8 Months Later and Finally A Price Cut: 2326 N. Janssen in Lincoln Park
If you’ve ever gone on the Sheffield Garden Walk in Lincoln Park you might have strolled past this 3-bedroom two story home at 2326 N. Janssen.
On the market since July 2009, it only recently had it’s first price cut, reducing by $50,000.
All 3 bedrooms are on the second level, including the 23×16 master bedroom.
The house has a family room and an unfinished basement.
The kitchen has newer cabinets and stainless steel appliances.
It also has what looks to be a lush backyard complete with a 2-car garage.
Is this house a good alternative to the luxury Lincoln Park townhouse?
Jean Emeson at Baird & Warner has the listing. See the pictures here.
2326 N. Janssen: 3 bedrooms, 2.5 baths, 2 car garage
- Sold in July 1994 for $101,000
- Sold in July 2003 for $640,000
- Originally listed in July 2009 for $850,000
- Reduced in February 2010
- Currently listed for $800,000
- Taxes of $10,237
- Central Air
- Bedroom #1: 23×16
- Bedroom #2: 11×9
- Bedroom #3: 9×8
Good alternate to a condo-townhouse, but not a good-sized single family house. Look at the room sizes and photos; this house looks really small and boxed-up. Price it in $650,000 range, reflecting 2003 sold-price. Room sizes are very small, and the cost of “renovation opportunity” would catapult this house into the $1 million plus unsold category. Lincoln Park is presently glutted with unsold “$1 million plus” inventory – there just aren’t that many Chicagoans with household income warranting such an expensive house.
I walked through this place a last fall. The street is beautiful with some huge, unique homes on it. As the first poster said, the layout is very challenging. It was obviously a two family converted to a single family. The finishes are fairly nice, but there are a few issues. 1. What was probably an old bedroom on the 1st floor has been converted into the largest and nicest laundry room I have ever seen. It’s really nice, but makes absolutely no sense being smack dab in the middle of the main living floor. 2. The kitchen is quite small. 3. There is no true family room area. The area off the kitchen is not a good layout and broken up with the column you see in one of the pictures. IIRC the basement has 6-6.5 foot ceilings making is pretty much unusable other than storage. 4. The master BR is ok, but the other two BRs upstairs are quire small The owner is a single woman who travels quite frequently and it appears to be a perfect place for that type of owner. For me, wife and a kid, the layout just doesn’t work, which is unfortunate. The outside is nice, the street is great, and the yard in the back could be very nice. If the layout works for someone, $750-$800K seems like a fair price for a brick home in LP.
6 ft basement ceilings would be perfect for the laundry. little woman would fit under those yet I would not.
weird.
Tastefully decorated but looks pretty cramped all around. Nice place but not what I’d want for a family home I don’t think.
Is the back of the house siding? from the picture of the backyard it looks like a different home.
I think there’s the typical addition that closes in the back stairs.
The first mistake is calling this a Lincoln Park house. The Sheffield Garden Walk is just that, a part of the Sheffield neighborhood NOT the LP neighborhood. There’s a reason the organizers named it that way decades ago – they wanted to show how nice their area was or could be; always has been always will be, regardless of what some realitor calls it today. Nobody calls a Swisher Sweet a Cuban cigar, but somehow everything in 60614 is LP. If this house was at Clevenand & Belden it would sell for double the current asking price… now that’s LP. Amazing how bubble-speak is still accepted as truth, even here.
I rent in a condo building down the street from this place on Belden, and I definitely don’t think the neighborhood warrants the price for places I see in this area. Access to the train is poor, and Fullerton, the nearest main thoroughfare, is dominated by empty retail and Depaul’s rather bland street-level presence. On hot days in the summer you can smell the leather tannery across the river on Ashland just north of Armitage.
I much prefer this area to Wrigleyville though, where we rented last year, but never in my wildest dreams would I drop 800k for any housing in this area. I would gladly sacrifice space and yard for a more urban feel, though I say that about pretty much every neighborhood I’ve been in since moving to Chicago.
“don’t think the neighborhood warrants the price for places I see in this area.”
Maybe some DePaul faculty will buy it. If SFH’s in Hyde Park can go for 800k houses near DePaul probably could too is my guess.
“I would gladly sacrifice space and yard for a more urban feel, though I say that about pretty much every neighborhood I’ve been in since moving to Chicago.”
Then move to one of the high-rise neighborhoods–it doesn’t get that much more urban than those.
It would be funny (but not too surprising) if they tried to charge an extra $50,000 for the garage parking.
This is an old post but the price on this is now down to 699K. What do people think about it at this price? Also, can anything really be done about these taxes? Are tax appeals based on purchase price always, seldom, or never granted? Thanks.
