How Much For That Southport 1-Bedroom? 1148 W. Roscoe is Back
We have chattered about this Southport 1-bedroom at 1148 W. Roscoe several times in the last few months.
See the pictures and our last chatter in November 2008 here.
It was originally listed at $315,000 but was withdrawn from the market and has now been re-listed.
It’s also now been reduced by $36,000 and is listed for under its 2005 selling price.
Is the $300,000 north side 1-bedroom a thing of the past?
Here’s its history again:
Unit #1W: 1 bedroom, 1 bath, no square footage listed
- Sold in July 2005 for $293,000
- Was listed in October 2008 for $315,000 (parking included)
- Reduced
- Was listed in November 2008 for $299,500 (parking included)
- Withdrawn
- Re-listed and Reduced
- Currently listed for $279,000 (parking still included)
- Assessments of $159 a month
- Taxes of $3,736
- Central Air
- W/D
- Fireplace
- Bedroom is 12×10
- Ed Jelinek at Coldwell Banker still has the listing. See more pictures here.
- See the property website here.
Well, I wouldn’t buy a 300k one bedroom, but that’s me.
At least this seller realizes he’s not gonna get 2005 pricing let alone appreciation from there. And he’s doing a decent marketing job. Still it’s a dinky 1 BR with nice finishes but no particular charm. I’d guess the clearing price for this is $250K, with parking.
$225K is still my guess.
Yeah you could be right. This place in LP/LV would be $250K, so Southport should be lower.
did southport succeed from lakeview?
I’m curious why the listing even mentions southport. it’s east of racine and closer to sheffield than sp.
CH-
Southport Corridor is the new name for it. It’s all marketing and the RE agent thinks they can squeeze out another 10K since it’s not LV
OK well between $225K and $250K then.
ChiGuy hit the nail on the head. Another fake ‘hood thought up by realtwhores. For a comparable example see: Clyborn Corridor.
I think every street should have its own corridor neighborhood named after it. In fact lets make each intersection a unique corridor ‘hood based on the cross-streets.
isnt clyborn corridor in lincoln park? never understood why they’d go with that instead of calling it lp. clyborn conjurs up images of strip malls and traffic…(and Kronies back in the day)
Yeah its a “corridor” since there’s a bunch of bars and restaurants there… You know… just like sheffield, lincoln ave, belmont, diversey, halsted, addison and every other frickin street in lakeview.
“Is the $300,000 north side 1-bedroom a thing of the past?”
Yes, without a doubt. Anyone who can truly afford it won’t want it.
200k, tops.
Well, there are two outstanding mortgages on the property- one for 234k and one for 14k, so I doubt they are going to part with it for less than 250k. and then you have to factor in realtor fees. I feel badly for the owners- the realtor is making more on the property than they are.
Looks like taxes are in the $3,700 range.
Don’t feel bad for the goof who paid $293,000 for a one bedroom. Many families never even live in a home that costs that much money. The seller should file bankruptcy or obtain a bank workout if necessary. That will teach them impulse control and self-restraint. Because that’s what this is about, a little self-control and delayed gratification.
Buyer: “I WANT A CONDO AND I WANT IT NOW!!!”
Me: “YOU BOUGHT A $293,000 ONE BEDROOM AT THE HEIGHT OF THE BOOM – WHAT THE HELL WERE YOU THINKING????”
HD:
And you say **I** get riled up?
hahahah!
I still love the “private terrace.”
Wow, I can’t believe this price.
This property has a number of things working against it.
– It has the el literally right behind the building (http://tinyurl.com/byyj2z)
– Per the brochure, the bedroom is a tiny 12×10
– It is on the first floor
– Besides the front, south-facing window, you aren’t going to get any other light in the unit (look at how close the buildings are)
Sure, it is relatively new construction, it looks well maintained and furnished and it is being marketed well. But that ain’t going to cut it in this market. IMO, you’d be crazy to pay anywhere near 300K for this. I wouldn’t pay over 200K for this considering what you can get elsewhere in the city.
Right- b/c if we’re comparing this seller to a pessimistic paralegal who enjoys witnessing the demise of others….I’d put myself in the seller’s shoes any day of the week.
