The 3-Bedroom Lakeview Duplex Down: 3125 N. Clifton
This 3-bedroom duplex down unit at 3125 N. Clifton in Lakeview has been on the market since April 2009.
It has now been reduced $104,100 from the original April 2009 listing price.
The unit is also listed $45,100 under the 2006 purchase price.
The 3-unit building was built in 1999.
2 out of the 3 bedrooms are on the main level with the third in the duplex down.
There is also a big 28×17 lower level family room.
The kitchen has 42 inch cabinets, granite counter tops and black appliances.
The unit has the much coveted 2-car parking.
Is this a deal?
Ron Hollaender at Coldwell Banker has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, no square footage, 2 car parking
- Sold in September 1999 for $386,000
- Sold in January 2002 for $432,000
- Sold in December 2005 for $570,000
- Originally listed in April 2009 for $629,000
- Reduced several times
- Was reduced in July 2010 to $524,900
- Currently listed at $524,900
- Assessments of $182 a month
- Taxes of $5932
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13 (main level)
- Bedroom #2: 12×8 (main level)
- Bedroom #3: 12×8 (lower level)
- Family room: 28×17 (lower level)
I’ve lived in a reno’d/00’s construction duplex down in Lakeview, and have several friends (sadly) that have bought things like this in the area. 3 of the 4 units I mention have had flooded lower levels at some point. Luckily I was a renter, and could bail on the place. My friends had to deal with it. Personally, any listing that is duplex-down is immediately off my list, and I’m currently monitoring/considering some 3Bd properties in the area.
My cousin and her husband owned one of the duplex down units in the late 90’s early 2000’s that backed up to the Kennedy Expressway near DIversey. While I liked the added space the unit offered it seemed odd that half your living space was in the basement. Their master was at the back of the first floor. If I recall correctly after a few months they ended up moving their master into the basement bedroom. It was big enough and apparently much quieter when the windows were opened.
They got transferred and had a really hard time selling that place. And that was during the boom years of 2004 or 2005.
im extremely interested to hear what people have to say about this property. my husband and i are in the market right now for 3-4 beds between 400-550k and have looked at numerous properties comparable to this one. we are holding off on buying though until spring to save some more.
also, the owners thought the property appreciated 60k in 4 years? whats the mortgage look like on this?
I lived a half block south of this building for 6 years and loved the location. Two blocks to the el (Red, Brown, Purple), 77 bus at the corner on Belmont for easy access to blue line, 1 mile to the lake for running/biking, tons of restaurants and bars within walking distance. Clifton only runs two blocks south of Belmont here, so not a ton of traffic on this street and this is one of those extra wide streets. Driving down this street always makes me think of when Kramer painted over the dotted line on his adopted section of the highway – now that’s some comfortable driving. All that being said, meh on the actual unit. There was a brand new six flat just north of Belmont on Clifton that had very highly upgraded duplex down units with layouts that had all living area on the first floor and all bedrooms in the basement. That layout made more sense to me. These sold for north of $750K. As another comp, I sold my 2/2.5 duplex just down the street with comparable finishes for $475K in April 2010. There might be hope for this unit right around $500K.
The only problem with splitting the bedrooms between floors is you lose a lot of young family buyers who don’t want their kids sleeping on a separate floor to them.
Good location. Near where I live. I looked at a duplex up right around here. But, I just don’t get them. We wanted a multi-level unit and settled on a townhouse. Remember that duplex up on Fletcher? That seems like a better deal. Under 500K, quiet street, easy access to bus and train.
Here is the link:
http://www.redfin.com/IL/Chicago/1310-W-Fletcher-St-60657/unit-3E/home/12772506
“Remember that duplex up on Fletcher? That seems like a better deal.”
I agree that the Fletcher unit is better overall. And the price of that unit has dropped $95K since January and still isn’t moving at $449K.
There are a lot of duplexes down like this one on Clifton on the market right now. I don’t think this will move until they drop the price another $100K.
Isn’t the Fletcher unit a short sale?
outside of the infant years, I would think the privacy of having kids on a seperate floor would be a positive.
“The only problem with splitting the bedrooms between floors is you lose a lot of young family buyers who don’t want their kids sleeping on a separate floor to them.
