The Multi-Million Dollar Lincoln Park Condo: 1713 N. Sheffield
We’ve chattered about the market for luxury single family homes in Lincoln Park, but what about the million dollar condominium?
This 4 bedroom unit at 1713 N. Sheffield is as big as many single family homes in the same neighborhood. The building was new construction in 2007 and has only 6 units.
It has a “European style” chef’s kitchen, a rooftop deck with jacuzzi tub, and a home theater with surround sound.
It’s also the most expensive unit in the building, where a 2 bedroom is listed for rent for $2500 a month.
What will it take to sell this property?
Izetta Caroll at Keller Williams Gold Coast has the listing. See the pictures here.
Unit #PH 3S: 4 bedrooms, 4 baths, 3500 square feet, 2 heated parking spaces included
- Sold in August 2007 for $990,000
- Originally listed in June 2009 for $2.25 million
- Currently still listed for $2.25 million
- There’s no information on what the assessment is in the listing
- Taxes are “new”
- Bedroom #1: 19×17
- Bedroom #2: 12×9
- Bedroom #3: 12×9
- Bedroom #4: 17×10
Needs new bathrooms and carpet
NO THANKS
maybe for 880K
Dear god after seeing all these awful, janky home theatres I should go into business making HT’s that don’t look and sound like dogshit. LOL @ that screen!
As for the price of the place? heh no.
What a good laugh at this ask price.
How did this possibly MORE THAN DOUBLE since 2007! And if I throw a sheet up on a wall in my living room, can I call it a home theater too?
Nice place, but $2.25 for a 3rd floor walkup?? I’ve also never been found of this small stretch of Sheffield for a residence given that’s its shoehorned between all of the north/clybourn commercial space.
Pass the pipe!
If I have $2.25 million to spend on a house, it’s not going to be on something like this. Let me just say, navy carpeting in the master bedroom. Enough said – really? The bathroom is heinous too. So $642 per SF. Smoke…
I did get some good ideas though. I’m a gonna tape a bedsheet to my wall and call it a home theater! That should add a few hundred thousand dollars to my price.
Don’t be fooled by the Sheffield address either – this place is on top of CVS. Hope you like Best Buy and World Market too, because you’d be practically living there.
Move the decimal point one to the left and you’re good to go!
Wow – these Realtors really need to stop asking for whatever price the owner wants.
Sabrina, your sense of humor is on par with the greats 🙂
i would rather buy that place in china town and the one cabana on the roof top pool in boystown with that money.
or if i wanted to be in that area why wouldnt someone buy this;
http://www.coldwellbankeronline.com/Property/PropertyDetails.aspx?SearchID=4994118&PropertyID=1059567&RowNum=1&StateID=19&RegionID=0&IsRegularPS=True
you get a yard and basketball court for that price!!!!!
Nice find, Groove — seriously, even though I don’t love that Halsted place, I would MUCH rather live there than the 2.25M crapbox featured! That asking price is just offensive — again, expecting to double their money? Since 2007!? That Realtor(TM) should be disbarred, or whatever is done to discredited Realtors (and yes, that’s a joke without a punchline).
Groove77,
The one you just linked to is outdated as well.
NO THANKS
Okay, let’s assume they paid $990k for a white box, otherwise it’s beyond absurd. Is what they did to the place worth anything like $1.25mm?
I think the most absurd thing about the “home theater” is NOT the screen taped to the wall, but the total absence of blinds/curtains/bedsheets on the windows. I don’t care if the projector and the screen are good enough that you can see the picture (and it’s great!), that’s just inexcusable.
For 2.25mm, I’d expect a motorized screen AND projector AND blinds.
PS, the 3500 SF includes the roof deck (unless there’s an unmentioned 3d floor). The footprint of one-half of the building is about 1200 SF.
Well considering you get your own double lot and its 300k cheaper, i’d say I’d rather live there too…
“Groove77,
The one you just linked to is outdated as well.”
Sure, but at least the ask is *below* the teardown value of 06/07. If you *had* to choose b/t the two, and even assuming that they were the same price, is there ANY question–even for you condophiles?
1) Not one but *two* pictures of the home theater sheet.
2) What’s up with the old country, granny railing against the ultra-modern kitchen.
3) Nice blue carpet.
4) Why not just ask for an even $3,000,000?
(Mental Note – Never hire this woman as my realtor.)
For $2.25 million I expect a live-in servant to serve me popcorn while I watch the movies…
“$642 per SF”
Say the roof deck is worth $250k. They’re asking over $800/ft for the unit.
I emailed the agent to inquire as to whether there was a typo in the listing and, if not, what she can tell me about the place that I can’t see from the listing (because I can’t) to justify the asking price. I’ll probably get ignored, but I’ll let you know if I hear back!
