Back to 2001 Prices in Lakeview? 3805 N. Wayne
This 3-bedroom top floor condo unit at 3805 N. Wayne in the Southport Corridor of Lakeview has been on the market since April 2010.
It has been reduced $85,900 in that time period and is now listed just $5000 over the 2001 purchase price.
The listing calls it a “dramatic price drop.”
The building was constructed in 2001. It has an open living room/kitchen concept.
The kitchen has granite counter tops and stainless steel appliances.
Is this a steal for a 3-bedroom in this location?
Jody Bartley at Baird & Warner has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, no square footage listed
- Sold in April 2001 for $429,000
- Sold in May 2006 for $540,000
- Originally listed in April 2010 for $519,900
- Reduced
- Currently listed for $434,000
- Assessments of $179 a month
- Taxes of $9,395
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 14×13
- Bedroom #2: 15×11
- Bedroom #3: 10×12
- Living room: 20×14
- Kitchen: 18×13
Love those taxes.
I know everyone isn’t school-obsessed, but this is in the Blaine district. In this market–and with this sort of cookie cutter condo–I don’t know why the realtor wouldn’t put that in the listing details, but would reference SS (yawn) appliances.
If you had a couple of kids in Blaine you WOULD love them, given the cost of the alternative.
“Love those taxes.”
The problem with Blaine and this condo is buyers with kids this far north want SFHs. There are enough alternatives in the area that provide this between Blaine, Bell and Burley further south. The price spread is not too dramatic either for the right place. Plus if you take a 10 year view with more children in mind, a 3br doesn’t seem to cut it for most families.
My own personal view is that Burley district in Lake View is the best deal going on the north side. Ranked higher than Winnetka elementary schools (which frosts people I know up there) yet doesn’t carry the ridiculous premium of Bell or Blaine. Nice full lot SFH homes can be had for well under $1M which hits a lot of upper end budgets (young, professional growing families).
Welcome to the lost decade. Either loans are near impossible to get or the agent is trying to create a bidding war. At this price I can’t imagine this property remaining unsellable for long.
Here’s another listing with a 20% haircut. Kind of like loosing one of five fingers on your hand.
400k for a 3 br all good sized, its a tollhouse place (hd) but its a nice area, decent sized, outdoor space, parking.
as boring and unimaginative this place is the price is not bad (not great either) your paying for the location.
Garth?
I walked by this place yesterday. What’s weird is that one block over, Lakewood, is lovely. Wayne is also nice, but is scrubbier. Not as good a mix of housing, less people paying attention to their lawns, etc.
I think this will be sold quickly at this price.
Ahh the combined kitchen / living room / dinning room / only non bedroom space type condo. Am I the only one who thinks this was one of the greatest archtectural mistakes ever?
Plus my guess is its cinder block sides so it will be a tear down in 15 years 😉
Cinder block = “tear down in 15 years”
Get serious Haywood! It may not be pretty but cinder block does not have a wear life of sub 20 years. If you are just suggesting that the building is not as solid as say brick and plaster construction from the last building boom then I am in full aggreement but the cinder block condos built during this boom will be here much longer than 15 years.
Will the cinders blocks be around in 20 years, yes they probably will be however they will probably not be used for these condos
Considering the amount of problems they are having and how poorly they were constructed, (combined with mostly being boring and cookie cutter) then I would have to disagree.
I sadly, know of 4 different couples that have bought in this kind of construction, and are now paying a pretty sum to have the sides resealed and in some cases drywall replaced
my guess is that in another couple of years they will ahve to do it again as the building settles
“Get serious Haywood! It may not be pretty but cinder block does not have a wear life of sub 20 years.”
But cut-face block, improperly installed and poorly (or not) maintained (as is/will be all too common) may well not.
It will be interesting to see what in-place rehab method develops to patch these places when problems inevitably arise. The cut-face equivalent of asphalt roll siding over deteriorating clapboard.
Yes but non maintained or poorly constructed brick walls can have moisture penetration as well. My wife has a condo in the south loop. All brick facade but the developer did not flash the windows correctly and water was able to penetrate some units. Several million dollars later the issue is fixed. Net cost to us was a 25k special assessment on a 1 bedroom unit. Ouch!
Cinder block is not the main problem. Having a mediocre GC or sub-contractors using unskilled help is the real issue!
Cinder block itself is not the issue. Cinder block needs to be sealed every 5 or so years unlike brick. The problem is most people assume it’s just like brick and don’t do anything with it. If you properly care for it (just like wood siding and a myriad of other products) it’ll last a long time.
