2000 Square Feet Under $600K in Lincoln Park: 2642 N. Seminary
We were chattering yesterday that it was difficult to find 2000 square foot properties that weren’t duplex down for “affordable” prices (i.e. not a $1 million) in “prime” neighborhoods.
This 3-bedroom duplex up at 2642 N. Seminary in Lincoln Park appears to meet the criteria.
It has 2000 square feet and cathedral ceilings in the living/dining rooms. The second level has a den and the master suite.
The unit also has 2 large patios and garage parking.
Craig Isacson at @Properties has the listing. See the pictures and a virtual tour here.
Unit #3N: 3 bedrooms, 3 baths, 2000 square feet, 1 car garage parking
- Sold in August 2000 for $466,000
- Sold in August 2005 for $545,000
- Originally listed in April 2009 for $565,000
- Currently still listed for $565,000 (looks like parking is included)
- Assessments of $197 a month
- Taxes of $6297
- Central Air
Great street.
Top unit.
Duplex.
Reasonable assessments.
Great street & area.
Nice outdoor space.
3 baths (more than usual with this layout).
Garage spot.
Reasonable taxes.
Someone tell me what’s wrong with this place? I see it selling quickly and for not far below asking price.
522k is my guess. Nice unit but still a duplex and one parking space limits the market.
seems like a nice enough place. near the hoagie hut too.
What’s wrong with a duplex? Duplex is pretty standard in the newer 3 / 6 / 8 flat construction where the top and bottom units are duplex units and the middle units are single floor.
One parking spot is pretty standard in LP, Old Town, Gold Coast, etc.
Even at 522K, 93% of original asking price can’t be seen as too disappointing. I’m still guessing that it goes for more than that though.
“What’s wrong with a duplex? Duplex is pretty standard ”
Its a nice duplex. The issue is above 522k, at 560k, thats out of the conforming loan limit with 20% down. So add in jumbo financing costs AND those assessments and it doesn’t work.
Nice property but unfortunately they’re in no mans land with the current ask. However, luckily for them, they are close to the 522k cutoff.
Yes a ‘standard’ unit but not one that can now get ‘standard’ financing.
Right across from a gas station. If it’s open all night, I bet it’s lit up like a Christmas tree.
There is the gas station though…
frankly i don’t think this is quite 2000 sqft, which is why i think it might go less than the ask.
Not bad, way out of my range but a lot better priced than some of the crap on Clybourn. 521k is my guess.
$450k – look out below. Second time on this market. This go around has been 91 days …. and still not sold.
This will hurt the comps for every 3/6/9 flat in the area. If the duplex ups are only $450k then how will that affect the duplex down or the single floor middle units? Ouch, there are quite a few of these ubiquitous flats around the city….they’re basically a commodity.
maybe they include the outdoor space in the sq footage?
“maybe they include the outdoor space in the sq footage?”
I doubt it. The bedroom sizes are decent and there are 3 full baths. Even though there’s atrium space, it’s not a huge part of the unit that is 20+’ high. I can see this as being 2000 SF or pretty close.
Jon: “Great street.”
But maybe the worst block of it. That gas station out front is teh suk.
Rooms are on the small side (which would make sense they claim 2000 sqft with 3 bedrooms PLUS the loft/office). Still, not bad at all.
Sure, two parking spots would be better but two parking spots in LP/LV is very rare outside of a SFH.
I don’t love the finishings inside but for the right sale price you can have enough money to do work on the inside and get rid of all of the light wood railings and such. Might have to go and check this one out.
Is it just me, or does the living room/dining room look a little on the small side?
I like it, and the price seem really really sweet. i hate that diversy lincoln intersection though.
Seriously there has got to be something is wrong with this place. if not why hasnt it sold?
Glad we agree on this one Groove77.
I agree with a couple things said here like it being the worst block of Seminary and the gas station proximity, but that’s why its under $600. Just saw a 3/2 duplex up sell in Bucktown for $588K (tandem parking, elevator…)
Around where I am at Wells / North in Old Town, there is a duplex up unit offered in a short sale. Same layout, little newer. Maybe a little bigger. $650k ask. Much nicer street.
But 565k for this property seems low. I wonder what’s up. Even if there is water issues with the newer cut face block, its still seems low for what you are getting
Yawn.
chichow – where in Old Town are you referring to?
just a slight suggestion: patios are on the ground, terraces above the ground/on the roof.
Here’s a 3/2 nearby that looks pretty nice for $549 at 2632 N. Wayne. My guess is that it’s close to 2000 SF.
I’d probably go with this one:
http://www.conlonrealestate.com/realestate-properties/07178973.aspx
“Here’s a 3/2 nearby that looks pretty nice for $549 at 2632 N. Wayne. My guess is that it’s close to 2000 SF.”
Look at the floorplan–it’s a 2+Den/2. Not a 3/2. And the SF looks to be ~1850.
