Trying to Sell a 2/2 Six Years Later in Uptown: 4514 N. Ashland
This 2-bedroom in this courtyard building at 4514 N. Ashland in Uptown has been on and off the market since May 2007.
It is now a short sale and is listed for $143,100 under the 2005 purchase price.
The building was converted into condos in 2003.
The unit has exposed brick walls.
It has central air, washer/dryer in the unit but no parking.
The kitchen has the updates you’d expect in a 2003 conversion including 42 inch cabinets, granite counter tops and stainless steel appliances.
This unit isn’t far from the Brown Line or Lincoln Square.
Is this a better deal at this price than renting?
Brian Henderson at Jameson Sotheby’s has the listing. See more pictures here.
Unit #2S: 2 bedrooms, 2 baths, no square footage listed
- Sold in November 2003 for $265,000
- Sold in November 2005 for $323,000
- Originally listed in May 2007
- Was listed in August 2008 for $324,900
- Reduced
- Was listed in March 2011 for $224,900
- Reduced
- Lis pendens foreclosure filed in June 2011
- Currently listed as a “short sale” for $179,900
- Assessments of $235 a month
- Taxes of $4359
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 13×12
- Bedroom #2: 14×10
Not bad. (Though the living room might be better staged without the orange kid’s chair.)
Vintage 2/1 and 2/2’s all over the city have been body slammed! you know, price wise. Imagine buying in 2003 and having to short sale in 2011. Crazy stuff out there.
A 2/1 across the courtyard (that’s currently for sale for $229, and clearly going nowhere fast) sold for $245k in Sept-08.
http://www.redfin.com/IL/Chicago/4512-N-Ashland-Ave-60640/unit-3W/home/12671297
If these folks had dropped to a comparable (of course, still higher) price immediately after that, they might have had a chance of coming out at break even.
Yeah. Great lesson in why not to get greedy.
Probably could have broken even if they listed it at or near their cost basis in 2008.
Probably goes pretty fast, nice location, nice unit, fair price.
I remember looking at this place in august of 2008 and i recall talking to the agent and offered like 200k for this property
glad I dodged that bullet
This style of building reminds me too much of dingy apartments. It seems tastefully done inside at least, but again, no parking kills it.
Even if priced fairly at $179,900, the property taxes of $4359 are a real problem.
Really? The orange kids’ chair is a problem? Would that really cause you to pass up on this one if you were in the market? Maybe that’s the real problem. People’s expectations are too high.
Also, it looks like it was purchased by the current owners (info is on blockshopper) back in 2005 for $323,000. Ouch. That probably makes for quite the short sale. Otherwise, it looks nice. The other unit in the building listed for $229K is smaller, not in as good a spot in the building and not as well laid out (I’ve been in one similar). Not sure the reasoning behind price on that one.
No parking, on Ashland, no dining room….no question why it is at $179,900 in my mind. Why would anyone have paid over $250k for a 2/2 on not only a busy street, but Ashland of all streets?
The seller has built a website and has more info online:
http://yochicago.com/a-creative-ravenswood-short-seller-builds-a-web-site/23666/
Really Joe, you had to link back to your site instead of providing their directly link. If you had even said “i did a story about them” that would have been fine but…really! I have to go throw up now.
http://www.twobedroomtwobathtoogoodtopassup.blogspot.com/
Sorry- but I had a bad PIN on this property (which was for another unit in the same building- which is why I didn’t notice it wasn’t correct.)
This unit has actually sold twice since the conversion. The current seller bought in 2005. I have corrected the post.
That explains why the 2007/2008 list price was so much higher initially.
“Why would anyone have paid over $250k for a 2/2 on not only a busy street, but Ashland of all streets?”
There are people paying $400k for a 2/2 on Ashland- even to this very day.
that orange chair would suit groove if he ever comes back
People who live around here (like me) call this area “East Ravenswood,” not “Uptown.”
And this particular stretch of Ashland is not that bad; mostly residental from Irving northward to Ridge/Clark. Biggest downside is lack of bus service (stops at Irving then resumes at Foster as part of the Damen line. Strange.)
Never could understand why so many courtyard buildings were condo-converted when lack of parking is almost always an issue here.
at least they didnt try to jack balconies up in the courtyard
Oh gosh yes, those toe-to-toe balconies in some courtyard rehabs are so funny! Try to imagine Romeo & Juliet carrying on with all that poetry at one of those…and the neighbors all listening!
“Really? The orange kids’ chair is a problem? Would that really cause you to pass up on this one if you were in the market?”
They took the time to stage the living room pretty well, and it looks nice. Why not take just 10 more seconds and place the toddler chair in the closet (or simply out of the living room) for the picture? Those are nice windows, and the main living area in this unit would simply look better without the chair in front of them. Would it keep me from viewing the unit if I were otherwise interested? Probably not. But in this market, why wouldn’t you want to maximize the interest level in your place? (I say this as someone who has the very same toddler chair, in a different color, sitting in front of the windows in our main living area. This is not rocket science.)
I re-read anonny’s comment ” (Though the living room might be better staged without the orange kid’s chair.)”
all he said was that it might be better staged without the orange chair, not that it was a deal breaker. I agree, take it out for the picture and then put it back..after all the people still have to live here.
This ones a little personal as it is similar (note: similar not exactly like) my 2/1 condo 2 miles almost directly West. The comments are even more similar to the ones I got here. Picking on things the owner cannot change.
Happy Friday everyone 😀
this stretch of Ashland isn’t too bad, it’s nothing like the part south of Fullerton. gives Uptown a good name, actually.
“gives Uptown a good name, actually.”
You really need to be east of Clark for it to be Uptown-Uptown. Yeah, yeah, too close for comfort and all, but still, this spot has more in common with the Ravenswood corridor than it does Leland-Sheridan.
While I’ll agree this stretch of Ashland is far from the worst of Ashland, I still wouldn’t choose to live on a four-lane thouroghfare that runs the entire length of the city. I once lived on Pratt because I didn’t think it was that busy of a street, but having to listen to the ambulances/fire trucks/police zoom by all the time, the number of car accidents out front and people’s loud music from their cars made me vow never to live on a non-side street again, much less Ashland. Also, I find it interesting the website says parking is no problem. I have a feeling ChiTownGirl is more likely accurate.
You would think that the photographer would have the sense to remove all the extra stuff. I agree, it takes seconds. Plus, why would you want your name attached to poorly staged photos (realtor and photographer). The seller should have demanded a retake. I agree it does affect the first impression, but people really should learn to get past that stuff. I bought a great place despite the bright crayon-colored walls. A Saturday spent painting fixed that. Glad I didn’t judge immediately off of the photos.
My sister lives up here on Ashland and I’ve noticed it gets considerably nicer north of Irving Park. Coincidentally, that is where the Ashland bus turns east. Also, the street level is mainly residential and not flooded with retail, either flourishing or failing. It doesn’t even drive like a “four lane thoroughfare” as a previous poster remarked.
Parking really is not as much of an issue in the area as it is in, say, Lincoln Park and Lakeview. I guess it depends on what you consider an issue to be, though. Driving around for 40 minutes to find ANY spot is an issue. Immediately finding a spot around the corner from your building is not.
Uptown truly is east of Clark. It really feels like another world over there. I won’t say more, but I agree that this specific area has more of a Lincoln Square feel than Uptown.