2-Bedroom Lincoln Park Vintage Cottage Awaits a Buyer: 631 W. Belden
On a Lincoln Park street with many million dollar homes sits this vintage 2-bedroom single family home at 631 W. Belden listed for a fraction of the price.
Built in 1887, the two story home has hardwood floors and a separate dining room or den.
The kitchen has white cabinets, granite counter tops and white appliances.
Both bedrooms are upstairs and it has an unfinished partial basement.
There is no garage but there is a parking pad on a 27x95x65 lot.
The house has central air.
Is this an attractive townhouse alternative?
Anna Robertson at Jameson Sotheby’s has the listing. See the pictures here.
631 W. Belden: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 1993 for $217,000
- Sold in October 1994 for $377,000
- Originally listed in December 2010 for $699,000
- Still listed at $699,000
- Taxes of $10,106
- Central Air
- Bedroom #1: 14×13 (second floor)
- Bedroom #2: 12×15 (second floor)
- Living room: 15×12
- Dining room: 13×12
- Family room: 14×8 (main floor)
- Kitchen: 12×11
They should really show the square footage. Can’t be more than 2000 sq ft, right? I guess it’s a condo alternative. But then you look at 2031 N Cleveland, which I suspect is 50% larger, and that sold at 750K (listed at 925K).
maybe realtors are thinking: hey i’ve given you the room measurements. You do the math, that way I don’t get accused of adding the closets, porch and parking spot into the square footage!
300-320 per square foot seems more like it for this property. The finishes are not what they are asking but I do like the neighborhood and it has a certain charm. $550,000 max
I really like it, although it’s not my style at all. I’d say $625. Sure, it’s small, but I’d take a SFH over sharing walls and floors any day. Location is prime. Good for a couple looking to downsize or a family with one kid.
Can someone post the link to the 2031 N CLeveland sell?? I would like to see what that house had to offer…pics please.
Thanks!
Cute, but needs a significant amount of updating. Location is great. Would like to see pictures of basement and stairway.
I was going to say, hey look at these three bedroom condo comps for cheaper and seem better;
322 W Belden Ave Unit 2W
447 W FULLERTON Pkwy Unit 1W
2031 N HOWE St #1
745 W Dickens Ave #3
but then realized i am going against my own grain, one of my reasons im anti condo is expansion.
with this house if you need more space you could easily build on to the back of this home, cant in a condo.
given it looks like you can build too far back as it would block the windows of the building next door.
is this consider a row house?
Just Google 2031 Cleveland Chicago and you will see links to some out of date realtor sites giving you the opportunity to schedule a showing.
I love it. With the high ceilings, fantastic location, great school district, small yard, parking pad and basement, 699K seems like a reasonable price.
I find it hard to compare condos with SFHs like this. Aren’t most people willing to pay a premium to live in a SFH with their own front door, and no one living above or below them? Even common ownership involved townhouse complexes is a PIA. We looked at townhouses when we were buying years ago, but when a SFH rowhouse with a comparable price came onto our radar, we jumped at it for various reasons, one of which is the fact that we didn’t have to deal with association fees, board meetings, negotiating with others about when to undertake repairs and by which contractor, etc.
Barf.
This place has potential and is definitely a condo alternative. . It needs some staging though to make it pop for buyers. I’d buy this before I bought a duplex down or a townhouse.
I have been in this house and “unfinished basement” is an understatement. It’s just a dirt crawl space. No chance of ever having a finished basement down there. You could store a few boxes but that’s about it.
Trulia and Blockshopper list the house as having 1350 square feet. It’s really tiny, but the bedrooms are spacious. The rooms don’t feel cramped; there just aren’t very many of them. The house and yard are cute, and it has been generally well-maintained. It could use some upgrades and new paint/wallpaper. The washer/dryer are a single unit right off the kitchen.
One thing that’s not necessarily obvious is that the house backs up to the bars on Lincoln Ave. Lots of trash cans along your very narrow alley and potential for late night noise near the master bedroom, which is on the back side of the house. The parking pad drastically decreases the space in the back yard when you have a car parked there.
The downstairs bathroom needs a shower to really make it usable. Right now it’s just a tub.
This house is also in the historic district so of course you can’t build onto the top or change the facade. You’d have to build out from the back, and there’s not a lot of room for it. You’d lose most or all of your backyard if you added on or built a garage, but you could do it if space took priority over yard some day. No issues with the buildings behind it; it’s just the back of bars and restaurants and all the other houses on this strip are built back that far already.
Despite these disadvantages, I still like it. Any thoughts on price after hearing these details? Thanks.
sonies, rilf?
