Rehabbed 3-Bedroom Duplex Down Already Under Contract In 21 Days: 1321 N. Bosworth in West Town
This 3-bedroom duplex down at 1321 N. Bosworth in West Town came on the market in late August 2012.
It was last bank owned and sold in June 2012.
The prior listing when it was bank owned said: “This may be your project! Wicker Park -Bucktown area, spectacular duplex down! In need of some repairs and replacement of missing items.”
The kitchen cabinets were still intact but the appliances were missing. From the pictures in the prior listing, it appears that the bathrooms were also intact.
However, the pictures indicate the floors in the lower level were missing as was some drywall.
The new listing has the same kitchen and granite counter tops and backsplash. The Viking and Bosch stainless steel appliances are new.
A new wood floor has been put in in the lower level as well.
The unit was repainted and a new stone facade was put on the fireplace.
All three bedrooms are in the lower level.
Originally listed for $400,000, it was reduced to $375,000.
After only 21 days on the market it just went under contract.
Is a buyer still getting a deal on this unit even after paying the rehabber premium?
See the pictures of the unit “before” when it was bank owned here.
Kristina Ryan at Weichert Realtors- First Chicago has the listing. See the rehabbed pictures here.
(By the way- notice that the old unit had natural wood around the windows and moldings and the rehab unit painted it white. Should they have kept the “natural” look?)
Unit #1S: 3 bedroom, 2.5 bath, 1900 square feet, duplex down
- Sold in September 2006 for $561,000
- Lis pendens filed in March 2009
- Bank owned in February 2012
- Sold in June 2012 for $231,500
- Originally listed in August 2012 for $400,000 (parking included)
- Reduced
- Currently listed at $375,000 (parking included)
- Under contract
- Assessments of $183 a month
- Taxes of $7603
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×16 (lower level)
- Bedroom #2: 13×14 (lower level)
- Bedroom #3: 12×11 (lower level)
“A new wood floor has been put in in the lower level as well.”
Looks like tile to me. And a good idea, given that the space flooded.
On rare occasions I’ll comment on a property that’s almost appropriately priced, and this is it. A 3 bedroom duplex down with 1,900 sq ft (allegedly), all new, near the Division el, for under $400k is a pretty good deal, absent any other unknown issues. It’s 1/3rd off the 2006 price and it’s been rehabbed. The cabinets are again, Ikea http://www.ikea.com/us/en/catalog/products/90141411/ (not exactly the same b/c that line has been discontinued in the new catalog) but the developer took the ‘kitchen budget’ and threw it into the appliances instead – notice the cheesy build-in around the expensive stove – they pretty had to do it. The drawer microwave is at least $700 and it’s right next to the dishwasher, that’s not an inexpensive appliance package. I don’t blame the rehabber for keeping the perfectly good kitchen and upgrading the appliances.
This is not a unit for me and my lifestyle these days, but it’s a good deal for somebody out there, and that’s why it went quickly, likely to a DINK income household that works in the loop.
p.s. in this case, the trim was ugly, i don’t mind painting it. I get angry when the old growth hardwood from the victorian area is painted over with bejamin moore.
This doesn’t bode well for unit 2S which came on the market today for $469K…
http://www.redfin.com/IL/Chicago/1321-N-Bosworth-Ave-60642/unit-2S/home/12589600
I don’t think the flooring in the basement is tile, I think it’s the plank vinyl made to look like tile or wood. I’ve been to quite a few tile stores in my excursions I didn’t see any tile that looked like that. That’s not to say it doesn’t exist. I don’t have the time to find the exact vinyl planks I think they are, however.
The custom closet is nice, we did that in a few of our closets, it really opens up the space and gives you far more utility. It’s not cheap, especially for any color other than ‘white’ or just shelves, but it’s pretty cool to have drawers and racks, etc
depressing street. they’ve been building condos like this on it since the late 90’s but cant seem to make it look much better. if the street doesnt make you glum enough you can walk over to kmart for a little push.
” Jon (September 11, 2012, 12:13 pm)
This doesn’t bode well for unit 2S which came on the market today for $469K…
http://www.redfin.com/IL/Chicago/1321-N-Bosworth-Ave-60642/unit-2S/home/12589600”
The wide angle camera really distorts the dimensions of the room – look at the TV, look how ‘long’ it is … I’ve never seen a tv that ‘long’ , rather than 16:9 it’s like 29:8 or something ridiculous looking!
“I think it’s the plank vinyl ”
So, vinyl tile!!
I believe that is expensive tile, ~$7 sqft….
http://www.aubreyflooring.com/tiles/6841/Tile/Grespania/Natura+Tile/Natura+Floor+Tile+6%2522+X+24%2522+-+Niquel
“This doesn’t bode well for unit 2S which came on the market today for $469K…”
I think duplex up deserves a 20% premium over duplex down, esp in a building with demonstrated water issues (*even* if the water issue was only a frozen pipe). So, if this one gets $350+, then the up should be $420+, which makes $469 a non-crazy ask.