I’ll take rent this condo for $1,300, Alex!
At least the seller is willing to bring money to closing. Thats a lot less contemptible than expecting any sort of premium over peak pricing. Alas, I doubt it will help them–this thing is worth 175-225k.
Nowadays you can get converted & recently rehabbed 1BRs in Lakeview closer to the lake not in crappy highrises for 165-180k.
Another thought:
Given that this is 1st floor AND you can reach out and touch the el, I wonder if you get not just el noise but a significant amount of vibration as well. Never lived in a unit this close, though, so I’m not really sure.
HD-your advice is contradictory.. “The seller should file bankruptcy…will teach them impulse control and self-restraint”
I doubt it. it will teach them they can walk away from their $$ obligations scott-free, with only a ding on the credit, which doesn’t solve any real problems.
we should be like Canada and have no-recourse mortgages. maybe people will think harder if they can’t just file bankruptcy and leave the bank holding the steaming pile of poopy
hilarious! When I looked at condos a few years ago prices were sky high b/c bozos like this bid $293,000 for a one bedroom. Well if this guy paid that for a one bedroom then a two-bedroom must be worth at least $100k more, right? And so on and so on in every neighborhood accross the city. I’m glad to see prices fall.
“Reese on February 12th, 2009 at 11:25 am
Right- b/c if we’re comparing this seller to a pessimistic paralegal who enjoys witnessing the demise of others….I’d put myself in the seller’s shoes any day of the week.”
Reese,
Given your bullish attitude on RE theres no doubt in my mind you are in this seller’s shoes with one nuance: you might not have to sell quite yet.
And I’m comfy in my adobe I wouldn’t trade shoes with you. Long on highly-leveraged depreciating asset–no thank you.
“we should be like Canada and have no-recourse mortgages”
??? Typo, ChiGuy??
yes, typo. my bad. thought i had quoted correctly.
http://www.newsweek.com/id/183670
the Canadian tax code does not provide the massive incentive for overconsumption that the U.S. code does: interest on your mortgage isn’t deductible up north. In addition, home loans in the United States are “non-recourse,” which basically means that if you go belly up on a bad mortgage, it’s mostly the bank’s problem. In Canada, it’s yours. Ah, but you’ve heard American politicians wax eloquent on the need for these expensive programs—interest deductibility alone costs the federal government $100 billion a year—because they allow the average Joe to fulfill the American Dream of owning a home. Sixty-eight percent of Americans own their own homes. And the rate of Canadian homeownership? It’s 68.4 percent.
Hi Bob,
Nope- we’re in good shape- thanks for asking. We sold our condo this past December (by ourselves, no realtor!) and came out well enough ahead that I’m comfortable with the transaction.
I guess it just depends on the property, location, condition, etc……
Bob on February 12th, 2009 at 11:30 am
Reese,
Given your bullish attitude on RE theres no doubt in my mind you are in this seller’s shoes with one nuance: you might not have to sell quite yet.
And I’m comfy in my adobe I wouldn’t trade shoes with you. Long on highly-leveraged depreciating asset–no thank you.
Between Bob and anyone else, I would be in anyone else’s shoes – at least that way I wouldn’t hate quite as many things and need to convince myself that everyone is worse off to feel better about myself.
Plus, he lives in an adobe in Chicago. Nothing like mud huts in non-desert climates to make one grumpy.
ChiGuy,
I have been watching the market in Vancouver, BC for a while and blood is finally starting to hit the streets up there. The 2010 Vancouver Olympic Village mess is quite an interesting read:
http://blog.seattletimes.nwsource.com/olympics/2009/01/13/vancouvers_athletes_village_sc.html
From what I have read, if you decide to walk away from a preconstruction contract, the developer will try to sell your unit to someone else and you will be held responsible for any difference in selling price.
I hate realtor fluff as much (if not more) than the next idea. Nothing upsets me more than seeing something like “5 minute walk to El!” and then it ends up being 10 blocks.
Still, I do believe that the Southport area is an address that is nice and definitely better than many of the surrounding street hoods.