This home when it was built probably sold for less than $5,000. But I highly highly doubt it is worth $699,000 today. They’re a day late and a dollar short and missed the boom. Sorry folks, you’re going to have to modify your early retirement plans…
The thing that always gets me with these places is the bathroom situation. If you have 2 baths – 1 upstairs as master and 1 upstairs for other bedroom – then you don’t have one downstairs and you have to go up to the second floor which is especially inconvenient when you have guests over. If you have one up and one down then you don’t have a master bath and have to share with your kid(s)/guest(s). 2.5 baths would make it easier to handle.
I think it’s a good strategy to market it as a condo or townhome alternative because of the price point. However, I currently live in and would rather live in a townhome, just because your getting more space better finishes and a more efficient floor plan. For me that’s worth more than saying I live in an SF. For example:
Lower price same space: http://www.redfin.com/IL/Chicago/2039-N-Lincoln-Ave-60614/unit-E/home/13348862
Same price more space: http://www.redfin.com/IL/Chicago/441-W-Armitage-Ave-60614/home/12584795
Most THs in this price point have lower taxes than this property, which helps me justify the assessment.
It’s cute, I like small houses as I have no need for the usual humongous monstrosities. That said though with an SFH I’d like a private 2 car garage and a decent yard or a bitchin roof top deck, so I’d rather buy a condo instead of this.
Not sure maintaing this place costs any less than a condo. Also I would not like it as an in town. I will hate to come to it every Friday night in the winter and have to wait hours before it warms up. That being said, it is a cute small house for someone who likes to have a SFH.
Price?
“I don’t get accused of adding the closets, porch and parking spot into the square footage!”
Closets are beyond legit SF. Anyone excluding closets from SF don’t know what they are doing, even moreso that someone *including* outdoor space.
“Not sure maintaing this place costs any less than a condo.”
I’m sure it doesn’t, but you never have to argue with the neighbors if you want to paint your door red, or not pay for fresh flowers or how often hallways get vacuumed, or (if it’s a smaller building) whether paying someone to shovel the walk and mow the grass is worth it or better to do yourself.
“Also I would not like it as an in town.”
For an in-town, used no more often than weekends, a condo–esp one in a larger building–seems clearly preferable to me.
“Also I would not like it as an in town.”
The market segement for this place is small families (i.e., one kid; if they have two or three, they might need to pursue Groove’s expansion idea, which seems pretty feasible), given the Lincoln attendance area.
If a half bath (just a toilet and small sink) can be placed somewhere on the main level, this place is a great value at $650k, especially if an addition onto the rear could also include a garage (on which a deck could be placed).
It’s a bit far west, but for an initial $650k, and then eventually whatever it would cost to add more sq/ft and a garage, a family will end up with a smaller 3 or 4 bedroom SFH worth at least $1 million.
I like this place. It’s big enough for a small family. It looks like it’s in good shape. It’s got great curb appeal if you’re into this kind of thing (which it seems you should be if you want a SFH in Lincoln Park). And it’s priced competitively with high end condos in the area. Seems to me anybody who would choose a condo at anywhere near the same price is not learning lessons from the meltdown.
What no “is this really East Lincoln Park” debate. 😀
“This home when it was built probably sold for less than $5,000. But I highly highly doubt it is worth $699,000 today.”
Depending how one calculates the relative worth of that $5,000 (in 1889, based on the assessor record of the house being 121 years old), that’s something between $110k and $5.1mm today. So either $700k is way too much, about right or really, really cheap.
See this: http://www.measuringworth.com/index.php
anonny: “It’s a bit far west”
Really? East of Orchard is a “bit far west?” Really?
chi_dad, I’d say this place is certainly ELP (just to stoke to enternal fires as to what’s ELP, whether anyone in ELP says “ELP,” etc.). It’s a great location.
That said, while I’d go west of Clark on some streets (Dickens, Webster, Grant, Orleans, Sedgwick, Hudson and Cleavland), on Belden I’d prefer to be east of Clark, or at least east of Cleavland (I love Belden between Clark and LPW). While Halsted is often arbitrarily cited as the western border of the hot button “ELP,” my personal border (i.e., the one I’ve arbitrarily formed in my mind) would be the eastern side of Oz Park (Larrabee/Geneva).
Perhaps if I could have afforded this place, my of sense west v. east would be different, but since it’s at least $100k too rich for me at the present time, my consolation is to (sitting in my mere condo) deem it a bit far west!
groove is having a hard time with this one.
I know i am Pro SFH, to the point its stomach turning. But the odd lot size only two bedrooms, the tandem parking, the fake two windows in the dining room (cool idea though),
somebody sell me one this home as i would lean towards the condos i list above.
