This Logan Square 2-Bedroom Sold For $10K Under the 2006 Price: 3052 W. Logan Blvd.
We last chattered about this vintage 2-bedroom at 3052 W. Logan Boulevard in Logan Square in April 2011.
See our prior chatter here.
Most of you liked this property but had no idea what prices were doing in Logan Square, which appears to be one of the “it” neighborhoods of the moment.
The unit was first listed in March 2011 and sold at the end of May 2011 for $10,000 under the 2006 purchase price.
If you recall, the 1450 square foot unit hds hardwood floors and a new eat-in kitchen with stainless steel appliances.
The listing said the bathrooms were redone but some of the vintage features were left intact, including a clawfoot bathtub in one of the baths.
There was a washer/dryer in the unit and parking included but it didn’t have central air.
If Lakeview 2-bedroom prices are back to 2002, does this sale mean Logan Square is holding up better than Lakeview?
Robert Safranski at Saffron Realty Group had the listing.
Unit #2W: 2 bedrooms, 2 baths, 1450 square feet
- Sold in September 2000 for $205,000
- Sold in October 2006 for $290,000
- Was listed in April 2011 for $299,900 (parking included)
- Sold in May 2011 for $280,000 (parking included)
- Assessments of $268 a month (includes heat)
- Taxes of $3079
- No central air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
- Bedroom #2: 12×11
Executed Recorded Document Type Amount
05/31/2011 06/08/2011 MORTGAGE $238,000.00
15% down payment.
$42000 is a lot to put down hoping that this place remains worth nearly $300k. I have a hard time seeing 2/2 1400 sq. ft. places in Logan Square going for over $300k in the near future. Perhaps in 10-15 years, but who wants to live in this place that long, who knows what may happen, kids, divorce, relocation, friends move to the burbs…..
It’s a nice, renovated place right on the Boulevard in a hot neighborhood. And the neighborhood has come a long way since 2000.
Many people can live in a place like this long term.
They can, but I doubt the buyers want to or plan to. At this price, they may have to though.
I’m not surprised by this price. This place is very near the Blue Line stop (but it’s underground, so not much noise) and the very hot part of Logan Square south of here along Milwaukee. This is where a lot of people want to be. The Blue Line puts you in the Loop in about 20 minutes from here, and it’s easy to get on the Kennedy to drive to the suburbs or elsewhere as well.
This property should rent for about $1700 or so. I didn’t try to raise the rent on my nicest Logan Square rental when it was available recently, but the people who are moving into it this weekend, probably the tenth set (our of 15 or so) of prospective tenants to see it in one day, offered me more than the asking price because the people leaving when they got their had already put in an application (and tried to tell them “it’s already rented”) and they could see there were people waiting after them.
Basically, it took a little longer, but the Logan Square of 2005 anticipated in the Bucktown of 2000 finally actually is in Logan Square in 2011. When the Hairpin Lofts building at Diversey/Milwaukee/Kimball finally open, I expect that will really move expansion north, at least enough to improve the retail and restaurants in the stretch of Milwaukee just south of there.
I’m surprised this sold for so much. I would rather buy a single family house a bit further north or a condo further south for this money.
Looking quickly for a sfh for jenny (are you the same as Jenny, or is that someone else?), I found this one, which looks a little rough, but is in a pretty decent location for the ask:
http://www.redfin.com/IL/Chicago/3431-N-Troy-St-60618/home/13453214
Thanks anon. I already have a place, but I enjoy this site anyway.
“Thanks anon. I already have a place, but I enjoy this site anyway.”
It wasn’t really for you, but for the concept proposed (a sub-$300k house in Avondale or maybe Irving Park), and it seems that folks are always asking about the cheapest available places.
That one would likely need a good bit of work (beyond the obvious from the pix) to be rentable, but it’s really cheap and it’s in a decent location to be rentable.
Do you know the buyers personally, benjamon?
I wonder how much a fixed up version of the one anon posted would cost in comparison to this condo. I would definitely take the SFH if it was in decent shape over a condo.
There have been a number of sub $200K 2/3-flats (in need of significant work) in what I consider to be the nicer part of logan for SFH (the subject property is in a pretty prime location for a condo). E.g.,
http://www.redfin.com/IL/Chicago/2421-N-Talman-Ave-60647/home/13450802
A good rehab on a two flat to a SFH will cost at least $400K.
“A good rehab on a two flat to a SFH will cost at least $400K.”
Is that all in? purchase and rehab? Or just rehab?
A friend of mine did a 2-flat to SFH in Andersonville for under $300K.
I am not jenny, but I am looking for a SFH to rehab in Logan Square. Have my 203K loan, but just need a place.
Thanks for the tip about the property on Troy.
“A friend of mine did a 2-flat to SFH in Andersonville for under $300K.”
All depends on the definition of “good”.
Not all in.
“All depends on the definition of “good”.”
Very true
Vlajos, no I don’t and niether did I claim that they definitely aren’t here for the long term. I was going by the fact that many people buy 2/2 as a stepping stone to SFH or larger condo/townhomes. I definitely wish them the best of luck, and that I am wrong.
If you don’t know the buyers situation, then why question what he/she/they have done?