Does Parking Matter? 1647 N. Sedgwick in Old Town Revisited
We last chattered about this 2-bedroom vintage unit at 1647 N. Sedgwick in Old Town in November 2008.
Its “sister” unit on the top floor sold in only a few weeks in July 2008 for nearly the asking price (asking of $419,000- and sold for $412,000). That unit had both a private rooftop deck AND a garage parking spot.
See our former chatter and pictures of both units here.
Five months later and Unit #2 hasn’t been quite as lucky. It has also been reduced by $6,000.
Does lack of parking matter?
Sonia Madden at Koenig & Strey still has the listing. See more pictures here.
Unit #2: 2 bedrooms, 1 bath, no square footage listed
- Sold in April 1994 for $182,500
- Sold in February 1997 for $189,000
- Sold in April 2001 for $277,500
- Originally listed in October 2008 for $395,000
- Reduced
- Currently listed for $389,000
- Assessments of $145 a month
- Taxes of $3840
- Central air
- Fireplace
- Washer/Dryer in-unit
- Leased parking
- Bedroom #1: 15×8
- Bedroom #2: 15×8
- Office: 10×9
389 would be high if it had parking. I’d say for a 2/1 middle floor w/parking 360’s. No parking 340’s and a very loooooooong market time.
I stand by my original prediction: 325k tops. At the pace of these reductions though this unit will sell in 2012. And this assumes the market doesn’t deteriorate any more, which it could.
This owner obviously thinks their unit is comparable to the one with the garage parking spot and private rooftop deck or is significantly undervaluing those amenities.
No it doesn’t matter, you have lots of street parking in OT where the vagrants can sleep in! Its like doing your part for the community!
Such compassion Sonies:
“No it doesn’t matter, you have lots of street parking in OT where the vagrants can sleep in! Its like doing your part for the community!”
“street parking where the vagrants can sleep in?” That drivel doesn’t even make sense coming from an uneducated and racist moron like you. There are homeless people in this city, yes.
Look in the mirror and tell me if you like what you see.
Didn’t think so.
Paulj,
I am quite confident most people on here would like what they see in the mirror far better than looking at you.
Now get back to volunteering at the soup line and harangue how much better you are at everyone else because you like poor people. Maybe you can even get an ironic tattoo to boot to complete the emo image.
I think the fact that both bedrooms are only 8′ wide is a big problem. Add to that no deck and no parking, and there ya go…
Loosen up, Paulj.
Sonies is funny.
Paulj gets off on calling people racist on real estate blogs when people aren’t even being racist. You wanna see racist paulj? Go read some comments on youtube some time.
I wish paulj would join those hobos he so defends who sleep in others cars–that way he wouldn’t have an internet connection to preach on here. Paulj theres this new reality show on cable called The Biggest Tool you should definitely apply for next season. But if you win remember who referred you there.
I think this unit is going to marinate on the market. Not only do I have to spend an hour finding parking on weekends, I also have to go home and lay down in my twin size bed?? Drop the price and rent it to poor DePaul students that don’t have cars.
Speaking of hobos, twice this week I boarded the el at 7:00 am and the smell, the horrible disgustingly putrid smell of at least half a dozen vagrants permeated the entire car that it forced myself, and a handful of others, to change cars at the next stop. And I paid $2.25 for this comfort?
Get ready to pay 3.25 for that comfort soon enough!
Does parking matter? Is a frog’s butt water tight. Of course it matters in the LP/Old Town area.
The fact of the matter is the demographic of people who dont own a car are NOT looking at 2 bedroom condo’s.
So yes, unless this thing goes for less than 300k or some retard comes along, it matters quite a lot.
…The fact of the matter is the demographic of people who dont own a car are NOT looking at 2 bedroom condo’s….
I don’t own a car but specifically wanted and bought a 2/2 with a garage space.
I also know several others who did the same. You have to think about resale.
What does “leased parking” mean? Not being a smart ass here, if it says there is no parking included but there is leased parking available, then you do not have street parking, right?
I am pretty much a new reader/resident here and while I love this forum for the information, the petty back and forth bickering is insane and distracting. I assume with that remark any future comments by myself will be ignored! LOL
Carry on….BTW….I really like that unit and the building. Two out of three ‘must haves’…hhhmmmm getting closer to what I am seeking in my new residence.
I just bought a 2/2 without parking… like 10 days ago. Then again, its a duplex and it was $288k.
Westloopelo:
“Leased parking” usually means that there is a parking lot nearby where you can rent a spot if you so choose. But “nearby” could also mean a lot of different things.
Thanks for that clarification Sabrina! I have been looking at ONLY units with parking included. I was under the impression that while parking in some buildings is not included, the lot was a part of the building grounds. So not interested in having my car(s) blocks away from my apartment.
“Two out of three ‘must haves’”
So, reasonable sized bedrooms (or, at least one) isn’t one of your “must haves”?
anon (tfo):
“Two out of three ‘must haves’”
So, reasonable sized bedrooms (or, at least one) isn’t one of your “must haves”?
My “must haves”? Central AC, WD in unit, Parking for at least one car, the other car I can store or street park…or as Sabrina pointed out, a leased space away from the unit. All other factors of a home can be worked out with some imagination and work.
