A New Construction Lakeview Penthouse Reduces $40K: 932 W. Diversey
At the height of the boom, this new construction 2-bedroom penthouse at 932 W. Diversey in Lakeview would have been snatched up quickly.
Instead, it has been on the market since July and has recently been reduced $40,000.
(This picture, by the way, was taken from the Diversey El platform nearby.)
The 1500 square foot 2/2 has all the bells and whistles of new construction.
The listing says there is 2″ of concrete between the floors.
It also has a professional grade kitchen and front and rear decks.
I can’t tell if parking is included or not.
What is the market for 1500 square foot Lakeview 2-bedrooms listed for over $500,000?
Mario Greco at Prudential Rubloff has the listing. See the pictures and a virtual tour here.
Unit #4: 2 bedrooms, 2 baths, 1500 square feet
- New construction
- Originally listed in July 2010 for $549,000
- Reduced
- Currently listed for $509,000
- Assessments of $175 a month
- Taxes are “new”
- Not sure if parking is included
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×12
- Bedroom #2: 13×11
next
Half a mil for a 1500sqft 2/2, right on one of the busiest stretches of Diversey and right next to the el? FAIL.
I have a friend who rents one of these, they are nice but for 500k?
hmmmm lets see
you’d need a minimum 92k town to get a 417 conforming but that would be stupid because you’d have to pay PMI so lets do a real 20% down of $101,800
with a loan of $407,200 your monthly nut for the P&I is $2063 on a 30 year at 4.5%
so $2063+$175+ probably $500 for taxes so $2738 a month… not too crazy far from rental parity IMO
but still in this market you have a lot of choices for $509k and a 2/2 (although a nice one) might not be the first choice for a lot people
It looks like #2 is on the market as well – unclear as to whether #3 sold (I saw something on Trulia about it being listed at $509K). The commercial space appears to be vacant… Not sure what kind of financing you can get for this if the units aren’t sold. Not that I care – this place isn’t a half million dollar place. At all. I like the standing water on the back deck.
Mario Greco=SOLD
Wrong pix attached to #4–they show a roof over the balcony and the deck, and there clearly is not (from the front pic). Tho, from teh floorplans, the 3 units are otherwise identical.
Finishes look a little weak at this price point imho (i.e., moulding, fireplace, light fixtures, etc). Not bad, but not really a bargain either.
bleh…. another bland McCondo on a busy street. No thanks.
Walkup over a storefront on a busy street = 1/2 million penthouse? I don’t think so.
Why does every multifamily new construction condos facade in Lakeview or Lincoln Park look like this. Can someone please try to bring in some original design.
Walls are made out of GOLD
The layout is bothering me. That fireplace should be on the opposite wall.
Also, if I were the listing agent, I would re-take the outdoor pictures on a sunny day when there’s not standing water/moisture on the deck and balcony.
This is an area for 20-something singles and other miscellaneous drunks. What was the developer thinking?
Some Durkins drunk is going to have half a stick and drop it on this glorified McCrapbox?
Waiting for Godot, they are.
“FAIL.”
No…EPIC FAIL. If MG can get anywhere near ask and get this deal done I’m going to start referring to him as Rumpelstiltskin.
Bad layout; ugly fireplace; busy street: even the kitchen is unimaginitive- too many of these units to be exciting. Certainly not worth more than 250 per square foot
“Certainly not worth more than 250 per square foot”
So, $375k? Ouch!
Bob: “This is an area for 20-something singles and other miscellaneous drunks.”
So… basically you are saying that it is the perfect place for you.
“So… basically you are saying that it is the perfect place for you.”
Clio–seeing you in Durkins would be screenplay worthy material (especially during a Th/F/Sat night).
Two whole inches of concrete between floors, huh? Wow.
Durkins basically being the only real Purdue bar around the area really sucks. That place is terrible.
Also Bob I don’t totally agree; there’s a TON of families in beautiful SFH’s on the parallel blocks North/South of here (George/Wolfram/Oakdale/etc.)
I know the fellow that owns Hennegan Wrecking.
just in case anyone wants to help the owners of this place
If I never see this floor plan again, I’ll be very happy. Overpriced, uninteresting, etc. Yawn.
“Also Bob I don’t totally agree; there’s a TON of families in beautiful SFH’s on the parallel blocks North/South of here (George/Wolfram/Oakdale/etc.)”
Yup – in the remaining 2-flats as well.
