How Low Will This 1-Bedroom Go? 1347 W. Eddy in Southport
This 1-bedroom at 1347 W. Eddy in the Southport neighborhood of Lakeview has been on the market since January 2011.
In that time, it has been reduced $20,000.
The unit is currently listed $89,100 under the 2008 purchase price.
It is a Fannie Mae property and can be bought with as little as 3% down.
This building, at the corner of Eddy and Southport, was converted into condos in 2006.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
It has hardwood floors throughout, central air, and a washer/dryer in the unit.
There is no deeded parking.
How low will Lakeview 1-bedrooms go before they finally hit bottom?
Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here.
Unit #203: 1 bedroom, 1 bath, no square footage listed
- Sold in August 2006 for $231,000
- Sold in May 2008 for $239,000
- Lis pendens foreclosure filed in October 2010
- Fannie Mae property in January 2011
- Originally listed in January 2011 for $169,900
- Reduced
- Currently listed for $149,900
- Assessments of $155 a month
- Taxes of $3119
- Central Air
- Washer/Dryer hook up in the unit
- No parking
- Bedroom #1: 15×8
- Living room: 14×12
- Kitchen: 10×8
Any chance this rents for over $1000?
$99,900.
I call this area west Wrigleyville. And people like me will be buying if it gets closer to 100k.
This place should never have gone condo.
I just don’t like the exteriors of this style of building. Many would disagree with me though.
I’d take this before 307 for 200k or 406 for 300k and an extra bedroom and bath. Tough luck for them!
“This place should never have gone condo.”
It has a lot of company, as many rental buildings in Chicago should never have gone condo …
and what does the groove say about one bedrooms?
That kitchen looks tight… 18″ dishwasher only one cabinet with drawers. Definitely rental quality, stainless or not.
If you’re going to live in an apartment, you might as well rent.
Anyone who could use a calculator in 06 should have known that this was such a stupid place to buy. The whole building is a joke. The spaces are so small; I can’t imagine anyone walking in there, at nearly any price that its been offered for and thinking it would be a great place to invest.
Jason (TFO) on March 28th, 2011 at 1:16 pm
This place should never have gone condo.
Couldn’t agree more. This property isn’t even worth crib chatter conversation…
Some folks will buy ANYTHING just to say they own. This is nothing but a tiny, featureless little rental apartment. Why bother with ownership to live this way?
Should be priced for a cash-flow investor.
“Couldn’t agree more. This property isn’t even worth crib chatter conversation…”
I continue to write about the studios and 1-bedrooms that are getting killed in this market because these are the move-up buyers (or WERE the move-up buyers.) Without them- who will buy the 2/2s for $350k?
And for many of them- it’s a financial decision that will haunt them for at least 7 years (with a foreclosure) not to mention the monetary loss (IF they put any money down- that is.) All of this has repercussions on the greater market.
You might not be a able to start with a 2/2, but Lakeview prices have dropped enough that you can find a 4 room 1 bed or a 2 bed 1 bath for a reasonable price there… for the same price you paid for a miserable little matchbox like this at the peak.
Here’s an example at 622 W Roscoe:
http://www.realtor.com/realestateandhomes-detail/622-W-Roscoe-St-Apt-3a_Chicago_IL_60657_M78946-41409
“for the same price you paid for a miserable little matchbox like this at the peak.”
That’s a 1/1, Laura.
There are five 2 BRs listed in Lakeview for under $250k, and 3 of them are in 828 Grace. 1 is under contract (and a garden unit) and the last is in the “loft” building at Sheffield and Belmont.
ps, it’s a 1/1, listed for *less* than this one is. And $100k less than this one’s peak price.
The silver lining as an investment here is that there isn’t an abundance of 1-bedroom rentals West of Halsted in Lakeview. There are only 5 on the MLS, $1,100 to $1,450. For someone who wants to be able to street park for free, this is a good rental deal. This rents for $1,350 with the W/D.
You wouldn’t have much vacancy in this neighborhood. I’d pay $120/5 for it.
