Get a 2/2 Duplex Down in Southport for Under $375,000: 3521 N. Lakewood
This 2-bedroom duplex down at 3521 N. Lakewood in Southport neighborhood of Lakeview came on the market in October 2020.
This building was built in 1914 and has 14 units. The picture above is from the side of the building.
It was converted into condos in 1999 and does not have parking.
There’s a common area behind the building which has tables and chairs.
This unit has 1100 square feet with the living room and kitchen on the main floor.
There are cherry wood floors on the main floor.
The kitchen has white cabinets, granite counter tops and stainless steel appliances.
It has a butcher block island with seating for 2.
There’s no dining room.
Both bedrooms are on the lower level. It’s unclear if both of the bathrooms are also there.
The listing says there is new carpeting in the bedrooms.
This unit has central air, but there’s no washer/dryer in the unit (presumably there is one in the building?) and there’s no parking.
This building is in the heart of the popular Southport neighborhood, near shops, restaurants, Wrigley Field and the Brown Line or Red Line stops.
Originally listed in October 2020 at $395,000, it has been reduced $30,000 to $365,000.
Is Southport still a hot neighborhood for entry level condo buyers 15 years after the housing boom?
Edwin Aloisio at d’aprile properties has the listing. See the pictures here.
Unit #1: 2 bedrooms, 2 baths, 1100 square feet
- Sold in April 1999 for $189,000
- Sold in September 2001 for $250,000
- Sold in June 2006 for $319,000
- Sold in December 2012 for $228,000
- Sold in April 2016 for $330,000
- Originally listed in October 2020 for $395,000
- Reduced
- Currently listed at $365,000
- Assessments of $260 a month (includes exterior maintenance, lawn care, snow removal)
- Taxes of $3872
- Central Air
- No washer/dryer in the unit (is it in the building?)
- No parking
- Bedroom #1: 16×12 (lower level)
- Bedroom #2: 11×12 (lower level)
- Kitchen: 25×12
- Living room: 17×12
At least they didn’t lie about the SF
Where’s all the appreciation?
$70k down and $2k mo for an 1100sf basement? I don’t even think the guys over at Ben’s auto sales could move this schlock.
I would like to understand the decision making process one goes through where buying this is a sound financial decision or that $400k sounds like a reasonable ask. Probably the same folks that ate tide pods and YOLO’d GME
YOLO’d GME @ $350
This is one of the those places that has me scratching my head. Why the constant need for oversized kitchens? Especially in a place like this!
Why eat up sqft from quality living space for more kitchen? Just makes no sense. A good ‘ol galley kitchen would be perfect in this unit.
‘I don’t do Shakespeare. I don’t talk in that kind of broken English’
-Lawrence Tureaud
Not only is there a TV above the fireplace — the TV appears to be mounted incorrectly. I am pretty sure Sabrina is just trolling us now.
So, 16 pix, only 8 of the interior.
A video tour that spends 0.00 seconds on the interior.
It has to be even more dire than it first appears.
“A good ‘ol galley kitchen would be perfect in this unit.”
Where does it go, tho? if you galley-up the space the kitchen is in, you get a galley kitchen and a dark hallway. And the stairs down break up the middle of the space. At least this way you have a sort of dining table.
In theory, you could flip it, so the “25X12” space is the LR, and the “17X12” space is the kitchen, but there is zero chance the investment in replumbing is worth it.
“the TV appears to be mounted incorrectly.”
I’d guess there was bad glare in the pic, and so rather than trying different angles, the photographer just tilted the TV up to eliminate it.
“but there is zero chance the investment in replumbing is worth it.”
If the walls were open and new floor going in, the cust to replumb should be next to nothing. If it was lipstick on a pig HGTV reno then no way its worth the cost to move pipes.
Now just going off the way old chicago units are and where the wall was opened up, that sink is in a spot that wasn’t originally there. Unlikely but if that’s the original sink spot then a new gas line was run for the stove.
No one seems to like living here for very long. I wonder why……
Guessing the baths are nothing to write home about and that there is a noisy alley right outside the main bedroom windows.
No parking, no private outdoor space (all shared by the looks of it), no in-unit laundry and I am guessing baths in desperate need of work or there would be pictures.
