Trying to Sell a 3-Bedroom Duplex Down for 2 Years in Lakeview: 848 W. Roscoe
This 3 bedroom duplex down at 848 W. Roscoe in Lakeview has been on and off the market since September 2008.
In that time, it has been reduced $138,100.
Built in 2003, two of the three bedrooms are on the main floor with the third in the lower level.
It also has a 18×17 family room in the lower level.
It has two outdoor spaces with a south facing patio as well as a rear deck. The unit also has a garage with a heated driveway.
The kitchen has the finishes you’d expect in newer construction including stainless steel appliances and granite counter tops.
What will it take to finally sell this unit?
Keith Goad at Keller Williams has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, duplex down, no square footage listed
- Sold in September 2003 for $540,000
- Originally listed in September 2008 for $715,000
- Reduced many times
- Currently listed for $576,900 (parking included)
- Assessments of $228 a month
- Taxes of $7729
- Bedroom #1: 13×12 (main level)
- Bedroom #2: 12×10 (main level)
- Bedroom #3: 13×10 (lower level)
They really set themselves up for misery when they listed this unit at $715K (!). Unfortunately for the sellers, it’s still overpriced by at least $100K.
If they priced it even at 599K or so when they first started listing it in 2008, they would have sold and been on their way by now
Back in 2003, I wondered what would happen to owners who bought these ubiquitous units when they tried to sell to the next generation of bag holders.
Now I know.
Oh jeez, not one but TWO baby cribs!
I hope the elementary school is good because that’s where their children will be attending!
Good, I’m glad they’re stuck. They’re one less household I need to compete with when I buy in Park Ridge.
ouch the duplex down market has got to be tough
so agian i forget why i as a SFH cant list my basement bedroom but a duplex down is allowed to list its “basement” bedroom?
is this the same as including deck space to total sqft when as a SFH owner my yard or deck cannot be included in sqft?
“Oh jeez, not one but TWO baby cribs!”
you can see which one they love more!
“so agian i forget why i as a SFH cant list my basement bedroom but a duplex down is allowed to list its “basement” bedroom?”
Dude, in the geh-to the boogie men have a key to the basement, only, so no one can sleep down there.
I think that *maybe* glassblock is okay for a bathroom window, then I see this–with the horrible, horrible vent-window–and I come back to my senses. That’s an okay solution in a cheap place, but for this price, it totally sux.
I still might be okay with a wall of glassblock along a staircase, but I’m getting pretty negative on any uses except hidden-from-the-street basement windows and garages. Plus they don’t insulate much at all, so it’s sort of the worst of both.
Oh my goodness these buyer will eventually need to bring some money to the table.
95% financed (2 mortgages 432 & 81 with a 5% down payment)
Purchased 2003.
Tasteful unit, the ground floor LR looks unusable as a real family room, location is at Halsted and Roscoe, not exactly a location for families and impressionable children.
Well, it depends what kind of impression you are trying to make.
Dan,
really, no really, at what point really, no seriously really?
“not exactly a location for families and impressionable children.”
i beg please just hold it in for the holidays
wow
what a complete and total piece of red brick / cinder block shit.
These mass produced – scab labor built boxes are really nothing more
than the vehicle for the real estate lending game that has plunged us into this current
cluster fuck. These places are NOT homes. Oh and look this one even comes with similar looking stepford type prison cubes on both sides. People who would willingly agree to live in these saccharin cement boxes cannot be trusted.
“the ground floor LR looks unusable as a real family room”
If 18×17 isn’t a total lie, (1) the pic is a bad perspective and (2) the TV armoire should go, today, as it takes up too much room and any buyer would wall mount a tv.
Oops, I meant the Main Floor LR (even though it says 16×14 it doesn’t look it would function well as a main TV/Family room.
More than just impressions, it’s a crowded area, very crowded, especially on weekends in the summer there all types of crowds and drunks everywhere. I wouldn’t leave a child alone for even a moment on that patch of grass in the front yard. It’s a highly trafficd and congested drinking establishment type area, all around, and it’s the exact opposite of raising your kids in the suburbs with a yard. YOu can’t let your kids ride around the blocks on a bike by themselves, no way.
