Back to the Future at 3815 N Damen in North Center
There are certain price points that appear to be struggling more than others in this market.
One of them are condos over $400,000.
This penthouse unit at 3815 N. Damen in North Center is indicative of what a lot of sellers will discover this spring: if they bought in the last two or three years they will see no appreciation.
And likely, they will take a loss.
This building was new construction in 2005.
There are three units. The unit on the market is the top floor penthouse.
Unit #C: 2 bedrooms, 2 baths, private rooftop deck
- Sold in December 2004 for $424,900
- Currently listed for $425,000 (includes two parking spots- which appear to be outdoor)
- Assessment of $100 a month
- ReMax Experts has the listing
Is it just a funky picture, or was the bathroom wall replaced, but painted the wrong color? I also wonder how much damage they’ve done to the roof, keeping a table and chairs (and whatever else) directly on the roof.
I never understood who was paying $400k+ for those condos along Damen north from Diversey. With just 2 brs, I really don’t understand it. That’s a place that should sell for maybe $325k, based on rental value.
That furniture is not doing those sellers any favors. It looks like furniture you would see in 3 sophomore girl’s first apartment after moving out of the dorms.
I wonder how much it would cost to turn the undecked part into a green roof? That would be so cool!
K:
It might be fairly expensive, b/c the roof is probably not built to support that much load. If the roof is okay, then it’s around $10-15 per square foot. And you’d need to get permission from the other two units.
I want to ponder bigger questions for a while. I wonder what the % of newer condos were 2 beds and what were 3 beds? I suspect that 2 beds were more common. I wonder who the purchasers were? My guess would be young urban professionals. I wonder if they will ever get married and have children? I wonder if they have kids what will they do when their 2 bed condo is 2 small. I wonder what they will do when they realize the market made an abrupt change on them and they cannot sell their condos for > or = ?
In these sorts of buildings on 25 or 30 foot lots, they are mostly 3 beds. I think it’s weird that this is just 2.
A lot of people are going to be accidental landlords. They’ll keep the place because they can’t afford to take a loss and buy a little bit less house in whatever suburb they move to. I know several people who didn’t make any money on their condos buying in ’04 or so and trying to sell in ’05 or ’06. If it’s the same as something down the street which hasn’t been lived in, that’s your max price.
I agree with pretty much everything said earlier. If you’re going to buy a dime a dozen condo, you probably should at least avoid a busy street. I’d like to add that I always wondered why people stuff things under their built-in kitchen islands (i.e. folding tables, another work surface, Jimmy Hoffa’s body, etc.). It looks sloppy and screams “I need more storage space”.
I also wonder if the owners have to strap on soccer-style shin guards so they don’t bruise their legs when they go to take a crap due to that weird toilet/tub placement. And why do they need more hand towels above the toilet when there’s a holder next to it on the corner? Maybe it’s there as extra precaution to wipe your bloody legs after scraping them on the tub.
Finally – one suggestion for the amateur roof-deck photographer – crop the shot. That way you DON’T see the shovel (Whose turn is it to shovel our roof?), the community seating on the unfinished roof -genius idea!, and that bagel or whatever the hell is sitting out there.
anon – The photo of the bathroom is messed up because of the flash off of the mirror causes twice the light on the wall were the flash reflection is so the “shadowed” potion is darker….the uneven shadow line on the far wall follow the wall with towel and counter outline perfectly with the camera shot taken from about 5.5 ft. high.
Eric – the Hoffa’s were my neighbors in MI. Very nice people and Ginger liked to play the guitar (no joke). Don’t know what happened to their father though. I do agree that the unit would show better empty then with this cr*p even if there isn’t a dead body under the counter.