Ok as i was typing i answered my own question. you get TWO car parking here!!!
and with ass fee’s between 600 and 900 a month, an average money smart person can maintain heat and have reserves/savings for way less that 600-900 a month.
so i am sold!
“the tandem parking”
As far as I can tell it’s not even that, the wide angle on the photo is very deceiving. Just one uncovered spot with your yard right next to it. From the aerial you can clearly see one car parked with no room for another. The lot shape is messed up, so I doubt a garage holding 2 vehicles is possible.
I’ve seen the back yard. There is definitely only one uncovered parking spot (a “parking pad” if you will), and it takes up a nice chunk of the yard. If parking were your main priority, you could fit two, but you’d have to give up the yard.
“The lot shape is messed up, so I doubt a garage holding 2 vehicles is possible”
Good catch Bob Duece,
but on the flip side there is nothing stopping you from putting the parking pad on the other 95ft side of the yard.
A garage would do a disservice to this house.
anyone else catch the deceiving windows in the dining room?
i love this place, wish it was $150k cheaper.
Groove, is it possible that inside window is actually just a utility “closet”?
I guess if you like that part of town and Lincoln, want a SFH, like vintage and have the willingness and ability to address the issues associated with a house close to 130 years old, don’t need much space and can spend $600k, this is the place for you. I agree that a lot of buyers in a close situation will want more space and modern amenities and have more money to spend, and that the more expensive comps will be much more attractive to most people.
“Groove, is it possible that inside window is actually just a utility “closet”?”
It would be a awesome idea, i know back in the day i had a apartment and the bedroom only had one window on the other wall i put drapes/curtains for the visual effect of two windows.
it didnt help with getting natural light (why i moved after a year) but all vistors were fooled and “overnight” visitors many tried to open the window there.
*i hope it wasnt to try escaping? 🙂
“Really? East of Orchard is a “bit far west?” Really?”
We’ve already had this debate when I posted this exact listing as an alternative to that vintage condo in Old(!) Town by St. Michaels. Cute the “IT’S NOT EAST OF CLARK! 600 BLOCK OF BELDEN IS NOT ELP!~!!!” ridiculousness.
Cute house; love the block. Nice to be close to Oz Park, Zoo, and the Lakefront. Lincoln District. Good price.
“on Belden I’d prefer to be east of Clark, or at least east of Cleavland (I love Belden between Clark and LPW). ”
You do realize that is exactly one block including massive street frontage taken by the Belden-Stratford, a ton of vacant commercial storefronts, and parking lot, right?
Have fun with that SFH listing “East of Clark” on Belden.
I really like this house and the location but at this price a 2 bedroom is a non-starter. Even a couple with 1 kid still needs 3 bedrooms so you’ve got a place for family to stay when they come to visit/baby-sit, etc. Because of that I think those families would instead choose a 3 bedroom condo or townhouse over this place.
“You do realize that is exactly one block including massive street frontage taken by the Belden-Stratford, a ton of vacant commercial storefronts, and parking lot, right?
Have fun with that SFH listing “East of Clark” on Belden.”
10 possible SFH units. Not necessarily all currently SFHs–I know many of those rowhouses have been rental apartments in the past, but don’t know about now–anyone?
The Belden-Stratford. What a grand old-fashion lobby. Have been to Mon Ami Gabi there several times and I just love going into that building. What are the apartments like there?
So this is like a zero lot line house in effect. What happens when something happens to one or the other and causes damage (it seems easier when it’s a shared party wall, but this….)?
“Steve A on February 17th, 2011 at 3:16 pm
The Belden-Stratford.
What are the apartments like there?”
Expensive and unimpressive. Granted, I haven’t been in anything “prime” there (east face/high floor) but even so the rents I heard from the lesser units made me choke.
Nice vintage hotel stay if you don’t want downtown; the apartments, though, are nothing special.
“anon (tfo) on February 17th, 2011 at 2:10 pm
Have fun with that SFH listing “East of Clark” on Belden.”
10 possible SFH units. Not necessarily all currently SFHs–I know many of those rowhouses have been rental apartments in the past, but don’t know about now–anyone?”
Unless I’m completely forgetting something, there are no SFH’s on Belden east of Clark. To me, a townhouse is not a “SFH” as compared to the ones you see on Belden between Lincoln and Clark — this listing being one of them. Here’s another SFH for sale if you have a fun ~$5m:
http://tours.vht.com/Viewer/PhotoGallery.aspx?ListingID=50101032&Style=IDX
But it’s west of Clark so it doesn’t count. 🙁
You could always live in a duplex at 335 Belden (east of Clark!), tho, for just $1m! Still available!