Even with the minimal downpayment, after 7 years of making payments, don’t you think they’ve been making some progress towards the principal? Either they’re having a third baby and want/need a fourth bedroom, or somebody became a partner (or hit some such jackpot) and they’re looking at SFH’s in the $1 million + range. They don’t seem that motivated and appear to be determined recover their purchase price.
Why does everyone on here automatically assume that the sellers of this type of property (the purchase of which was, granted, not a brilliant choice) are in or approaching a distressed situation? We’ve twice discussed a 2/1 in (east) Lakeview, which despite having a heated garage, was not getting any action based on its bubble peak original list price. So many commenters chortled at the thought of those “underwater sellers” losing everything and being relegated to starting over in the bowels of renterdom once the’re inevitably foreclosed upon. Yet I know those sellers and, while they’re “stressed” over (i) having purchased at the peak and (ii) trying to sell at a time when 2/2’s are going for the same price, they’re far from “distressed” (i.e., their incomes permit them to carry the place for as long as is necessary and they’ve moved on to greener pastures).
“Good, I’m glad they’re stuck. They’re one less household I need to compete with when I buy in Park Ridge.”
But HD, at least you know you’re kids would have to be smarter, right?
“I meant the Main Floor LR (even though it says 16×14 it doesn’t look it would function well as a main TV/Family room”
Yeah, it’s cocktail living room–this is a fine example of the problem of the open-kitchen + combined-DR/LR–especially when there’s a FP in the mix. How the hell do you layout two usable spaces for anything other than cocktail/dinner parties (for which I think the space is great)? Just doesn’t seem like good layout for day-to-day living.
“Beyond expecting another kid or an increase to their incomes, sure, I could see them wanting to get away from the party bar scene.”
Do you think that having to run downstairs to the 2d kids BR isn’t sufficient cause to want to move? I think that would be a giant pita, and it would make *me* want to move.
annony – somebody did hit the partner jackpot. maybe they’re looking at million plus homes.
but that’s all irrelevant to whether or not they purchased with 5% down in 2003 and whether or not they’ll need to bring money to the table.
icarus – my comment about them being stuck was a little harsh; sometimes I’m a bit cynical and it was a bit out of line.
That’s why on standard lot condo and SF main floor plans, it’s best to make the front LR very small (since nobody seems to use it much), move the kitchen up and max out a FR in the rear of the floorplan.
“Yeah, it’s cocktail living room–this is a fine example of the problem of the open-kitchen + combined-DR/LR–especially when there’s a FP in the mix. How the hell do you layout two usable spaces for anything other than cocktail/dinner parties (for which I think the space is great)? Just doesn’t seem like good layout for day-to-day living.”
spalling aka concrete cancer
wrong thread sorry
“95% financed (2 mortgages 432 & 81 with a 5% down payment)”
Not what I see, but close enough.
Also, HD, if you’d dug just a *little* more, you’d have found they already moved to DuPage. And paid $635k for a 4 br house. Also, looks like that jackpot was most likely hit *before* buying this condo.
The 81 was at the time of purchase now its an 85;
But i was right, kiddos needed a yard.
And they did hit the partner jackpot.
Nice place out there in Dupage, quite a ‘deal’ at 3,000 sq ft +.
Funny how they were originally asking more money for their duplex down in the city than than for the house they eventually purchased in the suburbs.
A very conservative suburb too.
“The 81 was at the time of purchase now its an 85”
And the 1st got re-fi’d, too. Down $6k.
Why do people include “Bring Offers” and like this one “Motivated” on their listing? Does that even help? I would think that all it serves to do is have people cut $30,000 from any offer they were going to make.
what they should do is rent it out until the market improves. that way they can eventually sell for $715,000 like they originally wanted. And they can $profit$ off the rents in the meantime. sweet deal if you ask me.
“what they should do is rent it out until the market improves.”
How close to $3k do we think the rent would be?
They are already at the “barely break even” price, so the current ask probably has significant inertia.
