Trying To Sell The 3-Bedroom Duplex Down Less Than 2 Years Later: 1915 W. Crystal In Wicker Park
This 3-bedroom duplex down at 1915 W. Crystal in Wicker Park has changed hands two times since 2007 and is now on the market for the third time.
It has the layout we’ve seen in many of these units with one bedroom on the main level and two bedrooms and a family room on the lower level.
It has a “chef’s kitchen” with SubZero and Wolf appliances, granite counter tops and cherry cabinets.
The unit has cherry hardwood floors throughout and 2 outdoor spaces.
It also has one car garage parking, central air and in-unit washer/dryer.
It last sold just 20 months ago for $575,000.
It is now listed $45,000 above the 2011 purchase price.
Is Wicker Park hot enough, and the inventory low enough, that this property can command a premium?
Christine Sato at Jameson Sotheby’s has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, 2300 square feet, 1 car parking
- Sold in August 2007 for $595,000
- Sold in February 2011 for $575,000
- Originally listed in August 2012 for $620,000
- Still listed at $620,000
- Assessments of $135 a month
- Taxes of $7612
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13 (main level)
- Bedroom #2: 15×11 (lower level)
- Bedroom #3: 15×10 (lower leve)
- Farmily room: 22×16 (lower level)
‘It last sold just 20 months ago for $575,000.
It is now listed $45,000 above the 2011 purchase price.
Is Wicker Park hot enough, and the inventory low enough, that this property can command a premium?”
No, they are just listing it higher than the price they paid, so that if someone puts an offer in that is low, they can hope to negotiate to a price that is close to the price they originally paid for it. If they sell it for 10% off their current list price, then it will sell for 558k, which would mean they didn’t take too big of a loss.
I’m beginning to believe that if you haven’t bought by now, you’ve probably been priced out forever. Over Half a mil for this unit. Priced. Out. For. Ever.
Priced about the bubble’s peak…Fail
Duplex down…Fail
Name above the crib…Fail
“No, they are just listing it higher than the price they paid, so that if someone puts an offer in that is low, they can hope to negotiate to a price that is close to the price they originally paid for it.”
But doesn’t that mean it will be on the market longer and you’ll miss out on the marketing possibilities when you first put it on the market? I don’t understand the strategy of pricing it this high right out of the gate. The properties I see selling quickly are those that people believe are correctly priced (and NOT after negotiation.)
Why wouldn’t they list it at $599,000 (at the minimum) to get it under $600,000? Under your theory Mike HG, they can still sell for $558,000 or whatever if they list at $599,000.
I’ve walked by this unit to scope it out. The alley to the side and rear is a big negative for me, and the rear deck is not that elevated or sheltered from other people. It has been on the market for quite some time even though we are just now seeing it here.
…but Sabrina, they don’t want to “give it away.” They need the extra money to buy a big house for their baby in the suburbs.
This may be the nicest duplex down I’ve seen (although granted I don’t look at a ton of them). Why are the assessments so low?
For anyone who feels priced out of the market now, I would hate to see how you feel in 3 years.
And I agree, it is an exceptionally well appointed duplex down, especially for Wicker Park where you will find a wider range of finishes.
I never understood the appeal of the duplex down design where the first floor is open to the lower level in the front, with a wall of windows spanning both levels. I know that it is intended to provide additional light to the lower level, but it defeats the purpose of having separate activity spaces (living room on 1st, family room on lower) on different levels if you can hear what is going on in both from both. We bought a duplex down with no opening between levels for this reason – it is great to have two large gathering spaces with full separation between them. We love having the separation provided by two levels. My wife can watch an exercise DVD in the downstairs family room without hearing what I am watching on the TV upstairs, and vice-versa. While the extra light may be nice, the opening between levels seems like a poorly conceived design.
“No, they are just listing it higher than the price they paid, so that if someone puts an offer in that is low, they can hope to negotiate to a price that is close to the price they originally paid for it.”
Exactly.
“But doesn’t that mean it will be on the market longer and you’ll miss out on the marketing possibilities when you first put it on the market?”
No, not necessarily.
Pleasantly suprised by the the light and finishes in this place. BUT, that price is dreaming. Should have been listed at 585 to start
“Why are the assessments so low?”
Because whoever is running the association is too cheap to build a reserve fund for major repairs.
“But doesn’t that mean it will be on the market longer and you’ll miss out on the marketing possibilities when you first put it on the market?”
could they be testing the market with the plan to delist if they don’t get an offer and re-list at a more reasonable price point in the post-Superbowl spring? And then potentially rent in May if it doesn’t sell?
