3-Bedroom Duplex Up Under the 2001 Price in North Center: 2855 N. Damen
This 3-bedroom duplex up unit at 2855 N. Damen in North Center has been on and off the market since November 2008.
It has been reduced about $160,000 during that time and is now listed as a short sale.
The unit is also listed for $19,000 under the 2001 purchase price.
Two of the 3 bedrooms are on the main floor with a lofted third bedroom which has skylights.
The kitchen has stainless steel appliances and granite counter tops.
The listing says the unit has 3 decks and it looks like one of those is a rooftop deck.
Is this now a deal?
Jeffrey Proctor at @Properties has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, no square footage listed
- Sold in May 2001 for $359,000
- Originally listed in November 2008 for $499,900
- Reduced numerous times over the years
- Under contract in March 2010– but fell out of contract
- Currently listed as a “short sale” for $340,000 (includes parking)
- Assessments of $100 a month
- Taxes of $5021
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×13
- Bedroom #2: 10×10
- Bedroom #3: 10×15 (lofted on the top floor)
WALK TO COSTCO!!!!
Great buy – if everything checks out, this one should go fast…. (obviously something is wrong w/ the assessments – they should be 350-400 for a place like this – does anyone know why?)
Yeah its a deal IF the bank agrees to a range in the area of 340-365k. Anything above that and not so much.
I live in a similar building and assessments for the 2BR unit is $100/mo and the 3BR units are $125/mo. They prob have $0 reserves but most people would rather keep $ in thier pocket and pay specials as needed rather than funding a reserve that they might never access while owning the place.
Clio:
Are you kidding? Its a 3 – 4 unit walkup building. How can you say assessments would be 350 -400???
If your building does not maintain a large reserve, than YOU need to. It’s not likely a newer building will need that much help any time soon, but things do happen.
The problem is that most middle and upper-middle income people are so far in debt that they don’t have enough reserve to get through a major personal emergency, so they are blindsided by a large special. Therefore, a building should have an adequate reserve and it is one of the first things I look at when I’m sizing up a place for possible purchase.
Not a bad deal at all other than the ? location. It just might be a personal thing for me, but I don’t care for this immediate area. There were many ‘deals’ to be had when we were scouting properties a couple of years ago in this neighborhood, but I did not take too many of them. The ones we did rehab sold rather quickly with a decent profit margin.
Looking at the pics, this unit seems to have more ‘oomph’ than the hundreds of other similarily designed units. The skylights and three outdoor spaces do add to the value…real or imagined.
“How can you say assessments would be 350 -400???”
You have to build up reserves. Remember, in the next 20 years, you have to consider roof replacement, tuckpointing, general repairs to the exterior, ? window replacement, carpet and interior renovation. All of these things, together, could/will be over 100k. Divide that by 4 = 25k/unit over the next 10-20 years. Therefore, although 100/month is ok for current expenses, each unit should be contributing 200-300/month for the reserves (2400-3600/yr per unit). This way, in 10 years, there should be around 100k in reserves (barring any unforseen expenses).
“It just might be a personal thing for me, but I don’t care for this immediate area.”
Are u looking as an investor or your own personal place? As an investor, your personal preference is irrelevant.
“It’s not likely a newer building will need that much help any time soon, but things do happen. ”
I know several people who lived in buildings of this type and vintage who had significant water infiltration problems which were common element issues. But that should be something that would show up in 9 years.
“How can you say assessments would be 350 -400???”
He wants a pre-paid “special” maintenance fund when buying for investment. Other than hallway electric, snow removal, ass’n insurance and maybe seasonal yard cleaning, what else is in the ass’n budget for a building like this? And why would anyone expecting to sell in less than 10 years agree to fund defer-able maintenance in a building like this? I’d want to gamble on the “special” financing, too. But then, as HOA-living goes, this sort of place is my worst nightmare.
I would hate this location mostly because getting downtown via CTA would not be pleasant.
Further North is more desirable to me because of the much more tolerable walk to the train.
i’d live here for 340k, not sure if the bank will allow that though
“Other than hallway electric, snow removal, ass’n insurance and maybe seasonal yard cleaning, what else is in the ass’n budget for a building like this?”
