Get a Renovated 2-Bedroom for $19,000 Under the 2010 Price: 2930 N. Sheridan in Lakeview
(Apparently, I don’t have a picture of this building even though I have one of the “sister” building across the street, 3033 N. Sheridan, which was also a condo conversion and sold in a frenzy in the housing bubble as well.)
This 2-bedroom in 2930 N. Sheridan in East Lakeview came on the market in May 2021.
Built in 1968, 2930 N. Sheridan has 252 units in 16 stories and a parking garage.
Originally an apartment building, it was converted into condos during the housing bubble in 2008.
It has a night time doorman, an exercise room and a roof deck.
Valet parking is available.
The listing for this unit says it was just renovated.
It has light wood wide plank hardwood floors throughout.
the kitchen has 42 inch custom white cabinets, premium stainless steel appliances, quartz counter tops, including on the “chef’s island”, a black tile backsplash, a dry bar and a wine fridge.
The bathroom has an updated vanity and mirror.
The second bedroom is fully enclosed and has French doors.
The listing says the primary bedroom would fit a king bed.
It has window a/c units, washer/dryer in the unit and valet parking is available.
This unit is listed at $244,995, which is $19,005 below the 2010 sales price of $264,000.
Is this a deal?
Michael Mandele and Tim Lorimer at Compass has the listing. See the pictures here.
Unit #305: 2 bedrooms, 1 bath, no square footage listed
- Sold in August 2010 for $264,000
- Listed in May 2021 for $244,995
- Assessments of $316 a month (includes doorman, exercise room, exterior maintenance, snow removal)
- Taxes of $3782
- Parking is $200 to $275 a month
- Window a/c units
- Washer/dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 8×8
- Kitchen: 10×8
- Living room: 15×13
This is a 1 BR + Den – 8X8 isnt a bedroom
Would be a decent crash pad/stabbin cabin for a Doc
Sabrina for all your bloviating about the HAWT Market ™, how do you lose money with a decent renovation in a low assessment bldg? This checks almost all the boxes you claim people want. – Close to Marianos and Trader Joes is with in waddling distance for most, owners dont need parking as you’ve claimed, nice WFH space, recently updated, etc…
What is unit 410 thinking? Smaller and $50k more expensive with a worse view. It’s not happening.
https://www.redfin.com/IL/Chicago/2930-N-Sheridan-Rd-60657/unit-410/home/26808730
-20k since 2010
ouch
seems nice enough even though a shit view
I keep seeing this happen. I still have friends around my age and especially younger, who think there is always appreciation, even if it’s slow. That may have been true for the older generation, but it’s not now. My parents said they always bought houses that cost a little more than they could comfortably afford because they expected salary increases and appreciation. It seems laughable now.
having a hard time distinguishing the real from the CG in the pix.
Until Chicago fixes its problems around crime, CPS, and real estate taxes — we are going to continue to see the population decrease. Being close to work is no longer keeping people tied close to downtown since partial WFH is more normal than not.
So long as the population is on the decrease, not sure how we can expect Real Estate prices to go up.
This stretch of Sheridan has always been uninspiring (well, at least for as long as I’ve been around, going back 50 years).
The wall of anonymous 1950s and 1960s apartment buildings is only broken in a couple of places by decent architecture (the Barry, for instance). It’s like being in the middle of a Soviet housing development.
The building that this particular listing is in was built as a rental and probably should have stayed one. Like a lot of buildings from the time, it has a cheap look and feel.
I was in one of the apartments once upon a time (nearly 30 years ago), and that was when a fellow grad school student of mine lived there. It remains a good building for a grad school student to rent a unit. I can’t imagine investing in a condo there. Especially one on such a low floor like this one.
“So long as the population is on the decrease, not sure how we can expect Real Estate prices to go up.”
Population loss isn’t uniform throughout the city. Some neighborhoods i.e. Lincoln Park/Lakeview see high single digit to double digit population increases over the past 10 years.
The population loss also isn’t uniform by income. Lower middle class are the ones moving out most likely rent than own. The ones that do own a home likely own in an older building i.e. unit in a two or three flat or the entire building depending on when they bought. Now property taxes increase they can’t keep up with the payments they sell. The buyer tears down the two or three flat and builds a SFH.
