Is a Townhouse the New Single Family Home in Lakeview? 1713 W. Surf
This 4-bedroom townhouse at 1713 W. Surf in Lakeview is large enough to be a single family home but is listed at a lower price than many single family homes in that neighborhood.
The 2004-built property has the newer construction bells and whistles, with a gourmet kitchen with a stainless steel appliances and granite counter tops. It also has a large master suite bathroom with jacuzzi.
The townhouse has two decks, a two car garage and is located on a cul-de-sac.
Will first time buyers be buying townhouses in Lakeview as their first homes in the neighborhood instead of the single family home?
Ricardo Jimenez at Prudential Rubloff has the listing. See more pictures here.
See the property website here:
1713 W. Surf: 4 bedrooms, 4 baths, 3033 square feet, 2 car garage
- Sold in November 2004 for $695,000
- Originally listed in August 2009 for $769,000
- Reduced
- Currently listed at $749,000
- Assessments of $243 a month
- Taxes of $9570
- OR you can also rent it for $3650 a month
I saw this place in the summer of 08. it’s nice but rather non-descript when compared to other properties +/- $50,000 in that price range. everything in that rectangle between Ashland/RR tracks and N/S of diversey is overpriced.
though great if you’re 50+ and want low maintenance city-living.
The ovens are next to the refrigerator. If that’s indicative of the general level of thought that went into building these places, run away.
What a crock. This is bubble housing just like McMansions are in the collar counties. 3,000 sq ft is a lot of space, even if the footprint is vertical rather than horizontal. The price is McMasionesque also. The taxes of $800 a month! is the price you pay for the privilege of living 3,000 sq ft of town home luxury.
Development backs onto the Metra (~1 block away), hard to tell exactly where this unit is in it but certainly close enough to get train noise.
And then you still don’t have any nearby El. Huge hike to Diversey or Pualina.
If you work in the Loop this isn’t going to work for you, bad location (as with most new development stuff on the far west side of LP and LV).
Aside from that my first thought was that the finished looked nice even if nothing fancy or unique. However, the oven/refrigerator thing is hilarious and as anon (tfo) said, just not a good indication of the amount thought that probably went into other things.
Somebody actually bought this for 700k in 2004. Just wow.
I’d love to know the financing details behind that purchase. I’m guessing less than even 10% down.
Horribly overpriced… why buy this when you can get a SFH for the same price?
“why buy this when you can get a SFH for the same price?”
Couldn’t agree more. There are definitely SFHs for this price or even a little higher, but you don’t have the assessments. What are these assessments for? I understand it’s a complex, but it’s not a gated community or something. All of the bedroooms are small – what do you do with 8×10? That’s an office.
What are the assessments for on this place? You can get more SFH for this money when you take the assessments into account.
Pass. For one – poorly located.
We’ve seen other properties with adjoining ranges and fridges — most in recently rehabbed kitchens. I can understand owners who aren’t up to speed on proper dryer ductwork, but this just makes my forehead hit the keyboard.
Who wouldn’t want a 400 degree metal box next to their freezer?
fail
And they probably tell their friends about their multi million dollar real estate portfolio too…
“aren’t up to speed on proper dryer ductwork”
?? What do you see?
Just goes to show that the property need not be considered a great location to us city folk to still be considered a great city location to a suburbanite. I bet being able to walk to the Starbucks & Blockbuster on the corner or the Jewel Osco is a great enough city experience for them and they drive everywhere else.
In fact I wonder if that was on their checklist when they bought the place. That is, being able to walk to a Starbucks, Blockbuster and Jewel-Osco. Wouldn’t be surprised one bit as all of the culture one needs from the north shore.
Did they really think someone would pay nearly a million bucks for this cookie cutter McCondo? Its about as laughable as the million dollar McMansion tract houses.
They are about $55K above their 2004 purchase price and I’m guessing that’s about where they will sell it (the 2004 price that is).
“They are about $55K above their 2004 purchase price and I’m guessing that’s about where they will sell it (the 2004 price that is).”
There isn’t any part of the city where land is worth *more* than it was in ’04. And the house has only depreciated (I’m sure they’ve done *nothing* other than maybe paint). Real $$ are pretty flat.
I would consider myself lucky to sell this place for $695k, were I in their shoes.
anon(tfo), can’t tell if you are disagreeing or agreeing with me. I predicted that the place sells for the 2004 price – it’s a big place, decent area (not my first choice), about $230/SF at the 2004 price, requires the seller to come down about $75K from initial asking price.
“I would consider myself lucky to sell this place for $695…” — totally agree. Any seller that can get a price they are even remotely satisfied with and not take a loss should consider themselves lucky in this market. Unfortunately, sellers don’t always see it that way.
The problem is, location issues aside, it way overshot the market for townhomes.
Does anyone really need four full baths in a townhome? Most SFHs in the city don’t even have four full baths.
Awhile back when MLS surfing I noted the absolute lack of properties with four full baths. I think anon researched and found some, but its such a niche market.
Finding someone able and willing to pay a premium for this kind of thing, and settle for a townhome over a SFH, nonetheless, is laughable. My guess is most who can afford this place would prefer their own freestanding house, further away from the el tracks and with fewer baths.