“Cinder block is not the main problem. Having a mediocre GC or sub-contractors using unskilled help is the real issue!”
UNSEALED cinder block is most definitely a major problem – and I could be off a bit, but I’m pretty sure the City didn’t start mandating it until maybe 98 or 99. There were loads of the McCondo buildings built with non-waterproofed cinderblock, not to mention that the amount of actual block in those things decreased every year during the boom. You can’t compare real fired clay Chicago Common bricks with the cinder block junk.
I would bet a kidney that the 100+ year old buildings made out of real Chicago bricks will be here a century (if not centuries) after the exposed-cinder block condos are torn down and are long forgotten.
“Having a mediocre GC or sub-contractors using unskilled help is the real issue!”
And what percentage of those 3/4/6 unit condo buildings were built by mediocre or worse GCs using unskilled labor? 25%? 75%?
Brick needs to be tuck pointed regularly as well. How many times have you witnessed the chalk white look on an improperly sealed or installed Red brick building? I’m told that it has to do with moisture penetration into the brick and I have seen this happen on both new and 100 year old brick walls.
Don’t get me wrong I am not the president of the cinder block fan club but it is irresponsible to suggest that they are all coming down in a few years!
Wayne’s world! Wayne’s world! party time! Excellent! wooowooowoowooowooowooowooo!
k i need to go eat now
I’m seeing some stunning reductions and rollbacks in Lakeview, especially in the beautiful old vintage high rises with their high maintenance costs.
I believe a really major shift is taking place, not just in lending (much tighter) but in our attitudes toward our money. We’re being Scared Straight. People now are more likely to want to buy and live under their means and pack away more money,and pay down debt. Young people graduating college moreover are starting out with monstrous debt loads and will not have much money to spend on housing for well into their working years. People just want to spend less money.
ummm you guys know there is a big difference how its built between cinder block and good old brick.
Crappy craftsmen and corners cut will screw up both.
gotta run to a lunch meetting google up the construction on the two and see how they go about it
Laura L. I agree with that sentiment but wonder how long it will last! People have A.D.D. when It comes to budgets and diets.
People should take the hit’s needed now and strike a new path to financial freedom and stability. For the moment several are on the bandwagon but few will actually do that in the long run.
“Don’t get me wrong I am not the president of the cinder block fan club but it is irresponsible to suggest that they are all coming down in a few years!”
No, not a few years. But I hope we’re past the days people are buying these things with the intention of selling them within a few years. I would not be surprised at all if 30 years from now it’s prohibitively expensive to fix these and they either start getting torn down, or dilapidating into slum conditions.
Young adults are coming out of college with debts exceeding $60k. Even living with parents, I don’t see how typical starting salaries in most fields will allow this to be paid down within 10 years. How is this demographic supposed to save up a 20% downpayment?
This next generation’s standard of living is collectively much lower than the previous generation. they won’t be able to afford as many flat screen TV’s or vacations or new cars. However, these houses won’t be going anywhere unlike the consumer goods. Home prices will retreat to prices that people can afford without having to borrow $747,000,. and by home prices based on wages I don’t mean the 27 year old fresh out of professional school graduate working in the RE type wages. The next ginormous wave of students graduating with JD’s and MBA’s and PhD’s and MA’s in school now will only compound the debt crisis, and, contribute to future wage declines for the professional classes. yeah, it’s pretty bleak.
“#danny (lower case D) on July 21st, 2010 at 10:57 am
Young adults are coming out of college with debts exceeding $60k. Even living with parents, I don’t see how typical starting salaries in most fields will allow this to be paid down within 10 years. How is this demographic supposed to save up a 20% downpayment?”
“Young adults are coming out of college with debts exceeding $60k. Even living with parents”
yes but these young adults that are coming out of college the past 10 years and future have been the “I deserve it” generation. who end up living with their parents cause they “need” $299 a iPhone with a $100+ a month bill and “need” a $100 a month cable bill, “need” a $2,000 50 inch screen, you see where i am going?
when i got out of college i worked two jobs and lived on the west side to save money. word of advise living on the west side is not worth the money saved.
“word of advise living on the west side is not worth the money saved.”
Neither is living in a highrise in Boystown…
Please varify if this is true?
I have heard that just because your house is located in a certain school district it does not guarentee your child can go to that school?
Propertly built faced block needs to be sealed — that is all. Most seals last 10 years. They work like a charm and are just a part of regular maintenance, like resealing decks.
