After 2 1/2 Years On the Market, This 4-Bedroom New Construction SFH Sells: 738 W. Belden in Lincoln Park
We last chattered about this 4-bedroom new construction single family home at 738 W. Belden in Lincoln Park in February 2011.
See our February 2011 chatter here.
At that time, the property had been on the market over 2 years and had been reduced 50% from its original list price of $3.69 million.
It was listed as “as-is” in February for $1.75 million
It recently sold for $1.5 million.
The listing had said it was a “super deal” and that it had been appraised at $2.5 million.
The house had 10 foot ceilings throughout, walnut and limestone floors and Italian marble fireplace mantels.
It had custom paneling and moldings as well as an elevator.
The kitchen has white cabinets, granite counter tops and upscale appliances such as a SubZero refrigerator.
Three of the 4 bedrooms are on the third level with the fourth on the main floor.
There is also a 30×15 library and a 3-car garage on a 25×121 lot.
Did someone get a deal?
Kathleen Tannyhill at Baird and Warner had the listing.
738 W. Belden: 4 bedrooms, 4.5 baths, 5000 square feet, 3 car garage
- Sold in January 2005 for $1.05 million (prior property)
- Originally listed in September 2008 for $3.69 million
- Reduced numerous times
- Lis pendens foreclosure filed in July 2010
- Reduced to $1.75 million in September 2010
- Was still listed “as-is” in February 2011 at $1.75 million
- Sold in June 2011 for $1.5 million
- Taxes of $18,912
- Central Air
- Elevator
- Wine cooler
- Bedroom #1: 12×18 (third floor)
- Bedroom #2: 15×19 (third floor)
- Bedroom #3: 13×14 (third floor)
- Bedroom #4: 13×12 (main floor)
- Library: 30×15 (main floor)
For the space and location its a great deal, despite the parking garage views. Personally, I would change a lot of the finishings as some are too ornate (trying too hard) and tacky.
I do think that someone got a hell of a deal here.
wow check out the price difference of 08 and sold prices. Tells you how delusional some sellers are.
This is where and how real estate wealth is built – I can almost guarantee that in 10- 15 years, this place will be worth 2.5-3 million. Remember in the boom times when you would look at places like this and look at the owners and wonder “how the heck did someone like that (with that income) afford such an expensive place” – well this is how they do it.
The new owners of this place will have a very large interest in whatever takes over the CMH site next summer… Not sure that they would demo the parking garage but all that frontage on Lincoln could make it worthwhile…
Is that cinder block on the front porch? It seems thought that they got a good deal.
“It’s a bit far west for me, but for someone looking in the $1.25 – $1.5 range, it looks like a great deal.” (Anonny, Feb 2011)
Yes, somebody got a deal. Congrats to the buyers.
Would some of you like to elaborate on how you define a ‘getting a deal’ (or making a killing) vs. just getting a fair value?
This looks to me like *maybe* a decent value, but a ‘deal’, by my definition? no.
Particularly in this market, when we’re going through a very substantial market correction, and will still be for at least the next 2-3 years, even comparable sales from 4-6 months ago may not necessarily be very relevant to determining if it’s a ‘deal’…
If it’s such a great deal, why did it take 9 months to sell while listed at $1.75MM? Financing issues?
“This looks to me like *maybe* a decent value, but a ‘deal’, by my definition? no.”
Have you seen many newer 4 bedroom, 5,000 sq ft places with 3 car garages in that part of LP? What’s the pricing?
clio, you really remind me of a bullish CSCO investor in about 2003.
the bottom may be in (or very close to being in) but there is no boom ahead.
there is years of going nowhere.
speaking of csco, not such a terrible deal now that they are paying a dividend… can’t belive those assclowns wouldn’t pay one for nearly a decade of no returns with tens of billions in their coffers
“speaking of csco, not such a terrible deal now that they are paying a dividend…”
CSCO needs to be split up. And their foray into the consumer biz has been a disaster (see: Flip video). I’m wondering if Chambers has always been a moron and was just in the right place at the right time.
“newer”
This is totally a gut of an existing building. Was a 121 year old 3 flat. Wonder if they redid the basement/foundation sufficiently.
Deal. But would need a good chunk of change to make it a home. I wonder if sellers who believe they have more authentic elp sfhs laugh at this comp or are back to holding on rather than accept the mental loss of what they valued there home at 5 years ago.
“Have you seen many newer 4 bedroom, 5,000 sq ft places with 3 car garages in that part of LP? What’s the pricing?”
I think the question should be more like “what’s the actual, final sale price”, not what’s the asking price?
Like it’s been said so many times recently, in this market more than ever, it seems that the “asking price” is completely meaningless, and should be basically ignored.
I think one of the indications we’ll see when the market finally finishes correcting in a few years, is that we won’t see these huge discrepancies between asking price and final sales price.
“we won’t see these huge discrepancies between asking price and final sales price.”
*Initial* asking price. There’s (often-to-usually) a lot less spread b/t *final* ask and closing price than there is b/t initial ask and last ask.
I dare say Clio had a decent point on the parking garage idea. While a lattice won’t fix the view entirely, it will enclose the “room” a bit to at least make everything at eye level more pleasant. We’re in the city here, things will tower over us and that is part of the trade off we are all making. Especially for 5000 sq feet of SFH in LP and parking for 3 cars in a damn garage.
$300 per sqf–Thatsa-deal
We live around the corner and walk by this house all the time. We toured it a year ago at an open house. It was nice inside. The side of the steps are not cinder block- some sort of stone. I think it was a deal.