Get a 3-Bedroom Duplex Up Across from the Music Box for $685,000: 3726 N. Southport
This 3-bedroom duplex up at 3726 N. Southport in Southport came on the market in September 2024. (For some reason, I felt like I had a picture of this building but I cannot find it in my large photo collection.)
Built in 2001, this building has 6 units and attached garage parking. I don’t believe there is an elevator.
If it looks familiar, that’s because we chattered about it in 2010, during the housing bust. The chatter was very interesting, given the time period.
In the 2010 chatter, it was listed at $525,000. Many thought they would not get the asking price as prices were, of course, falling during that period.
From homedelete:
This may have sold near ask a few months ago but again, call this “The Ponzi Scheme Continues”. The typical pattern of buy expensive condo in the city, have baby, sell condo for $profit$ and move to suburbs is slowly dying. $525,000 is a lot of money – especially now that e-z 100% financing is gone
SoPo was just as popular in 2001 as it is today. I know of people buying million dollar homes in the area in the late 90’s. I’d like to see this sell just above the 2001 price.
See our chatter here.
This duplex up is on the third and fourth floor of the building.
The listing calls it “modern elegance and urban convenience.”
There are hardwood floors throughout except for the bedrooms, which have carpeting.
The main floor has the kitchen and living/dining room, with 18 foot vaulted ceilings in the living/dining room.
In the 2010 chatter, the space next to the kitchen was used as a living room. But many of you suggested it could be the dining room with the lofted, duplex up family room as the living room.
From Madeline:
However as was pointed out above, the space adjacent to the kitchen could be a dining area rather than a LR/DR and the family room would suffice for the TV, etc.
Apparently, someone was listening to our advice in 2010 as in the 2024 pictures, there IS a dining room table next to the kitchen. The second floor space IS used as the living room.
The kitchen is a “chef’s kitchen” with snowflake white cabinets, “top of the line” stainless steel appliances, quartz counter tops, and an island with a breakfast bar and seating for 2.
Also on the main floor are the three bedrooms.
The primary suite is en suite and, according to the 2021 listing, the bathroom was renovated with marble counter tops. It has a dual vanity, jet tub and separate shower.
The second floor is the living room/family room. In the pictures, it appears to have a dry bar with a beverage refrigerator.
It has the features buyers look for including central air, side-by-side washer/dryer in the unit and one attached garage parking space.
There are also three outdoor spaces. A deck off the front of the unit which overlooks the Music Box and Southport, a deck off the primary suite in the back of the unit and a rooftop deck off the living room.
The listing says that this unit has 2 baths, but it really has 2.5 baths. I’m not sure which floor the half bath is located on.
It also doesn’t list any HOA and says it is “fee simple” but in 2010, it had an HOA of $210 a month.
This building is in the heart of Southport, near all the shops and restaurants, the Music Box theater, Wrigley Field, the Jewel and the brown line stop at Southport.
On Redfin, this listing was viewed 1,049 times in the first 9 hours on the market. On Zillow, it was viewed 586 times in the first 9 hours.
Listed at $685,000, that is $35,000 above the 2021 sales price of $650,000.
It will have open houses on Saturday, Sep 7 from 11 AM and 2 PM and Sunday, Sep 8 from 11 AM and 1 PM.
This unit was last on the market in April of 2021. If you recall that was a very hot pandemic market.
It went under contract within 2 days and the agent cancelled the weekend open house. It sold for full asking price.
Will it sell just as quickly this time?
Misael Chacon at Beycome Brokerage has the listing. See the pictures here (sorry, no floor plan).
Unit #3: 3 bedrooms, 2.5 baths (listing says 2 baths), 2100 square feet (2010 listing said it was 2000 sq ft), duplex up
- Sold in June 2001 for $429,000
- Sold in September 2003 for $470,000
- Listed in June 2010 for $525,000 (per the chatter)
- Sold in June 2011 for $485,000
- Sold in May 2021 for $650,000 (under contract in 2 days)
- Currently listed at $685,000
- Assessments aren’t listed but in 2010 they were $210 a month (is it fee simple now???)
- Taxes of $12,000 (in 2010 they were $6782)
- Central Air
- Side-by-Side washer/dryer in the unit
- Garage parking included
- Bedroom #1: 22×13 (main floor)
- Bedroom #2: 10×9 (main floor)
- Bedroom #3: 13×9 (main floor)
- Living room: 10×18 (second floor)
- Dining room: 16×17 (main floor)
- Kitchen: 7×12 (main floor)
- Balcony (off the front)
- Balcony (off the back)
- Roof top deck
Sold in June 2001 for $429,000 + CPI =$758
Sold in September 2003 for $470,000 + CPI =$798
Sold in June 2011 for $485,000 + CPI =$675 ($578 in May-21)
Sold in May 2021 for $650,000 + CPI =$759
Looks like it’s “priced to sell”. Which is should be, given the condition, notwithstanding this nonsense from the listing:
“meticulously designed unit”–show us one thing that is well designed.
