Full Floor Buena Park Vintage Beauty Now Just $509,000: 707 W. Junior Terrace
We last chattered about this 3-bedroom full floor vintage unit at 707 W. Junior Terrace in the Buena Park neighborhood of Uptown in October 2011.
See our prior chatter here.
It’s a short sale and has been reduced $330,000 from its original 2009 list price.
Back in October, some of you thought this would have to go under $500,000 in order to sell.
It’s currently listed at $509,000.
If you recall, the midrise building was built in 1927 and has 14 units.
Like many vintage buildings of this era, the unit has big room sizes and includes a full sized dining room and family room.
It has arched ceilings in the foyer, crown molding and a fireplace.
The kitchen has stainless steel appliances and stone counter tops.
There is space pac cooling and an in-unit washer dryer.
It looks like the parking is available for rent (not sure if this is just in the neighborhood or in the building.)
With prices on Lakeview vintage units now dropping, what’s this one a little further north likely to finally sell for?
Greg Desmond at Prudential Rubloff still has the listing. See more pictures here.
Unit #5: 3 bedrooms, 2.5 baths, no square footage listed (but somewhere around 3000 based on other units in the building)
- Sold in March 1996 for $168,000
- Sold in February 2000 for $308,000
- Sold in May 2004 for $665,000
- Sold in July 2006 for $690,000
- Originally listed in February 2009 for $839,000
- Withdrawn from the market in January 2010
- Was listed in July 2011 as a “short sale” at $600,000
- Reduced
- Was listed in October 2011 at $550,000
- Reduced
- Currently listed at $509,000
- Assessments of $1183 a month (includes heat, gas)
- Taxes of $4512
- Space pac cooling
- In-unit washer/dryer
- Rental parking
- Bedroom #1: 17×12
- Bedroom #2: 16×11
- Bedroom #3: 11×8
- Family room: 19×15
- Living room: 19×15
- Dining room: 17×12
- Kitchen: 25×12
This place is nice, but so was the one on Barry from a couple of weeks ago. How do folks think this place compare to the one on Barry? What are the comps for these vintage places that are done well and in the GZ or close to it?
http://www.redfin.com/IL/Chicago/504-W-Barry-Ave-60657/unit-3W/home/13372356
I still love this place. Gorgeous.
Still asking a Lakeview price.
Not going to happen.
a few blocks south would make a world of difference here.
This place is so beautiful.
“Still asking a Lakeview price.
Not going to happen.”
yup
“Still asking a Lakeview price.”
Really think this is “only” a $3700/month place in Lake View? Assume a similar-ish proximity to the park, also no lake-view, and also a full-floor.
If I could buy this same unit, even with no view of the lake, in Lake View but this close to the park (half a block?), for roughly $3700/mo, two things would happen. I would begin actually praying for admission into Latin/Parker, and I’d finally make use of the member parking at the Zoo.
Parking is the issue for this unit. There is not any rental parking in the building. The spaces in the garage — 6 of them are owned by the upper floor units. Rental parking is a challenge–2 area buildings that had a good amount of parking, have long wait listings. I have a problem with spending this much and no real place put my car. The seller needs to reduce the price.
Oh, I forgot to include the cost of rental parking.
But still under $4k, at 5% on the whole amount, with no principal included.
Didn’t know that about the parking. I’d put up with renting a spot down the block if this unit (at $509k/$1100 mo assessemnts) were located on or within a half block of Lakeview Ave or LPW, but that’s about it.
Beautiful place, but lack of lake views, dicey parking situation and north location all hurt it badly.
We used to live in Lakeview in a building without parking, and we rented spaces in garages in four plus one buildings either across the street or down the block. It wasn’t the worst thing in the world, especially because the spaces were usually covered. But dropping off groceries was a big pain.
If this place has a solid rental space that goes with it just a half a block away, that would satisfy me. But I feel like the price has to go much, much lower based on the location and comparison to Lakeview prices.
Great looking place from the photos. Very tastefully done.
“I’d finally make use of the member parking at the Zoo.”
you know they changed the structure again. Costs too much so I dropped my zoologist membership.
“you know they changed the structure again. Costs too much so I dropped my zoologist membership”
That was one of the best deals going. Not sure if the additional membership card for curator’s circle includes parking. Half of the $365 wouldn’t be so bad.
what IS a fair price on this?
A $365 donation gets you free daily parking year round under the new membership structure. I was gutted when they changed that rule too.
I love this place. Out of my price range, but it doesn’t need anything done to it at all. The problem is I’d want to keep the furniture too!
Buena Park=uptown= no thank you at this price point!
“Didn’t know that about the parking. I’d put up with renting a spot down the block if this unit (at $509k/$1100 mo assessemnts) were located on or within a half block of Lakeview Ave or LPW, but that’s about it.”
Just buy one of those 2/1.5 duplex downs on Webster. It has modern finishes AND the parking for $100k less.
“I love this place. Out of my price range, but it doesn’t need anything done to it at all. The problem is I’d want to keep the furniture too!”
Totally! Perfect decorating choices!
“Just buy one of those 2/1.5 duplex downs”
In what way is that a substitute for a 3/2.5? Especially a 3000 sf, full floor, 3/2.5? Or was that intended as sarcasm?
“Just buy one of those 2/1.5 duplex downs on Webster.”
