Just How Hot Is The Market? Trying To Sell a 1-Bedroom Duplex 8 Months Later: 505 N. McClurg in Streeterville
This 1-bedroom duplex in the ParkView at 505 N. McClurg in Streeterville just came on the market.
It is a unique property because it is one of only a few townhouse-like duplexes separate from the high rise portion of the building that overlook the 2-acre park and the swimming pool.
It has 20 foot ceilings and 2 decks.
The bedroom is on the second floor.
The kitchen has all the new construction features including stainless steel appliances and granite counter tops.
The listing says the unit also has custom paint.
It last sold just 8 months ago in September 2011.
The unit is now listed $89,500 more than the 2011 purchase price.
Is the market hot enough to support a price increase in just 8 months for this property?
Gerald Murphy at Jameson Sotheby’s has the listing. See the pictures here.
Unit #206: 1 bedroom, 1.5 baths, 1204 square feet
- Sold in September 2011 for $415,500 (looks like there was NOT parking included)
- Currently listed at $505,000 (no parking included)
- Assessments of $544 a month (includes heat, a/c, gas, cable, doorman, pool)
- Taxes of $1,842
- Central Air
- Washer/Dryer in the unit
- Bedroom: 16×12 (second floor)
Looks like…maybe…an amazing place (based purely on the cribchatter writeup). But you’d certainly never, ever know it based on the tiny, horrible photos. Feel bad for the seller having such a bad realtor who would allow such photos. When will people learn the value of quality photography. It’s not that expensive. And cribchatters must not be early birds! There’s hardly ever a comment when I’m headed off to work.
Yes, definitely a marketing fail.
Walk through an identical unit in this sponsored video:
http://www.youtube.com/watch?v=9z_nrgfmUUQ
Joe–I don’t think the unit in the video is identical?! In that one, they indicate that the loft area is a potential second bedroom, while in the “1 BR” one here, it seems like the loft area is the only “Bedroom”. Also, the video mentions 1700 sq. ft. and this one says 1200. It also looks significantly wider.
I like the design of this, and the uniqueness factor which make this far more desirable than most 1 br’s, but it will take a unique buyer to spend this much on a place without even 1 true bedroom, Also, it seems to be fairly narrow — which may be why they want to keep the pictures small. From the room measurements, is the place only 12 feet wide? or maybe 15?
JAH,
Early morning recall fail!
Nope, won’t sell at that price. Realtors and clients will smell a bubble brewing and go elsewhere.
Wow! Great place. It would be so cool to be this close to Navy Pier.
Some observations:
* The photos are terrible.
* The mark up is intended to cover transaction costs such that the seller doesn’t have to bring any [much] money to the table.
* the number of bathrooms outnumbers bedrooms –what’s the CC feeling on that one?
Joey Z,
please see here for a better video
http://cribchatter.com/?p=14453#comment-236742
” the number of bathrooms outnumbers bedrooms –what’s the CC feeling on that one?”
My previous and current home both had/have more bathrooms than bedrooms, so I guess I am OK with that.
” the number of bathrooms outnumbers bedrooms –what’s the CC feeling on that one?”
With a duplex, you’d definitely want that, even if it’s barely a 1 BR.
agree, the pictures are a horrible representation, but this looks like a nice enough place. price seems way off though.
this is what a lot of condos in san francisco are built like – duplex up one/two bedrooms. solves the bowling alley condo problem that plagues chicago. gets lights into all the bedrooms (at the cost of privacy though), but with a one bedroom – might not be an issue.
Looks like an empty-nester type place, and they’ll need that kind of buyer at the price point they’re at. The park across the street is pretty nice, it’s OK, has a nice little fountain/water feature. It has, like that park in the West Loop, garish unharmonious angles and design. It’s as if these architects today have to “put their fingers” on a design by being different from already perfected park styles one sees in Europe, and then we end up with these unpleasing, unharmonious designs. Dogs have been destroying the grass.
No updates since was last purchased and want 90k more 9 months later….i dont think so
Unit 201, which is an identical floorplan, but looks like it might need a small bit of decorating, has 2 car parking and listed at 429K!!
http://urbanlux.com/blog/idx/mls-08020205-505_n_mcclurg_court_unit_number_201_chicago_il_60611
Also, how are the taxes on this place only $1800????
“the number of bathrooms outnumbers bedrooms –what’s the CC feeling on that one?”
It is Jenny’s dream home!
“Also, how are the taxes on this place only $1800????”
Exactly my first thought looking at this. I pay more taxes and I paid less for my new place. Shouldn’t it be based off sale price on a new building like this?
Throw in a parking space and the deal just might get done. It isn’t realistic in a normal real estate market to sell less than a year later and bring no money to the table.
I would rather this place had two full bathrooms. I also wouldn’t give the seller almost $90k more than was paid a few months ago. I wonder if the appraisal will even come through at asking price given this property is its own comp.
Besides matthewlesko’s snarky Navy Pier comment nobody has mentioned that Streeterville is a really crummy neighborhood. It is full of medical students, fast food chains, tourists trying to find Ginos East, noisy ambulances, and did I mention medical students? I suppose it is a nice commute to the loop but why not buy in the actual loop (or west loop) if you want to walk to work.
Streeterville has Timothy O’Tooles, that’s about it.
I decided i like JAH’s bathroom vs. Bedroom question so much that if i ever work again i will use it as an interview question. It’s surprisingly non- linear and tests risk aversion. Makes one think on multiple levels… now where are the rest of my shrooms?
“Streeterville has Timothy O’Tooles, that’s about it.”
