Selling 3 Years Later in East Lakeview: 3145 N. Cambridge
This 2-bedroom unit at 3145 N. Cambridge in East Lakeview has been on and off the market since April of 2009.
The vintage building was built in 1920.
The top floor unit has 9 foot ceilings, a wood burning fireplace and a separate dining room.
The kitchen has been updated with 42 inch cabinets, stainless steel appliances and granite counter tops. The master bathroom has been restored to its vintage character.
There is an in-unit washer/dryer but there is no central air- just window units.
There is also no deeded parking but in this location, who needs a car?
The unit is also now priced $21,000 under the 2007 purchase price.
Helen Jaeger Roth at Koenig & Strey Real Living has the listing. See the pictures here.
Or you can see it in person this Sunday, Aug 1, at the Open House from 1-3 PM.
Unit #3: 2 bedrooms, 2 baths, no square footage listed
- Sold in March 1992 for $147,000
- Sold in February 2007 for $340,000
- Originally listed in April 2009
- Withdrawn
- Re-listed for $329,000 in February 2010
- Reduced
- Currently listed for $319,000
- Assessments of $397 a month (includes heat)
- Taxes of $3976
- No central air- window units
- In-unit washer/dryer
- No Parking
- Bedroom #1: 14×12
- Bedroom #2: 13×8
- Dining room: 13×17
could the kitchen beeeeee any more boring?
God if thats the “good” bathroom i’d hate to see the other, that shower is ghetto, the kitchen looks tiny and I think this place might be 1000 sqft on a good day
So once again we see just another overpriced apartment conversion that doesn’t have parking or air conditioning in a location that desperately needs it… congrats to the 2007 seller though you really made out like a bandit
Maybe it’s time to redesign the real estate industry/process. Lets play a game. If you could make one change to the industry, what would it be?
“So once again we see just another overpriced apartment conversion that doesn’t have parking or air conditioning in a location that desperately needs it…”
Why exactly is this place in “desperate” need of parking? I can understand the nicety of having a car in LV, but this place is literally around the corner from all the express buses along LSD down to the Loop in the morning, and is less than 10 min walk to the Belmont El station. I get the point of having parking for resale, but come on, of all locations in Chicago, this is not in “desperate” need of parking.
Icarus,
Omissions and misrepresentations by real estate agents should result in hefty fines (100% of commission amount?). After the third fine, they lose their license.
Is this 13×8 second bedroom really a bedroom according to the Chicago building code? Seems awfully small. Does it have a closet? I’ve seen a bunch of 1BR + den units advertised as 2BR just because they have french doors on the den. That doesn’t make it a bedroom.
“Why exactly is this place in “desperate” need of parking? I can understand the nicety of having a car in LV, but this place is literally around the corner from all the express buses along LSD down to the Loop in the morning, and is less than 10 min walk to the Belmont El station. I get the point of having parking for resale, but come on, of all locations in Chicago, this is not in “desperate” need of parking.”
So you never plan on having guests come visit?
“I’ve seen a bunch of 1BR + den units advertised as 2BR just because they have french doors on the den. That doesn’t make it a bedroom.”
Don’t you know that if you put a bed in a room it is a bedroom??? Sometimes I stand in my garage so that I can be a car.
Sonies,
Maybe my perspective is skewed because I chose not to own a car and am a proponent of public transit, but I think $20K+ for a parking space to have at the ready for guests is a little ridiculous. Different priorities I suppose.
I live one block from here. I would love not to have a car — parking costs me $250 a month, and both my wife and I take public transit to work. But if you need regularly to get children places in a reasonable amount of time, carry shopping about, or take part in activities outside the immediate area, you want a car. The Zip/Igo model is great. It just doesn’t match what you get having your own car, in terms of time and convenience.
I choose to not own a car as well, and my point is that this place is priced like there is parking included, because believe it or not, it is a dealbreaker for at least 75% of the people that do own cars and want to buy a condo and a pricing discount should reflect that accordingly
Sonies on July 29th, 2010 at 10:42 am
“. . . I think this place might be 1000 sqft on a good day”
You’re forgetting the separate dining room. Assuming the room measurements are accurate, it has a fairly spacious LR (21×16), plus a spacious DR (13×17), and the total room measurements listed gets to 925 before adding in 2 bathrooms, hallways, etc., so I’d guess more like 1150-1200. Just pointing it out, since that DR alone is as big as the combo LR DR in some of the 2 BR high rises discussed here, and the LR measurements are quite spacious. There’s plenty to criticize, but not necessarily the size!
