Get a “Secret Garden” With Your Townhouse in the South Loop: 1254 S. Federal
This 2-bedroom townhouse in Dearborn Park II at 1254 S. Federal in the South Loop came on the market in early July 2016.
This complex was built in 1990 and because of its age, comes complete with large trees and lush greenery.
In fact, if you didn’t know better, you might not believe you were just blocks from the center of the city if you were standing in the middle of this complex.
This is one of the rare corner townhouses with 3-exposures and a 2-car garage.
It also has a big “secret garden” that extends out to Federal.
The townhouse has a first floor library, which also accesses the garden and has built-in bookcases.
The living room/dining and kitchen, along with a powder room, are on the second floor.
The kitchen has white cabinets, black granite counter tops and stainless steel appliances.
The third floor has two bedrooms and a bath.
This townhouse has central air and a skylight.
It has been on the market for more than 2 weeks, which is forever in this market.
Why isn’t this selling?
Terri Buseman at Re/Max Premier Properties has the listing. See the pictures here.
Unit F: 2 bedrooms, 1.5 baths, 1510 square feet
- Sold in April 1994 for $186,000
- Sold in September 1998 for $285,000
- Currently listed for $595,000
- Assessments of $275 a month (includes lawn care, snow removal)
- Taxes of $6929
- Central Air
- 2-car garage
- Bedroom #1: 16×12 (third floor)
- Bedroom #2: 11×19 (third floor)
- Library: 10×9 (main level)
Because its $150k over priced?
This place looks like something out of Elk Grove
Is it 1500 sq ft effectively over two floors?
“$150k over priced”
Maybe more like $100k, but yeah.
“Taxes of $6929”
Now $7,918.96.
Love it!!!!!! FAX MY LOVE!!!!!
I’m not going to say whether or not I think this is overpriced but the fact that it’s been on the market for 2 weeks is NOT forever and is not the basis for determining that it’s overpriced. It’s clearly not a bargain though. But not every realtor underprices their listings for a quick sale.
I guess I’m going to have to do one of my analyses on the distribution of market times. I’ve seen plenty of properties go under contract – at good prices – at the 1 – 2 month mark.
I love that back yard. However, not having two full baths is a major issue. Why didn’t the realtor at least include a picture of the half bath so that buyers can see ahead of time if there’s room to make it into a full bath? Also, it means there is no master bathroom in this place.
2 weeks is forever now? seriously?
A little overpriced, sure, but I actually like this place even though I’m generally not a townhome fan. JohnnyU has obviously been to Elk Grove if he thinks this looks something in the suburbs.
Here’s Elk Grove, my young grasshopper
https://www.redfin.com/IL/Elk-Grove-Village/675-Versailles-Ct-60007/unit-D/home/13687986
It’s on Versailles court! And the units are in the 1970’s French Revival style but using T1-11 board as siding rather than stone or stucco!
Ok I have to say that ‘dollhouse’ view on the external tour link is fucking cool as hell and awesome for these vertical properties like city townhouses
“Two weeks…which is forever in this market.” I call bullshit on this misguided, semi-hysterical “thinking”.
Two weeks is a long time actually, properties are either going under K fast, or they languish a while until there is price reductions. That’s the thing now, buyers these days have all spend countless hours online reviewing every property the day it comes available. There are no diamonds in the rough anymore. Price appropriately, or, languish.
-9 for my comment? seriously? look at the number of properties in LP under contact within 30 days of listing. I’ll blow yer mind
“Ok I have to say that ‘dollhouse’ view on the external tour link is fucking cool as hell and awesome for these vertical properties like city townhouses”
Very interested in people’s opinions on these 3D tours and I would expect that a seller who thinks about this might have a very different opinion from a buyer. Yes it is cool technology and from a buyer’s perspective it might provide a lot more useful information. However, if I’m selling a home I don’t necessarily want to give buyers all the information on the Web. I want to get them in the door, provided of course that the home meets their basic needs – # beds, # baths, location, size, price, etc… So we carefully select the angle of each static shot to present each room in it’s best possible light. And if we get the buyer in the door then we can a) sell them on the advantages of the home and b) get their feedback first hand. However, if the buyer is looking at a 3D tour they might just decide on their own that they don’t like the place and then we never get to bat and we don’t even know why.
“Two weeks is a long time actually, properties are either going under K fast, or they languish a while until there is price reductions.”
Yep. In the GZ they are going under contract within hours and certainly days if priced correctly.
2 weeks?
That’s forever right now.
Everyone who is looking looked at this the first 24 hours it was on the market. There aren’t THAT many South Loop townhouses on the market right now. So why didn’t all those lookers actually buy it?
I value my time
The is another tool that acts as a Go-No Go Gate
Shitty pics with basic info aint going to get it done, fer christ sakes this is the largest purchase most people make. Make an effort
That garden won’t be so secret now that’s it on crib chatter.
“Shitty pics with basic info aint going to get it done, fer christ sakes this is the largest purchase most people make. Make an effort”
Agreed. I certainly wasn’t suggesting shitty photos. We use primarily high dynamic range photos for all shots now. The photos for this property are not bad but they seem a little dull/lower light than I like.
“However, if the buyer is looking at a 3D tour they might just decide on their own that they don’t like the place and then we never get to bat and we don’t even know why.”
since realtors whine all the time about wasting valuable time, which is hilarious because you could literally call one up saying you want to buy a place and they won’t call you back, think of this as a time saver for those not seriously interested
all realtors should be making very good money but most of them are fucking lazy retards
Well, there is a lot of truth to much of that, including not being able to get a call back from them. You wouldn’t believe how hard it is to set up showings sometimes.
I will say that the lazy ones don’t make much money in general and there are many realtors who would love filtering out buyers based on a 3D tour but I don’t think it’s in the seller’s best interest.
“all realtors should be making very good money”. I disagree. There are simply too many realtors. When I was getting ready to sell, I can’t count the number of times that conversations included “I know a realtor for you” – who is a relative, neighbor, friend, etc. One guy must have mentioned a dozen realtors he knew.
That is exactly the situation. When I was studying the industry before getting into it I came across a study that basically demonstrated that the low barriers to entry actually resulted in higher commissions – the opposite of what you would expect. The reason is that realtors spend like half their time trying to get business. It’s very unproductive. So many can’t afford to cut commissions and many consumers are surprisingly insensitive to commissions. The business is still very much relationship based. Weird business.
Commissions are high because the deals that do close have to recoup the cost of the deals that don’t close. Same on the lending side.
The other issue is that there is very little out of pocket risk for consumers. Consumers rather pay 2.5% or whatever that is implicitly financed upon consummation of the transaction versus say paying 1% (or whatever is deemed fair on an hourly basis for an agent’s time) regardless if they buy a home or not.
I love the 3D virtual house tour.
How much do videographers charge to make them?
Severely overpriced, 3 bed’s 2 baths in DB1 and 2 are going for the same price or less than this place. Closes for $400 tops.
Closed for $570,000 on 9/30/16
Nice call stephen……. LOL
I cant help if they overpaid.