Selling A 2-Bedroom Two Years Later in Southport: 1304 W. Cornelia
We last chattered about this 2-bedroom at 1304 W. Cornelia in the Southport neighborhood of Lakeview in September 2011.
See our prior chatter here.
At that time, it was on the market just 14 months after the prior sale and was trying to get a $25,000 premium over the $350,000 purchase price.
Many of you thought it would sell for around 10% under its 2010 price while some of you thought it would sell for under $300,000 as it was a 2/1.5 and too much like a rental apartment.
The unit was de-listed in November and has now returned with a reduced price of $339,000.
If you recall, the second floor unit has the amenities buyers are looking for including central air, washer/dryer in the unit and garage parking.
The vintage unit has hardwood floors throughout and a built-in hutch in the dining room.
The kitchen has granite counter tops, stainless steel appliances and 42 inch cabinets.
The property is in a prime Southport location. It is within close walking distance to the shops and restaurants on Southport as well as the Southport Brown Line stop.
It couldn’t get the premium in 2011 but with inventory low and the market picking up, will it manage to sell over $300k?
Ben Osbun at Chicago Home Estates still has the listing. See the pictures here.
Unit #2: 2 bedrooms, 1.5 baths, 1200 square feet
- Sold in September 2006 for $360,000
- Sold in July 2010 for $350,000
- Originally listed on September 5, 2011 for $374,250
- Price was changed on September 13, 2011 to $349,250 (now with $25,000 for the parking which is still $374,250)
- Delisted in November 2011
- Currently listed at $339,000 (parking included)
- Assessments of $150 a month
- Taxes of $5098
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×10
- Bedroom #2: 10×9
curious to know. if you were going to move in a year or 2, would you try and sell now in this market with low inventory and take a shot? or do you think market getting better and hold on for another year???
C– depends on what you’re trying to sell. SFH in desirable neighborhood? You can sell it pretty quickly if you price realistically and it has reasonably nice amenities. Low or mid-range condo? Yeesh… good luck.
Yeah, no. Nothing that isn’t all over Lakeview, especially for rent. Nice that it has the expanded kitchen and in-unit laundry/half bath (at the expense of the third bedroom and possible pantry) but really we’re looking at a 300k MAX. I say more 275k, quite honestly.
The parking is nice since it’s just a 2-car and they have one of the spots. Too cute by half to try and initially put $25k on it, though. Good lord.
I think Southport is very much overvalued. The inventory I’ve seen there is either cookie-cutter condos of the split face brick variety built by profiteering developers before the bubble burst or you see vintage places like this that look like rentals. If you are willing to live a mere 8-10 minutes farther out on the Brown line in Lincoln Square you can buy a 3/2 for the approximately the same price as this place or a 2/2 and you’ll save $75-100k. The schools are comparable and frankly I find Lincoln Square to be a more desirable neighborhood overall than Southport….is it really worth $75-100k premium for the ability to walk to Anthropology or Einstein Bagels?
Tsk! It’s AnthrolopolgIE, you boor.
It’s priced ok. I think it will go at 315-320
Nice place with garage parking
Did the rapture happen and I missed it? Why hasn’t Sabrina posted a property for this morning?
” boiztwn (July 18, 2012, 9:02 pm)
Tsk! It’s AnthrolopolgIE, you boor.”
I stand corrected. Living within walking distance of AnthropologIE is worth at least $75k. Thanks boiztwn 🙂