Is the Market Slowing? A 2-Bedroom Reduces in Old Town: 200 W. Menomonee
This 2-bedroom duplex in 200 W. Menomonee in Old Town came on the market in June 2018.
This complex has 15 units and a gated brick landscaped courtyard with grills and tables.
There’s no parking with this unit.
At 933 square feet, it has the living/dining space on the first floor, a recessed kitchen and 2 bedrooms on the second floor.
There’s a powder room on the main floor.
It has wall units for cooling and in-unit washer/dryer.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
On the market for over 20 days, it was recently reduced $15,000 to $343,000.
It’s pretty rare to see price reductions in the GreenZone in 2018 at this price point.
Is the market starting to slow?
Min Hyung Kim at 5i5j Realty has the listing. See the pictures here.
Unit #11: 2 bedrooms, 1.5 baths, duplex, 933 square feet
- Sold in October 1988 for $124,000
- Sold in May 1995 for $143,000
- Sold in July 1998 for $186,000
- Sold in May 2002 for $263,000
- Sold in December 2005 for $340,000
- Sold in August 2014 for $275,000
- Originally listed in June 2018 for $358,000
- Reduced
- Currently listed at $343,000
- Assessments of $242 a month
- Taxes are $4578
- No central air- but wall unit cooling
- Washer/dryer in the unit
- No parking
- Bedroom #1: 14×13 (second floor)
- Bedroom #2: 14×8 (second floor)
- Kitchen: 11×7
- Living room: 21×21
No, this went contingent in a day.
https://www.redfin.com/IL/Chicago/2929-W-Giddings-St-60625/home/13490361?utm_source=myredfin&utm_medium=email&utm_campaign=instant24_listings_update&riftinfo=ZXY9ZW1haWwmbD0xMzA2MDk3JnA9bGlzdGluZ191cGRhdGVzX2luc3RhbnRfMjQmdHM9MTUzMDM1NDE2NTU2NyZhPWNsaWNrJnM9c2F2ZWRfc2VhcmNoJnQ9dmlld19kZXRhaWxzJmVtYWlsX2lkPTEzMDYwOTdfMTUzMDM1MzU5NV8zJnVwZGF0ZV90eXBlPTUmc2F2ZWRfc2VhcmNoX2lkPTE2MDk1NzIzJmxpc3RpbmdfaWQ9ODU4NDI2MDAmcHJvcGVydHlfaWQ9MTM0OTAzNjEmcG9zaXRpb25fbnVtYmVyPTA=
I saw that Giddings place on Friday and showed it to a friend (I still get redfin emails, but am not in the market, he is, but for a 2-bed condo, so it was just because I thought the house was cool). I mentioned that I always look at anything redfin sends on Giddings, since I tend to like them. Not surprised it went quickly.
On the other hand, I’m aware of other places that aren’t going quickly — people are price-sensitive, but when something is priced right it gets snapped up and often when the price drops it gets snapped up. I’m wondering if they aren’t even making offers of any kind if places are priced high, or if the sellers need time to get real.
I’m not surprised the Giddings house sold quickly, yes it needs a lot of work but unless there are structural issues not apparent from the listing it was fairly priced and will support improvement-based appreciation more so than many of these delusionally priced properties.
The market for overpriced flawed starter condos like this POS might be stalling but I don’t think the market overall is much slower than its been the last 3 years or so, data suggests that its not super hot but its good
Off topic, but with the past two Old Town posts I was wondering what people think about the changes on Wells street and how it will affect the RE market in the area?
I spent time there recently and was blown away by how different things are than even 3-4 years ago. Unbelievably crowded and seemed to be mostly non-locals. I can’t really imagine the people with multi-million dollar SFH’s and families are all that happy with the evolution but I guess it’s a matter of opinion. This evolution does seem good for 1 and 2 BR condos in the area, however.
There was a time where I would have loved to live just off Wells street well into my 30’s+…not anymore.
I will float my theory again: For the GZ, it is the glut of high-end rentals. Why would someone give up their glitzy, amenity rich apartment to own something with 10-15 year old everything, vinyl plank flooring, a closet listed as a second bed, no parking and really, no amenities? Especially when they can continue to rent and play the concession game to get a nice new place every year for the same out of pocket expense and none of the small condo association hassels?
Anecdotally, things really are slow in old town, and I think it has to do with all of what I just said coupled with the fact that your first time buyers are further along in their careers than in the past. They are very picky as a result. They look at this and see a place that didn’t gave gang busters price appreciation since 2005. Why lock into ownership when you can do other things with your money for investment?
Tay – – not sure what you are talking about. Are you talking about how every new bar / restaurant seems targeted to the college set? Yeah it stinks. Wells is becoming more of a disappointment with each new place. Rabbit Hole is gross – – same people took over the space where Salpicon used to be, so I know I will never go there.
