Does Parking Matter? A 3-Bedroom Rowhouse at 960 W. Dickens in Lincoln Park
This 3-bedroom vintage rowhouse at 960 W. Dickens in Lincoln Park has been on the market since June 2011.
Built in 1891, it is on an 18×100 lot.
The rowhouse appears to have stained glass in the front windows but many of the other original interior features are now missing.
The kitchen has stainless steel appliances.
There is a lower level recreation room.
All three bedrooms are on the second floor where there are skylights.
It has central air but doesn’t have parking (the listing says its available for lease on the corner.)
It is on the same block as the El but the listing says, “Worried about the “L” you wont even know its down the block.”
Originally listed for $829,000 in June 2011, this rowhouse has been reduced to $765,000.
That is still $90,000 over the 2008 purchase price of $675,000.
At this price, is it the lack of parking that matters? Or something else?
Michael Giliano at Prudential Rubloff has the listing. See the pictures here.
960 West Dickens: 3 bedrooms, 2.5 baths, 2500 square feet
- Sold in September 1988 for $270,000
- Sold in March 2001 for $500,000
- Sold in September 2008 for $675,000
- Originally listed in June 2011 for $829,000
- Reduced several times
- Currently listed at $765,000
- Taxes of $10,999
- Central Air
- No parking- available for lease in the neighborhood
- Bedroom #1: 17×13 (second floor)
- Bedroom #2: 15×10 (second floor)
- Bedroom #3: 13×10 (second floor)
- Recreation room: 18×17 (lower level)
Maybe it’s the fact that the owner is being greedy and trying to turn a $100k profit after just 4 years. No thank you to greedy owners. Anyone can look at the sales history and see what this sold for just four years ago. Prices have come down almost everywhere since then. Why should this house be the exception?
Who are these people expecting to get a premium from the 2008 price?? I bought in 2008 as well (yeah, I know…) and would fully expect to take a 30% haircut (at least) if I tried to sell now.
Did the do any renovations to justify the price?
Yes, parking matters. Chicago isn’t NYC, and the vast majority of non-poor households own at least one car.
The market will punish properties lacking parking, especially family-sized properties.
Agreed, most everyone wants parking. Even poor folks have cars. Drive by the Section 8 towers… those parking lots are packed!
Makes me think of the rowhouse without parking North of Fullerton… but I think that was much less? Don’t have time to look it up right now. Anyway, this is a better location but not sure it justifies the big mark-up. I’d take the other one anyway, the wonderful detail hasn’t been stripped like here. This kitchen does not look like it belongs in this house at all.
Might be that it’s near the El, but not so near a station, but it’s really all about the parking. The place (as some of its sister rowhouses?) had major updates since the previous sale(s). Or do some of you folks think that 2500 sq ft recently updated rowhouses in LP go for $675k, be it in 08 or today?
If it had a single garage space, this place could go for $825k+. A single outdoor parking space and it would close at the current ask. I don’t know if a space is worth $25k or $100k, or whatever, but I would submit that most would-be buyers of 3 bedroom RHs/THs with rec rooms in LP asking over $500k, let alone more than $750k, will not even look at a place without assigned or deeded parking.
“Might be that it’s near the El, but not so near a station”
Now a block and a quarter is “not so near”??? It’s less than 1000 feet away from the station!!!!
I have toured this property and the really small back yard/no parking was a big turnoff. Great location though, i’d pay 525k
Love the exterior. Don’t love the inside as much but it’s still a brick row home in good LP location. I would think it will sell in the low to mid 700s even without parking. 954 Dickens was listed as “needing a lot of work” and it went under contract with a last list price of 649K.
That said I am in this general market and personally would not consider a place without parking. Who wants to spend 3/4 of a million dollars on a home and then have to rent a garage space from someone else down the street? It’s insulting. Like someone said, this is not NYC. Plus I assume you don’t get the benefit of storing stuff in a garage space that you rent, which is a huge benefit of having a garage.
“It’s less than 1000 feet away from the station!!!!”
