Is the Upper Bracket Market Slowing? Vintage Lincoln Park SFH Still Available: 2031 N. Bissell
This 3-bedroom vintage single family home at 2031 N. Bissell in Lincoln Park originally came on the market in August 2015.
We actually chattered about it in November 2015. You can see our chatter here.
The listing says it was built in 1880 which would likely make it among the older homes in this neighborhood.
It has some of its original vintage features, such as crown molding, a wood burning fireplace in the living room and a front porch.
But it has also been updated for modern living with skylights and an extension in the back of the house which allows for a second floor master suite as well as a newly renovated family room with heated floors that opens to the backyard patio.
The house has the preferred layout, with all three bedrooms on the second floor.
There are also 2 baths on the second floor, including a renovated guest bath.
The main floor has a powder room and there is also a powder room in the lower level.
The house is on the east side of Bissell, which is NOT the El side.
It has the other amenities buyers look for including central air and a 2-car garage. It’s built on a standard 25×125 lot.
The property is just a quick stroll from all the shops and restaurants on Armitage as well as the Armitage El stop.
It seems to have it all yet here it is, still unsold, and with another price reduction.
Has there been a slowing in the luxury single family home market on the north side?
Debra Dobbs at @Properties still has the listing. See the pictures here.
2031 N. Bissell: 3 bedrooms, 3 baths, no square footage listed, 2 car garage
- Sold in March 1990 for $680,000
- Sold in November 1998 for $507,250
- Sold in November 2012 for $919,000
- Originally listed in August 2015 for $1.325 million
- Reduced
- Was listed in November 2015 for $1.265 million
- Reduced
- Currently listed for $1,219,500
- Taxes of $11,318
- Central Air
- Bedroom #1: 13×11 (second floor)
- Bedroom #2: 15×11 (second floor)
- Bedroom #3: 10×10 (second floor)
- Family room: 18×13 (main level)
- Laundry room: 12×10 (lower level)
“Is the Upper Bracket Market Slowing?”
No. It was just overpriced
Given the humble (shabby) exterior, it looks surprisingly nice inside.
“it looks surprisingly nice inside”
Lipstick on a pig
Is the lot worth $800M?
Considering the lack of quality inventory on the market, if this place was priced right (read much lower) or had a unique feature that can qualify (or is it quantify?) the list price, it would have been under contract long ago. most likely under contract within the first month of list.
$1.3mil is a lot to pay for a stick house with mucho train noise (its worse by the train stops.), bedrooms with slanted ceilings, no tub in master bath, and being west of halsted.
I just dont see where in 3 years that the current owners did any updates or anything to the place to earn $300k?
Its a not a bad place, its just that even the 2013 sale price was high for 2013 considering what it is.
Head further north, and you will get more bang for your buck.
http://hp.nufrontiers.com/re/prop_details_menu.aspx?f_nightly=yes&LN=09151983
“Head further north, and you will get more bang for your buck.”
Weird, on Redfin, this place is listed at $3.5M. https://www.redfin.com/IL/Chicago/3310-N-Leavitt-St-60618/home/13385823
The agent is crushing it…
“Weird, on Redfin, this place is listed at $3.5M.”
It’s not weird, the dope at Hudson Parker who did the data input just misplaced the decimal.
“Is the lot worth $800M?”
Yes.
“Is the lot worth $800M?”
Yes.”
Really with the train noise proximity the lot worth 800k?
so at 150 per sqft and say approx. 2,200 sqft we would say this is $1.13mil?
I cant get behind that.
so at 150 per sqft and say approx. 2,200 sqft we would say this is $1.13mil?
I cant get behind that.
I was thinking teardown and build something befitting >$1MM price tag
Agree that I don’t see this lot worth $800M-1MM.
“I don’t see this lot worth $800M-1MM.”
Never suggested over $800k; you’re moving the goalposts.
A couple of the 54% lots on the west side of Bissell sold as REO in ’13 for over $300k. Start out doubling that for the size of the lot, add 10% for a real market sale, and 10% for not backing on the el, and 10% for the better market than 2.5 years ago, and you’re basically at $800k. Maybe it’s $750k, instead, but it ain’t $600k, either.
I was responding to Grove’s post He’s tagging the lot at $1MM I figured $800M so no goalposts were moved or harmed with the writing of the previous post
The problem with this…its an in-betweener. If you have $1MM to spend on a house, you probably can afford more and have higher taste levels than what the house currently offers (slanted 1/2 roofs on the 2nd floor), frame construction, and proximity to train tracks. For about $1.5 to $2MM you can get a much nicer house.
If you don’t have the money for a $1MM+ house, you would find something much lower priced rather than try to stretch yourself for a house of this quality.
The upper bracket is not slowing. This place went under contract in 1 day:
https://www.redfin.com/IL/Chicago/233-W-Concord-Ln-60614/home/103989660
One of the problems with Bissell is the east side of the street will always have run down / not nice places because nobody will invest to build nice homes with the El noise. Driving down Bissell is much different than Fremont or Dayton. Of course you can get better deals there – but this place isn’t one of those deals.