Rabbit hole is fun during weekend afternoons lol I can’t imagine that place packed full though
In regard to rent or buy, I think some people are just locked into the concept of “owning”, at any cost. People seem to think that renting is throwing your money away vs. owning is not. We all see ads that push people into owning (Why rent when you can own for the same price?)…Obviously you cannot own for the same price as renting. And quality of life matters more now for the younger gens.
In May, the average home in Chicago sold in 33 days. Hardly a slow market.
I agree, you can’t own for the same price. Take a look at all the expenses you have on your monthly visa that you wouldn’t have if you were renting. I prefer owning, but I’m aware that is an expensive personal choice.
I think the availability of high end rentals with amenities is making the case of buying harder for a fairly large segment of the market.
It used to be in Chicago, if you wanted a really nice place commensurate with high incomes, you basically had to buy. The apartment inventory was dated and there was a clear distinction between condos and apartments. Nowadays, many apartments are nicer than condos. In addition, people didn’t feel it was too risky to buy a condo and be able to sell it in a few years.
Buying is a long term commitment and given how flaky job stability is nowadays, not having a real estate anchor makes it easy to just drop everything and move to a new city for other opportunities.
If we had the choice of apartments available today, I know we probably wouldn’t have bought our first condo. Wife and I were even reflecting that we probably wouldn’t have bought our house in Oak Park either when we moved if we had the same choices of apartments in OP. Downtown Oak Park has a lot of high end condo quality rentals available now and much to our surprise, they are selling out and I can kinda of see
Related Realty’s “glitzy amenity-laden” 500 N LSD apartments also have vinyl “plank” floors, closet-sized bedrooms, small living-dining-kitchens, similar finishes to this condo.
For me, the choice between condo/apartments is rather close. As far as carrying costs of ownership (ie. HOA+taxes+maintainence), its very close to the monthly rents. The reason to buy a condo is for speculating on appreciation other than that, its almost a wash.
@ architect – you cite as an example a building completed in 2013, so it likely broke ground in 2011 and was in the planning stages in 2008-2009, e.g. the lowest part of the trough before anyone really could know how high rents could go and before the current zeitgeist concerning amenities and finishes fully took hold.
How about citing Landmark West Loop, Related’s most recent completion? I don’t see cheap anything in any of the interior shots for that one. Competition is fierce.
This is a great location. It’s north of North Ave, not near the bars and new construction. I am surprised it hasn’t sold. Second bedroom is small but great for someone who wants a home office or extra space. I am curious of the owner occupancy in the building as there is a unit listed for rent and no rental cap.
As a former resident of 500 N LSD, these finishes really aren’t very similar. They both suck in their own ways but they are from different periods. They are probably both at about the same level, what would pass for entry-level luxury to most, at the time they were new, but that’s as far as I’d go.
“Anecdotally, things really are slow in old town, and I think it has to do with all of what I just said coupled with the fact that your first time buyers are further along in their careers than in the past. They are very picky as a result.”
There are also several new “luxury” midrise apartment buildings currently under construction in the neighborhood that are near the restaurants and public transit making it a no-brainer to rent versus to buy, as you mention.
After all, how long are you really going to live in an Old Town 1-bedroom? 2 years? 3 years, tops?
Even a 2/2 is probably about 5 years at the most. And the luxury apartments are, simply, nicer now. Most condo owners are behind the times. They think their 20 year old kitchen is going to cut it with younger buyers. It won’t.
“Off topic, but with the past two Old Town posts I was wondering what people think about the changes on Wells street and how it will affect the RE market in the area?
I spent time there recently and was blown away by how different things are than even 3-4 years ago. Unbelievably crowded and seemed to be mostly non-locals.”
Isn’t this true of every “hot” neighborhood now?
Look at Southport. Hotel Zachery is just a few blocks away. How many non-locals are in that neighborhood now? Plenty.
Same with Bucktown/Wicker Park. The Robey and the 606 bring in a lot of “non-locals.”
Ditto for the West Loop/Fulton Market. Ace Hotel is already in Fulton Market with several more hotels going up. How many locals over there?
Old Town’s character is certainly changing though. As I said in the other comment, there are at least 2 more luxury apartment buildings under construction. The second Atrium building has also started construction at the south end of Wells. I think there are 2 or 3 more high rises planned for that parcel. That’s a couple of thousand more residents living in the neighborhood.
