If Inventory Is Low, Can You Re-List For A Higher Price? 612 W. Surf In Lakeview
This 3-bedroom top floor unit at 612 W. Surf in Lakeview has been on the market since March 2012.
At 1800 square feet, the listing says it has new baths and new windows.
The unit has 10 foot ceilings but few other vintage characteristics.
The kitchen has stainless steel appliances and granite counter tops.
The unit has the features buyers look for including central air, washer/dryer in the unit and parking.
Originally listed in March 2012 for $417,000 it dropped as low as $377,000 in September 2012 before it was withdrawn.
If the building looks familiar it’s because we chattered about the sister unit 612 W. Surf #4B in May 2012.
See our chatter here.
#4B sold in August for $420,000.
Recently, this unit came back on the market for $62,000 more than its September list price at $439,000.
After not selling for $377,000 in the fall, will it suddenly sell for more this winter?
Hugo Gaicia at Home First Realty has the listing. See the pictures here.
Unit #4A: 3 bedrooms, 2 baths, 1800 square feet
- Sold in June 1995 for $177,000
- Sold in June 1998 for $249,000
- Sold in September 2010 for $340,000
- Originally listed in March 2012 for $417,000
- Reduced several times
- Was listed in September 2012 at $377,000
- Withdrawn
- Re-listed in November 2012 at $439,000
- Assessments of $295 a month
- Taxes of $5699
- Central Air
- Washer/Dryer in the unit
- 1 car parking
- Bedroom #1: 13×13
- Bedroom #2: 17×10
- Bedroom #3: 13×11
- Laundry: 12×6
If being on the top floor qualifies as a penthouse, does the top floor of a Four-plus-One also qualify?
In general, I like the location and the exterior, but the unit itself seems a bit dull to me. A pity the vintage details are all gone. It appears that whoever renovated it did their best to make it resemble a typical 1990s/2000s econobox condo that are so typical in this part of town. Also, with no elevator, this seems like a lot of stairs to climb, especially with a baby. No wonder they’re moving.
Interesting that the other unit sold for so much. I wonder if it looked any better.
were any updates made during the time it went off the market? if not that seems crazy
2B is listed for 499,000. Note to 4A: this does not mean your unit’s worth more than your summer list price if that’s the reason for the increase (have not tried to match up the dates).
http://www.redfin.com/IL/Chicago/612-W-Surf-St-60657/unit-2B/home/13371019
I suppose 4A is hoping to get about what 4B did, but both 4th floor units were on the market at the same time and for whatever reason, a buyer choose 4A for what appears to be a higher closing price than 4B’s list. Having not seen both units, no way to know why but the market’s telling 4A something and I don’t think it’s “raise your price” esp as it is almost December.
I looked at one of the first floor units a few years back, I seem to remember it had radiators and space-pak, not forced air/central a/c.
What ever happened to that awesome place on the corner of Surf/Broadway? I think it was top floor, and was formerly a ballroom? Or a speakeasy?
I remember that one Anonny. It was in the building across from the Greenbrier. Beautiful building and a unique unit. Whatever did happen to it?
Time to get out the pitchforks and torches fellow CC’ers
a qoute from the macy’s website
“Since the early 1870’s, Macy’s has been stunning spectators with its famed holiday window displays and celebratory events. As the first store to ever feature holiday windows created for the pure fun and joy of the season, Macy’s began a tradition that still lives on today.”
here is the link http://www.visitmacyschicago.com/events.cfm
umm it was Fields that did it since the 1870’s and the tradition kept up from Federated/Macy’s from 2005?
if i wasnt worried about getting mugged, stabbed, or catching a mob beating i would be down there right now protesting!!!!!
“umm it was Fields that did it since the 1870?s and the tradition kept up from Federated/Macy’s from 2005?”
I’m guessing Macy’s is making reference to its NYC holiday windows. Not sure if MF’s was doing the holiday windows in the still smoldering 1870’s (maybe in the first decade of the 20th century?).