*and LOL at their wine bar. I feel free to criticize this as the bar might be a permanent fixture.
Also TWO rooftop decks? I am guessing the marginal utility and value of that second rooftop deck is quite small once you already have the first one.
Notice this unit is not by the EL tracks, but near the Metra tracks. The single family homes in the same development go for well over 1 million plus.
Finally, a sad truth is that if you are worried about being walking distance to the EL, then you don’t make enough to live in this development.
“anon(tfo), can’t tell if you are disagreeing or agreeing with me.”
Neither am I, really. There may well be a buyer at $695k; if there is, the sellers should count themselves lucky.
Also, I’m not sure where they are hiding the 3000+ SF–the footprint of these places is ~20×40, with the 4th floor ~20×20 of inside sapce, and that footprint includes the garage. Sounds a lot like 2500 SF, max, (and $278/sf) to me.
” then you don’t make enough to live in this development.”
Apparently not a lot of people make enough, or at least are willing to buy, in Lakeview.
“The median sales price for homes in Lakeview, Chicago for Jul 09 to Sep 09 was $427,500 based on 9 sales.
…
There are currently 38 resale and new homes in Chicago on Trulia, including 3 open houses, as well as 6 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”
You can use your fingers for this exercise, Dan. NINE sales during busy season, count ’em. Good thing for them they make a lot, because it appears their RE portfolio might be in a bit of trouble.
http://www.trulia.com/real_estate/Lakeview-Chicago/2923/
“Finally, a sad truth is that if you are worried about being walking distance to the EL, then you don’t make enough to live in this development.”
WTF?
“The median sales price for homes in Lakeview, Chicago for Jul 09 to Sep 09 was $427,500 based on 9 sales..
There are currently 38 resale and new homes in Chicago on Trulia, including 3 open houses, as well as 6 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”
You can use your fingers for this exercise, Dan, Jon. NINE sales during busy season, count ’em. This is during busy season with an 8k tax credit.
Sorry anon your speculation that a greater fool is going to come along to bail them out at their 2004 price is not being borne out of transaction volume data at all.
Source: Trulia. This site doesn’t like links to it.
“WTF?”
He’s trolling and in denial that these folks who “make enough” are going to “un-make enough” given current market data.
Properties like this are a financial black hole and surprisingly enough, greater fools are abandoning Lake View en masse.
Top popular neighborhoods in Chicago on trulia are now Near North Side, Lincoln Park, De Paul, Bucktown & Wicker Park (I know WTF right?).
Dan,
“then you don’t make enough to live in this development”
really?
“Finally, a sad truth is that if you are worried about being walking distance to the EL, then you don’t make enough to live in this development.”
Perhaps Dan is trying to say that if you are silly/snobbish enough to not consider public transportation then you are also silly enough to overpay for real estate?
“Sorry anon your speculation that a greater fool is going to come along to bail them out at their 2004 price”
Dude, I said they’d be lucky. I know that this isn’t a reading comp quiz, but really.
“these folks who “make enough” are going to “un-make enough” given current market data”
But that’s not even my point. Why would it be so implausible that a couple with a combined $250k income (ie, 2 good corporate jobs) would want to use transit rather than driving to the loop, at least occassionally?
“Dude, I said they’d be lucky.”
They’re going to have to be close to Powerball lucky, at least pick4 lucky. Chances are their listing agent knows this but is trying the “list at any price and try to talk them down later” approach.
“Why would it be so implausible that a couple with a combined $250k income ”
The same reason it would be very implausible that a couple would want and be willing to spend a premium for four whole baths and TWO rooftop decks. Last time I checked the Brady Bunch was a single income household.
Basically I doubt there is going to be a happy ending for many specuvestors who bought and paid premium prices for four bath, two rooftop deck townhomes during the bubble. They’re about as diametrically opposed to practicality as these laughable lofts.
I find myself actually liking this place a lot. I like the appearance of the complex and I like the unit….except I’d want to deduct the amount of money it would take to wall that kitchen up and fit it with more overhead cabinets.
But the price seems steep, given that everything has fallen below 2004 prices.
I agree with the poster who noted the lack of thought in placing the oven next to the fridge, unfortunately a very common feature in new construction. Developers give no thought to little details like this. Energy consumption isn’t something they worry about and they don’t care how fast the appliances wear out, either.
The development in question does have access to public trans, but the Wellington Park development wasn’t going after the first time buyer, so it isn’t right outside your door. This is an upper end community with a majority of the residence doing quite well financially speaking (or at least that is the appearance they keep up).
There is a good amount of buyers that don’t care about being two blocks from the EL. While the EL is great for the average citizen, in 500K to 2M developments it is not high on the priority list.
There is a similiar development just south of Diversey that runs along Paulina. It has even a higher average price and is even farther from the EL.
Draw your own conclusions, but having lived in the area I can tell you first hand that owners weren’t worried one bit about access to the EL.
