What Will It Take To Sell This 3-Bedroom Uptown Condo? 4728 N. Malden
This 3-bedroom unit at 4728 N. Malden in the Sheridan Park neighborhood of Uptown has been on and off the market since September 2008.
After numerous reductions, it is now listed $114,500 under the 2003 purchase price.
The top floor unit has cathedral ceilings and skylights.
It also has upgraded finishes including crown molding and oak floors with an inlaid border.
The kitchen has the 42 inch cabinets common in the last decade as well as granite counter tops and stainless steel appliances.
The master bathroom is marble.
The listing says this property is not a short sale and is FHA approved, which gives it an advantage over nearby short sales in the neighborhood.
How low will prices go in the Uptown neighborhood and at what cost to the homeowners, the neighborhood and the city, before this unit (and others like it) finally sell?
Gary Lucido at Lucid Realty has the listing. See more pictures here.
Unit #3S: 3 bedrooms, 2 baths, no square footage listed
- Sold in May 2003 for $389,000
- Originally listed in September 2008
- Off and on the market
- Was listed in April 2010 for $379,850
- Reduced numerous times
- Was listed in September 2010 for $309,850
- Reduced
- Currently listed for $274,850 (parking included)
- Assessments of $160 a month
- Taxes of $5381
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 15×11
- Bedroom #3: 15×9
- Living room: 20×15
- Kitchen: 15×10
If this is a decent, safe area, then this is a phenomenoal deal!!
interesting space, looks like it was well executed. Not familiar with sheridan park…
It’s about a 5 cap (based on a $1800 rent guess), so it’s a reasonable rent saver with current interest rates. But the problem with that approach is you really need a ~10 year horizon, and even as spacious as this place is, how many people really have a ~10 year horizon for a condo of this size? The current owners only made it half that long.
I think when this place went on the market in ’08 they were asking $480k which was ridiculous even in the best of times. They’ve been chasing the market down ever since. If possible, I’d rent this out if I were the seller and list it again in 3-5 years.
I have walked down this block twice in the past month. Not bad or terribly unsafe, just really uninspiring. This area is bordered by a giant graveyard on the north side of Lawrence, which makes for a depressing walk. Also, it seems as though there are small project buildings sprinkled on these blocks here and there – can anyone confirm? Also, both times I walked down this block there were obviously mentally ill folks hanging out on the sidewalk, which seemed out of place since this area is so residential.
I’d say this unit would be great for a young family who wanted something affordable with nice finishes – especially if they had a budget for the German School which is walking distance from here.
I like the looks of the place too, and clearly it’s priced well, relative to the ample inventory nearby.
I was just over here late at night a few weeks ago, and was surprised how little has changed. Though there were some yuppies visible, but still plenty of ne’er do wells, too, and didn’t feel any safer than it did 10 years ago.
But it would be cool to see a day when “walking distance to the Green Mill” sounded like an amenity. . .
“But it would be cool to see a day when “walking distance to the Green Mill” sounded like an amenity. . .”
Even with the down economy, that is soon to be more likely to happen within 5 years than it has been at any point in the last 23. And I’m not really a Shiller-hater.
Nice job on the listing – it looks like a good unit. I think it sells close to the ask price.
It makes me sad as a resident of Uptown to say this, but the violence in this particular neighborhood and east to the lake has been on the uptick the last few years.
It’s a nice neighborhood, despite being sandwiched between two cemetaries, and Clark St. is experiencing an infusion of business due to Andersonville creeping steadily south. It’s too bad these folks took a bath, but it will be affordable for the artsy-colonizing types who’ll come in and make the neighborhood ‘cool’ again like they did in Bucktown and Logan Sq. etc.
I’d say this is a steal compared to others in the neighborhood, especially considering it’s a top floor 3/2 and has parking included. I’d be surprised if this isn’t under contract within 2 weeks.
Any ideas on total square feet? Looks like a great deal
Wow, talk about taking a bath.
I am split on the relative strength of Chicago real estate (vs. suburbs) because for every Lincoln Square or North Center there is an Uptown or Bucktown. This city changes character in its neighborhoods more rapidly than most and recently gentrified areas stand to lose more than others. On one hand, you have increased interest in urban living and horrible traffic. On the other hand, you have neighborhoods that can very quickly run down hill.
It will be interesting to see, but my guess is the near term herd preferences will continue to shift towards city living despite the associated ills. Personally, I’d rather take the Metra, have peace and quiet, a dedicated police force for the equivalent residential density of 4 city blocks, top school with private boosting, etc.