Lizzie Mcneils? I always want to try ron of japan when i see it but never investigate if it is actually still in biz. Sayat Nova is ok. the italin place next to cnd gyros is good, volare as is bice. there is a francesscas near hancock, still technically in streeterville. m burger is on huron. bandera.a not a ton of options but more than what most think. probably bc streeterville brings to mind only the movie theatre area and navy pier.
too bad regal begal came and went before i had a chance to investigate it.
“Besides matthewlesko’s snarky Navy Pier comment”
That was not snarky. Lesko is from the way way out burbs and actually likes going to The Navy Pier. Likely lists Bubba Gump Shrimp Co. Or whatever they call that place as a favorite on his Facebook page.
Cool place but not sure they can even command the last sales price. Another prime example of a listing agent willing to take on a completely unrealistic buyer. They should hold a class for beginner real estate agents entitled “how to waste time and loose money” it would be a hit!
Streeterville a crummy neighborhood? You’ve got to be kidding. Some of us like being able to walk to the Loop, Michigan Ave., Navy Pier, Oak Street, and even Lincoln Park. It is one of the safest neighborhoods in the city. While we could use some better dining (we have Tru and some decent Irish bars) does it really matter when River North is about five minutes away? Let those people deal with the crowds and the inconvenience.
One factor with this unit is the “missile silo” just down the street. Nobody knows what will end up there. Something will of course, and chances are it will have a negative influence on this unit.
Streeterville rocks. It’s not as neighborhood-y as Lincoln Park, but it’s still got quick a bit going for it.
From a living perspective and not a tourist
Multiple grocery stores – Dominick’s Treasure Island Fox Obel
Parks greenery track tennis courts
Everything on Michigan Ave
and if you have to travel – its great to walk out your building and the doorman hit the cab request light and you have a cab at 4am in the morning right then and right now
I don’t think the Spire site would be an issue for this unit; it’s a block south and this unit is low enough that it wouldn’t have views, other than sky, in that direction. The new building a block east would be more of a concern (that building seems to have depressed prices on the west side of LPT and might be a factor in this unit being on the market).
“Some of us like being able to walk to the Loop, Michigan Ave., Navy Pier”
well you and matt lesko agree on the attractiveness of being close to navy pier. which is odd
Really? Why would liking being close to Navy Pier be odd? Have you been out there at 6:00 a.m.? The views from the end are stunning at that hour.
no, though I’m sure at 6am or late at night is the best time to be there. most of my NP experience has been during the day fighting crowds of tourists and mallrats.
On a cold winter day.. being next to Mich Ave is wonderful, gives you something to do. Chi Town can get a bit depressing in the winter. Summer – quick access to the lake gets points as well, particularly for us bikers. NP = cheesy.
CH, I almost never set foot actually inside NP (other than taking my kids to the museum and occasional events at the pier). Still, the area at the end is very nice. I haven’t done it, but I suspect the beer garden at the end might be a nice place to have a drink. Generally, the end of the pier is one of the most beautiful and often quiet places in the City. Living close to it has a definite value. Personally, I wish they would add a Starbucks with early morning (5:00 a.m) hours. That would make the walk around the pier even better at that hour.
Scott, I think the major Spire problem would be a huge increase in traffic. In terms of quality of life, it might have a major impact. Let’s assume that the spire never happens but a 50 story building does. That probably means two years of construction work, assuming they can make some use of the work already done.
Wait. My bad. I mixed up the location on this. Scott’s right. The Spire would have minimal impact.
Let me toss in one more factor (now that I’ve got the location right) – that building needs to do a better job with the park area directly in front of those townhouses. I’ve walked through there, and there appears to be evidence of various sorts of activity in the trees directly in front of the townhouses.
“there appears to be evidence of various sorts of activity in the trees”
Flashers?
“Lesko is from the way way out burbs and actually likes going to The Navy Pier. Likely lists Bubba Gump Shrimp Co. Or whatever they call that place as a favorite on his Facebook page.”
I do like Bubba Gump, but I have to say the one at Fisherman’s Wharf in San Francisco is better than the one in Chicago! Shrimp kabobs, shrimp creole, shrimp gumbo. Pan fried, deep fried, stir fried. There’s pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich.
I don’t get down there much, so I usually have to go to Red Lobster to tide me over (tide! pun intended!). Love their all you can eat shrimp scampi special.
Glad some people finally agree with me about Navy Pier!
“CH, I almost never set foot actually inside NP (other than taking my kids to the museum and occasional events at the pier).”
the Children’s museum is a complete waste of time, and it’s a rip-off too. Kiddies would be better served with an hour of fresh air at Olive Park. Seriously! The museum has stupid exhibits, always crowded, too many idiot yuppie parents, etc. I don’t know how they’ve managed to brainwash so many parents to think this place is essential in their kids’ lives, it must be all the PR that comes along with the “donors” that in a vulgar form of cheap display, required their surnames be posted on ubiquitous plaques on practically every wall, etc. Nauseating place. Try Olive Park.
“shrimp scampi”
where’s anon or miu-moo to tell us that’s a redundancy?
I spent a lot of time on Navy Pier back in the day because I used to bartend on one of the big boats during the summer. 6am at the end of the pier is indeed an amazing visual. To be fair most of my 6am moments came the hard way, after an extended night of post work drinking. I can also tell you that that water off Navy Pier is quite cold at 6am but it sure has the ability to sober you up for the next double shift starting at 9am. Man those were some fun summers!
“the Children’s museum is a complete waste of time,”
its is 100% vital during january and february, when you have kids [shudder] you will understand these types of places and have memberships to many many many places you wouldnt even know existed.