A Southport 2/1 with Washer/Dryer and Parking for $290,000: 4017 N. Southport
This 2-bedroom at 4017 N. Southport in the Southport Corridor in Lakeview came on the market in January 2024.
I’m not sure when this building was built but it has 41 units and outdoor exterior parking. It also has storage in the basement and bike storage.
We’ve actually chattered about this unit in the past, in 2011, when the market was still struggling to recover from the housing bust.
See that chatter here.
This unit has tree views and is pet friendly.
The living room and kitchen is open concept. There’s a fireplace in the living room.
The kitchen has 42″ cabinets, granite counter tops and a mix of stainless steel and black appliances.
There’s no dining room or island/breakfast bar.
The second bedroom has French doors and hardwood floors and the listing says it could be used as an office.
The primary bedroom has carpet.
There’s also a large deck and private storage.
This unit has the features that buyers look for including central air, washer/dryer in the unit, and an outdoor parking spot is included.
This building is near the Southport Corridor with its shops and restaurants (Dairy Queen) and is near several bus routes.
Listed at $290,000, that’s $30,000 more than the 2020 purchase of $260,000.
Will the seller get the higher price with this tight inventory?
Rebecca Lavin and Emily Sachs Wong at @properties Christie’s have the listing. See the pictures and floor plan here.
Unit #1: 2 bedrooms, 1 bath, no square footage listed
- Sold in April 2001 for $240,000
- Sold in October 2007 for $301,000
- Originally listed in September 2010 for $279,000
- Sold in September 2011 for $192,500 (included the parking)
- Sold in December 2020 for $260,000 (included the parking)
- Currently listed at $290,000 (parking included)
- Assessments are now $332 a month (they were $256 a month in 2011)
- Taxes are now $5347 (they were $3526 in 2011)
- Central Air
- In-unit washer/dryer
- Bedroom #1: 11×10
- Bedroom #2: 9×11
- Living room: 18×11
- Kitchen: 11×10
- Balcony: 7×26
Perfect for a Chevy fan
The SqFt is called out on the floor plan – 642sf. $450/sf seems like a huge premium for an un-updated, tiny 2/1
Is the DQ one of the good ones or just a normal DQ?
JU: Found the cheaper fridge. What’s the black cabinet next to it?
Sold in April 2001 for $240,000 + CPI = $416
Sold in October 2007 for $301,000 + CPI = $441
Flip it around: $290k – CPI = $167k in ’01; $197k in ’07.
Obv converted in 2001, confirmed on the record. Developer was also the guy who converted 2930 & 3033 Sheridan — and gave back to the bank the ~1/3 of the units that didn’t sell. Both those buildings also struggle to sell at higher than original pricing in nominal dollars. And these (and similar) conversions sucked much of the affordable rental stock out of the northside. Shameful!
In Blaine, so could be a good spot for a divorced parent. Would be a nice place (with a kitchen refresh and, imo, a movable kitchen island) for a single–2d bed makes a good WFH space/guest room.
No mention of “new” anything in this or prior listing, so I’d expect to have to replace the HVAC and water heater (and, of course, the fridge that was ~$299 in Dec-00), so would want a $5k+ credit for that.
Pro: Starbucks is only two blocks away!
Con: That Starbucks mostly sucks on school days thanks to the LVHS crowd–usually no one allowed to sit in the hour-ish at startt and end of school.
From the listing: “You’ll love the super close proximity to public transportation”–no one loves being next to a bus stop. Here it is west of Southport, so not quite as bad, but still too close, IMO.
From the prior listing: “Easy access to Sheridan Red Line AND Irving Park Brown Line.” = over .5 miles to either, along a street that’s not really pleasant to walk on.
Refresh the kitchen even a little, new mechanicals, seems like a nice place at an ok price. Probably sells now anyway, as it’s … fine.
“What’s the black cabinet next to it”
Ikea type mdf pantry?
I think you hit the target market for this
“Both those buildings also struggle to sell at higher than original pricing in nominal dollars. And these (and similar) conversions sucked much of the affordable rental stock out of the northside.”
Everything that was selling in 2007 has struggled to even get back to that bubble price and it’s been nearly 2 decades. That’s what happens in bubbles. It took Microsoft stock 13 years to get back to 2000 highs.
TBH, I kind of like it.
– Good bones
– Good location
– Bathroom fine
– Parking
Yeah would want to update Kitchen and if it was a forever (own for 20 plus year home) would see how much it would cost to replace all the windows.
would need to pick it up at a discount to the current ask
The conversation 2 posts ago was the real gem, rather than the most recent prior:
https://cribchatter.com/graceland-west-2-bedroom-now-35000-under-the-2001-price-4017-n-southport/
I especially enjoy a retrospective look at Sonies stock call on Z:
Sonies on July 20th, 2011 at 10:07 pm
haha you couldn’t pay me to invest your money in zillow clio… what a piece of crap
Crazy how cheap Chicago is compared to other cities. This is a great starter condo and a decent location.
“Crazy how cheap Chicago is compared to other cities. This is a great starter condo and a decent location.”
$450/sf for a very small, unupdated 2/1 isnt cheap outside of a few cities
“Crazy how cheap Chicago is compared to other cities.”
True this, Russ. You cannot get a 2/1 with w/d and parking for under $300k in this kind of prime location at this price in most other major cities. People should look around at prices in cities like DC, Boston, or Atlanta. And we don’t need to mention anywhere in California or Seattle. You can forget about it in those locations.
“would need to pick it up at a discount to the current ask”
With inventory this low, hard to get any discounts. I’ve seen a few short sales popping up though but unclear what the banks are going to be willing to sell those for. They may not discount them much either.
There are just 12 properties priced $300,000 or under with 2 bedrooms in Lakeview. Only 8 have parking and less than that also have the w/d.
We will see. It’s very slow out there right now.
“People should look around at prices in cities like … Atlanta”
Ok, done.
I refined my search a little, and this is the first place I clicked:
https://www.redfin.com/GA/Atlanta/702-Argonne-Ave-NE-30308/unit-2/home/24664041
Walk score is the same. the kitchen is perfect for the price, there’s somewhat less character to the unit, but it’s $50k less. And doesn’t need anything done to the kitchen.
@Anon, that is a decent location in Atlanta but it really isn’t walkable in the same way the Chicago property is regardless of the walk scores.
Atlanta has gotten quite pricey inside 285 but still a little cheaper than Chicago but is also probably depends on where in Atlanta one is buying. With that said, Atlanta is in no way comparable to Chicago in terms of walkability, amenities, museums, parks, public transit, etc.
“it really isn’t walkable in the same way the Chicago property”
Yeah, of course, if nothing else bc ATL is much more a ‘car’ city.
But it’s over 15% less and has the rehabbed kitchen the featured unit needs. It’s a pretty favorable comparison.
Contingent.
There were under a handful of condos at this price point with both parking and washer/dryer in the unit.
People still want to buy. Most have jobs and have gotten raises.
CLosed at $302,500, 80% loan.