Still Looking for a Buyer For This Renovated 1-Bedroom at 1450 N. Dearborn in the Gold Coast
We’ve chattered about this large vintage 1-bedroom at 1450 N. Dearborn in the Gold Coast several times before.
See our April 2010 chatter here.
In our last chatter, most of you who commented thought it was still overpriced.
Since that time, it has been reduced another $39,100.
According to the latest listing, it has also been featured in the New York Times “Great Homes & Destinations” section.
The 1877 building has elegant bones with high ceilings, moldings and a fireplace.
The kitchen has been updated to bring it into the modern era with a Fisher Paykel dishwasher and refrigerator and a european style in-unit washer/dryer.
The bathroom has also been renovated with a Jado faucet and Duravit sink.
There is no central air (window units only) and no parking (it is, however, available to rent in the neighborhood.)
What will it take to finally sell this property?
Emily Sachs Wong at Koenig & Strey again has the listing. See the pictures here.
Unit #3A: 1 bedroom, 1 bath, 1000 square feet
- Sold in April 1989 for $135,000
- Sold in September 1999 for $219,000
- Sold in October 2004 for $300,000
- Was listed in July 2009 for $399,000
- Reduced
- Was listed in April 2010 for $379,000
- Reduced
- Currently listed for $339,900
- Assessments of $340 a month (includes heat and water)
- Taxes of $5039
- Washer/Dryer in the unit
- No central air- window units
- No parking (rental next door for $205 a month)
- Bedroom: 15×15
- Living room: 24×17
- Kitchen: 13×10
- Other: 10×7
Beautiful unit, lack of parking stinks…This one doesn’t have outdoor space. The units on the back side of the building have balconies and/or decks!
for 255, I would take it
Interesting that it is not selling. The place and location are good and the assessment is very reasonable. The main short coming seems to be parking. Maybe it should be at 295K to sell?
Buy the one bedroom on clark for70k and use the money you save to stay at the peninsula everyweekend for the next ten years.
At least from the pictures, looks great. I hope it sells, but unfortunately timing is wrong for this type of unique real estate in the city. The target market of this unit is shopping 2BR’s right now, but you just need one buyer who falls in love with it.
I think owners should be very careful when they choose their listing agent when they have something unique like this under their hands. It requires a lot of reach out and salesmanship, that would not be necessary in normal times. I have nothing against her but how much time ESW is going to spend personally on this property? Let me guess:0! I am adamantly against these type of big shot realtors. They send rookies to their open houses, and that’s about the effort spent you will get, besides some online stuff. These realtors rely too much on their network, and don’t bother to reach beyond…
I hope, I am wrong, and I hope that they will sell the unit.
I’d say $325/foot with parking… deduct $40k for parking… $285K.
$199k is just absurd enough to be priced right ttoo bad the pool of well qualified buyers intersted in$ 199k one beds without parking has shrun drastically since the bubble burst::::
There are still buyers who would be a perfect niche for this property but as I said, the agent needs to do a lot of work to reach out to that niche, and I am not confident that it will be the case.
If I was the owner of this property, I’d request weekly meetings and weekly marketing schedule with the listing realtor to go over what has been done that week, and what is strategy for the next week to come.
The more I think, the more I am convinced that this unit should sell at this price. Granted, one has to see the unit on site, and that might offer a different perspective. At least for me, the key thing would be the light exposure. If the unit is not dark, this should be a no-brainer.
There are people who are buying $400-500K 1BR’s in high end new construction buildings, that would be the main target market for this unit.
I’m thinking for instance an older gentleman, or a lady, who is well off but would like to enjoy and relocate to the city and looking for something unique and for just enough space to do so. A type of buyer who wouldn’t care as much about parking or an additional BR.
From the ask price, to the lack of parking, to the lack of central air, to the black and white striped room, to the modern kitchen paired with a rehabbed vintage unit this place is an LOL on so many levels.
“JGR on July 29th, 2009 at 8:05 pm
$300-$400 / sqft is what nicely renovated vintage 1BRs in the Gold Coast cost. Get over it.”
LOL. JGR where are you?
Thats the problem with this site. You constantly have high-valuation people coming out of the woodwork to hype a particular neighborhood or property then they disappear when they are proven wrong and completely disconnected from the state of the market.
Bob, show me a place that would fit the criterias you mention, and would also fulfill your aesthetical requirements. Please! I am dying to see it.
Do you know how expensive that vainless white marble is in the bathroom? The paint is cosmetic, can easily be changed for someone who doesn’t like it.
The only faux-pas I see is that stupid and ugly GE range and microwave in the kitchen. Again, nothing major, and can be easily remedied.
# Sold in April 1989 for $135,000
# Sold in September 1999 for $219,000
# Sold in October 2004 for $300,000
# Was listed in July 2009 for $399,000
# Reduced
# Was listed in April 2010 for $379,000
# Reduced
# Currently listed for $339,900
Pop goes the weasel. http://www.youtube.com/watch?v=HzXI_ApY4dY
3rd bass
low out below!!!
