Still Trying to Sell a 2/2 in Lakeview 17 Months Later: 1658 W. Belmont
There’s an interesting mix as to what is selling, and what is not, right now in Chicago.
We last chattered about this 2-bedroom at 1658 W. Belmont in Lakeview 10 months ago.
See our prior chatter here.
If you recall, the vintage building appears to have been converted into condos in 2006-2007.
It is a rare vintage 2-bedroom unit which also has a second bathroom as most are 2/1s.
The kitchen has the new construction finishes with granite counter tops and stainless steel appliances.
It also has the features that buyers look for including central air, an in-unit washer/dryer and parking.
Back nearly a year ago, most of you thought this unit would sell for around $240,000 to $250,000 given its location on Belmont.
Since November 2010, it has been reduced $20,001 to $289,999.
What will it take to finally sell this property?
Jeremiah Fisher at Prudential Rubloff still has the listing. See the pictures and floorplan here.
Unit #3E: 2 bedrooms, 2 baths, no square footage listed
- Sold in March 2008 for $315,000
- Originally listed in February 2010 for $324,900
- Reduced
- Was listed in November 2010 for $310,000
- Reduced
- Currently listed at $289,999
- Assessments of $185 a month
- Taxes of $4590
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 12×11
- Bedroom #2: 10×9
There are a few problems with this one. Location, obviously. I hate the kitchen being at the opposite end from the living area. The bathrooms are criss-crossed from the corresponding bedrooms. I would not want to be subject to whatever complications come with living in this mixed-use building. I am thinking the $240-250K is about right.
In the honor of it being the last day of baseball for 2011 I will quote from an appropriate song for this sellers equity.
Na na na na,
na na na naaaa,
hey hey hey goodbye,
Tough timing for this seller. It is going to be a bit painful on the wallet to go away now. I recall being on Crib Chatter in 2008 and people predicting that in two or three years things will be better. That sure looks like bad advice today.
Will things be better in 5 or ten years? What do the CC experts think today?
Living above Scooters has its quirks.
By quirks I mean traffic jams of double-wide strollers and yuppies with ill-behaved dogs hanging out outside your windows at ALL HOURS OF THE DAY AND NIGHT. I love Scooters but living above the crowds has to get old.
Horrendous layout.
Small bedrooms
Outdoor parking
No deck/balcony?
This is a 10/12.
Not even interesting above $230.
“Will things be better in 5 or ten years? What do the CC experts think today?”
LOL.
The mantra of the bulls used to be in “2 or 3 years”. Today, after several years of being embarrassingly wrong on here, the perma-bulls have switched to saying “in 5 or 10 years”.
Some of the bulls that have been especially wrong, like clio, sometimes now just say “in 10 years” because that is far enough away that they don’t have to worry about being shamed on here when they become wrong.
Why do these owners bother? It’s just not going to sell for what they need. Why put oneself through all the showings? If it hasn’t sold in over a year, something is wrong with the price. A $20,000 price drop after a year? That’s not going to cut it.
The floorplan in this listing helps alot. This place would layout a ton better if the front door opened into what is now the hallway, then the current master is blown-out and made into an open dining room, and the current dining room made into the new master. You’d grab a ton of usable space from the current hallway. But, that probably wouldnt work because of load bearing walls and what-not. Anyway, I think it should sell at about $250K.
This is a tough one. The location is fine for a first time buyer, close to the Paulina train stop and Southport bars. There are just so many deal killers here. The kitchen location, the hallway cutting the unit in half, the smallish bedrooms, awkward bathroom placement, and lack of outdoor space. Ultimately it’s a good starter home for the single professional who works from home. $245K as an FHA loan.
“Some of the bulls that have been especially wrong, like clio, sometimes now just say “in 10 years”
sopoco lurker, how have I been “especially wrong”?!!! I still have likely made more money in real estate than anyone on this site – if that is the case, I would rather be “especially wrong” than “especially right”!!! hahahaha
I bet this was bought by a young, single guy not soon after college. This person bought based on neighborhood/location and failed to consider layout and noise above scooters. A lot of my guy friends bought for location (proximity to amenities, nightlife) and failed to consider the specifics of the particular unit. I have a friend who bought a 3 bedroom 1500-1600 sq foot apartment that doesn’t have a living/dining room large enough for a table….only place to eat is at the counter on barstools. Who would prefer the third bedroom over a living room large enough to entertain?
I was thinking I could live with the small bedrooms until I saw the shapes on the floorplan, very awkward. I don’t always love the fact that our condo is a perfect rectangle, but I can say that there isn’t a wasted inch in the whole place.
