Forget the Duplex Down- Buy a 3-Bedroom SFH in Lincoln Park Instead: 1513 W. Montana
This 3-bedroom single family home at 1513 W. Montana in west Lincoln Park has been on and off the market nearly 5 years.
First listed in June 2007 for $949,000 it has been reduced to $699,000.
It has a contemporary interior with a vaulted ceiling and skylights.
The listing says there is a custom kitchen with granite counter tops and stainless steel appliances.
Built on a 25×125 lot, the house has a 2-car garage and a back deck.
There is no basement.
This house is located directly across the street from a bunch of new rowhouses that Belgravia is building called “Montana Row.”
Those will be 4 bedrooms, 4 baths, 2 half baths at 3200 square feet (also with a 2 car garage.)
Price points will be from $967,900 to $1.05 million.
Even though this house is smaller, at 2205 square feet, is it a deal compared to the new construction across the street?
Nicole Haley at Dream Town has the listing. See the pictures here.
1513 W. Montana: 3 bedrooms, 2.5 baths, 2205 square feet, 2 car garage
- Sold in July 1996 for $349,000
- Sold in December 2002 for $655,000
- Originally listed in June 2007 for $949,000
- Reduced numerous times
- Currently listed at $699,000
- Central Air
- Bedroom #1: 19×12 (third floor)
- Bedroom #2: 10×12 (second floor)
- Bedroom #3: 12×9 (second floor)
- Loft: 12×9 (second floor)
I don’t know the north side that well, but this seems like an amazing deal to me. A lovely single family home in Lincoln Park under 700,000? What am I missing here? I’m sure there is something wrong with it.
I think this is a good example of when a house sits on the market so long, no one wants to touch it. It seems like a nice enough home (although maybe needs some updates) at a decent price. Location may have been hindering it some too being on the alley, backing up to Walgreens and previously being across from a huge empty lot that you could not have known what may come. I think the rowhomes planned across the street will definitely help this home along.
Just started off way too high. Had they listed orginally at 800 back in 2007 it probably would have moved at that price.
now, I’d say 650k. It’s just in a bit of an awkward location in LP.
It also stinks that you cannot have people visit your home easily via car if they live north of you. Montana is one-way away from Ashland and you can only turn onto it if you are going north. If coming from the north, you can turn at Wellington and take Greenview, but still can’t get to the front of the home unless you do a circle.
“Forget the duplex down”
Couldn’t have said it better myself.
somewhat off topic but here’s a line from an email from an agent we met at an open house this weekend: ” I have access to every home that’s on the market for sale.”
Good deal. This is comparable in size and cost to some duplex ups in LP that are listed at about the same price. I am forwarding this to a friend of mine in the market.
Geez, seems like this cat finally decided that you don’t have to squeeze every last dollar out of the good deal you got ten years ago. It’s been 4 years since they moved elsewhere, and it’s not like they need to get a certain price to be able to sell. If it had been priced more realistically from the start it would probably be done by now. That said, I’m actually surprised it hasn’t sold in the 4 months it’s been under $700k.
For the one to two kid family who (i) wants LP (or any of the nicer northside family heavy hoods), (ii) isn’t concerned about walking to the park/lakefront (which, I’ll readily grant, describes the majority of SFH owners in the nicer nside hoods), and (iii) plans on selective and/or private elem school (the affordability of which is aided by securing a SFH in the $600’s), this place does indeed look like a great deal. I agree with those above that the initial ask was a bit much (though it was 07) given the uncertainty with respect to the undeveloped lots. The listing itself (pics, graphics, etc.) isn’t terribly impressive either.
Regardless of their initial asking price, these sellers have likely come to grips with the fact that they’ll need to accept around 10% under the current ask, which puts them below their purchase price (not to mention the improvements they’ve made). But I do think the new construction rowhomes will help their chances (and should make a prospective buyer feel good), so perhaps they’ll get lucky at close it at around 5% under the current list.
Speaking of the impact that a new, upscale development can have on an immediate hood, elsewhere in LP, I’m quite literally on the edge of my seat wondering what impact, go or bad, the completion of 2520 Lakeview will have on the immediate neighborhood, including the buildings on Fullerton, Lakeview, Diversey and the smaller buildings/rowhomes on Demming, St. James, Roslyn and Arlington. Given what 2520 has replaced, it seems that the values of nearby properties should only be enhanced (i.e., instead of having a brown, decrepit medical building, there’s a luxury residential building). Alternatively, I could see how 2520 might depress the values of nearby properties. Walking past 2500 (a building we had considered, and still haven’t ruled out pursuing combined unit opportunities) the other day, I can certainly see how it might be the latter outcome, at least with respect to that building (2520 really holds a candle to 2500’s shame).
Speaking of values…from the looks of all the scaffolding that’s been erected around 2500, it appears that they might (finally) be reckoning with their “window wall” replacement project. Once complete, the project will no doubt revitalize the building and make it the attractive choice I understand it to have been decades ago. But in the meantime, I won’t be surprised to see quite a few highly motivated sellers, and perhaps a fair number of distress sales, as a result of the huge special assessments that are likely being imposed to pay for the project (that’s assuming that they’re actually now performing the long overdue replacement work; if they’re doing some sort of band-aid/kick the can down the road/denial version of the work, that will pretty much relegate the building to rental apartmentdom).
