Under Contract Within a Month: 3508 N. Greenview in Lakeview
This 4-bedroom duplex down at 3508 N. Greenview in Southport just went under contract after being on the market about 30 days.
The building was converted in 2005. The unit has all the bells and whistles that buyers look for such as central air, in-unit washer/dryer and the all important deeded parking.
Three out of the four bedrooms, however, are on the lower level, including the master bedroom.
Scott Graden at @Properties has the listing. See more pictures here.
Unit #1: 4 bedrooms, 2.5 baths, 2300 square feet
- Sold in March 2005 for $477,000
- Currently listed for $484,900 (plus $30k for parking)
- Under Contract
- Assessments of $339 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
Uninsulated brick walls! I bet it’s warm and cozy all winter long.
Seems reasonable given its 2,300sf and comes with all modern amenities.
“Seems reasonable”
$500k for a garden unit condo is reasaonble, but $700k for a (more nicely finished, imo) SFH is the end of the economy? Can I have some of what you’re smokin today, Bob?
It is possible to apply external insulation to below grade walls, but it’s rarely done.
“It is possible to apply external insulation to below grade walls, but it’s rarely done.”
Heck, the basement might be warmer than the main floor on the coldest days–at least it has dirt to insulate.
“Heck, the basement might be warmer than the main floor on the coldest days–at least it has dirt to insulate.”
From my experience living in a garden unit, that is so not true.
“but $700k for a (more nicely finished, imo) SFH is the end of the economy?”
If you’ll note the 730k house has ‘no square footage listed’, which probably means its around 1,700sf or less. Its also in a less preferable part of town (newly gentrified Bucktown), probably has a worse CPS in its attendance boundaries than this place, and generally could have construction quality issues that many of the bubble built places do.
Lets not forget that 515k is a bit below 730k and is within the price range for a conforming loan if the buyer has 20% down or 10% with a second mortgage for the remaining 10%.
Its not rocket science at all for me to see why this one sold quickly and the Bucktown place will languish on the market.
That kitchen warrants a $15K demerit in my opinion. The converter put zero thought into it. Blech!
I agree with ME. The kitchen is a complete FUBAR! With 2300 sqft, you would think perhaps they would put a little more cabinet space/countertop space in the kitchen.
“Its not rocket science at all for me to see why this one sold quickly and the Bucktown place will languish on the market.”
But that’s not the dichotomy I was talking about–you and HD have painted the Lyndale house as one more crumbling brick in the global economy. And this condo is “reasonably priced”.
I totally understand why the condo sold quickly and the house is having trouble selling, but that’s a different issue.
“house has ‘no square footage listed’, which probably means its around 1,700sf or less.”
If you count the finished basement–as this condo does–it’s something like 2700+ sf, based on a ~900+ SF footprint (unclear if there is an addition behind, based on aerial). With a 2-car garage instead of 1-car uncovered. And actual land. For which they paid a premium (assuming equal $pSF) of about $150k.
Or, exclude the basement and say the house is about 1700 sf and this condo is 1150. And based on that, the the ’05 purchase prices were almost identical on a PSF basis (condo = $414; house = $420).
$484k is still a lot of money for duplex down condo conversion, IMHO. It shows the manic, dyslexic and somewhat irrational nature of this market were in.
“Or, exclude the basement and say the house is about 1700 sf and this condo is 1150. And based on that, the the ‘05 purchase prices were almost identical on a PSF basis (condo = $414; house = $420).”
Okay fine–I think Bucktown is a shyt neighborhood and I would never live, much less own there.
“Uninsulated brick walls! I bet it’s warm and cozy all winter long.”
Better than the glass exterior walls you see on all the condos posted on here.
Oh, and taxes are *not* new (no surprise there). They are $6345, w/o homeowner’s exemption.
half-a-mil $$$ to live in a basement; but since its a Lakeview basement its acceptable?????
No one will argue that LV is not a great neighborhood (for some), but its not that great.
As the market continues to decline, demand for these cheaper basement/duplex-down units will decrease and the price difference between these and above ground unit will increase.
“Okay fine–I think Bucktown is a shyt neighborhood and I would never live, much less own there.”
I know, and I don’t know that I would either, but I was interested in how the B’town house is responsbile for a global depression and this condo is “reasonable” when they are pretty similar in a pricing cureve/matrix sort of way, if you disregard location (and many people like B’town, so it’s not like comparing LP to Englewood).
Reasonable to some, perhaps. I would not have bought it, certainly. However I can see why it sold quickly. Maybe that would’ve been a better choice of words.
And Tom I do agree, however if we do have de-gentrification (likely) a potential buyer is more insulated from a detoriorating neighborhood in Lakeview vs Bucktown, IMO.
Bob: “Okay fine–I think Bucktown is a shyt neighborhood and I would never live, much less own there.”
All I’ve read today from you Bob are negative comments wishing financial difficulty on people trying to sell their houses (people you probably know very little about). It never seems like you have anything too positive to say here… And now you call Bucktown “shyt” – I disagree. I’ve lived in Bucktown seven years – think it’s a great place to be, tons to do, neighborhood feel. Good News! Bucktown don’t want you.