Yeah, taxes are too high. County has assessed value at $116,164. Should be 10% of market value, which is clearly no more than current asking price. I appealed based on purchase price with county board of review and got it reduced about halfway between purchase price and county’s assessed value. Unfortunately, that meant I needed to file with Illinois property tax appeal board. But, yes, those taxes should be about a third lower.
Thanks, Chris. What about the price at this point?
“Thanks, Chris. What about the price at this point?”
You didn’t ask me, but:
1. Every re-assessment cycle, they try to jack the AV, so be ready to appeal the assessment every 3 years.
Also, taxes, if re-assessed at ~$700k market value, would still be $10k+.
2. I’d say the ask is in the ballpark, but wouldn’t offer full price.
3. Question what all was done in the reno; if plumbing/electric wasn’t completely redone, I dunno.
ps: It is 7/10ths of a mile from the el.
I was asking everyone. Thanks.
The taxes in Sabrina’s post are not 2009. Here’s the history of assessment and taxes:
Assessment & Tax:
Assessment
Assessment Year: : 2007 2008 2009
Assessment Type: : Certified Certified Certified
Assd Value – Total: : $81,180 $81,180 $116,164
Assd Value – Land: : $19,200 $19,200 $24,000
Assd Value – Improved: : $61,980 $61,980 $92,164
Yr-to-Yr Assd Value
Change ($): : $34,984
Yr-to-Yr Assd Value
Change (%): : 43.0%
Tax
Jurisdiction Type Tax Year Tax Amount Chg ($) Chg (%)
Total Tax : : Actual 2007 $10,231
Total Tax : : Actual 2008 $10,682 $451 4.4%
Total Tax : : 2009 $17,189 $6,507 60.9%
Anon – 2009 tax bill, which is what I referenced via MLS, was $17,189. I was saying a 1/3 lower than that, so agree with you about $10k+.
Mariposa – Need to run comps to verify price. You have an agent/broker assisting you, right? If not, I am a broker and can rebate you half of the buyer’s agent commission, if you’re interested. Just let me know.
I didn’t have a picture with this property. But it finally sold for just $10,000 over the 2004 purchase price or $200,000 UNDER its original list price 2 years ago (in July 2009.)
Sold for $650,000.
In Lincoln Park!
2326 N. Janssen: 3 bedrooms, 2.5 baths, 2 car garage
Sold in July 1994 for $101,000
Sold in July 2003 for $640,000
Originally listed in July 2009 for $850,000
Reduced in February 2010
Was listed in February 2010 for $800,000
Sold in July 2011 for $650,000
Taxes of $10,237
Central Air
Bedroom #1: 23×16
Bedroom #2: 11×9
Bedroom #3: 9×8
(Also interesting that all the sales were in July.)
http://www.urbanrealestate.com/property/2326-N-Janssen-CHICAGO-IL-60614-5NPEQMXIMQEF6.html
You should see this house now! they opened it up, laundry room is in the basement, therefor proper dining room, living room with new fireplace, open floor plan, plus they made one bedroom way bigger and a sliding door and deck from the family/kitchen area.
It looks awesome! Taxes are 1/3 less like Anon and Chris commented.
Bottom line, I’m sure that house cost much more now! and its in Lincoln Park on a beautiful street!
Taxes are 1/3 less like Anon and Chris commented.
last bill turned out to be $16,448
“last bill turned out to be $16,448”
*last* bill turned out to be $10,205.70, after appeal, which reduced the AV to 65,000.
Then the current re-assessment cycle (1st pass) has it at an AV of 85,000 again (as I predicted).
*last* bill turned out to be $10,205.70, after appeal, which reduced the AV to 65,000″
OOPS looked at it and yes last years 1st was 9,068.58 and 2nd of 1,137.12. thew low second shows the appeal was done.
now I dont get the 2012 first pass now going to 85k?
is it because the work done and permits filled flagged something?
“now I dont get the 2012 first pass now going to 85k?”
Uniformity with others in the area. And the history of the assessments and appeals means that this place is going to get bumped up *every* re-assessment, unless something changes in the assessment process.
” And the history of the assessments and appeals means that this place is going to get bumped up *every* re-assessment, unless something changes in the assessment process.”
so its appeal and get it lowered then the “man” will slowly stick it to you over the years to get you back to the overpaying? then appeal again, wash, rinse, repeat
“so its appeal and get it lowered then the “man” will slowly stick it to you over the years to get you back to the overpaying? then appeal again, wash, rinse, repeat”
For a lot of properties, yes. The Assessor needs to look out for the future business of his/her major donors.
“The Assessor needs to look out for the future business of his/her major donors.”
if we harnessed the best out of bob and HD the 4 of us would be able to come up with some serious conspiracy theories