Under Contract in One Day: 444 W. Surf in Lakeview
If you price it right, and it shows well, it will sell . . . and apparently quickly.
Such is the lesson from this 1-bedroom vintage unit at 444 W. Surf in East Lakeview that went under contract after only one day.
It is missing two out of the three usual “important” selling points. It doesn’t have central air or parking (but does have the in-unit washer/dryer).
The unit does have 9-foot ceilings and the listing says it was gut rehabbed 2 years ago.
Was it price, location or just the cool style that sold this unit within 24 hours of listing?
Heather Hillebrand at Dreamtown Realty has the listing. See more pictures here.
Unit#2B: 1 bedroom, 1 bath, dining room, no square footage listed
- Sold in December 1988 for $44,000
- Sold in November 2005 for $212,000
- Currently listed for $247,500
- Under contract
- Assessments of $353 a month
- Taxes of $2322
- No central air- window units
- Washer/Dryer
- Bedroom: 12×10
- Living room: 14×13
- Dining room: 12×12
- Kitchen: 12×8
I’m going to go with the price did it.
location, price and that Kitchen!
I’m guessing this place is around 700 sq. ft. Assuming it closes at $240K we’re talking $342/sq ft. for a first class rehab in prime LV.
I’m a firm believer that non “cookie-cutter” units, priced right WILL sell. I’d be curious to know if it would have had parking what the list price would have been, as well as if it still would had sold in one day.
It’s a shoebox.
Sure it was gut rehabbed “2 years ago” but it still sold at bubble or close to bubble pricing. The base unit was 212k. What was included in the gut rehab? Just looks like they redid the kitchen. Maybe in 2005/2006 it was worth an extra $35,500 but in this market? Sold in 1 day? Something going on here….
And yes, it is a shoebox.
i think this place is a bit bigger than 700 sq. foot…the kitchen isn’t intruding into the living room like we see in a lot of rehabs, and the dining area appears to have it’s own seperate nook as well. .the finish of the living room and kitchen is phenomenal, crown molding, appliances, granite, lighting, everything is done very well. i think we are going to see people paying more to get away from the ugly concrete ceilings, kitchen/living room combos, and track lighting that has made lofts and new construction downtown look so boring and vanilla. i still wouldn’t say it closed at 240k…..i’d probably pop 225 for it myself, but the non-central air may be a deal breaker, i hate those window units!
We won’t know the price it actually sold at until after it closes, but I am guessing that it is much lower than $249K, if it sold for only $212K in 2005.
It’s a beautiful unit, in a great building, in a great location. But I would still be surprised if it sold for the ask price, even though the quick turnover might suggest that.
Professional-caliber decorating and staging of a home will overcome a great number of problems. No AC? No parking? It’s ok because it looks like an apt out of now-defunct Domino magazine. Price seems high for what it IS.
Congradulations to the seller. All those other sellers would have benefitted from a year’s subscription to Domino. Now that the magazine has been killed, it’s true market need is here.
A $200k mortgage at 5% is about $1,100 a month plus $500 taxes and insurance = $1,600 a month (plus tax benefits) for a nice looking unit . Interest only is $833 plus $500 = $1,333 a month plus tax benefits which is pretty damn near rent equiv. This place was a good buy in 2005 at $212k, bubble pricing should have made it closer to $300k or $315k like that crapbox on Sheffield from the other day. I have friends who paid $1,200 plus parking for one beds not even half as nice as this place no more than a few blocks north of this place and that was 4 or 5 years ago. That’s why it sold in one day. There are very few places in the Chicagoland area where a tenant will pay $1,200 or $1,400 for a one bedroom but this location is one of them. So when a mortgage is comparable to rent no surprise it goes under K in one day.
Probably closed for 10-15% less than the ask. Will be interested to see this one close. Unless of course it was sold to a trust, then a higher valuation would be better for tax purposes (not sure if that shows up on the MLS or not).
Come on…..close for 10-15% less than ask in 1 day? Keep dreaming….you too will be able to own a home thanks to Obama one day.
Domino magazine?… really? that was like the worst Family Circle-esque crap design magazine ever. Its so bad its giving me cancer just thinking about it. I would be insulted to have my place compared to that.
and about the apartment itself.. nice place. Vintage places that are nice – ie smooth walls, good woodwork, refinished floors, updated electrical, baths, kit plumbing but retain vintage detail and feel. usually sell pretty quick. Chicago has a lot of new construction and a lot of crap vintage. Vintage that is restored well/updated has a good market for it. Those buyers dont seem to mind window units as much, but lack of laundry is always an issue.
Are you kidding me? Absolutely gorgeous. I guarantee these pics don’t do it justice. You can see the beautiful floor, doors in the background, crown moldings (even on the cabinet tops!) – this was attention to detail. Based on the MLS description, this thing was fully redone – not just the kitchen. I tried to see it but it was sold before I could make a showing request! I bet the rehab was done by the owner FOR THE OWNER and it just knocks your socks off – I mean the pictures do. I’d love to get in there and check it out. I’m sick of looking at “rehabbed” units done in the early 2000’s when these builders could get away with anything. The market is flooded with “rehabs”. This unit obviously offered something different.
That kitchen is beautiful…although that tiny tiny stove is a bit of a turn off. Everything about that kitchen says someone with great taste and attention to detail lives here. The back door stain matches the cabinets, it has a nice frosted glass pane, the transom window has been refinished, the beams have been exposed (or faux beams have been put in). The woodwork in the rest of the place looks great…seems to be subway tile in the bath that extends all the way around the room. I doubt any of these things looked this good (or even existed) when the buyer bought the place.
