Townhouse Loft Still Available 4 Months Later: 1235 W. George in Lakeview
When we last chattered about this 3-bedroom townhouse at 1235 W. George in Lakeview in April 2009, it had just had a nearly $50,000 price reduction.
See our April 2009 chatter and pictures.
4 months later and the listing still says, “temporary price reduction for a quick sale.” See that listing here.
Yet, the townhouse is still for sale and still priced the same as it was in April 2009.
It has unique loft-like features including exposed brick, timber ceilings on the top floor and exposed ductwork.
Jill Peet Saponaro at Coldwell Banker still has the listing. See more pictures here.
Unit #101: 3 bedrooms, 2.5 baths, 1 car parking, 2200 square feet
- Sold in February 1998 for $354,000
- Sold in November 2002 for $500,000 (included the parking)
- Originally listed in February 2009 for $597,500
- Reduced
- Was listed in April 2009 for $550,000 (garage parking $25,000)
- Currently still listed at $550,000 (parking $25,000 extra)
- Assessments of $317 a month
- Taxes of $5300
- Central Air
Anyone seen this? Even though it’s 3 beds, it looks awfully small based on the pix. The exposed brick and loft ceilings could be very nice with the right decor, but I don’t think their decor complements the elements of the loft-like feel.
Nice enough area. The three things I could see as holding buyers back: 3rd bedroom is on top floor, loft interior is not to everyone’s taste and there is a bar just two doors down that loves to have bands. Nothing seriosly wrong that another 50K off the price wouldn’t fix.
Overall, not a bad looking unit and the size of the rooms is average, if not bigger than the norm. 2200 sq ft is a good sized place for this price. I recently saw a very similar unit that was listed at $750k, so in comparison it seems to be fairly priced.
Of course the decor can be changed rather easily, so not too big a concern as it does have some good solid features that can be highlighted. Taxes and the assessments are decent. Decent to good location, all the required needs included.
I think to see any interest, in the current market, the listing price should be reduced to the $450-475k neighborhood with the parking included.
For those who constantly call for drastically lower prices, I don’t feel you could really come up with any *valid* reasons for such a huge drop in pricing.
It is refreshing to see a kitchen without any SS appliances. Combined with the lighter wood, it makes a strong design statement without resorting to the overused, and at this point, cliched cookie cutter SS equipped kitchens so popular in Chicago. If not black, I prefer the appliances to be faced with wood/faux wood covers…to me that really adds some style and a far more ‘richer’ look to a home.
Not the ‘best’ unit out there right now, but far superior to many overpriced units currently listed.
500k is a steal for LP regardless of the property. This is perfect for a lawyer, doctor, surgeon, CPA or other high incomed professional looking for value.
“I recently saw a very similar unit that was listed at $750k, so in comparison it seems to be fairly priced.”
I recently saw a very similar unit listed for FOUR BILLION DOLLARS, so in comparison it seems to be a steal!
Anchoring to listing prices is comical, as someone can ask for whatever price they want.
Closing prices count, listing prices don’t.
i dont get it? Looks like a nice place, price is at a 2003 level (given the 2002 price seems high for then), its three bedrooms, alot of deocorating potential. there is something missing or wrong i dont see why this place hasnt sold, could it be the realtor?
some questions, i dont see an alley for the unit, it looks like the back patio has a really close smothering view of the units on lincoln ave. where is the garage parking?
Come on now Bob, you know exactly what I was referring to in my comparison between the two units. While they may have been located in totally different neighborhoods, the $750 unit does not have the location location location standing that this one does.
As someone who has purchased and sold hundreds of properties, I can tell you that ‘anchoring to listing/asking prices’ (something I DO NOT do) is anything but comical! They are the start of negotiations between the buyer and seller and give the buyer a good idea of where the seller stands…if you are knowledgable about how to decipher their reasons for their asking price (which comes with experience) this allows you to run through the negotiation process with little to no time wasted with the back and forths that many times end up going nowhere.
To me, it is very easy to see where an emotional attachment plays a part, where the seller is underwater and on the verge of foreclosure or any other of the numerous reasons for why the asking is set as it is.
Again, this comes with experience…something I hope you will learn from this forum before you purchase your first place!
“Closing prices count, listing prices don’t.”
I guess this statement sort of sums up what my last post was attempting to explain to you. If you don’t have knowledge of the negotitation process and every factor involved that closing price that is SO important is skewered and is usually not in your favor!!
“i dont get it?”
disregard that, i get it now dan pointed it out “there is a bar just two doors down that loves to have bands” and plus its almost across the street from a latin nightclub if its still open, its been two years since i went to it.
