On the Market a Year and Finally Under Contract: 4327 N. Damen in North Center
This 2-bedroom unit at 4327 N. Damen in North Center (or is this Lincoln Square?) was part of the condo conversion mania that swept the north side in 2006.
It has the kitchen of that era: cherry cabinets, granite counter tops and stainless steel appliances.
The unit also has all the amenities buyers look for including central air, in-unit washer/dryer and a parking space.
The unit was on the market for a year before a nearly $20,000 price reduction seemed to do the trick.
It is now under contract.
Is this considered a “deal” because it is now listed for under the 2006 price?
Peter McGahan at Ready Real Estate has the listing. See the pictures here.
Unit #1: 2 bedrooms, 1 bath, 938 square feet
- Sold in April 2006 for $329,000
- Originally listed in January 2009 for $329,000
- Reduced to $324,500 by September 2009
- Reduced to $305,000 in late January 2010 and listed as a “short sale”
- Under contract
- Assessments of $125 a month
- Taxes of $4028
- Central Air
- In-unit washer/dryer
- Parking included
- Bedroom #1: 14×9
- Bedroom #2: 11×9
We won’t know if this place actually fetched $305K until the deal closes.
It’s a great place, but it is still 2 bed 1 bath. And it’s North Center, not Lakeview or LP. And it’s small for a 2 bed, equal to a typical large 1 bed. At least it has parking and C/A.
Let me guess what it closes for…. $250K
I think it is a little overpriced. Small, not in a great location.
If this went for anything close to ask, how it $325/SF a deal?
One bath, not top floor, so-so finishes, this far north…
I would not call this a deal.
Renting is like throwing money away. Especially with my 3.5% down FHA loan and 8k tax credit! I’ll be accepted into the older social circles now and nothing says maturity like North Center. Howmuchamonth?
I am biased because I live in the neighborhood, but I think this is a terrific area.
High level summary:
Bars/Restaurants: There are number of nice establishments along Lincoln, all within walking distance.
Recreation: Welles Park is a great park and is just down the street.
Transit: The Montrose stop is just around the corner and you are almost guaranteed a seat each morning, which makes the trip unbelievably better than standing for 25 minutes.
That said, I wouldn’t pay $300K for a SFH convert to *Condo* with 2 bedrooms and a shared back yard. I think sharing a back yard alone is terrible.
The neighborhood is great but some people are still obviously willing to overpay to live on the north side. Unless of course, this being a short sale, means that it is under K for $250k and the take will take so long to approve that it falls out of K and then into foreclosure.
High level summary:
Bars/Restaurants: these are available if you rent in the area, which is likely far less expensive barring a killer deal.
Recreation: these are available if you rent in the area.
Transit: this, too, is available if you rent in the area.
I think you’re stuck in the old pagadigm, mgm, of pitching the location but not really considering the alternative of renting.
Is it a perfect substitute? No, as someone pointed out on another thread (no customization). Is it a good enough substitute for most? Absolutely.
“Unless of course, this being a short sale, means that it is under K for $250k”
I think it’s easy to justify as an o/o place, with at least a 5+ year plan for staying, at $250k or a bit more. But most likely the K is for $275k+ and the buyer isn’t likely to stay for the 10 years necessary to remotely justify that.
This isn’t what I’m looking for, but I love this area. It isn’t quite as dense as Lakeview or LP. There are restaurants/bars/shops. The homeowners/renters are not quite as young as in LV or LP. Transportation is fairly easy.
Bob,
Sorry for not being clear. I have rented just around the block (Winchester) for the last 3 years.
Have just become serious about potential purchase and am dedicated to this area. Unfortunately I am committed to a SFH and those are still out of financial reach.
Here’s hoping to a continued decline.
“It has the kitchen of that era: cherry cabinets, granite counter tops and stainless steel appliances.”
Just wondering what is considered the kitchen style of today?
“Just wondering what is considered the kitchen style of today?”
No one has an answer, except that it is NOT stainless appliances.
And granite has been supplanted by anything-that-costs-more.
Oh, and my comment was more in response to Jason’s comment of not a great location. I am obviously biased and, concurrently, insulted.
I rarely party up in NC (no cheapo bar deals for cheapo Bob), but on the rare occasions I do I can say that its a lot of fun. Some good talent up there too.
My only issue with the area is I often find myself needing to get home after hours and with the CTA bus cuts looming I don’t think the brown line is going to cut it.
Its really sad that the ghetto redline runs 24/7 whereas people that actually contribute taxes to society (ie: most of the brown line stops) the brownline doesn’t.
Well then bob, I hope you’ve voted today based on platforms that support CTA/RTA funding. I wasn’t really aware of anyone that was explicitly better than another on that topic.
Wicker,
Voted but not for who you suggested–no I sure didn’t. I’m not voting the CTA more money so they can have some uneducated person with an attitude earning in excess of $20/hr to sit at el stations and supervise.
Voting for increased funding is just voting their respective unions more money. Think its coincidence the service cuts are coming right around primary time? You’re the type of guillable voter they love. They’re never getting my votes.
Starting lawyer salaries in Chicago are 56k, why should starting wages of these CTA people be anywhere close? When are people like you going to wake up and realize that your voting D is perpetuating the problem?
I can’t see how this rental-quality unit can possibly be worth $300,000, sorry. And dealing with a two-flat HMO for a wood-frame 100-year-old house seems so so unappealing.
What makes this unit “rental-quality”? The kitchen and bathroom are new and look nice. The plumbing and electricity were re-done. The free parking and low assessments make the price reasonable imo (I’m sure it closed under $305k though), but I wouldn’t want to live that far North.
Bob – seriously dude? You complained earlier in the thread about service cuts, but you didn’t vote for a candidate that campaigned on fixing up CTA?
Never the less, I’m glad you voted. I didn’t vote for Berrios but other than that I seem to have backed winners (we’ll see who comes out on top between Quinn/Hynes). That said, I beseech you to re-read my rambling, incoherent post earlier. Far from me suggesting a candidate for you to back, I stated I was ignorant of which ones were making a revamp of the CTA a priority! (and I use it most days).
At first I was indignant at your post that you’d assume I voted on party lines “voting D”, but actually that’s probably a fair guess in Chicago. Suffice to say that I did not.
NO TODDLER STROGER! LAST PLACE!!!
I haven’t lost all faith in the voters of Crook County.
Does anyone out there know which school is better, Coonley or Bell? I’m not from this area so I’m not well versed on the topic. From what I understand, within Coonley they have 3 separate programs for kids to enroll and your child has to pass a test to get in one of them? Can someone break down the ins and outs for me that I won’t read on their respective websites? Thanks!