Quiet, Charming Luxury in Landmark Village: A Townhouse at 2809 N. Wolcott in Lakeview
This 3-bedroom townhouse in Landmark Village at 2809 N. Wolcott in West Lakeview came on the market in August 2023. The picture above is not the listed townhouse, but it’s of other townhouses in Landmark Village. Because it’s a gated community, I had to shoot from outside the fence.
Built in 1995, Landmark Village is a gated community of townhouses and some single family homes. I couldn’t find how many units are in the community.
The listing for this townhouse says its the largest floor plan in the village.
It has a newly remodeled foyer. The first floor has the garage, a full bathroom and “flex space” which could be used as the third bedroom, an office or family room. It leads to a small patio.
The second floor has refinished hardwood floors and the living room, dining room and kitchen along with a balcony over the driveway.
There is a wood burning fireplace in the living room with a mosaic marble surround.
The kitchen is a “chef’s dream” and was “completely updated” in 2022. It has green cabinets and quartz counter tops with brass details and stainless steel appliances.
The third floor has skylights and two bedrooms along with one full bathroom with a double vanity. The bathroom is “new” in 2022.
The townhouse has central air and a one car garage.
The listing says this is near “famous” Hamlin Park and in the Jahn school district. It also says you can live a “life of unparalleled comfort and quiet, charming luxury.”
Listed in August 2023 at $565,000, that’s $115,000 above the 2020 sales price.
Will this seller get the premium?
Olivia Carlson and Paul Siebert at @Properties Christie’s has the listing. See the pictures here. No floor plan but there is one in the 2020 listing photos.
Unit G: 3 bedrooms, 2 baths, no square footage listed, townhouse
- Sold in May 1996 for $207,500
- Sold in July 2003 for $350,000
- Sold in July 2009 for $400,000
- Sold in July 2020 for $450,000
- Currently listed at $565,000
- Assessments of $494 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal and Internet)
- Taxes of $9048
- Central Air
- Laundry on the second floor
- 1-car attached garage
- Wood burning fireplace
- Bedroom #1: 13×14 (third floor)
- Bedroom #2: 13×11 (third floor)
- Bedroom #3: 13×13 (main floor)
- Living room: 15×14 (second floor)
- Dining room: 12×9 (second floor)
- Kitchen: 12×11 (second floor)
- Foyer: 7×19 (main floor)
- Patio: 8×7 (main floor)
- Balcony: 10×8 (second floor)
I cook a fair bit, and this is nowhere near a chef’s dream. Completely updated includes keeping the original range & fridge?
Paint, countertops & Backsplash, DW and LVT isnt worth $115k
This feels like the owners are trying to compensate for mortgage rates going from 3% to 7%
It will be under contract soon simply for the fact that it’s relatively nice and priced correctly when compared to the other 3/2 options in this area.
Can’t blame them for trying to sell at a premium given the lack of inventory in this area.
they could have spent minimal dollars painting/updating the bathroom vanity in pic 28. Showing some wear and tear.
11 pics of the kitchen is a bit much. There’s 1 pic of the 3rd floor shower but none of double vanity. Also, no powder room on main floor not ideal.
“sell at a premium”
PP + CPI = $530k.
PP + C-S (homes) = $589k.
Not really a premium.
If I were looking at this, I’d probably see if I could make it work for this one:
https://www.redfin.com/IL/Chicago/1737-W-Melrose-St-60657/unit-CH/home/171916737
I don’t know about anyone else, but when I see the exterior photo here, the words “charming” and “luxury” don’t come immediately to mind.
“Also, no powder room on main floor not ideal.”
Vast majority of townhouses with this square footage at this lower price point will NOT have powder rooms on the main floor. Heck, even many of the $1 million townhouses will not have it either.
We have discussed this before on this blog.
“Can’t blame them for trying to sell at a premium given the lack of inventory in this area.”
Nope. And what we consider “premium” could just be the going rate for these townhouses now.
“If I were looking at this, I’d probably see if I could make it work for this one:”
Coach houses are very different animal than a townhouse. Much smaller association, for one. Usually backs up to an alley. In the case of this one at 1737 W. Melrose, it has parking on that side drive but no garage. Have fun digging out the car each winter.
Also, the price point isn’t even close. If you’re looking at $565,000, you’re NOT looking at $649,000.
“Also, the price point isn’t even close. If you’re looking at $565,000, you’re NOT looking at $649,000.”
That’s less than a 15% price difference. So you are implying that those buying this are likely indeed stretching their affordability to the max to purchase it. Would you say similarly about a 15% difference in restaurants would make a meal unaffordable?