I also know of no rentals on that stretch, with the exception being — of course — the Belden-Stratford. Even the hideoso 4-plus-1 style on the NW corner of Commonwealth and Belden is condo, I believe.
“I also know of no rentals on that stretch, with the exception being — of course — the Belden-Stratford. Even the hideoso 4-plus-1 style on the NW corner of Commonwealth and Belden is condo, I believe.”
But some of those row houses (obv the sfh possibles I referred to) had been broken into apartments at some point in the past, no?
Belden-Stratford’s apartments are classically elegant, transporting the resident to a lost era now visible only in old B+W movies. The facilities are “modern” without succumbing to hip-today-passe-tomorrow trendiness. Rents are high but they cover EVERY utility – yes,even land-line phone service! (Believe it or not, many of us like to have a “real” phone available while the high-tech toys are being re-charged.)
Back when I was a wee little summer associate, at a big firm when absurd spending to woo law students with no actual skills was the norm, I had the misfortune to be invited to a partner’s house for dinner. He owned one of those “row houses” east of Clark on Belden.
Having been served cocktails in the parlor, dinner in the dining room, after dinner drinks in the music room, and cigars on the deck, I can offer two conclusions: (1) I never want to spend another evening with those people, and (2) the “row houses” east of Belden are some of the nicest homes I have ever seen. These are not your standard row houses. Nitpicking that they are not single family homes is a bit silly.
“Nitpicking that they are not single family homes is a bit silly.”
If they are fee simple, no owner’s association, have no one above and no one below, direct access to a public street and something resembling a yard (even if paved for parking/filled with a garage), I think it’s not nitpicking, but plainly incorrect.
And the owner’s association is a flexible thing.
“anon (tfo) on February 18th, 2011 at 4:58 am
But some of those row houses (obv the sfh possibles I referred to) had been broken into apartments at some point in the past, no?”
~
Probably, as was the case with most LP 3-flats. But I’m not sure about this block of townhomes ever becoming multi-unit, and as far as I know, there are no rentals on the block aside from what I’ve mentioned (or perhaps a one-off condo owner in the non-townhome buildings, a couple of which are listed for sale).
~
“ChiTownGal on February 18th, 2011 at 8:05 am
Belden-Stratford’s apartments are classically elegant, transporting the resident to a lost era now visible only in old B+W movies. The facilities are “modern” without succumbing to hip-today-passe-tomorrow trendiness. Rents are high but they cover EVERY utility – yes,even land-line phone service! (Believe it or not, many of us like to have a “real” phone available while the high-tech toys are being re-charged.)”
WOAH. Holy sales pitch much? lol. I adore vintage and despise ultra-modern/trendy rehabs in vintage spaces. Even so, the Belden-Stratford is not impressive for the rents they command. Gorgeous as a hotel; crap as a rental deal. They practically live off of short term, furnished rentals, because their price structure is so incredibly out of market for ELP (or ELV).
~
“alanon on February 18th, 2011 at 10:45 am
These are not your standard row houses. Nitpicking that they are not single family homes is a bit silly.”
Fair enough. Yet my gripe still stands that Belden east of Clark is NOT SFH land and you’d be hard pressed to find a listing even once a decade. I take umbrage with ridiculous comments in the vein of desiring a block with essentially no housing stock on it as compared to very nice places within a 3-4 block radius. That’s what I meant by “good luck finding that SFH east of Clark on Belden” because, fact is, you won’t. Those places ain’t coming available this side of ever.
And even if they did, I’m sure CC would rip them apart for being next to the “homeless park” at Belden/Clark, or facing that sexy parking lot for Ranallis and Tower Records customers. Oops. I mean a cruddy parking lot.
I also wonder if that included landline service at the Belden-Stratford covers 1-900 numbers. May as well make the best of that nostalgia at an average $1,500/mo rent for a small 1 bedroom!
Great story Alanon- thanks.
‘good luck finding that SFH east of Clark on Belden… And even if they did, I’m sure CC would rip them apart for being next to the “homeless park” at Belden/Clark, or facing that sexy parking lot for Ranallis and Tower Records customers. Oops. I mean a cruddy parking lot.’
One of those beautiful row houses sold last year for $1.5mm (I think it was 355), and it needed renovation. Same story in the 2300 block of Cleveland ($1.7mm ask, sold last month and in need of renovation), 400 block of Webster ($1.4mm’ish selling price, needs work), 500 block of Belden ($2mm’ish, perfect inside), finally the house to the right of this house (see the pic) sold last year for $1.3mm’ish. All attached houses except for the last one, long and narrow, probably dark interiors with smaller bedrooms, small yards if any, old, needs work, ‘snob’ LP location, in other words everything most CC readers hate… but people with real money love. Go figure.
