Back To The Future For This 3-Bedroom Lincoln Park Greystone? 2523 N. Burling
Thanks to the reader who recognized this 3-bedroom second floor unit, which has just come on the market at 2523 N. Burling in Lincoln Park, from our prior 2009 chatter on it.
See our prior chatter here (where you can also click on the very first chatter which included pictures.)
The unit has some of its vintage features intact including a wood burning fireplace, stained glass windows and crown moldings.
It has 10 foot ceilings.
There is central air, washer/dryer in the unit and outdoor parking.
The unit is located just a quick stroll to the Trader Joes on Diversey.
It has come back on the market $84,000 above the 2009 purchase price and nearly at the 2006 price.
In case you’re wondering, the kitchen and/or bathrooms haven’t been renovated in the meantime. (see the 2008 chatter for interior pictures.)
The kitchen still has the same granite counter tops and black appliances as the 2009 sale.
Is the market suddenly that good for East Lincoln Park 3-bedrooms?
Anthony DeSuno at Red Door Realty has the listing. See the pictures here.
Unit #2: 3 bedroom, 2 baths, 1625 square feet
- Sold in September 1988 for $192,000
- Sold in March 1994 for $223,000
- Sold in June 2006 for $595,000
- Originally listed in April 2008 for $599,000 (parking included)
- Reduced
- Was listed in July 2008 at $579,000 (parking included)
- Reduced
- Was listed in January 2009 at $575,000 (parking included)
- Reduced
- Was listed in February 2009 for $549,000 (parking included)
- Sold in June 2009 for $496,000 (parking included)
- Recently re-listed for $580,000 (parking included)
- Washer/dryer in the unit
- Back porch
- Central air
- Assessments of $100 a month
- Taxes of $8279 (they were $5873 in 2009)
- Bedroom #1: 15×13
- Bedroom #2: 12×11
- Bedroom #3: 10×10
I wonder why the June 09 trade @ $496 cited in your post is *not* included in Redfin’s under “Property History for 2523 N BURLING St #2.”
Is that an oversight or a shenanigan?
Does .6 mile from the park count as “east” LP?
Also, .4 miles from the el. I’ve heard that described, repeatedly, as “nowhere close”.
“Is that an oversight or a shenanigan?”
The correct PIN is in the listing but didn’t make it into the “public facts” section that Redfin uses to grab the sale info. Probably an oversight or a data error.
Seems insanely expensive for a middle unit apartment with wierd finishes: Kitchen looks like it belongs in a townhouse on Tinley Park. Whitewashed panelling and brick in the living room? For real?? Why didn’t they drywall it???
open-air alley parking = my car vandalized/stolen with alarming regularity
location is nice. not fantastic.
the rest is extremely ordinary. bad light. small kitchen with pretty ordinary room sizes.
all for the low, low price of $350/SF…?
place like this should always be rented, not bought.
but, man, congrats to that ’94 buyer/’06 seller. they killed it.
Is this the good part of northwest “East Lincoln Park”?
LOL at the counter space in the kitchen. I mean, I couldn’t even boil water in there.
“Kitchen looks like it belongs in a townhouse on Tinley Park. Whitewashed panelling and brick in the living room? For real?? Why didn’t they drywall it???
Totally.
This is a big HELL NO. Almost $600K for this? No way, it’s almost funny!
“Thanks to the reader who recognized this 3-bedroom second floor unit, which has just come on the market at 2523 N. Burling in Lincoln Park, from our prior 2009 chatter on it.”
Thanks! It wasn’t too hard, since unfortunately for the sellers given the current listing price, it looks remarkably similar to the prior listing. It rang a bell bc of how someone dealt with an unwanted original fireplace — from the dining room pic, it looks like they drywalled the fireplace but left the hearth part on the floor. Keep it (my vote, but no longer an option here) or take it out (no!! step away!!!) but don’t do a combo.
