Following the Market Down in The Gap: 3362 S. Prairie
The City of Chicago has designated the area commonly known as “The Gap” on the South Side of the city a landmark district.
It’s boundaries are 3100 to 3500 South on Prairie, Calumet and Giles.
(Some also label this area as part of Bronzeville.)
This 3-bedroom duplex down renovated greystone condo at 3362 S. Prairie has been on and off the market for 3 years.
It’s now been reduced by $184,000.
The listing says to “Bring all offers”.
The unit is 3000 square feet with a large family room in the duplex down that has its own kitchen (as seen in the photos).
Would this unit sell quicker if it were staged with furniture?
Weston Harding at Apartment Savvy Chicago LLC has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, 3000 square feet, duplex down
- I couldn’t find an original sales price but Unit #2 and #3 sold for $260,000 and $259,000, respectively, in fall of 2005.
- Originally listed in July 2007 for $459,000 (parking included)
- Reduced
- Re-listed in August 2008 for $395,000
- Reduced
- Re-listed in January 2009 for $329,900
- Reduced
- Currently listed for $275,000 (parking still included)
- Assessments of $160 a month
- Taxes of $3310
- Central Air
- Washer/Dryer
- Bedroom #1: 13×21
- Bedroom #2: 8×13
- Bedroom #3: 10×12
- Family room: 21×28
Wow, 460k in that bad of a hood? It looks nice, but I was in that area a few years ago during the HEIGHT of the bubble and it still looked shady.
The boulevard in Humbolt Park is also a landmark district, but you’d have to pay me to live there. I don’t think “the gap” is a desireable place to be for everyone but I wonder what is going on with this property for it to be so cheap? Under $100 a sqft is pretty good considering the property isn’t in an awful part of town. Previous water damage in basement? Section 8 next door?
Sonies, the finishes on this place are abosolute crap! I love the plywood bar, that was dressed up with diamonds to make it look “custom”… It looks like everything the builder used was from the Menards weekly specials section. Perhaps that is why it is so cheap.
Um, is the bathtub “heart shaped”?
True, but are people that want to live in this part of town going to be stuck on finishes? It looks slightly above rental quality, which for $91 a sqft is to be expected IMO.
Jason,
Not every place has a target market for stainless and grainteel. Its unfortunate that due to this bubble people assumed that everyone wanted to pay a lot for a place and wanted the same cookie cutter finishes.
Don’t miss understand me on the “cookie cutter” finishes. The point I’m trying to make is that the “quality” of these specific finishes are horrible. Anyone who knows how to build a house, knows that cheap and cheaply made finishes don’t last long without constant repair and upkeep. That said, since this builder chose to install junk, they don’t need to ask for as much $$$ to maintain their profit margin.
I don’t believe that this place could possibly be 3000 sq feet. That would mean that there is 1500 square feet on each floor. It’s possible, but I don’t believe it. I think the agent is being generous with the square footage.
As someone who lives in “the gap”,I agree it isn’t for everyone.When I talk to people who have lived here forever,it is funny how they perceive the different blocks.For instance,they may say everything is fine at 32nd and Prairie,but would never consider living at 33rd and Prairie.
This property is in the middle of the block and currently is dealing with alley access issues,because of the church fire a couple of years ago.The only way to get to the parking is off of 35th street,which I am sure is a turn-off for alot of people.
As far as value goes,it sounds reasonable for what it is.
I know this is not a comp,but a single family just sold for $800,000 at 204 E 32nd St in April,and across the street from this property is some new construction that has been closing in the $260,00-$280,000 range with less sq footage.
“I don’t believe that this place could possibly be 3000 sq feet. That would mean that there is 1500 square feet on each floor.”
It looks like an extra deep building–about 70 feet long and about 23 ft wide, with big light wells, so 1500 ft/floor is definitely rounding up, but not by too much.
i seriously considered the area, regardless that many property owners are steadfast in their pricing, the area has the potential be a fabulous place to live, hence they price accordingly, growing commercial (still needs help), makes it a good real estate buy, when there is decent pricing, maybe not a good living option.
Plus you are not far from Comiskey, and you get IIT patrols, which aren’t as good as UC patrols but it helps. I’d say around the low 200K is a good price, if everything pans out.
I do not think that the “gap” is a desirable place to be for everyone, but I wonder what is happening with this property to be so cheap? Less than $ 100 a sqft is pretty good considering the property is not in a terrible part of town.