Are 3-Bedroom Units Holding Their Value Better? 705 W. Wrightwood in Lincoln Park
This 3-bedroom at 705 W. Wrightwood in Lincoln Park has been on the market since July 2011.
We’ve chattered a lot about how the 1 and 2 bedroom condos in the GreenZone are getting beat up badly in this housing downturn.
But some of you have argued that the 3-bedrooms are “holding up” better, in terms of keeping their value, because a family might actually live in a 3 bedroom versus a singleton or newly married couple moving into a 1 or 2 bedroom unit for just a few years.
This 3-bedroom has 2000 square feet and the features home buyers are looking for.
It has 10 foot ceilings and the kitchen has cherry cabinets, stainless steel appliances and granite counter tops.
It’s a true 3-bedrom with enough space for a dining room. One of the bedrooms appears to be used as an office which the listing calls a “trimline custom office.”
The unit has central air, washer/dryer in the unit and parking (although I can’t tell if it is an outdoor space or garage parking.)
Originally listed over the 2006 purchase price back in July, it has been reduced so that it is now $26,000 under the 2006 price but also $6,000 under the 2004 purchase price.
Are 3-bedroom units really holding their value “better” than the smaller condos?
And is this now a deal at under the 2004 price for the square footage and location?
Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.
Unit #3E: 3 bedrooms, 2 baths, 2000 square feet
- Sold in November 2000 for $489,000
- Sold in May 2004 for $585,000
- Sold in November 2006 for $605,000
- Originally listed for $629,000
- Reduced
- Currently listed for $579,000 (includes parking)
- Assessments of $214 a month
- Taxes of $7794
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×13
- Bedroom #2: 10×15
- Bedroom #3: 12×10
- Gallery: 7×15
Despite all my “positive comments”, I truly believe that there are price caps (w a few exceptions) for cookie cutter condos in green zone.
1 bedrooms (90-225k)
2 bedrooms (180-375k)
3 bedrooms (300-475k).
Of course there will be exceptions, but the prices we saw in the mid 2000s were truly ridiculous. If sellers would understand this and get their financial houses in order, I think we can all get past this housing stalemate we are in….
4E, which had sold in ’06 for $50k more, sold almost 2 years ago for $605k:
http://www.redfin.com/IL/Chicago/705-W-Wrightwood-Ave-60614/unit-4E/home/12742736
Conversion of the 3d bedrrom to an office, makes it either a 2 + den or a 3 with a reno expense.
I wouldn’t exactly call this a “cookie cutter” condo. It looks like it has a nice, big living area (despite the open kitchen and ridiculous t.v. above the fireplace), and the “gallery” enhances the feeling of expansiveness and quality. Shame it doesn’t have a small powder room. And if a buyer does in fact have a second kid and wants to remain in the unit, I imagine that fancy built-in office will mostly need to be torn out.
The listing could use some further detail. Is it the top floor, or is there another unit above? Is it the full floor? And is there a garage? If it’s (i) top floor, (ii) full floor, and (iii) has a garage, then $530k (give or take $10k) seems about right. Knock off another $20k if it’s not top floor, and at least another $20k if there’s no garage. I suppose having more than one unit per floor would knock another $10k off. And if it fails in all three of those regards, take another $20k off due to the compounding effect. So, best case, it goes for $540k (which would roughly track my 10% off peak standard); worst case, $450k (barring some special financial circumstance, be it a bad one, e.g., job loss/health crisis/distress sale, or a good one, e.g., a corporate relo where the corp picks up the slack, a recent inheritance or stock-related enrichment, becoming a partner, etc.).
I don’t think this place is cookie cutter at all. It seems like a very nice place! I do think the custom office is hurting the place though. While it is nice, it really limits the place. I’d think it is far better to just use a bedroom as an office so that when you go to sell it, the buyer can use it as they’d like rather than to do all of that conversion that someone else may not like.
Still seems like a reasonable deal to me as long as they can find someone that really wants a nice office. Otherwise, they’ll have to go lower to factor in having to tear out the office.
good post annony. I’d like to see a floorplan, it causes brain damage trying to figure it out from the small pics. It looks like the 3rd floor (see the for sale sign on balcony from Sabrina’s pic, plus it has 3 windows near the dining table, so it can’t be the 2nd floor, which has only two.
Looks like a 6-pack building with two units per floor, separated by the central staircase.
Where does that door go in the back corner of the kitchen?
“Looks like a 6-pack building with two units per floor, separated by the central staircase.”
8 units. The W units have the street address of 707.
“And is there a garage?” The Redfin listing suggests not.
The Redfin listing implies off-street (exterior) parking but not a garage.
Good location but this building isn’t much to look at from the outside. It has to be a lot better inside to get a price like this.
I’ll also point out that it’s got fireplace over the TV disease, and what the heck is a “trim-line” office? I must be getting old, because I’ve never heard of that.
I mean TV over the fireplace, though the opposite would be more interesting.
For the bldg.’s garden units: I’d put in some burglar bars on those windows at sidewalk level. Those windows are just asking to get kicked in.
