The Starter 1 Bedroom: 627 W. Barry in East Lakeview
This 1-bedroom vintage unit at 627 W. Barry in East Lakeview was recently reduced by $10,000.
The listing says it has the original moldings. While there is hardwood floors in the living room there is carpet in the dining room and bedroom (I wonder if hardwood is underneath?).
The kitchen has been renovated with white cabinets and appliances and granite counter tops.
While there is no central air or parking, there is an in-unit washer/dryer.
Is this type of unit an attrative starter 1-bedroom condo?
Ruth Karel at Baird & Warner has the listing. See the pictures here.
Unit #3D: 1 bedroom, 1 bath, dining room, no square footage listed
- Sold in December 1985
- Lis pendens foreclosure filed in July 2009
- Originally listed in December 2009 for $235,000
- Reduced
- Currently listed for $225,000
- Assessments of $297 a month
- Taxes of $2169
- Bedroom: 12×11
- Living room: 14×13
- Dining room: 13×11
- Kitchen: 14×12
- Fireplace
225K? Someone pinch me, I must have been dreaming when I read the discription and saw the pictures of the place. No parking, no central air, 3rd floor? At best this is a college rental.
What a joke and you know some idiot will buy this near ask with a zero down FHA loan. The only prerequisites for those loans these days are the ability to fog a mirror.
No AC and no parking combined is a deal breaker to my pansy ass, but otherwise it would be pretty nice at like $175k but total bullshit for the ask.
The floorplan leaves a bit to be desired with the small living area, but it appears to be in good shape with a decent kitchen and a seperate dining room that a single person could use for an office/futon type of thing. The bedroom isn’t your typical 10×9 vintage style either. Perfect location.
I remember visiting a family member on Barry years ago and walking past these apartments all the time.
I’ve had too many friends over the years that have lived in places just like this (on the outside anyway) including myself.
They’ll always just be a monthly rental to me.
at what point in when some one considers buying this place do they go, umm maybe i should RENT that two bedroom down the street for $150 a month less that has parking and C/A?
I can see a forever bachelor buying a one bedroom in an area they and staying there for 7-10 years. but really how big is that market?
A forever single is the only market for this place.
It’s cute but the bedroom is too small.
$175K if even that, and only because of the great location. The kitchen and bath are not great. No parking and no a/c makes it unacceptable to a big % of its potential market.
“at what point in when some one considers buying this place do they go, umm maybe i should RENT that two bedroom down the street for $150 a month less that has parking and C/A?”
Given your comments about the 2+den on Orleans, I think *you* should be able to answer that for us, groovester.
“I can see a forever bachelor buying a one bedroom in an area they and staying there for 7-10 years. but really how big is that market?”
Forever bachelors, couples either without a desire for kids or 5+ years out or second home in the “hip” area for affluent suburbanites are the market IMO. Which isn’t exactly some tiny subset of the population, but isn’t huge either.
I think this would be a decent purchase at around $199k. Location is perfect.
Bob- you need at least 3.5% down for an FHA loan. You can’t put 0 down.
My wife and I live on this block, and it’s a quiet street in between almost everything you want on Clark, Halsted and/or Broadway (except for a nice grocery store — since the Dominick’s burned down, there’s nothing really convenient in the immediate area). However, parking on Barry is terrible and I wouldn’t dream of buying (or renting) a place on Barry without parking (obviously, if you have a car). $225 feels a bit rich to me.
Hideous. F.
As for the location, Lakeview is soooooo out.
“As for the location, Lakeview is soooooo out.”
Pack it in folks, you heard it here first! Chase the market out to Avondale!
Don’t you know Pilsen is the new “cool” place to live?
anon,
but you talking about a BUYING a 1br compared to buying a almost 3br where its very easy to grow into over the years.
BTW: i gave up on the orleans place i am too lazy to do a three floor walk up again in my life.
It’s been a while since I have seen a carpeted dining room in a unit that has hardwood floors elsewhere.
