Trying to Sell a 3-Bedroom Unit 2-Years Later in Graceland West: 4055 N. Greenview
Having run this site for over 3 years, I am now seeing some properties come back on the market that we previously chattered about and which sold including this 3-bedroom vintage unit at 4055 N. Greenview in the Graceland West neighborhood (of Lakeview or Uptown?)
Back in May 2008, the listing called this property “too good to be true” after it was reduced from $399,000 down to $299,000.
It eventually sold in July 2008 for $295,000.
See our prior chatter and the interior pictures here.
The 3-bedroom unit returned to the market in February 2010.
From the pictures, it does not appear that any upgrades were done to the unit.
The kitchen still has the white cabinets, white counter tops and black appliances from the previous sale.
This unit has 800 square feet of lower level space that is available for storage and/or to duplex down.
There is deeded parking included but no central air.
The listing says that the property is in the Blaine school district.
Was this such a deal in 2008 that it will sell for more than the 2008 purchase price in 2010?
Trevor Engelhardt at Baird & Warner has the listing. See the pictures here.
Unit #1S: 3 bedrooms, 2 baths, no square footage listed
- Sold in October 1989 for $119,000
- Sold in June 1996 for $158,000
- Originally listed for $399,000 in June 2007
- Numerous price reductions
- Listed in May 2008 for $299,999
- Sold in July 2008 for $295,000
- Originally listed in February 2010 for $370,000
- Numerous reductions
- Currently listed at $353,700 (parking included)
- Assessments of $590 a month (includes heat)
- Taxes of $4200
- No central air- window units
- Bedroom #1: 13×12
- Bedroom #2: 10×9
- Bedroom #3: 12×9
- 800 square feet of unfinished storage space on the lower level
I am the listing agent for this home. There are many ways to add value to a home. Ridding a home of ‘bad’ features is just as effective as adding granite and stainless. For example. A 350K buyer won’t even LOOK at a home that does not have private laundry. When one adds that feature…one expands the buyer pool significantly. Same with Taxes. Same with exterior work. Food for thought.
Old Listing = Taxes $8,000 per year. NO in unit laundry. Old back and front porches (over $100K worth). Ancient paint job. And it smelled STRONGLY of smoke.
New listing = Taxes $4,200 per year. In unit laundry. New Front and back porches (over 100k worth). New paint and trim. And it shows nicely.
Why are the assessments so high?
Good for this owner. It takes a brave soul to take a leap off the cliff and grab that knife. I bet it sells at current asking price.
“North Lakeview” and “Check the comps-very Unique Property!” Is this guy a realtor or a spin doctor?
“Why are the assessments so high?”
Heat included due to common boiler with radiators.
EJ: it may have something to do with the heat.
$590 still seems a little steep, must be some inefficient heating/insulation?
* Assessments/Association Dues: $590
* Includes Heat
* Includes Water
* Includes Parking
* Includes Common Insurance
* Includes Exterior Maintenance
* Includes Lawn Care
* Includes Scavenger
* Includes Snow Removal
Beautiful apartment and $590 is reasonable for an assessment that includes the heat for an apartment this size.
But I doubt it can sell higher than it did in 2008. Prices have dropped nearly everywhere since then, and the employment situation has deteriorated for professionals as well as less qualified workers. There is really no good economic news, and credit is very, very tight at these (fake) low interest rates.
Klass = 58k appreciation? Methinks not.
This is definitely Lakeview (or, rather Lake View) based on the official community area designation.
However, that doesn’t mean this place will sell for more than it did in 2008…
nice graveyard listing for halloween
Sabrina, I’m curious how you keep track of all these properties and listings… A huge Excel spreadsheet? Or do you just have a phenomenal memory, so you knew you’d posted this one before many years ago?
The Prada poster is featured in one of the Gossip Girl apartments. Goes nicely with the Ikea drawers in the bedroom.
“Or do you just have a phenomenal memory, so you knew you’d posted this one before many years ago?”
Scarily enough- I remember most properties after I see them (even just from the pictures.) Yes, even years later.
Remember: try and keep the conversation to the property not the furniture/paint colors/pictures on the walls etc.
The furniture won’t be there when you move in and you can always paint it.
Thanks!
Also – does being in Blaine REALLY matter when buying a condo? Are people buying condos there really thinking they’re going to raise their kids there? (or buying with that intention?)
I’m seeing the school listed on more and more condo units (Blaine, Bell etc.)
Is this the new reality that people are now going to be living in the property a lot longer than previously thought so they have to plan for the future?
Yes, people with kids are buying townhouses and condos because, for a variety of reasons, they don’t want the single-family house lifestyle.
Please keep in mind that until the post-WWII housing boom, many urban families lived in apartments for 20 or 30 years – even “middle class” families. There wasn’t the big stigma attached to apartment living back then.
With today’s smaller families and employed moms as well as dads, condos and even apartments are making a whole lot more sense than McMansions in terms of upkeep, day-to-day maintenance, and that carbon-footprint thing.
S-
I am noticing more that my clients care MUCHO about the school districts, not so much in the smaller condos, but in the larger. They are tired of moving. Good call.
Trevor – this listing is I believe rght across the street from Lakeview High’s back yard. How is that impacting your marketing efforts?
Chi-
The feedback so far suggests that people do not seem to mind. It might bother a less urban buyer, though. Note that it is across from where they practice football & stuff, and not from the main entrance on Ashland.
TREVOR ENGELHARDT, how were you able to get the taxes lowered by so much so quickly?
I don’t think Sabrina would want me to name names, but a good atty can do it, if it is TRULY overtaxed.