Sabrina essentially indirectly admitted that the people buying in the post-pandemic bubble are buffoons stretching to the limit. The problem with that line of thinking is the buffoon can only buy what the bank will loan them and now that rates are significantly higher that is a lower amount.
This is contingent.
“If you’re looking at $565,000, you’re NOT looking at $649,000.”
HMAM, per redfin, is $5068, v $4631. It’s less than 10% more.
If you can’t afford 10% more, you’re overstretched.
Also: those are asking prices, not selling prices.
“If you can’t afford 10% more, you’re overstretched.”
Have you EVER been pre-approved for a mortgage anon(tfo)? I’m asking seriously. Have you EVER bought a home?
Someone who is pre-approved for Wolcott isn’t going to be pre-approved at $650k. It would be someone who is pre-approved at $650k for Melrose who MIGHT decide to go look at Wolcott because there is so little on the market and it’s the same 3/2. But NOT the other way around.
Hasn’t the last 20 years of real estate in this country proven that most buyers will buy up to the maximum limit that the mortgage broker will let them? Someone who is looking at $565k is looking under $600k. That’s the reality.
And, no, most people can’t “afford 10% more.” Come on. Argue something realistic please.
And these are asking prices, not selling prices? The same properties going under contract, probably with multiple offers, in days? You’re going to get a deal on one of those? Come on.
“That’s less than a 15% price difference. So you are implying that those buying this are likely indeed stretching their affordability to the max to purchase it.”
You’re going to argue this stupid argument too along with anon(tfo) Bob?
Obviously, you’ve never bought real estate. No, someone who is approved for $565k is NOT going to be approved to buy $649k. It’s laughable that you are even suggesting this. And, yes, most buyers buy up to the max that the mortgage broker tells them they can “afford.” Can they make that monthly payment? Then they buy. And the monthly payment AND down payment on that $649k coach house is significantly higher it is on the townhouse.
“Sabrina essentially indirectly admitted that the people buying in the post-pandemic bubble are buffoons stretching to the limit.”
Changes to lending regulations over a decade ago are still in place. I’m not concerned about the lending. Just another thing the bears get wrong. These buyers have good jobs and down payments.
But many middle class people “stretch” to get into a house, especially with 7% mortgage rates. It’s $565,000. That’s a huge purchase for anyone.
“The problem with that line of thinking is the buffoon can only buy what the bank will loan them and now that rates are significantly higher that is a lower amount.”
Yep. That has been the reality for the last year Bob. But that’s why Chicago’s real estate market has been holding up so much better than other cities. We are much more affordable. And the buyers have been doing what I said they’d do, they are trading down and still buying. They are buying the monthly payment they are allowed.
Additionally, Chicago’s job market has remained mostly stable, even with tech layoffs. Techies that were laid off have been getting new jobs.
It’s interesting that you think we’re in a “post-pandemic bubble” yet buyers can only buy at a lower amount with rising rates. Who would have figured THAT? A bubble with rising rates?
Ba ha ha. The bears are so desperate now.
Honestly not too bad for the price. Love the open layout and the outdoor space isn’t bad at this level either.
To me the issue is the location, you’re far from both L lines and away from the action. That industrial corridor on Clyborn feels like the suburbs too.
Random, but I wonder how the balcony over the outside parking spot would be for the paint of the car (from snow, rain, sun, etc.), a bit odd.
The bathroom layout is as expected for this price point. Nicer layouts have 2 baths on the bedroom floor and/or a powder on the main living floor (in addition the the ground level one). I’m looking for a 3/3 with a rooftop (and 2 car garage). Those seem to be going for $750-$850K depending on location.
Something like this (also love the location): https://www.redfin.com/IL/Chicago/2034-W-Willow-St-60647/unit-B/home/12802221
Wild how much prices for units like these have gone up even with these interest rates (as I’ve been following all bought in Willow Court). Gonna be tough to leave my 3% rate haha.
“Wild how much prices for units like these have gone up”
The Jan-13 PP + C-S condos would be $895k–not clear to me if the new kitchen since then would make it not “count” for C-S.
The pop since ’21 is all about lack of listings.
What’s a C-S condo? Does that refer to a major remodeling?
But ya in River North selling a 2/2 now is at a loss from when my parents bought 8 years ago haha. Bucktown is hawt though it seems. I’ve seen a few sell in Willow Court within a week at or over listing.
“What’s a C-S condo?”
Case-Shiller condo index.
10 year gain on that was below Chicago metro average, and someone put in a new kitchen. And the ’13 price wasn’t crazy low, so it’s not bc of that.