Finally Throwing in the Towel: Short Sale 2-Bedroom in Wrigleyville: 815 W. Addison
We’ve actually chattered about units in this 1915 vintage building at 815 W. Addison in Wrigleyville in Lakeview before.
See our October 2008 chatter and pictures here.
Back in 2008- it was “selling just 3 years later” and now it is 5 years later but what a difference those two years are making on prices in the building.
This top floor 2-bedroom has been on and off the market since January 2007.
Originally listed as high as $300,000 it was recently reduced and is now listed as a “short sale” for $200,000.
It is also now listed $70,000 under the 2005 purchase price.
It has all the finishes you would expect from a 2005 conversion including wood floors and granite counter tops and stainless steel appliances in the kitchen.
There is central air, an in-unit washer/dryer but no parking.
And it’s only a block or so away from Wrigley Field.
Is this the start of what we’re going to see throughout Lakeview and Lincoln Park as sellers finally give up on pricing?
Kathryn Keller Mitchell at Baird & Warner has the listing. See the pictures here.
Unit #3R: 2 bedrooms, 1 bath, no square footage listed
- Sold in November 2005 for $270,000
- Originally listed in January 2007 for $294,900
- Re-listed several times over the next several years
- Listed in August 2009 for $300,000
- Reduced
- Currently listed as a “short sale” for $200,000
- Assessments of $300 a month (includes cable)
- Taxes of $3823
- Central Air
- Washer/Dryer in the Unit
- No parking
- Bedroom #1: 12×9
- Bedroom #2: 10×10
- Living room: 13×13
- Kitchen: 6×8
This should sell at 200k since it is pretty close to rental parity, especially for dog owners (who usually have to pay more for rentals)
Given it’s in a desirable area and seems to be in good shape, even though it’s a short sale, it will probably receive multiple offers and go for more than $200K, probably not significantly more though.
Geez I hope so. I bought my foreclosure in Uptown and after I put money into it I owe more than $200K on my 2 bed, l bath. Of course, this place is alot smaller and has no parking. I have a big back yard, parking and two decks so I think I am still doing ok!!
I bet this place goes for more than $200K anyway, they just want to start a bidding war.
Keep us posted!!
I’m glad they included a picture of Wrigley Field in the listing. If they hadn’t, I wouldn’t have known what they were talking about when they said “1 block to Wrigley Field”.
“I’m glad they included a picture of Wrigley Field in the listing. If they hadn’t, I wouldn’t have known what they were talking about when they said “1 block to Wrigley Field”.”
Given the recently documented spelling issues, the agent probably wanted to clearly differentiate from Wiggly Field.
Wiggly Field > Wrigley Field
I’ve seen a lot worse for more $$$ so this should make a good home for a sports nut.
The only time I have any feeling for agents is when I see a lot of them resorting to taking on short sales @ what….$75 a sale?
Of all the insane things ever written on this site, this one takes the cake:
“Wiggly Field > Wrigley Field”
Now, I’d rather live by Wiggly Field, but it is in no way superior. Even my puppy would agree.
Being 3R, does this one have a lovely, unobstructed, view of the gas station?
““Wiggly Field > Wrigley Field”
Now, I’d rather live by Wiggly Field, but it is in no way superior. Even my puppy would agree.”
So you agree with my insane cake-taking comment. What do you think I meant? It’s a real estate site and I was talking location/property value not really comparing the overall attributes of a ball park to a dog park. Living a block from Wrigley Field would suck IMO.
On and off and the market since January 2007?????
What is wrong with this property? The neighborhood is great. Is it haunted or something?
There’s not much difference between the restroom facilities at Wrigley and Wiggley, is there?
“Wiggly Field > Wrigley Field”
both are full of overpaid-for dogs so who cares
And with the strip mall they’re putting a block away on Addison you won’t have to walk far for a Walgreens or Cold Stone Creamery!
