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This three-unit residential development that was completed last fall at 2736 N Southport Ave is still waiting for a buyer — make that three buyers.
The place was designed by Funke Architects, and it features three duplexes. The largest residence is a 2,200 square-foot, three-bedroom / 2.5-bath duplex spread over the basement and the first floor, while the two others are two-bedroom / 2.5-bath duplexes with 1,500 to 1,600 square feet that share the second and third floors.
(Editor’s note: We had some inconsistent numbers for the floor spaces in the paragraph above. Consider them corrected.)
Michael Vesole, the @properties agent marketing 2736 Southport, says the three duplexes have been on the market for about eight months, but he hasn’t managed to secure any buyers. He cites the high price points, which range from the $620s to the $820s, as the likely deterrent.
That may be so, but those prices don’t seem totally out of line with the rest of the neighborhood. According to the most recent New Homes Quick Guide, a new condo development at 1330 W Diversey Ave is offering three-bedroom / 2-bath condos from the $550s, and the fourth-floor units in that building can reach into the $640s. A similar development at 2668 N Halsted St is has two-bedroom / two-bath condos from the $480s to $520s.
So the Funke duplexes are a little pricier than their neighbors, but they also appear to be bigger, they feature designer finishes and have an extra powder room, and a fashionable architect designed the building.
What do you think? Are these places worth it?
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{ 26 comments }
While I see many of these duplexes selling for $700 and $800k+, I think it’s crazy. You can go down the street from these duplexes usually (in lakeview and lp) and buy a frame house for $800k. I understand that it won’t be as nice and not designed by a great architect (blah blah), but you will actually have inherent value: land.
In a word: NO
Maybe cut the price in half and units would be worth the price. Right now, of course not. You can almost buy a McMansion in the suburbs for that price. No designer and area are worth that premium.
I’m confused. How can you have units that are either 1,300 or 2,400 square feet AND range in size from 1,600 to 2,200 square feet? Typos?
I don’t understand the logic in comparing something in the city, in lincoln park no less, to something an hour outside of the city in some cookie cutter subdivision? Unless you really value the size of your house over all else I don’t see how you could suggest it would be better to go for the suburbs. Personally you would have to pay me to live in the suburbs and deal with the daily traffic nightmare. But I guess different strokes for different folks.
J,
It’s not surprising that you can’t follow Stewie’s logic – there isn’t any.
The “daily traffic nightmare” isn’t something that every suburbanite confronts. Even with two lanes closed for construction on the Edens I get from my home in Wilmette to my office in River North in less time than it takes my daughter to get there from Addison & LSD.
Traffic in the city, urban pollution, air pollution, light pollution, noise pollution, high real estate taxes, high gasoline prices, high food prices, high violent crime rates (how many murders so far this year?), small property sizes, cramped living spaces, lack of parking, et cetera. Wow, no wonder you can’t follow my logic, because the only thing that matters to you is raw traffic time.
By the way, I live on the west side.
but what about the ethnic food? ever tried to get great Thai food in Lamont?
I think depending on the time of the commute this is highly likely. But commutes occur at different times. Addison to River North is 15 minutes tops, if you are commuting at nontypical rush hour times, which simply can not be matched from Wilmette.
Geoff,
Addison & LSD to 363 W. Erie in River North is not a 15-minute commute.
What too many city people leave out of the commuting calculation is that the vast majority of suburbanites work in the suburbs – often within a few minutes of where they live.
And, yes, I do realize that all too many suburbanites also have nightmarish commutes.
I grew up at Irving and LSD. I have made it to River North, and other various points jsut Norh of the Loop area in 15 minutes hundreds of times. Once again not at typical rush hour times. I also went to high school over by UIC. 20 minutes at 730 in the moring everyday for four years. Now to the specific address you mention, rather than the general area of River North, maybe more like 20 minutes.
As a recent purchaser in Lincoln Park, I think the problem here is that the building sticks out like a sore thumb in a neighborhood admired for its historically charming brick and limestone victorian 3 flats.
Nobody wants to dump 800K on a condo that looks like an office complex, especially in a slow uncertain market.
i actually kind of like these, except for one thing…they look way too narrow, which is a huge turnoff for me…
The first rendering looks promising. I don’t think aesthetics have anything to do with why these units aren’t selling. They are at a high price point in an area where you can get a SF home for the same amount a few miles away. In this uncertain market, people are going to hesitate putting that kind of money in a condo that isn’t surrounded by similar condos. Even if I loved these units and had the money to purchase one, I’d probalby opt for a single-family home in North Center, Lincoln Square, or Lakewood Balmoral instead.