Interestingly, I am told there is a very big quality differential between split faced block pre-1995 and after that time. More air was mixed into the CMUs or something which made them more porous. I guess around that time was when the issues started cropping up in the city, surprise surprise.
Any masonry, improperly installed, will cause major water issues. In that sense, I’d rather have a frame house with Hardy Board on the sides. Perhaps the best of all worlds. Unfortunately, frame is not appropriate for the load requirements of mid rise condos.
I pretty sure that most of the cut-face block that I see around town (caveat: My current building and some past buildings had it) need to be sealed every 3 – 5 years not every 10 years.
But that is just my data point.
JMM – based on what I see as far as decks go, I would wager condo owners aren’t going to follow proper maintenance for sealing. It’s something people will put off until it’s too late.
And what an expense! Makes my insulation wrap/new siding look a bargain.
Ahhhh, the entitlement generation. I am amazed by the beliefs of this group. A few years ago I was interviewing individuals to hire for my company. Our target was 25-30 year olds with one or two jobs out of school. Limited work history but some measurable success.
They were all so arrogant and most expected 100k starting SALARIES plus full benefits. I actually laughed out lould at some of the comments during the interview process. One guy that had some experience in our business actually had held two jobs in under three years where he had made over 125k. I tried to explain that the reason he was looking for work again was that the previous employers and or the market decided hat at age 24 he was not worth that premium. He did not understand my point.
This group is now slightly deflated but all of them seem to need and want everything right now. New car, big condo, every gizmo. Look out credit card balances generation entitlement has arrived!
This is the same group that enables bars to have “bottle service” at crazy prices. When I was 25 I used to get pissed when i spent more than 50 bucks on a Friday night. That was a long time ago but it bought us a full night of beers, a few shots, and steak and eggs on the way home.
For a condo, I have no problem with it. Why would anyone want more walls up?? or waste precious square footage on hallways? I’ve seen some older condos that had a wall up between the kitchen and LR, and then most owners cut a partion out to give the kitchen light. I rented a long time ago, a unit like this, the owner cut open the wall and then installed a counter, then put bar stools on the other side. It was better than a wall.
“Ahh the combined kitchen / living room / dinning room / only non bedroom space type condo. Am I the only one who thinks this was one of the greatest archtectural mistakes ever?”
Space and lighting are important, no doubt. I just find it funny to walk in a place to see a coach up against the breakfast bar in the kitchen barely far enough back to see your 32 inch TV, and no room for a kitchen table or anything else. All in the name of fiting in 2 bathrooms, which are in my favorite instance right across the hall from each other
“My current building and some past buildings had it) need to be sealed every 3 – 5 years not every 10 years.”
It is interesting. There are low quality sealers and high quality sealers (really they are repellents). I know because we did the cost benefit on them way back when. Used some German product that cost a mint but it did last 10 years, actually 15 until I understood it was done again and that was just preventative as it was still working well. A big chunk of the cost for a mid rise association is scaffold and labor, so buying a high quality product was the right approach.
The entitlement generation, Gen Y, is getting smacked down right now and for good reason. They deserve a good beat down and will learn some valuable lessons from it. Generationally, their parents, the boomers, pretty much caused the housing debacle we see. All those McMansions — that would be baby boomers. Guess who got raised in them, drove the hand-me-down BMW 3 series and got a trophy just for showing up? Gen Y.
Children of the silent generation, Gen X, are in a good spot generationally speaking. Who cares if the move up buyer for the condo is broke — they will just buy the SFH foreclosure from the boomer who lost his savings and rent it out, right? All is well for the 35-45 group today.
Hmm…then again, why would someone in a condo (given that it is the 3 6 8 unit buildings) spend MORE for something that they are not going to be around in 10 years vs 5 years.
My point is that it may be stupid, but a lot of us are 🙂
That being said: What’s the name of the German product. I’ll check it out for the next round 🙂
“Guess who got raised in them, drove the hand-me-down BMW 3 series and got a trophy just for showing up? Gen Y. ”
I’m borderline GenY but I never had those luxuries and neither did my folks. And they’ve done well for themselves living modestly.
But now their guaranteed savings is only paying out 1% as they’re in retirement, bond yields aren’t much higher and I don’t think they were really the type of person responsible for this mess.
The problem with generational generalizations is that there are a lot of people that don’t conform to the norm. On the whole though you’re right–the boomers have disproportionately benefited from the largest asset bubbles in American history.