Bottom-feeders like You and HD, Bob, will never understand certain things. Those high valuation people are part of the economy. They are real and have real impact on how the economy and the real estate is shaped. Who are you to judge, where someone wants to live and how much they want to spanned for it so long as they can afford it?!
Or if you are going to judge, make it less personal hence more relevant, according to more objective criterias, i.e. Similar properties with similar specs and similar neighborhood.
“Do you know how expensive that vainless white marble is in the bathroom? ”
I place a higher premium on more practical modern amenities like central air conditioning. In fact I would consider myself a bit of a DB if I had to mention to my guests that I had “vainless white marble”, especially if we had to talk loud in summer to hear each other over the whir of a window air conditioning unit.
Spinoza,
Old ladies don’t like walk ups. I’ve been in the building and many units before. Overall, nice well kept building and hallways. Steep stairs!
Is it possible to insert an edit feature here so one can correct typos?! It’s very annoying!
“Bottom-feeders like You and HD, Bob, will never understand certain things. Those high valuation people are part of the economy. They are real and have real impact on how the economy and the real estate is shaped. Who are you to judge, where someone wants to live and how much they want to spanned for it so long as they can afford it?! ”
I’m not. The market is judging. And guess what? The market is saying this owner is living in la la land as evidenced by this being on the market for over 18 months.
I understand that JGR was wrong back when this place was first posted, and has since disappeared into the ether. But we always have high-valuation people ready to come out of the woodwork to replace the JGR’s of times past. In this instance that’s you, Spinoza.
You likely won’t be here when this place is featured again next year or 2012. The high valuation crowd such as you are typically involved in the RE industry or owns property themselves they are trying to unload and theres a very high flame out rate these days for both segments.
I like the Eames lounge chair and ottoman. I also like the alcohol storage in the window hutch.
But that striped room is completely ridiculous. Imagine sitting in that cramped room, starring at yourself the mirror. Enough to drive someone insane.
David,
As I said, I’m forming my opinion strictly based on the photos. It’s, needless to say very restrictive. Of course, what you are saying would be a very important consideration.
Bob,
Show me a place that fits to that criteria, so I can understand. It’s easy to talk about what one wants…
I’ve been in this particular unit. Its has nice vintage charm but feels pretty small. 250-275k should get it done, bc of location. The owner does have to use her car a lot, so there must be some sort of parking near by. Im with Bob on this one and place a premium on A/C and a parking spot over “vainless white marble.”
Bob,
Lay off with the conspiracy theories and the free shooting, show me a similar place that sold for $200K less. Distressed comps do not affect established neighborhoods as much…
“But that striped room is completely ridiculous. Imagine sitting in that cramped room, starring at yourself the mirror. Enough to drive someone insane.”
thats just a sitting room for changing in master closet
“place a premium on A/C and a parking spot over “vainless white marble.”
Everyone is entitled to what they value, so long as they are realistic about what and where they can get it. I would never judge you based on that statement. However, If you want to understand real estate, you have to analyze it within a context and try not to compare what’s not comparable. The context for me is determined by the simple rule of supply and demand. So long as there are people who value to live in a certain nhood, in a certain type of household, and who would like to pay the premium for it, it is no one’s business to judge that person.
The market for this property is not determined by people who value parking and A/C over certain other things.
“The market for this property is not determined by people who value parking and A/C over certain other things’
No I agree, to some extent. I bet the current owner is not what youd expect though. Whats your best guess?
“There are people who are buying $400-500K 1BR’s in high end new construction buildings, that would be the main target market for this unit.”
“If you want to understand real estate, you have to analyze it within a context and try not to compare what’s not comparable.”
Flo,
There was this famous book, I believe written in the 80’s or early 90’s by a famous French advertising executive, titled “don’t tell my mom that I am in advertising, she thinks I am a pianist in a bordello”
To tell you, people are rarely are who we think they are, and you are right, I’ll bet the owner is not who we think he/she is.