I’m not saying I’d pay 200K for this place because even at that price it’s a better deal to rent, but for someone with discriminating tastes who doesn’t want to do their own rehab, this place is a rare find in a sea of units with developer-selected beige travertine, maple cabinets, leopard-print granite, and lumpy, old woodwork with too many coats of paint or generic new woodwork with no charm.
nice place, but more importantly, unique and tasteful. My litmus test is “will this place still look classy in 10 years?” This one is a definite yes.
As for value, with 20% down, net cost out on a 5.75% mortgage is about $1500/month after 25% bracket tax deductions. That’s not rent parity, but its certainly not out of line. Congrats to both the buyer and the seller on a fair deal.
If it sold in a day, it’s priced too LOW.
Absolutely Beautiful. In this market there are two markets. One huge market is the non-market: overpriced, trite, and not well shown places that are going to sit there and sit there. The second market -much smaller than the first- is where the actual transactions are occurring: accurately (many would say aggressively) priced homes that are unique and well shown. This home is unique, accurately priced, and shows like a model. Kudos to the listing agent.
The condo did not sell in a day. It went under contract. We don’t know yet what it sold for or even if it will sell, as many units do fall out of contract. The owner obviously wanted to sell and priced it accordingly, but that does not necessarily mean they are just giving it away. They might need to sell quickly and cannot afford to let it sit on the market hoping an offer comes in. Additionally, I doubt it would realistically sell for a lot more than $250,000. The days of $300,000 one bedrooms are pretty much over, especially in Lakeview.
They days of 250k 1br’s are over…
“Additionally, I doubt it would realistically sell for a lot more than $250,000.”
Not sure what your point is here — it is listed for $247K. Are you suggesting the buyer offered more than ask? Not likely in this market.
$1,500 for a large one bed that looks that nice is pretty darn close to rent parity. I have friends who pay $1,200 for smaller places without w/d and dated appliances. Take that condo and put it in Roger’s park and rent parity is probably no more than $1,000 or $800.
Madfly said, :If it sold in a day, it’s priced too LOW.:
Thats a bubble slogan. You are new to RE market corrections, yes?
The correct slogan now is: If your offer is accepted, you are paying too much.
There seems to be a lot of action going on at 544-548 W. Surf which has several “recently rehabbed vintage” 1 BR’s for sale as low as $218K. Is this building comparable to 444?
The reason I said it wouldn’t sell for much over $250,000 is because madfly said it was underpriced. I believe the seller could have listed for a little bit more and eventually gotten an offer that MIGHT have been around $255,000 or so, but it likely would not have been a fast process. Realistically, the buyer probably offered less than asking but still an amount acceptable to the seller so they are now haggling over terms, etc. This seller seems motivated, so it will probably close so long as the buyer gets financing.
Pete — understood. And agreed.
G- there is another saying. If you aren’t embarassed by your offer, you paid too much.
Unlike you, I buy AND sell. You can win on both sides.
A quick deal is bad for buyer and seller.
“Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor” by George H. Ross.
Read it.
I know this building. Its about 900 sf give or take.
This is a beautiful unit. I am jealous.
““Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor” by George H. Ross. ”
Kidding, right? Citing Trump’s counsel’s fluff book about Trump? Trump is the best late-20th century example of “if you owe your bank $100 million, *they* have a problem”. If that’s your milieu, great.
Does the book include discussion of including personal expenses in the property’s expenses to screw your limited partners? Or getting kickbacks from building service providers to do the same? And threatening legal action over *every*thing? According to rumor, that’s what constitutes real “Trump Strategies”.
anon, I cite one negotiation concept and you give a diatribe on Trump. How about you take a look at it the next time you are at Borders. See if it makes sense to you. If it doesn’t fine, but what is wrong with this board is that you are totally closed minded and have negative opinions on everything under the sun, without giving anything a chance.
MADFLY on February 18th, 2009 at 6:56 am
“If it sold in a day, it’s priced too LOW.”
MADFLY on February 18th, 2009 at 2:42 pm
“A quick deal is bad for buyer and seller.”
What? Wouldn’t “priced too low” be good for the buyer?
Someone appears to be confused by catchy slogans. I’ll bet shiny things are mesmerizing, too.
Sigh.
#1 If you are a seller, and it sold in a day in this market, it is priced too low.
#2 If you are a buyer, and you aren’t embarassed by your offer, you paid too much.
#3 A quick sale makes the buyer feel he paid too much and the seller feels he sold for too little. There is psychology in negotiations where a longer period of back and forth makes both parties feel like they got the best possible deal.
G- you are the most worthless poster on this board. You offer no insight/intelligence/analytics into anything. Disagreement is one thing, and I can disagree intelligently with others on the forum, like Bob, Homedelete, Sabrina, Sonies, but you comments have no substance. I hope you are more pleasant/substantive in real life, because here you are an annoyance.
Honestly, I’d like to crack your cranium.
ROTFLMAO. A threat of violence? Over comments with “no substance?”
What more insight can I offer about you, MADFLY?
“what is wrong with this board is that you are totally closed minded and have negative opinions on everything under the sun, without giving anything a chance.”
Wha?? You don’t actually read what I post, do you? I have lots of positive opinions (CPS is a big one that many here don’t agree with), but apparently they don’t register with you for some reason.
Trump is a bad guy. I avoid modeling my actions after the acts of bad guys, tho it is useful to know how they operate to counter them.