A 3-Bedroom Rehab in Lakeview for $522 a Square Foot: 820 W. Wolfram
This 3-bedroom townhouse at 820 W. Wolfram in Lakeview just came on the market.
The 6-unit complex was built in 1979 and appears to be fee simple (which means the units do NOT pay assessments.)
From prior listings in the complex, it appears they are all 3 bedroom, 2 bath units of 1530 square feet.
This unit was sold just last August and has been completely gutted.
It is one of two street facing units that has a 20×15 front walled patio.
An entire glass front which opens onto the patio has been installed on the first floor allowing for an open kitchen/living space with the patio.
The floors are light wood (the dark walnut wood floors are now “out”- by the way).
The kitchen has white modern cabinets with Wolf, Bosch and Subzero appliances and “waterfall” countertops.
There are frosted sliding room doors and walls of marble.
The third bedroom is on the third floor with the other two bedrooms on the second floor. There’s no basement.
The townhouse has central air and a parking space (is this an outdoor space?)
It has come on the market at the price of $799,000.
At 1530 square feet, that would be $522 a square foot.
In comparison, 1250 square foot 2/2s in Helmut Jahn’s popular Streeterville high rise at 600 N. Fairbanks are listing around $580 a square foot.
Will this property command a price over $500 a square foot in this location?
Will this be one of the most expensive (per square foot) properties to ever sell in Lakeview?
Brad Lippitz at KoenigRubloff has the listing. It appears to be agent owned. See the pictures here.
Unit #F: 3 bedrooms, 2 baths, no square footage listed
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- Sold in April 1990 for $360,000
- Sold in November 1993 for $197,000
- Sold in August 2013 for $80,000 (according to public records)
- Renovated
- Currently listed for $799,000
- No assessments
- Taxes of $6916
- Central Air
- Parking included
- Bedroom #1: 17×15 (third floor)
- Bedroom #2: 12×11 (second floor)
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“which means the units do NOT pay assessments”
Teehee.
Wolfram is the coolest sounding street in Chicago, but I digress.
I too, one day hope to have the ability to pay $800k to live in a fluorescent-washed THX 1138 style prison. Perhaps it’s the photos but it doesn’t seem like this place gets much natural light, which could justify going with the white, sanitized aesthetic throughout.
Nice outdoor space though, would be perfect for those 6 nice weekends a year we get every year, and the brick wall is paramount in keeping the drunken Wilmette transplants at bay.
I’m showing my youth by asking this, but what the hell happened to the housing market between 1990 and 1993? $360k to $178k? Or is this an outlier?
Recession in 1991
“what the hell happened to the housing market between 1990 and 1993? $360k to $178k? Or is this an outlier?”
I don’t think that was a real market transaction.
Also, that $80k sale from last year was *not* a foreclosure–it was an estate sale.
The best play for this building is a developer buy everyone out, scrape the place and do over.
“The best play for this building is a developer buy everyone out, scrape the place and do over.”
There are several complexes just like this one, built in the 1970s, in Lincoln Park as well. People still buying there too.
“Also, that $80k sale from last year was *not* a foreclosure–it was an estate sale.”
Why would you sell for $80,000 when the taxes alone indicate the property is appraised much, much higher?
That price and it doesn’t even have a dining room!!