Where do I sign up? hahahahahahaha
Or do the main bedroom windows look out on the shared outdoor space? Must be impossible to go to sleep before 3-4 AM when the weather is nice given one of your neighbors is invariably hosting a party with a never ending supply of white claw all summer long!
Here’s the one upstairs:
https://www.redfin.com/IL/Chicago/3521-N-Lakewood-Ave-60657/unit-2/home/12804984
Same layout–except no stairs in the middle of the living area. Still ‘cozy’, but a much more livable arrangement.
“I am guessing baths in desperate need of work or there would be pictures.”
??? There are pix. One of each. “desperate” is an overstatement, but they both could use a refresh.
“I am guessing baths in desperate need of work or there would be pictures.”
There are pics of the bath
One old, one thats lipstick on a pig. Appropriate at $300k
“In theory, you could flip it, so the “25X12” space is the LR, and the “17X12” space is the kitchen, but there is zero chance the investment in replumbing is worth it.”
Agreed, any investment would be difficult to make pay
Should have put the eating area by the back windows, add a pantry at the stair turn.
Wow. Dunno how I missed those bath pics. Those are appropriate for a condo under $250K (with in unit laundry). I have to believe the vanity in the all white one is about to disintegrate. In fact that white bath tub surround looks a bit nasty.
“Here’s the one upstairs: Same layout–except”
Nice find anon(ufo). I look to be wrong. Unit 1 sink is a bit over to the front but nothing major.
I am trying to imagine the original layout of unit 1. I can see where the original walls were, If this apartment seems to be a studio before the conversion to condo, then that would be a huge kitchen for a studio apt.
Unit 2 has the original floors and if you look you can see the the layout by where wood was need to be added/replaced. It also looks to be mostly untouched from the 1999 conversion.
The one has got me perplexed.
Probably one bedroom (murphy bed in one of the rooms maybe) with a formal dining room from the two triple windows at each end (or one of those kitchens separated from the dining room with glass front cabinets).
“Those are appropriate for a condo under $250K (with in unit laundry).”
Asset prices are currently meaningless–it’s just howmuchamonth
RF sez it’s under $2k, if you have the 20% dp. Not too far off the baths in this slightly cheaper, but 100% basement, rental:
https://www.domu.com/chicago/north-side/wrigleyville/918-w-addison-st-g-chicago-il-60613-1
““In theory, you could flip it, so the “25X12” space is the LR, and the “17X12” space is the kitchen.”
But then your front door would be in the kitchen, and your living space would be facing a brick wall. There’s only one window in this place with a decent view, and it’s the one in the living room.
1. Interest rates on the 30 year mortgage are up over half a point in the past month.
2. The Federal Reserve is no longer allowing banks to be exempted from their capital requirements on any of their holdings as of the end of this month.
3. Fannie & Freddie’s foreclosure moratorium is set to expire at the end of June in three short months.
“Buy now or get priced out forever!”
“This building is in the heart of the popular Southport neighborhood, near shops, restaurants, Wrigley Field and the Brown Line or Red Line stops.”
Oh yeah and this line is from Sabrina who claims to only shop at chain stores like Athleta in this area and that everything is fine in the Southport corridor. Because Athleta is fine, and she can always go to chain stores in Schaumburg at Woodfield if they close up shop on Southport too.
Maybe she can sip a latte in the Capital One building and talk about how everything is getting “snapped up”. 😀
“But then your front door would be in the kitchen, and your living space would be facing a brick wall.”
That’s a problem, too.
My point was that with the locations of the windows, doors and stairs, there are limited options to make the kitchen smaller.
That said, JU is right, imo: should’ve left space by the back windows for a table. And used the space next to the stairs for something other than an afterthought table (which is a decorating choice, but what else is that good for? pet bed, probably).
I stopped reading after “duplex down.”
“Oh yeah and this line is from Sabrina who claims to only shop at chain stores like Athleta in this area and that everything is fine in the Southport corridor.”
Southport corridor has supplanted Armitage as the top shopping street on the north side. This has been talked about numerous times on this blog over the last, now, 14 years.
“1. Interest rates on the 30 year mortgage are up over half a point in the past month.”
As I said, this should cool the hottest market in the last 14 years. It needs it.
