How’s the West Wicker Park Market? 2316 W. Cortez
What’s the market like in areas like West Wicker Park- close to the Division Street shopping/restaurant district but not near the Damen Blue Line stop?
This 2-bedroom vintage unit at 2316 W. Cortez was recently listed.
Here’s the listing:
Stunning combination of vintage features and upgraded kitchen baths in this top floor unit. The best of both worlds. Hardwood floors throughout, beautifully preserved oak millwork and columns including built-in hutch in dining room.
Big bay window and gas fireplace in living room upgraded stainless steel appliances and full height granite backsplash in kitchen. Marble baths, washer/dryer in-unit, deck, two gated secured parking spots included. Steps to Division shops/ restaurants.
Anne Rodia at Koenig & Strey has the listing. See more pictures and a virtual tour here.
Unit #3W: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 2004 for $341,000
- Currently listed for $389,900 (2 parking spots included)
- Assessments of $193 a month
- Taxes of $4469
- Central Air
- W/D in the unit
It makes sense that they would list it for 50k higher than the previous sale price as the economy has boomed, real estate is booming and they just can’t give the thing away… /sarcasm
565 for taxes & assessments alone, throw in another 50 for insurance and a 400k mortgage! Whoopee!
I cant believe they paid $341k in 2004 for this place. Unless you are Puerto Rican (not meant to be racist), I really dont see the benefits of living in this area. You could rent that place for $1,600. What a joke!
I feel like it will be difficult to sell this place when 2/2s in better neighborhoods will be going for $400K. The only upsides I see are the 2 parking spots
I’m confused why people get so razzled when a property is listed for more than it was purchased for in 2004. Many of the points that are made re: the economy, newer available product, lower LTV, etc. hold clout. That being said, if you were the owner of this condo I don’t think expecting (back of the napkin) 3% appreciation per year is completely unreasonable.
I don’t think this list price goes so far as to miss the market completely. And if they are in a situation to sell, they’ll respond to lower offers. Activity and offers speak volumes. If someone’s interested in the property – they’ll tour it, consider the real FMV and write an offer. I’d be very surprised if that number was below 325k.
I’m sure it lays out nicely as a center-entrance six. The bricks itself are gorgeous.
As for AD’s Puerto Rican comment – I’m not Puerto Rican – but if you’re going to make yourself sound like a biggot, there’s no reason to throw in a “no offense” line.
“if you were the owner of this condo I don’t think expecting (back of the napkin) 3% appreciation per year is completely unreasonable”
Not in normal times, but the time b/t 04 and now is anything but normal w/r/t the real estate market. The problem is they paid too much in ’04. And, your BOTM calc was v. good–using 4.5 years from 4-04 (not quite right) it’s 3.022%/yr.
“I’d be very surprised if that number was below 325k.”
If there’s any chance they’d take $325k, they didn’t indicate it with their ask–10% off is probably reasonable and that’s still $360k. If they’s accept $325k, they should have priced it at ~$360k.
“there’s no reason to throw in a “no offense” line.”
Right, I think the proper phrase is “no disrespect”. But your basic point is correct, I think, altho I don’t think that correctly pointing out that a neighborhood has a strong ethnic character (not that this instance was necessarily correct) is really bigotry.
AaronERG,
If political correctness is your cup of tea you’re going to have a hard time navigating this here interweb.
Don’t care about political correctness. Just think if you’re going to say something – say it. The truth is said in jest. So just be assertive about it.
Let’s focus on this unit –
Anon, I agree with you completely. I don’t think it’s priced appropriately. I was just putting myself in the shoes of a seller that potentially stretched for homeownership and can’t afford to bring money to the table. I anticipate we’ll see this reduced a few times unless they accept an offer significantly off of their ask.
Wow… no offense… no disrespect… who the F cares…
You people obviously do not know the area very well. Take a drive around the area (especially west), there are puerto rican flags every where. Maybe it came out wrong, but the point was that a person with a puerto rican background would value living in this community a lot higher than ANYBODY else. If you guys do not understand this socio-demographic effect in the area, i suggest you take an appraisal class. These attributes are extremely important in valuing real estate.
“Wow… no offense… no disrespect… who the F cares… ”
I was just goofing.
“You people obviously do not know the area very well.”
Know it well enough. Yes, the puerto rican community’s Chicago “main street” is Division, west of Western. Yes, there are a lot of boriquenos in the broader ‘hood. Whatever.
I have more of a problem with the proximity to the hospital and the high school (not b/c it’s Clemente in particular–I’d also object to being so close to New Trier).
Also, note that the 1st floor unit on the east side of the building had a recently cancelled listing for $359k.
