It’s Back! 3 Months Later 1104 W. Montana in Lincoln Park Returns After a Complete Renovation
We have chattered about this 2-bedroom in this courtyard building at 1104 W. Montana in Lincoln Park several times over the years.
See our prior chatter in June 2011 when we discussed Chicago’s shadow inventory here.
Back in June, anonny said this about why the unit, which was in a short sale, wasn’t selling at a list price of $169,000: “essentially: off-campus student housing.”
The unit finally sold for just $100,000 in October 2011.
Someone must have been reading our comments about the quality of the unit, though, because just 3 months later it has come back on the market as a “complete gut” with “million $ finishes for $289k!”
The unit was formerly a 1-bedroom with a dining room. The dining room was closed off and a closet added to make it a 2/1.
The kitchen now has white cabinets, stainless steel appliances, a backsplash and honed black granite counter tops. There’s even a winecooler.
There is a marble fireplace, crown molding and walnut floors.
The bathroom has been gutted and now has Toto, Robern, and Grohe finishes.
The unit still doesn’t have central air and there is still no in-unit washer/dryer.
The listing says there’s parking, but there wasn’t before so I don’t think there is deeded parking with this unit (or even the building.) Maybe it is rental in the neighborhood.
Will this sell quickly because it’s “new”?
To get the full extent of the renovation, check out the prior pictures of the unit here.
Eugene Fu at @Properties now has the listing. See the renovated unit here.
Or you can see it in person at the Open House on Saturday January 14 at 12-3 PM.
Unit #2A (was #2 before): now 2 bedrooms, 1 bath, no square footage listed (was a 1/1 with a dining room)
- Sold in September 1996 for $116,000
- Sold in August 2001 for $177,000
- Sold in July 2006 for $250,000
- Was listed in May 2008 for $256,000
- Lis pendens filed in August 2008
- Reduced
- Was listed in December 2008 for $244,000
- Withdrawn
- Returned to the market as a “short sale” in June 2011 for $174,000
- Reduced
- Was listed as a short sale in June 2011 at $169,900
- Sold in October 2011 for $100,o00
- Recently re-listed for $289,000
- Assessments of $246 a month (includes heat)
- Taxes of $3158
- No central air
- No in-unit washer/dryer (its in the building though)
- Listing now says parking- but the old listing didn’t have it. Maybe rental???
- Bedroom: 14×11
- Livingroom: 19 x 11
- Dining room- is now a Bedroom: 10×8
Now it’s “essentially: *nice* off-campus student housing.”
When do those stock Chicago kitchen cabinets go out of style?
“MILLION $ FINISHES”
Right…
Although the remodel looks nice and seems well done, the unit seems overpriced for the space. 19 X 11 for LR and DR is tight. I thought the unit looks fine before remodeling and sold for a good price. It remains to be seen if someone will buy this remodeled 1-bedroom for three times the price without central air, parking, and W/D. There are many more choices for over $350/sq. ft.
wow this place looks real cramped, reminds me of a friend’s god awful rental unit he had on Webster
the 1 bathroom
no parking
window unit AC
no washer dryer
250 a month assessments + 260 a month in taxes
means no way in hell this sells over 220k
Nice try, flippers. lol.
Sell this to a rich DePaul student? Maybe 4 years ago. DePaul has bankrupted more midwestern families than the colapse of the auto industry.
For this price, you could rent a passable place on LPW with lake & city views and have enough money left over to go on 3 vacations a year.
See you folks next year when this is a 1,500 rental.
Wow. So much going on in that small LR/DR/Kitchen.
Someone who wanted to live in this would have received a steal at $100K for a nice place. I cannot believe it went that low — was there something horrifically wrong with it?
But someone who wants to live in it now is well overpaying for anything north of $225k.
The bath reno is exceptional and the only thing of the old unit I would change — mostly for the vintage tub/shower placement (pet peeve: showerhead/faucet being perpendicular to the tub’s length).
Personally, I would have taken the dining over the front den.
Just because they put in nice finishes does not mean someone is going to pay nearly $300k for a former one-bedroom turned into a postage stamp sized two-bedroom condo in Lincoln Park, especially one lacking a/c, w/d AND parking.