I completely agree that parking should be part of the discussion if we are talking about price. I’m not saying this place is cheap (and that certainly shouldn’t qualify as a second ‘bedroom’) because it’s not. But living having lived in between Broadway and LSD along Addison, I never found it difficult to get around without a car. Austin’s point about kids and groceries is definitely valid, though as a gay man who hates to cook and has no interest in kids, again, my perspective will be very different.
I looked at a unit in the building the last time I was in the market (2004). The lack of parking and AC were factors in my ruling against it, but the major negative was the percentage of units in the building that were rented out. It’s possible that has changed and perhaps now most of the units are owner-occupied.
Also, that walk from the el down Belmont can be friggin’ brutal in the winter months.
i second tipster suggestion.
“Icarus,
Omissions and misrepresentations by real estate agents should result in hefty fines (100% of commission amount?). After the third fine, they lose their license.”
No love for this place, seriously?? The kitchen is not how I would do it, but at least it has potential and a great window. The vintage architectural features in every room (french doors, large windows, crown moulding, etc.) make this place work. I dig the “ghetto shower” and would take this over a hideous double-vanity (ugh) or slate bathroom any day.
HAW!! I remember when last this place appeared on CC in 2009. Did we or did we not all say it was overpriced?
The 2007 will be taking quite a bath, not only selling this place for rather under the 2007 price, but also absorbing the costs of renovations that really didn’t improve the place much. And there’s no law that says this unit won’t go under $300K.
Having said this, it’s still a beautiful place in a choice location. I like it a lot.
No parking or central A/C are hurting this one, but I still think its a decent place. I like the separate dining area, and even though the second bedroom is small, it makes a perfect office space. $290K should get it sold. (If it had central A/C and garage parking, the list price of $319K would be right on the money).
A lot (most?) of the vintage places in Lakeview don’t have A/C, even some of the very best buildings. Is it just that the buildings can’t handle it? I wonder if anyone knows whether that spacepac thing is a reasonable alternative to central air? I’ve never actually seen/experienced one.
Some people on here have some very unrealistic expectations regarding what kind of space/type of property they are going to get in a condo in this city.
Every listing is the same thing. Price is either way too high for a place with really big bedrooms, parking, all the luxuries, etc. OR the price is on the low end, but everyone bitches about bedroom sizes, lack of parking, no AC, no laundry, and or if the place hasn’t been upgraded.
You can’t get it all unless you are willing to pay for it. Downtown Chicago ain’t like buying a place in Plainfield.
With RE you get Cheap, Location, and Space. Pick Two.
“A lot (most?) of the vintage places in Lakeview don’t have A/C, even some of the very best buildings. Is it just that the buildings can’t handle it? I wonder if anyone knows whether that spacepac thing is a reasonable alternative to central air? I’ve never actually seen/experienced one.”
Old buildings weren’t built with ductwork for gas forced heating. It isn’t that they can’t handle it, it’s just that trying to retrofit it into an old building without a complete gut of the entire building is basically impossible.
Just as some sellers have unrealistic expectations about what they are going to get for their condo, regardless of space and type of property. Which is why nothing is moving.
“Some people on here have some very unrealistic expectations regarding what kind of space/type of property they are going to get in a condo in this city.”
Thanks, Barry. I comment the remaining buildings and their owners for not undertaking a complete gut for the sake of central air.
“trying to retrofit it into an old building without a complete gut of the entire building is basically impossible”
Not true, certainly not when inserting ducts into individual units (or individual floors in an SFH). The problem is that to do so, you (usually) wind up with lowered ceilings and/or annoying/ugly bulkheads.
sent that too fast. Commend not comment.
My place has the bulkheads. They run through the entry/bedrooms/bathrooms/hallway, so that the living room and dining room maintain the high (cove) ceilings. They’re only annoying when you have to paint!
“Not true, certainly not when inserting ducts into individual units (or individual floors in an SFH). The problem is that to do so, you (usually) wind up with lowered ceilings and/or annoying/ugly bulkheads.”
Right, on an individual unit basis it can be done, but I thought he was asking why it wasn’t done for the entire building.
“Right, on an individual unit basis it can be done, but I thought he was asking why it wasn’t done for the entire building.”
Then it’s not so much a ducting issue is it? Because it’s not like new construction condos/apartment buildings w/ ac have central ducting. It’s either individual units or a chilled water system, no? What else is there?
been in here. great light, space and character. 2nd bed is narrow but fine for an office, nursery or guest room as it has an en suite bath and big closet. rental parking immediately next door for $175. space pac ir reasonably discreet works well but would probably cost $20k to add.
