Trying to Sell a 2-Bedroom 14 Months Later in Southport: 1304 W. Cornelia
This 2-bedroom at 1304 W. Cornelia in the Southport neighborhood of Lakeview recently came on the market.
It last sold just 14 months ago.
The second floor unit has the amenities buyers are looking for including central air, washer/dryer in the unit and garage parking.
The vintage unit has hardwood floors throughout and a built-in hutch in the dining room.
The kitchen has granite counter tops, stainless steel appliances and 42 inch cabinets.
The property is in a prime Southport location. It is within close walking distance to the shops and restaurants on Southport as well as the Southport Brown Line stop.
Listed for about $25,000 above the 2010 purchase price, and without much inventory available in the neighborhood at this price point and with these amenities, can this unit command a premium over just 14 months ago?
Ben Osbun at Chicago Home Estates has the listing. See the pictures here.
Or you can see it in person at the Open House on Sunday, September 18 from 12-3.
Unit #2: 2 bedrooms, 1.5 baths, 1200 square feet
- Sold in September 2006 for $360,000
- Sold in July 2010 for $350,000
- Originally listed on September 5, 2011 for $374,250
- Price was changed on September 13, 2011 to $349,250 (now with $25,000 for the parking which is still $374,250)
- Assessments of $150 a month
- Taxes of $5220
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×10
- Bedroom #2: 10×9
Bad buy last year by the current owner.
Here’s a bigger condo, a true 2/2, WITH parking, that sold for $362k. The subject property does not compare.
http://www.redfin.com/IL/Chicago/1446-W-Henderson-St-60657/unit-2/home/13382416
Shouldn’t sell for above $325 including parking.
Peak 2006 buyer barely lost a dime. That’s how hot SoPoor is these days.
Oh please, SoPoCo…the cooridor is not that hot. You just have such a soft spot for it and everything else Pottery Barnesqe.
sopoco: “Peak 2006 buyer barely lost a dime. That’s how hot SoPoor is these days.”
One sucker buyer does not equal a trend. Let’s see how this re-listing does…
$330k max (with parking), but if it doesn’t happen before the autum, it’s either a delist or goes for $310k.
SoPo, I think that one’s been on CC before. It’s consistent with the trend for decent places: 10% off-of-peak discount gets it done.
annony: “SoPo, I think that one’s been on CC before. It’s consistent with the trend for decent places: 10% off-of-peak discount gets it done.”
10% off peak seems absolutely insane to me. If you don’t need to sell in the next 5 years, go for it. If you aren’t sure, you are catching knives.
wow i was a bit worried about the pricing until I saw how much this place sucked and reminded me of about every rental unit i’ve ever been in from my recent college friends
“10% off peak seems absolutely insane to me.”
That one sold for over 6% below the ’98 price, in real dollars.
“10% off peak seems absolutely insane to me. If you don’t need to sell in the next 5 years, go for it. If you aren’t sure, you are catching knives.”
It’s just what I’ve noticed, on multiple properties sold over the past year or so. It seems like 10% off-of-peak is a “fair” or the “right” price. And again, the key qualifier here is “decent places.” Any marginal stuff merits a greater off-of-peak discount. And to the extent that buyers (today) get a really great place at more than the 10% off-of-peak discount, I’d say that they’re getting a “steal.”
Still, your 5 year qualifier is reasonable (though I’d say that 3 years might do it, and certainly 4). The minimum that a buyer should shoot for is to be able to resell the property and not have to write a check at the closing (i.e., when they go to sell, the proceeds must pay the loan off, return the buyer’s down payment and at least a portion of any improvements, and cover the broker fee). Between payments toward principal and *any* appreciation, it should be feasible to resell a decent place within a few years and not *lose* any money. And why go to all that trouble instead of simply renting for that 3 – 5 year period? For all of the reasons folks on here have given.
“And why go to all that trouble instead of simply renting for that 3 – 5 year period? For all of the reasons folks on here have given.”
