Does Parking Matter? 2123 N. Kenmore in Lincoln Park
2123 N. Kenmore sits only a few blocks north of the Armitage brown line stop in the DePaul area.
It is a 3 bedroom, 2 bath vintage unit with laundry.
BUT: it doesn’t include parking.
Does parking really matter in re-sale?
Unit #2: 3 bedrooms, 2 baths, wood burning fireplace
- Sold in June 2006 for $462,500
- Currently listed for $544,000
- Assessments of $300 a month
- Koenig & Strey has the listing
No parking, that kitchen AND they want $80k more than July ’06? AND it wuld require a jumbo mortgage or at least 25% down? Hope these folks don’t need to move this decade.
I see no reason why the ask is 82k higher than the bubble sale price. Also those circa 1987 cabinets are ugly & not high quality.
They need to come down at least 100k, my guess is 125k, to move this unit.
Parking (or lack thereof) would be a detractor–its next to impossible to find street parking in this area.
I see it as the prior price, less a you-bought-it-when? deduction of about 15%, less the cost to make that kitchen not-awful ($25-50k). So, more like $350-375K.
I woon’t even look at a place without parking.
Parking isn’t that horrid over there. I lived on Bissell for 3 years and did street parking every night. I never had a problem. That kitchen would definitely need work. I don’t think the price of that place would come close to falling to $350-$375k before going UC. I would guess $400 would be the lower bound.
great article in the Economist. Especially the chart at the bottom which talks about rent/price ratio and its historical average.
http://www.economist.com/finance/displaystory.cfm?story_id=11333030
Yeah same here, I won’t look at a place without parking, especially in Lincoln Park.. Where do you find parking when you get home at 1am from partying??? Plus, No more shovelling and plowing the snow for me!
I won’t look at a place where parking forces me to pay a premium. I don’t want to be penalized for the lack of parking in a pedestrian-friendly neighborhood, given that I don’t have a car.
That said, this condo is overpriced.
Little Boi – If you live in Lincoln Park why are you driving to parties? Unless you commute to the suburbs, LP is about the last place you need a car. Many streets are permit-only after midnight anyway.
Sabrina I love you! Thanks for posting a great place for a parking debate. This place seems way overpriced to me and I agree with everything everyone has cited above. However, there’s a 2b/2ba +den that I really like that’s currently on the market for 349K at 2327 N Geneva Ter #3. (assessments are 175/month) Here’s the virtual tour: http://tours4.vht.com/Viewer/PhotoGallery.aspx?ListingID=50009474&Style=IDX (sorry I don’t know the MLS #.) I used to have the same attitude as Jason and I wouldn’t even look at listings without parking. Then I got bored and figured I’d check out what kind of a discount I could get for considering a place with no parking and I was really surprised at some of the options. I really love this place on Geneva (although I wish it was a little cheaper and outdated so I could justify rehabbing everything just the way I want it). The big question is are buyers really just being ridiculous for not even considering a place with no parking when they might be able to rent space a block away in a parking deck (with no shoveling) for $200/month (or less)? If you wind up getting everything else on your list for 100K less than the competition, isn’t the parking compromise worth it?
I know someone is going to say the reason why this place is so cheap is not because of the missing parking but because the second bedroom is 8 x 9′. However, the place is 1300 sq. feet total (and yes, there’s an in-unit laundry and central heat and air). So, you might be able to move a wall a bit and make the second bedroom bigger. All that aside, my point is I know there are substantial bargains out there for people willing to rent parking instead of buy. (or if you’re just willing to buy a spot in another building a block or two away) And, if the price difference really is 100K, the property tax savings alone might cover the cost of the parking rental.
That kitchen reflects the absolute worst in kitchen design history. I definately needs to be replaced.
As for parking? Personally, I have enjoyed not having to pay for a car for years, and Chicago is easy to live in without a car. I think proximity to transit (namely the “L”) is what is most important in regard to whether or not parking is a deal-breaker or not.
Nice Place.
I just got sick of people taking shots at my car on the street. Dinks, stolen spare tire (My fault I know) busted window. Your point is well taken though.
don’t need parking, just drive your car at high speed straight into the kitchen. it’ll look much better afterwards.
Trepidatious,
It isn’t “easy” for everyone to live without a car. The L is horribly inefficient and doesn’t go to much of Chicago, and the same can be said of the Metra for Chicagoland.
A person who can afford this place likely has a demanding job, one that may require a car. I live near public transit and have a car just for convenience, its a nice luxury to some, but I would not be willing to give up the ability to visit family out of town, or drive to the ‘burbs for an errand, etc. The world doesn’t end at the L’s borders as many young, pro-mass transit urbanites like to espouse, and try living in a Chicago neighborhood not near the L, there are many of them.
As a doctor who has to drive to suburban hospitals on short notice, my significant other can’t give up his car. But we’ve seen some really cheap fixer upper coach houses (with no parking) in LP and Lakeview that have made me wonder if renting a space would be worth it if it means we can get a multi-level place with plenty of room and no shared walls for under 400K.
Bob-
Valid point about the poor accessibility of many Chicago neighborhoods. However, Lincoln Park is not among them. As you say, owning a car is a luxury, not a necessity, if you live in an area with good transit options. If I decide I don’t want that luxury, I’ll want a home that doesn’t force me to pay for it.
Incidentally, when my job requires me to have a car (the only time I drive), I rent one.
Danny: I see room sizes of the following:
Bedroom 1: 14 x 13
Bedroom 2: 12 x 10
Bedroom 3: 12 x 10
There IS an office that is 8 x 8- so maybe you’re confusing that with one of the bedrooms.
Sartre:
Thanks for posting the Economist article link. Great article about how prices probably have another 10%-15% to fall through next year before the bust is “over.”
Sabrina, sorry but I was talking about the place on Geneva that I like…the 2 bed/2bath, not the 3 bed place you posted in this article. I should have made that more clear.
I won’t even look at a place without heated parking. Winter is a bitch.
Yet another clueless delusional seller who still thinks its a seller’s market. Nobody will pay half a million dollars for a place with no parking and a kitchen of worse quality than a typical low budget rental. My college apartment had a nicer kitchen than that, even after years of student abuse. Either fix up the kitchen and lower the price $100,000 or don’t fix the kitchen and lower it $150,000. The third option is to chase the market down.
Pete:
We have already seen several units in LP in the $500,000 and over range “chase the market down”- as you put it. Some sellers are simply listing far too high for this market.