By the way- this house was just reduced $50,000 to $649,000.
I know. I bought it!
Congrats, Mariposa! Welcome to the ‘hood.
Nice work Mariposa! Congrats.
It’s not a SFH, but a newer listing – 322 W Belden Ave Unit 2W – is located on the rarified Belden-East-of-Clark stretch (discussed above in this thread).
At $550k, it’s a lot of space. Looks like it needs some new kitchen appliances, but it’s a beautiful looking place.
Granted, the listing claims “easy rental parking,” but having considered a place right around the corner on Commonwealth, it’s my understanding that the rental parking is up at those twin condo towers on Fullerton, between Commonwealth and Lakeview. That’s a bit over a one block haul just to get to the parking garage, which obviously would have made this a non-starter for me. But for those with Modified Unicorn Criteria, this Belden listing could be a socre if it can close at $500ish (give or take).
“322 W Belden Ave Unit 2W – … At $550k”
Prior sales in the building:
1W, Jan-08, $530
1E, Jun-07, $970
2E, Jan-98, $425
Hey guys. I am sad to say it didn’t work out. I have the inspection report if anyone wants to see it. Pretty grim. Sad times. 🙁
anonny – very nice looking place.
anon – no further sleuthing on that 07 sale? what’s that about?
and the real question: if those are indeed the only sales since ’98, why doesn’t the listing trumpet how “RARELY AVAILABLE!!!” it is?
“no further sleuthing on that 07 sale? what’s that about?”
Speaks for itself. Blockshopper:
http://chicago.blockshopper.com/news/story/197633-Real_estate_associate_and_attorney_spend_970K_on_Belden
ah ok, 1E is obviously not like 1W. And i thought your prior sales list was exahaustive.
Never mind…
“And i thought your prior sales list was exahaustive.”
It was the lazy man’s list–last sales. I do not have G’s resources.
Also, interestingly, the owners of 1E sold a prior condo to one Gale Sayers (and his wife).
Mariposa – the home itself is in poor condition per the report?
Yes. Major problems with the foundation, among other issues. An investor or flipper might be able to take this on and make it amazing, but unfortunately we just don’t have those resources.
thanks for reporting back, mariposa. sorry it didn’t work out
Sorry to hear that it didn’t work out. 🙁
bummer.glad you had it checked out.best of luck.
mariposa – that is too bad – however, I think many of you would be surprised at the inspection reports of your own homes. While I don’t know how extensive the foundation damage is on this particular home, I wouldn’t be surprised if there was some type of foundation damage on MANY MANY MANY homes in chicago and suburbs. This doesn’t mean that the house is going to fall down and doesn’t necessarily mean that anything has to be done at all. I am amazed at how nervous buyers get when the inspection reports come back – these inspectors are probably to blame for many many unnecessary failed deals. Seriously – get one of these inspectors to inspect your own home and they will find SEVERAL things wrong (things that don’t necessarily need to be fixed for you to live comfortably).
I agree completely. We were actually expecting some foundation issues, and were prepared to replace the roof, etc. But the news was much worse than anticipated. Thanks for the replies. Hopefully we will have better luck next time.
mariposa,
how much off the listing price would make the inspection report immaterial?
or is it a issue even at a discount to much wrong that you dont want to take that on?
“how much off the listing price would make the inspection report immaterial?
or is it a issue even at a discount to much wrong that you dont want to take that on?”
One problem is that most don’t actually have the cash to sink (say) $200k into repairs, even if the purchase price is $300k lower–would need to get a seller credit, and there’s no way that would fly.
Probably the latter, but of course I’m sure different people would have different opinions. I really adored the place, but I am a first-time home buyer with no experience with construction projects or home repairs whatsoever.
Report shows that at least 100K of work is needed to get the house in decent, clean, working order with a solid foundation. That is enough to scare me off, since if someone came in and told me it was going to cost twice that much, I wouldn’t know any better, and I don’t have another 200K, as anon says, to put into the house, no matter how much I love it. Even if I did, and invested the money, at the end of the day, it’s still a two-bedroom house on a very small, oddly-shaped lot.
There are also some issues with this house causing damage to the one next door, and that house causing ongoing damage to this one. I am an attorney, and this is definitely cause for concern for me. On top of my 200K repairs, I don’t want to be stuck in litigation with my next door neighbor for the next five years.
