3-Bedroom With “Exclusive Rights” to the Lower Level Returns to the Market: 2227 N. Bissell in Lincoln Park
It seems like a lot of properties we’ve seen in the past several years that didn’t sell are suddenly coming back on the market. And who can blame them for trying again with these market conditions?
We last chattered about this first floor 3-bedroom at 2227 N. Bissell in Lincoln Park in April 2010.
See our prior chatter here.
There is apparently a 3-bedroom, 2 bath unit on the main floor and then a second unit on the lower level.
In the prior listing, it described it as a “unique” space which had a kitchen, bedroom, den and bathroom.
This time, it says “1st floor has exclusive rights to 1000 square foot lower level.”
It’s still not clear if there is a separate entrance for this 1000 square foot lower level or if you access it from within the main unit.
But just to refresh your memory, the kitchen has stainless steel appliances and is open to the dining room. There are hardwood floors throughout.
The main unit has central air, washer/dryer in the unit and garage parking.
The downstairs kitchen has white cabinets and black appliances. I’m not sure about the central air there.
Confused yet? Go check out the pictures.
The unit has come back on the market $33,000 less than its price in April 2010.
What will be the fate of this property this go around?
Tiffany Moret at @Properties now has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, 1000-square feet of lower level living space, 1 car parking
- Sold in May 1998 for $320,000
- Sold in February 2000 for $395,000
- Sold in July 2004 for $600,000
- Listed in January 2010 for $624,900
- Reduced
- Was listed in April 2010 for $598,000
- Withdrawn
- Currently listed for $565,000
- Assessments still $125 a month
- Taxes now $7515 (they were $6690 in 2010)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×11 (main level)
- Bedroom #2: 12×11 (main level)
- Bedroom #3: 10×9 (main level)
That’s just a bizarre arrangement. Do you own the lower level? Is it your responsibility when/if it floods? All of the disadvantages of a duplex-down without actually being one.
Terrible, so very very terrible
Looks like a typical mother-in-law suite. Good for a nanny or a post-college boomerang kid. I could see a lot of people who might like this. And the potential for flooding could be an advantage, depending on who is living there.
don’t really get it….but someone will buy it for the location alone. If it didt get water with that last crazy rain, I doubt it will
Last time we saw something like this, our attorney advised us that such arrangements are questionable at best; usually you’re technically living in a limited common element. Has anyone seen the condo docs?
From the listing, under “Additional Room” section: Exterior Access to Basement
Could probably rent the lower for 850-900
Looks pretty good for a live-in nanny as is, but the main floor is kind of cramped, esp. that 3rd bedroom — works as a nursery, but not for too much longer. Meh. Income from the garden unit might be nice… the ceilings look low down there, and the heat looks iff-y (electric baseboard heating, right?).