Trying to Sell the $600K Lakeview Townhouse: 1307 W. Belmont
This 3-bedroom townhouse at 1307 W. Belmont in Lakeview has been on the market since July 2010.
In that time it has been reduced $75,875.
Built in 2005, this four story brick townhouse has 2300 square feet and a 2-car garage.
2 of the 3 bedrooms are on the third floor, with the fourth on the top floor.
It has a rooftop deck and a family room.
The kitchen has 42 inch maple cabinets, granite counter tops and stainless steel appliances.
We’ve seen some of the smaller, and lower price, townhouses in Lakeview sell in recent months.
What’s the market for these larger townhouses that are well outside of the conforming loan limit?
Chadwick Duda at Prudential Rubloff has the listing. See the pictures here.
1307 W. Belmont: 3 bedrooms, 2.5 baths, 2300 square feet, 2 car garage
- Sold in January 2005 for $625,000
- Originally listed in July 2010 for $635,000
- Reduced several times
- Currently listed at $559,125
- Taxes of $9056
- Assessments of $155 a month
- Central Air
- Bedroom #1: 14×12 (third floor)
- Bedroom #2: 14×10 (third floor)
- Bedroom #3: 13×10 (fourth floor)
- Family room: 16×12 (main floor)
This unit looks exactly like every other townhome ever posted on cribchatter.
The current occupants have a lot of room to lower the price with 2 mortgages totaling less than $459,000.
And they can bring a little cash to the table if they want out so bad.
$399,000.
I think that there is a buyer over 399K. They might have to wait it out but $479 to $499 seems like a good possibility. Don’t lover or hate the street. At least you have great proximity to Justin’s.
Saw the best concert there ever. Patrick Monaghan and Train played a few “thank you shows” for XRT in 2001 long after they had become famous. It was a great night! The place is set up for intimate fun shows. After the performance they hung out in the main bar and actually talked to their fans for hours. Then they actually gave away a free live CD of the first half of the show as we left for the night. That night Train became my favorite band for many years.
“The current occupants have a lot of room to lower the price with 2 mortgages totaling less than $459,000”
I hate when people do that – don’t you guys realize that just because someone has room to move doesn’t mean they are going to do it. Actually, many people have begun to EXPECT people to sell for what their mortgage is worth. IT is so FRICKIN’ IRRITATING I cannot tell you.
I have no mortgages on some of my houses – does this mean I should give them away? I only owe 1 million on my permanent residence – does this mean I should list it at 1.1 millon?
God – I HATE THIS MENTALITY!!!
crap shower doors, crap refrigerator, crap staging.
If they want non-distressed pricing for it, they should have non-distressed staging. It looks like a post-college frat house.
And, I’ll say it again, what’s with the $399 special refrigerator? That’s a garage-quality unit there.
LOL. They have already established with numerous price drops that they are chasing the market down. The obvious reason for the decades-low sales activity is that most cannot or will not sell for below what they owe. Therefore, it would appear useful to incorporate this knowledge in an offering strategy. IT is so FRICKIN’ AMUSING that anyone would conclude otherwise. Of course, it amuses me to no end so I must admit
God – I LOVE THIS MENTALITY!!!
they have shows at justin’s or do you mean schubas?
This is my hood. I look at the prices of these places all the time. They are still too high given the Belmont address. I’d say 499K is probably close. I wonder if they’ve had any offers and been stubborn? (Most of the people I know in this complex are nimbys. They don’t want office buildings built on Belmont because they increase traffic. I say, “Why did you buy on Belmont?”)
G- do you even own a house? If so, do you have a mortgage? Would you sell your home for what your mortgage is? If not, then you also should be irritated at this type of mentality.
“This unit looks exactly like every other townhome ever posted on cribchatter. ”
No this one is near Schuba’s bro. Hey bro I gots me a 600k townhouse near Schubas! Sold in January 2005 says it all.
My favorite part of the listing:
“Half bath on main level is optimal for entertaining.”
Don’t most people prefer that their guests lounge in the living room, gather in the kitchen, relax on the deck? WhyTF are these folks throwing parties in their half bath?
Jon – you can have a lot of fun in half-baths!!!
I like how clio becomes increasingly desperate with each passing day of this RE bust and lashes out with increased fervor.
I think the concern with the mortgage amount is so a buyer knows whether they will be able to close quickly if they make an offer. If someone has a mortgage lower than what I want to bid then I know we don’t have to deal with short-sale headaches or other problems. That they are financial able to accept the offer in a timely manner.
If I know someone has a 575k mortgage on something I value at 450k; then I wouldn’t want to bid on the property because I would assume they are stuck financially and either won’t sell and take a loss or would have a headache of doing a short-sale.
clio – I’d do a backflip if I could sell my 2/2 for my mortgage amount.
Jon- Funny statement. Actually my wife doesn’t like a friends’ townhouse because the main floor doesn’t have a half bath, thus requiring guests to “trek” a floor to use a washroom. I’m indifferent but I’m guessing that’s the thought behind good for entertaining.
“they have shows at justin’s or do you mean schubas”
Good catch CH the show was at Schuba’s. I also used to hang out at Justin’s back then which was another great spot. Are they both still open?
“G- do you even own a house? If so, do you have a mortgage? Would you sell your home for what your mortgage is? If not, then you also should be irritated at this type of mentality.”