Furthermore, the 100K doesn’t even include other things that many people might want to do (replace the old pipes that are still left in at least half the house, paint the exterior and interior, etc.) not to mention upgrading the appliances and bathrooms if you wanted to do all that. I don’t have the funds, experience, or expertise to be redoing a house both inside and out. If someone on here does, please do it and sell the house back to me! 🙂
In terms of the purchase price, I have to figure there is a floor on the price for a single family home in east LP, no matter how small. We got a good purchase price, and we assumed that the seller would not come down further to a price that would make this worth it for us. Thoughts?
Also, this may not be the right place to ask, but do CC-ers believe this is the time to buy? Prices seem to keep coming down. We have excellent credit, are putting down more than 20%, have nothing to sell, and are in no hurry. Are things only going to get worse, or are the “buy now or be priced out forever” warnings legitimate? Any advice is greatly appreciated. Thanks.
“One problem is that most don’t actually have the cash to sink (say) $200k into repairs, even if the purchase price is $300k lower–would need to get a seller credit, and there’s no way that would fly”
good point. forget that not all buyers are cash buyers, must be the circles i hang around that have me a disconnect from the common man
“Even if I did, and invested the money, at the end of the day, it’s still a two-bedroom house on a very small, oddly-shaped lot”
Very sound words, and truly the best way to see the situation.
thank you so much Mari for your perspective and first hand experiance.
Thanks, Groove. As an aside, I should point out hat I think your circles are more than one step removed from “the common man,” since I’m fairly sure the common man (aside from not being a cash buyer) is not looking at 700K houses in LP.
How did you determine that the repairs would cost approximately $100k? Did your inspector estimate that or did you have a contractor look at the house?
If you find something you like that is affordable, now is a great time to buy. Think of your mortgage as an inflation hedge and don’t count on much if any appreciation from here. It is doubtful that if you plan on staying put for 10+ years and have steady employment that you will have much issue, also enjoy the tax writeoff, it certainly is a nice surprise at tax time!
mari,
sorry the circle comment was a inside joke/sarcasm not directed at you 🙂
I really wanted to swing by at check out the backyard and parking, pictures were hard to grasp its real size. was the angle of the alley making a bad cut to shrink the lot?
No worries.
Yes, the backyard is very small, and the lot is at an angle because of the alley. The borders on each side are literally the sides of your neighbor’s houses, which both appear to be right on the lot lines and both extend much farther back than this house (since they have garages and this one doesn’t). The whole backyard is bricked, and there is just one little area with some stone and pine straw. No grass.
If looking at the house from the back, there is a parking pad on the left (in b/w the neighbor’s house and those planters you see in the picture). If you actually had a car there the yard would be really tiny. The back border of the yard is a big, remote-control operated gate. It slides open to let you bring your car in. It’s pretty tight back there, but at least you have parking.
There is small sun room on the back of the house that is not shown in any of the pictures, and which was obviously added on later. If you wanted to expand the house, you could extend that room back and build on top of it, though you would lose most if not all of your yard. Or you could make that your garage and build room(s) or a deck on top, which it seems most of the adjacent houses have done. The house backs up to a bunch of bars, so maybe the backyard wouldn’t be the most relaxing place to hang out, which might be why the neighbors have opted for more house instead of yard space. Hope this makes sense.
@ Chris. The inspectors put estimates in the report for anything above around 2K. If anything I think the estimates were on the low end of what the repairs might cost.
“We have excellent credit, are putting down more than 20%, have nothing to sell, and are in no hurry”
ah the rare, almost extinct DoDo bird of the Real Estate Jungle
Mariposa:
“are the “buy now or be priced out forever” warnings legitimate?”
I don’t think that has ever been posted here seriously. No, they are not legitimate.
“We have excellent credit, are putting down more than 20%, have nothing to sell, and are in no hurry”
I think real estate is oversold based on income dynamics I see in the upper brackets. That said, its not an investment, it is a cost. Run a rent-buy calculator and look for yourself (NY Times). Chances are that anything over a 5 year horizon pays out even if you assume weak price improvement (1% ish).
Buy now or be priced out forever is a reflexive and overused HD-ism. No one seems to believe RE is headed for a sharp increase, inflation expectations notwithstanding. Of course, no one thought the S&P would trade up 95% from its March 2009 nadir either.
JMM: That nadir of the DOW was today, I believe.
mariposa: if you have to ask yourself the question whether it is a good time to buy, then you haven’t been following the market as closely as those here. It’s a terrible time to buy. The market is double dipping right now.