Whats this whole Countrywide bank blowing up last summer, brau?
Bear & Stearns, is that some sort of law firm?
Surely that stuff doesn’t apply to me. My property is _special_.
“A lot of my guy friends bought for location (proximity to amenities, nightlife) and failed to consider the specifics of the particular unit.”
I bet your guy friends think they’re pretty smart, having graduated from a big10 college and all. Many are in for a very rude awakening as to the new America.
“Will things be better in 5 or ten years? What do the CC experts think today?”
I don’t think we’ve quite hit the bottom yet. There are too many properties where the sellers put no money down or just 5% or 10% and that are now underwater (who WANT to sell). Those sellers will continue to put pressure on prices because they will end up either as short sales or foreclosures. But maybe we have another year or two or declining prices and then we’ll just drag along at the bottom for awhile.
Even when prices DO start going up- it won’t be what everyone is used to. It will be what I see with a lot of 1990s prices.
So you bought for $300,000 in 2011 and in 2015 you’ll sell for $318,000. It will be “gains” like that. Not even enough to cover the realtor’s fee and closing costs. This is why real estate in Chicago is now a long term game. We’re simply going back to what it used to be like in the 1970s, 1980s and 1990s here- which was steady gains but nothing spectacular. You weren’t getting “rich” off of it. But, again, if you lived there for 30 years and paid it off you had a nice asset.
A lot of people will continue to buy for location, long-term planning isn’t something the twenty-something set is known for.
“A lot of people will continue to buy for location, long-term planning isn’t something the twenty-something set is known for.”
Why did they have long term planning in the 1970s and 1980s then? Not as many buying condos back then.
“I recall being on Crib Chatter in 2008 and people predicting that in two or three years things will be better. That sure looks like bad advice today. Will things be better in 5 or ten years?
Oh, this just in! Remember Suzanne from 2006, she just completed some new “research” and it’s really some Masters level stuff (maybe even PhD level if you count online schools). Anyway she determined exactly when the best time to buy is, and guess what, it’s RIGHT NOW. What a coincidence. Never mind that she’s been saying that every year for her entire career. She said that if I don’t buy now, I’m going to be priced out forever. So I’m buying right now! The kids are going to grow up, can’t deny that. Everyone knows you can’t raise kids unless your name is on the title. And the listing she has for me is really “special” I mean did you see that Garage!
See that’s her pretty face on the business card, obviously she knows what she’s talking about. I bet she’ll even look like that in person, it’s probably a very recent photo. All realestate women use accurate recent photos…HAWT. All the more reason to buy now.
http://www.slate.com/articles/business/ad_report_card/2006/04/the_nastiest_wife_on_television.html
Here’s Suzanne and the buyers. Boy they are going to be so happy and rich when real estate booms in 2017. Just five years away so buy NOW. It’ll be like your being paid to live, building equity, building a FUTURE. Nevermind those stupid renters throwing money away, don’t be them. haha
http://www.youtube.com/watch?v=Ubsd-tWYmZw
They didn’t, but realtor friends of mine told me the housing boom in the 90s and Oughts led to a lot of recent college grads getting mom and dad to co-sign for condos as “investments.” These were not well-thought out investments with a backup plan should the market slow down, much less reverse.
Bottom line: twentysomethings shouldn’t be driving development. They’re too transient and don’t have the roots which are required to actually get in the trenches and make the improvements that neighborhoods actually need. It’s not enough to “not be a gangbanger.”
“Why did they have long term planning in the 1970s and 1980s then? Not as many buying condos back then.”
People also got married much younger in the 70s and 80s, so twenty something buyers were usually married and planning for a family. As a single person, I didn’t want to put off home ownership until marriage, but I made sure to buy a place that would fit two people.
btw, this whole topic came up over and over again at our daughter’s birthday party yesterday. lots of folks out there who, although not flippers whatsoever, indeed did not purchase a home and think through the long-term issues of raising kids in them.
it’s not so much an indoor space thing as outdoor – people who bought those homes that were spacious on the inside but had no yard are in many cases rethinking that decision now that they have kids they can’t just send outside to blow off some stink. so now you’ve got people realizing that a few hyper kids need the basement to run around in, which doesn’t always jive with the adult-envisioned home theater/rec room.
Good point, skeptic. Kids like yards. It’s difficult enough to have a dog without a yard, but I imagine it’s even tougher when it comes to kids.
I would not wish a few hours of 15 kindergartners being cooped-up indoors on *anyone*!