Sorry, but pricing seems wildly unrealistic. Also, assessments of $100/mo. in a 4-unit vintage building like this (small ass’n alert!!!) make me wonder about maintenance, esp for masonry, which is expensive and needs to be done a certain way on a vintage building or your brick will start spalling and worse later on. $100/mo. says no meaninful reserves and no reserve study.
As an aside, I have always wondered about exposed interior brick in vintage buildings. This looks like it’s on an exterior wall (assume it is less of an issue in a rowhouse) and is painted, so moisture is theoretcially blocked, but then again, the curtain wall system isn’t breathing like it’s meant to do. Good or bad thing? (Let’s set aside exposed brick in a lower level, which is an obviously terrible idea that always leaps out at me in listings).
1) I (mostly) second old_hickory’s sentiments above (I can imagine the circumstances under which one would buy, and not rent, such a place).
2) “Does .6 mile from the park count as ‘east’ LP?” Maybe. In this case, I’d say that the .6 is (or would feel) a bit more than that on foot.
3) “Is this the good part of northwest ‘East Lincoln Park’?”
Ha. The ELPness that attaches by being east of Halsted varies based upon where one is north/south and by street. There are far worse so-called ELP locations than this, but there are many spots that are certainly better, some of which are also a couple of blocks west of Clark, like this place.
4) The 06 price was nuts, even for the bubble’s peak. The 09 price is a bit high, but it’s not ridiculous.
5) Those assessments are “red flag” low.
6) Based on the current list, I’d say they’re hoping to close at $520k. All things considered, they should be happy to close at their purchase price of $496k. I sincerely hope they get more than that (or at least that), but I’ll be surprised.
7) If any (serious) prospective buyer of the subject property is considering paying upwards of $500k for it, and such buyer would be willing to sacrifice this unit’s tiny third bed/office room in exchange for a two bed with (i) a powder room, (ii) a duplex with nobody above, (iii) a deck that’s not off the bedroom, (iv) a garage, (v) lots of light, better layout and other intangibles, and (vi) an arguably better location (“arguably” because perhaps being close to Trader Joes rather than the park is better for some folks), let me know, and we might have a broker-free deal on our hands.
I agree with other posters on this one.
That said, this is one of my favorite streets in Lincoln Park. I’d love to own an SF on it.
With enough money, actually, it would be fun to convert this entire building into a SF, actually. A lot of work, though.
Oops – I actually didn’t mean to keep saying “actually” in that post. Sorry.
I think this is vintage gone wrong! The kitchen cabinets are awful, the fireplace looks odd, the painted brick in the dining room is pointless….
$100 assessments are scary too. Far more scary than the tax increase and price increase since 2009 and I find both of those scary. I think this seller is going to have a tough time!
Bwahaha this seller is hilarious. I guess they think that with those INCREASED taxes comes an INCREASED price. But it’s actually the opposite. 440k.
I believe unit #3 was also listed around the time of the original listing. I believe that sold. In any event, I looked at both units. I may be getting my facts screwed up, but I think this one is an in-town for some executive at a major company. Clearly the pricing is way out of wack. It is a great building and street, but the unit is just ok. There is uncovered parking pad out back. No dogs in the building. I also lived aroudn the corner at 713 W Wrightwood for a summer (a few years before the deck collapsed killing all those people), and this location is a pretty far haul for the Red/Brown lines. This place should be priced in the low to mid $400’s along with all the other 3br/2ba places in Lincoln Park.
“This place should be priced in the low to mid $400?s along with all the other 3br/2ba places in Lincoln Park.”
??? I count 5 3/2 condos listed for $475 or less east of Racine in RF’s “LP”.
And in the past two years, slightly more 3/2 LP condos have sold for $450-600 than have sold for under $450 (also, east of Racine).
Cute place but not worth 580. My friends live in a very similar middle floor vintage condo with interior brick on Burling in a better school district, and their place is only worth 500. I would say 450-475.