Sells at $470,000 is my guess.
When will folks tire of these homogenous McCondos? These things were built overnight during the boom, and I’m sure corners were cut. Plus, I have more character in my big toe.
+1 to RT
Even if the place had character (it doesn’t) or was interesting in any way (it isn’t), it’s still half on the first floor (which sucks) and half in the basement (which sucks more).
oh we are not interested in this place. we would like a duplex or townhouse in the city (or even a home that needs some cosmetic clean-up in irving or portage), but certainly something more interesting than this. but i just was eager to read comments about this place because so much of the duplex market in bucktown, lincoln park, lakeview is made up by places just like this.
I tried asking this on a previous post, but didn’t hear anyone comment. I had heard from an agent and a mortgage broker that during the boom, it was very easy to get a mortg. on a duplex down and that appraisals always came in ok and were never an issue, even at the top of the market. Recently I had heard that appraisers where scrutinizing sqft’age below ground and discounting it by 50% and crushing the appraisal value .. hence, almost making it impossible to buy a duplex down (or at least not being able to get a mortg. for a newer duplex down). Has anyone had any experience with this???
“oh we are not interested in this place. we would like a duplex or townhouse in the city (or even a home that needs some cosmetic clean-up in irving or portage)”
WhiteCity, with that budget check out Jeff Park, edison, and other NW side places of the Blue line and 90. you can get a 4-5 br Single family home with two car garage front and back yard and me as your neighbor 🙂
“I tried asking this on a previous post, but didn’t hear anyone comment. ”
Um, I commented, G commented, someone else (I think) commented, all saying that any sane appraiser would apply a substantial discount to below-grade space. Don’t need any “experience” with seeing it to know that’s the way it *should* be.
Also, don’t need direct experience to know that that was not always the case in the boom, which undoubtedly lead to appraisals that overvalued below-grade space relative to above-grade space and I would expect that this shift back to sanity would make it hard for sellers to pay off their loans.
I loves this area as I lived a 2 blocks away for years. It is great; however, I would want a separate dining room. However, it is a boring place.
Does anyone know what happened to 3123 N Clifton – the next door single family in the picture? This was on and off the market for a number of years and never really came down in price. The front half of the house is new construction tacked onto a very old back half. Huge square footage but VERY poor room layout, particularly on the second floor. I remember walking by and seeing what I assumed were renters in there with one halogen lamp, a couch, and a TV and that’s about it.
duplex down does not always mean basement. sometimes it means on the ground floor with nothing underground. I live in a “duplex down” and I love it. no flooding – why would it flood? just because it is touching the ground? gimmie a break. the flooding issues that people mention are not because it is a duplex down, it is because the places have plumbing issues.
don’t forget, penthouses have tons of issues with water. from the roof.
I can’t imagine why anyone would pay this price for a duplex down when there are townhouses to be had in Lincoln Park (and probably Lakeview) for the same price or less. Maybe some of them need some work, but there is nothing like being able to directly enter your unit from the outside and having no neighbors upstairs or downstairs. When I was home shopping last year, I almost bought a duplex down. I’m so thankful I didn’t and went with the townhouse, even though it needed some work.
Only buy a duplex down if you are getting a good price for the size. If you can get a townhouse for the same price, that is obviously a better choice. Duplex Downs should give you more square feet for the money. Mine was the cheapest unit in the building I live in and one of the biggest. But like any house purchase you need to be an informed consumer.
Marko…I just looked up 3123 Clifton…it was eventually rented out at 5000.00 a month. The listing was cancelled at
$1,325,000.00.
As to this unit…it is pretty bland and could seriously use a stager. But this neighborhood is awesome.Great transportation…great bars and restaurants…quick walk to the Lake… Wriggly on a game day is awesome…lots of cool shopping on Southport and on it goes…. It has everything one could want living in the city. I lived in this neighborhood for several years and loved it…and I still hang out there. Prices just keep climbing in this neighborhood and I could not afford to buy here. But if I could afford the prices I would move back in a New York minute.
But some people may find in convenient to climb three stories all the time. Duplex downs have the advantage of more room without many many more stairs
meant to say ‘find it INCONVENIENT’