Live in the Heart of Wrigleyville in a 2/2 Duplex-Up for $499,000: 3516 N. Sheffield
This 2-bedroom duplex-up at 3516 N. Sheffield in the Wrigleyville neighborhood of Lakeview came on the market in March 2022.
I don’t know when this building was built, it looks like a former church, but it was converted into condos in 1997. It has 12 units and heated garage parking.
This unit has 9 foot ceilings, a fireplace and hardwood floors on the main level, along with the living room, dining room and kitchen.
The kitchen has light wood cabinets, black appliances, stone counter tops and a peninsula with seating for two.
The second floor has two bedrooms and two bathrooms, which the listing says were “recently updated.”
It has a “massive” outdoor patio on the first floor.
This unit has the features buyers look for including central air, washer/dryer in the unit and one deeded garage parking spot.
This building is in a prime Wrigleyville location, just a block from the red line stop at Addison, Wrigley Field, Gallagher Way, the soon-to-open Alamo Drafthouse movie theater, and all the shops, restaurants and bars of Wrigleyville, Southport and East Lakeview.
Listed at $499,000, is this the perfect starter condo for those who want to be in the middle of it all in Wrigleyville?
Mark Paul at @Properties Christie’s has the listing. See the pictures here. (no floor plan listed)
Or see it at the Open House on Saturday, March 19 from 12 PM to 2 PM.
Unit #1FS: 2 bedrooms, 2 baths, duplex-up, no square footage listed
- Sold in March 1998 for $263,000
- Sold in April 2006 for $450,000
- Sold in June 2020 for $382,000
- Currently listed at $499,000
- Assessments of $446 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $6341
- Central Air
- Washer/dryer in the unit
- Heated garage parking space included
- Fireplace
- Bedroom #1 (no room sizes are listed on Redfin anymore- is that a new thing? No room sizes anymore?)
- Bedroom #2
- Living room (main level)
- Dining room (main level)
- Kitchen (main level)
The kitchen appliances look spot on for the 1997 build out. Around the interior balconies, is that siding?
This is a hideous building. The EFIS really, really looks bad
CC is correct, straight out of the 90s.
LOL pricing
Rates up to 4.25%, w/ a planned 6 more hikes + The Fed’s unwinding their MBS portfolio.
Short term, its going to push FOMO going to be a serious disconnect between prices and monthly payments.
Unwinding probably isnt the correct term, reducing more accurate
” is that siding?”
Get with the cc lingo, chichow!
Yes, it is POOR PEOPLE siding.
My neck hurts just looking at the pics of the tv. Why not mount it on the wall on either side (though I realize if on the left side it would be competing with the vacuum)? Is there not a door for the laundry? This may be the first place I’ve seen where one can watch tv from a crib (and I thought our kids were screen adicts). Should have shot the outdoor space at dusk – I imagine with the lights on the space looks pretty cool.
Oh, yeah, the appliances! That fridge is totally 24 years old, and probably the d/w, too.
As to the laundry–they converted the coat closet, right? That’s pretty terrible, but it matches the fridge sticking out a foot too far, so it’s a theme.
Primary Bedroom TV is in a crazy spot, too. Do you sit on the floor to watch it? Both the bed and the couch(!!) are at about barely viewable angles to it.
“Short term, its going to push FOMO going to be a serious disconnect between prices and monthly payments.”
Short term?
Nah.
People who are looking to buy right now are locked in. It’s by this summer when rates are 4.75% to 5% that it will slow the market. And we need it to slow. It’s WAY too hot. No inventory at all.
I don’t understand all of the criticism.
This is an entry level condo. Nothing says otherwise.
You can get a 1197 square foot 2/2 in the luxury apartment building across from Wrigley for $3600 a month. That is this unit’s competition.
https://www.addisonandclarkapartments.com/floorplans
“This is an entry level condo. Nothing says otherwise.”
I have lived in places where kegs and bongs were considered decor, where bottle rockets got launched indoors, but nobody would have mounted a vacuum cleaner to the living room wall.
I’m very skeptical of thinking that the interest rate increase will lead to lower house prices. There is so much demand right and low inventory right now, we are at near full employment, and boomers can pay cash for their houses.
These interest rate increases seem like they will succeed in making the middle class suffer more and accomplish nothing else.
As for this property, you’re paying for the neighborhood. If you’re never home, it doesn’t matter if you can’t watch TV because there’s no where comfortable to put it or that there is zero privacy in the outdoor space. If you never eat at home, it doesn’t matter that the kitchen is basic. The bathrooms need to be updated, but I think that’s accounted for in the price.
“People who are looking to buy right now are locked in. It’s by this summer when rates are 4.75% to 5% that it will slow the market. And we need it to slow. It’s WAY too hot. No inventory at all.”
I guess old people dont understand FOMO – Fear of missing out.
How does a higher interest rate environment help with inventory?
This is not a $500k condo. Maybe $400k.
Something about living in an old church feels….sinful.
