Bucktown 3-Bedroom Victorian Storefront Reduces Another $100K: 2075 N. Oakley
We’ve chattered about this 3-bedroom Victorian storefront at 2075 N. Oakley in Bucktown several times.
See our June 2011 chatter here.
Back then, it had been reduced another $50,000 to $649,000. Most of you, no surprise, thought it was still overpriced. Some guessed $550k. Some guessed $599k. One said $399k.
Since the summer, the unit has been reduced another $100,000 to $549,000.
This unique unit is located in what was a Victorian storefront and appears to still have the original tin ceiling.
The kitchen has marble counter tops and stainless steel appliances.
2 out of the 3 bedrooms are on the main floor with the third in the lower level.
There is also a lower level family room with marble floors.
The side yard is private to the unit and there is an attached garage.
Is this getting closer to the correct sales price? Or is it headed below the 2002 price of $462, 500?
Jennifer Mills at Koenig & Strey still has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, 2600 square feet, duplex down, 1 car parking
- Sold in April 1999 for $320,000
- Sold in January 2002 for $462,500
- Sold in July 2006 for $731,500
- Was listed in January 2010 for $824,900
- Reduced numerous times
- Was listed in November 2010 for $699,000
- Reduced
- Was listed in June 2011 for $649,000
- Reduced
- Currently listed at $549,000
- Assessments of $259 a month (includes cable)
- Taxes of $6614
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×10 (main level)
- Bedroom #2: 18×12 (main level)
- Bedroom #3: 14×11 (lower level)
- Family room: 21×19 (lower level)
Just like yesterday’s Racine condo, condos that have weird or deficient conditions are now very difficult to sell. This unit has both privacy issues (livingroom windows on sidewalk line), security issues (front door at sidewalk line), and “living large in basement” issues, and storefront conversions are odd ducks. A small condo association situation also requires buyer vigilance for both budget and management problems, in addition to neighbor-owner dynamics. I suspect this unit needs to be priced closer to $425,000 to sell, and it still won’t be a “deal”..
The high ceiling is very nice though.
The exterior is so ugly though and it looks so lonely.
Groove77 (June 22, 2011, 7:22 am)
i am sorry i cant look in the mirror every morning knowing i paid 650k to live on ground level abutting the sidewalk.
the fact that three other people thought it was ok boggles my mind, the fact they each last three years is the biggest shocker.
Jon (January 24, 2010, 9:56 am)
I walked the dogs past this place again to see whether everyone here is off on it being overpriced. Good news! You are all correct — this is an insane price for this place. Here are a few more things I observed about the property besides what has already been noted above.
(1) It does look like a double lot with the building on the north lot and the south lot is the yard. Only part of the south lot is with this unit. There’s a lovely wood fence that separates the yard in the pictures from more yard that presumably belongs to the other unit owners. So as far as “Giant Private Yard W/koi Pond!” — it’s not that big and there’s nothing private about it! It is directly off the sidewalk, bordered by the other units’ yard, and the other units overlook it. I didn’t notice a koi pond but then again the yard looks nothing like the lush picture in the listing (seasonal).
(2) The only window that I could see for the lower level (aka basement) is underneath the little deck leading out to the yard. The yard is about 3 feet below the level of the sidewalk, but that window is tiny and covered by the deck.
(3) The north side of the building has two entrances to 2 (or 3 – can’t tell) other units. So my guess is that more of the 2600 square feet is in the basement.
This realtor has lost control of her client because nothing supports this price. Aside from the big things like being a 50+% basement unit, a basement bedroom, no privacy on the main level, we haven’t even scratched the surface with the little things that we often notice. Small example: shouldn’t you be able to face the microwave when using it? Here you can do that if you sit on the kitchen counter. I have no doubt we will watch this one go down, down, down, down…
The CCRD was down all last night (that means it’s not fixed until someone makes it into the office the next morning.) So today we’ll be visiting a lot of properties we’ve chattered about before (since I have the sales data on those already.)
“stop on by for the party, we live in the storefront at 2075 Oakley”
no thanks
Seller and agent have been, and are currently delusional. The $824,900 original asking price is simply unbelievable. They deserve to take their lumps with this pricing strategy.
Somewhere between the 1999 and 2002 price seems reasonable.Maybe $375,000 in a short sale in spring 2012??
Not half-bad inside (if you can get past the duplex-down thing) (I couldn’t) but the exterior is SO ugly. $500K is insane in the membrane.
I’m really surprised this this isn’t a short sale or foreclosure at this point. The list price has the owners taking a 200k hit, which will only get larger. This is a prime candidate for the owners to simply walk away.
quick hijack of convo,
does anyone know what the title “assignment” mean after a “lis pendens foreclosure”?
I actually kind of like the exterior. It would be neat to own this whole building (which perhaps as a whole is worth what they’re asking for this unit), live in an upstairs unit and rent out the other two.
Or maybe just have one duplex unit on the top two floors and re-open a store in the storefront.
I have to admit that the upper level is done quite nicely…. however, far too many upgrades were put into this place. I agree with the $399k that someone mentioned in June. I could see this going even lower if it goes into foreclosure though. It’s going to be difficult to find a buyer at any price point.
“…however, far too many upgrades were put into this place.”
Seriously? Are we looking at the same pictures? The appliance are bleh, the lighting is Home Depot, the floors are ok, shower curtains in the bathrooms, the “built-ins” look to be Home Depot grade. No way is this place too upgraded.
I was talking about the ceiling…but I suppose that was original… real hard wood floors (but maybe those were original too).
Also, for a store front property, I would expect just the basics… very old kitchen cabinetry, etc.
“does anyone know what the title “assignment” mean after a “lis pendens foreclosure”?”
Put the deets in an email, and I’ll get you a specific answer Groove.
“It would be neat to own this whole building (which perhaps as a whole is worth what they’re asking for this unit), ”
Funny stuff. A 48×100 lot with a 4 unit building in a nice Bucktown locaiton only *maybe* worth $550k. I’d buy it for that *all*day*long*.
Weird thing: all 4 units have the same value with the assessor.
Can you convert this back into a commercial space? Maybe the new owner could open the front door every morning and sell cups of coffee and newspapers – you could probably make a couple of hundred dollars/morning before you left for work!!!
Good point. I’m sure you couldn’t get the whole building for under $1 million.
“I’m sure you couldn’t get the whole building for under $1 million.”
Yeah, and at $1mm, it wouldn’t be robbery as an investment prop, even assuming this is the nicest of the 4 units. Rich (or skinny, depending on how you use), but a reasonable risk, given the 4800 sf lot, and the likely gross rent.
But, Dan, I totally agree that I wouldn’t buy this for even $500k. Were I the right age, I’d sure as stuff rent it–It’s a lot of space and the exclusive yard area is a great plus. And I like to location.
I’d seriously consider it as the owner’s unit if I owned the whole building. Have to replace the doors and the window wall, but it’s a nifty space.
“im sure you couldn’t get the whole building for under a million”
maybe not this specific building, but a similar building with similar income similar location. yes you probably could.
“maybe not this specific building, but a similar building with similar income similar location. yes you probably could.”
With the extra land? 4 renovated units?
I really hate the blond wood entry level kitchen cabinets. They look dated as soon as they are installed…….and who really likes pedestal sinks? No storage underneath (see the little storage cabinet next to the commode in one of the pics). Yawn on this one.
It is now under contract with $489k list. This market really must be hot.