5 Years Later, This 2-Bedroom in Lakeview Returns to Try Again: 2944 N. Broadway

2944-n-broadway

The amazing thing about running this website is when properties that we chattered about previously come back on the market to try again.

This 2-bedroom at 2944 N. Broadway in Lakeview is one of those.

We first chattered about it all the way back in September 2008.

See our old chatter here.

Back then, when it was listed for $308,800, you all thought it was overpriced given that the housing bubble had burst.

It never sold.

5 years later, it has come back to try again and this time it is listed just $3800 under the 2008 list price at $305,000.

If you recall, it has central air, washer/dryer in the unit and parking is included.

The listing says it has a “totally updated” kitchen with granite counter tops but this is the same kitchen as in 2008 (see the pictures in the old post). The appliances look to be a mixture of black and white.

With the market so hot, will it finally sell all these years later?

Mike Checuga at Re/Max Signature has the listing. See the pictures here.

Unit #2N: 2 bedroom, 1 bath, no square footage given

  • Sold in May 1999 for $159,000
  • Sold in March 2002 for $255,000
  • Sold in June 2005 for $295,000
  • Was listed in September 2008 for $308,800 (parking included)
  • Withdrawn
  • Currently listed for $305,000 (parking included)
  • Assessments were $163 a month in 2008 and they are STILL $163 a month
  • Taxes  now $5410 (they were $2724 in 2008)
  • Central air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×9
  • Bedroom #2: 10×11

33 Responses to “5 Years Later, This 2-Bedroom in Lakeview Returns to Try Again: 2944 N. Broadway”

  1. Busy street, dark building, small rooms, tacky lack-luster kitchen and no attempt to photograph it well: the 2002 number at most so you can add some upgrades. This should be rental.

  2. I mostly agree that this is best as a rental, but the w/d, ac and parking space do set it apart from the typical apartment (few rentals in this range, in this hood, have those ammenities).

    Now that that’s out of the way, we can get on with the ensuing 100+ comments about economic policy, bay area real estate prices, bigotry (for and against), the burbs and quasi-burbs (for and against), how Zekas is the embodiment of evil for trying to make money in real estate, etc.

  3. “Taxes now $5410 (they were $2724 in 2008)”

    Ouch. The current taxes are high for $300k market value place–I’d think at least $500 less–but it hurts to be reminded ow much taxes have gone up in 5 years.

  4. Due to a late night watching the Blackhawks win a key road game (yeah!)- there won’t be a second post today.

  5. “totally updated kitchen”

    LOL

  6. What I find more interesting anon (tfo) is that the assessment has NEVER increased. 5 years the same! Wow.

  7. Is there a line item on our RE Taxes that goes to the State of Illinois? If so, our pension budget debacle would seem to indicate that taxes will continue to rise.

  8. One bathroom!!! iPhone pictures!!! Too much personal junk to see space!!! No thanks!!!
    (When will agents learn that exclamation points and all caps are shouting?)

  9. Perhaps the realtor is Elaine Bettis? http://www.youtube.com/watch?v=VSKn8RlD7Is

  10. Is it really that unusual that the assessment wouldn’t increase? Mine haven’t risen since 2006.

    Also, Elaine’s last name is Benes.

  11. “Elaine’s last name is Benes”

    Was. She died in jail a few years ago.

  12. “Is it really that unusual that the assessment wouldn’t increase?”

    Think it’s been pretty common for condos in Lakeview Township. Less so for SFH, and condos in other T’ships. Ours went up a little in ’09/’10 and down about 15% this year, so actually below ’06 AV now.

    But our ’11 taxes were only about 1/3 more than out ’06 taxes.

  13. I took better pictures of my appliances to sell them on Craigslist.

  14. Good grief, i’ve watched enough seinfeld to know that… thanks for the correction, clearly I had not finished my morning coffee at that point and was also up late watching the Hawks win last night!

  15. “The amazing thing about running this website is when properties that we chattered about previously come back on the market to try again.”

    No the amazing thing about this site is groove, sonies, milkster, Ze, a few otHers, and me. :-)

  16. Terrible listing. I know its been on here 1000 times before, but whats the formula to calculate if this would be profitable to buy and rent out? A rental with parking in this area could fetch a nice premium and probably make up for the small bedrooms and hodgepodge of appliances

  17. What time do people normally go to bed? The Hawks game ended at like 10:30.

    Even assuming you went out to watch the game, and had another drink after the game ended, you’re still home by 11:00, asleep by 11:15/11:30.