I wouldn’t exactly call them dup-downs. The lower level is at ground level, not subgrade like most dup-downs. (Note that, while one just recently sold fairly quickly, another is on the market.)
“what IS a fair price on this?”
$308,000. The 2000 price.
Looking at that 2000 price, I think this unit needs to be priced around $450,000 to sell around $400,000. It’s Uptown location, plus its lack of on-site parking, makes this a difficult listing despite its generous size and beautiful condition. Perhaps seller should locate adjacent rental parking, lock-in a 3-year lease, and convey lease w/condo unit, to overcome the parking problem. But sounds like available rental parking is scarce in the immediate area/block, which compounds problem.
This is really a two-bedrm w/maid’s room probably off kitchen, and not a true three-bedrm. Maid’s tiny separate bathroom (common for era) was probably combined w/kitchen – because kitchen size is unusually large and clearly a combination of two or more original rooms.
I wouldn’t exactly call them dup-downs. The lower level is at ground level, not subgrade like most dup-downs. (Note that, while one just recently sold fairly quickly, another is on the market.)
Is it a duplex up then? I didn’t look and I don’t remember from the other one. Which floors have the bedrooms? That’s what determines “up” or “down.” And yes, that’s why I brought it up. Another one is on the market in the same cluster of buildings. Same finishes as the other one. This seller was clearly waiting for the closing of the other unit before listing.
“In what way is that a substitute for a 3/2.5? Especially a 3000 sf, full floor, 3/2.5? Or was that intended as sarcasm?”
Anonny was saying he would consider it without parking if it was near the Park (and whatever other criteria he gave for living in Lakeview.) So I was just pointing out, for $100k less, he could get the parking and w/d and be a half a block from the park and solve all the “problems” he has with these big vintage units that are missing out on some of his unicorn criteria.
No- if you’re looking for a full floor vintage unit they are NOT substitutes.
I like the space a lot, but not the location, or the assessments. And those taxes are going UP.
I really like Buena Park—quiet/less congestion. Fee’s seem to be comparable to other vintage buildings.
JP$: “I like the space a lot, but not the location, or the assessments. And those taxes are going UP.”
OK, I need to talk property taxes for a minute because clearly I’m not understanding something.
The ’06 sale was just shy of 700k. According to the assessors office, the estimated 2011 market value is about 349k. I’ll assume that the next sale is in the low 400s…let’s call it 425k. I’ll also assume the next appraisal the property gets comes in around mid 400s.
So given all of that:
1) Why, after the ’06 sale didn’t the assessors value of the property change? Are assessor values completely separated from sale prices?
2) Given that sales price, what do you think an ’06 appraisal on this property would look like? 500s? 600s? Would an appraisal figure into the assessor values?
3) Assuming a sales price of 425k this time around: will that, or the associated lender appraisal, have any effect on the assessors value?
Also, a related question: if the situation was reversed (high assessor value, lower sales prices and appraisals) would a “challenge” of the assessors value (with supporting documentation of sales price and appraisal result) be effective in lowering the tax bill?
I think there is some sort of prop tax freeze for the building
TftInChi,
There are 2 PINS since this is a combined unit. You missed -1007, with an additional $149K in MV, so the total is $498K. I couldn’t find any indication of a tax freeze, but there appears to be mention of the bldg as a registered historic landmark.
1) The assessor doesn’t chase individual sales when setting the assessment. An individual sale will affect the value no more than any other sales fitting the same broad criteria for the sales period under consideration (the 3 calendar years prior to reassessment date.) They use mass appraisal techniques that work best for typical market properties. In other words, the outliers are often the most inaccurate.
2) I think the 2006 sale appraised at the sale price of $690,000 since the mortgages totaled 90% of the purchase price. Of course, “hitting the number” was the name of that game. The assessor has no access to finance appraisals, nor any need for them under their mass appraisal techniques.
3) This will be reassessed as of 1/1/12. Only sales from 2009-2011 will be considered by the assessor in their mass appraisal techniques. However, a subsequent sale in 2012 with the price supported by a finance appraisal with reasonable comps would still make for a successful appeal for 1/1/12. If the closing is in late 2012, it would be more beneficial to have a decent appraisal as of 1/1/12 so as to avoid any “not the same market” dismissals.
Again, individual sales do not trigger any individual action by the assessor, except as part of the total data for a market segment. However, they are the best evidence for a winning appeal as long as you have a decent appraisal with a valuation date near the assessment date (or presented along with a good argument why the market conditions are similar.)
Thanks G! Great info.
Reduced again, now 498k.
and again…459k, really surprised it hasn’t found a bottom
love this place. lack of parking makes it a bit tough though.
A reliable source says the square footage is 2800. I think the price would have to be $400k before it sells.
This unit is gorgeous. Has anyone who commented on it seen it? It is to die for. The bedroom off the kitchen is full size with a full bath and closet. It is great. The third bedroom is the small one, which they turned into an office. The property got a tax abatement for exterior repairs. the taxes will increase in 2014. It has a private elevator, beautiful finished and yes, some of the furniture can come with it (for an extra price). But remember, this is a short sale, so the “market” alone will not determine the price, the lenders will decide what they can lose on it. There are two mortgages. Parking is the biggest hurdle, I would have bought it if it had a spot. I wanted to get on a list for parking, then when I got a spot, buy the place. The bank/realtor should do this to move it.
Short sale with two mortgages, always a good time 🙂