Such an odd looking building. Seems like it was designed by a committee of architects all working apart who never saw the final product till it was built.
This is one of the noisiest blocks in the city. Even when it’s not one of the 81 days of the year that it’s packed with drunken, urinating Cub fans, the L goes by across the street 100 times a day.
“I guess old people dont understand FOMO – Fear of missing out.”
The rates have been rising for months JohnnyU. Buyers are WELL aware of that fact. Why do you think Chicago’s home sales are at 17 year highs?
This is the most qualified buyer pool in 25 years. They have to go through an extensive process even to pre-qualify for a rate. They’ve already been doing so for months.
Can you blame them? I’d like to buy with 3.75% instead of 4.75% or 5.5%. Duh. Any buyer would.
“How does a higher interest rate environment help with inventory?”
In the past, higher mortgage rates have slowed sales. Inventory tends to build. It takes longer to sell.
“I’m very skeptical of thinking that the interest rate increase will lead to lower house prices.”
They have never led to lower home prices. They do lead to lower SALES.
Home prices have only fallen twice in the past 80 years in Chicago. And Chicago never doubled like other cities (Stacy can tell us all about that in Florida) so Chicago is still affordable even as rates rise. Much less speculation here.
But I agree Jenny, that cash buyers (boomers moving in retirement) and full employment are real backstops for the housing market.
at JohnU
“The EFIS really, really looks bad”
this is kinda of a dumb and dumber question
what’s worse?
EFIS or cut face block – both were used during this timeframe
at anon
“Get with the cc lingo, chichow!
Yes, it is POOR PEOPLE siding”
good sir you are correct – within OTT it’s siding. elsewhere ppS
i need to look outside my OTT bubble aka worker cottages
“ what’s worse?
EFIS or cut face block – both were used during this timeframe”
Tough call.
Probably EFIS IMO
I don’t find split faced when used a wainscoting objectionable (if installed correctly)
Mortgage applications down 3.9% in Feb:
https://www.mba.org/2022-press-releases/march/february-new-home-purchase-mortgage-applications-decreased-39-percent
Thanks for the link Madeline.
They’re only down 3.9% yoy? Wow. Hard to believe. Rates are a full point higher and yet it’s barely budging the sales. People still applying for those mortgages.
All the data from this year compared to last year is going to be lower. I’m surprised that Chicago sales haven’t started turning over year-over-year yet given that last year was 15 year records. But Chicago still started out the year even hotter than last year. It won’t last much longer because 1) lack of inventory 2) rising rates will slow some sales.
Will March be the first month we see the decline?
The bears will all come out of the woodwork saying that the housing bull is “over.” Blah, blah, blah. But the market remains incredibly hot across all metrics.
I’ve never seen the Chicago market like this. Not even in the bubble years. In the bubble years, there was a TON of inventory everywhere. No multiple bids. Just people buying 5 condos to try and flip, but otherwise, a fairly “normal” market. No one wanted to rent, only to buy.
But with these inflationary pressures, the pendulum is going to swing. When the landlord keeps raising the rent double digits, many people are suddenly going to say, “why am I paying these outrageous rents when I could just buy something for less?”
It will be interesting to see how it all plays out this year.
National existing home sales fell 7.2% in February, reflecting the decline in mortgage applications. But remember, this is coming off of an incredibly hot year last year so it’s still an elevated number.
Hottest region is still the southeast with NAR noting that they have the hottest job market.
Higher prices and rising mortgage rates starting to bite?
The market needs to slow. It’s way too hot and isn’t healthy.
Nationwide, prices up 28% year-over-year. Very unhealthy.
“They’re only down 3.9% yoy? Wow. Hard to believe. Rates are a full point higher and yet it’s barely budging the sales. People still applying for those mortgages.”
FOMO
I’m guessing you also found it hard to believe that demand for new cars fell when “Cash for Clunkers” ran out.
People are responding to incentives
“But with these inflationary pressures, the pendulum is going to swing. When the landlord keeps raising the rent double digits, many people are suddenly going to say, “why am I paying these outrageous rents when I could just buy something for less?””
You must enjoy making up hypothetical situations that have no relation to reality.
Here is an article on the conversion of what originally was the Lake View Swedish Church https://achicagosojourn.wordpress.com/2012/04/23/church-conversions/
I’m guessing the MBR TV is on a dual swivel mount. With those you kinda pop it out from the wall and turn it either direction to the bed or couch.
“MBR TV is on a dual swivel mount”
Are they making them that thin now? I didn’t really think it was far enough off the wall for that, but I haven’t looked at those mounts in a decade at least.
Relisted at 459k
^ Sizzle
Strangely, for this place, and with 20% down, HMAM is basically the same at:
$499k and 3.5% mortgage
and
$459k and 4.5% mortgage.
That has to be just a coincidence, right? Couldn’t mean anything.
How do you access parking? Through the alley by the restaurant that always looks cluttered?
SOLD ON MAY 13, 2022 FOR $440,000
LOL – Filled with Sabrina’s pearls of wisdom…