Yes, 2 in fact. No. Impossible. I don’t get irritated by business transactions.
You might find this concept easier to understand if you had a better grasp of real estate valuation trends.
“WhyTF are these folks throwing parties in their half bath”
If you entertain in the half bath just think how much more fun it would be if they had a full bath with a shower. Now that is a party!
“I like how clio becomes increasingly desperate with each passing day of this RE bust and lashes out with increased fervor.”
Not really, Bob. My real estate portfolio is absolutely secure. I only have one property that is bothering me (my farm) – everything else is on auto pilot for several years.
both still open jp3. and I agree, both nice spots for what they are. Justin’s used to have a Jerry McMillan depaul jersey hanging up which was odd and cool.
i agree with the one comment — staging is awful….and nothing unique about the place.
$559,000 for a townhouse of this size in this neighborhood seems reasonable to me.
The only thing that is really off putting to me is that it’s on Belmont. How much does being on a busy street matter when selling a home? I wouldn’t even consider a home on a busy street, but how many people in the market feel the same way as me about being on a busy street?
Note – I live in University Village and I like it a lot despite the area often being criticized on this site. I live in a bland townhouse, but it suits my needs perfectly.
Crap location right on belmont. Only during a bubble would someone build a place like this in this location. I’m not sure pushing all somebodys junk off to one side counts as staging? 512500
“Yes, 2 in fact. No. Impossible. I don’t get irritated by business transactions.”
G is such a hitter that he owns two homes. Didn’t realize entry level financial budgeting jobs paid so well out of U of I.
“Didn’t realize entry level (stike 1) financial budgeting jobs (strike 2) paid so well out of U of I (strike 3).”
JMM, that’s 3 strikes and you’re out. You’ll never prove you are capable of hitting a triple that way.
The thing about these nets is that you don’t know who the f you’re dealing with on the receiving end of a post. The CEO of Whole Foods spent hours of his life posting on the yahoo financial forums and I’m sure he dished out and received a lot of abuse. JMM calling G an entry level financial analyst is ridiculous when in real life nobody knows who he is. At least with JMM we know he was in the movie ‘born rich’ all but that’s about it.
“JMM, that’s 3 strikes and you’re out. You’ll never prove you are capable of hitting a triple that way.”
Really? I bet its pretty damn close db.
“Really? I bet its pretty damn close db.”
OK then…..
Ah yes, the witty repartee to go along with the searing intellect.
“Really? I bet its pretty damn close db.”
The heirs of old money live in a much much smaller social than the rest of us, and as a result, there isn’t much diversity in the gene pool.
“The only thing that is really off putting to me is that it’s on Belmont. How much does being on a busy street matter when selling a home? I wouldn’t even consider a home on a busy street, but how many people in the market feel the same way as me about being on a busy street?”
Jenny,
I had a girlfriend that lived in an apartment on the 1400 block of Belmont before everything was converted. She used to be directly adjacent to an all night taco/burrito joint. While I found it convienent for the post bar dining option as we stumbled out of our taxi it also came with a price. Occasionally on warm nights her steps became impromptu “outdoor seating” for drunk diners. This was not so great. She never had an issue but would have preferred that they were not there.
I lived directly on North Ave in Bucktown for three years. There was a bar across the street. Obviously I am very tolerant to noise and other urban issues that some would find challenging. Perhaps it was my upbringing near O’Hare airport.
It has to have a factor in pricing but I’d say less than 10 to 15% over a side street within the same block.
Jp3 – A little off-topic (but what the heck, a LOT of our threads get off-topic!):
Since you’re a Train fan, maybe you can explain why a woman who’d be described as a “Soul Sister” would be all that enamored with the music of Mister Mister?
Now, back to topic:
There are too many of these look-a-like townhome developments in mid-Lakeview for any of them to sell quickly at a high price. Fronting Belmont per se might not be that bad – some urbanites actually WANT to be facing a busy street for the sunlight and “scenery.” The alternative – a rear-lot townhouse with no direct sunlight or views of anything to speak of – would strike many as considerably less attractive.
Hmmm…”entertaining” in the powder room..brings to mind an R-rated version of the Stateroom Scene in “A Night At The Opera.”
Living on a main street, or even within a block or so of a main street, sucks.
The biggest problems are dirt and noise, when living on or near a busy main street. I’m about half a block north of a busy main E/W street, with bus, truck and car traffic (4 lanes). Compared to even one more block north (where I used to live), the windows and screens all get much filthier, and the siding needs a powerwashing 2x a year. The dust in the house is grittier, and the noise in the summer is really annoying when windows are open. The worst of it is those damned guys on the crotch-rocket motorcycles racing up and down that street all night. Living directly ON a street with bus and truck traffic day and night is horrible. No way you can fool yourself that you’re living large when you’re on a busy main street… well, unless it’s like Michigan Ave, and you’re up on the 20th floor or so.
Chitowngal – no idea but they are a fun band to watch. Don’t know much about Mister Mister.
Logansquarean – So so true. The grit coming off of my North Ave space was very evident on my screens and windows. Way worse than when I lived on a side street. The motorcycles were also quite noisy. A car crash, several crotch rockets and a big fight outside the bar across the street really helped me sleep well and prepare for my Chicago Marathon run a few years back. That might have been the only night that I recall wishing that I lived on a quiet street!
The bus stop right out front is also fantastic. Yikes.