Is $600,000+ the New Price for a Luxury Lakeview 2/2? 1022 W. Diversey
We first chattered about this new construction 3-flat at 1022 W. Diversey in Lakeview in January 2012 just as the new construction boom was starting to take off.
See our August 2012 chatter about the building here.
The three units sold within 6 months for the following prices:
[ordered_list style=”bullet”]
- Unit #1: $732,500
- Unit #2: $435,000
- Unit #3: $528,000
[/ordered_list]
Unit #3, a 2-bedroom with a private rooftop deck, has come back on the market just 17 months later.
This unit had upgrades finishes including wainscoting, built-ins, and a box beamed ceiling.
The kitchen has Viking appliances and granite counter tops. The master bathroom has heated floors.
There is central air, washer/dryer in the unit and 1-car garage parking.
The unit has come on the market $121,000 over the 2012 price- at $649,000.
It used to be that the 3-bedroom duplex downs all sold in the $600,000s.
Is $600,000 now the new price for a luxury 2/2 in Lakeview?
Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.
Unit #3: 2 bedrooms, 2 baths, no square footage listed
[unordered_list style=”bullet”]
- Sold in March 2012 for $528,000
- Currently listed at $649,000
- Assessments of $197 a month
- Taxes are $2937 (but shouldn’t they be “new”???)
- Central Air
- Washer/Dryer in the unit
- 1-car garage parking included
- Private roof deck
- Bedroom #1: 14×12 (main level)
- Bedroom #2: 12×10 (main level)
[/unordered_list]
I would be surprised if they get what they are asking. People pay a premium for new – being able to pick their own finishes and being the first ones to use the toilets. This is no longer new.
Seems crazy to me. Everything is nice, but this place feels small. 18×18 for a combo living/dining is tight and the bedrooms aren’t particularly big either. I’d guess this is around 1,600 sq ft.. I guess you can walk across the street to Ambiance all the time, so there’s that.
There is always an idiot who will overpay. Plus the location sucks. It’s on a noisy bus route and next to a bar.
I’m clearly not the target audience for this kind of place. I agree, 600k+ for a 2/2 that isn’t even that big is nuts.
very nicely finished but seems pricey maybe for a 1600sqft place + 1600 sqft rooftop deck, but that isn’t the case with this unit, its the master dormered sorta thing going on with deck out back.
always chuckle a bit when i read about penthouses at the top of 3 flats lol…
This actually looks kind of narrow to me – are there setbacks on both sides? Maybe close to 1400 sqft inside? Seems overpriced to me and I would be surprised if anybody wants to pay more than $560k or so for this.
AV is 52,457, so unless a winning appeal, will be ~$9500 in taxes next year.
The $2937 was ’11 taxes for when it was vacant/under construction. The ’12 taxes for the 3 units combined were about $18,000.
“its the master dormered sorta thing going on with deck out back”
But at least not thru a bedroom–it’s the basic set-up that I think leads to the most use, as you don’t have to tromp downstairs to get more ice (or whatever). To be best, need a half-bath up there, too.
Also, looks to me like the roof deck faces front (south).
“It used to be that the 3-bedroom duplex downs all sold in the $600,000s.”. Ha. Got mine For under $450…just sayin’
This unit was lowered $50,000 to $600,000.
It’s now under contract. We’ll have to see what it sells for. But it’s no bigger than any other standard 2/2 in many of these 3-flat buildings. It would be pretty shocking to see this sell for close to $600,000. Think of what else you can get for $600,000 (and how much square footage and privacy you can also get)- in the same neighborhood.