How is Old Town changing? It’s never been more energetic and boring and the same time. It used to have a little class, quirk and little bistros. Now it’s packed with Big Ten grads on perpetual spring break and every new restaurant is a carbon copy of the previous one. It’s basically the new Division Street of my nightmares.
agree with marko, it kinda blows now, at least wells st. does
I’ll dive a little deeper; every landlord on Wells St. thinks it’s Rodeo Drive and prices rent accordingly. Most of these storefronts change over or sit idle for years. It’s gotten better but 2007 -2015 was awful. The places that do open or stayed open are basically some sort of crappy pub with bar food – oh but with aoli so it’s hip. Toppogigio is still there, it’s a long time hold out, Orso’s has the cool patio but the food blows, even the sushi place went down hill. Basically it’s a sad food scene for boring midwesterners to go pound some brews and watch “the game” now. The class and character that made it Old Town has moved to Florida. Change is inevitable however, and Chicago needs the tax revenues, so if a bunch of kids from Ohio and Michigan want to drink Goose Islands and watch NFL games while eating cheese curds god bless them.
Didn’t it always have some element of that? When I first moved here (mid ’90s) I was renting in 1936 N Clark, but had friends living not too far away (south and a bit west) in what we thought of as Old Town, and I recall a bunch of bars in the area being very much Big Ten continuations. Granted, a lot of that was Lincoln Park, as I recall Gamekeepers (where it was pretty easy to get served underage, my friend’s brother would always go there, and had regular music from some guy who had also played regularly in Ann Arbor, at Sullivan’s) and Sedgwick being among them. I also vaguely recall that Sedgwicks was having issues with its neighbors.
I never thought of Wells as especially nice back then, but it already was touristy.
I dont think it was ever really nice, but it was quirky, a lot of characters who may have been leftover hippies, times change for sure. I really wish there was more room for mom and pop restaurants, everything now is by a group, formulaic and boring. The owner chef bistro model really makes a place unique.
“Didn’t it always have some element of that?”
I guess it depends upon what you think/thought of Burton Place.
South of Evergreen was mainly super sketchy (plus Tower Olds) into the late 90s, and north of that it was Burton Place, that basement bar (what was it?), Fireplace and O’Briens. Yes, you could certainly drink at Kamehachi, Golden Dragon, Orso’s, Topo, etc, but those weren’t/aren’t post-frat-type places.
“a lot of characters”
Wells Street Willie, holding a parking spot for you, looking for tips!
Seems to be more younger folks hanging out in Old Town imho. Old Town always seemed to have a more mature crowd, but when I was there over the weekend, it seemed younger… more lakeview/wrigleyville vibe to me now.
Of course, this could be that I am just getting old so seeing things through a different lens…
@marko “– oh but with aoli so it’s hip.”
muaahahahahahahahahahahahahahahahahaha!!!!
Had dinner the other night at the newest seafood restaurant to open on North Ave. Waitress didn’t know what aioli is…and it is on nearly everything in that place, even when not included in the description. She assured us items had “absolutely no aioli” and then she proudly dumps a small plate of fried shrimp DROWNING in aioli in front of us and wondered why weren’t happy.
“It used to have a little class…”
You mean like Ripley’s Museum and the Bijou Theater?
“Yes, you could certainly drink at Kamehachi, Golden Dragon, Orso’s, Topo, etc, but those weren’t/aren’t post-frat-type places.”
Yeah, clearly not everywhere was, but some places were. Part of it was north vs south of North. But because of Second City I think it was always somewhat touristy. I also recall the sketchy element.
I am not claiming to be an expert and admit to having no particular sense of how it’s changed, just going down memory lane. Since the ’90s I only go to the area really rarely, usually if I go to the Green City Market on Saturday and happen to walk around some, or I occasionally walk to Plum Market from work as a change of pace. Maybe once a year a play at Red Orchid, plus Topo for dinner. I do go through it more often when running home from work.
“Yeah, clearly not everywhere was, but some places were. Part of it was north vs south of North.”
You just made me (unfortunately) recall the Tequila Roadhouse.
imo, everything north/west of the Triangle (ie, the former Ogden) was (and is) “Lincoln Park” rather than “Old Town”. Ranalli’s being on the line, but more like LP than OT.
To the extent that one feels that Sedgwicks/Stanleys were in OT, then, yeah, definitely a ‘frat’ crowd element in OT in the 90s, but I never have thought of either as being OT.
There are really 2 Old Towns – South of North and North of North.
SoN = bland new builds / recent grads w/ decent jobs / higher end college bars / mediocre restaurants w/ a good scene
NoN = landmarked / good restaurants w/out a scene / mostly 35+ y/o
Basically if you go to Second City and are under 30 you will probably pre /post game SoN while if you are 30+ you’ll go to a nicer restaurant NoN. Maybe the popularity of Old Town is the close proximity of both the generic college stuff to the more high end neighborhood places (Gemini / Kennison). I live in OTT for reference. I never go out SoN aside from Plum and Glunz.
Also – if you drive and have a spot Old Town is MUCH closer to downtown during rush hour. 10-20 from OT to the loop vs 25-35 min from WLP or NLP.
Heh, I’d totally forgotten about Tequila Roadhouse.
This one is Contingent
Closed for 340K