“Chef’s kitchen with top-of-the-line stainless steel appliances, quartz countertops”–the range is okay, and newer, but the fridge and (esp) d/w are dated and mid, at best, when new. The countertops are the original Uba Tuba from 2001–I’d much rather have granite than quartz in my kitchen, for function purposes, but know that quartz is the current buzzy surface.
Washer/dryer not fitting into the closet is a really meticulous design bonus.
Given the condition of all the visible stuff, I’d guess the HVAC is original, and maybe the water heater, too. Fun!
From zillow–looks like Owner tried to rent it in Jul-22, then tried to sell ($700, then $650) and then maybe did get it rented in fall-22.
Seller has a 15/1 ARM, for 90% ltv, and 3.125% rate until 2036 = ~$2,500/month + (prob) PMI. Same thing (ie, $585k mortgage) at a bought-down rate of 6% would be an extra $1,000 per month, still plus PMI.
Perfect chef’s kitchen for someone that orders uber eats alot
Who’s the target market for this? 3Br are nice but layout would be challenging for the nuclear family
I thought I recalled a self proclaimed Chicago Real Estate expert(tm) stating no one is doing dining rooms
“I thought I recalled a self proclaimed Chicago Real Estate expert(tm) stating no one is doing dining rooms”
When your island is a two seat breakfast bar that looks at nothing, then, yeah, you might need a table of some sort.
“From zillow–looks like Owner tried to rent it in Jul-22, then tried to sell ($700, then $650) and then maybe did get it rented in fall-22.”
From the pictures, I thought that maybe a renter was living here.
“Seller has a 15/1 ARM, for 90% ltv, and 3.125% rate until 2036 = ~$2,500/month + (prob) PMI. Same thing (ie, $585k mortgage) at a bought-down rate of 6% would be an extra $1,000 per month, still plus PMI.”
No buyer cares. America is a monthly payment nation. Buyers only care what THEY are paying.
Mortgage rates have been over 6% for several years now. That is the reality if you are buying and buyers have adjusted to it.
“Mortgage rates have been over 6% for several years now.”
Several = 2?? Since when?
The Freddie report shows the 30 yr went over 6 the week of Sep-15-22 for the first time in a *generation*–Nov-20-08 was the last prior week over 6.
5/1 only went over 6 the last wekk Freddie reported it Nov-10-22.
“Buyers only care what THEY are paying.”
Yes, and $5,000/mo is way too much for this deferred maintenance, un-updated, mediocrity. At $4,000/mo, it’s a maybe.
“Yes, and $5,000/mo is way too much for this deferred maintenance, un-updated, mediocrity. At $4,000/mo, it’s a maybe.”
I guess you haven’t seen what rents are like in Chicago anon(tfo). $5,000 a month is cheap for a 2/2 downtown with w/d.
It is amazing to me that many of you are in such denial about what has happened in the Chicago market. That the higher rates didn’t cause demand to slow, at all. That there are PLENTY of buyers who can afford $5,000+ (easily) and they are willing and able to buy right now. They have good jobs. There have been layoffs at tech companies but many are working again and the economy is not in a recession.
Plenty of doctors, lawyers and the like in Chicago.
I went to an open house two weeks ago (don’t want to say where) and the price point was in the $700,000s. I saw about 30 people there in a half an hour period. It reminded me of 2007. Just coming in and out to look. But inventory is SO low. Plenty of couples making $250,000+ a year who can afford a $700,000 2/2 even with 6.4% mortgage rates.
In some cases, it’s cheaper to buy than to rent now. You get more space and better run buildings.
I believe we’ll see more apartment to condo conversions in 2025. The demand is not yet there to build from scratch though. But if you do a conversion, you don’t need that expensive construction loan.
“cheap for a 2/2 downtown”
Southport and Grace is NOT “downtown”.
Do you even live in Chicago?
“Southport and Grace is NOT “downtown”.”
“Do you even live in Chicago?”
Sorry, it was late when I posted and I didn’t notice that you were talking about the Southport property. I thought you were referencing the one in Harbor Point (which IS downtown.)
Rents are really expensive in Lakeview now though. Not sure what you get for $4,000 though. Can you even get a 3-bedroom with parking for that?
My kids complain endlessly about the rental prices.
“My kids complain endlessly about the rental prices.”
Why? According to you, every Millennial/GenZ is doubling their salaries every other year.
“Sorry, it was late when I posted and I didn’t notice that you were talking about the Southport property. I thought you were referencing the one in Harbor Point (which IS downtown.)”
AKA – I was well into my 2nd box-o-wine
“thought you were referencing the one in Harbor Point”
If my onlky two choices were this and the (contingent) unit in Harbor Point, I’d buy the Harbor Point one, and that’s with a strong preference to live in SoPoor rather than LSE.
Reno’d vs deferred everything at a lower capital cost is a big plus.