I like this place. It reminds me a lot of these Eastern Mountain Sports cargo convertible pants I got (I call them “shants” because they’re pants that can turn into shorts…pretty novel idea IMO). It reminds me of these shants because it’s the best of both worlds. It has a single family home feel, but not all the responsibilities of a SFH. It has a lot of classic design influences, and yet a lot of modern amenities. With the shants, I can dress them up or dress them down (wore them out on a date with my wife this weekend and she liked em!). If I get too hot, I can zip them off. In case I need to store some extra stuff, I’ve got the appropriate pockets. They’re just versatile. Like this place. And they’re both reasonably priced! http://www.ems.com/product/index.jsp?productId=3646342
I agree w/ the open spaces being less than optimal on these duplex downs… the other issue is that the upper living room seems pretty useless given that it’s also the entry area. In smaller city hopes where square footage is a premium, the unusable living room and open space seems so wasteful. I’d much prefer one without the 2-story opening.
We will have to keep our eye out for your fashion intervention debut on HGTV…
“I like this place. It reminds me a lot of these Eastern Mountain Sports cargo convertible pants I got (I call them “shants” because they’re pants that can turn into shorts…pretty novel idea IMO). It reminds me of these shants because it’s the best of both worlds. It has a single family home feel, but not all the responsibilities of a SFH. It has a lot of classic design influences, and yet a lot of modern amenities. With the shants, I can dress them up or dress them down (wore them out on a date with my wife this weekend and she liked em!). If I get too hot, I can zip them off. In case I need to store some extra stuff, I’ve got the appropriate pockets. They’re just versatile. Like this place. And they’re both reasonably priced! http://www.ems.com/product/index.jsp?productId=3646342“
I understand everyone’s point about the duplex down concept….and I agree that dividing the space would make it seem larger in this case because you had a buffer between….but I think making the lower level feel less like a basement takes precedence.
Most duplex down like this in the area do not include a rooftop deck on the garage. Is that worth $50k I dont know… but it’s different.
I like the kitchen (although I’m partial to having the stove on the island with a chimney hood rather than wall mount — more sociable while you’re cooking), and I think the main floor living space is nice enough. That downstairs rec room is just awesome.
We used to have a duplex-down, and the completely separate (without the opening and tall windows) lower level was pretty basement-y. Now that was great when it came to watching sports or movies or doing yoga, since the rec room was cozy and private (complete with big comfy sectional and bar). The downstairs bedroom, however, was supposed to be the study and never got used since it was dark and the view of people’s feet and stroller wheels passing by wasn’t exactly inspiring.
If you’re really committed to living in the city and need more space, duplex-downs are a good option. I probably wouldn’t do it again, though. We never had flooding troubles, but it’s a risk, and it’s a little maddening to shoulder more of the assoc. fees due to having the largest unit, but not really having full independence or control over building issues.
“Most duplex down like this in the area do not include a rooftop deck on the garage. Is that worth $50k ”
Probably not considering you can build one for about 25k but it is a nice feature. Is it exclusive to this unit or is it shared?
“Why wouldn’t they list it at $599,000 (at the minimum) to get it under $600,000? Under your theory Mike HG, they can still sell for $558,000 or whatever if they list at $599,000.”
I couldn’t agree more. 620K for a listing price is very strange. 599K sounds a lot more reasonable. But then again, real estate agents aren’t the brightest bunch of the group (only putting 8 or 10 photos on a listing when the mls allows 16).
After Hurricane Sandy’s reminder, you’d think that everyone would finally realize that the basement is not habitable space.
This is the nicest and most light filled duplex down I have ever seen, and I still wouldn’t pay 620k to live in that location in one…
Here’s a duplex UP right around the corner for about the same price: http://www.redfin.com/IL/Chicago/1246-N-Wolcott-Ave-60622/unit-2/home/39772133
this has to be one of my favorite crib posts ever! can someone date the start of the “name above crib” trend? also is this a trend for yuppies everywhere or just chicago?
jenny (October 30, 2012, 8:50 am)
Priced about the bubble’s peak…Fail
Duplex down…Fail
Name above the crib…Fail
pretty nice duplex down…one of the best we’ve ever seen of this type. It would be a great place for a single guy in his late 20’s to buy, rent out a bedroom to a roommate, then kick the roommate out a few years later when the girlfriend moves in, then they live there 5-6 more years, and move when they have the toddlers, like this owner is doing.
Overall, if some young single person could swing this purchase price (but it’s too high(!), then grow into the space, it would be a stable place to live for 10 years as described above.
So I don’t know who the logical buyer is at this price.
I agree with Mike here. I think duplex downs are great and provide a ton of extra speace in the city. 2 get 2 living rooms etc is priceless
Hands down, the nicest duplex down I have seen. But……I’m just saying.
They talked about shants the other night on Modern Family! Anyone catch that! They’re wearing them in Hollywood, so goes to show how much you guys know about what’s cool.