On the Market for 3 Years and Now Reduced $185,000: 848 W. Roscoe in Lakeview
We’ve chattered about this 3-bedroom duplex down at 848 W. Roscoe in Lakeview several times over the last 9 months.
See our April 2011 chatter here.
In April, after another price reduction to $559,900, one of you guessed that the unit would sell for just $425,000 ultimately.
Some of you scoffed but were looking at a duplex down comp at 3635 N. Wilton #1 listed at $499,000 that had gone under contract (and which subsequently never sold and is now re-listed at $529,000.)
So some of you did think it might sell under $500,000.
The unit has been reduced again to $529,900.
Built in 2003, two of the three bedrooms are on the main floor with the third in the lower level.
It also has a 18×17 family room in the lower level.
It has two outdoor spaces with a south facing patio as well as a rear deck. The unit also has a garage with a heated driveway.
The kitchen has stainless steel appliances and granite counter tops.
What will it take to finally sell this unit?
Keith Goad at Prudential Rubloff still has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, duplex down, no square footage listed
- Sold in September 2003 for $540,000
- Originally listed in September 2008 for $715,000
- Reduced many times
- Was listed in December 2010 for $576,900 (parking included)
- Reduced
- Was listed in April 2011 for $559,900 (parking included)
- Reduced
- Currently listed for $529,900
- Assessments of $228 a month
- Taxes of $8507
- Bedroom #1: 13×12 (main level)
- Bedroom #2: 12×10 (main level)
- Bedroom #3: 13×10 (lower level)
“Some of you scoffed but were looking at a duplex down comp at 3635 N. Wilton #1 listed at $499,000 that had gone under contract (and which subsequently never sold and is now re-listed at $529,000.)”
Are you sure? Redfin shows it as selling for $475,000 in June 2011.
http://www.redfin.com/IL/Chicago/3635-N-Wilton-Ave-60613/unit-1/home/12700333
Yeah this will be on the market until its 450k or less
Well at least they bought at 540K…they won’t lose as much as those who bought in 2007.
“Yeah this will be on the market until its 450k or less.”
I don’t know – but then again I don’t know the market for duplex downs very well, since I would never consider living in one. I was surprised to see a duplex down in my hood (Bucktown) recently sell for $610K though.
http://www.redfin.com/IL/Chicago/2150-W-Mclean-Ave-60647/unit-1W/home/26794019
I don’t know Jon that is a pretty modern and somewhat unique property. The one Sabrina featured is a dime a dozen cookie cutter.
LMAO Jon, love all the kids crap draped over the basement wet bar in pic #9
After being a daily reader of this site for a couple years now, I’m really interested to know what you chatters would think about my unit’s pros and cons and approximate value?
Off topic I know but Sabrina have you considered creating a page for folks to speculate on others units without them being listed on the MLS?
“After being a daily reader of this site for a couple years now, I’m really interested to know what you chatters would think about my unit’s pros and cons and approximate value?”
Just send a link to the property and plenty of people here will tell you that you live in a piece of sh!t place that will never sell unless you list it for 75% less than what you paid for it.
@Kevin, zipreality and zillow have a feature where you can do that…put your place on the market without putting it on the market. You could put it there and then post a link back here…just be sure to do it at the start of a new thread and not during some troll rants or other tangents
“Off topic I know but Sabrina have you considered creating a page for folks to speculate on others units without them being listed on the MLS?”
Interesting idea, Kevin. Without being listed, I’d say that opinions could be formulated as to your property based on a decent description (a fairly precise location, unit type, beds/baths, condition, parking, updates, etc.). A picture or two would obviously help as well.
What is a duplex down?
A duplex down is a two level unit where the lower level is below grade (basement level). Duplex up is when it is a two level unit and both levels are above grade (i.e., 2nd and 3rd floors).
“What is a duplex down?”
Duplex Down. A street level abode made only worse by several other occupants living above you; the “down” portion of the term refers to a sub-grade basement-like living area that doubles the living area of the unit but invites a multitude of windowless issues include water seepage and a general feeling of confinement. Duplex downs are generally purchased by the buyer who does a careful per dollar square footage calculation and is astonished by the (albeit sucky) amount of “house” one can get for his or her dollar. Often thought of as the “starter home” for urban dwellers entering into their child-birthing years, the duplex down is frequently abandoned shortly after the children’s names are posted above the cribs and the parents realize that the city duplex down living is not conducive to family life.
“What is a duplex down?”
Better still, Sabrina have you considered having a FAQs and/or Glossary section as well?
I think there ARE buyers out there. I was going to list one of my rental properties right around the corner from the subject property. I didn’t even have time to formally sign the papers or go over the listing agreement and I think I am already getting an offer today. The real estate agent was terrific and really convinced me to price it at a point where there is little room for negotiation. I will probably lose (for the first time) about 80-100k on this place – but there are so many pretty good deals out there, that I hope to make up even more than that amount on the “buy” side. I am curious why more people out there aren’t doing the same (obviously the ones with some equity in their places).
“After being a daily reader of this site for a couple years now, I’m really interested to know what you chatters would think about my unit’s pros and cons and approximate value?”
Sure, try us. You will get the right answer and several characters and puppets will do their acts as well.