“anonny on December 23rd, 2010 at 11:51 am
Why does everyone on here automatically assume that the sellers of this type of property… are in or approaching a distressed situation? ”
Because misery loves company, and there’s a Cribhater contingent that utterly miserable.
Don’t mistake misery for schadenfreude. They may appear similar but they’re not.
“what they should do is rent it out until the market improves.”
While I don’t have an opinion as to price, the place shows very well. Get 3 renters in there and their fresh out of college furnishings and selling this place “when the market improves” will be a true disaster.
Annony, I think you make a great point. For those with the income to support it, these situations are kind of like all these hospitals and municipalities we hear about making payments on underwater interest rate swaps. You can either monetize the loss by selling or just keep paying away.
Ultimately I would think that the lost value to the owner will converge with nominal prices, and they will get out. Moving out of the place obviously complicates the matter since they can’t benefit from living there while overpaying for their principle payments. In this case I consider their flexibility to do so to be a bit of a luxury. Good for them for having the financial wherewithal to make the best of a tough situation.
Regarding the property, I think it looks very nice, and the finishes seem good for the era. However, after living in several apartments with little natural light, including one now where my family room is partially below grade, I would never, ever, purchase a duplex down. I don’t even want an office in a basement (unless it has a wetbar, library, and venting system so I can smoke cigars inside)!
“Groove, this location is less than 1 block from Roscoe’s Bar (a gay singles bar/meat-market). In the summer doesn’t this bar have removable windows that open? and the entire facade is open-air with bar stools right there? With men drinking alcohol and checking out the “sidewalk scene”?”
now if you said hey i would want my kids raised by a bar the opens the windows, it would be fine, its just the “exrta’s” you add.
and roscoe’s is a pretty cool place you should actually have a drink there. given i haven been to it in about two years but i dont think its changed that much since then.
and i really dont think the “sidewalk scene” that happens after little timmy is in bed will effect him. and if he was awake
1. i dont think him seeing it would really “change is mind” it kind of not a “real” choice
2. i think what timmy could watch on tv that late or surf the internet would be worse.
if anything dan, you are transparent
“Do you think that having to run downstairs to the 2d kids BR isn’t sufficient cause to want to move? I think that would be a giant pita, and it would make *me* want to move.”
i second that notion, but we clearly see that one kid is not loved like the other.
dont see why both cant be in the same room its not like they are 13 and fighting all the time.
“if anything dan, you are transparent”
consistent, too. Or is that persistent?
“consistent, too. Or is that persistent?”
hey throw in dependable too. as you can always count on be offended
“dont see why both cant be in the same room its not like they are 13 and fighting all the time.”
Ha, we just moved my little girl’s bed into her big bro’s room this past weekend at their insistence. She – because its fun, he – because he has entered a bit of a spooky scary phase (although he ain’t admitting it.) The only problem is conflicting bedtime story requests. We’ve gotten by for now with Xmas stories, but it will become a problem next week.
“Ha, we just moved my little girl’s bed into her big bro’s room this past weekend at their insistence. She – because its fun, he – because he has entered a bit of a spooky scary phase (although he ain’t admitting it.)”
if you want them to stay in the room together try the story of “candyman” of cabrini. or anon (ufo)’s above story of the ghetto boogie man with a key. they will be so scared they may need the beds pushed together 🙂
oh my how do they let me be a parent?
groove, you may have hit on a business plan to assist the homestuck loanowner. It could be this decade’s feng shui.
“groove, you may have hit on a business plan to assist the homestuck loanowner. It could be this decade’s feng shui.”
if you provide the capital i am in!
IT SEEMED LIKE A GOOD IDEA AT THE TIME RIGHT, BUY LOW, SELL 5 YEARS LATER FOR A COUPLE HUNDRED GRAND MORE. I LIKE IT. TOO BAD THEY WERE A DAY LATE AND A DOLLAR SHORT. JUST IMAGINE IF THEY LISTED IN 2007 BEFORE THE MARKET CRASH. THEY WANTED ANOTHER YEAR IN THE CITY SO THEY COULD WALK TO THE 7-11.