My goodness you almost paid $700,000 for a small 2 bedroom cottage in east lincoln park. You got lucky and dodged a bullet. Let some other greater fool pay insane amounts of money.
‘
If I were you (and I am given taht i’m also renting, an attorney, have 20%, good credit and aLSO in no hurry), I’d consider renting for at least another year or two and save your money, bc there will be better deals in the future.
Of course there will be a floor on ELP houses but I imagine that floor is much lower than $700k for a 2 bed cottage on an odd lot with $100k in necessary foundation work. God help us all if this unit at $700k is the floor on ELP SFH.
“God help us all if this unit at $700k is the floor on ELP SFH.”
It isn’t. The broken contract was already for $650, not $700.
Housing Supply is Really 60 months, not 9 months per NAR
http://globaleconomicanalysis.blogspot.com/2011/03/five-years-of-housing-supply-and-5-or-6.html
“Housing Supply is Really 60 months, not 9 months per NAR”
Probably really in between. But, yeah, as alawys don’t take the NAR at face.
From the link:
Is this bad transcription, or was Feder making no sense?
“”We are terribly concerned with what is ultimately the pain hast to be taken. The number could approach aggregate mortgages 5 or 6 trillion dollars. The question is how much of that is overhang and how much of it has to be written off.””
PS: Whether or not it’s bad transcription, Feder ain’t projecting “5 or 6 T of additional pain” as the title says, just that’s the aggregate balance on (potentially) troubled loans, which is *highly* unlikely to end in 100% write off–60-70% sure, maybe, but not 100%.
Thanks for the advice, everyone.
Also, the contract was for less than 650. A lot less.
Okay but even if it’s 60% off of $5T that’s an incredibly deflationary effect on the economy. Fed is doing their darndest to couteract this by increasing the monetary base but remains to be see what (if any) countering effect this will have.
“Okay but even if it’s 60% off of $5T that’s an incredibly deflationary effect on the economy. Fed is doing their darndest to couteract this by increasing the monetary base but remains to be see what (if any) countering effect this will have.”
Yeah, Feder is, tho, obv. discussing a reasonably foreseeable downside, rather than making a prediction. And it is *possible* that it will be even worse, but that’s pushing into “end of america” territory.
“Also, the contract was for less than 650. A lot less.”
Well then, the bottom must be in!! [kidding]
Mari–if you find someplace else you love, see yourself living there for a decade and it’s a price you feel comfortable paying, now is not a bad time to buy. But you need all three, imo.
Dude, a flood of houses will bring a flood of buyers and the desirable homes will be snapped up quickly. Buy now or be priced out forever!
“Also, the contract was for less than 650. A lot less.”
@mariposa any special reason for ELP? If you truly have more than 20% down for this place, you can certain afford a much better pad in the non-green zone areas.
“If you truly have more than 20% down for this place, you can certain afford a much better pad in the non-green zone areas.”
Not even just “non-green zone”- in OTHER parts of the greenzone.
Schools are a big issue, so we were trying to focus on this area because the school is so strong. I like a lot of other areas, too, but the schools are just so bad. I am open to private school, but I don’t really want to feel like I’m forced into that because it’s my only option. One never knows what one’s financial, medical, or professional situation will be in the future, so I don’t want to bank on always being able to foot a hefty tuition bill. Any other suggestions for good neighborhood schools in the city? Thanks everyone.
“Any other suggestions for good neighborhood schools in the city? Thanks everyone.”
Mari,
i dont know how or where you would like to live, I am a huge NW side of chicago supporter/pusher and it has schools that are above Lincoln elementary. But i find most who are looking into LP and the Lincoln elem district that they dont want to go farther than damen ave.
The bell dist in northcenter is a wonderful option. it give you bell and St Bens for private, you have roscoe village shops and Lincoln Square shops right buy you. you get a house on a FULL lot with a gararge, front and back yards.
but let me know if you would like me to hype the NW side for you. or just wait in some other posts i will eventually do it anyway.
” One never knows what one’s financial, medical, or professional situation will be in the future”
or one’s school district.
I too am a big fan of the NW side.
mariposa – Other than Lincoln, the most popular neighborhood options include Blaine, Bell, and Burley. Other increasingly popular options are Coonley, Nettelhorst, and Alcott. You can see the boundaries for each school at http://schoollocator.cps.k12.il.us/
I also have friends with kids in Oscar Meyer now that it switched to Montessori, and they are happy with the ‘turn around’ progress. You might be interested in looking there.
Agassiz I’m looking to visit their Friends Of meetings as well.
Thanks, everyone. Good to know about Oscar Mayer.
