We Love Private Rooftop Decks: 2144 W. Schiller in Wicker Park
This 2006-construction 2-bedroom penthouse at 2144 W. Schiller in Wicker Park has plenty of outdoor space.
In addition to a private rooftop deck, the unit also sports 2 balconies, including one off the master bedroom.
It has all the bells and whistles of newer construction including stainless steel appliances, granite counter tops and stone work in the bathrooms.
It’s just a few blocks from the Damen Blue line stop.
The unit is also now listed for $12,100 under the 2007 purchase price.
Glenn Southard at Coldwell Banker has the listing. See the pictures here.
Unit #I: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 2007 for $460,000
- Originally listed in June 2010 for $459,900
- Reduced
- Currently listed for $447,900
- Assessments of $171 a month
- Taxes of $6680
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 12×10
- Living room: 21×14
- Kitchen: 9×7
eww talk about curb unappeal
if not for that awesome looking rooftop deck, this place would be lucky to go for 325k
Rooftop is for the building right? If thats the case, I wouldnt even consider that to add or take away from this place because I dont really use community spaces. I think they’ll get lucky if they can fetch $375K.
I have conflicting feelings about this place secondary to 2 separate memories that were stirred when looking at the pictures:
1. warm and fuzzy feelings as I am reminded of the block castles that my kids used to make out of legos.
2. horrible fear and panic as I am also reminded of a night I spent in jail (during a wild night of partying) – those windows that you can’t see out really will get to you after awhile.
I looked at the townhouses around the corner on Leavitt that I think were part of the same development as this place. The townhouses were listing in the high $700K to high $800K range IIRC. Everything was kinda fine (subject to it being townhouse living) but nothing was particularly appealing about the complex. And completely agree on lack of curb appeal.
“talk about curb unappeal”
Curb *repel*.
I love that the listing insists the unit has great city views…only if you’re Manute Bol. What’s up with the windows?
My current apartment has windows like this, and it drives me insane. Love the cat staring down the photographer though. I think he knew better than to try to get the cat off the chair.
If this was my place it would feel extremely cluttered – the living room looks small, and there is no storage.
Doesn’t get much uglier. Those windows, block walls……
At best 350 should move it
Here’s a semi-ignorant, off-topic question for the Chatteratti: At a purchase price of $450k (condo in Chicago), with 10% down, what are the ballpark closing costs? Any way to minimize, negotiate (even if there’s already a contract) or finance closing costs?
you can have the seller pay closing costs and roll them into your mortgage
“At a purchase price of $450k (condo in Chicago), with 10% down, what are the ballpark closing costs?”
Closing costs vary so much (depending on your attorney, title company, time of month you close – which determines interest and assessments for the remainder of the month which you pay at closing). For a 450 condo w/ 10% down in the City of Chicago, I would say you were looking at 3-5k – really shouldn’t be more than that.
I’m thinking lower 300’s. It looks tiny, and with prices falling on larger spaces, and SFh’s I cant imagine anyone forking over the $ for such a cramped space
Lender Fees/Appraisal; $0 – $1500
Title Fees; $1800 – $2000
Tax Escrow; 3 – 8 Mos of Taxes (Mos collected depend on month you close) Assume: 1.5% of price… annual bill $6750, so $562/mo. Six mos = $3375
Prepaid Interest; Assume 15 days of interest
Citys $7.50/$1000 of home value = $3375
Approximately: $11,500 assuming the seller doesn’t pay any of your closing costs. You will also get a credit for unpaid property taxes from the seller which is typically 110% of the last property tax bill that will reduce your out of pocket closing costs.
“2. horrible fear and panic as I am also reminded of a night I spent in jail (during a wild night of partying) – those windows that you can’t see out really will get to you after awhile.”
UH OH, clio has gone the dark way of cribchattering. welcome to the club 🙂
“only if you’re Manute Bol. What’s up with the windows?”
WOW, thank you for the old school reference, didnt know we were still allowed to use things from the 90’s, its time to break out my cross color orange jean overalls jam to my Informer, by Snow, cassingle
“you can have the seller pay closing costs and roll them into your mortgage”
I was under the impression that it is increasingly difficult to do this these days with the stricter lending standards.
RNGirl,
You can still get closing cost credits, but the underwriters will likely scrutinize the appraisal more. In the past, the sellers would often just bump the agreed upon price by credit, but that doesn’t necessarily fly anymore particularly on higher LTV deals (95% or more).
Thanks Russ.
Russ,
I obviously respect your information as you are in the mortgage business – but looking over all of my closings in the past 10 years in the City of chicago (units ranging from 390 – 780) I have never paid more than 4.5k in closing costs (granted the tax credit I got back from the sellers varied between 2-5k, but even with that, none of the closings ever cost me THAT much) – maybe I should feel very lucky!!
@Groove77:
don’t you dare start wearing your baggy pants backwards!!!
Although Totally Crossed Out was in ’92, since Bol played till ’94 I figure I can mention it
and AND why give the brothers all the luv?
Shout Out to BIG and SLOW mmmmAAAAAAARRRRK EATON!!!!!!!
Clio, it could be because you may not have been escrowing property taxes. You do not have an option to waive property tax escrows with less than 20% down.
The City Stamps alone on a $450k purchase are going to run $3375. Property tax escrow for closings in November are going to be six months which is approximately $3375. Even if the bank cuts you a deal and say the typical lender and appraisal fees are just $500 bucks, we are still at $7250.
