2965 N Sheridan Rd, Chicago: The Lake View House That Hasn't Sold In 6 1/2 Years

2965 N Sheridan Rd, Chicago: The Lake View House That Hasn't Sold In 6 1/2 Years

This is a pretty sad story of a single family house that has been on and off the market for 6 1/2 years in Chicago's Lake View neighborhood, in the Nettelhorst school area. It is located at 2965 N Sheridan Rd and first went on the market in March 2007 for $2.8 MM but is now in foreclosure and listed as a short sale for $1.399 MM. According to the MLS description:

Fabulous East Lakeview two-story custom home with 4BR/4.5BA and 4600 s.f. of gorgeous open space, luxury features w/2 woodburning FPs & 3 outdoor areas, steps to Lincoln Park! Granite foyer & all hardwood floors.Skylit interior atrium. LR w/grand hearth & built-ins opens to solarium & brick Patio.Kitchen w/Kanac cabs,Subzero, Thermador,Bosch. Stunning marble, natural stone & mosaic bths. 2nd flr laundry. 2.5 car gar.

I always get a kick out of the custom home claim. As one of my clients often said "custom for the current owner, not for me".

Not that the county's estimated market value has any validity, but it is interesting to note that aforementioned value is only $628,000, which results in property taxes of only $10,827. The property taxes were always low for this home.

Here is the listing history:
  • March 2007 listed at $2.8 MM with realtor #1
  • October 1, 2007 listing expires
  • October 24, 2007 relisted at same price with realtor #1 again
  • November 21, 2007 listing cancelled
  • August 1, 2008 listed at $2.28 MM with realtor #2 - it must have been realtor #1's fault that they didn't lower the price.
  • October 27, 2008 price dropped to $2.199 MM
  • July 30, 2009 price dropped to $1.95 MM
  • November 10, 2009 listing cancelled
  • August 14, 2010 relisted at $2.35 MM with realtor #2 - I guess the lower list price was so successful that they just had to raise it
  • January 31, 2011 listing cancelled
  • February 7, 2011 relisted at $2.35 MM with realtor #2
  • August 20, 2012 listing cancelled
  • August 20, 2012 relisted at $1.699 MM with realtor #2 - at least they realize that the realtor is not the problem
  • July 12, 2013 price dropped to $1.399 MM

And it still hasn't sold. But this house has 4600 square feet of space on an oversized 23 x 151 lot, was only built in 2007, is on only two levels, and is in a decent location. It has 4 bedrooms on one level and the master bedroom is a whopping 43' x 20' and the second largest bedroom on that level is the size of most master bedrooms in Chicago at 23 x 20. Not to mention that it's twin at 2961 N Sheridan sold in August 2008 for $2.145 MM, claiming to be 4800 sq ft (don't you know those buyers are...well...you know). The lots are identical so I suspect they are the same size. So what's the deal?

Well, it's hard to get a sense for what this house really looks like because the photos are so awful. As you can see in the slideshow below they are way too small to get any sense of the rooms. And this thing looks like either a rowhouse or a townhome, but it's clearly listed as a single family home and there are no assessments indicated. The picture of the front of the house is from an odd angle that makes the house look like something from The Flintstones.

In fact, this house was originally described as a Tuscan Villa - a bit out of place in the middle of Chicago. This Google Streetview image provides a much better perspective on these houses. They do lack curb appeal and sort of look like a motel.

2965 N Sheridan, Chicago, Lake View

This property has been discussed several times on Cribchatter over the years. Here are links to some rather entertaining discussions.

November 5, 2007: Get Your Own Tuscan Villa…in Lakeview?

August 4, 2008: The Lakeview Tuscan Villa is Back! 2965 N. Sheridan

October 21, 2008: Update on the Tuscan Villa in Lakeview: 2965 N. Sheridan

April 28, 2011: 3 1/2 Years Later, The Lakeview Tuscan Villa Is Still Available: 2965 N. Sheridan

August 14, 2012: The Chicago Market Is Far From “Normal”: 2965 N. Sheridan in East Lakeview

Every house has a buyer at some price. What is it going to take to sell this one?

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