Has to be nicer in some way than what you could walk in and rent any given month, tho.
You can buy a whole building for $325K about a 3-4 Miles West of here
“You can buy a whole building for $325K about a 3-4 Miles West of here”
Ok, and you can buy a home in Englewood for $10K.
“Peak 2006 buyer barely lost a dime. That’s how hot SoPoor is these days.”
They lost at least 30 dimes.
(dime = $1,000 where I’m from)
“dime = $1,000 where I’m from”
Dude, I think Ze could hook you up for less than that, even paying outrageous shipping-from-rio delivery charges.
“You can buy a whole building for $325K about a 3-4 Miles West of here”
And a mile East of here you’d be swimming. Relevance?
This place is not worth over $300K. Good luck to the seller.
This is funny. You can get a 2/1.5 townhome down on Lincoln in LP for under 300k these days.
The SoPo set can’t get mortgage loans anymore cuz they don’t have either the employment history or the down payment. Boohoo.
anonny: ” Between payments toward principal and *any* appreciation, it should be feasible to resell a decent place within a few years and not *lose* any money. And why go to all that trouble instead of simply renting for that 3 – 5 year period? For all of the reasons folks on here have given.”
Maybe it’s the beer talking, maybe it’s the fact that I’m utterly sick of my apartment, but I’m coming around to this viewpoint. I’m really glad that I didn’t pull the trigger the few times I came close (think: peak). And I’m glad I’ve run my own numbers rather than listen to the conventional wisdom of friends and strangers. And I would really, *really* hope that more people second guess there buying instincts and biases. But, for me and my family, it is starting to make sense.
What’s holding me back? The fact that I can save a lot (for me) of money every month and that inventory is just awful right now. Terrible. A huge percentage of them are mediocre properties, and there just aren’t many on the market. And even worse? Sellers are asking ludicrously near peak prices. I’m an annoyed renter, but in this market it is preferable to being a sucker owner.
This place looks a lot like the apartment my wife was renting in Wrigleyville in the early 90s. Just a lot more expensive.
Everyone please stand up and give this cribchatter a round of applause.
“What’s holding me back? The fact that I can save a lot (for me) of money every month and that inventory is just awful right now. Terrible. A huge percentage of them are mediocre properties, and there just aren’t many on the market. And even worse? Sellers are asking ludicrously near peak prices. I’m an annoyed renter, but in this market it is preferable to being a sucker owner.”
“I’m an annoyed renter, but in this market it is preferable to being a sucker owner.”
QFT!
“What’s holding me back? The fact that I can save a lot (for me) of money every month and that inventory is just awful right now.”
I keep hearing from people that they’re “waiting” until spring to list their properties because they think the market will be “better” then (although everyone has been saying for the last 3 or 4 years now.)
So- there may be a decent number of properties coming on the market in a few months. It’ll be interesting to see how it all plays out with 25% of people underwater. They likely CAN’T list unless they go the short sale/foreclosure route.
Sigh…so reality has finally hit.They bought this thing in hopes that the nabe would continue to hold its value and become the “hot” place to be once the Cubbies won the Series…
They will be lucky to get 325K with parking. This is a midfloor unit. You got noise from the top floor, and the bottom floor is going to be complaining when you make noise as well.
They will be waiting a long time if they are hoping the cubs will make the neighborhood hot with a world series win.
Mike – all the more reason to have CARPET AND PADDING instead of WOOD floors!
Vlajos on September 14th, 2011 at 3:05 pm
“You can buy a whole building for $325K about a 3-4 Miles West of here”
Ok, and you can buy a home in Englewood for $10K.
——
Rarely say this but I couldn’t imagine spending this kind of coin on a 2/2 vintage for $375K just to live in South Port.
South Port is nice and everything but that is a lot of coin for this place.
Reminds me of every Chicago college apartment I’ve been in. No thanks.