That’s the unknown – which is why you want good reserves. Also, although most people would rather keep the money themselves and deal w/ special assessments, you cannot be sure about your neighbors. I have heard of some real nightmares regarding people unable to afford special assessments – then the building (and the remaining owners) are REALLY screwed.
I too hate the location. I am trying to decide whether I like it more or less than McCrapboxes like this one. . . I’m going to go with “more.”
Agree w/Clio I’d be concerned about reserves. Of course, nothing could be wrong with a building so new, right? 😉
Barely relatedly: cruised by here last weekend, and noticed that while http://cribchatter.com/?p=8367 is off the market, 4139 N Damen is listed again for just under a mil. . . and is sitting there.
I think it says something about today’s earlier conversation about $1m homes for families, when mangan-built rowhouses in prime school districts ain’t selling– for 2 years straight!
“Are u looking as an investor or your own personal place? As an investor, your personal preference is irrelevant.”
Hi Clio – How’s it going today?
I have owned investment properties too and I’d say an important caveat to this is “location, location, location.” With a good location you will have less problems keeping the place rented and you will attract a better class of tenant.
About this property, the location isn’t perfect as far as walkability and public transportation. But aside from that I love it! It’s a lot of space with low assessments and the taxes are not terrible. If I could afford that price point I would totally buy it for myself.
“I have owned investment properties too and I’d say an important caveat to this is “location, location, location.”
Milkster – I absolutely agree w/you. My comment about “personal preference” was meant to poke westloopelo a little.
In terms of affordability, if you like this place, maybe the bank would be willing to work w/you. Alternatively, contact the realtor and see if there are any investors interested in this place – if you like the place, you could maybe strike a deal w/ them (owner financing, lease/option, contract sales). Right now, there ARE many investors w/ cash making 0-2% out there. Several investors may be willing to work w/ people. Of course, you would have to pay a slightly higher rate (5-6%) – but it really may make a lot of sense to both parties.
another bank feeler….price is right though. I would imagine this sells at 350k if there are interested parties and no funny business by the bank with past assesments/closing costs, etc…
“About this property, the location isn’t perfect as far as walkability and public transportation.”
Another CCer who thinks you fall off a map when you get away from a train stop.
The Clybourn bus is a straight shot down to Division where you can then take the Orleans bus downtown. Not ideal, but honestly is the Brown line this far north much faster?
Regarding the reserves:
I can wish for my little pony and pink rainbows too, but no condo association in their right mind is going have assessments in the 350 – 400 range for this type of building even with saving for waterproofing every ~3-5 years and roofing every 10 years.
or you can just take the diversey bus to the diversey brown line stop. Not ideal, but doable for sure
“The Clybourn bus”
Wha? What’s the route number for that one?
Oh…it was route 41. You would also need a time machine so if you don’t have one sucks to be you. I can’t believe they don’t have a bus route these days there.
Maybe because Division & Clybourn is at Cabrini and they’ve cut back on the frequency of their shopping trips at Crate & Barrel (at North & Clybourn)?
I’m with anon 100% on this:
“It’s not likely a newer building will need that much help any time soon, but things do happen. ”
I know several people who lived in buildings of this type and vintage who had significant water infiltration problems which were common element issues. But that should be something that would show up in 9 years.
Pay a local dude in additional to the snow removal, the little stuff. blow out the garages once a year. Clean front back stairwells. Take out the garbage to the street once a week.
I know a lot has been said about the wave of crap properties once the shadow inventories start being released.
My thoughts are more to the next wave in 10 years when all of the defered maintenace on these type of building turns critical.
The only thing that helps a small association is participation. If your 1 of 20 its easy to avoid your neighbors. If its only 3 then people tend to be more involved. People that I know in 3 unit HOA’s tend to take smaller, less skilled projects on together. I.E. 3 neighbors painting the halls themselves over a few weekends, replacing the landscaping, even hall carpet replacement.
Though it doesn’t always work well. You can end up with 3 owners arguing for hours over who should have replace a hall lightbulb…………. Its going to be very interesting in 10 years.
Anyone else remember the “White trash lives here” signs on the former neighbors front porch? She was funny. Each month she would put up a new sign with the same theme of trying to “warn those pesky yuppies” to beware of her low class habits and behaviors. She was even featured in the Tribune ranting about how her once great street was being swallowed by those tall ugly structures full of yuppies.