I would have left it as a one bedroom and kept the price much lower. As it is, I doubt the flipper will get much more than 2x the prior purchase price even with it being “NEW!” If it sells for this much, someone is clearly drinking the flippers koolaid and not doing much research in thier real estate purchase.
I admit the flipper did a nice job, but the price is still ridiculous.
If it had deeded parking, an in unit washer/dryer, and central air, I could see it going for $210k. Without those things, they will be lucky to get $150k.
“I would have left it as a one bedroom and kept the price much lower.”
TOTALLY AGREE!!! For someone who has done many flips (and been burned quite a bit) these people should have just cleaned up the place and relisted for 159k. They probably would have made a bigger profit that way (and a lot less work).
What did they do with the back door? Is it behind the refrigerator?
You guys are just jealous. This investor is going to make a nice profit on this. The remodel looks great, they increased the size of the kitchen by a lot and they added a second bedroom that while tiny has two windows and will appeal to some buyers. They apparently found a parking space for it as well.
Yes, the list price is ridiculous but at $225 to 250 they will make a nice profit.
So I guess the original unit is still for sale?
Seriously, though, 1 bathroom is a really tough sell with 2 bedrooms. Rules out a roommate and not good for guests.
Oh how the mighty chicago developers of the bubble have fallen; this guy has gone from 130 condo conversions (aka 2930 n sheridan) to being reduced to flipping one-up foreclosures, probably out of a pickup truck. Did the developer even bother to pull permits?
Rent it for $1500/month, or sell it for $215K. Both seem realistic to me.
I think they did a great job on the rehab. Place looks totally different-esp the kitchen. I can’t quite figure out where the back door is or what space they enlarged it into. If they don’t get some bites in a week or two I’m sure they will lower price.
The back door is to the left of the fridge/wine cooler. They knocked down the wall that existed where the kitchen opens and removed the (I’m guessing one and only) common room closet to create it.
They then built a wall between the kitchen and the dining, and put gas lines through it for the oven/fireplace.
Looks like the windows are all original though, excepting a new one in the bath. But, y’know, it has stainless and granite and Grohe — all of the truly important things!
In most condo buildings ( esp. larger ones), window replacement happens for the whole building out of the reserve fund-not by individual owners.
“In most condo buildings ( esp. larger ones), window replacement happens for the whole building out of the reserve fund-not by individual owners.”
I know that.
“they increased the size of the kitchen by a lot ”
adding your living room to your kitchen counts?
“adding your living room to your kitchen counts?”
Looking at it some more, with the tip on the door location, they grabbed a ton of space from a closet, that you can see on the left in one of the old LR pix.
For some reason there is a hatred of others that make money. No matter what you think the final sales price on this will be, I am confident that the seller will make money on this. He/She purchased a highly distressed unit and did some great things with it. The effort and risk involved (especially in this market) warrants the profit. Jealousy is a bitter feeling to harbor. Anyone on this board could do the same thing if they are willing to put in the effort and take the risk instead of sitting on this message board trying to convince themselves that all sellers are losing their shirts, thereby justifying their own inaction.
OK – obviously RiK is the one who owns this place and did the rehab – out of curiosity, how much DID it cost?
Not all sellers are losing their shirts. But in this one, I am betting you will, RiK.
>No central air.
>No in unit washer+dryer
>No dining room
>No dedicated parking?
Looks to me like the flipper is trying to put lipstick on this pig.
“OK – obviously RiK is the one who owns this place and did the rehab”
..and I thought Rik was obviously Clio… ya know.. doers do.. non doers don’t, take risk despite what the risk/reward is or you are a loser… basic blah blah blah blah blah….
ze – no,no, no – I learned my lesson. No more real estate for me. Too much a headache and I don’t need money that badly anymore!!!
” No more real estate for me. Too much a headache and I don’t need money that badly anymore!!!”
Ya know, I love properties, I don’t see them as the terrible investment so many people here see them as. But I gotta tell ya… You said it! If return is what you are looking for. There is close or better for less headache.
