A Lakeview 2/2 with Parking, C/A and Washer/Dryer for $500,000: 1358 W. Belmont
This 2-bedroom at 1358 W. Belmont in Lakeview came on the market in February 2023.
Built in 2011, 1358 W. Belmont has 6 units, parking and an elevator. It was among the first wave of new condo buildings as the housing bust eased.
This unit has floor-to-ceiling South facing windows in the living room that lead to a balcony with city views.
There looks to be hardwood floors throughout (but the listing doesn’t confirm they’re real hardwoods).
There’s a fireplace in the living room.
The kitchen is open to the living room and has wood cabinets, what looks like granite counter tops, stainless steel appliances and a peninsula which seats 4.
The primary suite has a “spa-like” en suite bathroom with a double vanity, a bathtub/shower combo and a walk-in-shower. It also has a walk-in-closet.
The unit has the features buyers look for including central air, washer/dryer in the unit, surround sound and a “large” rear exterior space which the listing says fits 2 cars.
There’s storage in the basement.
The listing says “investors welcome.”
But it also says: “Also, sellers prefer to close and rent back month to month. Come see why you will want to call this one your next home! Note: Sellers prefer a few months rent back. Thanking you in advance.”
This building is near the shops and restaurants of central Lakeview, including on Belmont and Lincoln, and the large Lakeview Whole Foods.
Listed in February 2023 for $500,000, that’s a $115,000 premium over the October 2015 purchase price of $385,000.
Are 2/2 condos still popular with home buyers?
Robin Chessick at Jameson Sotheby’s has the listing. See the pictures and floor plan here.
Unit #301: 2 bedrooms, 2 baths, 1196 square feet
- Sold in August 2011 for $312,500
- Sold in October 2015 for $385,000
- Currently listed at $500,000
- Assessments of $266 a month (includes water, parking, insurance)
- Taxes of $7781
- Central Air
- Washer/dryer in the unit
- Exterior parking space which fits 2 cars
- Fireplace
- Bedroom #1: 16×12
- Bedroom #2: 13×9
- Living/dining room: 22×17
- Kitchen: 15×10
- Balcony
“Are 2/2 condos still popular with home buyers?”
Never were
“investors welcome.”
Should say anyone that will take this off our hands and let us live here rent free while we buy a new place we cant afford is welcome
W in the actual F is with these sellers, I’m thinking drug addiction Vs general stupidity
You can tell Realators are panicking, if the market was good no one would touch this with a 10′ pole
As for the property its fine, not worth anywhere near 1/2 a mill, floors look abused, Countertops are prime 2010, Not a spa guy but if thats what I should expect I’m going to stay a non-spa guy. As Sabrina is wont to say everybody wants new so using Sabrinas metrics this is going to sit for a while
Save 100k, get “New” – https://www.zillow.com/b/1348-w-roscoe-street-chicago-il-5gspd3/
Wow look at that – sells every 5 or so years…
the curb appeal is so ugly compared to the home next to it… yuck
“Are 2/2 condos still popular with home buyers?”
“Never were”
Um…I guess you are just blocking out the 1999-2008 period when all that builders were building were 2/2 condos and that’s all that was being bought in many neighborhoods. They started building 3-bedroom units after the housing bust but the 2/2 condo never went out of favor with buyers.
Also, JohnnyU, this seller bought 8 years ago. If you look around at the 2/2s on the market you don’t find many that were bought just a few years ago. I saw one that was bought in 2020. People who bought in 2015-2016 have low mortgage rates, even if they didn’t refi. It’s still cheaper than renting.
But it’s VERY low inventory in Wicker Park, Bucktown, LP, Lakeview in the 2/2s. These are all tending to sell pretty quickly because there is really nothing on the market. If it’s price correctly, it’s selling.
“Save 100k, get “New””
When you add in the parking cost (if it’s even available) and the bundled services fee, monthly might be slightly higher for that rental on Roscoe than buying the unit on Belmont.
And there’s no way of knowing if this priced unit overlooks the El tracks on the west side of the building or not. Probably a lot of people who wouldn’t want to live 8 years, as these sellers did, next to the El tracks with uncertainty about the parking. And this condo has 2 parking spaces, which is nice.
If you are only going to rent a year or two, then an apartment like this is fine. You BUY when you know you’re going to be there a minimum of 5 years, and probably 10. After all, you ARE paying down the principal on the mortgage during that time too.
Everyone needs to know what their plans are and what works best for them. It’s just a lie that buying a condo means you’re going to lose. But since the housing bust, Chicago has not been a market where you can own a year or two and come away with any money. There are too many transaction fees and the downtown market has actually seen price declines, not gains. Homebuying in Chicago is a longer term commitment. I feel like Millennials know this. They didn’t live through the flipping of condos in 2005 as adults, for the most part.
I like the windows in the LR (and in the kitchen).
Having an elevator, parking, and no stairs in the unit do make it an appealing option for a couple to get started in and be plenty comfortable for the initial years with a kid (though seems a bit of a trek to the nearest park).
Very convenient location if you really, really love Vietnamese food.
