Not All Properties Sell Within Weeks: A 3-Bedroom Townhouse at 3847 N. Fremont in Lakeview
We last chattered about this 3-bedroom townhouse at 3847 N. Fremont in Lakeview in August 2011.
See our prior chatter here.
Back in August 2011 it was priced at $399,900 but some of you seemed to think it would take a $350,000 price to sell. You were also concerned about the school district as this property is apparently in Greeley (which is not one of the “B” districts, obviously.)
The townhouse is still available 14 months later and still listed at $399,000.
If you recall, the main living/dining/kitchen space is on the second floor, with 2 bedrooms on the third floor and the third bedroom (or family room) on the top floor.
The townhouse has a front patio but also a private rooftop deck off the third bedroom/family room.
There is an attached garage and central air.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The baths are marble.
The townhouse is still listed $6,000 under the 2004 purchase price.
What price will finally move this property?
Pam Rueve at Coldwell Banker now has the listing. See the pictures here.
3847 N. Fremont: 3 bedrooms, 2 baths, 1800 square feet, attached garage
- Sold in March 1989 for $210,000
- Sold in June 1992 for $215,000
- Sold in July 1997 for $226,000
- Sold in June 2000 for $333,000
- Sold in August 2004 for $405,000
- Sold in August 2007 for $432,000
- Originally listed in March 2011 for $449,000
- Reduced
- Was listed in August 2011 for $399,900
- Currently listed for $399,000
- Assessments of $100 a month
- Taxes now $7062 (they were $6833 in August 2011)
- Central Air
- Bedroom #1: 12×12 (third floor)
- Bedroom #2: 12×10 (third floor)
- Bedroom #3: 16×11 (fourth floor)
- Rooftop Deck: 12×14
They knew they wanted to sell this so why did they wait until September to put it back on the market? They should have had this on the market in March when they were heading into the strongest part of the season.
I’m tired of sellers who get no interest at a certain price, yet cling to the idea that if they just wait someone will magically be willing to pay that price. If it has been on the market 6+ months at a price and no one has been interested, it is doubtful that someone new is suddenly (especially this late in the season) going to come along and pay your price.
We put in an offer on a place that has been listed since March and was reduced once in May and had no offers made other than ours. We came in low because the house needs a new kitchen, 3 new baths and a new deck. Obviously no one is willing to pay their price with the work that needs to be done, yet they only came down $15k and said final offer. Do people just really not want to sell thier homes? Or do they enjoy having to always be on notice to have the house ready to show? Just take a price cut! It’ll be over faster and easier for everyone!!
With an amazing listing history like that, this unit should have been a rental. No surprise either, it might be 1,800 sq ft but that’s the most cramped layout I’ve ever seen of 1,800 sq ft in my life. I think $325,000 would be a good price, with 20% down and low interest rates, it’s under $2k a month, which might beat condo living, but at least there are no neighbors upstairs or downstairs. Vintage apartments in the area cost less (I know because I used to live around here) and homes or nicer condos cost more, way more, than $2,000 a month.
This can’t go much lower because there are two mortgages:
1st $345,600.00
2nd $64,800.00
So they’re stuck. In lakeview in a townhome with a baby in the crib. Shoulda rented looking at the selling history of this place.
“Sold in March 1989 for $210,000
Sold in June 1992 for $215,000
Sold in July 1997 for $226,000
Sold in June 2000 for $333,000
Sold in August 2004 for $405,000
Sold in August 2007 for $432,000
Originally listed in March 2011 for $449,000”
Real estate only goes up, right?!?!
If they can’t go much lower than this and there is no interest, why not quit wasting thier time? Either suck it up and deal with living there, figure out a way to deal with the loss and cut the price or find a way to rent it and move somewhere else. Sitting on the market forever at an unrealistic price does no one any good.
Given that this home was removed from the market 11 months ago, and only returned to the market one week ago, I would deduce the seller found a renter whose lease will be expiring soon.
Additionally, there is another unit within this community on the market for $900 more. http://www.redfin.com/IL/Chicago/3835-N-Fremont-St-60613/home/13383687
I agree with benjamon. I don’t understand why these people waste their time.
