How Low Will This 1-Bedroom Go? Now 30% Under 2005 Price: 1148 W. Roscoe in Lakeview
We’ve chattered about 1 and 2-bedroom units in the complex of buildings at 1148 W. Roscoe in Lakeview before.
Originally sold as condos in 2005, the units had new kitchens and baths, hardwood floors, central air, washer/dryers in the units and parking.
This first floor 1-bedroom, Unit #1E, has been on the market since May 2011 and has been reduced $41,000 to $199,000.
It is now listed about 30% under its 2005 purchase price of $282,500.
The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.
At 992 square feet, there are hardwood floors and a small outdoor patio.
But if you think the 2005 price was just bubble pricing, as Bob pointed out, we chattered about another first floor unit, #1W, in this building back in 2009.
That unit, with similar finishes and amenities, re-sold in May 2009 for $22,000 under the 2005 purchase price or $271,000.
See our May 2009 chatter here.
This unit has been listed at $199,000 for nearly 2 weeks and, so far, it’s not under contract.
Has the market for 1-bedroom condos outside of downtown completely dried up?
Ryan D’Aprile at D’Aprile Properties has the listing. See the pictures here.
Unit #1E: 1 bedroom, 1 bath, 992 square feet
- Sold in June 2005 for $282,500
- Originally listed in May 2011 for $240,000
- Reduced several times
- Lis pendens foreclosure filed in August 2011
- Currently listed at $199,000 (parking included)
- Assessments of $159 a month (includes cable)
- Taxes of $3533
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×12
The market for a one bedroom anywhere in the city has dried up. Who wants to get stuck living there when you’re ready to move out in your 20’s and 30’s. The only demographic a one bedroom appeals to is single 50+ people or someone looking for a pied-a-tier.
It’s a foreclosure – wouldn’t it be expected to sell way lower than the other sale in the building and comparable units that are on the up and up anyway? Get this sucker down to $150 and rent it out.
Ask is outrageous. I doubt this goes for more than $150. This is your comp.
http://www.redfin.com/IL/Chicago/1111-W-Cornelia-Ave-60657/unit-202/home/13381457
I live near here and have walked by countless times. If this is the unit I’m thinking of, the “patio” is laughable. Not sure there’s even enough room for a full size grill. You also almost connect straight to the sidewalk so if you’re on the patio all the drunk cubs fans are almost bumping into you.
Yea, this patio is a joke. Right on street level, your patio door is 2 feet from the sidewalk.
I agree with A*man, get it down to $150,000 and rent it out for $1400 a month. I don’t know why the 2beds here sell either. Boring finishes, not huge space and the master bed faces train. Might be the case for the 1beds here to, just don’t know as I haven’t been in one.
As I said before, outside of possibly the Gold Coast, I don’t see paying more than $200,000 for a one bedroom. Even at $199,000, this is overpriced. I could see it going for $175,000…if they are lucky.
Might be worth close to 200 (even for a 1 BR) if:
(1) was really 992 square feet (this appears closer to 700?!)
(2) was not near the el
(3) was not on ground (or slightly below grade) level
(4) had true outdoor space, and not barely more than a couple feet along the sidewalk
(5) had some light (looks like this unit has the front sliding doors w/ verticals that have to be kept closed for any privacy) and then a couple tiny windows opening to the side (gangway view/brick wall)
(6) had a true garage (this says parking?!)
As it is, I say $145K
I really don’t like these open layouts, especially in 1 bdrms, if i’m getting a 1 bdrm a real kitchen and formal dining space are a must. Somewhere between 140-170 gets it done but i don’t have much of a feel for this hood.
I wonder how Ryan D’Aprile’s development on West madison st. is going…
“is going…”
A foreclosure was filed on the RE office there in June 2009 and the condo assn filed a lien in July 2011.
I remember these units going up. Parking was all outdoors by the train tracks, but then the developer added a roof so all the units had a car port, this was once the units were being sold.
I’m not sure if it was permit issue or was feedback from potential buyers that made the car port call.
“get it down to $150,000 and rent it out for $1400 a month”
Is $1400 legit?
2010 taxes went up slightly to $3681, which includes the HO exemption (worth $295.86), even tho the tax bill is still being mailed to BRIGHTON DEVELOPMENT.
“It’s a foreclosure – wouldn’t it be expected to sell way lower than the other sale in the building and comparable units that are on the up and up anyway? Get this sucker down to $150 and rent it out.”
This
I don’t think this is all that over priced. I think it should sell for $175 to 185. It does have parking after all.
The comp is a good one but the bedroom is lofted, it’s not for everyone.
If you can rent this for $1,300 to $1,400 a month (including parking I assume) then it should sell for $180. At $180 and 20% down you’re looking at about $1135 a month.
“If you can rent this for $1,300 to $1,400 a month (including parking I assume) then it should sell for $180. ”
So real estate values are always at or above rental yields? Or there is an endless supply of RE investors sitting on the sidelines with idle cash just waiting to pounce to ensure this?
Winter is coming.
Not that I doubt this wouldn’t go for 180k in 2011. It’s in 2014 when it’s obvious to everyone, including rose-colored glasses wearing RE investors, that there is no V-shaped snapback in RE values and this thing languishes at 180k.
It is my opinion that prices will continue to fall, so I do not think that this is a good investment at $180. I just think it should sell for that much in this market.
I’m interested to see where prices go next spring. If the stock market drops again and the economy goes into a recession we could see lower prices and potentially the bottom.
I’m interested to see where prices go next spring. If the stock market drops again and the economy goes into a recession we could see lower prices and potentially the bottom.
Yes, if there is a recession prices won’t rebound. In other news, the world is a sphere.
“In other news, the world is a sphere.”
Since when? Poles (heh) are flattish. Oblate spheroid (ish).
lizla, if don’t have anything constructive or insightful to add, leave your opinions to yourself. It’s hard enough for homeowners in this economy without baseless, unneccessary, attack oriented comments on people’s HOMES from someone who really has no idea what they are talking about. What, you have been in one unit, maybe? That seems like a good sample size to make an assessment on an entire building of units! Remember, when one unit sells far below market value in a neighborhood, it affects the entire neighborhood. Let me guess, you’re a renter right? Or you live in the burbs but pretend to live in the city?