Selling a 3/3 Duplex Down Less Than 2-Years Later in West Town: 1803 W. Thomas
This 3-bedroom duplex down at 1803 W. Thomas in the East Village neighborhood of West Town recently came on the market.
It last sold less than 2 years ago, in January 2010.
It is a rare 3 bedroom that also has 3 baths (which have heated floors).
2 of the bedrooms are on the main level with the third in the lower level along with the family room.
The main level has 10 foot ceilings and hardwood floors.
The kitchen has cherry cabinets, stainless steel appliances and a large island with granite counter tops.
The unit has central air, in-unit washer/dryer and parking is included. There is also a common roof top deck.
This unit was originally listed in early October for $549,900 and has been reduced $14,900.
But this is still $83,000 over the 2010 purchase price.
I couldn’t find any indication that the unit was renovated in between the two sales. Will this property command a premium over the 2010 price?
Michael Vesole at @Properties has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, no square footage listed
- I couldn’t find an original sales price from 2005- when the building was first sold as condos
- Originally listed for sale in May 2009 for $649,000
- Numerous reductions
- Sold in January 2010 for $452,000
- Originally listed in October 2011 for $549,900
- Reduced
- Currently listed for $535,000
- Assessments of $223 a month
- Taxes of $10,391
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 13×15 (main level)
- Bedroom #2: 9×11 (main level)
- Bedroom #3: 9×11 (lower level)
I would envision a loft conversion in a hip yet still a little gritty area (west town) to be more urban; this place looks nice but nothing to shake a stick at.
http://www.loft-addict.com/conversion/91-loft-in-manhattan-by-morris-sato-studio
That’s a gritty modern loft. The fact this passes for a loft is a joke in my opinion. $330,000 which is $150,000 for each bedroom and $30,000 for the underground ‘office’ which is not real a bedroom.
Half a million to live in a basement. Sewage-level living at its finest.
I like homedelete’s $330 estimate.
OK it’s not realy a loft but it’s still a conversion. BORING.
The bars on the lower level windows are a nice added touch.
This person is indeed a flipper. The timing can be explained via tax minimization.
$10,400 in RE Taxes
Ouch.
And as G mentioned, even if the AV goes down upon sale, count of the taxing bodies to increase their effective rates, so that the total Levy (collected) stays the same.
Nice unit, nice location. Windows like that have bars on them even in Lincoln Park.
“$10,400 in RE Taxes
Ouch.”
You should be willing to pay double for the privilege of living in a basement a mere half-mile from the Blue Line. And don’t worry about that quadruple-shooting this weekend a few blocks east of here – that’s just city grit that makes this “loft” conversion all that more authentic.
“You should be willing to pay double for the privilege of living in a basement a mere half-mile from the Blue Line.”
Yeah, and where’s Milkster? Her favorite dumpy 6-way intersection is looking even seedier since they knocked down the Pizza Hut and the Walgreens-replacement deal appears dead, but you can buy an elote over there off a cart.
Pizza Hut was torn down for this new 8 story glass apartment building:
http://chicago.curbed.com/archives/2011/10/05/new-design-conceived-for-ashlanddivision-site.php
“And as G mentioned, even if the AV goes down upon sale, count of the taxing bodies to increase their effective rates, so that the total Levy (collected) stays the same.”
That’s an effect in teh aggregate. If the AV of your place goes down a lot more than everyone else’s, you benefit (all else equal).
Address makes me think about english muffins, and hence hungry.
“…dumpy 6-way intersection is looking even seedier since they knocked down the Pizza Hut…”
Early massing of the Pizza Hut replacement… dont know where you are getting Walgreens from http://img846.imageshack.us/img846/630/divash.jpg
The inside goes in a federal style townhouse…not a loft.
I thoroughly enjoy “West Town” because it is a newer gentrifyng hood with insane valuations where the SWPLs that paid astronomical sums on RE here during the bubble ate going to get financially slaughtered.
SWPLs this is about the time many of you learn you are no longer middle class. Whereas those of us with a brain are decidedly very much so still middle class.
Seems like a good opportunity for you then Bob.
“That’s an effect in teh aggregate. If the AV of your place goes down a lot more than everyone else’s, you benefit (all else equal).”
Thanks, DZ. I was misattributed, I tells ya.
Dude prior owner conceived plan to redevelop site into a Walgreens but iirc screwed up by overpaying Pizza Hut & not reaching agreement to buy required neighboring properties or securing necessary approvals. The plan ended badly in foreclosure & bankruptcy iirc.
But hey the sketch you linked to looks like the kind of deal our self proclaimed daily life saver / real estate typhoon would tout & invest in. Lol
Early massing of the Pizza Hut replacement… dont know where you are getting Walgreens from
“But hey the sketch you linked to looks like the kind of deal our self proclaimed daily life saver / real estate typhoon would tout & invest in. Lol”
Since the rough image by itself is not catered to most people, here is the background of the proposal, including the developers, architects and some basic information.
http://news.eastvillagechicago.org/2011/09/division-ashland-development-in-detail.html#more
Thanks for filling me in on the site’s prior history, thank god the Walgreens deal tanked.
Anything starting with a 5 is krazy for this place. No way is this a half mil place. People that need this much space can get it ABOVE grade for not that much more. For me, $450,000 doesn’t even get it done.
“Seems like a good opportunity for you then Bob.”
It’s going to take years to shake out many of these speculators. As banks are dragging their feet and many have other resources to throw good money after bad.
It’s going to be a slow death by a thousand cuts for these people. And only when they finally realize bubbly pricing isn’t coming back and banks stop pretending their solvent might there be massive waves of short sales/foreclosures.
My brother just bought a similar unit for about 180k west of western. Same environment over here if you ask me. Crazy price. I remember that building before they converted it. I wonder how much the whole building went for when it sold.
Same environment maybe west of western, but one mile closer to the ghetto and one mile+ farther from the subway.