City of Chicago
Attached & Detached SFH closed for January
Year Closed Median
1992 481 $117,500
1993 702 $106,700
1994 925 $110,000
1995 793 $112,000
1996 982 $119,000
1997 953 $122,500
1998 999 $128,000
1999 1,236 $147,000
2000 1,186 $149,850
2001 1,277 $180,000
2002 1,517 $182,900
2003 1,751 $205,000
2004 1,693 $230,000
2005 2,113 $250,000
2006 2,009 $258,000
2007 1,850 $279,900
2008 1,203 $290,000
2009 918 $205,000
2010 1,239 $195,000
2011 1,017 $150,000
Lake View
Attached Condo/TH closed for January
1988 35
1989 50
1990 46
1991 34
1992 43
1993 54
1994 62
1995 65
1996 70
1997 81
1998 83
1999 112
2000 72
2001 95
2002 80
2003 123
2004 95
2005 120
2006 127
2007 95
2008 67
2009 40
2010 50
2011 46
Lincoln Park
Attached Condo/TH closed for January
1988 35
1989 56
1990 56
1991 41
1992 35
1993 54
1994 89
1995 48
1996 72
1997 67
1998 69
1999 71
2000 59
2001 60
2002 47
2003 63
2004 72
2005 133
2006 63
2007 71
2008 44
2009 14
2010 41
2011 34
Near North
Attached Condo/TH closed for January
1997 98
1998 107
1999 122
2000 140
2001 136
2002 117
2003 153
2004 221
2005 217
2006 323
2007 280
2008 187
2009 88
2010 119
2011 99
Loop
Attached Condo/TH closed for January
1997 19
1998 31
1999 34
2000 20
2001 22
2002 39
2003 44
2004 68
2005 40
2006 29
2007 62
2008 77
2009 42
2010 76
2011 20
Near South
Attached Condo/TH closed for January
1997 1
1998 5
1999 16
2000 10
2001 9
2002 36
2003 53
2004 50
2005 77
2006 45
2007 80
2008 34
2009 36
2010 42
2011 22
I’m curious to know what marketing approach you’d take with this Spinoza. WSJ ads? Crains ads? We all know open houses don’t get places sold. How do you make buyers materialize out of nowhere?
G, my personal opinion is that I have met a lot of people who bought one 1 br’s at Trump or new construction in gold coast, and I have met quite a few people who love vintage, and crossover between these 2 type of properties is very much possible. It is a theory though, but as I’ve said, the listing agent needs to do considerable amount of work and reach out.
Most agents, list the property, you get few online exposures, few broker opens with a rookie realtor, and then they come to the owner and say, well we have to reduce the price if you want to say it. If that feedback comes after a genuine sales effort, it would be acceptable but I just don’t think it is, at least most of the time. There are few exceptional realtors out there who do an exceptional job.
That theory is a laugh, Spinoza. Did you forget about supply and demand already?
Lizla21,
Those are too expensive. I think, it needs a lot of face to face ground reach out, and there is no specific winning formula for that, you have to be creative, I have a very successful realtor friend who distributed flyers in front of Whole Foods for a high end town home for instance. I am not suggesting that would be the winning formula but just an example of what some people do, or how hard they work in order to make things happen.
G,
Please substantiate your argument. I at least provided a reasoning.
“Show me a place that fits to that criteria, so I can understand. It’s easy to talk about what one wants…”
Straw man argument. I don’t need to show you a 200k comp with the exact specifications of this place nearby. If this place really is waiting for that “discerning” buyer who values these exact criteria, obviously they haven’t shown up yet. Sounds like they’re waiting for Godot to me.
G, I don’t claim to state the absolute truth but I, at least, show the curtesy and consideration to offer a reasoning to my argument…please do the same or just don’t say anything at all.
“I at least provided a reasoning.”
So did I. Supply and demand are responsible for price reductions “most of the time,” not a lack of marketing efforts. Especially not a lack of marketing efforts such as standing in front of Whole Foods with brochures (unless wearing sandwich boards or some sort of costume becasue those are sure winners.)
“The market for this property is not determined by people who value parking and A/C over certain other things.”
You’re right, Spinoza. Because those people actually exist. The market for this property is non-existent. Full of imaginary people in Spinoza’s and the owners mind.
I guess it would help to have a lively imagination with that striped paint job in the mirrored room to make it bearable.
“please do the same or just don’t say anything at all.”
You are free to ignore my comments.
G,
Spinoza is likely in sales. In his world, it is always be the case that anything not being sold is due to lack of marketing.
Remember coffee is for closers & if you put enough lipstick on a pig you can sell it.
No doubt it’s the belief that selling $40 shoes for $800 is scalable to condos.
Bob,
Why am I not surprised that you can’t show me anything. But, here’s the thing: This property may well be overpriced, but not because of the reasons you are suggesting. An analysis of this property beyond this point would require one to see it on site.
I am objecting more here to your mindset, which is too generic and too narrow focused, without due regard to the unique elements of a given piece of property. You make it sound like, if the median price of the market is x, well, all units have to be priced at x.
But then, when you dig deeper, you start singing: oh well, I want central air, I want this and that, so guess what?! Even you have criterias, and guess what again? Every single of those criterias have a cost. It doesn’t come for free.
I believe, people, and even you Bob, will pay a certain premium, for their primary residence. What an acceptable premium is will depend on the individual and that’s the tipping point where people start compromising.
But then when you dig deep, you start
Bob,
People criticize others based on how they view the world according to their own lenses. You don’t believe that there are honest people who will present things to you within their context as they are, and I understand that.
You see me as trying to put a lipstick on a pig, because that’s probably how you do things. You can’t even conceive that things can be done differently.