During the real estate condo conversion boom, many small time developers went into working class neighborhoods to convert the larger apartment buildings. Many of these buildings were in terrible shape, and were gut-rehabbed into “1st-time buyer” condos. Units received granite countertops, to accompany the new drywall and gerrymandered room configurations to squeeze more rooms into the space. Only some units were totally rewired and replumbed, but the units looked “nice” to an innocent.
Condo conversions were to be the gentrifying influence over these working-class neighborhoods, supposedly encouraging further gentrification until the neighborhood morphs into the next DePaul yuppie neighborhood. People who bought these condo conversions belatedly discovered that all the neighbors on the block didn’t necessarily subscribe to the same values of “good neighborliness”. There are the constantly loud or partying neighbors, the drug dealer/gangbanger neighbors, the slob neighbors with the deteriorated house/car/lawn, etc. Gentrification even during the boom occurred at its own uneven pace, block to block.
Now the boom is over, and many “gentrification-in-progress” neighborhoods will slide back to their plain working-class roots. The overall median household income in Chicago is low. Many families survive only because multigenerational families live in one house, or one apartment. Many working-class teenagers aren’t in high school, aren’t well-supervised by their parents, and are gang fodder. The Chicago high school drop-out rate is higher than 50%; a male student is unlikely to graduate with his class. These are the realities of many Chicago neighborhoods that experienced a fleeting moment of gentrification.
I’ve lived in this kind of neighborhood. You walk quickly from car to home, and back again, always watching, and with your keys in hand. As unemployment rises, so will Chicago’s crime-rate. I recommend the “Second City Cop” blog to get a better grip on situation.
this neighborhood has changed so much it’s annoying. frankly, the puerto rican flags and the bits of flavor (a good amt of it found west of western) that haven’t been chased out by the landrovers, 1000 dollar strollers, nannies, and 500 dollar hybrid dogs strung up with 90 dollar leashes, are what i consider GOOD, excellent, wonderful parts of a neighborhood in a city KNOWN worldwide for its segregated neighborhoods.
that reputation is unfortunate – and it’s unfortunate that we keep living up to it, over and over.
and as far as the rascist comments – or, put more generously, comments in poor taste – that’s pretty nasty. and sad. the only thing worse than a racist is a stupid rascist who doesn’t realize he or she is being racist and, thus, doesn’t have the wherewithall to shut the hell up.
on a positive (less “controversial”) note – this place is a very brief *skip trip* to the empty bottle. i think that definitely adds value. 🙂 for me at least! and bite! yay, bite!
technically, this is not wicker park – this is part of the big MLS area “West Town,” and JUST south of Wicker Park in Ukrainian Village (per my understanding – and god knows i’m open to correction – the dividing line is division street, 1200N). west of western is STILL West Town – but the neighborhood is “East Humboldt” or “Smith Park” . . . the area has a good number of new cafes, Dominick’s and Starbuck’s and all that on Chicago Ave. . . .
haven’t been in this building – but i think, broadly speaking, i would also prefer a developer who left the electrical (hopefully it’s in good shape, right?!?! or the developer would do that TOO) and didn’t gut the whole thing and destroy the character – that’s some amazing, very Chicago, very former “Polish Gold Coast,” Near West Side woodwork . . . and the fireplace too . . . lots of solid original parts.
that old construction, if maintained, can be super solid – electrical, windows, etc. but i’m a lover of the vintage. . . .
i’m sure this will inspire yet another plethora of standard retorts, but i’m gonna say it anyway: i would address the price, but frankly i am completely bored and tired of the “the market is dying nothing is selling and if only everyone else was as smart as me sitting here at my computer being angry and passive aggressive on the internet” conversation on here. i sold 2 places just yesterday. nothing’s dead. people need houses.
🙂 smiley face!
how DO you spell racist? rascist? heh.
Why do the realtors and others who have been wrong about the market on this site want to shift the focus to the big, bad bears?
Whoever said there are zero buyers? Nice straw man. I think the consensus here is that there will be knife-catchers all the way to the bottom. Forrealestate’s 2 sales might destroy her straw man, but in the real world they support the consensus here. If they were closings and not just contracts, that is.
For some people buying a home is more than a place to live. It’s about prestige, social class, bling, pedigree, etc. They want to show the world that they can afford a home costing $XXX,XXX. Once they get the idea of buying a home in their head it doesn’t go away. They’re called knife-catchers. They think they’re getting a deal at 10% of list price. They still get the jumbo IO 5 year ARM because they’ll just sell or refinance (people still believe this crap). They think that a two bedroom condo in a desirable neighborhood should cost $500,000. They think they’re job is secure as Gibraltar. Maybe they’re right, but what if they’re wrong?
The knife-catchers are very useful for a secular bear market – they are price discovery mechanism, since they set the new comps. Without them there is no way to know the actual market price at the moment.
Gibraltar should be Rock of Gibraltar…
“They still get the jumbo IO 5 year ARM”
These are still being offered? What LTV?