Following Prices on the Way Down: 1516 W. Grand in West Town
Sometimes market times surprise even me.
Take this two bedroom unit at 1516 W. Grand in West Town. It has been on the market nearly a year and a half. The seller has slowly been reducing the price every few months.
Here’s the listing:
34K PRICE REDUCTION FROM ORIG LISTING!THIS IS A STEAL & PRICED TO SELL!OVERSIZED LOT OFFERS VERY SPACIOUS & BRIGHT FLR PLAN W/ BONUS OFFICE NOOK!HUGE CLOSETS+XTRA STORAGE.2 OUTDOOR DECKS W/SKYLINE VIEWS FROM FRONT BALCONY & PRIV BALC OFF MASTER.
UNIT FEATURES ALL THE BELLS & WHISTLES:42′ CABS, SS APPL/GRAN KIT, MARBLE BTHS, WBFP & W/D.BUS STOP RIGHT OUTSIDE YOUR FRONT DOOR & WALK TO EL!GARAGE PKG INCLUDED!
Unit #3W: 2 bedrooms, 2 baths, 1400 square feet
- Sold in May 2004 for $321,000
- Originally listed in February 2007 for $414,000
- Reduced in April 2007 to $399,900
- Reduced
- Then listed in June 2007 at $389,900
- Reduced
- Then listed in January 2008 at $379,900
- Reduced
- Lowered by a $1,000 here and there to $377,400 by May 2008
- Price increased
- Currently listed at $379,900
- Assessments of $108 a month
- @Properties has the listing
Unit #3W 100% financing at time of purchase. Assuming a 5/1 ARM on the first that means a reset in about 9 months. This guy thinks that some greater fool will pay for his mistake. Unfortunately, he’s the one that’s mistaken. Maybe he should be more agressive with the reductions and if he’s lucky he’ll sell the albatross without too much of a loss.
Nice units, but given the location it’s quite steep. I think the Vision condos going up across the street from me at Division/Ashland will be offered for pretty much the same price, as are the existing empty units south on Milwaukee.
Didn’t somebody comment the other day that the bubble won’t be over until there are no more $300k condos in the ghetto? Not that Grand/Ashland is the ghetto but IIRC isn’t that area is a little rough around the edges? It’s been a while since I’ve been around there.
It’s gritty. There’s Noble Square Cooperative at Milwaukee/Division, which I suspect will depress prices in the vicinity for the foreseeable future. In defense to Polish Triangle, though, the bums in the square and in the alleys are usually pretty friendly.
Interestingly, though, the stretch of Division west of Ashland is exorbitantly expensive. I think I saw a condo conversion at Division/Wood where the asking price on a 2BR unit was $680,000.
Grand/Ashland I’m less familiar with but it didn’t seem too bad when I walked through it. I’d think you can apply similar pricing to most of West Town though.
Good analysis homedelete. Methinks the equation is going to change pretty soon from:
“Look at my condo I am so cool” => “look at my ARM reset I am so ruined”.
And this unit will sit vacant for years until a bank finally finds a buyer at a reasonable price. He likely won’t incur any loss at all, however as he brought no money to closing and probably has no net worth (or that can be proven in BK court). The bank will incur the loss at the end of the day.
Well, his loss will be his credit score.
It’s definitely on the gritty side. Not unsafe exactly (not “safe” though) but it’s hard to see that it’s going to get better over the next 5 years, with a significant chance it gets worse. It’s different, I think, for other areas around there. If you’re up around Wicker Park, there’s enough fancy houses and condos, and enough retail etc., that it feels established. And it’s convenient to the Loop and Kennedy. Housing prices will adjust there as they will elsewhere, but I don’t see it completely cratering, unlike elsewhere.
On the plus side the building and the units look pretty nice compared to some of the crap out there.
That angled corner fireplace concept seems to appear in a lot of the units that are not selling. Kinda cheesy.
those angled fireplaces crammed in the corner next to a door are really hard to plan around when you’re making a furniture plan. add the sliding doors to the “outdoor space”, and the fact that there is no formal dining room, and you have a less than gracious living space.
In case you can’t tell, I can’t stand new construction floor plans. Some people see open space, i just see how much space the developer is saving by having one living/dining/kitchen space, as opposed to three separate rooms. If this one big room were large, that would be different – but they are never large, always small and hard to work with.
Here’s my bold prediction: In 15 years, today’s new construction will be selling at a discount to 1920’s vintage construction.
I am with you bubbleboi, back to gracious living. Developers will begin to build rooms again Cheers to not staring at your micro-hood and listening to the W/D and DW from the livingroom/diningroom/combo with exposed metal ducts and concrete ceilings…..
I suspect my view is in the minority but I don’t understand why people like fireplaces so much. They really limit how you can use a room. You have to keep the space open. You can’t (gracefully) put a tv anywhere near it. I hate tvs over the fireplace.
I have a feeling that the angled balconies cost less to construct than rectangle balconies. Less concrete, less reinforcement, easier to pour.
actually, DZ, I dislike fireplaces too. Especially the ones that look the same in every condo, house. As you point out, you can’t do anything with that space.
It’s not selling because there is not one damn thing about those condos that you couldn’t get in the 5678846546875 other units that are available around the city. It’s McGeneric in the worse possible ways and would work better as a rental IMO.
If the Chicago market is back at ’05 prices then it might sell for slightly more than the purchase price. But at $379,000 it is still priced too high. Nevertheless, I never quite understood why anyone would pay nearly $400,000 for one floor of a three story double-wide trailer. I understand the idea behind a two flat – rent one out to cover the mortgage or let relatives use it. But one floor of a three flat for a few grand a month? I remember these things getting built like crazy starting in 2000 and 2001 and even then, when I was too young to care to think about things like bubbles, I was astounded that people would pay that much money.
I live in this neighborhood- I wouldn’t call it gritty. Lots of friendly folks of all ethnicities out and about. Lived here for 5 years & never felt unsafe. I think it’ll only get better with Grand & Chicago Aves constantly adding new nightlife & retail options. Just as many creeps live around here as when I lived in Ukie Village. No different.
I love fireplaces in vintage buildings. They are the focus of the room. Fireplaces in modern high rises seem out of place, even when well done as in 55 E. Eire. Diagonal fireplaces seem especially difficult to integrate in a room.
DD
“Diagonal fireplaces seem especially difficult to integrate in a room.”
If the furniture around the fireplace is angled too it can look nice, but the doors make it difficult here. Also, the hearth appears to be set at a different angle from the fireplace. All the odd angles are kind of disorienting.
I agree with you juliana. This unit has too many angles that distract.