People are successful not because they burn bridges, but because they build relationships. If you can understand this basic and simple fact of business, maybe you’ll start changing one day….
“No doubt it’s the belief that selling $40 shoes for $800 is scalable to condos.”
When anybody could get a loan with bringing hardly anything to the table, it was.
Yes, indeed. Our RE market was distorted terribly by the Prada, LVMH & Coach faux wealth set.
G,
You absolutely don’t make sense. I am talking about the possible crossover between, new construction 1BR’s that are SELLING! above $400K and $500K, and this one and you are getting back to me with an obvious and general statement of supply and demand as if I wrote that supply and demand does not determine the market?
Try to make sense before you write. What the hell is a $40 shoe for $800? I am not a woman, and so I don’t buy Manolo Blahnik shoes. But if you believe a hand made shoe by a master craftsman costs $40 to make, you are a fool. Continue to shop at walmart my dear.
“When anybody could get a loan with bringing hardly anything to the table, it was.”
Cliche stuff that doesn’t apply to our discussion as you will find no one who would disagree with that. Do you something of your own to say Bob, or are you gaping to confine to sing cliches forever?
As that Chris Matthew guy says: Tell me something I don’t know!
“Even you have criterias, and guess what again? Every single of those criterias have a cost. It doesn’t come for free.”
He also has a reading comprehension problem too. Never once has anyone on this site argued that ‘criterias” should be free. Set up the strawman and knock him down, again and again Spinoza.
Please, move on to your next argument already, please say that “if this unit sells for $200k or less it’s because Chicago has turned into Detroit…”
“When anybody could get a loan with bringing hardly anything to the table, it was.”
Cliche stuff that doesn’t apply to our discussion as you will find no one who would disagree with that.
Do you have something of your own to say Bob, or are you going to continue to sing cliches forever?
As that Chris Matthew guy says: Tell me something I don’t know!
Keep mind that not too long ago this unit sold for $219,000 in 1999 and since most pricing will return to 1999 prices or better….$219,000 to me is simply a starting point for negotiations…
“Please, move on to your next argument already”
LOL
Please, move on to your next argument already, please say that “if this unit sells for $200k or less it’s because Chicago has turned into Detroit…”
Wouldn’t you love that?! You strive in/for misery. I’m sorry, I will have to disappoint you.
“Never once has anyone on this site argued that ‘criterias” should be free.”
Of course you do. In fact, that’s the only thing you do. You analyze the market, after the fact, and therefore, you are over looking the shifts and movements and adjustments that are occurring, and are going to impact the market in the long term…
The only argument I hear about this property here, is the fact that it is overpriced while no one is telling me why it is over priced, according to what and which comparable? According to the stats in Pilsen?
In fact, it may be over priced, but I am waiting for a serious argument. Parking and central air is not enough to convince me.
“Of course you do. In fact, that’s the only thing you do. You analyze the market, after the fact, and therefore, you are over looking the shifts and movements and adjustments that are occurring, and are going to impact the market in the long term…”
WTF are you talkin’ about?
G,
What’s so funny? The fact that you have no point of view or that your only argument is limited to the general definition of supply and demand and some point of view about the cost of shoes which by the way, I am unable to understand.
I’m coming a bit late to this since I’ve been busy shoveling the walk but here’s my two cents:
1) Spinoza is right about how “most agents, list the property get few online exposures…and then they come to the owner and say, well we have to reduce the price if you want to [sell] it.”
Because hey, dropping the price $10K only drops their cut $500 or so.
2) That said, this is a large unique 1 bedroom without A/C and parking at a high price.
If there is another similar 1 bedroom with either of those features in the vacinity for the same or lower price, then this unit is over priced.
G,
It would be a futility to try to explain it to you, but maybe you can start by analyzing who is buying real estate today beyond individuals, and what are they doing with it, and how is that going to impact the inventory levels available, real estate trends in the short, mid and long run…
I think the black and white striped room is a dressing room. You don’t sit in a dressing room for long. And, I think having my own dressing room would be pretty dang awesome. And, for the short stays I think you can be a little edgier with the decorating. This place is pretty cool. I’d definitely live here in a heartbeat. That room with the piano must be bigger than it seems, even, if they can get a little baby grand in there.
Icarus, thank you. That’s what I was trying say. You said it much better. But knowing the area well, the comps will be mostly in modern buildings built in the 50’s all the way through 70’s. This is a niche product.
HD,
What specific data do you have in your disposition to suggest that, in Gold Coast, prices will drop to 1999 levels? Please provide sources.
“WTF are you talkin’ about?”
He is saying data doesn’t matter because you’re going to miss the bottom and be priced out forever. LOL.
I’ve gotta agree with Spinoza, there is a buyer out there at this price. That buyer is a 35-45 year old gay man who is being transferred from NYC or SF to Chicago who (i) has only 3 days to find a place to buy and is going into the process “House Hunters” style with 3 places to choose from, (ii) has done little to no research into Chicago pricing, and (iii) is willing to let the selling Realtor (TM) act as a dual agent. That guy is out there somewhere and a rock star Realtor (TM) would bring them through the door.