Another place – listed since August (same as Bissell place):
https://www.redfin.com/IL/Chicago/411-W-Wisconsin-St-60614/home/13346527
Under contract now. It has a great location but I think it is very ugly and on a small lot. Listing makes it sound like not having a basement is a good thing. Assuming this goes for $1.9-2mm that will be a strong sign for upper bracket.
“If you have $1MM to spend on a house, you probably can afford more”
Sure.
“For about $1.5 to $2MM ”
Wait, what?? Because one can afford one million, they can afford *two* million?
There’s too much dirt value baked in the cake for what this house is. Were it a brick building, with full-height second floor, and a finished lower level, then sure. But this is a ~$300k structure, on a $700k+ lot. Even with the (imo) broken ratios out there right now, you want a structure that’s close to parity with the dirt.
B, summed it up nicely. I’ve found that borrowers at this price point tend to have a fairly wide net in terms of price range. For example, typically looking at places $1 – $1.5. They would not settle for this place and its flaws at this price point. On the other hand, buyers whose upper range is $1 million typically are not going to stretch their budget either for this type of property.
The place is nice enough, but it does seem not to fit in. It isn’t really nice enough for the typical single family buyer spending this kind of coin, but yet it doesn’t really offer much over the larger and arguably nicer duplex condos / townhomes either.
“I was responding to Grove’s post He’s tagging the lot at $1MM”
I was tagging the whole package as over a $1mil, only based on the lot at 800k then the STRUCTURE (stick home) at 330k (150 per sqft). Then looking at the total and then saying the 800k for the lot is to high.
“but it ain’t $600k, either”
I cannont go higher than 650k, sorry its just not logical to me.
“because nobody will invest to build nice homes with the El noise”
this is the most key statement made today.
“I was thinking teardown and build something befitting >$1MM”
i dont see the return if one would buy to tear down. it doesnt mater the new build finishes, or extra bells and whistles, or even sound proofing. the fact is when a person will tour the new home regardless of the curb appeal, walking up to the house you will here the rumble of the tracks and the screeching of the brakes 2 times before you even make it to the front door.
And we will get a high speed ohare line before they even think about retro fitting the brown and red lines.
Thats even if we Illinois/Chicago will have any TIFF money to use. Pass and daaaamn budget already you arsehatz
I think there’s too much train noise on Bissell, incl. the east side, for this price for a rehabbed frame house.
The main level looks pretty nice, but I think the positives end there. The 2nd level is tiny and the ceilings encroach on the space. $1.2 million seems fairly outrageous for a place with a 13×11 master with a reach in closet. Were there any pictures of the lower level?
“The upper bracket is not slowing. This place went under contract in 1 day:”
Thanks Yoss. I guess I’ve been seeing mostly single family homes sitting- including TONS of those new builds in Lakeview.
https://www.redfin.com/IL/Chicago/1241-W-Nelson-St-60657/home/13365421
so why isn’t this place selling??
” so why isn’t this place selling??”
Its only 3 bedrooms. Also, maybe I’m just speaking for myself here. But if/when I drop $1MM on a SFH on the north side. I want a place with some vintage character. Not some soulless new construction crap.
This place is a joke for the money. Why do so many clowns and their chosen realtor-clowns have delusions of Silicon Valley-style grandeur re: short-term appreciation these days?
“Why do so many clowns and their chosen realtor-clowns have delusions of Silicon Valley-style grandeur re: short-term appreciation these days?”
Because it’s NOT delusional?
There just isn’t “appreciation”, there are record high prices. These properties are actually selling for these asking prices. In days.
Check out this 3 bedroom, 2 bath duplex up with 1900 square feet and 2 parking spaces in Blaine in Southport at 3711 N. Bosworth. Just 1900 square feet.
Here’s the sales history:
6/6/1997: $340,000
10/30/2012: $584,500
2/2016: listed at $799,900
Under contract in days.
What was the appreciation in those last three years? My gosh! 36.9% appreciation if it sells for full asking. In just over 3 years.
Incredible. Not sustainable. But when will it all come crashing down (again)? Not until rates rise and the “easy” money ends.
Southport at $421 a square foot.
Wow.
This is why I’m so glad I’m able to document this second bubble with this site. I was only able to document the very end of the first bubble but this time we can actually see it inflating in real time.
https://www.redfin.com/IL/Chicago/3711-N-Bosworth-Ave-60613/unit-3/home/13384337
Wow. I would feel like such a chump paying nearly 800K for that place, even if it’s clearly “move-in ready”. I note that the previous sale was a “multi-property transaction” so not sure if it’s a great starting point for your appreciation calculation.
“Check out this 3 bedroom, 2 bath duplex up”
duplex??
“the previous sale was a “multi-property transaction””
The parking spaces apparently have separate parcel numbers.