I always want to go to these open houses (just missed one on Damen – a condo for $1.25M next door to the fire station…) and chuckle a little as you walk around the place. Someone needs to let these people know!
http://www.redfin.com/IL/Chicago/1915-N-Damen-Ave-60647/unit-F/home/18939381
This is a wild guess, but the only way I see this listing making any sense is if they bought two penthouse units for 900k each and then combined them. The only other rational explanation is that owner is a serious crackhead.
Also, 1N (apparently a duplex down) sold in 02-07 for $629k.
It is listed as being 2200 SF.
Whoa I just noticed the “home theater” screen! MWHAHAHAHAHAHA!!
Jon,
to the question of why you list for $1.250m when the firehouse is next door? Because the seller is a financial prodigy who bought his home for $1.125m; and after plunking down $242,000 cash money as a down payment, leveraged himself into an $843,000 super jumbo loan.
This is a common theme among million dollar homes. Most million dollar homes would have never listed for a million dollars but for the Alt-A market.
Matt – I thought you might be on to something when you said maybe they combined the 2 penthouses, but listing is #PH3S. To me that implies just the south unit. And, one would think that if that were the case the realtor would make mention of it in the listing. Then again, one of the opening remarks is about the proximity to Whole Foods. Seriously. Dumb B.
The real question is why anyone would ever want to sell this place with this state of the art home theater system? George Lucas himself would be envious.
The seller on the deed for $990k is 1713 Sheffield LLC.
The buyer was 1715 N Sheffield LLC.
You could probably open up a movie theater and pay most of your monthly mortgage payment (if not all) with the cost of admission! This is all starting to make sense.
Listing for $2.25 mil is sort of like asking the way-out-your-league hot cheerleader to prom.
She’ll probably say NO but you’ll never know for sure unless you try. It’s a one in a million shot but you might be that one in a million.
“You could probably open up a movie theater”
Given that someone in the SoNo thread mentioned its proximity to movie theaters, maybe this was what s/he was refeerring to?
If it wasn’t worth $990K in 2007, it surely isn’t worth even that much today. Figure 25% off the 2007 value at least.
This seller is delusional and greedy.
This seller is also, I suppose, heavily counting on all the anti-free-market government interventions to save him. They won’t. They’ll just burden the rest of us with a larger national deficit, deteriorating currency, and a treasury that could topple right over from the load.
This seller is clearly a flipper and I hope he ends up BK, and out everything he owns. You HAD to know that everything was unwinding in 2007. Here’s to another 6-digit loss to the lending institution, which we all will help offset.
do you think we are missing something here, maybe like Mr. coffee man said, or something else?
it just seems for that price is way out there and maybe there is a reason.
“This seller is clearly a flipper”
Laura–Read the comments. The seller is a developer entity most llikely related the the original developer of the building.
“Here’s to another 6-digit loss to the lending institution”
There is no mortgage on the unit, but I didn’t check the old PIN to see if there’s a construction loan.
“that price is way out there and maybe there is a reason”
Greed?
Oh, I know, the seller is either a fratboy or jealous of fratboys or something.
Highly doubtful that the 2007 sale was arm’s length. I think anon implied this above.
This unit was originally listed for $2,199,000 from 12/6/07 to 10/27/08 when the listing was cancelled.
Well if so he’s welcome to join mine cuz I know he’s probably a hoot and hilarious. The crazies make the best binge drinkers and drunken entertainment!
And… if it didn’t sell for almost a year at $2.199 million, then clearly it was underpriced. Cancel. Jack up price. Sale!
I’m already picturing myself in that rooftop hottub watching the 9″ television, obscured only by the Best Buy parking lot lights, listening to the gentle hum of that f’ed up corner of traffic…
“Well if so he’s welcome to join mine cuz I know he’s probably a hoot and hilarious.”
Actually, it’s much more likely one of teh Groove’s old friends, looking for a legal way to empty out some trader’s bank account.
I get it… $2 million is actually for the whole building.
Actually it’s for the 1700 block of Sheffield. Just heard back from the agent.
“Greed? Oh, I know, the seller is either a fratboy or jealous of fratboys or something.”
“Actually, it’s much more likely one of teh Groove’s old friends, looking for a legal way to empty out some trader’s bank account.”
good one Anon 🙂
Jon did the agent get back to you?
No – I gave up on it. I got 2 emails asking if I need an agent and one auto-reply telling me to email some other address. Times must be good over at Coldwell Banker — too busy to personally respond to an email regarding a $2+ million property. Let me add lazy to my prior comment of dumb.
‘Times must be good over at Coldwell Banker — too busy to personally respond to an email regarding a $2+ million property”
That may be the problem–listing agent is a Keller Williams agent.
Sorry – that is what I meant and who I emailed.