Like I said, “Might…” My 4 or 5 total El rides have left me woefully ignorant of station locations and lines.
“My 4 or 5 total El rides have left me woefully ignorant of station locations and lines.”
You comment an awful lot about el proximity for someone who doesn’t know there is a stop on Armitage.
eg: “Informal poll: Buying a place that requires taking a bus just to get to the El is a good idea. Yes or no”
As this one would clearly require a ride on a non-existant bus to get to the el in sub-30 minutes AND the available parking is nearly as far away (likely a 20+ minute walk for anyone other than Miu or Slooper), I would have to go with “bad idea to buy this place”. Oh, and note (again) that your current residence would also “require” a bus ride to get to the el, and thus was also a “bad idea”.
Sorry one more note. If I were in the market for a vintage 3br row home with no parking, I would buy this one instead:
http://www.realtor.com/realestateandhomes-detail/2408-North-Burling-Avenue_Chicago_IL_60614_M89336-91121?source=web
I agree with the “comparable cost to rental” analysis for parking even moreso than for a property itself. A parking spot is not worth $100k when one can be rented a couple doors down for $150-$225 a month. Even at today’s ridiculous rates that $100k will cost you $475 or so a month.
Maybe in certain very particular circumstances lack of on-site parking could be a dealbreaker, but I think it’s generally overrated in the city. If you drive a LOT and are always in and out (like a realtor always popping in and out to show properties or something like that), or maybe if you’re a single parent that’s always having to load/unload a small child, then rental parking could be impractical, but for anything like normal/casual use, the need to nearby rental parking shouldn’t be a dealbreaker. That goes double if there’s a place really close to your house that you can park for a few minutes to load/unload.
So, was trying to figure out where the “available parking” is located, and figured out that it is most likely under the el. Only way it could be “at the corner”.
Also, how did we collectively miss that the place *right next door* is also on the market:
http://www.redfin.com/IL/Chicago/958-W-Dickens-Ave-60614/home/13351495
@ annon, lol at the Trevor in the listing you posted. I cannot help myself thinking it is a toad’s name : )
“Sorry one more note. If I were in the market for a vintage 3br row home with no parking, I would buy this one instead:
http://www.realtor.com/realestateandhomes-detail/2408-North-Burling-Avenue_Chicago_IL_60614_M89336-91121?source=web”
Yes that is the one I was talking about too. I thought it was more than $50K less than the featured property, but I bet it would close for $700K.
I am the owner of 2408 N Burling. I purchased my home in 06 for 835 and put over 70k in upgrades into it. I am at 714 and on a much nicer Steeet. I know all of my neighbors. I love this house and street. It will break my heart to leave, but it’s time to go home.
I am selling it to move home to the East Coast. I am a single parent and don’t have parking. I have been here since my son was one. I park in front of my house every night.
Whoever buys this house will get a lifestyle as well as a charming home. Great school district, friends on the street. And the new construction at Children’s will most likely increase the value.
Anonny, do you know this place had significant work done or guessing it? The previous listing while it doesn’t have pictures sounds exactly as the house is now and the Redfin comments say it needs updates and the finishes are rough. Sure doesn’t sound like “major updates”
Anyone walk through the property and can comment on the bathrooms?
Yup, parking matters. Especially for this price!
Burling- It’s good to hear from an actual owner, you have a beautiful home! What upgrades have been done since 06? And can you tell me does the door from the bedroom access a balcony that leads down to the yard?
Thank you. I love this little house. As with all homes this style anyone looking at it will want to make changes or updates after all they are 126 years old.
I brought mine more “into the now” as I was 33 when I purchase it and the previous owner had been here for 26 years. It was dated. I had all of the old FABRIC wallpaper stripped, walls refinished, replaced every lighting fixture with vintage yet classic chandeliers from my for mer home in Old Town, Alexandria, VA. I had old DIY dark built ins removed creating much more light and square footage in the basement. I put in stainless appliances in the kitchen, subway tile and had custom built in’s made by a builder in California. The bones of the house are in fantastic condition.
