Pricing A Townhouse to Sell in Lakeview: 3239 N. Kenmore
This 2-bedroom townhouse at 3239 N. Kenmore is part of a 6-unit complex in Lakeview that was built in the late 1980s.
It came on the market on June 4 and was under contract quickly thereafter.
The multi-level townhouse has two outdoor spaces, including a rooftop deck, as well as garage parking.
It was also priced only $35,000 higher than the 2003 purchase price.
Was this a “deal” at this price?
Jon Gerstein at @properties has the listing. See the pictures here.
Unit #6: 2 bedrooms, 3 baths, 1 car parking
- Sold in May 1992 for $223,000
- Sold in March 2000 for $380,000
- Sold in April 2003 for $405,000
- Currently listed for $440,000
- Under contract
- Assessments of $75 a month
- Taxes of $4312
- Bedroom #1: 15×14
- Bedroom #2: 15×10
- Family room: 15×14
“Was this a “deal” at this price?”
Enh. I don’t think they “ovepaid”–it’s right at 4%/year from teh 1992 price–but that doesn’t quite qualify as a “deal” to me in the current market.
One thing that I really miss from viewing RE listings in NYC is there they give sq ft totals and there is almost always a floor plan on their ads. The practice of describing properties as spacious, huge, nice sized space, room for entertaining, etc on Chicago listings without the total size and layout of a space really does discourage me from even looking into a place.
Glad this place is under contract, but I think were the homes listed with more accurate facts the agents might be a bit busier.
Do you think the sparse ads attempt to make a buyer consider looking into the place more than just having the info at your disposal?
Reasonable taxes and assmnts. Parking. Great Lakeview location,location,location. No Sq.Footage but looks to be a good size. I can’t tell if the kitchen is a separate room or not.
The price feels a bit. Assuming 1400 sq. ft. it is listed at 300+ a sq. ft.
Seems a reasonable price. Lots to like about this place.
Very hard to find a better “deal” without buying a distressed property. Assuming the seller took a little under list, they were about at breakeven.
“The price feels a bit. Assuming 1400 sq. ft. it is listed at 300+ a sq. ft.”
I think it’s more like 1650+ SF + outdoor space, using the typical measuring techniques (which I think are bs, but few here really agree with me)–the main floor is pretty easy to figure–it’s ~16′ wide (LR is 16×13) and about 34′ deep (LR@13+DR@10+Kit@10, add a foot for walls), so ~550/floor minimum. The garage is separate, so no need to deduct.
If you include the deck (REALLY stupid imo, but apparently acceptable to many here), it’s probably 1800 sf of “living area”.
I think its a fair price.
Things this property has going for it:
1) townhouse not a condo
2) three full baths
3) private outdoor space
4) location
5) parking
6) not cheap new/bubble construction
Regarding the square footage guestimation techniques, why can’t people just realize that you must include the walls in the total square footage?! If you look at any property plot or county assessors information, all properties are measured by their outside walls, and then by the number of floors.
Yes, I get the whole “usable space” vs. total square footage argument, but seriously…
And I completely agree with anon (tfo), outdoor space is not part of the equation!
“And I completely agree with anon (tfo), outdoor space is not part of the equation!”
At the risk of sounding like a broken record or being a NYC cheerleader, most NY listings do include the outside space when speaking of total sq ftage…perhaps anything to justify the outrageous pricing.
“being a NYC cheerleader, most NY listings do include the outside space when speaking of total sq ftage”
I don’t think that’s cheerleading for NY; it’s pointing out a local quirk that isn’t a positive.
I don’t know if it should or shouldn’t be listed in total sq footage, but usable outdoor space certainly has value, and lots of people do use a deck/patio as an “outdoor room.” I certainly use my deck and patio more than unfinished basement space many of my friends have, which I bet gets counted, right?
unfinished basements are not supposed to be counted.
“usable outdoor space certainly has value, and lots of people do use a deck/patio as an “outdoor room.””
I absolutely agree, but it isn’t the same as an extra bedroom or even a storage closet. So it isn’t “square footage”.
Would you count it for a SFH? So I could tack on 1000 sqft to my house sqft for my–quite usable–backyard? Or would I have to pave/deck the whole area for it to count? Either way it’s ridiculous, right?
“unfinished basements are not supposed to be counted.”
Agreed, and if a listing did so, I’d object to that, too.
low ceilings, bad appliances, but love the basement, hate the exertior. Kenmore is a really nice street to live on although this might be a little close to Wrigley for my taste. At least is isn’t located in Latvia – http://tinyurl.com/omrwaj
Those former soviet bloc countries are basically in a depression. It’s amazing how global this recession has been. on the other end of the spectrum, CH is doing pretty well. How can 10,000,000 rich investment bankers, engineers and insurance analysts surrounded by the alps and undefeated since William Tell be wrong???
“unfinished basements are not supposed to be counted.”
I learn something every day, thanks.
anon- can’t say I disagree with you on the sq. footage issue, but if notated I think it’s at least smart to distinguish a 20′ x 10′ deck or patio from the silly balconies I often see mentioned as outdoor space, which hold one chair in addition to a small Weber.
“it’s at least smart to distinguish a 20? x 10? deck or patio from the silly balconies I often see mentioned as outdoor space”
No Question. Include is as an “additional room” if you like. But if you list SF as 2500, I expect 2500 SF *inside*, not 2000 SF with an excellent 20×25 garage/roof-top deck.
Add one more bedroom and it’s a “deal.” For $440ish, I want 3br.
They had 4 offers! And the basement is finished – Family Room, Full Bath, Huge Storage Room for W/D etc.
1. Square footage is supposed to be the foot print of the property. It is acceptable to measure this from the exterior walls as a developer would or interior walls, as a homeowner would. Total square footage includes all usable space that is above grade.
2. Above grade is a space that is at least 50% above ground level, whether it’s finished or not. Many Chicago basements/lower levels are 50% below grade, so the taxes are lower (less SF, lower taxes). It’s defintely acceptable to say something like, “1000 sf + 700 sf basement”. Theoretically, anything below grade shouldn’t be included in SF. However, in a duplex down condo, it only makes sense because usually the bedrooms are on the lower level. Confusing I know.
3. Unfinished attic should not be included in total SF. Finished attic should be.
4. Outdoor space should never be included in total square footage. If the outdoor space is truly a great living space (outdoor kitchen, built in seating), you can reference it separately. “500 sf roof deck with skyline views.”
5. Bedroom dimensions should not include the closet, but most realtors include them. This makes the room feel bigger, only to have the prospective buyer walk in and say, “This isn’t 12 x 16!”
6. Something isn’t supposed to be a bedroom unless it has a closet and window. For lofts, natural light passing into the space is sufficient but a completely closed off bedroom w/o any natural light is a den.
Fun fact: Have you seen the older brick homes where there is a 6 or 8 sided breakfast room that protrudes from the front of a home? That is called a “Chicago Room” and it was designed when the city simply took a footprint of a building to determine square footage. The Chicago Room goes beyond the footprint, but since it’s on a high 1st floor, the footprint is unchanged. Leave it to Chicagoans to find a way to cheat the system!