The tv (especially the little one they have) should be moved to pretty much any other wall space in the LR. The place (including the fire place) would look so much better without it over the fireplace.
No dining table (or dining-area specific light)?
I think the broker and/or sellers should maybe take another look at the listing description, which is making me irrationally mad. Are there islands that aren’t “eat-on”? Separate showers that aren’t “walk-in”? And I think one instance of the desired lease-back scenario would suffice.
“Um…I guess you are just blocking out the 1999-2008 period when all that builders were building were 2/2 condos and that’s all that was being bought in many neighborhoods. They started building 3-bedroom units after the housing bust but the 2/2 condo never went out of favor with buyers.”
60% of the time it works everytime…
“When you add in the parking cost (if it’s even available) and the bundled services fee, monthly might be slightly higher for that rental on Roscoe than buying the unit on Belmont.”
Sure, maybe, but it also doesn’t require a $100,000 deposit.
“sellers prefer to close and rent back month to month”
Their P+I is about $1,000 less than the buyer’s would be. Are they really going to pay $1,000 extra–and pay a security depost?
Aren’t they really just asking for an extended period from contract to closing?
“Aren’t they really just asking for an extended period from contract to closing?”
I’d guess that they need the proceeds from this sale for their next purchase, and are willing to pay more than they were paying for a couple of months to do so.
We considered trying to do that on our first two sales, both of which were during seller-favored markets (the first sort of, the second sale much more so), but lacked the guts (we worried that we’d deter too many buyers, and also worried about the kids damaging the property, especially in the second place, where I was constantly concerned about a toy hitting a 100+ year old window, damaging a plaster wall, etc.). When we bought our current place almost five years ago, we let our seller stay in the house for almost a month at no charge.
If we were sellers back in the spring/early summer of 2022, I could see doing so (a neighbor around the corner rented theirs back for about six weeks, and that was after getting $200k over list, which was already about $200k higher than their house should have fetched). Today? A buyer is going to have to be absolutely obsessed with a property to consider it. If I were a buyer right now and my seller wanted to lease back for a while in order to make their next purchase (or for any reason), the rent would three or four times market.
The general location is very walkable and despite being on Belmont, I’d say the location is good. However, the layout is weird and the finishes do not scream $500k. I would have guessed this would be listed around $425-$450k with today’s interest rates. Also, living about a restaurant (even a lovely one like Sochi) is not ideal.
Lending guidelines will only allow 60 days rent back if property is purchased as a primary residence…
This building is so unbelievably ugly and the finishes were all “developer specials” when new. Agree the floor looks beat up, fireplace looks moronic, kitchen appliances look like the cheapest money can buy and nothing has aged well. children’s bedroom looks like a crib is all that will fit in there..so it is a 1bed + den/office. I wouldn’t touch this with a ten foot pole given the horrific curb appeal and restaurant as a downstairs neighbor. There is no reason to buy this over renting something else…particularly at this ask. I think this sells according to their wishes (to hang around while they look for a new place), if they drop it to $400K. They have done nothing to improve the unit and the wear and tear is not insignificant as is….just wait until they have a renter mentality! Interest rates have eroded much of their equity. The kid appears young enough that these folks should save money for awhile and sell when they have the down-payment for a new place in hand….I don’t understand why they are in a rush unless they are relocating to another city but not immediately and have some super unique situation going on. It is a buyer’s market right now. No buyer needs this headache at this price point – – it is an unexceptional place of unexceptional quality in an unexceptional location. The only exceptional thing here is how unbelievably ugly the exterior is.
Another old picture of the building–before Spanish Square moved in.
Even at that, the pic looks pretty good vs reality.
“so it is a 1bed + den/office”
How. Dare. You! That’s a legal bedroom, and you must call it a bedroom, even if it also serves as a hallway. Indeed, as this one is not a hallway, you could probably claim that this unit is actually 3 bedrooms–just need to add some walls.
“Sure, maybe, but it also doesn’t require a $100,000 deposit.”
DP dont count as real money, besides its just a number
“Aren’t they really just asking for an extended period from contract to closing?”
This part confuses me “Sellers prefer a few months rent back” It sounds like they want to rent buy have the buyers give them the money back. This is a f’d up situation and it doesnt sound like its limited to 2 months
Would help if the realator wasnt an idiot and could compose a coherent sentence.
“This part confuses me “Sellers prefer a few months rent back””
It is clear to me. They want to sell and rent it back for a few months. And no, it’s NOT a “f’d up situation.” It actually happens all the time. Usually it’s because they can’t close on another property in time OR it’s under construction and they need to rent for a few months. If an investor is buying this, then they have a built-in tenant for a few months.
Rent backs are common.
“it is an unexceptional place of unexceptional quality in an unexceptional location. The only exceptional thing here is how unbelievably ugly the exterior is.”
Shots fired! LOL
The location is actually not bad. Short walk to Whole foods and Southport Corridor. Belmont isn’t very busy at night over there.
“Lending guidelines will only allow 60 days rent back if property is purchased as a primary residence…”
It says investors are welcome so, perhaps, that’s what they will attract.
Reduced to $490k.