If this location is so awesome, here is a 3br on the same block:
http://www.redfin.com/IL/Chicago/655-W-Barry-Ave-60657/unit-G/home/13372875
I find that location a little too congested and loud, so it doesn’t work for me.
Agreed on the 1 person forever.
This place would work for a single United or American Airlines Flight Attendant.
Long time reader; first time commenter.
“at what point in when some one considers buying this place do they go, umm maybe i should RENT that two bedroom down the street for $150 a month less that has parking and C/A?”
Here is the question I always have. Say a comparable or even better rental is available for around the same price or even a little less. Everyone here seems to think it’s a no-brainer to rent. But, as a renter, buying appears to have a lot of advantages.
1. Equity – at the end of the year, I have nothing to show for my rent payments. At least in a condo I would be building some equity, even if it is a small amount at the beginning of a mortgage.
2. Deductable Mortgage Interest – if I owned a place I would be paying less in income tax each year since I would be able to deduct the interest.
3. First-Time Homebuyers Credit – I think this program is nonsense, but would gladly take my $8,000. I could pay a lot of rent with $8,000.
Doesn’t this more than make up for the slightly cheaper per month rental unit? I realize there are many more risks associated with buying, but if you make a smart purchase these can hopefully be avoided. BTW, I have a down payment ready and a good credit score and have been looking on and off for over a year now. But, I have only seen one property the entire time I was close to pulling the trigger on and that sold in two weeks last spring.
“Here is the question I always have. Say a comparable or even better rental is available for around the same price or even a little less. Everyone here seems to think it’s a no-brainer to rent. But, as a renter, buying appears to have a lot of advantages.
1. Equity – at the end of the year, I have nothing to show for my rent payments. At least in a condo I would be building some equity, even if it is a small amount at the beginning of a mortgage.
2. Deductable Mortgage Interest – if I owned a place I would be paying less in income tax each year since I would be able to deduct the interest.
3. First-Time Homebuyers Credit – I think this program is nonsense, but would gladly take my $8,000. I could pay a lot of rent with $8,000.
Doesn’t this more than make up for the slightly cheaper per month rental unit?”
Re_novice: It depends on many factors including how long you’re going to live there. Remember, when you go to sell there are many transactions costs. There’s 5% to 6% to the agents and another 1.25% in the title transfer. Plus a bunch of other fees that really add up. It doesn’t make financial sense to buy in a flat market if you’re only going to live there for a few years.
“1. Equity – at the end of the year, I have nothing to show for my rent payments. At least in a condo I would be building some equity, even if it is a small amount at the beginning of a mortgage.”
The forced savings of equity, ahh yes. Have you ever seen a mortgage amortization chart like on bankrate.com. Do you know how much principal you accumulate during the first five years of ownership? In this instance (assuming 5%, 30yr fixed) $18,732 with a zero down loan.
“2. Deductable Mortgage Interest – if I owned a place I would be paying less in income tax each year since I would be able to deduct the interest.”
Spending a buck to save 25 cents is a good idea?
“3. First-Time Homebuyers Credit – I think this program is nonsense, but would gladly take my $8,000. I could pay a lot of rent with $8,000.”
And what happens to house prices when this credit is removed? No more genius think tank decisions to make benefit glorious nation of NAR? IF you are buying a moderately priced home for the long term in a NON-BUBBLY area (ie: not around Chicagoland) then yes this could make sense. Around here its like being a fish biting that piece of hotdog you see..not realizing the hook is right there.
If you’re buying a condo, don’t forget to budget for one of the biggest affordability killers: assessments. For a single family home, better have an emergency fund. Furnaces break at the most inopportune times.
“2. Deductable Mortgage Interest – if I owned a place I would be paying less in income tax each year since I would be able to deduct the interest.”
Oh yes I forgot to add on this point, the mortgage interest credit is quite insignificant at this level as you are foregoing the standard deduction. So instead of saving 25% or 28% on your mortgage interest bill, its more like 15%.