don’t mind glass blocks!
I saw this place way back in February. To answer some questions:
1. Parking is an assigned spot outdoors
2. The second bedroom is TINY, and has actually been opened out to the stairwell, and I believe does not have a door (thus, it is not truly a bedroom)
3. The kitchen is TINY, seriously only space for one person to be in the kitchen at a time.
4. It is the only unit located in front of an outside staircase, thus the size of the dining room is actually smaller than the other similar units in the complex (like T-5). Because of this, the view from the dining room (floor to ceiling windows, if I remember correctly) is blocked, and you’re looking directly at a metal staircase.
5. Nice floors, decent bathroom.
for that application, I think it’s fine…
“I know I’m in the minority here, but I actually don’t mind glass blocks!”
“for that application, I think it’s fine…
“I know I’m in the minority here, but I actually don’t mind glass blocks!””
It’s fine on the bathroom side, but what does it look like in the room on the other side of the wall? Do you think it’s okay as most of the wall for a bedroom (which it probably is)?
“A mortgage broker told me they are valuing the garden square-footage at 50% off.”
Duplex downs should only be comped with duplex downs unless the below grade is discounted. That would be the only correct way to do it at any time, past or present. If some got away with equating below grade SF with above grade in the past it was a classic example of caveat emptor.
(sorry to repeat, slow to submit and should have guessed that anon already got it right.)
I’ve actually been in this unit and liked it a lot. Overall, it’s a nice example of mid-century with a solid feel to it. The kitchen isn’t as bad as the photos make it out to be and the glass block does work in the bathroom and doesn’t look too bad on the bedroom side.
Now, here’s why I never made an offer:
— one of the outdoor spaces is unusable due to stairs that cut the sq footage down considerably (compared to the other units)both at the top and bottom of the stairs.
— it’s really a one bedroom with den. The “second bedroom” had the walls & door removed to make a den/seating area. There’s absolutely no way anyone should market this as a 2 bed.
— it’s way overpriced. I wouldn’t pay more than 150k including parking (it’s a 1 bedroom for pete’s sake).
This unit is a perfect example where I scratch my head and wonder if the broker is intentionally marketing or the seller is insisting that it be marketed a certain way. Either way, the space (sleeping & closets) is really only big enough for 1 person to live in comfortably and for 339.9k there are much bigger and nicer 1 bedrooms available.
I must have completely missed that. Thought it was an exterior wall. That. Is. Horrible.
“Do you think it’s okay as most of the wall for a bedroom (which it probably is)?”
Bob –
“I bet it wouldn’t and you have no concept of long-term RE pricing trends and G does.”
Did I claim to have a concept? Must have missed that? Just said it was overpriced IMO. G’s post wasn’t there when I posted – must have been simultaneous.
Lools like we have the classic -“Should I update or lower the price?” conundrum. Discuss
“Did I claim to have a concept?”
Sorry I didn’t mean to be abrasive today. Its just appears to me that after being listed for 2.5 years with only a slight haircut that a minor and superficial upgrade like stainless steel appliances is not going to move this place in today’s environment is all.
“I must have completely missed that. Thought it was an exterior wall. That. Is. Horrible.”
It could be, but in a rowhouse sort of situation, would you really give up an actual window? Also, that looks like furniture behind the block.
Bob –
“Sorry I didn’t mean to be abrasive today. Its just appears to me that after being listed for 2.5 years with only a slight haircut that a minor and superficial upgrade like stainless steel appliances is not going to move this place in today’s environment is all.”
No problem, I can take it! I agree they are superficial changes but for some reason people seem to get stuck on that stuff. Can they likely do themselves and save some money….of course…but a lot of people don’t work that way. A lot of people want to like what they see and not have to make any changes. Especially the younger crew that would be interested in a 2/1.1. Most have little experience in home improvement and have no interest.
follow-up on my original question on the discount of Sqft of duplex downs. I was not asking about comp’ing vs other similar properties … I was more curious about the mortgage appraisal value-process. So regardless of consensus of people on this site and their opinions of value … I am most curious about the black and white reality of recent apprasials?
Does this make sense?
Has anyone been involved in a recent transaction for example for a duplex down (lets say at $450k), deal is done, and the mortgage apprasier comes in at $300k b/c of a new inflated discount of below grade sqft?
Thanks again for your time … very curious about this.
See, I have delt with the framed out window in a shower thing for far too long. I currently have a shoer curtain on one side of the shower to protect the framed window (apartment – can’t change it) and another to serve the traditional function. This arrangement is actually stipulated in the lease (yes, score one point for homeownership). so, yes if there were shower on an exterior wall with a window in it I would glass block that sucker in a nanosecond, as long as it was not on the front facade – then I’d get more creative. Upon further examination the shadows and what really does look like furniture make me think this is not an exterior wall and commend your eagle-eye talents!
“It could be, but in a rowhouse sort of situation, would you really give up an actual window? Also, that looks like furniture behind the block.”
“so, yes if there were shower on an exterior wall with a window in it I would glass block that sucker in a nanosecond”
I guess I meant a window that size, which isn’t really plausible in a bathroom in the first instance.
I went to look at the property. It’s small and needs to be updated. There also are not any walls for the 2nd bedroom. It’s a 1 bedroom plus den (in my opinion).
Roscoevillager – Glass block can be cool when used in moderation, but, trust me on this, it does NOT offer as much “modesty protection” in a bathroom as many folks seem to believe.
300k…not a fan of window a/c or outdoor parking.
The end unit looks pretty nice though…
I’m a big fan of getting natural light into the bathroom. I’m talking real windows, not glass block.
In one of the first houses that Frank Gehry purchased (before becoming a famous architect), he cut a skylight directly to the bathroom so he would get sunlight on his face when he shaves in the mirror. He even worked out the angles and everything.