“Luxurious Quality” Millwork Near Wrigley Field: A 2/2 at 1169 W. Eddy
This 2-bedroom at 1169 W. Eddy in Lakeview came on the market in January 2023.
Built in 2007, the listing says 1169 W. Eddy is an all brick building with 3 units and garage parking behind the building.
We last chattered about this building in July 2012. Apparently, the developer got caught in the housing bust and could not sell some of these units. According to the prior chatter, Unit #3, the top floor unit, had been rented.
You can see that chatter here.
This unit also didn’t sell until 2012.
The listing says it has “luxurious quality” millwork, crown molding, tray ceiling, and chair rail trim.
There are “authentic” oak hardwood floors throughout and white decadent deep window casings.
It has a wood burning fireplace in the living room with a mantle and granite hearth and a dry bar with granite and a wine fridge.
The kitchen has custom dark cabinets with Subzero and Wolf appliances, granite counter tops, a tile backsplash and an extra tall breakfast bar.
The primary suite has a walk-in-closet and en suite bath with a “massive” natural stone shower with built-in bench, a jacuzzi tub and heated floors.
There is an attached private deck and basement storage.
It has the features buyers look for including central air, washer/dryer in the unit and garage parking.
This building is near Wrigley Field and the shops and restaurants of both Southport and Wrigleyville.
Listed in January 2023 for $559,900, it has been reduced $10,000 to $549,900.
This unit sold every two years for a higher price each time until 2016. Now, 7 years later, will the sellers get the premium again?
Elizabeth Amidon at Jameson Sotheby’s has the listing. See the pictures here. Sorry, no floor plan.
Unit #201: 2 bedrooms, 2 baths, no square footage
- Sold in May 2012 for $385,000
- Sold in March 2014 for $435,000
- Sold in April 2016 for $460,000
- Originally listed in January 2023 for $559,900
- Reduced
- Currently listed at $549,900
- Assessments of $185 a month (includes lawn care, scavenger, snow removal)
- Taxes of $11,059
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- Bedroom #1: 13×14
- Bedroom #2: 10×11
- Living/dining combo: 24×17
- Kitchen: 9×11
- Deck
Luxurious isn’t the first word that comes to mind, small and dated is more accurate. Since it hasn’t been updated in at least 9 years, this should sell at a discount, right?
Who doesn’t take deck pics in Chicago?
Rental comp is around $3200 Vs $4k + $110k. Better bUY NoW Or bE PrICeD oUt FoeEVeR
Putting Wolf level appliance in a place like this is the ultimate fake it till you make it flex
They clearly went with a “sure, we’ll straighten up, but we’re not making the conventional de-clutter/hide plugs and cords/take down the dog gate and move the Christmas tree effort – we’re living here!” approach for the listing shoot. So why no toilet paper in pic 10? And why the need for the unsightly work station in the LR, when clearly the second bedroom is set up for two people to work?
May 2012 for $385,000 + CPI = $497k
March 2014 for $435,000 + CPI = $546k
April 2016 for $460,000 + CPI = $570k
So, best case, flat for 9 years. But also no updaes for 15, so that’s not unexpected.
No mention of hot water, HVAC would make me suspect they are 15 years old, too. But who knows?–>would advise taking a close look.
Well, someone liked it. Just marked contingent.
Wow I would have guessed $450k-$475k would be the asking for this place. I see its under contract. If the seller gets $550k for this place, they really lucked out.
“Putting Wolf level appliance in a place like this is the ultimate fake it till you make it flex”
Plenty of Wolf and Subzero in these small 3-flat buildings but most were built after the housing boom, not at the very end. But clearly the developer intended for this to be a luxury building, hence the moldings and more upscale finishes and appliances. But got caught in the housing bust and couldn’t sell them originally. Had to finally just cut prices and sell in 2012.
None of the buyers have lost money on this unit yet. But I guess all 2/2s are “shitboxes” and you can’t make money, right JohnnyU?
“Well, someone liked it. Just marked contingent.”
There are only 244 properties on the market in Lakeview that are not under contract. It’s still incredibly tight out there. New properties that weren’t listed last year that have come on in January are going under contract rather quickly.
“Wow I would have guessed $450k-$475k would be the asking for this place. I see its under contract. If the seller gets $550k for this place, they really lucked out.”
Not with those finishes. 2/2s with the upscale finishes are selling in the $500s pretty routinely.
All brick building is rare, and nice, as well. People will pay extra for that.
“with the upscale finishes”
2005 finishes still count as ‘upscale’?
“All brick building is rare, and nice, as well. People will pay extra for that.”
It’s certainly nice, but given the unit type and location and thus the typical duration of ownership, are there really a meaningful number of prospective buyers who are willing to pay extra for it?
