Do Architectural Plans Sway Buyers? A 3-Bedroom at 11 N. Carpenter in the West Loop
This top floor 3-bedroom in a boutique vintage building at 11 N. Carpenter in the West Loop came on the market in June 2018.
The 3-unit building was constructed in 1885 and was gut rehabbed in 2013 with upscale finishes.
It has dark hardwood floors throughout and 11 foot ceilings.
The listing says it has a “chef’s kitchen” with espresso cabinetry, quartz counter tops, stainless steel appliances and Restoration Hardware lighting.
According to a prior rental listing, the bathrooms have Grohe, Kohler and Toto finishes.
The unit has professional built-out closets.
It also has a rare full-size stackable washer/dryer.
There’s a private 12×9 rear balcony with views of the downtown, including the Willis Tower.
It has central air but no parking. It’s permit parking on the street.
Since this is the top floor unit, it apparently has roof rights as the listing says there is a potential duplex-up build out and architectural plans are included.
Expand your living & outdoor space with potential duplex-up build out, offering 4th bedroom & 300+ SF deck! This concept is an entertainer’s dream: Soho style rooftop w/ sliding glass doors, private deck, green space & city views! Full scale architectural plans included in sale & detailed rooftop’s full build-out potential.
Are today’s buyers really interested in doing a rooftop build out?
Is this opportunity a lure?
Kelly Parker at @Properties has the listing. See the pictures and what the build-out looks like here.
Unit #3: 3 bedrooms, 2 baths, no square footage listed
- Sold in January 2013 for $400,000
- Originally listed in June 2018 for $675,000
- Reduced
- Currently listed at $650,000
- Assessments of $179 a month (includes scavenger)
- Taxes of $9115
- Central Air
- Full-size washer/dryer
- Bedroom #1: 12×12
- Bedroom #2: 10×10
- Bedroom #3: 10×10
- Living/dining combo: 20×20
- Kitchen: 10×6
- Deck: 12×9
Are today’s buyers really interested in doing a rooftop build out?
Nope. It all sounds great in theory: build your dream deck or garage in cases where a listing says “no garage but space to build one. But then reality hits when you try to get the loan money and/or permits and find that you have to make compromises and deal with contractors and all the hassle.
With something like a deck that wouldn’t be too disruptive I think it could be an option, although most buyers would no doubt prefer to have a finished deck. Once it becomes a whole duplex up add on seems less appealing.
One place I went to an open house at — which sold a little bit above listing (when I was there they were asking for highest offers) — was providing pricing and information about a dig-out of the basement for $30K, and also how to turn the upstairs, which had been set up as a two bedroom, with an open sitting area between them.
Strategy seemed to work for them okay, but probably because they were showing that it would not be expensive/difficult to turn the place into a 3 bedroom, since they would have really limited the buyer pool otherwise. It looks like it was on sale the year before, then taken off, and then sold quickly when it came back on, so maybe it related to sales issues the prior year.
This is the place: https://www.redfin.com/IL/Chicago/3324-N-Hamilton-Ave-60618/home/13386237
How to turn the upstairs from 2 bedrooms into 3, that is, by enclosing the sitting room area.
“was providing pricing and information about a dig-out of the basement for $30K, and also how to turn the upstairs, which had been set up as a two bedroom, with an open sitting area between them.”
i’m a little confused. we’re they going to give you the info for 30k or were they saying the cost to do the work was 30k. as someone who recently went through a dig-out basement remodel, there is no way it going to cost 30k. you’re closer if you add a 1 before it.
I have a feeling this place is extremely small thats why It hasn’t sold yet… everyone is going bonkers for the West loop its hotter than River north even, no joke
I don’t get it personally
This unit is finished and updated nicely but I’m going to just guess based upon room sizes that this is a very small place, probably 1500 sqft or less
All of the inconveniences of vintage with none of the charm!
It had been priced out and they had a quote for $30K for the basement. I don’t think they had a price for the bedroom thing, just drawings showing what could be done. But I’m not positive about that.
I didn’t explore the details about digging out the basement, since I wasn’t planning to make an offer on the house, and ended up getting a house with a finished basement. Interesting if it was a really unrealistic quote; it’s not something I’ve ever priced out. Now I wish I’d kept the information they were handing out.
All they had in the basement as is was a wine cellar and storage. The washer and dryer were in the kitchen.
Back to this place, it looks about 1500 sq ft to me.
“as someone who recently went through a dig-out basement remodel, there is no way it going to cost 30k. you’re closer if you add a 1 before it”
It true.
Nice location, good view. But what an anonymous unit. Too bad, since it’s in such an old building. If there are any vintage touches, I sure don’t see them. Price seems way too high.