Seems flipper followed the Bubble-era model: buy a rundown vintage unit, cram an extra bedroom into floor plan, inexpensively redo kitchen/bath to match current material palette, add “name” tile detail, kitchen appliances, toilet to add “prestige”, and relist for double original price. Era’s over. Many competing 2/1 and 2/2 LP units that are larger, cheaper, and/or better-equipped (AC, W/D, parking, etc). Perhaps a well-heeled parent will purchase this unit for their kid, seduced by the Nate Berkus-like reno.
ze, the return on my rentals right now is 3-5%tops – what is worse is the constant anxiety thinking about when (not if) something is going to go wrong (roof collapse, hot water heater/furnace/ac/dishwasher/disposal/fridge/garage door opener breaking, someone trashing a place, someone unable to pay rent, vacant properties, snow removal, lawn care) – it is TOTALLY not worth being a landlord!!! i’m almost ready to throw in the towel (at least I can write off all my losses)!!
Raises a question, since I have no hands-on experience as a landlord. Is it something where having 3 rentals is 75% the work of having 6? That makes it hard to just cut back and be less of a landlord. Maybe you just went too far one way and 0 is not the answer. There might be a comfort point.
“He/She purchased a highly distressed unit and did some great things with it.”
BS to the heavens and back. This unit was NOT “highly distressed.” Simply put: the market for vintage courtyard is weak, and the market for a standard vintage 1/1 even weaker. There are scores of vintage courtyard 1/1s and 2/1s to rent all across the Lakefront.
The only thing that really needed upgrading in the old unit was the bath. Adding a den, fireplace, and re-appointing the kitchen did not make it a magical 2/1.
You could do a lot more with the old layout than you can with this one: point blank. The debate here is whether or not “THE FINISHES!” are worth a price premium — don’t throw around that the unit was “distressed.” It wasn’t. It was a simple victim of the market. Putting a bevy of shiny baubles onto it doesn’t magically add oodles of square feet or change the heating/cooling systems, or anything else.
If the flipper makes money, it’s only because an idiot was distracted by a wine cooler and big shiny fridge enough to overpay on the actual space.
Haha, you guys are hilarious. Love the conspiracy theories. No, I am not the flipper. I wouldn’t have the slightest clue how to renovate a home. Just an observer who feels that this guy probably made a good gamble.
Oops. Now I feel bad. It’s off-market. 🙁
Oops. No it isn’t. Blog link is just dead, now.
http://www.redfin.com/IL/Chicago/1104-W-Montana-St-60614/unit-2/home/13002930
A single bath is not necessarily a deal breaker for a “roommate” situation, if the roomies are mature enough to know how to share time/space/hot water and clean up after themselves after washing/shaving/whatever.
But overall, yes this is badly re-designed and overpriced.
RiK has the same initials as the developer who bought the property.
homedelete, show your link. You are in idiot. Either that is a highly unlikely coincident or you are a troll and full of it.
Ccrd my friend RK is the purchaser. You don’t post here often.
This place is worth 200 plus easy w/o the parking. Look at the comps. 100 grand for this was a steal.
RiK you’re gonna take a bath buddy. Maybe its time you channeled your “talents” into a more productive endeavor like dog grooming or bartending. Sure neither pays much but you don’t lose a bundle of the banks money in so doing either.
“Maybe its time you channeled your “talents” into a more productive endeavor like dog grooming or bartending.”
Uhhhh – you are wrong…. I know several bartenders who have AWESOME lives. They work 5-3am, 4 nights a week (in a fun atmosphere) and all make between 300-500/night – avg about 350, That’s about 70k per year (accounting for vacations) – that is pretty good for a 4 day work week, 2 weeks of vacation and “after tax” money.
Also, I have a friend of a friend who is a “dog walker” on the upper east side. She charges 35/day for each dog (twice daily walks and changing of the water/dog food once a day). She takes care of 10 dogs. Her day consists of taking these dogs on a walk between 9-noon (staggered). Lunch betwen noon-1pm. 2nd walk between 1-4pm and then done for the day. Obviously, she also makes over 80k per year for doing this (“after tax” money – cash) AND gets daily exercise and several non-commited interactions with people!!
so RiK is cLIo…lol
“so RiK is cLIo…lol”
Nope.
ha. I’m done posting here. The conspiracy theorists are hilarious. How do you all engage in conversations with people like homedelete or bob who make up lies to stir the pot? You’ll never get constructive discussions or a real pulse on the market when people who actually like a home are attacked by this community never to return. See ya…..