The “timber” loft area in that bedroom picture looks like unfinished crap! I wonder if they have water issues or something behind the scenes that is the reason for this being so cheap for the area.
Should garner some interest at the 2002 price, $500K including the parking.
Groove:
From the prior post, regarding the parking:
““Color me confused on the parking.”
From streetview, it looks like there are 3 THs west of a small condo building, with the parking entrance. Parking is prob. all under the condos, with a shared hallway to the THs?
Anyone have a better thought, or actually seen it?”
As to the neighboring bars, yeah, Elbo Room and Vida are basically on top of this place.
There is probably something wrong with it that we can’t see from the pictures. Being located two doors down and across the street from a bar is not a selling point if that is the case. In this market, buyers simply aren’t going to accept that kind of flaw.
Whoever is thinking of buying this place better pay a visit after hours to see what it is like when the bars open. It always amazes me how little due diligence buyers do on places like visiting and walking around at night, doing dry runs to test out the commute, etc. An open house on a Sunday afternoon is not all that representative.
anon;
“As to the neighboring bars, yeah, Elbo Room and Vida are basically on top of this place”
elbo i used to leave very orderly so did most of the patrons
Vida does attract a high class of clients but some riff raff still get in.
i have come out of vida stumbling and probably took a leak on this townhome’s wall (not proud of that at all).
russ makes a good point about due diligence, it looks like potential buyers for this place have done it, thats why its on the market still.
I’m sure the place is just fine – it’s probably a bit underpriced given that LP real estate never goes down. It’s just that all the rich LP doctors and lawyers are a bit timid with their money these days. They need to get out and spend because god knows they can afford it.
2642 Seminary just went under contract…it is a similar property a couple blocks away. The biggest difference I can see from the pics is the amount of natural light.
Will be interesting to see if and what it closes at.
http://www.redfin.com/IL/Chicago/2642-N-Seminary-Ave-60614/unit-3N/home/17456013
http://cribchatter.com/?p=7211
On an off topic note I love checking YoChicago these days and seeing the developers implode. Now Joey Z is doing “Rent Checks” for all of his overly ambitious advertisers who aren’t selling condos.
Unfortunately for them there aren’t 18,000 people willing to pay at least $1,400/month in rent.
My favorite update is Pure where not only did the developer go bust, but their bank did too! LMAO!
HD- LP is not north of Diversey/W of Racine. at least not in my opinion.
only 4 or 67 units sold at Pure, wow. and Joe Z is sounding more pessimistic then i remember from his posts here.
the bars aren’t all that big of a deal in my experience, most patrons head to Lincoln pretty quickly, it’s a dead residential zone going east.
“LP is not north of Diversey/W of Racine. at least not in my opinion”
LP ends no further north than Diversey, no matter how broadly you define it. The western edge is a matter of opinion.
The developer AND the bank both couldn’t finish all units! Wow talk about poor financial planning.
I guess you could rent to people with unfinished units in the building but I sure as hell wouldn’t buy in a building like that.
Oww oww oww! I found a new toy, enjoy:
http://www.newyorkfed.org/mortgagemaps/
Unfortunately the detail isn’t granular down to zip code level, but it still color codes it for you to get a general idea.
I am getting bored with this website.
I am getting bored with brad.
FYI — Vida Lounge went out of business. Also, the Elbo Room does get a load of bands, but all of it takes place in the basement bar. There really isn’t much riff raff outside, aside from the smoking crowd.
I’m not really a fan of this unit. Love lofts, but timber ceilings and drywall don’t really mix.
thank you john9999999999999999,
that sucks i liked vida lounge and there bartenders too 🙂
the one thing that did suck about vida is if you are on the second floor north side of it and had to take a tinkle, you had to push through the crowd to get to the stairs on the south part go down the stairs then push through the crowd to get back to the north side if it. not fun when you gots to go bad!
Good bye brad. Feel free to return next year when there are even better deals.
Anyone seen this? Even though it’s 3 beds, it looks awfully small based on the pix. The exposed brick and loft ceilings could be very nice with the right decor, but I don’t think their decor complements the elements of the loft-like feel.
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I toured the unit last winter (February????). M’eh.
1. First floor is on the ground floor and at least one of the bedrooms’ windows look directly onto George.
2. Size is decent but see 1 (big negative unless reflected in price).
3. The pictures adequate reflect the interior. Open floorplan.
4. Would be a great home at the right price as I like that neighborhood a lot.
5. Can’t remember the backstory to the owners….I think that they have a small kid and are looking to move to the ‘burbs??
Anyone know if this sold?