Are Multiple Offers The New Game in Town? 4627 N. Magnolia in Uptown
I’ve heard from many of you recently about multiple offers on properties all over the city, from condos in Bucktown to single family homes in Portage Park.
This 2-bedroom at 4627 N. Magnolia in Uptown came on the market on February 15, 2012.
Allegedly, there are multiple offers on it, although it hasn’t been marked as under contract yet on Redfin.
The unit has a ton of outdoor space, including both front and back decks totaling 350 square feet.
It has hardwood floors throughout the main living room and a family room off the kitchen.
The kitchen has maple cabinets, white counter tops and white appliances.
It also has the amenities buyers look for, including central air, washer/dryer in the unit and garage parking.
This unit is listed just $3,000 over the 2001 purchase price.
Is this such a deal that multiple buyers wanted to get in on it?
Or is it simply a sign of a change in the market?
Kim Hamburg at Coldwell Banker has the listing. See the pictures here.
Unit #1S: 2 bedrooms, 1 bath, 1400 square feet
- Sold in July 1992 for $109,000
- Sold in February 2001 for $226,000
- Originally listed on February 15, 2012 for $229,000
- Still listed at $229,000
- Under contract???
- Assessments of $200 a month
- Taxes of $2443
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Bedroom #1: 13×12
- Bedroom #2: 13×11
We will soon see….
reminds me of 1994 era, Smashing Pumpkins fans, etc.
Meh. Overpriced. I would expect a second bathroom for that price.
By the way, did anyone see the article in the Trib about people wanting more bathrooms than bedrooms? I feel vindicated in my bathroom needs.
Well, word is is that the contract is being signed tonight.
the 1 bathroom is a deal killer for me. Considering the neighborhood is not great I would want this for under 200
I wonder if this will even appraise at $229k. Seems high for a marginal neighborhood.
Seems like a good deal to me. I know everyone is not crazy about Uptown but 350sqft of outdoor space and a garage for under $250k. With a decent downpayment your mortgage payment would easily be <$1,000 month!
I had 3 offers on my condo in Wicker Park in February. We had to reduce the price a few times over 8-9 months but as soon as we got down to the sweet spot, we had 10-15 calls in a week.
Josh, I live very close to here, love Uptown. (At least this part of it.) And with new ward leadership, things have been taking off around here.
This is an awesome deal for this place.
Aren’t we overdue for the next “shooting on Magnolia”? I realize it’s mainly the 4500 block, but still.
Or have the thugs gotten evicted, en masse?
I do believe we are seeing a change in the market – at least in the short run. I’m telling you inventory (months of supply) is at record lows. I’ve had a couple of my own listings recently get snapped up in one week (one with multiple offers) and gone under contract for our buyers within the first 2 weeks of a listing being on the market.
Come on folks, we’re getting carried away here. Prices are going to be at 1970s levels before things improve.
“Josh, I live very close to here, love Uptown. (At least this part of it.) And with new ward leadership, things have been taking off around here.
This is an awesome deal for this place.”
May I ask what, in particular, you are referring to? I would love to see Uptown “taking off”, but can’t say I see that happening yet. Maybe I am uninformed.
Jason (TFO) “things have been taking off around here.”
Gary Lucido “I do believe we are seeing a change in the market – at least in the short run”
A couple of listings sell for the 2001 and 2003 prices and suddenly the bulls are suffering from 4-hour erections.
Has anyone been outside recently? Spring/Summer is here 3 months early. Knife-catchers are getting anxious at the lack of inventory. Activity is going to increase, offers will be made, and in 5 years, hearts will be broken.
This was a bad buy.
This seems decent but not an amazing deal. My guess is there are multiple offers more because there is little inventory rather than that this is a wonderful price. I like 3S much more, especially with the extra bathroom, but they won’t ever get their $379k asking price.
A few recent positives for the neighborhood besides the new alderman the neighborhood so deperately needed…
http://james46.org/news/135-million-to-rebuild-the-wilson-l-station/
recently opened on wilson ave: http://www.bakerandnosh.com/
brand new theater on clark: http://blackensembletheater.org/capital-campaign-overview
recently moved to the neighborhood from lakeview: http://www.spoilmehairsalon.com/the-crew#!__the-dirt-on-us
“Prices are going to be at 1970s levels before things improve”
I was thinking more 1870s, but you might be right. I see $26,000 houses in Roscoe Village in the near term.
Thanks anon, you caught my typo.
I have been looking at 2 flats in Bell and Coonley or should I say trying too. The ones priced well are gone in less than 7 days. I am currently in the process of relocating back to Chicago and am not even able to see some of the properties before they are under contract. I went to one the first Saturday it was on the market and am told by the end of the day there were 3 offers and was under contract by the following Monday. Redfin did not show as pending for about 3 days, so not sure why there is a delay.
Ben9
I , too, wonder if 3s is lighting a fire under this condo. People can see how beautiful it could look and think they are getting a great deal compared to 379k. Also wonder where they put in the second bath in 3s and whether it would be doable in this one.
http://www.redfin.com/IL/Chicago/4627-N-Magnolia-Ave-60640/unit-3S/home/13393984
The unit on the third floor is awesome, but I think he is a little over-optimistic.
@Uffy: Target, Baker % Nosh, other businesses popping up, what is about to happen with the Uptown Theatre, the rehab of the Wilson El stop, Rokito’s, there are alot of things going on.