“I mean TV over the fireplace, though the opposite would be more interesting”
I don’t understand why everyone hates the tv over the fireplace?!! In a living space, seating is arranged around a fireplace and a tv – how else would you guys configure the arrangement? Have the TV BEHIND the sofa? Have the fireplace hidden in a closet or shoved to the side of the room where nobody sits? Honestly, I want to know….. (and don’t say that they should be in different rooms – most condos/houses don’t have that many rooms to accommodate that criterion).
“I don’t understand why everyone hates the tv over the fireplace?!!”
It’s not natural to watch television at an elevated angle. No tv furniture would EVER put it that high up. It should be eye level. You shouldn’t have to raise your neck to watch it.
I too dislike the TV over the fireplace. I really don’t like that you have to look up to watch TV and I don’t like that the TV becomes the focal point of the room. However, I’ve lived in a place where it was the only option and I understand why people must do it. When we were in the market to buy, this was something we definitely considered.
I currently have my TV mounted to the wall to the right of our fireplace at eye level (sitting). It’s centered above a long entertainment center. The fireplace remains the focal point while the TV is at a comfortable viewing height. It’s not that difficult in most places.
“I don’t understand why everyone hates the tv over the fireplace?!! In a living space, seating is arranged around a fireplace and a tv – how else would you guys configure the arrangement?”
Agree with the dislike of the tv over fireplace for the reasons stated but also agree that there aren’t a lot of options in many cases. Personally, I’d rather forgo a fireplace entirely in choosing a place if there isn’t a separate room for a tv.
I don’t get why you’d be so concerned about the configuration of the television and not a peep about the ‘financial situation’ of the property. What are the operating costs, reserves and capital needs of this property? Are there enough financially stable owners to pay the bills or are some of the units in default?
You should never have a TV and a fireplace in the same room. But if you must, the tv should never be above the fireplace. I have seen the tv + fireplace pulle off twice in condos and in both cases the tv was a few feet to the left and at the proper height. Of course, the room has to e large enough to pull that off.
I’ve got an uncle who has a 150-year old mansion an one of the rooms has a big leather chair next to a fireplace but facing a tv at the other en of the room. My uncle loves to play with the fire while watching tv. This has always seemed quite dangerous to me but to each their own, I guess
Good Grief, Sabrina et al – have you never been to a MOVIE THEATER or CONCERT HALL wherein you raise your head a bit in order to view the show from an “angle”??? Or watched TV while lying on the couch? That’s the “natural” order of things!!!
Wow, no mention of CPS district yet on this thread. Nettlehorst, right?
“Good Grief, Sabrina et al – have you never been to a MOVIE THEATER or CONCERT HALL wherein you raise your head a bit in order to view the show from an “angle”??? Or watched TV while lying on the couch? That’s the “natural” order of things!!!”
Actually- it’s not. Not at that close of distance. It’s a strain on the neck and the entire body. That’s why they’re always at eye level.
And that’s why no one sits in the front few rows in a movie theater.
Resales of new construction units like those in this 6-flat (8-flat?) seem to be particularly difficult because 1) units were first sold during the housing bubble decade, so inherent price inflation in prior sales; 2) construction quality of building structure is often suspect, with special assessments and large repair bills likely in next decade; 3) relative financial instability of many of these small condo associations; 4) higher rate of problems such as owner disputes, foreclosures, and assessment boycotts. Does this building even have parking for its units?
“And that’s why no one sits in the front few rows in a movie theater.”
I think CTG must. Either that or she’s got a tv over the fireplace.
Front rows are ok if I’m alone or with another female – but prefer the back rows when with masculine company…
1. 8 units. Look at Sabrina’s pic, people. There’s clearly a 4th floor. Nevermind that RF sez 8 units in the association, or that the assessor agrees.
2. Trimline (tradename) office: see http://trimlinecustomdesigns.com/ If you click around, you’ll see the connection to cc’s favorite local rockstar.
3. There isn’t enough space behind the building for 8 parking spaces; appears the building is a contemporary 4+1 style, with the #1 units duplex downs, but not full lot depth.
Whether or not all 8 units have parking spaces, the Redfin listing indicates this one does.
My daughter rents one block east of here and street parking is absolute hell. Would never buy around here without a reserved space.
“Wow, no mention of CPS district yet on this thread. Nettlehorst, right?”
Alcott is on the opposite corner.
Oops, was visualizing this as being closer to Broadway than Halsted.
“Oops, was visualizing this as being closer to Broadway than Halsted.”
And, um, perhaps being on Wellington rather than Wrightwood? This is over a mile from Nettlehorst.
I saw this apartment during an open house this summer.
It is on the 3rd floor– there is a 4th floor apartment above it.
The front of the apartment has a very pleasant feel to it;
small balcony at front could accommodate a grill. The back of the
apartment is less attractive; the master and 2nd bedroom overlook
the backs of several buildings and the building’s parking area — no
garage, not covered except for 2 of the 8 spaces. Office space
is right behind the kitchen – kind of awkward for a bedroom, but
I agree the office built-ins are incredibly overdone and expensive.
This is definitely NOT in the Nettlehorst school district. Could be OK
for a couple or single parent with one-two kids.