Of course in mind the area should only go from one block south of the Southport El, up to a block or so past the Musicbox, and then one block east or west of Southport Ave. Which of course this place isn’t in.
fullhouse,
How right you are, sir! I was lucky today, I found a new source of entertainment. Turns out one of my cubemates is an FB and trying to sell her place. From what I can hear she is amazed that all the interests she is getting at her showings isn’t translating into offers. LOL. I’ll keep the CC site updated on this FB who happens to work near Bob.
I don’t have any numbers or specifics, but it sure is entertaining as hell. Especially what I imagine how her realtwhore is sweet talking her on the other end of the phone to keep the listing.
You thought bar pickup artists must be good these days imagine the challenges realtwhores face in these markets!
This FB will probably be okay though, unlike others facing financial ruin it just means she can’t move for awhile. Boo hoo.
Watching FB’s flounder is the lesser of two evils. What is the alternative? I’ll cite Bob Toll, president of Toll Brothers, in one of his most famous quotes ever:
“‘For Toll, what looks to many people like pure craziness is perfectly normal, a reflection of a new supply-and-demand equation that will last a long time. He’s an outspoken believer that, yes, the world really has changed this time. That the traditional boom-to-bust housing cycle is now a smooth upward climb. That housing prices will keep rocking practically, well, forever.’
‘We’ll reach the point Europe reached 20 years ago, where families pay 45% of their income on housing and married couples have to live with their parents for years before they can afford houses,’ he says. ‘Prices will keep going up in double digits for years.’”
Do you want to live with your parents until you’re 40? I don’t (nor do I live with my parents and I’m only 30!)
Homedelete: That Bob Toll quote is certainly a classic. 100 years from now they’ll still be using that one (along with the one from the real estate guy in South Florida in the New York Times in 2005 talking about the whole new paradigm down there.)
A lot of people say crazy things at the height of manias.
“(nor do I live with my parents and I’m only 30!)”
Man, I can’t believe you’re bragging about your living situtation again.
Toll might be right about one aspect: “We’ll reach the point Europe reached 20 years ago, where families pay 45% of their income on housing and married couples have to live with their parents for years before they can afford houses”
But it ain’t going to be b/c of growth in nominal values; if it happens it will be b/c of a dearth of credit for young folk.
Somebody ought to tell Bob Troll that the U.S. has more empty land in “flyover country” than all of Europe combined.
The location is great in terms of neighborhood, but this condo is the worst of both worlds with the location of the El. It’s close enough to the El to get the noise (and also maybe vibration at rush hours), yet a solid 8+ block walk away from an El stop to make the noise worthwhile.
One minor point on El noise: this only gets Brown line noise. I used to live uncomfortably close to the Diversey El, and I can tell you red line noise is the absolute worst. Also, the frequency of brown line trains goes down dramatically after 9pm.
“a solid 8+ block walk away from an El stop”
Wha? Half a block to Racine, to Lakewood, to Southport, less than half a block to the station. Sounds like under 3 blocks to me. Even going the other way (and counting short E-W blocks), it’s Clinton to Seminary, to Kenmore, to Sheffield, to School, to Belmont = 5 blocks. .3 mile to Southport El; .5 mile to Belmont El. There is no way to say this place is *8* blocks to the el, never mind “+”.
i dont know why reporter would be stupid enough to ask Bob Toll or any other developer for a quote. simple logic dictates they are constrained by their negotiating positions to say only 1 of 2 things – 1) prices are going up/holding steady or 2) we are cutting our prices right now X amount.
As for Southport as a neighborhood entity- its very real. lots of people want it and ask for it. of course anytime a neighborhood becomes desirable its always fun to watch how it suddenly grows larger and larger in real estate listings. Of course as Gary Lucido stated in the thread concerning the term “penthouse”, if others are using a term for their property listing you are doing a disservice to your client if you don’t. People seems to forget that this is an adversarial process – the listing agent doesn’t look out for you, the buyer, anymore than the lawyer across the aisle does. Suck it up, stop whining about it and deal with from the adversarial perspective and get your own representation if you cant.
1144 W Roscoe unit 1E was listed on 3/11/2011 with an ask price of 275k. Unit 1W sold for 271,000 on 4/28/2009.