Thanks for the info, Art. Now I’m wondering if you put in a space pac are you allowed to say you have “central a/c” in the listing when you resell? Probably not, so it’s not worth the $20K investment unless you *really* can’t stand window units for 5 months out of a year.
“Some people on here have some very unrealistic expectations regarding what kind of space/type of property they are going to get in a condo in this city.”
RUSS – THANK YOU THANK YOU THANK YOU!!!!!
I feel the same exact way – most people on this site seem to expect to get a mansion with huge bedrooms, in an awesome location for 200k. They bitch about how people have and are overspending on the nicer houses/condos but, in the same breath, the complain about the size/condition of reasonably priced units. They lecture about saving and cutting back, but these words don’t match their sentiment.
I think spacepac counts as central air (or would be viewed by most people as a reasonable equivalent in a vintage property). When you go to sell, you should get most of that investment back.
“if you put in a space pac are you allowed to say you have “central a/c” in the listing”
1. You’re “allowed” to say the place has parking when it’s a separate rental, so I don’t see the problem there.
2. In what way is spacepak (or Unico or any other high velocity system) not “central a/c”? What differentiates the two, in your (not you specifically ALT, everyone) mind? It is air conditioning for the whole house, provided from a central cooling unit.
Who is overspending on nicer condos and houses at this point? I don’t think they are moving. Complaining about how people overspent on even the nicer houses and condos, like yours, during the bubble is putting some of blame for the crash on the irrational exuberance of those who thought they could leverage themselves to wealth.
“They bitch about how people have and are overspending on the nicer houses/condos but, in the same breath, the complain about the size/condition of reasoably priced units.”
clio, I think the words (“cut back your spending”) and the sentiment (expect everything to be a low-price/hi-quality unit) match up exactly — in the fiscally conservative person. 🙂 This terrible market is a great time to start generating a lot more of those.
A low price/high quality unit is possible – IN YOUR DREAMS!!!
Of course, I only half joke. However, people are truly unrealistic in their expectations. Seriously guys, go out there, renovate/redecorate a few places and you will see how far your money goes. You are not going to have a designer kitchen on a “Menards budget”. You JUST WON’T. That being said, there are a lot of middle of the road renovations that are inexpensive – however those are the ones that most people here complain about.
Right. Lucky you are mortgage free and don’t have to worry about cash flow. Lots of overhang out there, though. IMO, when we reach a bottom in real estate, there will be PLENTY of time to shop around. Things will turn around very slowly and it will remain a buyers market, regardless of all the money you put into your finishes.
“A low price/high quality unit is possible – IN YOUR DREAMS!!!”
A great house in a great/desirable area WILL sell in this market – no ifs ands or buts about it. You are NOT going to get a GREAT deal (maybe a good deal) on a condo at the Palmolive or in the Park Hyatt as those are desirable buildings.
Sure there are going to be great deals out there- but you are going to have to go to less desirable areas and/or make sacrifices on the finishes/ size of the dwelling.
Perhaps if its at the right price. Which, IMO, is still heading down, so there will still be knifecatchers.
“A great house in a great/desirable area WILL sell in this market – no ifs ands or buts about it.”
And there will be somebody else who wants to play rich in an Oak Brook mansion, no doubt. If I believe it, it will be.
“A great house in a great/desirable area WILL sell in this market – no ifs ands or buts about it.”
tomaso – it is not a false belief – it is the truth. I own a small real estate company (as a side business) and am shocked that ANY good deal in a great area is snapped up within hours (usually all cash deals). Seriously, just try and find great deals in one of the few desirable buildings in chicago – you can’t. Also, try to find a great deal in Winnetka, Kenilworth, Hinsdale, Oak Brook – you can’t.
I am trying to balance the skewed point of views that are perpetuated on this site. My basic point is that you can’t generalize to all areas/houses. There are still thousands of people out there (I know, a minority) that have millions of dollars and like to live nicely. They don’t mind paying a premium to get what they want.
I am always surprised, though at people who come to my agents expecting to get a 4-5 bedroom house in a great Hinsdale neighborhood for less than 750k. ALL of them say, “but I thought the housing market was bad and that this is a buyer’s market”. Well, the truth is that if you want a foreclosure/short sale/great deal, BE PREPARED to make sacrifices (either location/size/quality). Again, it is like shopping at an outlet mall – there is a very slim chance you can get what you like at the deeply discounted price!!!
Like I said before, give it a year or two to shake out the speculators. I wouldn’t be in a hurry if I were looking to buy. Especially if I’m sitting on a pile of cash.