  18. I watch the game delayed an hour or more so I don’t have to deal with commercials, but yeah actually it wasn’t that late, tired and feeling lazy because its Friday I guess

  19. In a good building your assessment should go up slightly on an annual basis. The cost of the goods adn services needed to maintain your building go up each year. Utility costs on the common area go up each year. Things break and will need replacing over time. That requires a good reserve fund. If the assessments are not keeping pace then you are actually falling behind and will likely need a large special assessment. Pick your poison. Low monthly’s with a large special that many residents will have trouble paying quickly or a funded and well planned amount each month that allows unit owners to keep pace.

    I’ll take the latter as it is difficult to collect large special’s from delinquent unit owners.

  20. “A rental with parking in this area could fetch a nice premium ”

    How much you think?

    If I were buying this to rent, and paying $305k, I’d want at least $2400/month for it, probably $2500 to give a little vacancy leeway.

  21. The assessments seem artificially low. The buyer will have to take a very close look at the reserves.

  22. Jenny’s right. I’m very suspicious of buildings that haven’t raised assessments in five years.

    The photographs are terrible- I’ve seen these apartments and they are much roomier, lighter, and brighter than they appear in the photo. I rather like this place and you can’t beat it for convenience, even though, everything being equal, I’d rather be a block or so away from a major commercial strip than right on it. Broadway is a noisy street and that’s OK on Fri or Sat night, but on weeknights, you might like to get to sleep by 10 or so.

    Additionally, the kitchen and bath both need some updating.

    $250K.

  23. My assessments have been at $238 for over 5 years. We have a huge reserve (had to rebuild the back porches a few years ago b/c they weren’t up to the new codes and no special was needed). Maybe they were just overly high to begin with.

  24. This type of unit sells to a 20′s-age transplant. i met someone recently on Halsted near Armitage that is working in a boutique that fits this description: Someone who’s coming here from Boston, NY or Philly, doesn’t yet know Chicago but wants to be “in the middle of things” in their new city. Once they’re here in this unit for awhile, they’ll figure it out and want to live somewhere else, less congested, less weirdos than Broadway, and have more car access etc.

    PS whatever happened to the advocates of “Zipcar”, I guess they never got any dates or got laid, and stopped bragging about it.

  25. looking to buy on June 7th, 2013 at 3:10 pm

    “PS whatever happened to the advocates of “Zipcar”, I guess they never got any dates or got laid, and stopped bragging about it.”

    What does that mean? I know a bunch of people that love zip car. The problem now is availability during weekends and prime days.

    I’ve never heard of anyone picking up their date in a car while living on the north side and going out in the same place.

  26. hh what kind of young men are you meeting at boutiques in Lincoln park? oh boy.

  27. hd: it was a female

  28. “I watch the game delayed an hour or more so I don’t have to deal with commercials, but yeah actually it wasn’t that late, tired and feeling lazy because its Friday I guess”

    I was out with friends. Didn’t get home until 11:30. Did I want to go to bed at 12:30 or 1 am just so I could do a second post on CribChatter? No.

  29. I own a 1/1 in Lakeview near this property. Our assessments haven’t gone up in at least six years… it’s because the association does its’ job well, budgets accurately, and knows what it takes to keep the building running smoothly. We had a special last year when our boiler died, but we knew it had a lifespan of 15-20 years and it was coming up on 19 years, so we’d pre-planned and been tighter with optional purchases for a few years in preparation. The special was very small per person – equal only to two regular monthly assessments and change – because we cushioned it with our excellent reserve. Almost 2/3 of the building is rentals now, but I’m still happy owning there. It’s a treat to own in a building with good financial practices.

  30. “Almost 2/3 of the building is rentals now, but I’m still happy owning there.”

    I wouldn’t be with that rental percentage.

  31. “This type of unit sells to a 20?s-age transplant. i met someone recently on Halsted near Armitage that is working in a boutique that fits this description: Someone who’s coming here from Boston, NY or Philly, doesn’t yet know Chicago but wants to be “in the middle of things” in their new city.”

    Likely correct in that they’ll see nothing wrong with the trend in taxes, assume it won’t hurt valuations and bid away.

    I think the latest elephant in the room for Chicago homeowners, esp. GZ, has got to be taxes. These, along with interest rates, will likely be the unraveling of Chicago house prices in the GZ. On this unit taxes _doubled_ in five years. And I don’t see much political competition pointing that this trend might be adjusted at all going forward.

  32. Keep voting down my comments. :D

    Not going to change the fact that if you own residential RE in Chicago, esp. the GZ, you’re absolutely screwed.

    :D :D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

  33. gringozecarioca on June 10th, 2013 at 6:29 pm

    “No the amazing thing about this site is groove, sonies, milkster, Ze, a few otHers, and me. ”

    I just stick around waiting to see if the wiki gets done before anyone figures out that Ze is just an abreviation for Zekas.” I figured one of you dumbasses would have gotten it after I inadvertantly mentioned that I refuse to walk into bookstores because people think I am there for the book signing of a new Stephen King novel.

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