2/1 Lincoln Park Townhouse Sells For $24,000 Under 2008 Price: 2052 N. Larrabee
We last chattered about this 2-bedroom townhouse at 2052 N. Larrabee in Lincoln Park in May 2011.
See our prior chatter here.
Priced at $329,000 at the time, at only 1000 square feet on two levels, most of you thought it was too small to sell for over $300,000.
It recently sold for $316,000, or $24,000 under, the 2008 price.
If you recall, it was an end unit with its own private patio.
The 2-bedrooms were on the second floor with the living areas on the main floor.
The listing said the townhouse had been renovated.
The kitchen had stainless steel appliances, granite counter tops and a tile backsplash.
It had central air and a private parking space.
Are townhouses (even small ones) more in demand that you thought?
Andrew Glatz at Crown Heights Realty had the listing.
2052 N. Larrabee: 2 bedrooms, 1 bath, 1000 square feet
- Sold in December 2004 for $302,500
- Sold in October 2008 for $340,000
- Originally listed in February 2011
- Was listed in March 2011 for $345,000
- Reduced
- Was listed in June 2011 for $329,900
- Sold in August 2011 for $316,000
- Assessments of $180 a month (includes cable)
- Taxes of $4463
- Central Air
- Parking
- Bedroom #1: 14×10 (second level)
- Bedroom #2: 14×9 (second level)
I’m not sure why this is on here. Solid buy for a nice place in a good location. Is it better than a condo? For the area I guess a townhome is superior than a condo.
“Are townhouses (even small ones) more in demand that you thought?”
I think the better question is, “Even in this market are people still paying too much to live in a tiny, narrow-bedrooms, one-bathroom place?” Answer: Yes.
yeah if it was a 2/2 i’d say it was a good deal
living with one bathroom sucks unless you’re single
Sabrina from the last thread on subject:
“There’s a reason behind this listing price. 2058 N. Larrabee just sold last month- with similar finishes and also the first floor patio- for $325,000.
Anyone with a redfin account can put in the address and take a look at that one.
It’s nearly identical (in finishes and feel) to this one.”
A little math:
2058 N Larrabee contract 4/27/11 closed 5/20/11 $325,000
2052 N Larrabee contract 7/11/11 closed 8/9/11 $316,000
That’s about a 12% annualized rate of decline.
1 bath sucks, but at this price point in this location I think this is a good deal.
I was the buyer’s agent for this property and am limited from divulging any private details, however I can happily report that the buyer did get a property that met their needs perfectly, and then some.
I’ve helped buyers purchase many homes in this area, however this was my first in this association. I was impressed with the size of the crawlspace in these homes, however this particular unit’s location within the development, the parking space and patio size were huge selling points.
Michael Vrielink
How hard/expensive would it be to add a powder room off the kitchen? If they leave it as a 2-bed, an extra full bath is not all that necessary, at least until the baby becomes a teen.
It is fine not having a second bath. It is only 1000 square feet, that would be a waste of valuable space.
Great location near Oz Park, easy walk to the beach.
Looks clean and good use of space.
ChiTown Girl — It would be possible to add a half bath under the stairs, but based on the size, as “Lips” mentioned, it would be unnecessary. Agreed on the location and space, we had this rented out before the home even closed.
2140 N Lincoln #5308 is a top floor 2/1 with a top floor deck also with a parking space came on the MLS today with an ask price of $290k. Assessments of 268/mo. MLS 07896388.
Whats the annualized return now, G? 😀