And, here is a simple fact about parking in Gold Coast if you are shopping or own 1BR condo: forget about it! Most of the parking in GC is permit parking, beyond that, most 1BR’s are in those ugly buildings that I have mentioned above, built between 50’s and 70’s with ridiculous assessments, even for the parking, or in a new construction where a 1BR would cost you significantly more.
That’s why, it’s not that big of an issue, for the location.
We are generally operating in a market with a small pool of buyers therefore the price reduction is not always the solution to the problem. Because most people are shopping at the max or even above their price point in the hopes of making a low ball offer. Every time you are reducing the price, you are hitting the max of someone else’s price point and price point continues to be a problem. A more proper analysis, would look into the average market time of comparables and what they have sold at, in order to partly get a sense of whether the price is right or wrong for this one.
“City of Chicago
Attached & Detached SFH closed for January”
Thanks for the stats G. So the market clearly continues to struggle. I’m still surprised that sales are running below last year because they fell off a cliff last year after the tax credit went away.
It will be interesting to see the year over year comparisons for the months of the second tax credit, however.
I thought everyone was rushing out to buy because of rising interest rates? These sales figures aren’t showing that (although I realize some of the closings went under contract several months ago- probably.)
Spinoza, how much longer is this selling willing to wait for that special buyer? Hahahahaah
Jan 17, 2011 Listed (New) $339,900 — MRED #07711855
Nov 15, 2010 Delisted (Cancelled) — — Inactive MRED #3
Sep 27, 2010 Price Changed * — Inactive MRED #3
Jul 09, 2010 Listed (New) * — Inactive MRED #3
Jul 06, 2010 Delisted (Expired) — — Inactive MRED #2
Jun 14, 2010 Price Changed * — Inactive MRED #2
May 25, 2010 Listed (New) * — Inactive MRED #2
May 17, 2010 Pending — — Inactive MRED #1
Jan 25, 2010 Price Changed * — Inactive MRED #1
Jul 06, 2009 Listed (New) * — Inactive MRED #1
Maybe the seller will get lucky the 4th time around!
It’s hard to get pricing right as prices continue to fall.
Additionally, any agent can tell you it’s hard to tell sellers “hey- you’re not going to get XYZ.” They all think they may get “lucky” and get that 1 buyer who walks through the door and pays that higher price.
We’ve seen properties listed for several years on Crib Chatter that simply keep lowering- all chasing the market lower.
That is why it’s so important for all the new listings this spring to price it right out of the gate.
Where are the listings? I know it’s traditionally after the superbowl but generally January brings a sneak peak of what’s to come. I’m seeing more delistings of stale properties than new listings of fresh properties.
“That is why it’s so important for all the new listings this spring to price it right out of the gate.”
I have to agree with you HD. I thought we’d be seeing a lot more new properties by now (first week of February) but it is still really, really slow out there. Most of the new listings are simply old listings from last year, as you said.
But I’m still expecting a deluge to come on the market. Usually it’s after the super bowl- when the weather improves a bit.
The damn thing is not selling! It’s as simple as that. You can talk about the agent’s marketing approaches or hypothetical gay men in their 30s, but none of that means anything.
The only real remedy for a lack of sale is to lower the price. What else is there?
“The only real remedy for a lack of sale is to lower the price. What else is there?”
DUH!! Better marketing, or, wait until the market gets better. Sheesh.
“What else is there?”
Well for one they could cheaply & easily repaint the prison garb mirrored room. But I’m not so sure Maude Lebowski is willing to compromise her artistic integrity to get a deal done.
“The only real remedy for a lack of sale is to lower the price. What else is there?”
II beg to differ. If people are insecure with their jobs and have no money, sales will not pick up by mere price reduction. That being said, over pricing in a bad market is suicide as even the few willing buyers will shun the property like it is plague.
“Well for one they could cheaply & easily repaint the prison garb mirrored room. But I’m not so sure Maude Lebowski is willing to compromise her artistic integrity to get a deal done.”
lol..common Bob most buyers are willing to do a paint job.
“If people are insecure with their jobs and have no money, sales will not pick up by mere price reduction”
Well said, miumiu!!! You are absolutely right. This is something most people don’t understand – if nobody is looking, you can keep reducing and reducing and nothing will happen until you are practically giving it away – at that price, investors or anyone looking to make a quick buck will snap it up. That is why we see things keep reducing but not selling. The market is still really really slow..
And just when do you expect security, jobs and money to return to prospective buyers?
I have a feeling that it might be a while….
“If people are insecure with their jobs and have no money, sales will
not pick up by mere price reduction”
Lord, I sure wish there was a “Big Lebowski” sequel. I can’t think of a better movie.
“I have a feeling that it might be a while….”