301 sold in May-21 for $621k (+cpi = $685k).
https://www.redfin.com/IL/Chicago/1169-W-Eddy-St-60657/unit-301/home/64225784
Basically the same interior, but top floor, plus the decently nice rooftop. Seems like it was the better value, especially with the opportunity to finance at ~3%.
That seller lost nominal dollars, having bougt in Aug-18 for $634k (+CPI = $746k now, $677k at sale)
“are there really a meaningful number of prospective buyers who are willing to pay extra for it”
Somewhat less likely to get a special v. CMU exterior, so…maybe?
Depends on the premium, of course. 5%? Seems obvious to me. 15%? Probably not.
Right on an alley. Meh…
“It’s certainly nice, but given the unit type and location and thus the typical duration of ownership, are there really a meaningful number of prospective buyers who are willing to pay extra for it?”
The building is now 15 years old. I think it would be a consideration for certain educated homeowners.
Do people honestly think they don’t have to do ANY maintenance on a building or home for decades?
“2005 finishes still count as ‘upscale’?”
Last I heard, Subzero and Wolf appliances are still in and are still upscale. They are always mentioned in listings as a benefit of the property.
So, yes, anon(tfo). If you have appliances that cost $20k in your home, they still count as upscale.
You could have finishes that are 100 years old, like original hardwood floors, and those would be “upscale” too. Age isn’t the issue with whether or not something is “upscale.”
“If you have appliances that cost $20k”
That 30″ Wolf range and that subzero fridge did NOT cost $20,000 in 2007.
And they could be replaced by other 15 year old used versions for about $7500, or, it fully refurbed, around $10k.
I thought everyone wanted updated finishes? This place is a shrine to what was ‘hot’ in Chicago in 2007–nice enough, but 15 years old.
“Right on an alley. Meh…”
on the flip side, there are people who prefer this for the added light. not having a building 4′ away can be a good thing to some.
“I thought everyone wanted updated finishes? This place is a shrine to what was ‘hot’ in Chicago in 2007–nice enough, but 15 years old.”
Upscale applicances + 2007 Finishes >> Updated finishes + Plebeian appliances?
I lose track of Sabrina’s calculus as to the RE market, seems to vary by the minute…
“prefer this for the added light”
2d floor has 4 windows on the alley side–but it looks like 2 of them are for the stairs to the 3d floor. The other two appear to be for the hallway to the backdoor (BR-1 is 13×14, so not full width of the unit).
“That 30? Wolf range and that subzero fridge did NOT cost $20,000 in 2007.”
No idea but they are NOT cheap and NOT normally found in a sub $500k unit in any building. It wouldn’t make sense. It would be over updating for no reason. The fancier GE set would be put in.
These are “upscale” and luxury appliances. Yes, they DO sell properties.
Many of the properties from this era would likely have painted these cabinets and put in new quartz counter tops and tile to bring it up to date. Would use Renovation Sells to transform it.
But this seller chose not to and it is still selling quickly. Only 244 properties on the market in all of Lakeview could be the reason why.
No inventory thought there is something for sale on Clifton and Roscoe.
“No inventory thought there is something for sale on Clifton and Roscoe.”
Yep. Prices are going to remain elevated on any decent property because there simply isn’t anything on the market in the lower price points. Luxury, or over $1 million, has the most inventory.
Sold for 515K
Thats HAWT ™
Thanks for the update David.
I’d say that WAS hot as they listed in January 2023 with rates above 6% and closed on it in less than 2 months. Sold for $55k than they bought it for in 2016 with no updates.
But I’ve been told by anon(tfo) and JohnnyU that there are no buyers at the higher mortgage rates which pushed up this monthly payment considerably.
Also, I was correct about it selling over $500,000. Those of you who thought it would sell back at the 2016 price of $460k with those luxury finishes and this low inventory, are just wrong. There ARE buyers out buying. Plenty of people have really good jobs. Many people got 50% or 100% pay raises when they changed jobs. They went from $100k to $200k at some jobs in the last 3 years. These buyers can afford the higher payments.
The job market isn’t slowing. Not yet. It’s the largest factor in home buying.
“April 2016 for $460,000” + CPI = $575k.
Over 10% behind inflation.
“April 2016 for $460,000” + C-S (nsa) = $561k
9% behind everything else that’s been selling.
“I’ve been told … that there are no buyers”
You sound like Trump–“many people are saying” something that no one said.
These sellers recognized the market and took 9% less than their original ask, an ask that was anchored to prices in a much different interest rate environment.
Would that have gotten their $560k (or perhaps more–maybe even keeping up with inflation) if 4% mortgage rates were available? Quite likely, really.
“Over 10% behind inflation.”