I can be on LSD and get to work in 15 minutes then walk or bike down to my boat in Montrose Harbor in the summer after work. I can then go for a great meal and entertainment at The Dock and sit there and check out the lake in listen to good live music. I have never had any problems here in ten years. You tell me where I can get rent parity and all this in the CIty and then people can talk.
I’m lovin’ it.
“You tell me where I can get rent parity and all this in the CIty and then people can talk.”
I think you can get this in a lot more places than you could ten years ago. (or at least 7 years ago)
I enjoyed this section of Uptown when I spent 5 years living on this block. I really miss the easy access to the lake, and the convenience of shows at the Riv and Aragon. I never had problems when I lived here–quite honestly, any issues seemed to be banger-on-banger. Multiple offers for this place reflect a lack of quality inventory, and a reasonable asking price. I may be projecting, but I think there is pent-up demand for that elusive combination of price and quality that screams “value”.
I’ll echo Jason (tfo) on this. Uptown definitely feels a lot better to me as well. I’m in the northeast sector of the neighborhood. We used to sit out on our front balcony in the summertime and watch “Uptown Theater” on the street below. No more. I won’t say the hood is boring, but we don’t have the theater we used to.
Alderman Mary Anne Smith put the screws into the CHA scattered site housing a couple blocks from here and it’s made a huge difference. We’ve got the beautiful new Dominicks on Foster and Broadway (yes this is in Edgewater but it serves a lot of the northeast part of Uptown), we’ve got the Admiral retirement living highrise that’s nearing completion at Foster and Marine. That too should bring in people with some disposable income to spend on restaurants and other local amenities.
The CHA did a very nice job gutting and rehabbing the CHA building on 5000 N Kenmore – it’s beautiful and hasn’t caused any problems in the hood. Combine that with the plans for red line station rehab, particularly Wilson, and it’s definitely looking better, not worse.
Having said that, I don’t much care for the condo in question, but good for them for the quick sale.
That Dominicks is aweseome!!
“I have been looking at 2 flats in Bell and Coonley or should I say trying too. The ones priced well are gone in less than 7 days. I am currently in the process of relocating back to Chicago and am not even able to see some of the properties before they are under contract”
LPN – Try Logan Square in the “Goethe” school district. My husband and I bought a house here after a frustrating, fruitless search of the same area you’re currently searching in. I love those areas as well but since we have settled here, we haven’t looked back. Tons of families with young children all over the place.
I had been hearing so much about Goethe the last couple of years and was skeptical going in but feel much better now. It has a ways to go to get to Coonley or the 3 B’s status but I feel certain it will get there.
Good Luck!
I am seeing more condos going under contract in my MLS notices, but also I see huge price cuts so maybe finally sellers and buyers are getting closer to an equilibria. For instance:
Recent CTGs:
100 E 14th St Unit 2002
1235 S Prairie Ave Unit 2308
1335 S Prairie Ave Unit 610
1180 S Plymouth Ct Unit 1NE (I think we chattered about this one)
910 S Michigan Ave Unit 1402
Price changes:
1335 S Prairie Ave Unit 1610 750K—>650K
100 E 14th St Unit 1007 384K—>364K
1335 S Prairie St Unit 1309 384K—>374K
“I do believe we are seeing a change in the market – at least in the short run. I’m telling you inventory (months of supply) is at record lows. I’ve had a couple of my own listings recently get snapped up in one week (one with multiple offers) and gone under contract for our buyers within the first 2 weeks of a listing being on the market.”
“@Uffy: Target, Baker % Nosh, other businesses popping up, what is about to happen with the Uptown Theatre, the rehab of the Wilson El stop, Rokito’s, there are alot of things going on.”
Actually, one of my favorite evening clubs is near here: 5015 North Clark Street. I ran into Rahm Emanuel there! They say Barack Obama used to visit there back around the time he did his Check Please cameo on Channel 11.
“but also I see huge price cuts ”
Recently in the loop & sloop I’ve noticed the same thing in the sub-300k premium building segment.
Buildings like 1235 S Prairie with listings below 240k that never used to have one below 280k. Not that I’d buy but if I was on the fence I like 235k a lot better than 287k no question.
I would LOVE Uptown to take a turn, or at least start to… then we can move into that GORGEOUS top floor unit on Beacon.
under contract on the same block within 6 days
http://www.redfin.com/IL/Chicago/4649-N-Magnolia-Ave-60640/unit-3S/home/12794193
This unit is under contract as of today for a price of $210K The owners didn’t even counter I don’t think.
$40k under the ask for a unit that has been on the market less than a week seems extreme
“$40k under the ask for a unit that has been on the market less than a week seems extreme”
I think he meant the unit in this post is under contract for $210k. You are referring to 3S I believe.
Sorry. I meant the unit that is the subject of this post.
Well anyway, Barnes & Noble had a grand opening and grand closing there too. There’s ALWAYS new businesses opening and closing in Uptown and on that Andersonville strip continually. Sorry but these shops don’t necessarily drive the housing market.
I plain and simply would not live there. Somebody I know that “owns” a condo at Sheridan/Wilson DOESN’T want to live there anymore either.
$100K tops and you’d have to have a car so consider that expense as well.
@ helmethofer. LMAO. LMAO.