The housing stock can also decrease in neighborhoods which has occurred in certain areas throughout the city.
This all comes back to real-estate is local and the basic economic principal of supply and demand is different in every neighborhood.
Here’s a map.
https://www.chicagotribune.com/business/ct-biz-viz-chicago-losing-housing-maps-20210513-owe5hqaupzamhnae43bhp2ufmi-story.html
“Population loss isn’t uniform throughout the city. Some neighborhoods i.e. Lincoln Park/Lakeview see high single digit to double digit population increases over the past 10 years.”
“Lower middle class are the ones moving out most likely rent than own. The ones that do own a home likely own in an older building.”
“This all comes back to real-estate is local and the basic economic principal of supply and demand is different in every neighborhood.”
If that’s the case WP, why has the featured Lincoln Park / Lakeview condo — priced for a middle-class income — lost value over the last 11 years?
“If that’s the case WP, why has the featured Lincoln Park / Lakeview condo — priced for a middle-class income — lost value over the last 11 years?”
(i) define middle class and price point; (ii) cite please
“If that’s the case WP, why has the featured Lincoln Park / Lakeview condo — priced for a middle-class income — lost value over the last 11 years?”
then you start looking a specific buildings. from a quick glance, doesn’t seem like this building in particular has shown much appreciation. The exterior is ugly and the systems seem outdated (window a/c, etc,). The amenities are limited compared to newer buildings.
“then you start looking a specific buildings. from a quick glance, doesn’t seem like this building in particular has shown much appreciation. The exterior is ugly and the systems seem outdated (window a/c, etc,). The amenities are limited compared to newer buildings.”
w/ a corresponding bump in cost & fees?
I’m not saying this place is the cats meow, but for someone making $60-75k you could do a lot worse. This should keep up with inflation no, especially w/ rEcoRd LoW iNVeNtORy?
Is the market that bifurcated?
The people in 2010 overpaid, sadly. I bought my place after the crash and paid almost $150,000 less than the people next door who have a smaller unit. They purchased in late 2010. By late 2011, they had lost $150,000. Makes me very hesitant to move right now.
“Is the market that bifurcated?”
Increasingly the answer seems to be yes.
From Redfin’s nationwide March report:
“Homes listed between $800,000 and $1 million were the most likely to attract bidding wars, with 69.4% of Redfin offers facing competition in March. Next came homes listed between $1 million and $1.5 million, with 68.6% of offers seeing bidding wars.”
From Redfin in April:
“The number of buyers who locked in mortgage rates for second homes spiked to 178% year over year in April,”
“The demand for primary homes also rose about 78% year over year,”
“Demand for second homes marked its 11th straight month of 80%-plus growth, while price growth for seasonal towns marked its 10th straight month of 10%-plus year-over-year gains.”
From Fannie and Freddie April home purchase sentiment index put out this month:
“In April, the net share of homebuyers and renters who said it’s a good time to buy fell 14% month over month, becoming negative for the first time in the survey’s history.”
“This can largely be attributed to market competition from diminishing inventory and soaring home prices, despite improving economic conditions, especially for less-affluent buyers.”
“Consumers in the household income range of $50,000 to $100,000, a range inclusive of the Census Bureau’s reported median household income level, showed a particularly large decrease in overall housing sentiment,”
The Bank of Jerome Powell = Private Bank for the Wealthy
Can only do one link but the rest should be part of the related articles in the below.
https://chicagoagentmagazine.com/2021/05/11/demand-for-second-homes-more-than-doubles-pre-pandemic-numbers/
The market actually is hot in that price range, at least if you have outdoor space. I’ve been helping someone look who wants to spend around $250K and wants at least a 2/1, and the most uninspiring places in uninspiring to okay areas have gone with multiple offers instantaneously. A friend bought in 2018, and recent sellers in his building showed big appreciation from what the market was then.
This place is either suffering for the lack of private outdoor space or it was just badly overpriced in 2010.
We did see a nice place in a good (for what the person is looking at) location, and it was one of the few not being snapped up immediately, and it also has no private outdoor space (also no parking).