“but what about the ethnic food?”
Ummm, let me check. Yep, got ethnic food here in the burbs.
Not counting Taco Bell either!
Carter,
I don’t know where “Lamont” is. I think you meant Lemont.
As for good ethnic food you would be surprised to find how much of it exists in certain suburban areas.
Now I don’t particularly like most of the suburbs(I could say the same thing for many city neighborhoods), but many people prefer them for lotsa different reasons.
The moral of the story: learn how to spell a suburban name before you put it down or you give me an opening to post.
…sez the guy who can’t properly write Lake View as two words.
but the point is simply Chicago has it all, you name it, and, food-wise, we got it.
Carter,
you need to start a movement(think bowel) to make sure EVERYone follows your lead.
LakeView East Chamber of Commerce.
Even the damn business community is Wrong.
Comparing restaurants in the city as a whole to “Lemont or Lamont” or any suburb is silly, silly, silly as “da mare” would say.
You need to narrow it down to hood or radius just by virtue of size. Now if you were comparing the dining choices in large parts of the north side and gentrifying neighborhoods you would be right.
If you look at the city as a whole dozens of neighborhoods would be thrilled just to have a Wendy’s or Subway shop.
Irishpirate,
You’ll have to eat a bit of crow (or, as an ancient mariner, perhaps some albatross) on this one. Carter’s got it right.
On the city’s official list of neighborhoods it’s Lake View, although as Wikipedia (which I hate to cite) notes, it’s increasingly called Lakeview.
Did you really cite a chamber of commerce as an authority or is someone masquerading as you? Are you also buying into Northcenter in lieu of North Center? Note that the “Northcenter” chamber folk lay claim to parts of Lake View.
Actually Joe I am just having fun at Carter’s expense. Perhaps my own too.
I wonder if albatross tastes like chicken?
As for NorthCenter I don’t find their boundaries out of bounds. Pun the pardon. That’s sort of how I picture that neighborhood. Including West Graceland might not be strictly Kosher, but then again I eat bacon.
Greater Ravenswood and North Center strike me as sort of one larger area.
Now I think “North Center” is the appropriate way to spell that hood. As for LakeView I can see it being correct spelled as one or two words.
As for Carter I suggest he go down to Roseland and look for Thai food. Now Chinese takeout you could find. Thai, I have my doubts. I just did a quick google search and there is not one in the city proper south of I-55 apparently. Although Evergreen Park seems to have one.
I don’t take it all that seriously, but my research (I actually checked in with the Historical Society) suggests that a typo from a few decades has been propagated by the Reader and that’s the source of the confusion. there are commerce associations that do use Lake View, at this point it is kind of moot, I just find it sort of a comic tragedy that such a well-heeled neighborhood often doesn’t know it’s own name.
s a native, it just looks wrong, much like someone used to seeing Portage Park might raise an eyebrow at Portagepark, or conversely, if Bridgeport started appearing as Bridge Port.
on the food, I really was just joking, but people around the country to acknowledge the amazing selection & quality of ethnic food in Chicago. a former co-worker from Bombay commented we actually get better Indian food than most Indians, as the best ingredients, spices, (maybe even chefs) etc get sent to Chicago where they bring top dollar.
I’m not familiar with an burbs being known as great food destinations, but I’d gladly concede that what I know about the burbs can fit in a very small box.
Who the heck cares if it’s “Lakeview” or “Lake View”? Why don’t we just call it “New Town” then.
UptownR,
like in academia the smaller and less significant the issue the more people will fight over it.
Now don’t cross Carter or he will run you down like he dreams about running down skateboarders on Belmont.
there aren’t any skateboards on Belmont, it’s rollerbladers who vex me.
I think you’re suffering from short term memory less…
Memory “less”………?
Could be.
I find myself underwhelmed by most Funke Architect projects, and I am by no means a neo-traditionalist. Looking at the projects on their website, and having seen a few in person, I notice that almost all their projects lack an aesthetic focal point. When you look at the building, your eyes tend to wander up and down (and left and right) along the lines of the structure, and do not “come to rest” in one general area.
This has the tendency to make their buildings visually “uncomfortable” and subconsciously unappealing. I want to like the structure, and don’t have any problems with the material pallet, and I even like the concept of the auxiliary balconies and porches, but find the aesthetics uninviting.
Obviously, this probably isn’t reason these units aren’t selling (out of character for the street and overpriced, as others have mentioned).
Feel free to tell me I’m full of S***.
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