The house has East Coast / European charm and style. I grew up in Annapolis and Georgetown and the house has the feel of a small manor home since all of the vintage details are in tact along with incredible fireplace mantles, chandelier ceiling plates, original handcrafted doors. The original, preserved transoms, all of it is worth a fortune. So many of these comps have been stripped. This house has NEVER been a rental and I personally know and am in contact with all 5 living families before me which cover almost 50 years.
The large flower box enclosed deck off of the guest bedroom does not have stairs down to the garden. It would be to steep. ( It actually used to however,but I have been told it was more of a fire escape).
The parking is NOT an issue because everyone else on the street has parking.
Thank you very much for your kind words. I hope that the next owner will love this home as much as all of the past owners and myself do. It is a special home. I think 700 is a VERY fair price.
Burling–your story is lending credence to my theory that a lot of Chicagoland bubbly valuations, at least in higher transient locations, were caused in large part by transplants from the coasts. That is the most likely way one could justify paying near a million dollars for their place such as you did via anchoring to valuations in locations in more expensive locales.
“Sold in September 1988 for $270,000
Sold in March 2001 for $500,000
Sold in September 2008 for $675,000
Originally listed in June 2011 for $829,000”
This is all the info I need to realize how crazy things got. I don’t care how much this owner sunk into the place I doubt anything has materially changed regarding this place or the neighborhood since 2001 aside from real estate taxes going up.
It’s very easy to think Chicago is the next Manhattan when rents are rising. Until the bubble pops and people realize that 200k incomes are still a relative rarity, even in this city. So if 200k incomes are a rarity why did it become no big deal for people to drop near a mill on a property?
http://www.coldwellbankeronline.com/property/details/2379734/MLS-07959355/424-West-Eugenie-Street-Chicago-Lincoln-Park-IL-60614.aspx
thoughts on comparison…..this sold with no parking too
“Burling (April 15, 2012, 4:00 pm)
Thank you. I love this little house.”
its not a little house at all. I find it beautiful and a dang nice home. a perfect size for a one kid family. love the vintage wood work, love love love the dining room. sorry cant say anything nice about the bathrooms. love the fireplace in the basement family room. 100% think the kitchen is awesome with that floor and those walls (personally i would prefer white appliances in your kitchen). Dont know if the lighting in the home is original or there when you bought it, but if you picked it and added it, then you have a really good eye, i love it.
I dont think the area your home is in, one would even need a car. unfortunately many fat butts don’t see it the way i do and “need” parking.
few questions,
the gate out back confuses me? from what i recall is you dont have an alley just the home at the north end has alley access? also for gardening purposes it would seem that with the surrounding buildings would limit good sunlight? I also have heard cooking in the kitchen in the summer when only having spacepac is a bit rough? (but again in that location why not eat out)
I wish you all the luck in selling and your move back east.
was on bissell a bit ago, and OH MY the train loud cant imagine living on dickens here
“I dont think the area your home is in, one would even need a car. unfortunately many fat butts don’t see it the way i do and “need” parking.”
What about people who need to drive (in unbearable traffic) to work west-ish from here? Not everyone works in the loop you know.
“What about people who need to drive (in unbearable traffic) to work west-ish from here? Not everyone works in the loop you know.”
then why the “f” would you be looking for a place here in congestion central.
and if you were that insane why wouldnt you find a place closer to metra and have a “train car” out by work? seems simply logical and economical.
“then why the “f” would you be looking for a place here in congestion central.”
Maybe I wanted to wanted to experience that exalted ELP lifestyle and didn’t have the foresight to try it out for a summer first.
“Maybe I wanted to wanted to experience that exalted ELP lifestyle and didn’t have the foresight to try it out for a summer first.”
LOL nice one, there was more to that which would explain it better.
given i do have friends who work in elgin who live in Bucktown (yikes in know) and another friend who works in Aurora but lives in River North. both are ass hats who drive and still cant grasp the second “train car” concept or the WTF commute are you doing concept.
both rent so being stuck isnt the issue.