BTW many tenants for this property will choose to live here for the ease of commute to work. They are not working in the loop but rather in Schaumburg or up in a northern suburb but prefer to live in the city! This exact spot is filled with people who would prefer to be living further east in LP but prefer the much quicker access to the Kennedy Expy than if they were living east of say Racine. It knocks off 10 minutes each way and the parking is much easier.
They also feel comfortable with that big COSTCO as it reminds them of the burb where they grew up.
In a smaller assoc I have seen one person who takes the lead and if the other neighbors are laid back they will either join the crew as Tom suggested or put in the $$$ to make it happen. Those mid sized ones will be the problems. Too small for a property mgr and too big for a weekend project mentality. There are also often too many opinions on how to tackle each issue.
“Anyone else remember the “White trash lives here” signs on the former neighbors front porch?”
They moved out September 1? Because the last time I looked (which was certainly sometime in August) there was yet another sign hanging.
“Not ideal, but honestly is the Brown line this far north much faster?”
I don’t care which bus route you are talking about, the answer is yes. Unless there is a problem effecting service, brown line from diversey to library is a reliable 15-20 minute ride. Plus you have the option of transferring to the red line to shave a few more minutes off, depending on your destination. Factor in some walking and you are talking about a total of 25-30 minutes for your commute, with trains showing up every 4-6 minutes at rush hour.
The 134 express? Claims over 30 minutes to the heart of the loop from Arlington.
The 156? Claims 22 minutes from Fullerton to Wacker.
The 22? Claims 35 minutes from Diversey to Harrison.
Those are for rush hour and I can guarantee you that your averages will be longer, especially if you have the patience to ride the bus to the south end of the loop. So, all else equal would you rather live off a train line or a bus line?
“Anyone else remember the “White trash lives here” signs on the former neighbors front porch? She was funny. Each month she would put up a new sign with the same theme of trying to “warn those pesky yuppies” to beware of her low class habits and behaviors. She was even featured in the Tribune ranting about how her once great street was being swallowed by those tall ugly structures full of yuppies.”
Heck yes I do! That lady is the best.
“brown line from diversey to library is a reliable 15-20 minute ride”
The rrown line is a lot of things, but none of them are “reliable”.
I used to live down the street from here at George/Wolcott and transit stinks, walkability stinks (seriously the closest bars besides that crapshack on Wellington/Ravenswood are at Damen/Roscoe), but hey, parking is pretty easy.
Being on Damen right here would suck because you’re basically sitting on the Mason/Dixon line between LV and Lathrop. That Clybourn Market is G-H-E-T-T-O.
“that crapshack on Wellington/Ravenswood”
Can anyone comment on Millie’s? I have a friend who swears by it (“tons of chics lined up at 8am!”), but then again he is prone to exaggeration/falsification.
“Another CCer who thinks you fall off a map when you get away from a train stop. The Clybourn bus is a straight shot down to Division where you can then take the Orleans bus downtown. Not ideal, but honestly is the Brown line this far north much faster?”
Hi Bob –
Actually, I’m searching most areas on the North and West Sides. Personally, I don’t like the bus. I will do an el to bus transfer if I have to, but I would rather walk to an el stop even if it’s a longish walk. I don’t like bus to bus transfers. Especially at night when I’m going out.
I like the Brown Line. It has nice scenery and nice passengers. I made an offer on a cute 1 BR about a 15 minute walk west of the Kimball stop when I was in town in April. It was also a 20 minute walk to the Montrose stop on the Blue Line. Perfect for my commute into O’Hare even wheeling one suitcase. I would have been quite happy with that place. Unfortunately the listing agents strung me along for a couple of months without a signed contract and then ended up asking me for an additonal $2,000 to pad their commission, so I let it go at that point.
Man, I could tell you some stories…
Milky,
glad that offer fizzled, i just hate that area for the fact of personal mental health. that walk down Lawrence to brown line each day would make an optimistic person turn HomeDelete.
“Can anyone comment on Millie’s? ”
awful awful place, don’t even bother as Side Street Saloon is nearby and much more pleasant.