Actually, I am a single man who has always had only the bare basics in my bedroom…meaning a king bed (7X7), wall or ceiling mounted reading lights rather than night tables, and a wall mounted, large, flat screen TV, and I am a happy camper.
One of the other rooms would serve as a home office, the other would be equipped with a double bed and small sitting/TV area for guests.
If nothing else, I have rehabbed around 15 homes and have no problem ‘rearranging’ walls as I need…def not afraid of doing some work on my pad.
“a king bed (7X7)”
The bedrooms in this place are 8′ wide. And, unfortunately for the seller, the layout doesn’t look too amenable to swapping the layout. I think that’s this place’s real problem. If the larger bedroom were 12×15, I think it would do a lot better.
I love how a concrete pad to put your car on is more important that the living space inside the unit.
KC08 is exactly right. Even if you don’t own a car, you’ll want a parking space for resale. I personally, don’t care about granite countertops. However, when I saw two identical units in the same building for sale, I went for the unit with the granite countertops. For the resale value.
Besides, one day you just might want to BUY a car. Or have someone from out of town come visit you.
My preferences are very similar to westloopelos, perhaps its because my situation is similar. I’d rather even have a parking spot than a second bathroom.
Parking on Chicago streets is such a PITA, especially if you travel a lot. Your car will get dinged by idiots, it will accumulate tickets from street sweeping, you might not find a spot close by to park when you return, etc. Not worth the hassle. And with my current job I rarely use my car, but I job hop a lot so this could change at any point, thus the car necessity and parking spot.
oh, well my street is 24 hour zoned parking so I guess that helps if you have a car… I don’t know. I didn’t have $15,000 extra for a slab of concrete out back, nor was there one available, nor do I own a car. If one comes up for sale maybe I will buy it with my $8,000 new buy tax credit.
Zoned parking is by no means insurance against major parking hassles in the high density areas.
Sure there are olenty of people w/o cars in the city, but they are still a minority.
* “plenty”
Chicago Parking Purchase 101:
Westloopelo, this is what I learned from Chicago condo hunting and associated parking spots:
The listing says “deeded parking”. This means there is a PIN number for the condo and a separate PIN number for the parking. Cook County will send 2 tax bills one for the condo one for the parking (my latest parking tax bill was 384.96 for 1/2 year).
Advantage: This is a separate piece of property that may be sold separately to another party. Condo rules may limit these sales to owners of their buildings. So you always have to check.
The listing says “assigned parking” This means there is a parking spot assigned to the condo unit. There is no separate PIN you cannot sell the space. I had an assigned space before and liked it because I didn’t have to pay taxes for it. I had to pay an assessment for it, but I have to pay an assessment for my deeded spot as well. Note: Sometimes the Realtor is a moron and they say deeded when it is really assigned. So you have to always verify.
The listing says “parking available”. This is very vague. I lived in a high rise on LSD years ago and parking was “available” in the garage for a monthly fee. This isn’t so bad because you don’t pay taxes or extra assessments. But the downside is rates can go up.
Also many of these are “valet” parking which I absolutely hated.
If you want your car at an impromptu moment you really have to wait sometimes. I prefer my own spot. Parking available may also mean there is a deeded spot available to purchase. Lastly, I think, “Parking available” can also mean “parking nearby”.
“Parking Nearby”: This means you can probably find a place to rent but who knows what will happen to the spot if the owner wants to sell it or rent it to someone else or like Sabrina says it can be far.
“Transferable Parking”: This means the current condo seller has a spot that is most likely “parking nearby” and the condo buyer can adopt that spot if they so choose.
Between these parking options and zoned parking rules of the various neighborhoods (don’t forget about Cubs Night Parking) you need a freaking degree to avoid a ticket. Good luck.
What is wrong with rental parking? If the only major concern is that the owner of the space might sell it or raise prices, doesn’t the same apply to the apartments/condos you rent?
L,
If there is a rental parking lot on site or next door nothing is wrong with it. If there isn’t one this convenient the location is what is wrong with it.
KC08 — nice overview on parking options. Another variable is the physical parameters of the spot. Lots of options here too: unenclosed slab, enclosed/gated slab, covered, unheated garage, heated garage.
KCO8….thanks for the explanation! I have yet to come across an agent who is so knowledgable about these options. Believe it or not, the last one I spoke with didn’t even know if parking was available…told me he would call the agent and find out.
Presently I am in a rental loft and the building has a large heated garage attached. I pay an extra $100 a month for it and I feel it is worth the extra charge to have my car at 70 degrees every day. Can’t complain about anything here as all my requirements are covered.
Still, I really do want to buy within the next six months and hopefully I can find a place like this at a reasonable price.
Your garage is heated to 70 degrees?? Surely, you jest. Most are heated to about 45 degrees; anything else is utterly gratuitous.
Once again, KC08 nails it. Thanks for the explanation.
And, you’re also right about needing a degree to avoid a ticket parking on street… the over-zealous city of Chicago parking cops make garage parking a NECESSITY.
Seriously, get a garage. Without it, you’ll be paying about as much cash in tickets, parking stickers, dings, accidents, vandalism, dead batteries & increased wear and tear on the car.