G: The only problem is conflicting bedtime story requests. We’ve gotten by for now with Xmas stories, but it will become a problem next week.
Why? Kids only know that Christmas stories end immediately after Christmas if you tell them that. Besides, Christmas goes from December 25 through January 6 (Feast of the Epiphany); that’s where the 12 days of Christmas comes from (you don’t count the Sundays for some reason — I guess there was no gift-giving on those days).
On topic, I lived right across the street from this place while it was being built. IIRC, there was a work stoppage and it was half-built for about a year; then it changed contractors/developers and was finished. While it sat unfinished, I was able to have my guests park in back of it (since there was never any parking on Roscoe). I think it was this place; during the time I lived on this block (1997 – 2003), half the block was torn down and replaced with awful brick and cinderblock condo buildings.
Also during the time I lived there, the Halloween parade changed from a drag queen dominated, gay pride-esque event to more than 50% children and families. I guess not everyone wants to move away from “the gays”. (Besides, all “the gays” have moved to Andersonville.)
Did not mean to bold that entire post, only the quoted part – sorry!
*what a complete and total piece of red brick / cinder block shit.*
you couldn’t have said it better james.man,talk about a generic crapbox
And an expensive cinderblock piece of crap too.
*similar looking stepford type prison cubes*
i was laughing so hard i missed the best part of your post the first time.
Here’s a thought – if they’re out of the place why aren’t they re-staging those two kids rooms better? Clearly people do notice these things and jump to conclusions!
Merry Christmas to you all. I hope you will end up finding some love for others this year. Some of you people so sad and hateful. I wonder what is wrong with you lot having so much aggression and anger in you. Go for a run, then go hug a poor person or someone you won’t normally hug and maybe you feel some joy and love in you. I have notices people who lack empathy are always so miserable.
Sabrina’s probably enjoying a vacation; these comments will be scrubbed, but HD is right; just don’t talk about it; its off topic [which hasn’t stopped us b4] but no good can come of this. We all know where bob and dan stand; most of us don’t accept or tolerate it.
the best off topics are the economy/policy and house bling.
The only group of people it’s OK to bash around here are the lower classes that can’t afford $500k condos 😉 If you’re part of the upper class and choose not to buy a $500k condo, for whatever reasons, you’re fair game too.
Wow- I come on here to see how quiet it is since it’s Christmas Eve and all I find is a bunch of lunatics.
I have deleted all of the crazy comments on this thread.
Yes, I will be banning Bob if this continues. And I have never banned anyone from the site before.
Bob- stop it.
And yes, Dan, there actually ARE other people raising children right on this very street (as is obvious from some of the other listings currently on the market.) So it is quite common to have children here.
YOU may not choose to live in a certain location or property (“Who would want to live in Beverly?” “Lofts are impractical.” “Who wants the small rooms of vintage condos?” “Why would I want concrete ceilings and walls?”)
But that doesn’t mean it isn’t perfect for someone else. That is the beauty of Chicago’s real estate market. There are hundreds of different neighborhoods, housing types, and amenities to live by and near.
I am leaving the comments about the bar at the end of the block because I do think having a big bar/music venue/restaurant or whatnot nearby can impact whether or not people buy certain properties (as we know- for example- some people will buy and some will not buy within a certain proximity to Wrigley Field.) Whether or not it is gay or straight has little to do with the fact that there is a bar there. We have talked about the bar scene and properties in River North before.
But otherwise- I’m deleting most other comments on this thread.
I’ve also been wondering if the general nasty tone that has prevailed on CC recently is a result of the double dip in the housing market.
Some of you have been asking me to “write about something positive” but there aren’t many of those stories right now (but if you see something selling for more than they paid or going under contract right away- please e-mail me the tip on the side. I WILL write about it.) I too am tired of all the doom and gloom.
While the declines are making housing more affordable for everyone, it’s really tough out there for anyone selling. I know these are painful losses for most people.
When will we bottom?
This spring selling season is the most critical one, I believe, since I started writing this site over 3 years ago.