Long term, I think the value in the suburbs is more secure. This is a case in point.
I thank my lucky stars every day that I didn’t purchase in uptown… what the hell was i thinking even looking at places in that area!
I guess the question you have to ask yourself is, is Uptown a canary in the coal mine for other marginal neighborhoods fighting the flow of high crime and reduced city services? Next up, Bucktown?
JMM – your last two posts seem to predict doom and gloom for Bucktown. What do you base that on? I’m not all that familiar with Uptown, but my understanding of the history of the 2 *towns doesn’t reveal too many similarities. I also would not consider Bucktown to be a “marginal neighborhood.”
I disagree. Bucktown is a recently gentrified marginal neighborhood. This is an area that, but for the housing boom, would never have served as host to mcmansions or crapbox condos and inflated real estate prices that, at one time, rivaled LP.
This area has potential, but there are just way too many half way houses with derelicts hanging around. The thing I never got was if you are going to live here, why not buy a place in A’ville which has better amenities, safer streets, and similar price points (although Aville might actually be higher now). Only two stops further.
A lot of the folks I know who bought here were Chad/Trixies who got priced out of Lincoln Park/Lakeview and they thought this was “close enough” but were too myopic to go a little further north (OMG, two extra stops makes my commute 3 minutes longer) to a more stable hood. Kind of like the West of Western syndrome – No, there is no such thing as West Bucktown.
This place is very competitively priced though and it will surely sell quickly. It could be a decent buy if someone has a long term outlook.
I’d look at westown, wicker park, logan square before bucktown
Bucktown will do fine. It is solidly gentrified at this point. They have a starbucks, chipotle, potbellys, and homemade pizza to prove it.
“Bucktown is a recently gentrified marginal neighborhood. This is an area that, but for the housing boom, would never have served as host to mcmansions or crapbox condos and inflated real estate prices that, at one time, rivaled LP.”
I’m pretty gentrified and I’ve lived in Bucktown since 2001 — so I wouldn’t say it’s recently gentrified. I still don’t get what you mean by marginal? As in on the margins of Lincoln Park? Dangerous? Really it’s not. Even Western Avenue in this area isn’t all that scary. And I’m not a big burly dude. I don’t see too many McMansions around, just nice single family homes on mainly single lots, but if that’s how you define a mansion, well, it’s all relative. I live in a condo Mccrapbox (in your terms) and really enjoy it although I’m looking to upgrade and maybe even — wait for it —- move out of Bucktown. But were I to leave it wouldn’t be for any of the reasons you give.
My guess is that you haven’t been to Bucktown or maybe you went to Hot Chocolate for lunch with your girlfriends and you all saw a homeless person under the bridge.
“The thing I never got was if you are going to live here, why not buy a place in A’ville which has better amenities, safer streets, and similar price points (although Aville might actually be higher now).”
Uptown is less expensive than A-ville and actually, most of Uptown is nicer than people give it credit for. The area that is truly unsafe is small and there is more space, nicer architecture and easier access to the lake, LSD, and the several bus routes that go downtown faster than the el.
Many suburbs have gone downhill in the last 10 years and will probably continue to do so.
i scratch my head when i hear bucktown has improved so much in the last 5 years. i mostly lived there summers 00 to 01 and it was a peaceful, quiet place. only thing that seems noticeable different now is more $hitbirds go out partying there on the weekends. which makes it worse from my perspective.
“Bucktown is a recently gentrified marginal neighborhood.”
Yeah that’s what people said when I moved there. . . almost 20 years ago.
This location and place makes me want to puke. 220k. Next..
I don’t understand the Bucktown doubters, either. I fell for the charms of WP/BT circa 1990 when I first sank my teeth into a stack of pancakes at the Busy Bee Diner — RIP — and never felt unsafe in any way. It’s pretty well established. Uptown, OTOH, was and is sketchy.
Bucktown is Wicker Park is Lake View is Lincoln Park. They will rise and fall together for the most part I think.
Now Uptown? We shall see once Shiller is gone. It has a lot of potential. This part never bothered me too much back in the 90’s for some reason. I had a friend a block or so away and would walk there day and night. Other parts bothered me much more.
“My guess is that you haven’t been to Bucktown or maybe you went to Hot Chocolate for lunch with your girlfriends and you all saw a homeless person under the bridge.”
Sorry but when you grew up in Chicago and remember the 1970s through the 1990s, I guess your perspective is a bit different. Wicker Park and Bucktown are the same.
Call the Shakespeare district up and ask them up and ask about gang activity at Holstein park or what it used to be like more than 10 years ago.