Bob you need to swing by the Shamrock Club near the mart for a strange little slice of Chicago. Coldest budweiser bottles i’ve ever had in town!
The 134 is faster. I typically get from Barry and Sheridan to Lasalle/Randolph in less than 30 min in the morning. Its the same on the way back, unless I leave around 5:30, then I can add another 15 min.
But its cleanliness and lack of bums make the few minutes of LSD traffic tolerable.
More importantly, its 9 years later, and a short sale 19K of the 2001 sales price. Have they not paid down the principle at all?
“More importantly, its 9 years later, and a short sale 19K of the 2001 sales price. Have they not paid down the principle at all?”
Refis. Several. Appears to owe $345 on an ’05 mtg and $83 on a ’06.
JM: faster than what? Granted, your route is on the lake, so hauling all the way over to the El isn’t really a great option. But if you do live near the el, the brown or red line from Belmont to the Mart/Lake is not only a faster ride, but a much more stable one day-to-day.
Your comment about adding 15 minutes depending on what time you leave is exactly why I’ve become so anti-bus after commuting here for over a decade. I’ve wasted too many hours crammed onto a bus, sitting in heavy traffic on LaSalle. And don’t get me started on express busses on LSD in inclement weather…
Lived by Paulina el before – switching to the 134 was a major improvement.
“Lived by Paulina el before”
Before or after completion of the expansion?
“Refis. Several. Appears to owe $345 on an ‘05 mtg and $83 on a ‘06.”
Here’s to hoping the house-as-ATM strategy does not end well for this longtime owner.
Oops misread. Nvm.
“Oops misread. Nvm.”
Yeah–definitely going to end fine–made $83k tax free in 2006 and probably been living for $100/month for over a year. Win-Win-Win for the owner. Lose-Lose-Lose for everyone else.
anon (tfo) – enjoyed it after the expansion, which still meant traveling about 6 miles an hour between Chicago and Sedgewick, on top of the long wait to get out of the loop.
I understand most people don’t like busses, particularly busses that stop every block. But I’ll take a clean express bus, even with a little surface traffic, over a dirty el train any day. And I like dirty el trains. I just like clean express busses better.
“anon (tfo) – enjoyed it after the expansion, which still meant traveling about 6 miles an hour between Chicago and Sedgewick, on top of the long wait to get out of the loop.”
Which is why I’ve switched (when I ride) to switching to/from the red. Brown is much more pleasant, but sooo much slower to Fullerton.
Or you can take the Damen bus to the intersection with Milwaukee + North and transfer to the Blue Line.
How would this rate for a family with kids? Don’t know which school district it’s in, but the proximity to Hamlin Park is a plus. Love those Cub-sponsored baseball/softball diamonds; they were actually being USED by adult teams at 8 pm last Saturday night!
Millie’s is an old cop bar – they are in the camp of “we ain’t really looking for a new crowd”
And I certainly remember the lady with the signs, I lived across the alley. She had every right to be aggravated (as did we all) as the developers who put up those buildings on Damen were unbelievably rude & obnoxious – they dug foundation pits that became apocalyptic homeless campouts for over a year. they then paved those properties front to back, sloping drainage towards neighbors – like the lady with the signs. She eventually built up a retaining wall to keep her yard from flooding after every rain.
My biggest annoyance with that area wasn’t Lathrop. it was the gridlock. Horrible, horrible traffic all the time, on a Saturday morning it could take 15- 20 minutes to go the mile west to the expressway. I *love* being further west.
“they then paved those properties front to back, sloping drainage towards neighbors”
i had a chef buddy who lived in a duplex down on damen closer to wolfie street.
he said he never had water problems or dampness at all in the down part of the duplex. i can see why now.
If the next mayor can somehow find the money, s/he should encourage new bus routes on both Elston and Clybourn.
Once upon a time, of course, Clybourn had not only buses but a streetcar line that terminated at Western, for the benefit of all the Riverview revelers!
this is not northcenter – it is closer to roscoe village
“this is not northcenter – it is closer to roscoe village”
There is no such thing as roscoe village for the purposes of the MLS (that is simply lakeview.) So for some properties that aren’t obviously in a set neighborhood I use the MLS definition- which, in this case, is North Center.