Someone tell me why this isn’t a way better deal? I prefer the location and it has a basement — this place with the concrete slab would make this short house live very small…
http://www.redfin.com/IL/Chicago/2345-N-Southport-Ave-60614/home/13353520
Taxes, maybe? I’m not sure it’s a screamingly better deal at ask. To be honest I am surprised that either one of these hasn’t sold yet, let alone both.
Actually, scratch that, even if you don’t want to spend time in the basement it’s pretty invaluable when it comes to storage and flexibility, so I agree with Jon.
Wow, 2345 N Southport looks like a deal. i am somewhat surprised it has languished. Looks like a recent rehab, maybe they cut corners?
Wow, 2345 N. SoPo is enough to make me seriously question my locational zealotry. While the subject property has the plus of being just a couple of blocks from Wrightwood Park, it’s no comparison to 2345 (and it doesn’t hurt that 2345’s listing looks much better). That family room is pretty boss. I’ll be surprised if 2345 lasts much longer.
One thing on 2345 is that it looks like the exterior is totally EIFS, which could mean some bad news. However, seems like the Redfin agents would have mentioned that if there’s an apparent issue. I also spy some wallpaper or textured paint, which some people hate, but that’s pretty cosmetic.
“Wow, 2345 N. SoPo is enough to make me seriously question my locational zealotry.”
Are you an idiot? Do you have any idea how far that is from the Lake? You might as well be in Will County. (Am I doing it right?)
$14,000 taxes might have something to do with it….
“Wow, 2345 N Southport looks like a deal. i am somewhat surprised it has languished.”
“It also stinks that you cannot have people visit your home easily via car if they live north of you. Montana is one-way away from Ashland and you can only turn onto it if you are going north. If coming from the north, you can turn at Wellington and take Greenview, but still can’t get to the front of the home unless you do a circle.”
I think you meant to write Wrightwood and not Wellington. Looking at the streets, you do have to make quite a circle. My guess is that some shoot down Altgeld to the and hang a left in the alley behind Ashland. Or simply from the north, turn left on Fullerton and left on to Greenview.
A friend of ours seriously considered 2345 southport. Said the guy who owns it won’t take less than a certain price. Some kind of banker type who doesn’t care how long it sits on the market. Our friend also said the basement is tiny and awkwardly set up.
Bluestreak, you are right. I don’t know what made me type Wellington over Wrightwood. While I would be aggravated having to do circles or always park in the back what would kill me is telling guests to park on Greenview (which isn’t far but a pain) or pull a u- turn on Ashland or drive through alleys to come pick me up.
It’ll be even better doing this when you own a $1M+ row home on this block….
“Someone tell me why this isn’t a way better deal? I prefer the location and it has a basement — this place with the concrete slab would make this short house live very small…”
It’s possible that being located nearly right across the street from the Burger King on Fullerton might have something to do with why it’s still on the market.
“Speaking of the impact that a new, upscale development can have on an immediate hood, elsewhere in LP, I’m quite literally on the edge of my seat wondering what impact, go or bad, the completion of 2520 Lakeview will have on the immediate neighborhood, including the buildings on Fullerton, Lakeview, Diversey and the smaller buildings/rowhomes on Demming, St. James, Roslyn and Arlington. Given what 2520 has replaced, it seems that the values of nearby properties should only be enhanced (i.e., instead of having a brown, decrepit medical building, there’s a luxury residential building). Alternatively, I could see how 2520 might depress the values of nearby properties. Walking past 2500 (a building we had considered, and still haven’t ruled out pursuing combined unit opportunities) the other day, I can certainly see how it might be the latter outcome, at least with respect to that building (2520 really holds a candle to 2500?s shame).”
Anonny: I’ve wondered the same thing you’ve wondered. All “new” buildings put the others to shame- but this is being built in an area where high ceilings, a/c, in-unit washer/dryer AND parking don’t always come with the property.
Years ago- when they first announced this building- I thought that there would be a rush of older owners who lived in the neighborhood trading in their places without in-unit w/ds for the joys of modern life. But now, with the bust, I realize that many of those will not be able to trade in their places for nearly the price they would have had to get. They’re most likely stuck where they are.
Also- my concern is that- at this price point, the other nearby buildings aren’t really competing with it by any means. For $750,000, you can get a west facing one bedroom in 2520 or you can get a 3 or 4 bedroom in some of the nearby building- and overlook the lake. Is it really any comparison? I’ll be VERY interested to see what happens with the pricing in 2520. That is NOT a small buildings. Tons of units. The market at that price point is still saturated.
And I’m not sure who the market actually is. Suburbanites I know who want to move from the suburbs to the city don’t have Lincoln Park at the top of their list. It’s always GC, Streeterville, River North and Lakeshore East. They don’t want to go to the pub on Clark they want to go to Spiaggia.
It’s going to be interesting to watch.
“Do you have any idea how far that is from the Lake?”
It’s halfway to the Great Salt Lake from anonny’s perspective.
This is under contract now.