HomeDelete,
Remember that bet we had with Matt Garrison and we all ended up donating to the Anti-cruelty society? Are you getting barraged lately with more then normal solicitations from them? IDK but this past month it seems like they are blowing up my inbox and my mailbox.
Ugh HD, if you were a true home theater snob you’d know that all cinema standard movies are in the 2.39:1 aspect ratio… you have a lot to learn
Also, I’m surprised nobody has called this building a cinderblock mcshitbox yet
I am very familiar with the 2.39:1 format sonies, but good luck trying to find a HDTV in that format except for this:
http://www.philips.co.uk/c/cinema-21-9/30849/cat/
I’d guess it’s more a distortion caused by the camera lens.
OOO! Who’s the duplex down lover? Or do you think that there should be *more* than a 20% premium for the up v the down?
No vinyl here!
Finished beautifully with the finest details.
Need to see it in person to appreciate.
Thank you to VHT for the photos.
Hats off to the sellers. I don’t get the logic of the buyers. Why are you willing to pay 375k for a place that was purchased for 231k and spent maybe 60k max on a facelift? I’d rather go on condoshark or a similar distressed property site, wait for a comparable unit, and either borrow 60k less or have a reno that truly is worth every penney.
Wow, the one unit I actually like, everyone else hates, and the units I hate, everyone else loves. i wasn’t expecting everyone else to crap on this unit it under contract pretty quickly
Had multiple offers!
Buyers have few options with a similar property.
Compare this property with others on the market &
it’s phenomenal with regard to finishes, price & location.
When we sold our duplex-down,we disclosed to the buyer (as is THE LAW) that we did indeed get water in the basement, and the water damage was evident to any good home inspector. It didn’t impact the sale, much to our relief, and we moved on to greener pastures.
I would never, in a million years, recommend that any of my family or friends buy this type of condo. At least with a single family home there are options for waterproofing – such options don’t exist for this type of building, I don’t think.
“I think duplex up deserves a 20% premium over duplex down, esp in a building with demonstrated water issues (*even* if the water issue was only a frozen pipe). So, if this one gets $350+, then the up should be $420+, which makes $469 a non-crazy ask.”
I would agree with you if 2S was a duplex up AND THE TOP FLOOR unit, but I think that this is a 5-unit building (per the 2S listing), so 2S gets a 3 living on top of it. A middle unit doesn’t get the premium that you describe in my opinion.
Looks like the new porcelain tile made to look like wood. Note the light grout around each ‘plank.’ Would look much better with a tight grout line and darker grout, imho.
homedelete- Tile Outlet has that type of fakey wood plank ceramic tile. Now that I see it used in a basement, it makes a little more sense.
I hate the blonde maple cabinets.
I would have replaced those in the rehab. Or maybe they did? Fugly
” A middle unit doesn’t get the premium that you describe in my opinion.”
So, no premium for being out of the sewer zone? Only 10%?
The PH definitely exists, but #2 units claim to be duplexes, and I don’t see a 4th/5th level. So I’m confused.
“The PH definitely exists, but #2 units claim to be duplexes, and I don’t see a 4th/5th level. So I’m confused.”
Seem like the #2s share a small portion incl back balcony of upper floor of the #1s? And the f***ers in the penthouse have the floor to themselves and run around making noise as they wish.
Also, isn’t the #2 smaller than #1 per listing (I have not checked closely)?
“Seem like the #2s share a small portion incl back balcony of upper floor of the #1s?”
Ah!! that layout. The sideways L. So this unit only has (on the above-grade floor) the 3 windows we see in the LR/kitchen pix.
Does anyone ever worry (or test) for radon with these duplex downs..especially when the bedrooms are in the basement? FYI, when we purchased a single family home in west town area, we required a radon test..and, due the results, the seller provided a credit at the sale for a radon mitigation system (which was installed).
“Ah!! that layout. The sideways L. So this unit only has (on the above-grade floor) the 3 windows we see in the LR/kitchen pix.”
The good news is that it has way more windows on the first floor. The unit goes from front to back and has multiple window combinations on the south, east, and west walls. If you are able to keep the balcony door on the back open then the cross ventilation in this unit could be very good. Now the duplex down space appears to be limited in window area.
I toured this property over the weekend, and while I am no expert, I believe the basement was finished with porcelain tile. Overall, the rehab of the space felt like it was nicely done, however the biggest drawbacks in my opinion are that all three bedrooms were on the lower level, and the only way to access any of the outdoor space was through one of the bedrooms.
So, with this place being 2/3s basement, and the 2S unit being 100% above-grade, everyone still disagrees with a 20% premium (I’d now say, understanding the layouts, more like 25%) for 2S?