Let me change “great” to “very good.” I realize that the gay bars may be a turn off to some and the police station is a coin flip (you may feel safer because of the police station across the street or you may feel uneasy because of the criminal elements that go in and out of the police station).
I personally think it is a safe neighborhood, near good restaurants, good nightlife (gay and straight) and seemingly reasonably priced. I wonder why it has been on and off the market. At the very least it should be a decent rental property. I understand that parking is a problem for some, but it’s close enough public transit and cheap enough where it shouldn’t matter to many potential buyers.
watch a white sox fan purchase this…
Small bedrooms and no parking, but I think its a good deal. I bet it goes for $220K.
I no longer live near Wrigley – but I used to live 1 block away (Grace and Sheffield). Everyone comments about how the area is annoying due to game day drunks, public urination, etc. But in all honesty…. I always commented on how quiet it was just one block north and that except for the crowd cheers you wouldn’t even realize a game was going on a block away. I was much more annoyed with the gang bangers and addicts when I lived in Uptown.
Overall it looks like a pretty nice unit. Looks like a Pottery Barn catalog.
“So you agree with my insane cake-taking comment. What do you think I meant? It’s a real estate site and I was talking location/property value not really comparing the overall attributes of a ball park to a dog park. Living a block from Wrigley Field would suck IMO.”
apologies for not understanding that your extraordinarily short comment was a location comment and not a wrigley field comment. lord knows this site never strays off topic, so i should have known better…
I agree with Onlooker. I lived a only a couple blocks away from the ballpark and hardly noticed when games were going on. People either go to Clark St., the parking lots, or the El stop before or after the game. How many people are really walking along Addison to get to Boystown along Halsted before/after the game? The traffic along Addison, however, is another story, but as someone who doesn’t drive, I just laugh at those people anyway.
“….I realize that the gay bars may be a turn off to some….”
Yeah I know right?
My ‘spectacular’ (not bragging, but it really is a nice home/restored vintage warehouse building) NYC residence is probably nearly worthless as there are 2 gay bars and 4 breeder bars on the block.
What was I thinking building so close to gay bars anyway…damn me…damn me to hell…
westloopelo wrote: “What was I thinking building so close to gay bars anyway…damn me…damn me to hell…”
I actually think the opposite is true. I have made a ridiculous amount of money following the gays in Boston and NY. Of all the advice I have been given, following the gays is the best. In terms of your situation, the problem may be that you built next to several bars (them being gay or straight probably doesn’t make any difference)!!
$200K for that nabe is a good deal, but the lack of dedicated parking may hurt the resale value down the road.
Just for comparison sake, maybe we should check out the fluctuations in property values within home-run distance of “The Cell” over the past couple years.
I’d love to hear comments from people that have seen this property or have lived in this building. How is the place?
Assessments seem high for a 3 story walkup. Is heat included?
Does anyone here have experience with short sales? Is there an easy way to figure out how much the current owner owes to the bank on their mortgage?
Clio,
My post was made entirely in a very demeaning and sarcastic tone to mock the homophobic comment above.
You want to make $$$ in an urban area’s regentrified areas? Definately follow the gays… Denver’s Beautiful Capital Hill, Restaurant Row area and Washington Park are a great example of this phenom.
In the 70’s and 80’s, one could pick up an unpainted lady delapidated Victorian for around $150k-$300k and that place now would easily be in the high one digit million dollar + club. Friends have a few fantastic renovated beauties with nearly 100% appreciation on their original investment.
As far as my place in NY, I was renovating my building (my combined dbl unit and 4 rentals) long before gay and str8 bars have come and gone…many times over. The influx of clubs, shops and high end galleries have only added to the value of my building. I would never sell for any amount of $$$$.
I would rather be in a ‘gay infested’ area any day over any other sub species of urban dwellers….Chicago included, although Chicagos gay hoods are not as cohesive as other gay hoods.
OOPPSS…how realtor of me!
The last comment should have read ….delapidated Victorians for around 10X their original cost…. and not 100% return in value.