Groove, I am familiar with Bell and we are looking there, too, but it’s a little frustrating since the houses in that school district are normally far from the train, and the true Roscoe Village locations are not in that district.
My husband and I both work downtown and most likely will indefinitely, because of the nature of our jobs. We would like to feel connected to the city, and our general outlook so far has been the closer the better, but we would consider living out father if we could take Metra and be downtown in a few minutes, if the area is nice and has good schools. I am not originally from Chicago and am not very familiar with the NW side beyond “the green zone.” Can you tell me the names of the neighborhoods/schools you would recommend so I can check them out? Thanks!
Off the metra with great schools, really gets 2 hoods on the NW side.
old Norwood park will have you at ogilve in 20 minutes, Edgebrook will have you at union station in 30 minutes.
now if you dont mind the blue line and good not great schools it opens up your options.
Norwood has homes on 50×200 lots with many victoran and Queen Annes and norwood is a few block from I90 the blue line and about a 7 minute drive to Ohare. actually its borders are the metra and I90 on the north and south.
The park is sweet it has a water slide a very competitive kids BBall league.
for restaurants and shopping you will be driving but 2-5 mintutes only given Northwest Highway has been opening some cool new shops on its strip right off the train station.
“it’s a little frustrating since the houses in [Bell] are normally far from the train”
That’s an absurd complaint when you were under contract for a house about half a mile from the El. There are a number of places on the market today in Bell that are an extra block further from the el.
Complain about the prices, the length of the commute or something else about the neighborhood, but distance from the train, when looking at .5 mile distances in LP, AND “true RV” which is just as far or further from the El as most of Bell, is simply uninformed.
The 2br house was under half a mile to the train. And yes, while there are some houses in Bell that are that close to the train, the majority are not, so I don’t think it’s inaccurate to say that the houses in that district are “normally” far from it. From what I can see, the district goes from Lincoln all the way to the river, so 75% of that area is going to be very far from the train stations.
Regardless, I don’t think you need to be rude about it. Obviously I am not the best informed person on these issues, nor do I claim to be. That is precisely why I am asking for advice.
Groove, Thanks for the info. I will definitely check it out.
“From what I can see, the district goes from Lincoln all the way to the river, so 75% of that area is going to be very far from the train stations.”
And easily a third of that 75% doesn’t have a single house on it.
And if .4 miles is “close”, .6 miles is not “very far”, nor even “far”.
And I wouldn’t have recommended anything west of Western, which eliminates well over half of that 75%.
And, if you think that North Center is unconnected to the “city”, then you shouldn’t waste your time checking out Groove’s suggestions, much as I like Groove’s suggestions.
And, for the intertubez, that ain’t rude, but I’m sorry that’s the way it came across; not trying to be.
Mari–
As groove said, Edgebrook Elementary is one of the highest rated schools in the city and the Metra will get you downtown in reasonable time. It just isn’t close to the city…but it is a great neighborhood!
“The 2br house was under half a mile to the train. And yes, while there are some houses in Bell that are that close to the train, the majority are not, so I don’t think it’s inaccurate to say that the houses in that district are “normally” far from it.”
A lot of the Bell district is NOT close to the El. Ever look at apartments in that area? Forget about it (unless you have a car and are going to drive to work.)
“A lot of the Bell district is NOT close to the El. Ever look at apartments in that area? Forget about it (unless you have a car and are going to drive to work.)”
What qualifies as “far”? And what qualifies as “very far”?
And how is 800 yards (the distance from this place to the Fullerton stop) “close” and 1200 yards (the distance from IPR or Addison stops to Grace & Leavitt–that is, a distance that encompasses the entire east of western part of Bell save about 4 blocks–which includes properties facing Western and the school itself) “very far”?
Keeping in mind that I wouldn’t recommend west of Western for heading downtown via transit, unless one wanted to take the 49 to the blue line.
And why is “bus to train” okay in some neighborhoods, but not others? Addison and IPR both have buses.
Mari,
Anon is on-ponite, if you think that northcenter is disconnected to the “city” Old Norwood will feel like a far suburb to you.
It does not mean you should not check it out, but i want you going in with realistic expectations when you do.
its a different feel an culture than LP but for the same price you are getting a 4br home on a 50×200 lot and down to earth neighbors.
you loose some of those down to earth neighbors in edgebrook and lot size but gain a better school and closer proximty to shopping and a wonderful bike trail and public gold courses (if it didnt rain)
it’s under contract again!!
“it’s under contract again!!”
Isn’t that “still”?
I’ll be damned, I almost bought this place back in ’93. Instead I opted for a vertical trailer park. Kind of sorry I didn’t buy it.