I have no idea to be honest. There is one thing I have observe in this country which is people posses incredibly short memories so once the job market recovers, I’ll bet they will be back to irresponsible buying. But, hopefully I will be proven wrong.
“I think owners should be very careful when they choose their listing agent when they have something unique like this under their hands. It requires a lot of reach out and salesmanship, that would not be necessary in normal times. I have nothing against her but how much time ESW is going to spend personally on this property? Let me guess:0! I am adamantly against these type of big shot realtors. They send rookies to their open houses, and that’s about the effort spent you will get, besides some online stuff. These realtors rely too much on their network, and don’t bother to reach beyond…”
Spinoza: with all due respect, you are dead wrong about “ESW”. I speak from personal experience: she sold our condo last year, which was listed far below her regular market price. She was absolutely a delight to work with; she is tireless, personable, and an unquestionable expert in North Side real estate. Our open houses (of which there were several) were attended by Emily herself. Emily handled the listings herself, and Emily followed up with us directly after each one. She does have a team, as does every successful agent, but there was never a question that Emily was our primary contact. She did a tremendous job and earned every penny of her fee. I would expect that there are many agents out there about whom the same could not be said. Emily spent a tremendous amount of time and money on us, included our property in her weekly Tribune ads next to multi-million-dollar homes, and really made us feel like we were her #1 priority. We did not know Emily prior, we aren’t related to her and she didn’t “owe us” anything; she simply showed us why she is one of the top agents in the entire city. I would use her again in a heartbeat.
Leo … are you Emily?
“The only real remedy for a lack of sale is to lower the price. What else is there?”
Occasionally it does help to repaint and stage a property. Sometimes putting in stainless steel appliances or granite counter tops can also get the property sold. You’d be surprised what works. Buyers really can’t “see” beyond the basics so it had better be in move-in condition.
In this property’s case- that is not a problem (as far as the kitchen/bath is concerned.)
Sometimes it really IS all about the price.
ss are you schizophrenic. Seems you interpret everything as suspicious. Leo might be on Emily’s team, but also he might be her client. I like my realtor and will defend her too. I mean life must be hard for you with all the paranoia.
“There is one thing I have observe in this country which is people posses incredibly short memories so once the job market recovers, I’ll bet they will be back to irresponsible buying.”
The housing bubble was caused by easy and cheap credit. The “easy” has gone away. If the economy improves significantly, the “cheap” will also go away.
Sabrina
I totally agree that most buyers cannot see beyond the basics – but I disagree that this is not a problem for the subject property. The living room decor is distracting and off-putting for a potential buyer (I am not criticizing the owner’s decor – but looking at it from a buyer’s perspective). If they were able to stage is with more traditional and few pieces, I think it’s appeal would significantly increase. This would be a great unit for one of those HGTV shows – it has great bones and is in a good location.
miumiu … the fact you think that Leo may be part of the realtor’s team is all I wanted to point out. Realtors are for the most part one of the most unethical “professions.” They don’t care about buyer/sellers … only closing the deal, at any cost. This blog is full of mostly anonymous posters (including the editor). Clio, for example, has outed himself and that makes his posts sincere.
“They don’t care about buyer/sellers … only closing the deal, at any cost.”
That’s a little extreme, don’t you think?
There are plenty of good realtors out there who actually DO care about their clients.
“There are plenty of good realtors out there who actually DO care about their clients.”
Of course – but when there is any threat to their commission, you will see their true intentions come through. I have seen it HUNDREDS of times. You would be very surprised how smart they become when their commission is at risk. All of a sudden they are very attentive, returning phone calls within minutes, getting all necessary information right away. Oh yeah….dumb like a fox……
Thanks Clio. You are better at words than I am. I put realtors a step above car salesman … sorry, just my opinion based on a lot of experience buying cars and real estate.
What I think is sad is it’s popular to bash on them as a profession as they are at heart salespeople but yet professions like teachers are held in such high esteem by the general public even though most teachers don’t give a crap either and are there for their out sized pensions & benefits.
ss – thanks for the posts. Buying a home is a very personal decision and people really open up to many realtors and mistakenly trust realtors as if they were family/close friends. To realtors, this is just a business they have MANY clients and although they want their clients to be happy – they are NOT their family or friends and once the transaction is done, they are out of there. It is very much like the way a prostitute views her/his “johns”. While the john may develop close feelings for the prostitute – the feelings are not reciprocated – after all, it is just business for them.
“What I think is sad is it’s popular to bash on them as a profession as they are at heart salespeople but yet professions like teachers are held in such high esteem by the general public even though most teachers don’t give a crap either and are there for their out sized pensions & benefits.”
Whoa, Bob, kinda hostile to teachers, spouting off Bobisms.”
Bob,
Don’t be offended, but you should stick to things you TRULY know about as a few of your posts on this thread show a lack of understanding about ‘cultural’ topics.