I see 10 1 bedroom rentals active on the mls west of Halsted in Lakeview. These 5 are nearest to the subject with asking rent:
4038 N SOUTHPORT AVE 3W $910
4038 N SOUTHPORT AVE 2E $925
1417 W CORNELIA ST 1 $1,150
1415 W CORNELIA ST 1 $1,150
1415 W Oakdale AVE 3 $1,275
“The silver lining as an investment here is that there isn’t an abundance of 1-bedroom rentals West of Halsted in Lakeview. There are only 5 on the MLS, $1,100 to $1,450. For someone who wants to be able to street park for free, this is a good rental deal. This rents for $1,350 with the W/D. ”
I can find a multitude of 2 and 3 bedroom places in comparable locations for 1350. Why would anyone pay 1350 for this place? Honest question.
It rents for $1,125, maybe $1,175 at most, as it’s only on the second floor, and it’s a small one bedroom at best.
“I can find a multitude of 2 and 3 bedroom places in comparable locations for 1350. Why would anyone pay 1350 for this place? Honest question.”
Laundry in-unit. And this unit may be small and boring, but at least it’s upgraded. Some of that other stuff less than $1,300 is total crap. Don’t look at it from a buyer’s perspective. Take a stroll through the East Lakeview rental stock and then look at this again. Your average renter doesn’t have MLS access (and I guess hasn’t heard of Realtor.com). They see Planned Property. Gag.
1454 W Roscoe is the best comp I see. Pics look better, but listing says it’s 550sf. TEMP (usually = rented) at $1,450. Wait until July, August, you’ll get your $1,350 for this place.
And sorry, there are more than 5. I know I was only looking Wellington to Irving, but still not sure what I was smoking ha.
“Take a stroll through the East Lakeview rental stock”
You’d said *west* of Halsted. Yes, were this east of Broadway, with the in-unit w/d, I could see the $1350 being pretty easy.
I know, I mentioned ELV because most people looking for 1-bedrooms end up looking East of Halsted or Broadway, because that’s where the 1-bedroom inventory is. *Most* renters aren’t so specific that they limit their search to one half of Lakeview, although I know some, like me, that actually prefer SoPo to ELV. I’m especially talking about those who have a car and don’t want to pay for a parking spot. I don’t think there is a $200 difference in 1br rental price between these two areas.
I’ve lived in the neighborhood for several years and there’s no way this actually rents for $1,350. Not gonna happen.
Belmont to Irving, West of Halsted: Median rented price for 1/1 over past 12mo is $1,325. With w/d in-unit: $1,500. This includes units rented over the winter, when rent prices take at least a 10% dive.
“Belmont to Irving, West of Halsted: Median rented price for 1/1 over past 12mo is $1,325. With w/d in-unit: $1,500. This includes units rented over the winter, when rent prices take at least a 10% dive.”
What’s the n?
That’s based on 81 rentals, only 27 of which had w/d. Also…
Belmont to Irving, East of Halsted: Median rented price for 1/1 of over past 12mo is $1,195, $1,300 with a W/D. However, there were only 16 of 285 units with w/d *East* of Halsted versus 27 of 81 with w/d *West* of it.
This is probably a bit skewed as a comparison of the two areas, as there is a LOT of crap in ELV.
Crazy that places like this up there rent for ~$2/foot.
The place at 622 W Roscoe is 1/1, but it is a 4 room 1/1 in a better location, with more attractive architecture and more space than the place featured here. All in all, it is a MUCH better unit.
This place has only 3 tiny rooms. It’s too easy to buy a stackable washer/dryer you can put in a closet and roll up to the sink, to pay a substantial premium for an in-unit washer/dryer. Check the building’s rules and see if you can install hookups before you buy- this is such a minor thing relative to location, square footage, and architecture, which are the things you are really stuck with.
I was talking about 1454 W Roscoe, which is for rent, but I like 622 too. Interesting point about the roll-up, but I don’t think it’s *that* easy to have that thing hanging out in the middle of your kitchen. But I’m just making a point about potential rental income. Renter’s don’t have the option of installing hookups.
I think the 622 location is only a little better, but that is probably an even better buy if you can install hookups.
We rented a 2 bedroom for $1470 with washer dryer in unit about 2 blocks east of here 2 years ago when rents were just as high as now. It was much larger too, with 2 bathrooms. I think your stats on rentals only includes MLS or something like that Mike. This place is small enough to be a studio apartment.
“The place at 622 W Roscoe is 1/1, but it is a 4 room 1/1 in a better location, with more attractive architecture and more space than the place featured here. All in all, it is a MUCH better unit.”
How do you figure it is a better location? Southport and Eddy is considered by many one of best locations in all of lakeview. Not sayting this place isnt a tiny closet, but the location seems stellar in my book.