But a rate of 3.25% isn’t going to do much to slow it down. That’s still super low and all the other factors are still in place. I think it would need to go to at least 3.75% or even 4% before it would have a really significant impact.
The housing market will do well with a hot economy. And if we get 4.2% unemployment and 7% GDP by Q4 of this year, then, yeah, housing is booming. Even in Chicago.
Sorry bears. You’ve been doom and gloom since the Great Recession. None of it has panned out. And it’s certainly not going to pan out with 7% GDP.
Oh- by the way- Fulton Market developers said today they hope to build 3,000 new apartments right in Fulton Market over the next 3 years (now that the restriction on residential has been lifted.)
If no one is living in the city, why do they need to build all that housing?
Go figure.
@KK “Not only is there a TV above the fireplace — the TV appears to be mounted incorrectly.”
Did y’all miss that the current owner’s name is Peter Parker? It’s correctly mounted for him…
I feel like Fulton Market and the West Loop has now supplanted Southport Corridor for young people.
Southport Corridor has aged over the last 20 years and is now more families than people in their 20s.
I know someone who owns in this building. No complaints, but both young and moved from party apartments. Given their unit and what they paid, I’d take this one (with just the fee photos provided).
@Sabrina – “Southport Corridor has aged over the last 20 years and is now more families than people in their 20s.”
Definitely true, though you only have to go about a block or so east of this property (like the Eddy one you covered a couple days back) and you’re less Southport and more Wrigley/Clark St mess.
This property just closed for $350,000.
2016 used to be “peak” price in Chicago so it’s a good sign that some buyers are able to sell for more.
$30k since 2006 is “Crushing it” now? (SoPo was one of the HAWT ™ hoods right?)
Guessing that the kitchen is post 2016
“Guessing that the kitchen is post 2016”
Don’t have to guess–same kitchen in the ’16 listing. Even the same floating island.
“$30k since 2006”
Well, that was a crazy overpay, with an appraisal detached from reality.
It was only $20 since ’16.
5% to realtors, so $17,500. Seller’s closing costs probably about $4k. So, net of costs, a cash loss.
Fat fingered – should have typed 2006
I was told by a very smart person that people who bought in 06 in SoPo are crushing it.
So $30k in 15 years less low end kit remodel less fees = Crushing It
“$30k since 2006 is “Crushing it” now? (SoPo was one of the HAWT ™ hoods right?)”
It went under contract in a week. All the chatterati on this site, including yourself JohnnyU, were doom and gloom about it.
You are all looking like out of touch fools.
“ It went under contract in a week. All the chatterati on this site, including yourself JohnnyU, were doom and gloom about it.
You are all looking like out of touch fools.”
I’m not doom and gloom
I’m pointing out that one again you’re completely full of shit and/or drunk
You were the one that brought up “Crushing it”. This place most definitely didn’t “crush it”
This place gained $20k in appreciation over 4 year. Factoring in realtor fees and closing taxes, they lost money. Had they invested their 20% down payment ($66,000) in the S&P 500 Or Nasdaq they would have turned $66k into $148k and $213k respectively. They could have bough real estate in any part of the country and likely made $50k + in profit. But they were sunk by Chicago’s real estate taxes and income taxes going up instead.
“Had they invested their 20% down payment ($66,000) in the S&P 500 Or Nasdaq they would have turned $66k into $148k and $213k respectively.”
Stocks have been the best performing asset for the last 100 years in America.
I’ve stated that many, many times on this blog.
So?
You have to live somewhere. And people want to “own.”
“ It went under contract in a week. All the chatterati on this site, including yourself JohnnyU, were doom and gloom about it.
You are all looking like out of touch fools.”
This is the perfect example of you being a complete price of shit. At this point, JoeZ has more credibility
You constantly lie, distort others points to try and make yourself look correct, move the goalposts, etc
YOU stated that people that bought in SoPo in 06 were crushing it. You blatantly ignore YOUR comment – which is completely wrong in this case. So what do you do? Lie and create straw man arguments
You are a clown
“ “Had they invested their 20% down payment ($66,000) in the S&P 500 Or Nasdaq they would have turned $66k into $148k and $213k respectively.”
Nice job ignoring that the sellers likely lost money
It’s hilarious seeing you miss point after point…