Graceland West 2/1 Sells for $108,500 Under the 2007 Price: 4017 N. Southport

We chattered about this 2-bedroom at 4017 N. Southport in the Graceland West neighborhood of Lakeview several times.

4017-n-southport.jpg

See our July 2011 chatter here.

In July, it had been reduced further and was listed at $205,000 but some of you thought it would sell for around $180,000.

On the market for a year, it finally sold for $108,500 under the 2007 purchase price at $192,500.

Remember, this was NOT a foreclosure or a short sale.

The unit had the features buyers look for including central air, an in-unit washer/dryer and deeded parking.

It also had hardwood floors, french doors and a fireplace.

The kitchen had 42 inch cabinets, granite counter tops and black appliances.

If a 2/1 sold under $200,000 (with parking) what will this mean for all those 1/1s out there?

Stephanie Biderman at Koenig & Strey Real Living had the listing. You can still see the pictures here.

Unit #1: 2 bedrooms, 1 bath, no square footage listed

  • Sold in April 2001 for $240,000
  • Sold in October 2007 for $301,000
  • Originally listed in September 2010 for $279,000
  • Reduced numerous times
  • Was listed in May 2011 for $229,000 (includes parking)
  • Reduced
  • Was listed in July 2011 for $205,000 (includes the parking)
  • Sold in September 2011 for $192,500 (included the parking)
  • Assessments of $256 a month
  • Taxes of $3526
  • Central Air
  • In-unit washer/dryer
  • Bedroom #1: 10×11
  • Bedroom #2: 10×11
  • Living room: 18×11
  • Kitchen: 11×11

10 Responses to “Graceland West 2/1 Sells for $108,500 Under the 2007 Price: 4017 N. Southport”

  1. good to see prices finally coming somewhat back to reality

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  2. Wrong side of Irving, but not a bad deal on the price. Under $200K is significant.

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  3. I should add that all the rooms are tiny, even the living room (when you take in the fact that it’s a combo LR/DR).

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  4. The (exceedingly) similar unit on the second floor in 4021 just sold for $205. Same condo association.

    #2 in 4017 sold in Jun-10 for … wait for it … $264!

    Down 22.3% in 15 months, comparing the #2 units.

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  5. If I was the realtor I would be embarrassed by those terrible photos! If I was the seller I would be embarrassed by my realtor. Seriously it isn’t that hard to use a flash consistently and have the appropriate lens to get a non-chopped view of a room. I guess in the end they sold but it took a year and likely would have had better/ more traffic with nicer photos.

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  6. “If I was the realtor I would be embarrassed by those terrible photos! If I was the seller I would be embarrassed by my realtor. Seriously it isn’t that hard to use a flash consistently and have the appropriate lens to get a non-chopped view of a room”

    You want REALLY bad photos?

    Take a look:

    http://www.redfin.com/IL/Chicago/405-N-Wabash-Ave-60611/unit-4401/home/12554149

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  7. Oh my gosh those Wabash photos are awesome!

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  8. Clio – Hysterical! Maybe he was drunk? If that is what you get with RE/MAX Platinum I would hate to see RE/MAX Silver!! Ha!

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  9. Oh man those pictures are hilarious. How could anyone think that is OK?

    So when all is said and done the seller lost what, $125K? That seems awful for someone in that price bracket… although they must have a little money if they are able to take a hit like that. That’s too bad for them

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  10. Both bedrooms only being 10×11 is real tight, as is a 18×11 living room for a combo. It’s a fine price with parking i guess, but i just don’t like this area all that much and the unit is pretty tight, a 10×11 master is pretty crappy.

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