Top Floor 2-Bedroom With Rooftop Deck Sells: 1309 N. Greenview in West Town
We chattered about this 2-bedroom top floor unit at 1309 N. Greenview in West Town in July 2010.
See our prior chatter and pictures here.
It had gone under contract in July and finally closed this week for just $4,900 under the list price but $28,000 over the 2003 purchase price.
Just 3 blocks from the Division Street blue line stop, it had a 40×20 rooftop deck with skyline views.
The unit also had 12 foot ceilings and updated kitchen and baths.
Are certain parts of West Town hanging onto their pricing power? Some of you thought this would sell for around $350,000.
Eric Rojas at Prudential Rubloff had the listing.
Unit #3: 2 bedrooms, 2 baths, 1400 square feet
- Sold in April 2003 for $342,000
- Was listed in July 2010 for $374,900 (parking included)
- Sold in September 2010 for $370,000 (parking included)
- Assessments of $148 a month
- Taxes of $4668
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×10
- Deck: 40×20
Wow – listed, under contract, and sold within 2 months!!! Where are all the nay – sayers now!! (ohhh the sky is falling, waaayy waaay waaay – yeah, keep spouting your nonsense, analyze your data, and be left behind as the real estate world keeps moving forward!!).
You’re right clio – the real estate market has come ROARING BACK!
I’ve been wrong all along! There’s egg on my face now!
Is it sold or just under contract?
OK – HD – obviously I have to spell it out for you: my comments were meant to be somewhat sarcastic. I was trying to emulate your ability to take one piece of isolated information/fact and draw broad based conclusions from it. It works both ways….
clio – the difference is that I have not taken one piece of isolated information and drawn a broad conclusion. In fact, IIRC, yesterday I listed 18 very specific reasons.
Regardless, this property closed yesterday. It will be interesting to see the financing. FHA and its 3.5% down has nearly 50% of the mortgage market so this might be a subprime borrower for all we know.
I’ve preached enough dogma this week to last until the end of the month.
See you all later.
All is well… Nothing to see here, move along.
http://www.cnbc.com/id/39192246
“All is well… Nothing to see here, move along”
Is there any data comparing the number of foreclosures to the number of owned homes (not for sale) in the country?
> http://www.cnbc.com/id/39192246
It’s easy to count the number of times CNBC calls an economic trend before it happens: Zero.
Clio,
We aren’t your admin dude. Go dig for the data yourself.
You have a worldview and pick data points that support it, other person has a different worldview and picks data points to support it. Then you each argue it out. That is cribchatter.
The thing is each person does their own research legwork AND its NOT THAT HARD.
patience, Bob… patience…. wait for it
Still a pretty place no matter the data points. Location on the edge as we’ve mentioned before.
Clio
The most commonly cited foreclosure and delinquency rates (e.g. those from the MBA) are calculated as a % of loans, not total homes. Is your point that this is misleading because they don’t account for homes without current mortgages?
“It’s easy to count the number of times CNBC calls an economic trend before it happens: Zero.”
CNBC are the biggest market cheerleader morons in the business. Contrarian indicator? Doubtful.
The numbers speak for themselves. There will always be some movement in a market, but one sale does not make a trend.
Bob I thought this would be a story that you would enjoy…..
http://www.newsoxy.com/world/father-55-children-arrested-fraud-14784.html
“Is your point that this is misleading because they don’t account for homes without current mortgages?’
Yes – that, and the fact that some of these news headlines misrepresent data (100% increase in foreclosures, 59% foreclosure rate – then you realize that the media is calculating numbers based on new loans, sales, etc.). There is so much misrepresentation and fudging of data, it is really hard to figure out what the hell is going on. Add to that the uncertainty of what the govt is going to do and you realize that all the chatter in the world is just that.. chatter.
I’m left wondering what part of “all real estate is local” so many people don’t seem to grasp. All the larger data in the world is meaningless when it comes to an individual property.
this neighborhood…well it didnt seem dangerous when I used to have a friend nearby on bosworth. but it was kind of crappy. and once somebody snuck underneath my car and snipped my brake line for no apparent reason. just kids having fun i guess.
“it didnt seem dangerous ….once somebody snuck underneath my car and snipped my brake line”
I guess our definitions of dangerous are a little different. I hope that you were being sarcastic!!!