I don’t understand your obsession with CPI. Seriously. WE GET IT. Chicago has lagged since the housing bubble. WE KNOW.
You live in the market you live in. No one has any illusions in Chicagoland. We’re NOT Florida or Texas. But this will serve us well during this housing recession. It already has.
“Would that have gotten their $560k (or perhaps more–maybe even keeping up with inflation) if 4% mortgage rates were available? Quite likely, really.”
If only Astor had gotten on one of the life boats, he would have survived the sinking of the Titanic.
Who CARES? We don’t have 2.75%, 3%, or 4% mortgage rates anymore. Your scenario is irrelevant. The sellers could have waited to sell when rates were back at those levels (if they even get back there in the next several years). They could have sold a year ago, when rates were lower.
Woulda, coulda, shoulda.
I don’t understand even debating this. Homebuyers are slowly adjusting to the reality of the higher rates. It’s only been about 6 months. But the Chatterati refuses to accept that it IS the reality. Many are living in some fantasy land of what they woulda paid if rates were still 3%. They’re not. It’s time to get into 2023.
“But the Chatterati refuses to accept that it IS the reality. Many are living in some fantasy land of what they woulda paid if rates were still 3%. They’re not. It’s time to get into 2023.”
I don’t think we’re refusing to accept reality, but some sellers are, including (at least initially) the seller of this property, who obviously listed too high, then sold below list and behind inflation, basically leaving their sale closing with maybe $15-20k (after costs) more than they came to their purchase closing with in 2016. While this seller probably isn’t devastated about this outcome (having paid down some principal and lived in a place they liked and that was theirs), I doubt they’re elated either.
“I don’t think we’re refusing to accept reality, but some sellers are, including (at least initially) the seller of this property, who obviously listed too high, then sold below list and behind inflation, basically leaving their sale closing with maybe $15-20k (after costs) more than they came to their purchase closing with in 2016.”
“Obviously” listed too high during a time when the rates are surging and the market is frozen?
You are all living in another strange reality. None of it figures with what is going on out there. But this is par for the course. It has ALWAYS been like this on Crib Chatter. Bob the Bear had true reasons to be bearish 11 years ago. But he has literally been the doom and gloom dude for at least the last 8 years. At some point, you have to change your narrative. Or else you’re just living in an alternative reality while life runs away from you.
Notice how there is no comment from the doomers about all those foreclosures that never materialized? Didn’t fit the narrative so they just drop it.
And now here’s Bob the Bear again spouting some other nonsense that he’ll be wrong about again.
“You are all living in another strange reality. None of it figures with what is going on out there. But this is par for the course. It has ALWAYS been like this on Crib Chatter. Bob the Bear had true reasons to be bearish 11 years ago. But he has literally been the doom and gloom dude for at least the last 8 years. At some point, you have to change your narrative. Or else you’re just living in an alternative reality while life runs away from you.
Notice how there is no comment from the doomers about all those foreclosures that never materialized? Didn’t fit the narrative so they just drop it.
And now here’s Bob the Bear again spouting some other nonsense that he’ll be wrong about again.”
You realize you are not responding to Bob?
Must have been one hell of a bender
“I don’t understand your obsession with CPI. Seriously. WE GET IT. Chicago has lagged since the housing bubble. WE KNOW.”
Because its an important tool to level prices over time
Im guessing you think Zimbabwe is an extremely HAWT ™ RE market
“Chicago has lagged since the housing bubble”
Lagged other markets, yes, but it was basically on-trend measuring from:
~2000, or
~2013
until late summer 2022.
In Aug-22, C-S (both condos and houses) was slightly ahead–in real dollar terms–of Jan-00 *and* Aug-13 (and well ahead of 2011 and 2012).
Since then, prices have lagged inflation pretty badly–largely bc of mortgage rates, obviously.
Indeed, some around here thought there was a bubble in 2015:
September 16th, 2015 at 10:31 pm
“Like I’ve been saying. The housing bubble is SO obvious, it’s almost laughable.”
https://cribchatter.com/125-days-on-the-market-in-aqua-a-1-bedroom-at-225-n-columbus-in-lakeshore-east/#comment-366770
“Indeed, some around here thought there was a bubble in 2015:”
2016 was peak price in Chicago so I was correct about the bull market.
I don’t remember what else was going on in 2015 but clearly prices were rising pretty quickly in Chicago according to my other comments. And someone was posting about buying in Aqua and they expected to make a lot of money selling in just a few years. Seemed like a lot of speculation then.
“2016 was peak price in Chicago so I was correct about the bull market”
By what non-Sabrina derived metric?
You could make a legit point that the rate of increase slowed in early 14
“Chicago has lagged since the housing bubble”
So, that was a reference to the 2015 bubble?