Trying to Sell a 3/3 Duplex Down 12 Years Later: 2715 N. Southport in Lincoln Park
This 3-bedroom duplex down at 2715 N. Southport in Lincoln Park has been on the market since September 2010.
In those 14 months it has been reduced $65,000 to $559,900.
Originally built in 2000, it has hardwood floors and custom crown molding throughout.
2 out of the 3 bedrooms are on the main floor with the third in the lower level along with a large family room.
The master suite has a marble bath.
The listing describes the kitchen as “gourmet.” It has maple cabinets, granite counter tops and stainless steel appliances.
It has central air, washer/dryer in the unit and 2-car parking.
The unit is listed about $100,000 above the 2000 purchase price.
The listing says it is now “priced right”.
Is it?
Will this seller make any money after 12 years of home ownership?
Chaz Walters at Coldwell Banker now has the listing. See the pictures here.
Unit #1S: 3 bedrooms, 3 baths, 2400 square feet, 2 car parking
- Sold in July 2000 for $459,000
- Originally listed in September 2010 in $624,900
- Reduced several times
- Currently listed at $559,900
- Assessments of $210 a month
- Taxes of $8151
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13 (main level)
- Bedroom #2: 13×11 (main level)
- Bedroom #3: 14×12 (lower level)
- Family room: 28×20 (lower level)
lol at “gourmet kitchen”
is it priced right? Agent Chaz Walters seems to think so 😉
Duplex down still means living in the basement. It would not be my ideal solution for long term housing though it might make for a good guest bedroom.
Our friends have a SFH in Bucktown with a very nice finished basement. They put a large flat screen TV down there and it looks great. Ironically every time they have a party, including on a Bears game day, nobody would stay down in the basement. I could not figure it out but people were actually crowded around a much smaller TV upstairs in the LR/DN/Kitchen area. Sure the food was being served there but the viewing and seating options were much better in the basement. Why does no one want to leave the kitchen at a party?
It is obvious that #1S has decided to chase the market down. It sure looks like they started $100K too high.
#1N, the unit’s twin, tried to show the way:
listed 6/25/09 $599,900
canceled 10/12/09
listed same realtor 2/17/10 $574,900
reduced 4/1/10 $549,000
contract 5/13/10
closed 6/18/10 $521,500
#1S listing history:
listed 8/16/10 $624,900
canceled 1/3/11
listed with new realtor 1/28/11 $615,000
reduced 4/11/11 $599,900
canceled 7/2/11
listed with new realtor 7/20/11 $579,900
reduced 9/19/11 $579,400
reduced 10/15/11 $569,900
reduced 12/27/11 $559,900
“It sure looks like they started $100K too high.”
I’d say $75k (since the twin got an offer from a $549 ask), but close enough.
Strangely, the owners never refi’d their mortgage (100%) taken in 2000, and only added an $87,5 2d in ’02. Genuinely odd.
Does Chaz still put up those cheezy billboards/ads? I used to get a kick out of seeing Chaz everywhere.
I agree with jp3chicago. I think duplex down units have taken a bigger price hit than non garden simplexes and duplex up units. When you think about the risk of sewage backup from the dilapidated Chicago sewer systems, it stands to reason that buyers would shy away. I do feel for the sellers.
I wish these folks the best but “dining room”?!?! Even with open floor plan, a two person table tucked by a breakfast bar is not a dining room.
Thanks for the info about the other first floor closing. The thing is- even that isn’t a comp anymore (since it was 18 months ago.) So I would go lower than even the $521k that that sold for.
This place is pushing the envelope in age, meaning that it’s so cliche in finishes as to almost be passé. At what point does the newer generation just look at this place and say forget it? For Bob, I read something recently (the inspiration for this post), that said nothing has changed in America’s culture, esp. hipster related, since the mid 90’s. Who else isn’t sick of the same old? in finishes, culture, everything? We need a totally new break.
They should have it listed at $499.
Sewer was just redone on this block (southport was torn up from diversey most of the way to wrightwood most of the summer), so that shouldn’t be an issue with this particular unit
“Sewer was just redone on this block (southport was torn up from diversey most of the way to wrightwood most of the summer), so that shouldn’t be an issue with this particular unit”
That’s misunderstanding what the problem is. Sometimes, having the sewer main redone makes teh problem *worse* for homeonwers. The only solution is through modification of the sewer in and outside the house.
can we get all realtors to agree to retire ‘gourmet kitchen’ from their listings.
“Lincoln Park”