I get a kick out of “My First Sale” on HGTV. The vast majority of the people on that show are idiots who think their house is worth more than nicer homes in the same area and aren’t going to “give their house away.”
“I agree with benjamon. I don’t understand why these people waste their time.”
Some realtors make sellers sign an agreement that fines them if they cancel the listing early. Others just take longer to go through the learning curve:
Stage 1: My house/condo is worth so much more than everyone else’s on the block/in the building and I should get back every $1 I put into it;
Stage 2: Okay I may not make any money, but perhaps I can have something for a Down Payment on the next house;
Stage 3: Geez, at least let me sell for enough to break even;
Stage 4: Yikes, I have to bring how much to the table?
http://www.mysteries-of-life.com/2012/02/different-stages-of-seller-in-todays.html
Wow can this property be more boring?
i vote we chat about this one instead
http://www.redfin.com/IL/Chicago/888-S-Michigan-Ave-60605/unit-4/home/12640027
or this one
http://www.redfin.com/IL/Chicago/500-W-Superior-St-60654/unit-912/home/18944686
You want to be the first born, second wife and third realtor.
“I’m tired of sellers who get no interest at a certain price, yet cling to the idea that if they just wait someone will magically be willing to pay that price. If it has been on the market 6+ months at a price and no one has been interested, it is doubtful that someone new is suddenly (especially this late in the season) going to come along and pay your price.”
Sometimes it happens. All you need is one buyer and new buyers are always entering the market.
“Sometimes it happens. All you need is one buyer and new buyers are always entering the market.”
Sometimes yes, but not too often AND fewer and fewer buyers are entering the market at this point of the year. Time for price cuts!
“i vote we chat about this one instead
http://www.redfin.com/IL/Chicago/888-S-Michigan-Ave-60605/unit-4/home/12640027”
Wow, I love that home. Anyone have $1.25M they’d like to loan me to make up the difference between my budget and this place? 🙂
“Wow, I love that home”
i know its legen….wait for it……dary
why even chat about this property on fremont when there are better properties out there to drool over and complain about the kids being on balconies
Wow! That one in Michigan Ave is amazing.
“why even chat about this property on fremont when there are better properties out there to drool over and complain about the kids being on balconies”
Or complain about mowing the lawn on your landscaped penthouse balcony.
“Or complain about mowing the lawn on your landscaped penthouse balcony.”
I think its artificial turf? but yes the chatteratti can and will find something to complain about and it will revolve around kids i.e. schools, what district, too many stairs, putting one kid in the car then going back up the elevator to get the other kid, and other stuff
“Wow! That one in Michigan Ave is amazing.”
that what i am saying why not chat about that one instead of the two duds in the typical Lake View or lincoln park?
Thanks for sucking me back in Barney.
What the taxes on 888?
“Or complain about mowing the lawn on your landscaped penthouse balcony.”
“I think its artificial turf? ”
I do like the unit a lot. But it does seem like they could have done something better w the outdoor space, which is pretty magnificent, both in terms of the surface and the fencing. What’s the optimal surface to use?
“What’s the optimal surface to use?”
i would like to know this too. as would rather do real grass but cant imagine the cost to install and build with proper drainage.
how cool would it be to mow your lawn 11 stories up?
“how cool would it be to mow your lawn 11 stories up?”
or sheep.
“i vote we chat about this one instead
http://www.redfin.com/IL/Chicago/888-S-Michigan-Ave-60605/unit-4/home/12640027”
This property has been written up and talked about a gazillion times on all the other property sites. It bores me to cover it again.
Why did they wait till now to put it back on the market?
Uhhh…maybe necause Cubs season (and its attendant traffic problems) is over?
“This property has been written up and talked about a gazillion times on all the other property sites.”
there are some people who only read/view this property website
and really are there other chicago property websites?
“It bores me to cover it again.”
it seriously cant be more boring than this place on fremont?
The 888 S. Michigan property doesn’t include parking according to the listing information. Maybe I wouldn’t care for the extra cost if I could afford a $1.75 M place.