6 Months Later, Elegant 3-Bedroom In East Lincoln Park Is Still Available: 322 W. Belden
We last chattered about this 3-bedroom vintage unit at 322 W. Belden in East Lincoln Park in July 2012.
See our prior chatter here.
The unit does not have a parking space. We debated whether deeded parking mattered or not.
The consensus was that it did. Most of the chatterati also thought that the price was simply too high given the small size of the third bedroom and the lack of parking.
Benjamon9 even predicted it would go under the 2003 price which was $640,000.
It’s six months later and the price was recently reduced to $649,900.
If you recall, the building was built in 1914 and the unit retains much of its vintage charm including wood paneling, built-ins, crown molding and french doors.
At 2200 square feet, the south facing unit has a full size dining room.
The kitchen has cherry cabinets, stainless steel appliances and what look to be stone counter tops.
2 of the 3 bedrooms have ensuite bathrooms.
There is space pac cooling and washer/dryer in the unit.
Is this now accurately priced or is the lack of deeded parking still an issue at this price point?
Craig Isacson at @Properties still has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 2 baths, 2200 square feet
- Sold in May 1994 for $315,000
- Sold in May 2003 for $640,000
- Originally listed in June 2012 at $675,000
- Reduced
- Currently listed at $649,900
- Assessments of $861 a month (includes heat)
- Taxes of $9809
- Space pac cooling
- Washer/Dryer in the unit
- No parking- but available for rent in the neighborhood
- Bedroom #1: 16×11
- Bedroom #2: 12×12
- Bedroom #3: 15×7
Hmmm.. I clicked on the link and it went to a page that says the listing is no longer active. Maybe this price is the sweet spot and it changed hands late yesterday, or something.
Redfin still shows the listing as active: http://www.redfin.com/IL/Chicago/322-W-Belden-Ave-60614/unit-3/home/13350025
It could be the old link was taken down today because of the price reduction. I updated the link with the redfin link instead.
Not sure why the link isn’t working….still available according to Redfin….
http://www.redfin.com/IL/Chicago/322-W-Belden-Ave-60614/unit-3/home/13350025
Interestingly enough 329 Belden 2E had to be reduced to $599,900 before it went under contract. That unit isn’t as beautiful and has a worse kitchen but has the missing half bath and parking. With that competition, this may need another price cut of about the same size that just occurred to find a buyer. Kinda sad though, it is such a beautiful home.
purty
how’s the permit parking around here?
just a website rant but why is it that my angry post about loud airplanes flying overhead gets deleted but DanhelmetHofer’s insane really off remarks end up staying?
seems a but fishy to me
Groove, I still see your plane comment there….
This place is awesome, but the 3 glaring flaws are pretty big
1) no elevator
2) no onsite parking
3) puny 3rd bedroom
makes it tough for family folks that want a 3 bedroom, everything else about the place is pretty awesome looking
” benjamon9 (January 4, 2013, 9:30 am)
Groove, I still see your plane comment there….”
well then on to the lack of parking here and the lack of a *real third bedroom and trying to charge 650k for it
“Groove77 (January 3, 2013, 12:25 pm)
What Im saying is I get why someone would go to Edison. I don’t get the attraction of Beverly if you are NOT required to live in the city and you do NOT have family off 95st.”
you dont want F’ING planes flying overhead every fricken 5 minutes when trying to watch a movie with the windows open”
me too
its there
“3) puny 3rd bedroom
makes it tough for family folks that want a 3 bedroom”
“lack of a *real third bedroom”
Just a question….. How many buyers of 3 bedroom condos really expect to use them as 3 bedrooms?
Most people I know (including myself) use the third bedroom as a den or office rather than an actual bedroom which you can do here (especially with the bathroom off that bedroom). I think most people looking for 3 actual bedrooms (i.e. have two children they want in separate bedrooms) are either looking at houses or townhomes or maybe 4 bedroom condos (although those are fairly rare).
“Is this now accurately priced or is the lack of deeded parking still an issue at this price point?”
I don’t think so. A $25,100 reduction isn’t enough to make up for the lack of parking.
“Just a question….. How many buyers of 3 bedroom condos really expect to use them as 3 bedrooms?”
Us.
If this unit had parking, we’d consider approaching these sellers in an effort to rent the place. If it had a powder room and the second bath weren’t in suite (or there were a third full bath near the living areas, instead of a powder room), and parking, we’d consider buying it, despite the lack of private outdoor space.
It’s a great looking place, but I’d be surprised if it closes above the high $500’s. Once you’re up in the $600’s, if you can swing another $100k+ or so, and about double these assessments, you might be able to get into the Shakespeare, which would be just as charming, bigger, with a nice common outdoor space, and with a parking space, albeit uncovered.
I wouldn’t want to put my guests up in a 15×7 bedroom…
Seriously, if you have kids (1 or 2), do you not ever have guests spend the night? Or do you just flop on the couch? Or have them sleep in the Kids room?
love, love, love this place. wish i was in the market.
“Just a question….. How many buyers of 3 bedroom condos really expect to use them as 3 bedrooms?”
its good one but even if a guest room, 7 foot wide one says your really dont like your guest. which come to think of it isnt a bad idea 🙂
I also take it that some of you havent been married that long, as i frequently end up sleeping in our guest room.
“how’s the permit parking around here?”
Parking is really tough aroud there, it’s really bad in the summer and on weekend evenings becuase there are a lot of old buildings with no parking.
“Seriously, if you have kids (1 or 2), do you not ever have guests spend the night? Or do you just flop on the couch? Or have them sleep in the Kids room?”
You buy a sofa couch. I don’t think a lot of buyers “plan” for guest rooms. It’s usually a low priority.
“You buy a sofa couch. I don’t think a lot of buyers “plan” for guest rooms. It’s usually a low priority.”
That has been my top criteria for a long time, a nice guest room and a spare basement guest room too.
I think guest rooms are on buyers wish lists. I just think when looking at condos, most don’t offer family rooms so 3 bedroom condos are often bought by couples without children to use the second bedroom as a family room/den/office and the third bedroom as a guest bedroom. Then if they have a kid, the third bedroom becomes the baby room, and they deal without a guest room. Then if they have another kid is when you see the condo listed on CC with cribs in all the bedrooms. 🙂
I see much fewer people who already have kids still looking at condos, but maybe I am wrong.
“and a spare basement guest room too.”
I always like the brokers face when I casually let slip “this would make a great S+M-bondage room”
HOA dues: 800/month. no thanks
“I think guest rooms are on buyers wish lists. I just think when looking at condos, most don’t offer family rooms so 3 bedroom condos are often bought by couples without children to use the second bedroom as a family room/den/office and the third bedroom as a guest bedroom. ”
Sure, it’s on the wish list, but low on that list. That’s why all those 2/2’s were developed instead of cramming a 3rd bedroom. People who bought the 2/2’s just want an extra room for an office/guest. Rarely have they been used as dedicated guest rooms.
“HOA dues: 800/month. no thanks”
I hear where you are coming from, but that’s the price you pay for a building like that and 2200sf. If it were 12/1300 in a highrise I would expect a doorman and basic cable.
very simple answer – the owners need to be realistic with the price. If they really want it sold, they need much further reduction. This is way overpriced for what you get. It is no longer 2005.
Based on my experiences, the basement bedroom in a house is dedicated to the teenage boy(s) in the family, rather than guests.