“are attacked by this community never to return. See ya…..”
Only a fool such as someone who tries to pull off this flip and think they will be able to make a bunch of coin and do it successfully would call their detractors “attackers”.
And this is why you are probably going to lose money on this, RiK. You aren’t connected to reality. You think money grows on trees and you can take a pig like this property that you bought distressed, do the barest minimum to make it’s numerical stats better (tearing down a wall and removing usable space to add an extra tiny bedroom? please–thats so 2005) is a viable option.
After you flame out of RE-development, which you probably will, you should do an honest self-assessment, RiK.
“Only a fool such as someone who tries to pull off this flip and think they will be able to make a bunch of coin and do it successfully would call their detractors “attackers”.”
In reality, I haven’t yet seen a renovation/flip that hasn’t made money. Maybe not as much as they initially thought- but they ARE making money. And some of them are making a LOT of money. It’s the best game in town. Buyers want “new” and are willing to pay over market prices for it. After all, as many here have attested, the inventory is pretty much awful. Someone would rather pay $300k for this now 2/1 than $100k for the unit in its prior condition. They want something “nice” and to just move in. That’s why these renovations are moving.
“You think money grows on trees”
Fruits?
What conspiracy theories? What are you talking about? You are the one with a tin foil hat.
” Someone would rather pay $300k for this now 2/1 than $100k for the unit in its prior condition. They want something “nice” and to just move in. That’s why these renovations are moving.”
that has ALWAYS been the case – boom or bust.
Crib Chatter will be on its normal schedule tomorrow, MLK Day, because I know some people are working (so at least they’ll have something new to look at.)
@ Sabrina
Your referenced redfin link has a property status of “Off-Market Property”
The realtor link is here:
http://www.atproperties.com/homes/IL/CHICAGO/60614/1104_W_MONTANA_Street/AGT-16807972499-139607/index.html?frm=agt&aid=139607
@ Sabrina
Apologies – I wish I had an edit feature. Apparently the redfin listing is now listing the property with its
original address of “unit 2”
http://www.redfin.com/IL/Chicago/1104-W-Montana-St-60614/unit-2/home/13002930
“In reality, I haven’t yet seen a renovation/flip that hasn’t made money. Maybe not as much as they initially thought- but they ARE making money. And some of them are making a LOT of money. It’s the best game in town. Buyers want “new” and are willing to pay over market prices for it. After all, as many here have attested, the inventory is pretty much awful. Someone would rather pay $300k for this now 2/1 than $100k for the unit in its prior condition. They want something “nice” and to just move in. That’s why these renovations are moving.”
—
I don’t disagree with that trend occurring — but those types of impulse purchases are exactly what drove people to over-pay in the first place and end up underwater! So what’s wrong with discussing that this is essentially the ss;dd — albeit this form of “overpaying” is less than what someone would previously “overpay?” It’s still overpaying — and for what? Trend finishes and shiny gadgets.
Just move into your split-face block! Just move into your looming special assessment! Just move in to your Grohe finishes and ss appliances — but don’t even pay any mind to the fact that the windows are original and the radiators were reduced in size and covered (check again between the different list photos, people — they clearly were) all for a better look. Enjoy your oven and fireplace: you’re going to need them this winter!
If the moral of this story is that, boom OR bust, people will overpay for gloss and ultimately make a poor financial decision based on the REAL ESTATE, then I’m afraid we’re in for it worse than we thought.
This is under contract. Who says the flippers aren’t smart?
Bri,
For an update.. Since the last time I gave my opinion. Things speeding up even more. Tankers lining up to get in the bay. Oil platforms heading out. Restaurant opening everywhere and packed. It is truly something to see.
“Things speeding up even more.”
How can things be speeding up even more when GDP is falling? It came in under 3% last year. This year- so far- probably not much better with China slowing dramatically. The housing market is slowing pretty sharply (according to the homebuilders.) It’s not falling off a cliff- but it’s not nearly what it was just a year ago.
I don’t look at that stuff. Clouds the brain. Just know it’s much busier. Much. Money flow..pouring in.
“How can things be speeding up even more when GDP is falling?”
Brasil’s GDP is falling??