All the rich yuppies floating around means more targets to take down. Candidly, I don’t see anyone heading to Rogers Park to bash some drunk girl’s head in to steal her purse.
“This part never bothered me too much back in the 90’s for some reason. I had a friend a block or so away and would walk there day and night. Other parts bothered me much more.”
The further West you get from Broadway the better off it is.
“Candidly, I don’t see anyone heading to Rogers Park to bash some drunk girl’s head in to steal her purse.”
Well, here’s why your opinions don’t matter. Show some respect for the victim of an awful crime that could have happened anywhere in the city. Gross.
I like Bucktown more 10 years ago when it seemed a little more gritty than it does now. It has never felt unsafe to me. The occasional drugged out homeless teen/hippie adds a little flavor imho.
Uptown has some nice pockets, but until the flop houses are shut down, it will continue to languish other parts of the city imho.
The thing is, you have to be a pioneer if you want get some outsized gains on your property many times. Most people just don’t have the vision of what a neighborhood could be.
“I’d look at westown, wicker park, logan square before bucktown”
Define B’town v. WP v. Logan. Obviously (to me) B’town is entirely east of Western, but the rest is a bit amorphous, imo.
I love the Homemade Pizza Co.
anon(tfo): I was just saying that those areas seemed more “fringe” than bucktown proper and thus less stable. I would expect those areas to decline first and furthest before Btown.
“I was just saying that those areas seemed more “fringe” than bucktown proper and thus less stable. I would expect those areas to decline first and furthest before Btown.”
I would too, but I think that Bucktown is a fairly squishy neighborhood, and that those who think of B’town as gentrified in the early 90s are thinking of a smaller B’town than those suggesting B’town is at risk of backsliding.
“Well, here’s why your opinions don’t matter. Show some respect for the victim of an awful crime that could have happened anywhere in the city. Gross.”
Actually, if you are familiar with the story, it was precisely the Damen strip and its associated denizens that attracted the perps. Not that I would expect you to actually know anything anyway.
The problem with uptown is more than just flop houses, there are a handful of low income buildings with lots of low income residents who have children who turn all thuggish and gang bang. Off the top of my head I’m thinking of the twin buildings on Clarendon, 4640 N. Sheridan, the 840 West Eastwood, etc. That’s the part of uptown that is stetchy. This malden property is west of broadway but you still have to use the lawrence el stop which is undesirable.
“Also, it seems as though there are small project buildings sprinkled on these blocks here and there – can anyone confirm?”
Chi_dad, a a former Uptown resident, I can confirm. There are at least a few (I’d argue more) Section 8 buildings nearby, most notably one block over at Magnolia/Lawrence, and farther down this block at Leland/Malden. That being said, I think that this particular area of Uptown (Sheridan Park) is one of the best spots to be, even though, as someone said upthread, Sheridan Park has seen an uptick in crime. I used to feel that living west of Broadway shielded us from some of the worst stuff, but crime seems to be flowing over.
This is a beautiful unit, but when it was on the market the same time as our unit 2 years ago, we didn’t even consider it serious competition b/c the prices were so wildly different.
How to chase a market down:
Listed 9/2/2008 $474,900 $449,900 Expired 11/26/2008
Listed 3/27/2009 $449,850 $424,850 $399,850 Expired 11/23/2009
Listed 1/27/2010 $399,850 $324,850 $309,850 Cancelled 9/30/2010
Listed 9/30/2010 $309,850 $274,850 Price Change 10/27/2010
I at least love their consistency of their listings. It seems to imply that Godot most often comes around in September.
Bob – you mean that they realize he’s not coming each September.
ps. i think you would be one of the folks in the salon in my own personal version of ‘no exit’.
Only the commenter ‘Sartre’ is allowed to make a comment like this.
“#A-moo on October 28th, 2010 at 2:19 pm
Bob – you mean that they realize he’s not coming each September.
ps. i think you would be one of the folks in the salon in my own personal version of ‘no exit’.”
“The thing I never got was if you are going to live here, why not buy a place in A’ville which has better amenities, safer streets, and similar price points (although Aville might actually be higher now).”
You think you can get 3-bedrooms in a fairly new condo for under $300k in Andersonville? Keep dreaming. $400k or $450k (maybe even higher.) Andersonville is hot. Not many “bargains” up there.
Agreed. It’s an underreported and under-discussed topic.
“Many suburbs have gone downhill in the last 10 years and will probably continue to do so.”
Appears to be a closed sale on 12/1 at asking. I’m glad I don’t have to eat my words about this being under contract within 2 weeks 🙂