Is The Price Decline of This 3-Bedroom a Sign of the Times? 2731 N. Whipple in Logan Square
This 3-bedroom duplex down at 2731 N. Whipple in Logan Square has sold 2 times in the past 7 years and is now on the market for the third time.
At 2100 square feet, the listing says the unit had a full rehab in 2005.
The kitchen has granite counter tops, a tile backsplash and stainless steel appliances.
The master bedroom and family room are on the lower level with the two other bedrooms on the main level.
It has central air, washer/dryer in the unit, security and a garage parking space plus one outdoor parking space.
The property is close to the El and the shops/restaurants of booming Logan Square.
This unit has sold for less than the previous purchase price the last two times and is set to do so again as it’s already listed $59,000 under its 2010 purchase price.
That is about 15% under the selling price of just 20 months ago.
Is this now a deal for this square footage and location?
Or is the falling price simply another sign of the times with more to come?
Rebecca Meiselman at Conlon has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2 baths, 2100 square feet
- Sold in March 2006 for $431,000
- Sold in May 2010 for $399,000
- Currently listed for $340,000 (came on the market in March 2012)
- Assessments of $249 a month
- Taxes of $5229
- Central Air
- Washer/Dryer in the unit
- Security
- 1 car garage parking plus 1 outdoor space
- Bedroom #1: 15×14 (lower level)
- Bedroom #2: 11×17 (main level)
- Bedroom #3: 9×11 (main level)
- Family room: 13×12 (lower level)
Nice enough place, but it sucks to be sleeping in the basement. I think that is the biggest thing that is hurting this unit.
Also, not wise to buy if you are only going to live there 20 months……
Nice looking greystone…but rather unremarkable interior. Most people I know in the neighborhood want vintage.
I think buyers are much more wary of small associations than they were during the boom.
Agree with the vintage comment above. The location is decent, but not ideal. I think $300ish is a good price for this unit.
The outside is gorgeous, inside is bland as hell.
Diversey & California doesn’t strike me as a nice solid white-collar professionals’ neighborhood, no matter how optimistic the realtor spin. This 2-flat’s neighborhood was built for a working-class purchaser and renter clientele, and I’d check for current graffiti in nearby alleys. Conversion was very ordinary “pick-up truck contractor/Home Depot supplier” caliber, now 5 years older, with renovated basement postured as additional habitable space (not likely meetingr building code light/exit requirements for bedroom occupancy). $300,000, if seller gets lucky, and new buyer is likely to face more valuation decline.
They should update the exterior picture in the listing. The Crib Chatter picture is much more appealing.
Architect, I agree.
But Logan is Hot, Hot, Hot now ( I keep hearing that), and basement living, euphemistically dubbed “duplex down, SFH alternative” is also hip, hip, hip.
I think duplex downs are far less hip, hip, hip than they were in 2005/6.
Condos make sense if you want to live in a high rise downtown or on LSD. In Logan Square, the norm is to own a SFH or multi-unit building. I know several people that own condos in the neighborhood and all of them are looking more space–a lot them want to buy a 2-flat in the area. A lot of them are eager to buy and their own building and have a yard. With 20% down, this place will set you back $2,000/month and you’re at risk if that the only other owner might bail. I own a similar 2-flat greystone building in the neighborhood, rent out the second floor, and my monthly PITI net of rent is about $1,250/month. And I get to determine my neighbors, what goes on with the yard, etc. I think the location is fine, although a bit close to Diversey for my liking.
This is where the gentry went who aspired to live near the elite gentry on the Boulevard.
It’s a greystone, they were never “working class.”
“Diversey & California doesn’t strike me as a nice solid white-collar professionals’ neighborhood, no matter how optimistic the realtor spin. This 2-flat’s neighborhood was built for a working-class purchaser and renter clientele, and I’d check for current graffiti in nearby alleys. “
Damn–I need to spell check more often.
Anyway, was just looking at the multi-units on the market and was surprised to see both 2448 N Albany Ave and 3110 W Fullerton Ave under contract. I figured both were priced too optimistically but looks like the rehabbed places do go for top dollar. I’ve seen buildings in “nice” Logan Square in rehabbed condition go for as much as 4X the price as a simliar building listed as a short sale or REO and in need of renovation. Pretty big spread.
Driving down Diversey to Ashland alot, I sure don’t think that northerly Logan Square neighborhood one block south (2700 N) constitutes wanna-bee Logan Boulevard living. Around Milwaukee, it’s postively scruffy.
A drive around Logan Square and Palmer Square, shot last week:
http://www.youtube.com/watch?v=flqrmH_D-0U
A sponsored video.
“I think duplex downs are far less hip, hip, hip than they were in 2005/6.”
But they didn’t buy it in 2005/2006. They bought it less than 2 years ago- in 2010. Weren’t they “out” in 2010 too? (especially for $400,000?) Or was the severity of the housing bust not yet apparent (because they weren’t reading Crib Chatter)?
I think it’s interesting that some of you think it will sell for $300,000 now. Wow- that’s a HUGE price drop from 2010.
RILF
“But they didn’t buy it in 2005/2006. They bought it less than 2 years ago- in 2010. Weren’t they “out” in 2010 too?”
The original “rehab” buyers did buy in 2006. I think the 2010 buyers definitely overpaid. I think between 2006 as a new rehab during the bubble to 2010 as a recent rehab in the bust it should have lost over $32k in value. I sure know my place lost more value in those 4 years and I think my place is far more desirable!
“RILF”
Waited all day for that.
RILF?
Maybe you ought to get out of your car and join we peasant folk on the street. Diversey = arterial street. Whipple = residential. Of course Diversey is more scruffy. It has a bus. Businesses. Litter.
Point being, Logan Boulevard is 2600 N. The people in this house can be on the Boulevard in 3 minutes, someone who wants in on that atmosphere doesn’t ever have to lower themselves to the fried chicken and pancake joints on Diversey (although Masa Azul certainly seems to be classy). I respect your opinions but you’re incorrect on this one, greystones were the extended family McMansions of their day, not for the servants who worked in the Mansions. Come north of Diversey where I am, that’s where you’ll see some working class housing.
“Driving down Diversey to Ashland alot, I sure don’t think that northerly Logan Square neighborhood one block south (2700 N) constitutes wanna-bee Logan Boulevard living. Around Milwaukee, it’s postively scruffy.”
Sorry, Chris he wasn’t referring to you…. 😉
I didn’t follow the acronym until I saw the photo…
This unit is under contract already.
“Driving down Diversey to Ashland alot, I sure don’t think that northerly Logan Square neighborhood one block south (2700 N) constitutes wanna-bee Logan Boulevard living. Around Milwaukee, it’s postively scruffy.”
“Of course Diversey is more scruffy. It has a bus. Businesses. Litter.”
Agree with Skeptic. No one wants to live on western in nortcenter or btown or whatever, but a block in from western is positively fine. Same for diversey (or fullerton) wrt logan. Do agree about scruffiness of parts of milwaukee.
Does “scruffy” and “gritty” attributes give white people utilizing 3.5% down FHA loans to overpay for real estate make them more “authentic” and give them “street cred”?
Bob – seriusly, just buy already, there are plenty of deals to be had, you have a down payment. pull the trigger like a man.
HD, what if Bob ends up being your neighbor?
That’s unlikely Bob and I will be neighbors. There are few bars in the suburb where I’m moving.