Is Over $2 Million Now the New Construction SFH Price Point in Central Lakeview? 1042 W. Wellington
This 6-bedroom new construction modern single family home at 1042 W. Wellington in Lakeview came on the market in April 2018.
It is ready for occupancy and has been staged.
Built on a 32×125 lot, it has a 3 car garage.
The listing calls it a “full masonry” home with 2 huge roof decks, one that is truly on the roof and is mostly covered and includes a fireplace and a second one on top of the garage.
There’s also a stone back yard terrace.
It has dark wood floors throughout the main floor.
There’s a chef’s kitchen with white modern cabinets and thick white counter tops on the island. It also has luxury appliances by Subzero and Wolf, double Bosch dishwashers, a double oven, a wine fridge and a Wolf coffee maker.
4 of the 6 bedrooms are on the second floor with the other two in the basement along with a recreation room.
It originally came on the market in April 2018 at $2,799,888 and remains at that price.
The house is in the Agassiz school district.
Can central Lakeview support the $2.8 million price point outside of the Southport neighborhood?
Melanie Giglio at Compass has the listing. See the pictures here.
1042 W. Wellington: 6 bedrooms, 4.5 baths, 6,000 square feet, 3 car garage
- Sold in July 2017 for $850,000 (prior house)
- Originally listed in April 2018 for $2,799,888
- Currently still listed for $2,799,888
- Taxes are “new”
- Central Air
- 3 fireplaces
- 2 roof top decks
- Bedroom #1: 14×18 (second floor)
- Bedroom #2: 14×11 (second floor)
- Bedroom #3: 13×12 (second floor)
- Bedroom #4: 12×12 (second floor)
- Bedroom #5: 14×17 (lower level)
- Bedroom #6: 13×11 (lower level)
- Laundry room: 9×6 (lower level)
- Recreation room: 23×17 (lower level)
Over $2m, sure. This place, for $2.8m, I don’t know, since I’m not really up on that end of the market. I do know that when I used to run around that neighborhood (Lake View broadly, from Southport area to the lake) I’d look at the houses for sale, most of which seemed to be new construction — probably in part because they were the most visible — and most of which seemed to be ridiculously huge, 6-7 beds. I’d wonder where the demand for so many houses of that size were coming from given how much they must cost and the average family size these days. I talked to a RE developer who worked in more up and coming neighborhoods, and asked about it, and he said you just can’t afford to buy land and develop a SFH where land prices are so high as in Lake View unless the resulting place can sell somewhere around the $2m price range, and that’s why those are the houses being built. Now, is that true or is he just saying it? I don’t know, but it made some sense.
Anyway, in the immediate area, 1050 W Wellington sold for $2.375 m in May 2017. Not far away is 814 W George, which also sold in May 2017 for $2.350 m. 1111 W Wolfram sold for $2.7 m way back in 2014. And of course R. Kelly’s former place which has been discussed on Cribchatter is right around there.
Two million seems a bit rich, but if people are buying then the market has spoken. I’ve noticed looking at other major cities, it seems the going price of a house in the best urban neighborhoods, even in much smaller / cheaper cities, seems to hover between $1 – $1.5 million. Given this fact, areas like Lakeview in Chicago pushing $2 million doesn’t seem crazy.
This house is awesome, I especially love that wooden staircase! No clue if it will sell at nearly 3 million but damn its pretty freakin nice!
“you just can’t afford to buy land and develop a SFH where land prices are so high as in Lake View unless the resulting place can sell somewhere around the $2m price range”
The ‘traditional’ housing development ratio has been that land (as in, developed to the point of a buildable lot, so including infrastructure on raw land) is 1/3 of the retail cost of the new house–but that’s with larger scale developments. When you are talking about one offs, and much higher priced dirt, 1/2 to the land seems to be pretty typical.
So, yeah what that person told you is largely true.
I did this new construction SFH review back in September. The map shows you where everything was in the city over the previous 12 months and you can click on the balloons to see the details on any home. All the Lake View homes were $1.5+ MM and at the highest end it looks like there were few that had actually sold in the previous 12 months. http://www.chicagonow.com/getting-real/2018/09/chicagos-hottest-neighborhoods-for-new-single-family-home-construction-in-2018/
Yeah, land values dictate what kind of home you NEED to build and neighborhood dictates what kind of home you CAN build but notice that cheaper new homes are available very close to the expensive ones.
It seems nice enough but a bit bland. I’d rather have vintage. Not sure I’d want to spend $2 mln to live so close to the bars on Sheffield and L trains roaring by half a block away.
Sabrina, does the site still have email alerts for comments? I’m not seeing a subscription option in Firefox.
It’s great house, but so so much house. I know one city couple that have 4 kids and they are living in a 3 bedroom apartment. It seems the people that need this house can’t afford the house because they have so many kids.
“It seems nice enough but a bit bland. I’d rather have vintage. Not sure I’d want to spend $2 mln to live so close to the bars on Sheffield and L trains roaring by half a block away.”
I wouldn’t want to spend $2m+ for that location either, and like you would prefer vintage, but I actually like the location well-enough. I had the same thought about the L, but on the map it looks far enough away, and I like that stretch of Wellington west of the L to close to Southport.
“Sabrina, does the site still have email alerts for comments?”
I don’t know. I’ll have to check.