Jon,
I think you’re right on target.
I don’t think I want to own a duplex down.
We bought a spacious 4 bedroom duplex down with lots of light and love it, so don’t write off the concept–it all depends on the particular unit.
Again, if a property is priced right it will sell. I signed listing papers today and got a pretty close to asking price cash offer this afternoon. Unbelievable – I thought it would take months. Of course the offer is 12% less than what I paid in 2009, but I really hope to more than make up for it by taking the monies I receive and reinvesting into a better deal. I still just can’t believe it. Once you get over the loss, you begin to see the opportunities – and there are a LOT out there!!!
“Sure, try us. You will get the right answer and several characters and puppets will do their acts as well.”
OK, so I’ve been reading for the last 6 months and I’m curious what I’m missing on these units. They’re listing for 20k+ cheaper than units with the same floor plan a quarter mile north. The schools are not greatly different and are an issue, but aside from that, it seems like a really nice place for a small new family. Is it the Costco/strip mall proximity? Lathrop Homes? Poor CTA access? I’ve looked at a lot of total garbage in the last few months, but these seem OK, but WTF do I know?
http://www.redfin.com/IL/Chicago/1781-W-Altgeld-St-60614/unit-F/home/13358279
http://www.redfin.com/IL/Chicago/1765-W-Altgeld-St-60614/unit-J/home/13357928
http://www.redfin.com/IL/Chicago/1775-W-Altgeld-St-60614/unit-F/home/13359324
http://www.redfin.com/IL/Chicago/1765-W-Altgeld-St-60614/unit-K/home/13358276
“Off topic I know but Sabrina have you considered creating a page for folks to speculate on others units without them being listed on the MLS?”
If it’s not listed on the MLS- who cares? I’m sure everyone is interested as to what their property can sell for- but really- that’s what the professionals are for. Yes- call some realtors.
People on this site make fun of the professionals but a good realtor is worth their weight in gold. They’ll pull the comps. Get 3 or 4 estimates from some of the best agents so you can see how different they are. Some agents are more realistic about listing prices than others. Use agents that know your building or neighborhood. Don’t use your uncle who lives in Park Ridge if your condo is in Edgewater.
“OK, so I’ve been reading for the last 6 months and I’m curious what I’m missing on these units. They’re listing for 20k+ cheaper than units with the same floor plan a quarter mile north.’
The ones you listed to are Terra Cotta Village. The same ones listed further north are Landmark Village.
In my opinion, Landmark Village is a better location but both are far west.
“The ones you listed to are Terra Cotta Village. The same ones listed further north are Landmark Village.
In my opinion, Landmark Village is a better location but both are far west.”
Yes, and there’s the little brother Landmark Village II, where we actually had a contract on a short sale that fell through. I didn’t bother with the names because I didn’t think they’d be meaningful to anyone. Go figure. Anyway, my question was really, WHY is Landmark Village a better location? They seem roughly comparable to me.
Well- this IS a real estate blog so yes, people DO know the names of the subdivisions.
You’re the one who has to live there- so I can’t tell you why one is better than another one. Personally- the area around Diversey and Wolcott is much nicer than that of Altgeld and Wrightwood. There is the Starbucks and other coffee shops. There are easier public transportation options (if you want) with the Diversey bus. You can walk up to Roscoe Village from Landmark Village. There’s not much going on that far west on Altgeld except on Clybourn- which isn’t an attractive street to “hang” out on at that location.
terra cotta village sucks ass I looked at some of those homes and couldn’t believe what a rip they were
you can get a 2/2 townhouse in LP near atgeld & wrightwood for under 300k with a garage spot. Sabrina forgot to mention the areas proximity to clyborn metra stop. which is huge for a lot of folks. Starbucks? lol only dumbasses value that.
“you can get a 2/2 townhouse in LP near atgeld & wrightwood for under 300k with a garage spot.”
Bob- those are the ones he linked to above. They’re all listed aroudn $325k.
But pretty much the exact same layouts in Landmark Village just north of Diversey are listed around $350k to $385k. He wants to know why.
In my opinion- access to restaurants and city amenities trumps all. So- to me- Landmark Village is a much better location. But that is my choice.
You also probably REALLY hear the train in Terra Cotta Village (since it runs directly next to the complex.) That’s not the case in Landmark Village.
Is quiet worth an extra $25k to $50k?
Apparently so.
err atgeld & clyborn
Bob you gelded pony you – it’s Altgeld not atgeld
” In my opinion- access to restaurants and city amenities trumps all. So- to me- Landmark Village is a much better location. But that is my choice.”
Thanks, that’s what I was looking for. I hadn’t considered the difference in train noise either. Good stuff, much appreciated.
” terra cotta village sucks ass I looked at some of those homes and couldn’t believe what a rip they were”
OK, but why does it suck ass? They seemed pretty nice to me for small starter homes in that price range and general location, certainly preferable to the 2/2 plus dens or 3/2s we were seeing in 3-flats and small elevator buildings in the area. All of those (in the low 300s) were tiny, had major maintenance or association issues, or were below grade. But I could be missing something, which is why I ask.
Per redfin, this just sold for $485,450.