How Much Appreciation Has There Been Since 2010? A 2/2 at 3236 N. Seminary in Lakeview
This top floor 2-bedroom at 3236 N. Seminary in Lakeview came on the market at the beginning of April priced $74,000 above the 2010 purchase price.
From what I can tell, it wasn’t a distress sale in 2010.
At 1200 square feet, it has cathedral ceilings in the living room and master bedroom and a deck off the back (but no roof top deck.)
The kitchen appears to be the same as that in 2010 with maple cabinets, stainless steel appliances and granite counter tops.
It has central air, washer/dryer in the unit and garage parking is included.
After two weeks on the market, this unit was reduced $20,000.
But it’s still listed considerably over both the 2010 price and the 2006 purchase price.
Just how much appreciation has there been for buyers who bought just 3 years ago?
Or has there been any?
Jenny Ames at Coldwell Banker has the listing. See the pictures here.
Unit #3: 2 bedrooms, 2 baths, 1200 square feet
- Sold in December 2000 for $369,000
- Sold in April 2006 for $437,500
- Sold in July 2010 for $395,000
- Originally listed at the beginning of April 2013 at $469,000
- Reduced
- Currently listed at $449,000
- Assessments of $130 a month
- Taxes of $6956
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Bedroom #1: 16×12
- Bedroom #2: 10×11
Would this be the owners driving a pricing strategy like this? It does not seem very well thought-out. Has the market really recovered that much for 2/2s? Doesn’t seem like it to me – maybe they get the 2010 price.
My guess is it sells somewhere between the 2010 and 2006 prices… closer to the 2010 price.
Prices have come up a little since 2010, but not 10%. The only way to get this price would be if they did some kind of big value add to the place. Since it has the same appliance set as my 2000 era condo and crappy builder grade hollywood lights in the bathroom, I’m going to go ahead and say paint and AC compressor are not enough to justify the price.
3 picures of a couch? Most boring Ames listing ever.
isnt what they paid in 2010 irrelevant? what do the comps justify now is the better question
Agree with C completely. It should not matter AT ALL what they paid and when. What someone is willing to pay for it and comparable properties TODAY is whats relevant. That doesn’t mean I believe this price is correct just the thought process. If this place sells for over 440k I will be seriously considering listing my place in a nearby nabe ASAP.
Too little sq footage for the price.
Isn’t the last picture of a rooftop deck? It appears to be above all the other buildings.
so they got it at a discount off the 2006 price and they expect a premium over the 2010 price? i would love to be a fly on the wall in that seller-realtor pricing strategy meeting
Price it up and negotiate down to what you paid. Everyone wins.
So funny. If you guys think this doesn’t sell then you haven’t been at any showings in Chicago in the last 3 months. This sells at ask within a month.
I wouldn’t pay over 395K for this. I have a 2/1 in the area with outdoor parking and I would have to be under 300K to sell probably.
My place is also 2000 and I will have to replace HVAC and all appliances soon which will be about 10K.
“So funny. If you guys think this doesn’t sell then you haven’t been at any showings in Chicago in the last 3 months. This sells at ask within a month.”
It’s been listed for about 2 weeks and already dropped by $20k–if its such a sure thing, why’d they cut the ask so fast?
“It’s been listed for about 2 weeks and already dropped by $20k–if its such a sure thing, why’d they cut the ask so fast?”
Maybe I should have looked at it first. It sure is a depressing way to spend a half-million dollars. But I bet it still gets done.
This is off topic, but I thought this picture was funny.
I thought I took bad pictures of properties. ha!
http://www.coldwellbankeronline.com/ID/3075348
Given the curb appeal (or lack thereof) of that place, I doubt professional pictures are going to make much of a difference.