A Top Floor Vintage 2/2 With Parking for $520,000 in Bucktown: 2144 W. Concord
This 2-bedroom top floor unit at 2144 W. Concord in Bucktown came on the market in February 2021.
This is an 8-unit vintage building with exterior uncovered deeded parking.
The building was converted to condos during the housing boom, in 2007.
This unit has high ceilings and refinished hardwood floors.
The kitchen was “updated” in 2018 and has white Shaker style cabinets with brass fixtures, new white quartz counter tops, stainless steel appliances and a custom tile backsplash that extends from the countertop to the ceiling.
It has a separate dining room and a sunroom with windows on three sides.
The primary bedroom has custom closets and an en suite natural stone bath with double vanity, separate shower and soaking tub.
There’s a second full guest bathroom and a second bedroom.
It has 9′ custom wood doors and a Nest thermostat.
There’s a large, private back deck.
It has the features buyers look for including central air (listing says “new HVAC in 2019”), washer/dryer in the unit and exterior deeded uncovered parking which is included in the price.
This property is located near all the shops and restaurants of Bucktown and Wicker Park and is close to the Damen El stop.
If this building looks familiar, that’s because we chattered about it, and this unit, in 2015.
Back then, some of you thought it was overpriced but it went under contract within 6 days and sold for a premium.
See our chatter here.
This go-around, it is again listed at a premium of $520,000 and it went under contract almost immediately but has come back on the market.
Will it get the price premium again in this sale?
Kathy Schrage at Redfin has the listing. See the pictures and floor plan here.
Unit #3: 2 bedrooms, 2 baths, 1450 square feet
- Sold in May 2007 for $445,000
- Sold in October 2009 for $433,000
- Sold in May 2012 for $395,000
- Sold in March 2015 for $433,500
- Sold in March 2018 for $470,000
- Listed in February 2021 at $520,000 (includes the exterior uncovered parking space)
- Went under contract but was re-listed
- Currently still listed at $520,000
- Assessments of $333 a month (includes exterior maintenance, parking)
- Taxes of $8955
- Central Air
- Washer/dryer in the unit
- Balcony
- Bedroom #1: 12×14
- Bedroom #2: 13×10
- Sunroom: 8×11
- Kitchen: 10×8
- Living/dining room combo: 29×12
Historians will one day look back at when people sat on the couch and actually craned their necks upward to watch TV.
If you’re calling this vintage, thats not a built in buffet
Owners are breaking even after 3 years (W/ realator fee, Kit & HVAC). In a HAWT market + Bucktown, I’d expect a bigger return
I’ll never understand the value proposition of buying a 2/2, 3 story walk up with a view of the alley and holding for 3 years
” In a HAWT market + Bucktown, I’d expect a bigger return”
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It’s a block off of North Avenue. It’s not even close to Bucktown. That’s your answer.
“May 2007 for $445,000”
+ CPI = $560k.
May 2007 5/1 ARM (per Freddie) = 5.98 80% ltv = 2,130/month
Feb 2021 5/1 ARM (per Freddie) = 2.87 80% ltv = 1,725/month
At current rates, same P+I at 80 ltv, indicated price is $642,500
2007 prices were CRAY-zee.
I am wondering if there are noise issues . . . why does no one live here very long? Noisy neighbor? Def *feels* overpriced but yeah – – forget the 5/1 arm – – you can get this even cheaper than the 2007 note if you go for a 15-year mortgage. The rub is that taxes and insurance have gone up in the mean time.
“forget the 5/1 arm”
Just trying for apples to apples, and working from the theory that lower rates are supporting higher prices (which isn’t wrong, but also isn’t a full explanation).
“2007 prices were CRAY-zee.”
2021 prices are also crazy imo. Considering there is a pandemic and extremely high property taxes, many of these properties have never been more expensive. Sky is the limit for anything brand new with nice finishes. $3000/mo all in for a decent 2/2 isn’t a great deal.
A cute little apartment, but with just 2 BR and room sizes like this, I can’t understand how it could ever sell for the asking price. The sellers need to get realistic.