“I place a higher premium on more practical modern amenities…”
A high end kitchen can’t be considered a ‘modern amenity’? A kitchen outfitted in this manner is one that many could only wish they could afford when renovating their own. I challenge you to find a vintage home that has been totally renovated and does not feature such modern, neccessary, and practical design. Just because it does not hit what you expect in your kitchen does not mean it doesn’t belong.
“…if I had to mention to my guests that I had ‘vainless white marble’…”
If you did chose to install ‘veinless’ white marble countertops in a bath, I imagine you would do so solely for your own enjoyment and you would appreciate that fact more than having bragging rights about the countertops.
For some people, luxury items like these are a no brainer and not a decision they agongize over. People do appreciate the ‘finer things in life’…and this would fit in that category.
“Our RE market was distorted terribly by the Prada, LVMH & Coach faux wealth set.”
Prada and Coach are lusury designer brand names (Prada is about as high as you can get) whereas LVMH (Louis Vuitton – Moet Chandon Hennessey) is a huge umbrella entity that controls many different luxury labels encompassing many luxury items such as Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, Selective retailing.
“…that striped paint job in the mirrored room to make it bearable.”
It is a ‘dressing room’ that can be easily remedied by a gallon (or two) of primer and a gallon of neutral paint and a wall of built in drawers. While I admit you really don’t find dressing rooms in one bedrooms like this unit, it is not that big a deal and I am surprised the numerous posts about it have not been deleted by S as it enters the decorating territory we are forbidden to discuss here on CC.
Anyway, I wonder why this one fablous property is drawing such negativity from the posting public? Other than the lack of AC (again an easily remedied issue) and Parking (this is located in a walkable/taxi area of the city so why would it really matter? Couldn’t the new owner rent a parking spot nearby if they owned a car(s)? Not that big a deal for a person who finds true value and appreciates the place for what it really is…an utterly fab upscale urban residence.
There are buyers out there who would love it for what it is, perhaps as has been mentioned above, the realtor is not giving 100% effort into selling it? More can be done short of lowering the already reasonable price.
Also Bob, I think you will have a totally different and appreciative view of others homes when you actually buy a home of your own and stop renting.
The same for the way you view teachers…you will have a different opinion and appreciate those who devote their lives to make teaching a career when you do have children of your own…hopefully.
Leo,
While, i will stick to my point of view on this, I’m glad you’ve offered a different perspective. It’s only fair.
Westloopelo,
I’d put my signature on everything you said, except Prada being as high as you can get in high end fashion. In fact, I have no idea what the hell Miuccia Prada is thinking nowadays, it seems to me rather that she must have let go some of her creative patronage, but I believe, Prada is on its way of being an irrelevant brand 🙂
“If you did chose to install ‘veinless’ white marble countertops in a bath, I imagine you would do so solely for your own enjoyment and you would appreciate that fact more than having bragging rights about the countertops.
For some people, luxury items like these are a no brainer and not a decision they agongize over. People do appreciate the ‘finer things in life’…and this would fit in that category.”
OMG westloopelo, that’s too much common sense to handle for the likes of Bob! What are you doing?!
On the same occasion you have given away my being a foreigner by my horrific spelling error on the word “veinless” Shame on you! 🙂
Jan 17, 2011 Listed (New) $339,900 – MRED #07711855
Nov 15, 2010 Delisted (Cancelled) – – Inactive MRED #3
Sep 27, 2010 Price Changed * – Inactive MRED #3
Jul 09, 2010 Listed (New) * – Inactive MRED #3
Jul 06, 2010 Delisted (Expired) – – Inactive MRED #2
Jun 14, 2010 Price Changed * – Inactive MRED #2
May 25, 2010 Listed (New) * – Inactive MRED #2
May 17, 2010 Pending – – Inactive MRED #1
Jan 25, 2010 Price Changed * – Inactive MRED #1
Jul 06, 2009 Listed (New) * – Inactive MRED #1
HD, it apparently went under contract in may of last year at a higher price. We have no way of knowing why it fell apart, which reveals the limits of opinions one can state on this site based solely on photos.
I am not surprised actually that it went under contract at a higher price, and here’s why: we are experiencing an unprecedented crossover between neighborhoods dueto market conditions, i
Sorry, pressed the sent button by mistake …
GC, LP, SV, RN, LV and even East Irving Park are appealing to the same target market which is shopping 1BR’s between $100K-$250K, mostly because of the high level assessments in most of the buildings where these condos are located. Result: it puts this one out of the radar of the most buyers, even though the monthly numbers will come down to same in many cases. On the other side, in the high end market, e.g. take a building like 600 Fairbanks, people are shopping 1BR’s mostly between $350 and $600K, which again puts this one put of the radar.
All these facts justify my comments on the amount of work that falls on the listing realtor to put the word out about this property.
