Selling Within Two Years: 814 W. Aldine in Lakeview
This 1906 building at 814 W. Aldine in Lakeview was converted in 2006. Unit #2S is the first unit to come back on the market since the original sales.
There is no square footage given, but it appears to be on the smaller side. Here are the room measurements:
- Bedroom #1: 14 x 12
- Bedroom #2: 11 x 9
- Livingroom: 14 x 12
- Kitchen: 11 x 9
Unit #2S: 2 bedrooms, 2 baths
- Sold in April 2006 for $359,000
- Currently listed for $339,900 plus $35,000 for parking
- Assessments of $115 a month
- Jameson Realty has the listing
Does a place like this in LP/LV ever sell w/o the parking? I understand that the “lower” price is supposed to attract more attention, but does that really work? I realize it’s a little different in the GC/Streeterville/Loop, b/c there’s actually something else to be done with the parking.
Is there anyone crazy enough to not have a max offer of asking w/ free parking?
I don’t own a car and would not purchase the parking. This would be the case regardless of the neighborhood I purchased in, so including the parking in the selling price would cause me to look elsewhere for a cheaper equivalent.
I doubt anyone would sell the unit without the parking. It is a very effective ploy to grab attention like you stated. I’ve been tracking listings in my building(in LP) and it seems that subtracting the parking from the sales price brings in a much quicker sale than when they lump the unit and the parking price together.
Dave:
Sure, a buyer might not want the parking, but what’s the seller going to do with it in LP/LV? (Assuming that no other current owners want to buy it at a huge discount.) That’s the side of the transaction I was waondering about.
And, with a condo that isn’t likely to be your home for 20+years, you need to think about re-sale and no parking is a potential turn-off for most people.
On the parking meme: $35K for a parking spot, is that indoor heated, or just some outdoor space on a slab in back? If the latter (which I assume), that’s pretty egregious, given that a 30-year amortization of $35K is in the ballpark of $220/month. Maybe that’s appropriate for an indoor, heated, attended spot downtown, but at 814 W. Aldine?
…my point being, even pricing the parking seperately, at such an absurd price, is well, absurd. It should just be included. If the new owner doesn’t have a car, they can rent it out for a little extra income. But charging $35K for a spot that would be rentable at perhaps $100-125/month (assuming it’s outdoor uncovered) is pretty stupid.
Well, this way you can negotiate a price on the unit, and then say, “I will pay only $10K for the parking spot.” If he says no, the deal is scuttled. In other words, no matter how it is sliced, you aren’t going to pay more for the parking spot than it is worth to you. If the owner is charging more, he/she will have to sell to someone else, or bring the price down.
Yeah, it seems like it gives the negotiating advantage to the buyer. Which makes it a dumb idea for the seller, unless there’s an identifiable market for the parking other than your prospective buyer. Which seems unlikely at a place like this.
As David says, it’s really only “worth” about 1/2 of the $35k asking. Why not just lower the asking price for condo + parking by $15k?