Trevor Engelhardt on October 30th, 2010 at 1:23 pm
“They are tired of moving.”
ChiTownGal on October 30th, 2010 at 1:21 pm
“…because, for a variety of reasons, they don’t want the single-family house lifestyle.”
I think there are lots of people who look at condos and care very much about school district (I am one of them). But being tired of moving? Come on, it’s that buying a condo and moving after a few years will generally be a decision with tough financial consequences for the foreseeable future. Trevor’s buyers may make out ok (that remains to be seen, though I’d doubt it), but if so, they’ll be the exception.
Not to mention, the school district may not matter to YOU, but it will matter to at least some of your potential buyers if you want to sell.
And not wanting the SFH lifestyle? Ha! Just can’t afford a SFH in some of these districts (inc Blaine). I’d guess anyone looking at this 300k condo would be closer to my motivations than the ones mentioned above.
By the by, there was a pretty nice 3/2 that sold as a foreclosure (iirc) down the block, though it was right on the corner of IP.
“how were you able to get the taxes lowered by so much so quickly?”
What’s the definition of “quickly”?
The prior owner was working on getting them lowered in 2007-2008 (per the prior listing.) So it doesn’t sound like the lowered taxes are a “new” thing.
“I am noticing more that my clients care MUCH about the school districts, not so much in the smaller condos, but in the larger. They are tired of moving. Good call.”
So- they will buy a $350k to $500k condo in the Blaine school district knowing they will be having 1 or 2 kids versus just moving to the suburbs or to Portage Park or Avondale and buying the single family home?
Then why do all the larger 2/2 condos in these good school districts go on sale right when there is a baby in the second bedroom? The crib in the second bedroom is more common than not. Why aren’t they just staying in the condo then?
Most parents with more than one child eventually want or require the SFH lifestyle. SFH in desirable areas with good schools are in short supply and are (and will remain) expensive; so those who must remain in the city often settle for the duplex up or down, or the town house; but the proliferation of 2/2s is not conducive for family living. OTOH many of the suburbs were basically designed for family living, with good neighborhood schools walking distance (or quick bus rides) away; large neighborhood parks; homes with yards big enough for a tree house (as opposed to a gator deck), etc.
I definately have seen some of my clients going west & getting into houses…but some people just don’t want to go west…so they go to a 3 bed in their hood of choice. Division of space, regardless of square footage, is really important, if there are more than 2 people in a home. A 1200 SF 2/2 is not as appealing to MOST people with kids as a 1200 SF 3/2. Just my experience.
*Note that the taxes WERE being protested before my peeps bought. But, my buyers had to start over completely, as the previous owner was not successful in getting the property reassessed.*
What’s a gator deck?
Anon’s term for a garage deck.
Sabrina, I’m going out on a limb here but we may see this fall off in the future as people skip the 2/2 as a starter hime if a family is in the future. Maybe we will also see people truly choose to live in a 2/2 with a kid, I have seen people do it with smaller places because of economics. I know a family (one kid) living in a studio to be in the Lincoln school district.
“Then why do all the larger 2/2 condos in these good school districts go on sale right when there is a baby in the second bedroom? The crib in the second bedroom is more common than not. Why aren’t they just staying in the condo then?”
“I know a family (one kid) living in a studio to be in the Lincoln school district.”
Wow, is this the only “WTF” decision that family made or is there a pattern?
In their/our (we were a couple living in a similar unit) defense, the place was a huge, “H” shaped studio that didn’t do too bad for 700 sf.
I’m guessing it was not thier first “bad” decision but if you can find a decent place for under 700 in Lincoln Park and that’s all you can afford you could do worse. I can only assume that moving further out would have actually ment higher rent or a crappier place or needing a car, which I’m not sure they could do. being a long term renter in a building that only seems to raise rents when the units turn over can cause people to do some crazy S&*t.
this spring i helped a long time HS friend find and move her son and her to a 3/1 apartment. no idea of the square footage but its darn big! with a shared yard in the ebinger school district. her rent is $800 a month.
so to have a family of three in a studio just to be in the Lincoln dist TO ME seems insane when there are MORE LOGICAL choices in our huge wonderful city.
I used to be a part-time receptionist/rental agent in a hi-rise near the Gold Coast. Families with one or two school-age kids would live in the two-bed two-bath apartments in this building even though based on the parents’ employment, etc. they could probably afford to buy a home (perhaps a bungalow on the Northwest Side, etc.). But they chose to rent in GC rather than buy in Jeff.Park because of the convenience to the lakefront, Mag Mile shopping and most of all schools (either Ogden public or Latin private).
I think if I had a kid and the necessary income to cover a good-quality apartment in a “better” neighborhood, I might do that too.
Of the five 3/2s in our building (in Blaine), 3 of them are owned by couples with children. AFAIK, they are planning to stay long-term.
“I think if I had a kid and the necessary income to cover a good-quality apartment in a “better” neighborhood, I might do that too”
I am not knocking personal preference, its just my brain is going “WARNING, WARNING, DOES NOT COMPUTE, DATA DOES NOT COMPUTE”. the cost aspect tooo doesnt even factor in my tiny brain.
to me to cram my wife, son, and i, in a studio apt to be in lincoln school and be around a bunch of tools just doesnt make sense to me. only if my place of employment was walking distance would it compute.
i do thank you chitowngal for putting “Better” in quotes, it saved us all a nonsensical groove long rant.
Groove – I hear you. It took 3 months to decide that the 2 of us should not inhabit that kind of space. We would not have done it from the outset if we had actually planned on living together when she signed the lease.
There are waaaaay better options but what can I say – some people are nuts.