Title company is chosen by the seller on a purchase, but the typical fees for the borrower for title work/closing run $1750 – $2000. So now we are up to $9250.
The borrower will also have prepaid interest which is their first prorated mortgage payment. If we assume 4.5% rate for 15 days it is $748.97. So now we are at $10k for the basics assuming no one else is picking up the closing costs.
The borrower will get a credit for unpaid property taxes since taxes are in arrears which lowers their out of pocket at closing, but they are still paying this money out since they will be responsible for the future tax bill. In addition, closings around this time of year also will have a tax indemnity which could add another $5k to the closing figure because Cook County is late with the tax bill. Lenders are going to require the title company hold at least 9 mos of taxes in escrow to insure that the bill is actually paid when it finally comes out.
In short, it isn’t unreasonable that a $450k purchase would have $15k in out of pocket closing costs on top of the down payment.
Thanks Russ – the difference WAS the escrowing of taxes. That makes a big difference (although it all comes out even in the end).
“and AND why give the brothers all the luv?
Shout Out to BIG and SLOW mmmmAAAAAAARRRRK EATON!!!!!!!”
number three of the funniest posts on cribchatter!!!
any ever know what happen to that 7’4″ kid that was a freshman center for illini? man did he move awkward.
Mike Tisdale?
“Mike Tisdale?”
smit i think the last name was? idk
sonies, help a brother out it was a few years after we left school
Nick Smith?
The windows remind me of my parents basement when I would sneak out of the house. (probably wearing a Generra Hypercolor t-shirt) YIKES!!!
anonny, 10% down on a 450K place is a sign the buyer can’t afford it.
“sonies, help a brother out it was a few years after we left school”
you mean “Nick Smith, the tallest player in Illinois basketball history?” lol
Mike Tisdale actually can move quite well for a 7 footer, he will dominate for the Illini this year, man we’re gonna be SO good, don’t miss a game groove!
“you mean “Nick Smith, the tallest player in Illinois basketball history?” lol”
THANK YOU, man that kid was hard to watch running down the court and he just got pushed around like a rag doll he was like 7’5″ and weighed 165 lbs.
“the Illini this year, man we’re gonna be SO good, don’t miss a game groove!”
between the Bears, Bulls (well its mostly Utah players), blackhawks, and illini bball (idk football is blah we will see in the next month) my life is pretty sweet 🙂
“anonny, 10% down on a 450K place is a sign the buyer can’t afford it.”
So ALT, are you saying that only those putting 20% down should buy?
With 10% down and a fixed rate, assuming I stay in the place for five years, I’m looking at paying about $12,000 in mortgage insurance (and that’s assuming I’m unable to re-fi sooner). So out the of other half of your required 20% down ($45k), I’ll hold on to $33k (or put it into the place).
“I’m looking at paying about $12,000 in mortgage insurance (and that’s assuming I’m unable to re-fi sooner). So out the of other half of your required 20% down ($45k), I’ll hold on to $33k (or put it into the place).”
You’re going to pay an *extra* 5.3% interest to borrow $45k? If it’s not liquid, that might make sense, but that’s fairly expensive liquidity.
“You’re going to pay an *extra* 5.3% interest to borrow $45k? If it’s not liquid, that might make sense, but that’s fairly expensive liquidity.”
I’m doing nothing of the sort. I’m buying a place with 10% down. If…IF…I had another 10%, who’s to say that the money wouldn’t be well spent on renovations (or kept as a reserve, or saved for retirement, or whatever)?
The point is that ALT’s claim – that putting only 10% down is a sign a buyer can’t afford a place – is questionable at best. I’ve been renting a place for a couple of years for around $2,700 (though the landlord would sure love to be getting more like $3,500). Buying a $450k place with 10% down (and few hundred/mo assessements), I think I’ll be paying just under $3,200/mo. That’s $6,000 more a year for a better place, in a better school district, which (I hope) appreciates at least a tiny bit over the next five years or so, on which the rent will not be increased (nor will the place be sold) by a landlord at the first sign of an improved market, and on which we’ll pay down at least some principal. Plus the interest/property/state tax deduction. Or would it make more sense to continue paying $30k+ a year on a rental?
“or saved for retirement, or whatever”
Because you’re not likely to garner a guaranteed rate of return on your savings that comes near the return you’d get by putting down 20% (and avoiding PMI).
“I’m doing nothing of the sort.”
“If…IF…I had another 10%, who’s to say that the money wouldn’t be well spent on renovations (or kept as a reserve, or saved for retirement, or whatever)?”
1. Based on “So out the of other half … I’ll hold on to $33k (or put it into the place).” I wasn’t clear about whether the $45k was available at all.
2. If your PMI really does cost $2400/yr (no idea), then that $45k is costing Mortgage Rate + 533 bips. That’s fairly expensive money, especially if it’s just there to maintain liquidity (aka “Reserve”).
3. In either case, I’m not trying to imply anything about whether or not buying is a good idea.
Last Bball post:
I wonder if Groove with his hobbit legs is more like Kenny Battle or Rennie Clemons (who still had springs) and played against Shaq.
I was being somewhat tongue in cheek, but the 10% + concern about the closing cost + $450K real estate cost + this terrible market brought about by unrealistic buyers gives me the right, I think, to say it’s at least a “sign.” Not a slam dunk, I agree.
chichow,
i bow down to your college bball knowledge.