Does Parking Matter? 2123 N. Kenmore in Lincoln Park Returns and is Now Bank Owned
This 3-bedroom unit at 2123 N. Kenmore in Lincoln Park originally became the poster child for the question “does parking matter?” in May 2008.
See our May 2008 chatter and the 2008 interior pictures here.
The unit has seemingly everything except the deeded parking space, including a washer/dryer in the unit and central air.
We chattered about the unit twice, including after the price had been reduced. It was withdrawn from the market without selling.
But in Novemeber 2009, it returned to the market as a bank owned unit and is now listed for $179,100 less than in May 2008 and $97,600 under the 2006 purchase price.
The unit has hardwood floors and a fireplace.
The kitchen was not updated as of May 2008. Since there are no interior pictures with the new listing, it’s unknown if the kitchen is still intact.
Again, I ask, does parking matter?
Greg Weglarz at Applebrook Realty now has the listing. See the listing here.
Unit #2: 3 bedrooms, 2 baths, wood burning fireplace, no square footage listed
- Sold in June 2006 for $462,500
- Was listed in May 2008 for $544,000
- Withdrawn
- Bank owned
- Originally listed in November 2009 for $364,900
- Withdrawn
- Currently listed for $364,900
- Assessments of $300 a month
- Taxes of $6182
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 14×13
- Bedroom #2: 12×10
- Bedroom #3: 12×10
This is another of those super narrow properties, that is always a big turn off to buyers. Atleast it doesn’t back up to the train line.
Lack of parking, like backing up to the train line, is one of those features I like because it matters to everybody except me. More square footage for less money due to fewer potential buyers? Sold.
That said, I wouldn’t buy this place, although it’s nice to see something on the market that doesn’t require you to buy a slab of granite and stainless steel appliances.
So, compared to the Sheffield unit this one is:
Plus: W/D, Location, BR sizes
Minus: Parking, sandwich floor, asking price, kitchen (arguable)
To me, the location premium approximates the parking plus sandwich floor negatives. So, is a W/D + 2 slightly larger BRs worth $55k?
Or is this building/association actually that much better than the building on Sheffield?
You can rent the bedrooms out for $900 each so do the math. It will always be full of DePaul kids.
$900? That sounds quite steep for a single bedroom.
“You can rent the bedrooms out for $900 each so do the math.”
How much could one rent the kitchen for? How about the dining room and living room? Could one expect $5000/month in gross rent?
Using the pieinthesky $2700/month:
12*(2700-300)-6182/.055 (no dp “appreciator”, as it’s a rental)=$411k=You should buy it Stevo!
Use 7.5% (as we should for an investment, esp w/ *very* optimistic rent), it’s $301k. Or use $2k for rent and 6% cap, it’s $237k.
Anon –
LOL 🙂
Would it be really hard around here to find someone willing to sell a parking spot in a garage of another nearby building? Part of me thinks the key is to just have parking in the listing. Once a buyer shows up, looks around, and learns the parking is a few houses down, wouldn’t they see that as an acceptable compromise to get a good deal on the unit?
I think Dave’s point is interesting. At some point the discount offered for these dealbreaker issues has to become so great that people start compromising. Unfortunately, I don’t know if I would ever live right on a train line again since the biggest downer is not being able to open your windows.
I really hate in when realtors do deceptive shit like what Danny just described. If the place has no available parking, saying so in the ad is just going to piss off the buyer.
That being said, there is a big difference between parking not being included and parking not being available anywhere nearby. Many people will settle for the latter but not the former.