The only “smoldering” holiday season would have been 1871. The city was very quick to rebuild. By 1873, most signs of the destruction were gone. One of the post-fire buildings still exists downtown – the Real Estate Board building, or Delaware Building, on Randolph and Dearborn (there’s a McDonald’s in the lobby of it now). Built in 1874.
http://chicago-architecture-jyoti.blogspot.com/2009/01/delaware-building.html
“Holiday window displays were a part of their role as attractions. People traveled—as they still clearly do—to view these seasonal arrangements, and department stores used them as a marketing device to show off their wares. One source reports the first Macy’s window displays in 1874 displayed a diverse offering of porcelain dolls from around the world and scenes from Uncle Tom’s Cabin. A window from the early 1900s shows an array of dolls and child-sized furniture. Today’s windows wrap merchandise in more creative means, but the idea is the same: The 2011 Macy’s “Make a Wish” steampunk-themed windows pay tribute to the Make-a-Wish Foundation highlight special designer ornaments, which are of course available for purchase.”
“I’m guessing Macy’s is making reference to its NYC holiday windows. Not sure if MF’s was doing the holiday windows in the still smoldering 1870?s (maybe in the first decade of the 20th century?).”
this calls for an extensive google fu to find out the exact dates a details. As you may recall the laziness on my part will not allow me to research this. We will need help from fellow CC’ers to do the leg work.
Has Sabrina been posting a lot of slightly defective near-unicorns lately to discredit anonny? Poor guy.
“slightly defective near-unicorns”
Not sure that I’d call the subject property (or the recent 3 bed atrium unit on Clark) slightly defective, or defective at all. But they’re certainly not near-unicorns. Among other things, for a place to *not* have a garage space, it would need to be a pretty extraordinary home in all other regards, and would need to meet (nearly) all of the other Unicorn Criteria. But when I say extraordinary, I don’t mean a walk up conversion on Surf or an atrium unit (in need of a total reno) on Clark (or in an alley, if not directly on Clark). I mean a sprawling, elegant 4 bed in the Shakespeare (which is pretty much a non-starter because in addition to lacking a garage, it lacks private outdoor space and (in most cases) a powder room), or some of the unique units in the W. 300’s on Belden, particularly the one that closed not long ago in the low $800’s with the ski lodge ceilings, or the RH’s (recently featured on CC) on Deming or LPW.
“this calls for an extensive google fu to find out the exact dates a details. As you may recall the laziness on my part will not allow me to research this. We will need help from fellow CC’ers to do the leg work.”
I think we need @fo for this. I gave it a moderate google and gave up. Both appear to have had major operations, fire notwithstanding, in the early 1870s. Couldn’t tell which was first (US?) store with christmas windows. I do note that same text is in the description of the landmark herald sq macys and some of the other macys.
I’d also like @fo to rule on the use of an apostrophe for 1870s. I’m inclined to think no, though sometimes make decisions just based on laziness and not having to type or capitalize extra. Nonny and groove both use it though, so there are pros and cons for its legitimacy.
“In 1897, Field’s new display manager, Arthur Fraiser, pioneered window design. His Christmas toy windows were especially enthralling.”
If at first you don’t succeed then by all means raise the price!
“I think we need @fo for this”
or anyone besides us to actually spend more than 5 minutes googling the thing.
olic is on the right path but needs to break out the two stores and dates to the stories.
sorry grove, oilc has too much work to do :-)…. better call in the pros\
“sorry grove, oilc has too much work to do”
nothing a little late night overtime wont fix 😉
“The new store opened in September of 1907. It included a Tiffany Ceiling, which is both the first and largest ceiling ever built in favrile glass, containing 1.6 million pieces. It was certainly a sight to marvel at. By 1914 the structure as it stands today was completed under the direction of architect Daniel Burnham, encompassing the entire square block bounded by Washington, State, Wabash, and Randolph. The fancy new additions included a 13-story sky-lit atrium and the fashionable Walnut Room, a place to see and be seen. The holiday window displays were also always a Chicago tradition, attracting Suburban families for a stroll on State Street to view the festive decorations.”
linky:
http://www.victoriana.com/christmas/holidaywindowdisplay.htm
Which comports with oilc’s findings. Also find that WTTW (source of first oilc quote) has Frasier wrong–his actual name was Arthur Valair Fraser, and apparently hired by Field in 1895.