“I would have replaced those in the rehab. Or maybe they did? Fugly”
Look at the before and after pictures. It’s not hard to figure out.
If you’re a rehabber, why would you replace the perfectly fine cabinets? Do you know how much more that adds onto the cost? In this instance, all they had to do was put in new appliances. They don’t care what “you” like. The stainless steel appliances and granite counter tops will sell it.
And, according to the realtor, they had multiple offers. Even better.
“Had multiple offers!”
Thanks for the update Kristina. So why’d you lower the price $25,000 if everyone was so hot to trot? Or was it really that price point that sold it (and $400k wasn’t getting any looks?)
Sabrina (September 11, 2012, 10:45 pm)
“I would have replaced those in the rehab. Or maybe they did? Fugly”
Look at the before and after pictures. It’s not hard to figure out.
If you’re a rehabber, why would you replace the perfectly fine cabinets? Do you know how much more that adds onto the cost? In this instance, all they had to do was put in new appliances. They don’t care what “you” like. The stainless steel appliances and granite counter tops will sell it.
And, according to the realtor, they had multiple offers. Even better.
Rating: 0 (from 0 votes)
About $3500 as I just bought some
People living in basements, even first floor slab buildings, have no idea of the amount of toxic crap in the building atmosphere. Radon, mold from water intrusion and the next issue to delay bank financing-Vapor Intrusion from leaking storage tanks and dry cleaners on nearby properties. State law doesn’t even require disclosure anymore-Realtors got the old law revoked in 2002. Little Johnny has to wear a bicycle helmet and be strapped in the car, but he can breathe all the carcinogens he wants at home.
“About $3500 as I just bought some”
Lunker – While you might be correct that they could purchase new cabinets or this kitchen at $3500 or perhaps an even lower price that is just the cost of the cabinets. you also need to factor in the cost to remover the old and install the new ones, add new hardware, and most importantly count the time it takes to complete that project. A rehabber is always watching the clock. Each passing day is another day of carry for the interest on the mortgage, taxes, and utilities. Those extra days just eat into profit on a project.
A flipper is not typically trying to make it perfect. Those TV shows such as the Jeff Lewis types (flipping out) were indeed trying to create cutting edge fashion or fit in their flipped homes. Keep in mind that they were doing that at much higher sales prices and margins. Buyers at those price points have higher expectations. These type of flippers are trying to improve the place just enough to appeal to a wide enough group of individuals that will be motivated to make that reasonable offer. Sounds like they were successful.
I hate blonde maple cabinets. I’ve pulled similar cabinets out of a flip I did last year and replaced them with low grade Cherry. That kitchen looks outdated with the Blonde Cabinets and Black Granite. Given they are under contract my point is not very valid.
Lunker – So true so true however I can tell you that “low grade Cherry” looks just as outdated. I think that painted cabinets are my taste right now. And somehow white has made another comeback from the dead. The funny part is that some people do not have taste or strong preferences. I put that same blond maple and black granite into a kitchen in 1999. Even had the panel made up for the sub zero fridge and DW. Thought that it looked great at the time but makes me cringe today. Then I lived in a bucktown place with cheap cherry finished maple. That stuff did not hold up well at all.
When we move to the burbs and buy a house I suspect that the next kitchen I do will be amazing as we will likely live there for years and years. Hopefully it will be a mid century modern looking home. I just don’t know what I will use for cabinets if we find that type of home. Any ideas?
“what I will use for cabinets if we find that type of home. Any ideas?”
Easy-peasy: Powdercoated steel.
Hi Sabrina,
We had two showings within 3 hours of the property being listed (@ $400K) and both buyers agents spoke of submitting offers. There are so many condos currently available in various areas of the city= buyers have a lot of options. Buyers research all of their options before making an offer. It was on the market over the Holiday too, so I assume a lot of people were on vaca. It’s a hot property and the seller and I knew / know it. Lowering the price got rid of the lookyloos and attracted the real buyers. Result= multiple offers.
Great space and fantastic real agent. I wanted to buy this myself but someone beat me to it!
Jp3, anon beat me to the punch: steel cabinets. Also, The architecturally significant mid-centuries are awesome but pricey. I bought a 60’s home that incorporates some of the mid century elements without officially being mid century: clean lines, more open and flowing floor plan, lots of horizontal design etc. it was a compromise between price, location and style.
unless things in this hood have changed a lot that bunker front patio will accumulate a good bit of firework wrappers from mid june to mid july
“I bought a 60?s home that incorporates some of the mid century elements without officially being mid century: clean lines, more open and flowing floor plan, lots of horizontal design etc. it was a compromise between price, location and style.”
I *knew* you bought that trailer in Crystal Lake.
Damn it anon, you caught me again!