“It never seems like you have anything too positive to say here… ”
We’re in a deep global recession caused by the real estate bubble, Jon. I’m not in the business of putting lipstick on pigs.
Sleeping in the basement is still sleeping in the basement, no matter how nicely furnished the room or how steep the price-tag.
Basements are never cured of their damp nature, and with Chicago’s recent frequent street flooding problems due to street-grate restrictors, you’re also prone to flooding during big rain-storms.
Secondly, I wonder how those bedrooms passed code requirements for “2nd means of egress”. Habitable basement rooms generally require a window that has a sill low enough to allow a person to climb out. Probably not code-conforming, despite fairly recent condo conversion.
re: basement flooding, we have a sump pump that has worked just fine, but came with the house, so it’s at least 7 years old – do people recommend getting a battery back-up for these to be safe?
I was considering just replacing it, and friends have told me that many of the newer sump pumps are actually more cheaply made/unreliable, so I might as well stick with the one I’ve got.
I own a duplex down, but the “basement” is more of a “first floor” given that only about 2 feet of the 8ft height is underground. Still a basement I know, but it feels just like the upstairs. Anyway, I like it.
> you’re also prone to flooding during big rain-storms.
This spring there was a lot of rain for sure. I was freaked out that my place was going to flood/leak but I never had that problem. And god knows I checked everywhere!
“only about 2 feet of the 8ft height is underground”
Makes all the difference. This place looks like it’s 5.5/8 below grade. It’s so much more desirable if it’s at leat 50% above-grade.
“do people recommend getting a battery back-up for these to be safe?”
Yes, as probably 50%+ of power outages here are weather-related. It would suck to have the pump handling the water from a big storm until a falling branch knocks out power and you get flooded.
tom haahhahaahahah “half-a-mil $$$ to live in a basement; but since its a Lakeview basement its acceptable?????” now thats funny. It is nice that its the bedrooms that are in the basement, cause how much time is spent there not sleeping?….. (insert cheesy joke here).
i think the layout is a good idea for what space they had, except the kitchen.
thats a high foot traffic area.
i can see it now 6am in bed “honey look the window and see what shoes people are wearing so i know if its raining” She goes “i see one guy with rain shoes on, and three pairs of ugg boots so its cold out side too” 🙂
“i can see it now 6am in bed “honey look the window and see what shoes people are wearing so i know if its raining” She goes “i see one guy with rain shoes on, and three pairs of ugg boots so its cold out side too” ”
I agree, its not just the dampness, flooding issues, darkness that comes with a basement unit. I am also bothered with the lack of privacy and security issue. So for 1/2-mill $$$ I have to keep my blinds drawn all the time. Hope no one can see into your kids bedroom window…….
We had a split level house w/large family room set three feet below grade, with a well-maintained sump pump. Had two major floods, not caused by sump pump failure. Water came in through doorway to backyard. Should say “cascaded in” – 2nd time we had 6″ of water, both after fast but intense rainstorms. Drain in stairway areaway backed up from street sewer (restrictors in-place), plus flooded lawn area up to areaway. We constructed an improvised 6″ raised concrete curb across entire doorway.
In Oak Park, during another intense rainstorm street sewers flooded and our two laundry sink drains turned into literal spouting water fountains, fortunately spilling relatively clean rain-filled sewer water into basement from the two basins. Placed a portable pump into one laundry sink to pump out the constant flow of water, but nonetheless this episode was traumatic. Now we have two separate ball-cocks in laundry sink drainpipe next to laundry sink, one “automatic float” and one “valved”, to hopefully avoid repeat. Floor drain has threaded cover, but still see water bubbling there during heavy rains.
We don’t use basement as habitable space, and I don’t store anything that can’t get wet for first 9″ above floor slab.
Re: sump pumps. Thunderstorms (tree damage) and heavy rain storms are often accompanied by power outages. And now w/ComEd aging facilities, deferred maintenance, lack of capital improvements, and even deferred tree trimming (at least here) we’re more prone to brown-outs and black-outs; it certainly helps to have battery pack-up to your sump pump.
another one sold! negatoids unite against homebuyers, this insanity MUST be stopped.
even when something sells, there is some much vile and bile on this site.
Deal with the fact that the apocalypse did not happen, and YOU are still renting.
Hey paulj, I love renting. I save so much money per month that when this market returns to affordability I’ll have a large down payment to buy if I see a deal. And quite honestly the joys of homeownership are way overrated…lawn care, maintenance, property taxes, repairs, etc. I take pride in renting knowing that I will not be a knifecatcher like these naïve folks who bought here.
HD-“dyslexic” can only refer to a person, not a market. Spend some of the big money you’re saving by putting your life on hold and enroll in a good English class at a university, er, I mean a junior college, ’cause it cheaper.
Properties can’t be literally “snapped up” either but that doesn’t stop people from using the expression.
Moreover , I’m not an fb like these homedebtors. And that puts a smile on my face!
“and YOU are still renting.”
Counting my lucky stars, yes.. 😀
All the bells and whistles… Except that it’s in the basement.
bucktown is a shyt neighborhood? I know more people that would rather live in BT and WP than LP or LV nowadays. Personally, living in LP is like living in The Colony, everyone steps to the same beat.
closed for $475k, including the parking. with a $380k mortgage.