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Luxury homes resist price cuts in Bucktown & Wicker Park

filed under: Bucktown, Buyers, Chicago home prices, Wicker Park posted on September 13th, 2011

$400K OFF SALE! This

$650K OFF SALE! This Wicker Park 4-bedroom home, completely renovated with "absolute top of the line everything," was originally priced at $1,850,000 when it hit the market last summer. But by April, the sellers had seen the light, reducing the price to $1,350,000. It closed in June for $1,200,000 -- a $650,000 reduction off the initial price.

There are 28 houses, many of them new construction, currently for sale at prices above $1 million in Bucktown, Wicker Park and Ukrainian Village. But despite many months — sometimes more than a year — on the market, the majority of these sellers seem reluctant to lower their prices. Some are surely developers who built spec houses and now don’t want to face the fact that the depressed market has sliced deeply into their hoped-for profits.

Only 13 of the 28 have cut their prices, a ratio far less than the local average. Two-thirds of home sellers in Illinois reduce their asking prices, according to data collected by the Illinois Assn. of Realtors. Home sellers in Chicago, a region hit hard by foreclosures, typically post the largest price reductions in the state.

But at the top of the market in popular Bucktown and its neighboring areas, you’ll find houses like 2556 W Huron Street, a 4-bedroom renovated greystone for $1.3 million that’s been on the market for two and a half years without a price reduction. Or 2032 W Ohio Street, a 7000-square-foot mansion with 5 bedrooms, 20-foot ceilings and a huge roof deck, all spread over two city lots. It’s been stubbornly priced at $1,685,000 for a whole year.

Others are more recent listings, with no price reductions all summer and into the fall. Or there are homes like 1232 N Hoyne Avenue, a modern 6-bedroom with an elevator, two playrooms and a screening room, which has been priced at $1,699,000 for more than nine months (it did have one price cut before that, from $1,749,000.)

While I agree that Bucktown and Wicker Park are wonderful, hip places to live, it’s simply not realistic to leave these overpriced luxury homes languishing on the market. If they are not selling after months online, by definition they are priced too high. And over the past four months, only three of these million-plus houses have closed. Three out of 28… That’s a pretty low ratio.

So if you are shopping for a high-end house in Bucktown and its environs, I wouldn’t put too much stock in these lofty price tags. All three of the homes that actually sold, after all, went for $175,000 to $650,000 less than their original prices.

Written by Sue Fox // Please leave a comment.

Sweet interiors in Wicker Park and Bucktown townhomes

filed under: Bucktown, Buyers, Chicago home prices, Sellers, Townhomes, Wicker Park posted on June 20th, 2011

BUCKTOWN LUCK:

BUCKTOWN LUCK: This snazzy kitchen, burnished by $60,000 in upgrades including custom cabinetry and Brazilian granite countertops, was an eye-catching centerpiece of a Bucktown townhome. Priced at $669,000, it went under contract within just three weeks.

I have some clients looking for a townhome in the $700,000 range in Wicker Park, Bucktown, or Lincoln Park, and lately we have run across several impressive homes with a least three bedrooms, garage parking and a roof deck. Because Wicker Park and Bucktown tend to boast newer construction than other areas of the city closer to the lake, their selection of mid-range townhomes has been more attractive than that of, say, Lincoln Park, where many townhomes were built in the 1980s.

Take, for example, the 4-bedroom, 2-and-a-half bath townhouse at 1757 N Paulina, Unit O in the heart of Bucktown. Tucked away in a narrow courtyard off a nondescript street, these brick townhomes aren’t much to look at from the outside. (This is often the case with Chicago townhome developments; you’ll find an expanse of brick broken up by an occasional bay window jutting out, usually framed in metallic cladding or limestone as an accent. Nothing too exciting, generally, but once you step inside some homes rapidly distinguish themselves from the masses.)

Here on Paulina, the home immediately opens up into a soaring living room bathed in light, anchored by a dramatic floor-to-ceiling stone fireplace. The kitchen –which has seen some $60,000 in upgrades — was truly beautiful, with custom Brookhaven cabinetry and white Brazilian granite. There was a huge island and room for a large table (or a built-in banquette, in this case.)

This elegant home was priced at $669,000 — and it’s not alone. We have seen several at this price point that are worth consideration, a welcome change from the lofty prices such upgraded homes used to command. There was a similar unit in this development that sold for $800,000 in 2008.

Even in this market, a lovely home in a good location that is well-priced is likely to sell. People still value beauty (and location). And while this Bucktown townhome wasn’t quite right for my buyers, it sold quickly — just three weeks after hitting the market.

Written by Sue Fox // Please leave a comment.