3 Months Later, This Lincoln Park 3-Bedroom Reduces Another $10K: 1049 W. Montana
With the ccrd website down, I’m covering some of our old properties.
We last chattered about this 3-bedroom duplex down at 1049 W. Montana in Lincoln Park in October 2011.
See our prior chatter here.
It is still on the market and was recently reduced another $10,000 to $389,000.
If you recall, it has all the features buyers look for including central air, parking and in-unit washer/dryer (in this case a full sized stackable.)
2 of the 3 bedrooms are in the lower level.
It also has a separate dining room.
The kitchen has cherry cabinets, stainless steel appliances and stone counter tops.
The listing says the master bath has been “redone” and has marble floors.
What price will it finally take to sell this property?
Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, duplex down, no square footage listed, 1 car parking
- Sold in March 1996 for $236,500
- Sold in January 2007 for $445,000
- Originally listed in June 2011 for $439,000
- Reduced
- Was listed in October 2011 for $399,000
- Reduced
- Currently listed for $389,000
- Assessments of $247 a month
- Taxes of $7220
- Central Air
- In-unit washer/dryer
- Parking included
- Bedroom #1: 15×11 (lower level)
- Bedroom #2: 11×10 (lower level)
- Bedroom #3: 11×8 (main level)
I love how the listing says “Basement — no” LOL
So many of these buildings would be better off on differnet ends of the spectrum, i.e., either they should never have been converted to condos and should have remained smaller, inexpensive apartments, or the conversions should have created 4-level homes, sort of like rowhouses or THs, only with a common entrance.
“or the conversions should have created 4-level homes”
How awesome would this building be as a a two-unit, side by side? Hella awesome!
I understand that the economics dictated the need to make every possible inch of space into something sellable, but it would have been far better to leave the basement as common space – storage, workout area, library, etc.
“or the conversions should have created 4-level homes, sort of like rowhouses or THs, only with a common entrance”
This is generally a considerably more expensive conversion to do on a building that was (presumably) originally a 3-flat. The economics during the boom, when even duplex downs were selling like hotcakes in the GZ, favored taking the cheap way out. With 20.20 hindsight it admittedly doesn’t look so smart now…
“Bedroom #2: 11×10 (lower level)”
“Bedroom #3: 11×8 (main level)”
Miserably small.
I showed this to a buyer 1.5 months ago. We looked up to $425k. With Armitage/Ashland/Belmont/Lake as boundries.
Based on the competition, my guess is this will eventially sell for around $325k. Too many better options in high 3’s low $4’s not too far from this.
Many duplex downs were basement apartments that were joined with the first floor, since most people will want to live in a full basement apartment. Also, many duplex downs have had their lower floors lowered (or dug out) to add more ceiling height and to install modern plumbing needs. I grew up in a house with a finished basement, so a duplex down does not seem weird to me at all.
I should say…. most people will NOT want to live in a full basement apartment.
“I grew up in a house with a finished basement, so a duplex down does not seem weird to me at all.”
So did I, but I didn’t have to sleep down there. Having half of the prime living space including 2 out of 3 bedrooms in the basement is a different matter. Below grade space is just not as desirable as above grade space to most people even if the ceiling heights are comparable.
As far as the “Basement – NO” in the listing, I’ve even seen that in listings for condos in the Hancock!
I personally LOVE the basement – I had a 1st floor duplex down in Boston – and I loved the fact that there was nobody beneath me. I turned one of the bedrooms into an exercise room and it was AWESOME!! I had moved previously from a 3rd floor unit where my exercise room generated SO many complaints from the downstairs neighbors because of the noise and “chandelier” shaking. If you don’t lift weights, you may dance and the same thing goes for dancing I suppose. Plus, its a great place to throw the kids and not worry about downstairs neighbors complaining.
“Below grade space is just not as desirable as above grade space to most people even if the ceiling heights are comparable.”
You are correct, which is why duplex downs should be more inexpensive when compared to the exact same apartment if it were all above ground.