OK. Here’s some market data on both sides: 1) 45% of the homes that sold in August went under contract in 60 days or less 2) 40% of the homes that sold in August were distressed properties.
“All the larger data in the world is meaningless when it comes to an individual property.”
Exactly which is why your neighbor going into foreclosure next door or in the same floorplan above you should have zero impact on your property value?
Speaking of data. Is 456 units in six months a lot?
http://chicagorealestatelocal.blogspot.com/2010/09/wicker-park-west-town-keeps-pace-with.html
“Exactly which is why your neighbor going into foreclosure next door or in the same floorplan above you should have zero impact on your property value?”
units in a single building are obviously connected.
foreclosure next door? not necessarily, IMO.
I’d be willing to bet that your average foreclosed property is in much worse shape than what on paper a similar property on the same block is.
my reasoning being, if you couldn’t afford to pay your mortgage, you certainly weren’t keeping on top of maintenance like your roof, your pipes, your mechanicals, etc.
we had an appraisal last year that killed us due to foreclosure sales – but when I examined the appraisal it was pretty crappy in terms of comparing apples-to-apples (eg, we had a much newer HVAC, newer roof, insulation, deck and patio additions, etc.) because an appraiser has limited information at their disposal.
Bob:
No, but the price of homes in Cleveland or Plainfield, IL have nothing to do with West Town Chicago.
Real Estate is local. I have a client with a 2nd home on Martha’s Vineyard. It just appraised at $7 million. Up from $5.7 million two years ago. I have another client with a condo in Lakeview that just appraised at $50k more than he paid for it three years ago. On the other hand, I have another client whose property in burbs appraised $100k less than he paid.
Real Estate is very local and while national trends are important, they don’t necessarily drive individual RE transactions.
CK,
West town condo sales are only up slightly over the same period last year – and that’s with the benefit of the government paying people to buy earlier than they would have anyway. Since then sales have plummeted. August is going to be down 25% over last year.
To clarify, that 25% down number is for the city as a whole.
“Plainfield, IL have nothing to do with West Town Chicago.”
So if a mansion was listed for $5MM in West Town but 200k in Plainfield that would have no impact on it’s prospects?
Sure totally different areas with totally different commutes. But erroneous to make such a statement as its still within the same general metropolitan area and commutable to the same pool of jobs.
Bob, there are some parts of Chicago you can go two blocks and have totally different valuations. You surely can’t be serious saying that Plainfield, IL or any far out suburb for that matter is a valid proxy for real estate in Chicago or even close in suburbs like Oak Park or Evanston.
The pool of jobs has nothing to do with anything. It is purely supply and demand. The demand for people to live in certain areas is much higher than others – even when the entire market as a whole may be down. Not all submarkets are going to be affected the same.
You are saying that because the Dow is down, you shouldn’t have made any money on an individual stock.
“Plainfield, IL have nothing to do with West Town Chicago.”
“You surely can’t be serious saying that Plainfield, IL or any far out suburb for that matter is a valid proxy for real estate in Chicago or even close in suburbs like Oak Park or Evanston.”
No I am saying that if a Dow component is way down it does impact the Dow. There is a reason some tract house in Chicagoland costs 450k whereas in Cincinnati/Indyland its 250k. And if you think its because Plainfield is culturally superior to Fairfield, Ohio, I’ve got a bridge to sell you.
Bob, what you’re saying is perfectly compatible with Russ’s point.
These are both true:
1. If a Dow component is way down (or up) it does impact the Dow.
2. The Dow has no relation to the performance of an individual stock.
Regardless, housing is not comparable to “The Dow.”
I have to live in *one* home, I can’t buy one room in 12 different homes and use the bathroom in one, the kitchen in another, etc.
Now if we’re talking about the housing market as it relates to the performance of mutual funds geared towards real estate, your point is certainly a valid one.
“Now if we’re talking about the housing market as it relates to the performance of mutual funds geared towards real estate, your point is certainly a valid one.”
It’s also valid if exact duplicates of Jamie Dimon’s house were available in Plainfield for $200k. But that’s even more of a fantasy than exact duplicates of Plainfield houses in the city.
This went under contract 5 days after we listed it. Buyer put good money down, one of the reasons we made sure we made a deal. Hope he invites me to the parties!
I am happy that my predicition for this place was wrong. Could things actually be better in WP/West Town than I thought??
“Could things actually be better in WP/West Town than I thought??”
In a word – YES.