Tough Market To Sell In: 1346 N. Hoyne in Wicker Park
Hoyne is a lovely historic street as it works its way north through Wicker Park. That street is lined with gorgeous historic mansions.
It should be easy to sell there- especially units that are brand new construction with all the bells and whistles. It is only two blocks away from the restaurants on Damen/Milwaukee and the Blue Line stop.
1346 N. Hoyne is a new construction three unit building with gated parking for each unit.
It appeared on the market around January 2008 but already the developer has done several price reductions. (Thanks to the tipster who sent me info on this listing.)
- Unit #101: Reduced $91,000
- Unit #201: Reduced $36,000
- Unit #301: Reduced $10,000
There are only one set of pictures for all three units. And there seem to be quite a few pictures of the bathrooms (only some of which I include here.)
Unit #101: 3 bedrooms, 2.5 baths, 2 car gated parking, 2950 square feet, duplex down
- Originally listed for $790,000 in January 2008
- Reduced to $785,000
- Reduced to $750,000
- Currently listed at $699,000
- Assessments of $207 a month
- Prime Properties Realty has the listing
Unit #201: 2 bedrooms, 2 baths, 1 car gated parking, 1550 square feet
- Originally listed at $525,000 in January 2008
- Reduced to $520,000
- Reduced to $499,000
- Currently listed at $489,000
- Assessments of $138 a month
- Bedrooms are 12 x 13 and 10 x 11
- Prime Properties Realty has the listing
Unit #301: 2 bedrooms, 2 baths, 1 car gated parking, 1550 square feet
- Originally listed at $525,000
- Currently listed at $515,000
- Assessments of $145 a month
- Bedrooms are 12 x 12 and 10 x 12
- Prime Properties Realty has the listing
The developer paid $725,000 for just the lot in April 2007.
Great location, decent looking units…
…but it’s symptomatic of developers apparently drastically overestimating the market for condos in the $500K+ range. I feel like if more affordable units were coming online (not inflated by top-notch finishes or the absurd land acquisition costs) then product would be moving. End result is probably that prices on these will eventually come way way down, making them affordable once the banks need to unload. Good for potential buyers, I guess…
When you think about it, condos for $700+K in a nice neighborhood are an odd market niche. A dual-high-income family, in that price range, would likely look for a townhome/single family to have extra room, or a DINK household would be more likely to get something a bit sexier downtown. By all means a 3Bed condo can be marketed to dual-income, young families (I grew up in one, for one), just not in such a high price range, IMO.
I agree w/above. too much supply and builders paint themselves into a corner w/high-end finishes when corian would move a lot faster in this market.
plus…if you do go the high-end finishes/speculative-build route, you have to tread lightly as your buyers may not share the same tastes as the designer.
case in point, cabinets up above, yuck. YMMV.
$725,000 for the land, and RS Means estimates the construction would cost on average $1.45MM…
RS Means includes contractor profit. And there’s NO WAY that build costs are over $200/ft–it’s much more like $100/ft.
That calculator is nuts–it leads to the original list prices being a loss of over $300k. Oh, and it also assumes full union labor, which ain’t the case on most of these one-off three unit places.
Anyone have a better idea of actual, current costs?
I was told that 120-130/sqft using nonunion labor should suffice.
Also, my friend lives next door and the buildings are so close together. I feel like I can open the window and touch the other house. However, that is one of the loveliest, quiet street in Wicker Park.
i live across the street. it is a beautiful block. i thought, perhaps, someone would come alone and, money-no-care, drop it, but with the mortgage guidelines as they are, it takes 2+ peeps – 50%+ under contract – to get a loan – to close anything new construction . . . IT IS a gorgeous street. one of the best in the city, in my opinion.
Unit 201 sold for 447k (according to Chicago Tribune), quite a bit (15%) below orig asking price of 525
Somebody please explain the $233,500.00 sale of unit 301 on June 26th. I think it might be a typo in ccrd because the buyer has $419k in mortgage liens.
b.n. Unit 101 for $690,000.00 on June 27th.
Knifecatchers everywhere.
I think 301 was kept by the developer or sold to his family members. I see that in many developments. The partners or family members keep a piece of it at a huge discount or basically at cost. This helps defray the tax by classifying it as long term capital gain or primary home deduction.