LOL HD. Is there a way to tell if this unit was sold as raw space? any extra loans on it? I am assuming that 2.25 is a typo and the agent meant to type 1.25. Unless the seller is aiming for that “hot cheerleader”
“That may be the problem–listing agent is a Keller Williams agent.”
This brings up a good point, is there a general consensus here on CC as to what is, in fact, a reputable or worthwhile real estate firm? Apparently Keller Williams isn’t particularly well liked, but how about Coldwell Banker, Dreamtown, Hot Properties, Baird & Warner, etc.?
Jon it is funny that on a 2.5m listing she didnt even respond on her crackberry?
keep me posted if she responds i am curious.
i still feel something on this listing is wrong
“any extra loans on it?”
No lien on the unit. As noted above.
Okay, so I’m a little compulsive–the land had/has a $2.75mm mortgage on it. The two lots were acquired in Sept/Oct of 2004 for a total of $891,000.
The other units sold for:
PIN 1001–$629k
PIN 1002–$629k (same buyer as 1001, deed rec’d same day)
PIN 1003–$495k (same buyer, deed recorded 2 months after ’01, ’02 and ’05)
PIN 1004–$495k (same as 1003)
PIN 1005–$495K (same buyer as 1001 & 1002, deed rec’d day before)
PIN 1006–Unsold–listed for $2.25mm
Total for the 5 deeds–$2.743mm
1005 was quit claimed to 1715 N Sheffield LLC (the current owner of the listed unit) 18 months later.
All of these “acquisitions” came w/o benefit of a separate mortgage and there are no partial releases recorded. Nor any other deeds.
I am normally irritated by all of the negative comments on this site. But for this property . . . I second everything everyone has said. My guess is this is a practical joke. Realtors don’t have much to do these days . . . Maybe sometimes they just get a little silly?
$2.25 M? Crazy. I won’t pay a dime over $2.24 M for this!
Neat kitchen… but what’s with the bedsheet on the wall?
I think this one will sell near or at asking price…
12×9 bedrooms in a 2.25m place?
LIVIN LARGE IN (sort of) LINCOLN PARK
Now daily excercise is one thing, but how many of you have ever lived on the third floor of a walk up? It gets old, very very quickly, while you get old and start to realize that just by virtue of the stairs, you’ve eliminated about 2/3 of the already small $2mil+ buyers pool. Ironically, in New York, this would be considered a reasonable floor because there are many 5 and 6 story non-elevator walkups, and I suppose many units priced in this range, but this isn’t going to work here.
Ummm “I think this one will sell near or at asking price.”
Flo? Would you care to elaborate? Any clarification would be nice here. I’m expecting something along the lines of “I’m the listing agent and I’m desperately trying to convince a cc blogger to buy this.”
desteve,
I guess you didn’t catch the irony or sarcasm but I think the crowd agrees that for $2MM you can actually get a lot more for your money. _A LOT MORE_.
People can list whatever they want, just like at burning man next week people can ask outrageous prices for controlled substances.
The differences 0are there are far fewer idiots who can be fooled into plunking down serious money vs. burning man where any stoned wannabe hippie can overpay for instant gratification.
Theres rarely been a more obvious case of financial DOA than this listing, that much is true.
This transaction history just proves theres still far more money than financial sense out there. Have fun happy 2007 buyer!!
Flo is either the realtor, the owner, or f-ing the realtor or the owner. What a dumb comment in light of the whole string. Flo can’t read either. She’s too busy trying to sell this place, living in this place or…
bob,
can we now expect you at ‘Burning Man’ or are you now as envious of hippies as you are hipsters? You mentioned this event a number of times in the past few days…just curious? Just messin with ya man…
Anyway, this property has to be awarded the most ridiculous CC featured property of the year! Although we have 4 more months of 2009, I believe we can rest assured that a more ridiculous listing will not present itself in that time frame!
Who do you all think is more to blame for this listing, the realtor or the seller? Or was it a mutual agreement after a few j’s and an 18 pack of Heineken?
There is just no way in hell that a sane agent would sit back and agree with this asking price…if so, they need to be removed from their position immediately. While I am usually very adamant about where I price my rehabs, I set them based solely on the initial price and the reno costs with no emotion involved whatsoever. If I do get hung up emotionally on a finished unit, instead of selling it I hold onto it and use it as a rental or a place to be used by visiting out of towners or crew members and their families.
Things of concern to me about this place once I stopped laughing at the price…
for a ‘penthouse’ (I don’t believe I have ever seen a walk up penthouse) that comes up with 3500 sq ft, why is the kitchen so cramped and poorly set up?
you have GOT to be kidding me with that electrical tape mounted ‘screen’ or perhaps there is a graphic piece of art work permanently mounted on the wall and this is simply a cover for it?
there are two bedrooms that measure 9′ wide…totally unacceptable at this price range. Combine them and it just might make sense if those two 9′ can be made into an 18′. Otherwise two office spaces.