I am very sorry about my prior misbehavior. Someone was successful in pushing my buttons which I am normally very guarded against and am sorry to have to make you work on this holiday, Sabrina.
“Some of you have been asking me to “write about something positive” ”
Recently I saw a higher end RE blogger interviewed on the news and he said there was a flurry of activity in the high end lately. With specific reference to the Elysian and Trump selling a lots of units. I guess we’ll have to see whether this pans out in the stats but if higher end RE is tied to the stock market as many claim I think it seems plausible.
Everybody gets a little stessed during the holidays. This is a great site Sabrina. It must be a lot of work and I’m pretty sure I’m speaking for a lot of people when I say we really appreciate it.
I think the “double dip” is more of a correction than anything, continuing from the first “dip.” Decent places will sell, regardless of price. The general population is *smarter* now than 5 years ago and are looking at properities as a long term investment rather than a quick flip….except for the sharks and big dawg investors that is.
“I’ve also been wondering if the general nasty tone that has prevailed on CC recently is a result of the double dip in the housing market.”
No. Just some cranky personalities who need to vent.
the end is near!
If the subject property was located 1/2 block from a biker bar, a real one, not a faux-one like Twisted Spoke, nobody would have cared about comments about the location, most would have agreed…and nodded their heads in agreement. There aren’t many families with young kids around serious biker bars, Twisted Spoke or Roscoe’s gay bar. None are perceived as attractive locations for families. I can’t believe that discussing the nearby location of a gay bar as a factor of the real estate desirability for families gets censored.
“There aren’t many families with young kids around serious biker bars, Twisted Spoke or Roscoe’s gay bar. None are perceived as attractive locations for families. I can’t believe that discussing the nearby location of a gay bar as a factor of the real estate desirability for families gets censored.”
Your first two sentences are spot on. Your third sentence collapses under the weight of its homophobia.
Just discussing a valid issue is not homophobia. There are many families that wouldn’t want to live near a gay bar. Just a fact. You might disagree with their choice but that doesn’t mean anyone who raises this issue is homophobic.
“Just discussing a valid issue is not homophobia. There are many families that wouldn’t want to live near a gay bar. Just a fact. You might disagree with their choice but that doesn’t mean anyone who raises this issue is homophobic.”
Under the scenario you present, ltcaffey, it is indeed the “families that wouldn’t want to live near a gay bar” who are the homophobes, and one “who raises” that issue (i.e., the fact that there are homophobes) is, of course, not necessarily a homophobe. But I’m afraid that wasn’t the impetus of certain comments (now deleted) to this thread (i.e, the comments were not “there are families who wouldn’t want to live near a gay bar”; rather, the comments were “families don’t want to live near a gay bar”).
I don’t want to live near multiple gays bays and I am not a homophobe. In fact my gay neigbors try to stay away from that part of town too. According to your logic, gay people who don’t want to live near gay bars are homophobes too.
Personally I thought the discussion was valid but it took a sinister turn when the name calling and insidious tone took hold.
And for the record I don’t want to raise a family near the viagra triangle either. Am I now a heterophobe? who wants to explain high class women of the night or men with buttless chaps to their 7 year old daughter?
I spent considerable in boystown throughout law school when I dated a fellow law student and I can say that buttless chaps are part of the landscape, just as low cutt haltertops with big busty ladies hanging on guys with lambos are part of the landscape of rush street.
“buttless chaps” is repetitive and redundant.
ok – you got me. I just like saying buttless chaps!
FYI I have seen a few families on Racine right near my office. That is one block from that “faux” biker bar Twisted Spoke. In fact one family has a “compound with swimming pool and a huge courtyard right on that block. Google earth the area im sure it will stand out. They have some big summer pool parties. Wish I was on the invite list.
JP3: Is that the compound where the owner used to fly an Italian flag? I heard it was an Outift guy who had that, from the era long before the mid-90’s gentrification. Not sure who lives there now.
What I’m getting at is assless chaps is an oxymoron. If chaps had a backside, they’d be pants. Capisce? Good. 🙂