Fair enough anon(tfo). I still like it.
It hasn’t sold because units like this are everywhere. They’re all overpriced and few are selling. The sellers are usually more financially stable so they can hold out longer. You are witnessing the struggle between sellers and buyers. Pick your side. This should be priced below the 2005 price.
I was looking in the $550K range for 3/2 or 3 in Lincoln Park in June, and I think that’s what this should be listed at, and sell for around $535-545K. It’s a nice location, big, close to train, has parking, and looks to be in good condition. The only downside I see is walking up three flights of stairs to get to the unit, but apparently some people don’t mind that.
N. North Park Ave
“Bob on July 28th, 2009 at 1:58 pm
The issue is above 522k, at 560k, thats out of the conforming loan limit with 20% down. So add in jumbo financing costs AND those assessments and it doesn’t work.
Nice property but unfortunately they’re in no mans land with the current ask. However, luckily for them, they are close to the 522k cutoff.
Yes a ’standard’ unit but not one that can now get ’standard’ financing.”
Good lord, not this crap again.
NOT EVERYONE IS AS POOR AS YOU, BOB.
NOT EVERYONE IS AS RICH AS YOU, BRADFORD, OR THIS WOULD HAVE ALREADY SOLD.
Seriously, if BMW, Mercedes, and Lexus didn’t offer hugely subsidized leases people wouldn’t have misconceptions about how many rich people live in the US.
My problem is with the hyperbolic and absolute lanugage used by some of the noisier posters on this forum.
‘Nobody can afford this.’
‘Financing is impossible.’
…etc.
Are finance options for higher end properties reduced? Of course. But doesn’t this go without saying? Water is wet and the sky is blue, but we don’t waste time and bandwidth discussing it ad nauseum. I would submit that if these posters spent less time jerking each other off on Cribhater they might be able to afford more than a $700/month $hitbox abode.
FWIW I put down 20% + and had a 417k loan and then another loan on top of that when I bought again at the peak (2007). So it is certainly possible that there were buyers out there with the 20% down who still have their incomes to support the monthly nut
“The issue is above 522k, at 560k, thats out of the conforming loan limit with 20% down. So add in jumbo financing costs AND those assessments and it doesn’t work.”
The homes priced in the $550k-$650k are completely screwed. Right now, the jumbo market only makes sense for homes over $600k because lenders are requiring larger downpayments on jumbo loans. For example, consider a $600k purchase. If a lender requires 30% down for a jumbo loan ($180k), a buyer would never get a jumbo loan because if they are putting $180k down, they could get a conforming loan at a much lower rate. So all the homes priced in this range are going to have to revert to the $500k-$525k price range unless the conforming loan limits are changed or the jumbo market unfreezes.
It works with the assessments.
Sorry, my note got chopped.
The assessments here are
WTH.
The assessments here are less than $200 a month which is pretty darn reasonable. If we were talking about a place in the gold coast with 4 figure assessments, then I’d be less sure if it works for a property with similar space
chichow said “But 565k for this property seems low. I wonder what’s up. ”
If the unit does not have some hidden issues, I also think this is a good price.
MJ said: “The homes priced in the $550k-$650k are completely screwed.”
Not so. The total being over the conforming limit does not mean the you have to get a jumbo.
“all the homes priced in this range are going to have to revert to the $500k-$525k”
Dream on. Only the most desperate of sellers are going to take a hit like that rather than wait for the jumbo mkt to go back to the traditional spread over conforming.
I must agree with MJ on the $550k-$650k price range. It is extremely slow right now.
It does, of course, depend on location. But there are simply too many properties at this price point on the north side of the city and not enough buyers with 20% or 30% now required by lenders.
That’s serious cash and the typical buyer of these units can’t save it in a few months. It’ll take years.
“wait for the jumbo mkt to go back to the traditional spread over conforming.”
Interesting comment and that’s been discussed here before. While since 2000 the spread between jumbos and conventional has been negligible (20-40bps), since the start of the crisis it has peaked to over 195bps but now is dropping. I don’t have data going back further than that but one on here stated it was generally higher before 2000. Will the spread resume its same level as earlier in this decade, or level out at a higher level as in decades past?
Since 2008 the jumbo-conforming spread has fallen according to the link below from 195bps at the height of the crisis to around 80bps today. Has activity improved for the jumbo segment or declined since then? Doesn’t seem promising..
http://www.banx.com/
(click on view chart of lowest box)
This went under contract…interested to see what price it closes at.
Sold for 535K in ’09. Just sold again for more than the ask of 549K-in a couple of days-just no inventory out there.
“Sold for 535K in ’09. Just sold again for more than the ask of 549K-in a couple of days-just no inventory out there.”
Wait a minute- you’re telling me they’re losing money???? I thought everyone who bought after the bust was FINE?
Guess not.