The 2-Bedroom “Maisonette” Finally Sells For 53% Under the 2007 Price: 3100 N. Sheridan in Lakeview
We chattered about this 2-bedroom in The Barry at 3100 N. Sheridan in Lakeview several times over the last few years.
When we last checked in on it in May 2011, it was bank owned but no one was buying it so it was going to auction.
See our May 2011 chatter here.
It was then listed at $204,000. Several of you thought it wouldn’t sell for much more than $150,000.
The unit just sold for $157,500 or about 53% under the 2007 purchase price of $336,500.
If you recall, the unit had dark hardwood floors throughout, french doors and some crown molding.
There was no in-unit washer/dryer, parking or central air (window units only.)
The listing said there was a new kitchen and bath and the pictures indicate that the stainless steel appliances are still in the kitchen along with granite counter tops.
Several years ago, when it originally came on the market, it was called a “maisonnette in Paris.”
You’ll notice that the bank actually owned this property for 13 months.
Coya Smith at Smith Partners & Associates had the listing. You can still see the interior pictures here.
Unit #1B: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 1995 for $114,500
- Sold in September 1997 for $131,000
- Sold in May 2001 for $236,000
- Sold in January 2003 for $245,000
- Sold in March 2006 for $309,000
- Sold in May 2006 for $325,000
- Sold in July 2007 for $336,500
- Lis pendens filed in August 2008
- Was listed in October 2008 for $389,000
- Lis pendens filed in August 2009
- Bank owned in June 2010
- Was listed in September 2010 for $296,900
- Reduced
- Was listed in January 2011 for $252,500
- Reduced
- Was listed in March 2011 for $204,900
- Was listed in May 2011 for auction
- Sold in July 2011 for $157,500
- Assessments of $691 a month (includes gas, heat, cable)
- Taxes of $3158
- No central air
- No in-unit washer/dryer
- No parking
- Bedroom #1: 15×11
- Bedroom #2: 15×9
The final sale price seems about right for this place, considering the lack of parking and washer/dryer. The interior seems nicely done too.
It’s shocking it ever sold for over $200,000, let alone over $300,000.
jenny, just wait until 2020, people on this blog will be writing: “I can’t believe that this unit sold for anything LESS than 300k”!!!
From the previous chatter.
“In January 2011, HD thought it would sell between $150,000-$160,000 (or just over the 1997 price.)”
Gold star.
Also, JP$
“I still think its tough to bite the bullet on those assessments. $150K.”
I have been in this unit and really like it. The floor plan is unconventional, which will turn some people off, but it has some personality and the finishes are nice. His/her monthly nut still won’t be cheap, but the new owner could probably do worse for a 2BR in Lakeview.
“jenny, just wait until 2020, people on this blog will be writing: “I can’t believe that this unit sold for anything LESS than 300k”!!!”
you are expecting over 8% annual appreciation for the next decade?
yeah I don’t think we saw that much appreciation even during the bubble!
I think part of the problem is that its a maisonette. All the burdens of a high rise buidling (higher assessments) with the the benefits (views, privacy, security). This unit is far less private and secure than even first floor units in 3 flats which are generally 5 steps up and set back from the sidewalk. If you get to this unit via separate entrance that too is a discounting factor (why pay for a doorman if your guests never see him/her?)
“you are expecting over 8% annual appreciation for the next decade?
yeah I don’t think we saw that much appreciation even during the bubble!”
Uh, see above?
1997 = 131; 2006 = 325 Annual rate = 10.6%.
you get the point, anon
The price sounds good until you see what you get for it.
In the listing, the taxes are now listed at $4,023. Although it sold for a good price, that is just way too high.
I’d be interested in a larger unit on a higher floor of this building.
I haven’t been in an apartment here since 1977. I remember it had large rooms, and there was a playground in the building’s inner courtyard (obviously of interest to me at the time, since I was a child).
Meanwhile, this unit (below), next door gets my vote for worst listing photos ever:
http://www.urbanrealestate.com/property/3110-N-Sheridan-Unit-608-CHICAGO-IL-60657-RWJCJ5FK2DGLM.html
Meanwhile, this unit (below), next door gets my vote for worst listing photos ever:
http://www.urbanrealestate.com/property/3100-N-Sheridan-Unit-1B-Chicago-IL-60657-7SFYMGAV3HOY2.html
Apologies. Ignore that second one.
Dan #2,
Those fotos don’t even put in the bottom 10%, much worse listing ever. There’s plenty worse, and for places 3x more expensive.
Roma,
Were you looking at my posting for 3110? I accidentally posted a link to 3100 after that, and those are decent. It’s the 3110 listing I was referring to.
“It’s the 3110 listing I was referring to.”
I dunno, that looks like a pretty big place for the price–that’s a huge bike room and the in-unit laundry is nice, even if the pepsi machine is excluded.
nope, i saw it was 3110. far from the worst.
i think gary lucido used a keep a file of worst listings on his blog, check some of them out!
I will, thanks.
I think the building was built in the early 1970s, and from the photos, it’s obvious the public areas haven’t been updated since. Neither have the kitchen appliances in this apartment.
Nice of them to show the laundry room. I guess that’s considered a perk in a place like this, that you don’t have to take your clothes to the nearest Laundromat.
$60k in lakeview, homie, what do you want?? you can’t turn around in that place, there isn’t much to show!
Anon,
Maybe I’m mistaken, but that doesn’t look like an in-unit laundry.