“$3000/mo all in for a decent 2/2 isn’t a great deal.”
True, but the lower P+I at current ask offsets the tax hike (I think the drop is slightly more than the rise, but that’s w/o tracking down the actual tax for ’07), AND we mostly think the ask is a little rich AND the ask is less than ’07 close + CPI. AND the kitchen was updated, so it’s not totally based on being completely ’05 finishes.
The Mar-15 price feels about ‘right’ and implies ~$490k now.
#1 unit–same baths, original 05-07 kitchen–just sold for $455:
https://www.redfin.com/IL/Chicago/2144-W-Concord-Pl-60647/unit-1/home/18252529
There are garden units, so 1st floor is still a sandwich unit, which is a con compared to top floor, even in a walk-up building.
“#1 unit–same baths, original 05-07 kitchen–just sold for $455:
https://www.redfin.com/IL/Chicago/2144-W-Concord-Pl-60647/unit-1/home/18252529”
Nice moss on the deck and walls That probably added $10k to the sellers bid
What about the school districts? Oh wait that’s right those things don’t matter to prospective buyers who want an overpriced shitbox. Instead it’s walkability to restaurants and amenities that for the most part aren’t even open.
Sabrina will this get “snapped up”? They better act now or they will surely be priced out forever, no?
“– you can get this even cheaper than the 2007 note if you go for a 15-year mortgage. The rub is that taxes and insurance have gone up in the mean time.”
Prudent buyers/non-stretched buyers use a 15 year note. Nobody that ever buys these overpriced shitboxes uses 15 year financing. It’s either ARM, 30yr or FHA.
Although crazily enough in 2021 in their defense thanks to Jerome Powell it actually makes little sense to lock oneself into the higher payment of a 15yr when the APR differential is so small. Wasn’t always the case. But noone ever utilizes 15 year financing.
All the Fed is doing is creating another RE and stock market bubble. This will end badly and then the shills will look around and act like nobody could’ve ever predicted this.
Sabrina how is that bitcoin holding up?
“Nice moss on the deck and walls”
who cares. this place just sold in the winter. typical spring maintenance with a power washer and it’ll look just fine.
“who cares. this place just sold in the winter. typical spring maintenance with a power washer and it’ll look just fine.”
Me
Why are you assuming that theres any spring maintenance? Moss aint growing in the winter, this has been around for a while
_“who cares. this place just sold in the winter. typical spring maintenance with a power washer and it’ll look just fine.”
Me
Why are you assuming that there’s any spring maintenance? Moss ain’t growing in the winter, this has been around for a while “-
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Water problems, of any nature, NEVER get better with age. They require capital expenditures to cure, AND there are no cheats or work-arounds.
I need not mention that mold is a symptom of a problem, not the problem itself. Is this ONLY surface mold?
“A cute little apartment, but with just 2 BR and room sizes like this, I can’t understand how it could ever sell for the asking price. The sellers need to get realistic.”
They ARE realistic Dan #2. This is the price you pay for Bucktown now.
Prices are going up in the hottest, most in demand neighborhoods.
“Prudent buyers/non-stretched buyers use a 15 year note.”
Why? Why would I want to put that much into resi real estate? Why would I not want to hold a put?
A 30 is *often* prudent. There is no absolute case.
“Water problems, of any nature”
The only way to deal with this water problem is to build a ‘roof’ under the deck above, which would probably make you the bad neighbor. There are two more decks above this deck on the north side of the building. It hardly every gets any direct sun.
Thanks, Sabrina. I defer to your better knowledge of the neighborhood dynamics. Let’s just say I wouldn’t pay it for that apartment in that neighborhood.
Particularly when I could get a similar place in Andersonville, where I’d rather be, for $100,000 less.
Let’s just say it’s not in Bucktown.
Contingent on 3/2.
“Contingent on 3/2.”
Thanks for the update Madeline.
That kitchen is hideous. Cheap appliances and the cabinets look terrible.