You’ll need to be one of the lucky ones to inherit some of the boomers wealth. If not, good luck saving anything or earning sufficient interest for retirement as a wage earner or salaried worker. Hopefully yourb parents didn’t buy a mcmansion in 2001 with a super jumbo loan.
Interest percentages aren’t as imnportant as the amount you save every month… be consistant with that and you’ll at least have a little something by the time you’re ready to retire
I remember hearing a remark along the lines of “Cinder-block 6-flat condos of the 90s are what four-plus-ones were to the 60s.”
Then again…I lived in a very well-maintained 4+l in my younger years and it still looks pretty good when I drive by it now. For some reason it never went condo, when similar buildings in Lakeview did in fact go condo in a big way in the 80s.
But yeah, that side-wall cinder block is very “high maintenance” and the condo assn. reserves had better be earmarked for it every few years.
As they say if you save a little bit of money every month, at the end of a year, you’ll be amazed how little money you have saved….
“#Sonies on July 22nd, 2010 at 8:50 am
Interest percentages aren’t as imnportant as the amount you save every month… be consistant with that and you’ll at least have a little something by the time you’re ready to retire”
Going back to the boomers topic, I see boomers on a daily basis who squandered everything given to them during their lifetimes. I met a 60 year old guy last week (not a bk client) who made just less than $100k a year for every year this decade and the guy didn’t save any of it. Nothing. Zip. Zilch. Zero. No house, no 401(k), no savings, no investments. Spent it all on cars, vacations, alimony, fancy dinners, cigarettes & booze. I can’t tell you how many boomers I’ve met with above average incomes who are piss broke and it took a reduction in hours over the last two years to show them how broke they really were. That $2,300 a month 30 year ARM mortgage they sign up for in 2006 is really bit much when you’re in your late 50’s. yeah you can make the payment TODAY but what tomorrow?
“I met a 60 year old guy last week (not a bk client) who made just less than $100k a year for every year this decade and the guy didn’t save any of it. Nothing. Zip. Zilch. Zero. No house”
He’d be worse off if he’d bought a house, no?
hahaha. depends when he bought. if he bought in 2003, then no. if he bought in 1975 and heloc’d once a year during the 2000’s then no.
“#anon (tfo) on July 22nd, 2010 at 10:11 am
“I met a 60 year old guy last week (not a bk client) who made just less than $100k a year for every year this decade and the guy didn’t save any of it. Nothing. Zip. Zilch. Zero. No house”
He’d be worse off if he’d bought a house, no?”
This boomer is doing just fine. I did benefit from the real estate market, but mostly from my own conservative investing,and living wisely but not frugally. Our major expense has been our one child who we spoiled. Both my wife and I were lucky to have jobs in the Federal government that were seen as valuable by the state and the university so we are working after our first retirements and will continue to do so into our 70s, which I am closing in on. It’s fun and we like the money. These retirement jobs allowed us to buy the 2+2 in Chicago that I know we will loose money on, but we are enjoying immensely.
Plus, what the h– am I supposed to do if I don’t work? I don’t have hobbies; no wide circle of friends; and I like what I do even though in can be stressful and keep me up at nights. I still can’t believe that I was hired. Sometimes I think that they only did it so they could blame the old white guy if things went wrong.
I’m sorry that so many of you are so unhappy. The anger on the board is sometimes frightening. The current President, Black people, and Eastern European pick-up truck contractors did not cause your problems. Things will improve. Do any of you remember how awful it was at the beginning of the Reagan years?
“The current President, Black people, and Eastern European pick-up truck contractors did not cause your problems.”
What? Are you sure?
I’m pretty sure that if you add in Blago, unions, mexicans, Daley and his crew, realtors, Countrywide and mortgage brokers, you’d get the cause of everyone’s problems.
“Do any of you remember how awful it was at the beginning of the Reagan years?”
Hell of a lot worse than it is right now, and on the tail of a bad 7-8 years. But, it’s worse now than it was in 72/73/74, I think, so we may well not have seen the worst of the current cycle yet.
“”“The current President, Black people, and Eastern European pick-up truck contractors did not cause your problems…..
I’m pretty sure that if you add in Blago, unions, mexicans, Daley and his crew, realtors, Countrywide and mortgage brokers, you’d get the cause of everyone’s problems.”
OMG, my eyes are tear up, seriuosly funny stuff there.
“As they say if you save a little bit of money every month, at the end of a year, you’ll be amazed how little money you have saved….”
well hopefully after a year you get a little more motivated to save more 🙂