Going back to the original discussion. I’m about to put an offer on this unit. Do you guys think is overpriced? If so, what’s a ballpark on what my offer should be?
I saw the unit late last week, and this is what I saw (I’m not sure if this upgrades were done after the unit was withdrawn from the market in September):
– Central A/C
– Refinished original hardwood floors
– New windows
– New bathrooms and everything else mentioned on the post
– In general the unit is in very good shape (walls, doors, ceilings, kitchen, etc.)
Any guidance would be appreciated and certainly very helpful.
Mark
“Going back to the original discussion. I’m about to put an offer on this unit. Do you guys think is overpriced? If so, what’s a ballpark on what my offer should be?”
Mark: what does your agent say? What are the comps like in the building and the neighborhood? What is your budget?
You can always relist at a higher price, but will you get it? I think not.
Thanks Sabrina-
My agent said the price is about right based on the condition of the unit, the neighborhood, and other units available in the area. My budget is below that of the list price, but can make an effort to put a competitive offer; I’m just worried that the unit was ~$60K less just a couple of months ago.
In terms of comparable units in the area, the inventory is low and 3BRs are priced anywhere from $325K to $500K (depending on the neighborhood, condition, parking spot, sq feet, etc.)
Any additional thoughts.
Thanks in advance.
-Mark
Mark: What’s recorded on the property (i.e., what’s the amount of the mortage(s))? I wouldn’t get too hung up on the Sept 2012 listing. They paid $340k in 2010. I’d want to know what the situation was with the folks they bought it from (what did the 2010 sellers pay? was it a short sale in 2010? etc.; ask your broker to investigate, and look at what was recorded). I’d guess that they made most of the improvements after that 2010 purchase. The amount spent by the building on the windows should be reflected in the association minutes; if not, ask for it. Based on what the current sellers put into the place after 2010, plus whatever they kicked in for the windows (assuming that was done during the current owner’s tenure), plus the commission and other closing costs they’ll incur to sell this place, that’s roughly the amount over the 2010 price they’d like to get. I imagine they’re (realistically) hoping to close at $400k (they’ve likely paid the mortgage down by at least $10k or so, which gives some flexibility).
Without knowing more, I’d be inclined to offer $350k, go back and forth, and ultimately be willing to close at $390k (roughly halfway between your initial offer and the list). If you get close, and it’s still not happening (either because you can’t go as high as $390k, or the seller won’t go that low, or whatever), tell your broker and the seller’s broker to take minor cuts to make it work.
“My agent said the price is about right based on the condition of the unit, the neighborhood, and other units available in the area.”
Does s/he have comps that make sense to you?
“I wouldn’t get too hung up on the Sept 2012 listing.”
Seems pretty relevant, esp if 4B is suggested as comp for this. Having said that, the subject prop appears to be contingent now.
“Without knowing more, I’d be inclined to offer $350k, go back and forth, and ultimately be willing to close at $390k”
What percentage below your close price was your opening offer on your place?
“Seems pretty relevant, esp if 4B is suggested as comp for this”
Sure, but 4B just sold for $420k. These sellers would be elated to sell for that. I’m not saying this place isn’t worth $420k, but I’m also not inclined to view the Sept list price of $377k as any sort of pricing guide. Maybe they had a different broker, were getting desperate, etc. $420k is probably a reasonable max for these places right now (particularly given the season), but a list of $377k, which would mean a close of $10k or $20k below that, well, that just seems a bit low.
“What percentage below your close price was your opening offer on your place?”
Our opening offer was 20% below list. We ended up closing at roughly 10% below list. We should have stuck to our guns and closed at 15% below list.
Nice looking place in a great neighborhood. I hope it works out for you, Mark.