“Well, the truth is that if you want a foreclosure/short sale/great deal, BE PREPARED to make sacrifices (either location/size/quality). Again, it is like shopping at an outlet mall – there is a very slim chance you can get what you like at the deeply discounted price!!!”
clio, what is the relevance of the fact that the wealthy can live wherever they want to live?
You say foreclosure/short sales correlate to sacrifice in “location/size/quality” — I’m not so sure that foreclosures and short sales differ that much from the general market (maybe quality is worse, if the owner trashed the place or it’s been vacant).
far as the non-wealthy of us go, I think the problem is that prices are falling, i.e., people need to build in the fact that we are not at the bottom. So even a “great deal” today just, well, isn’t. If it’s dead in the summer, it will be dead throughout the winter and beyond, and the inventory keeps on growing while unemployment hasn’t seen much improvement. Buyers hang precariously between fear and hope. People have every reason to be wary of tying up their money and have every right to ask that sellers acknowledge that fear by lowering their price considerably. Look at some of the astronomical price increases from early ’00s. Those who did not participate in that insanity are still being asked to pay a portion of it — prices just haven’t fallen that much in Chicago.
I totally agree with a lot of these posters… is this price really too high? I think it’s right on. No a/c but it’s true what has been said about the vintage units. And rental parking for $150 is not bad. OK the 2nd bedroom is small, an no outdoor space. But the location is ideal and the character is what sets this place apart. This is a true Chicago condo, and I LOVE that it’s not like those 2006 cookie cutter developer specials…
ALT – the “relevance” about the wealthy is to bring some balance to this seemingly one-sided belief that “the sky is falling”. Again, my point is not to make anyone feel bad, etc. – it is just to remind people that there are not only a significant number of people with money who WILL pay a premium for nice places but also there are a lot of “not-so-rich” people out there who also will nOT compromise and WILL spend money to live where and how they want to live.
I see this everyday. For example, a family who makes 150k (not wealthy but obviously not poor) and wants their kids to be in the Hinsdale school district WILL buy a “not-so-great” house at a premium just to be in the school district. They can’t/won’t wait because life is happening NOW and money is less important than their comfort/kid’s education, etc. Because of this, many in Hinsdale and the nicer areas/units in Chicago are NOT lowering their prices, and they really don’t have to b/c of this type of buyer.
Of course, you guys have great points, too. IF someone is single/married w/o school-aged kids and is flexible about neighborhoods and moving dates, there ARE great deals out there (and probably more to come) but my point is that there are a lot of people (not on this site) who do not fit that mold and other factors in their life come into play (money being only one of those factors).
I hear you, Clio. That is not my world, although even if it were I can’t imagine I’d pay a premium (for anything).
Frankly, the sky is falling, financially, for a lot of people I know.
There are “deals” in every town and neighborhood right now – but it just depends on what you consider a “deal.”
If you are someone who has looked at SFH in Hinsdale for the last 5 years and never saw anything you liked under $1 million- you might be able to get it for $800,000 now.
If you are someone who always wanted a townhome in Lakeview but couldn’t afford the $500,000 price tag, you might be able to get it for $410k or $420k now.
Those may not be “deals” to some people- but they are to those who were formerly priced out.
Are you getting that Lakeview townhouse for $200k? No.
Not yet, anyway.
I think it goes for slightly under the list price – maybe $309. It’s a good area, and the correction isn’t as much here, even with the negatives.
A living space this close to the lake may not need central AC at all to be “liveable.” I used to live near this address and on most summer days, just opening the windows for a cross-breeze was enough to keep comfy. On more severe days the fans (ceiling and tabletop) were put to use.
There’s a new book out that tells the story of our love affair with AC and how it may be hurting more than helping us in the long run. Maybe it’s time to re-evaluate and design homes that can be cooled by alternate means.
Awnings, anyone?
“Also, try to find a great deal in Winnetka, Kenilworth, Hinsdale, Oak Brook – you can’t”
Clio,
your slightly off, last early fall/summer i found two deals in kenilworth which we were pondering. i spoke about it here after the open house and walking around in kenilworth. it wasnt a SUPER AWESOME GREATNESS DEAL, but it was a deal.
“Also, try to find a great deal in Winnetka, Kenilworth, Hinsdale, Oak Brook – you can’t”
I have the same question or comment as groove. It’s not clear to me that those areas are necessarily holding up really well (they may be, I just don’t know). I look at La Grange from time to time. Granted, it’s not quite as tony as Hinsdale but I think draws from the same pool, at least at the lower end. I don’t keep close track but definitely see some places come well off list. See e.g. the one below or 231 S Waiola.