Actually, although I despise/despised this construction as it was happening, I’d definitely rather buildings like this on Diversey instead of on the residential streets. At some point during the boom a beautiful old greystone 2-flat on the 800 block of Oakdale was torn down as the developer was able to make money by replacing it with 3 condos. now THAT was an epic fail.
ummm this reminds me of EVERY OTHER NEW CONSTRUCTION IN CHICAGO. why buy this crap? just rent it.
A friend just bought a similar condo 2/2 (maybe not as nice finishes) for $360K on Belmont a few months ago on the 2nd floor. I guess a penthouse and nicer deck and finishes would be worth more.
I think $425 might be a good price.
I would hate one of your guys to analyze my place…
“I think $425 might be a good price.”
Listing notes roof rights available–I could maybe see $500 for it if it included roof rights and a finished (even if basic) roof deck.
That said, MG doesn’t have a habit of seriously mis-pricing properties, so there must be some decent comps justifying this. And, of course, I never was the target market for this sort of place/price.
Let’s not speak bad of Durkin’s they make a great Bloody Mary.
“ummm this reminds me of EVERY OTHER NEW CONSTRUCTION IN CHICAGO. why buy this crap? just rent it.”
Unless buying is significantly cheaper bc we are below rent – own parity.
Just saying…
“That said, MG doesn’t have a habit of seriously mis-pricing properties, so there must be some decent comps justifying this.”
Except the Halsted property, but that was before the much-anticipated roof expansion…
Whoops, I was thinking MGG.
“Except the Halsted property, but that was before the much-anticipated roof expansion…”
That was MGG, no?
Is this considered as part of “Boys Town?” Or is it too far west of Halsted?
I can remember when that term encompassed just about anything within walking distance to Clark + Diversey.
““ummm this reminds me of EVERY OTHER NEW CONSTRUCTION IN CHICAGO. why buy this crap? just rent it.”
Unless buying is significantly cheaper bc we are below rent – own parity. Just saying…”
I remember the days when people would only rent on a main street, above stores, next to train tracks, ect. i am sad that people were duped into think this is a good idea to buy these types of places.
and at 509k plus its layout and look is like every other 2/2 new shyt in chicago your not paying for this unit but the address and the address is Diversey and its like 2-3 buildings away from the tracks.
so i say WTF, why would a person purposely purchase a place like this?
Other than the horrific paint colors, which can easily be changed after the fact and the questionable location (for me) I still do like these types of new construction buildings….for the Chicago market.
If I were the RE agent, I would seriously make a strongly worded suggestion to the builder/designer to neutralize the colors to compliment the units layout.
I have seen time and time again potential buyers walk in a place with the real possibility of actually buyiing and walk right back out for something as simple as the wrong color combination.
Seriously now, what type of design background does the person who created these off putting color choices have? The questionable talents of the designer may have actually eliminated any chance of this place being sold.
“Durkins basically being the only real Purdue bar around the area really sucks.”
Key is past tense–its a UofI bar for about a year now.
“Is this considered as part of “Boys Town?” Or is it too far west of Halsted?”
Too far west? Diversey is four blocks south of Belmont–its a half mile south of BT.
I think people tend to *greatly* overestimate what Boys Town really is. At it’s heart, you’re looking at Roscoe & Halsted, I think that’s pretty indisputable – whether it truly goes more than a block or so in each direction in terms of “street presence,” I dunno, seems questionable. There are definitely stretches of streets that have a substantial Boys Town feel to them, but they aren’t really connected.
Diversey and Belmont west of Halsted are clearly not Boys Town. Clark between Diversey and Belmont, questionable. A few places there for sure (Gabby’s especially) but the Century kind of trumps everything close to Diversey.
Broadway between Diversey and Addison has a stronger Boys Town feel than much of Halsted does, IMO.
Here’s your real problem trying to make Boys Town synonymous with other neighborhoods – the vast majority of the folks in question aren’t rasing kids. So while there’s a constant influx from other parts of the county/state/region, etc., there’s never going to be any substantial 3rd, 4th generation, families that think of Boys Town the way people do in LV, LP, Bridgeport, etc. – institutions like schools aren’t going away any time soon, and they have a moderating effect on the Boys Town flavor of the neighborhood, which I’d argue is pretty much limited to a twenty and thirty-something thing.
I was at my mom’s place a year or so ago with one of her gay friends who is pushing 70 and finally decided to leave the neighborhood after about 40 years – he pretty much gave a frank assessment that it’s turned into a party scene not a whole lot different than much of LP. And while LP certainly has a vibrant commercial/entertainment sector for the post-college crowd, those folks are the tip of the iceberg in terms of what is really making the neighborhood tick every day.
The building is identical to those in the Marquette Row development in River West: http://www.jameson.com/marquetterow