Selling 8 Months Later in a Non-Sold Out Building: 2930 N. Sheridan in Lakeview
We last chattered about 2930 N. Sheridan in Lakeview in April 2008.
See our prior chatter and pictures here.
The 252-unit building is an apartment to condo conversion that launched in late 2007.
From what I can tell from public records the building stats are the following (out of 252 units):
- 135 sold
- 17 currently on the market
The developer is not listing all available units on the MLS.
In January 2007, the developer, Robert Kroupa, who purchased both 2930 N. Sheridan and 3033 N. Sheridan, had this to say to Crain’s about the market:
The slowdown in condo sales hasn’t been a problem for Mr. Kroupa in the trendy North Side neighborhood, he says, where his new units will be priced from about $220,000 to $290,000.
“I did a conversion in April last year that was 95% sold out in 10 days, and people were saying it was a bad market then,” says Mr. Kroupa, speaking on his cell phone while attending the Sundance festival in Park City, Utah. “Interest rates are low, gas prices are low and unemployment is down. There’s no reason for it to be slow.”
A 1-bedroom unit recently came on the market as a resale.
How difficult is it to sell a resale when the developer is still trying to sell dozens of units?
The city-wide sales slowdown appears to have hit this building as well. The last closing in the building was 3 months ago, in early December 2008.
From what I can tell, only 2 units have re-sold in the building.
Unit #808:
- Sold in September 2007 for $294,500
- Resold in November 2008 for $270,000
- (Don’t know if one or both transactions included a parking space)
Unit #308:
- Sold in June 2007 for $195,500
- Resold in November 2008 for $226,500
- (Also don’t know if one or both included a parking space)
Now we have Unit #1809 that has just come on the market. The listing says it has lake views, hardwood throughout and a larger, reconfigured bath.
@Properties has the listing. See the pictures here.
Unit #1809: 1 bedroom, 1 bath, no square footage given
- Sold in June 2008 for $247,000
- Currently listed for $300,000 (parking extra)
- Assessments of $380 a month
- Taxes are “new”
- W/D in the unit
- Window units
Developer buys two lakeview apartment buildings [Crain’s Chicago Business, Jan 26, 2007]
Lake views don’t make a 1/1 worth $300K. Next.
Any idea if the original purcahse included parking?
Even if it didn’t, the asking price is assuming a 20% off offer, right? Or are they actually that detached?
Also, $380 assessments *before* the association is formed? And window air conditioning? Really?
Hope these people lose their bank accounts. Because if they’re stupid enough to list higher than a 2007 price, they’re deserving idiots.
I’ve probably said it before but I’ll say it again: damn this building is hideous. Its like the American equivalent of Soviet flats. In fact my bias is so strong against this building that I would only live here for free and even that would be a temporary arrangement. So admitting that, I’ll just say that no, they’re not going to get anywhere near what they bought it for.
I think theres another equally as ugly sister building similar to this as well a block or two away. Lakeview would be a much nicer neighborhood without the two soviet flats.
I hope this seller takes 30 seconds out of his day to search available units in this building instead of listening to his greedy realtor: 2 BD + den( The 3rd bedroom is 9×7) are $348 and there are 2 2 BD units for $300k.
Lauren, I don’t think it has anything to do with greed on the agent’s part. The difference in commission is nominal. That being said, I’d be surprised if it was the agent who is responsible for the ask.
Sometimes sellers are headstrong and tell the agent they want their home listed at a specific price — regardless of what’s happening in the market. Disclaimer: I’m not an agent. As a buyer, I’ve run into my share of sellers who overprice their property.
There’s like 10 buildings that look like this one on LSD north of Diversey. Its like they were designed by the guys that designed the cabrini projects. These buildings are very nice inside however 300k for a 1br is lolfunny!
a friend of ours was very close to purchasing in this building, I don’t know why, but I think it was b/c of location and “pre-construction” pricing. Anyways, he was actually renting there prior to the completion of his unit and in between that time he was informed of asbestos issues throughout the building. He had to find an alternate living situation and ultimately did not buy in the building.
nsarch,Im surprised it was only the asbestos that threw him off.
Bob, your comment about Soviet flats had me dying!
This building was evacuated for a few months in 2007 for asbestos contamination. The shady developer must have neglected to inform anyone of this issue ahead of time. There are other discussions about this building on this site along with numerous others like yochicago. Nobody really has much good to say about the building. My take is that the developer did a lot of cosmetic fixups like granite countertops and hardwood floors but did not update the aging mechanical systems. Sounds like a special assessment waiting to happen. $300,000 for a Chicago one bedroom in this market is laughable. $300,000 for a lakeview one bedroom is hilarious. $300,000 for a one bedroom in this building with all its issues has me rolling on the floor.
this builder also has the 3033 building up the street. These are apartments buildings, plain and simple and they are old. The assesments on these are probably going to skyrocket jsut ot cover the cost of the elevator.
When I was in the 3033 building, they tried to sell it and the 2938 building back on the market as apartments in early 2007, but no one was biting. There model was built on bubble pricing (2 bedroom, 100 sf 9th floor for $440K), I would not be surprised to find both of these buildings autioning off units soon
Assuming you wanted to buy in this building, why would you choose this 1 bedroom when you could get one 40-50k cheaper from the developer and still choose your layout and finishes?
This ugly building looks EXACTLY like the fugly dump at 6030 N Sheridan. I remember when this Lakeview bldg was a dumpy rental.
Hideous building, bad rehab, severe problems with building. Why would anyone bother with it when much more desirable Lakeview properties are dropping to comparable prices/
The electric heat will be a huuuuugggeee expense – at least it’s radiant, but still electric. Unless that’s in 3033.