I don’t see prior sale price on Redfin for those and CCRD is ridiculously slow this morning, so those are discounts off list not relative to prior sales, but they are very large discounts off list.
http://www.redfin.com/IL/La-Grange/Undisclosed-address-60525/home/12573827
If an areas has been desirable for a long time, its prior pricing should reflect that. It’s possible that such areas are more insulated in a downturn, but I don’t know that that is necessarily case (it likely is relative to some super bubbly area like S Loop, but I don’t know that it has to be true relative to the typical area). It’s also possible that such areas have not had as big a bubble effect.
Some interesting points have been made as to what constitutes a deal and on the subject of having to compromise if you want to take advantage of what might be a great/good deal.
The fact that buyers need to compromise on their ‘wish list’ items is, always has been, and always will be a factor when seeking a place to buy for your own use regardless of the condition of the economic situation. That aspect of the game will never change. We all know how difficult it is to find a place that includes EVERY detail we desire and now that some prices have fallen, it gets even more frustrating as the condition of many foreclosure or short sale units is terrible. The cost of bringing that deal up to livable standards will eat up the $$ saved.
I can honestly advise that no interest should be considered in these short sale units. It is just not worth it to pay a low asking price then discover you would need that much just to bring it up to code…believe me it is very, very rare for this type of purchase to be a great deal.
I have an oversupply of rentals I hadn’t planned on having to deal with. While they are still available for sale and are priced at what I consider great deals, there is little to no interest from the buying public….and these places are turn key units in meticulous condition. I have made all the price chops I can afford and to reduce them any further would equate to me just giving them away. At least by renting them I am realizing some sort of income. I had no plans on being a landlord to the point I am now. The building I own here has my own enormous residence and four other large units. My plan was to play landlord in this building only but look at the situation I am in now because there is no interest shown in move in ready units. If I am frustrated by this fact, I can’t imagine how others must feel if their places are in poor conditon.
Have I come across some good deals? Of course I have. There are some spectacular units in all four cities that have every amenity I would desire and the prices are what I would be willing to pay. I still am touring open houses and listings that catch my eye, but that is the extent of it. I now consider all of this house hunting a hobby and nothing more.
The point I am trying to make is yes, if you are a serious buyer who is looking for a primary residence and plan on living in it for 10-15 or 20 years down the road, now is the time to do so. While you might lose a small amount of $$$ over the next few years, in the long run you will recoup these losses. It does make financial sense to buy if you don’t have to invest money to bring the property up to an acceptable living condition, so it is a buyers market ONLY if you are in it for the long run.
The main lesson that we learned, or should have learned is that there is no longer that opportunity to buy low, live for ‘free’ and then hike the asking price to realize a profit that can be used as a high downpayment on a better unit.
The double dip is happening right now and will accelerate throughout the fall and winter. Now might be a good time to start looking for ‘deals’ if you plan on getting in on the double dip. The market will stop the freefall next spring when buyers get wind that prices have taken another significant drop. Be aggressive and starting bidding low. Bid 20 pc off current comps, not 20pc of current lists. The comps are all pretty low right now but they’re going to go lower.
Prices will continue to decline for years but if you can get a 1999 price or better then there’s no reason not to buy. Of course most sellers cannot match that so they’re stuck but the foreclosure, the short sales, the estate sales and the long time owners have room to manuever. Everybody else who bought during the bubble is stuck and that’s unfortunate because it artifically limits the number of houses on the market.
“I have the same question or comment as groove. It’s not clear to me that those areas are necessarily holding up really well ”
I’ll 3d that.
But, there are only 9 listings in Hinsdale under $750, 5 of them in the Cook portion of Hinsdale (which, for me eliminates one of the good reasons to move to Hinsdale) and of the other 4:
1 is almost on Ogden (13.3% off ’07 sale)
1 is almost in Willowbrook (ugly, imo, but only $459)
1 is $749k (but only 10% over 2001 price)
1 is a plainjane colonial (12.5% off ’06 sale).
That strikes me as (1) not a lot of choice (which is part of clio’s point), but all at pretty good “deals”, compared to the recent past.
And for once I agree with westloopemo, buy for the long term. I won’t say you’ll make your money back in 20 years, bc who knows what’s going to happen, but, I’ve been under the impression for a long time that what the bubble giveth, the bubble shall take, and prices are reverting back to pre-bubble quicker than I thought.
We are at a point where sales are languishing, foreclosures are starting to show up on the market and the time on the market is drastically increasing. Something has to give. That’s why there will be a double dip. Its just starting now. The savvy will come out of the woodwork and participate in the comps of tommorrow.
If you live in a place for 20 years you’ll very very likely at least not need to bring money to closing as long as you don’t use your house as an ATM