OK I am done and I kindly request that this thread be removed as to keep it active is an insult to us all! LOL
I think Flo was merely being sarcastic…and since that NEVER happens on Crib Chatter it caught most of us off guard.
So pull those snippy comments back in….IF she is the listing agent, I will assemble the firing squad backdrop today.
“I will assemble the firing squad backdrop”
Taping it to the wall, just like the projection screen?
or Flo just has an amazing sense of humor and just forgot the smilies and the tags!
Just the teeny living room, with the two sofas jammed in there had me scratching my head in a “WTF?” way, but the clincher was the “home theater” setup. I guessing they think this has “location, location, location” going for it, but it’s simply not $2mil worth of location in any stretch of the imagination…
I hesitate to add to the pile, but I would bet good money that that Kitchen is Ikea cabinets….
I think it’s a very nice home, but obviously as others have astutely pointed out, not 2.5 million nice. If I had that kind of money to drop on a home, I’d be looking for a SFH where I wouldn’t have to worry about shared walls and someone’s penchant blaring their home theater system too loudly…
oh! Great idea up thread, to have some Annual CC Awards!
we could have Most Overpriced, Most Over decorated, Happy Halloween House, or What Were They Thinking House, and so on!
Are we up for it, Sabrina??
*for blaring
it was just a joke….i remember a nice modern single family house right around the corner that couldn’t sell for more than a million bucks. Your front lawn was the container store parking lot instead of best buy though, which some could argue for better or worse. I’m in obvious agreement that is listing price is too high, and i will try to refrain from deliberate sarcasm in the future.
This is awesome. I cant wait to see final selling price!
As for everyones comments on disbaring a realtor – get serious. I am sure that the realtor understands that it is extremely overpriced but was willing to take the listing, prove that it is way out of alignement, and later work the seller down to reality. Perhaps this realtor does major work with a relative of the seller and was feeling pressured to take the listing. It will clearly not make the realtor any money by being listed for 1.3 million (or more) over asking price.
Sarcasm is cool, Flo. Just remember the smiley face.
Interesting that the agent refrained from having their name/headshot with this listing. That says something right there.
Clearly under priced. The seller should raise the price to at least 4million and call it the “final offer”, and if he/she doesn’t get an offer at that price, raise it to 5 million. That will show those buyers, who the boss is.
According to Sabrina, Izetta Caroll at Keller Williams has the listing. click on her name above and check out those upcoming open houses on there website! wow
What’s that hiding under the staircase?
anon (tfo) said:
“any extra loans on it?”
No lien on the unit. As noted above.
Okay, so I’m a little compulsive–the land had/has a $2.75mm mortgage on it. The two lots were acquired in Sept/Oct of 2004 for a total of $891,000.
The other units sold for:
PIN 1001–$629k
PIN 1002–$629k (same buyer as 1001, deed rec’d same day)
PIN 1003–$495k (same buyer, deed recorded 2 months after ‘01, ‘02 and ‘05)
PIN 1004–$495k (same as 1003)
PIN 1005–$495K (same buyer as 1001 & 1002, deed rec’d day before)
PIN 1006–Unsold–listed for $2.25mm
Total for the 5 deeds–$2.743mm
1005 was quit claimed to 1715 N Sheffield LLC (the current owner of the listed unit) 18 months later.
All of these “acquisitions” came w/o benefit of a separate mortgage and there are no partial releases recorded. Nor any other deeds.
——–
Can we assume something from the above information? Another case of the developer (or friend/relative of the developer) purchasing their own units knowing full well they will eventually be forclosed?
I have a 12×9 bedroom in my place. It’s called a nursery.
I know everyone’s already commented on the “sheet on the wall” but on a serious note, couldn’t they just paint a white square in that area and it would look better both when the projector is on and off?
AK49, your suggestion isn’t bad, but you would need to outline the white box with something dark (give it the proper contrast). most people in this price range just expect it to look like a mini theater I think you could do it for a thousand dollars plus labor. I just don’t like the fabric, which retains dust.
I’d do a small drywall build out and put an electric retractable (and much larger ) screen in there. But that’s just me.
HILARIOUS —
On August 27, 2009, I wrote to the agent, “Several of us that discuss real estate were wondering if this is a joke or a typo…”
TODAY – Yes, October 7, Izetta Carrol writes me back, “Hi, no you are not missing anything. The owner has that amount into the property. It is loaded. When would you like to see it?”
Ha! Love the fact that it took her more than a month to respond to my email. She must be bidsy with all those showings!!!
Jon did you write to the agent and send it by carrier pigeon?
90% of Realtards are not the sharpest knives in the drawer and don’t like making money, here is a good example.
Jon,
You’ll be happy to know that your condo on Damen has reduced $75,000.
You should have asked the agent how much of the money the owner has in that property went towards the white sheet on the wall in the home theater