If you don’t believe you can appeal to 600 Fairbanks buyer with this one? Do you want to see the possibilities of what you can do with vintage? Go to WSJ Real Estate section and read the article about the modern overhaul in a NYC grande-dame building…
The psychology of a high end buyer is an odd one-that’s why they buy $300 jeans which cost few cents to make, and so sometimes by discounting, you might be diluting the value of your property by discounting.
Helmut Jahn, who is the architect of 600 FB, himself lives in a vintage co-op.
“Prada is on its way of being an irrelevant brand ”
Very interesting point. While I find and always found the outfits uninspiring. I believe some of Prada shoe and bad designs are true classics and will stay with us forever. That being said I really am not a fan of miumiu label despite my name, unbelievable, right? ; )
“A high end kitchen can’t be considered a ‘modern amenity’?”
In my suburban upbringing and even in my apartment in Chicago currently I never had a high end kitchen. Never really desired one although I would definitely take/make one IF it was a deal (and after the man cave project). Yet somehow I always seemed to have central a/c. Even many lower/working class friends. Central a/c isn’t hard and its a staple amenity in most parts of the country for going on 30 years now. Graniteteel and high end kitchens aren’t.
“Not that big a deal for a person who finds true value and appreciates the place for what it really is…an utterly fab upscale urban residence.”
“PermaBear on February 2nd, 2011 at 5:19 pm
I’ve gotta agree with Spinoza, there is a buyer out there at this price. That buyer is a 35-45 year old gay man who is being transferred from NYC”
Hahaha dingdingding. Unfortunately for this owner there aren’t enough WLEO’s to go around to rescue them.
“Also Bob, I think you will have a totally different and appreciative view of others homes when you actually buy a home of your own and stop renting.”
I admit that Chicago housing stock in prime north side hoods north of north ave overall stinks.
“People do appreciate the ‘finer things in life’…and this would fit in that category.”
I don’t consider central a/c a “finer thing in life” and judging by those I know who have it, its not treated as fine wine, cavair, or veinless marble (whatever the eff that is).
“having bragging rights about the countertops.”
Means absolutely nothing in my social circle. In fact a negative. I don’t hang with Nate Berkus, housewives or Oprah.
“There are buyers out there who would love it for what it is”
There are. But the owner obviously overestimated the market as well as the “fabulousness” of this place. Methinks they overshot the number of that market mentioned above, which is what makes this place so hilarious. Methinks they watched too much Nate Berkus.
If central a/c was so easy to install they would’ve done it.
The only thing this place is lacking to complete the gaucheness is those fake Parisian posters:
http://www.art.com/products/p10291460-sa-i863807/fabrice-de-villeneuve-vintage-paris.htm?sorig=cat&sorigid=0&dimvals=0&ui=f666125f6e054c66b78360920cf09a64&searchstring=paris
“The same for the way you view teachers…you will have a different opinion and appreciate those who devote their lives to make teaching a career when you do have children of your own…hopefully.”
Teachers that are underpaid surely. Although that’s a red state phenomenon. In blue states like IL they are vastly overpaid.
Never said it was an easy job but if you want to tell me their level of comp & benefits is anywhere near commensurate with their education and skill level vs. private sector workers in states like IL I’ve got to laugh. The teachers union is destroying our country. Both fiscally and our schools.
Its not a physically taxing nor a job requiring acute mental capabilities, nor one that exposes the teacher to a large amount of danger for the highest paid teachers. Yeah I’m sure being a teacher in a good ‘burb really is tough. Must be a hard knock life earning 70k/year for working 40/hrs/week with 8 weeks vacation and having a generous pension and benefits. What planet do you live on dude? Planet Nate Berkus?
Oops mean 12 weeks vacation! heh
“GC, LP, SV, RN, LV and even East Irving Park are appealing to the same target market”
One of these doesn’t belong. I’ll leave it to you to you and the CC regulars figure out exactly which one. Nice attempted sleight of hand, though.
“In my suburban upbringing…”
Bob, enough said, for me.
Miumiu,
About Prada, the center for creativity in fashion, is shifting very fast. And today, if you want to see creativity you have to look at the high-end micro brands, mostly based on the West Coast, few on the East Coast. BNY has excellent buyers, and has a good selection of these labels under their co-op umbrella.
These type of big brands like Prada need to make adjustments to survive, and they make these decisions based on mostly where they think their target market with money is. The center of focus in the late 80’s and 90’s was Japan, hence brands like miumiu appeared. And for Prada,it is clearly the Middle East, hence the shift, to a more maximalist design portfolio rather than the originally minimalistic brand. But, as you said, they have very talented designers working for them and they still produce some good work, beautiful dresses.
Bob,
You are probably thinking East Irving Park, but there are some beautiful vintage buildings on that stretch of the Lake Shore Drive like 3800 N. LSD who are getting buyers from GC and LP. Again, we are talking 1BR’s here since you have a tendancy to put it all in one basket, I always make sure that I can be as specific I need to be for you to understand.
I have that same refrigerator. Love it!