I’m sure that this development was targeted to the high end residence/second time home buyer, but at the end of the day, this is a glorified condo, masquerading as a townhome, shoehorned between ashland and a train line, with as many of these monstrosities packed onto a small piece of land as possible, to sell at prices that make me want to vomit. Congrats to the developer for making enough money to ensure that his children’s grandchildren will have college trust funds in 2050 and beyond.
I understand the appeal of these 2 communities (N and S of Diversey). You get a decent amount of space with nice finishes. From the few times I’ve been in this development, it seems like the area is dominated by families with young children. If you’re of that demographic and want to be near others in the same situation, this seems like a good option. I agree that you can get a single family in Lakeview for a comparable price, but that single family will have some combination of 1) finishes of a lower quality 2) less than ideal layout, 3) 1 bedroom on the main level, 4) no master bath, 5) very low ceiling heights in the basement, 6) sloped ceilings on the second floor, 7) maintenance issues that come with an older home. I don’t love the location, behind Jewel/Office Depot and not convenient to trains, but if you drive, like many in Chicago do, this area could work.
Also, is this where Bill Rancic and his wife live? I saw an episode of their reality show and it looked like the single family they’re currently in is in this neighborhood.
I really don’t get the people who think that those looking for houses in the $500k to $2MM price point don’t want access to the El.
It seems to me that everyone wants the young lawyers/bankers/consultants to be the buyers for their properties. DINKs with a combined income of at least $250k+. I know lots of these people (since I’m one of em) and I guess I’ve got a newsflash for some of you guys. We still take the El to work. If nothing else it is faster than driving to the Loop from most parts of the north side.
Now sure, we can usually expense a cab ride home on a fairly regular basis, but we still have to get to the office in the morning like everybody else. Even if you are making good money, $300+ a month to park (plus all the other costs) is crazy since you don’t save any time.
“the area is dominated by families with young children. If you’re of that demographic and want to be near others in the same situation, this seems like a good option”
And want to send your kids to private school; at least if you’re south of Diversey (Prescott). North of Diversey is Burley which might be a reasonable option.
“I know lots of these people (since I’m one of em) and I guess I’ve got a newsflash for some of you guys. We still take the El to work.”
No you don’t. You’re rich and lots of people here *know* (just. know.) that *all* rich people in Chicago drive their cars everywhere they go.
Rich people also put on their pants both legs at the same time (of course this requires the help of the maid, but everyone who is rich – aka can afford this $750k townhouse – has full time help).
I mean if not for the help what would the 4th bedroom be for?
I’m gonna start http://www.letsdebatehowyougettoworkchatter.com.
Comments like “We still take the El to work” are kind of odd when you are purporting to speak for lawyers/bankers/consultants. I wish “we” did – less traffic for me (part of the we that drives).
dont forget us poor people want access to the EL too!
“Comments like “We still take the El to work” are kind of odd when you are purporting to speak for lawyers/bankers/consultants. I wish “we” did – less traffic for me (part of the we that drives).”
When is traffic to the loop light? Any day that city/county/state offices are closed. Unless you know a lot of private sector folks who take off work for Pulaski Day and Chicago/Cook primary voting day, the traffic problem is a result of govertment employees.
“Unless you know a lot of private sector folks who take off work for Pulaski Day and Chicago/Cook primary voting day, the traffic problem is a result of govertment employees.”
Well there’s really no day that all the private sector folks have off so that we could make a comparison. Anyways, this ongoing debate regarding whether driving is expensive, efficient, better, worse, lamer, cooler, important, dumb, silly or awesome is tiring.
Well then I’ll settle the debate. I don’t care how you get to work, however, I always make sure I get the seat on the el NOT next to the filthy bum.
I just wanted to comment on the stove located next to the Refridgerator issue. Models released within the last couple of years have had newly designed insulation on the sides specifically for this reason. As kitchen space in new construction buildings got reduced even further (the assumption being that people cook fewer meals at home) manufacturers took notice and redesigned both stoves and fridges to make them more efficient…esp when placed side by side.
While it is a concern in older units, I wouldn’t make too much of an issue of it in upper end newer buildings.
What is more important to me in a kitchen is the amount of counter and cabinet space. What I have been doing in recent rehabs is “trying” to locate them seperately, then surrounding both appliances with walls of cabinets. I also usually find space to include an island on wheels for more flexible counter space.
Reminder: This is not an interior design blog. It’s about the property. Who cares if you like the furniture? Your furniture will be in the space, NOT the sellers.
Thanks.
I assumed (perhaps wrongly so) that the placement of the stove next to the refrigerator was fair game for criticism as it appears it would take significant expense to change?
“appears it would take significant expense to change?”
minimum 10k due to the tightness of the area and how custom the cabinets are.
“Models released within the last couple of years have had newly designed insulation on the sides specifically for this reason”
very true westloop but they are still not designed to butt right next to the fridge, correct cause i am usually wrong, isnt there a required distance of 7in minimum from this? or you need to build a 3in partition between them?
“I assumed (perhaps wrongly so) that the placement of the stove next to the refrigerator was fair game for criticism as it appears it would take significant expense to change?”
Someone posted something about the curtains, etc., in the master BR.
“Someone posted something about the curtains, etc., in the master BR.”
well it needed to be said, thats one ROUGH burgundy/orange combo there.