Does Parking Matter? 3-Bedrooms Of Vintage Elegance in East Lincoln Park: 322 W. Belden
This 3-bedroom in the mid-rise at 322 W. Belden in East Lincoln Park recently came on the market.
The building was built in 1914 and the unit retains much of its vintage charm including wood paneling, built-ins, crown molding and french doors.
At 2200 square feet, the south facing unit has a full size dining room.
The kitchen has cherry cabinets, stainless steel appliances and what look to be stone counter tops.
There is space pac cooling and washer/dryer in the unit. However, there isn’t any parking. It is rental down the street.
Does having a deeded parking space matter at this price point in this neighborhood?
Craig Isacson at @Properties has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 2 baths, 2200 square feet
- Sold in May 1994 for $315,000
- Sold in May 2003 for $640,000
- Currently listed at $675,000
- Assessments of $861 a month (includes heat)
- Taxes of $9809
- Space pac cooling
- Washer/Dryer in the unit
- No parking- but available for rent in the neighborhood
- Bedroom #1: 16×11
- Bedroom #2: 12×12
- Bedroom #3: 15×7
“Does having a deeded parking space matter”
Nah. Just helps to make it seem like exclusive manhattan living.
More seriously, is there deeded offsite parking available anywhere close by?
2W sold less than a year ago for $517k.
” 3 SPACIOUS BRMS; 2 W/ ENSUITE BATHS”
With one bed currently in the whole place.
So, there is no bathroom that can be entered without going thru a bedroom?
Absolutely beautiful unit and great location! For parking reasons though I’d rather have the Pratt mansion and never have to worry rather than live here and solely rely on CTA or cabs all the time or pay for rental parking in the neighborhood like I was still in college rather than having bought a $700k condo.
I think the parking issue is one reason we don’t see any cribs in this listing like most.
“Does having a deeded parking space matter at this price point in this neighborhood?”
Yes. Also:
* The third bedroom is 7 feet wide, which explains its current use as an office. It could work for a baby, but beyond that (for this price range), it’s an office.
* The second bedroom is currently the t.v. room. That makes sense, as mounting a t.v. in that gorgeous living room would be unfortunate (it would really need to be enclosed). But the second bedroom is also apparently where the second bath is located. Provided that the second bedroom continues to be used as a t.v. room, that’s no biggie (from a guest/vistor standpoint), but it will likely present an issue for buyers hoping to use it as a bedroom.
* I’d be interested in hearing how much sound transfers from the unit above (I’m assuming this isn’t the top floor).
This is a very nice building, and the living/dining areas of the unit are obviously awesome. But it seems best suited to a childless couple (or empty nesters) who make very rare use of their car but who enjoy hosting dinner parties.
“So, there is no bathroom that can be entered without going thru a bedroom?”
Bathroom is prob through the dedicated tv room (that you failed to find last year).
“Bathroom is prob through the dedicated tv room (that you failed to find last year).”
Are you saying that the listing is incorrect, and that this is actually a 2 br, with only one en-suite bathroom????!?!?!?!!!?!?!?!???!
“Are you saying that the listing is incorrect, and that this is actually a 2 br, with only one en-suite bathroom[]”
Well, you were willing to call something a tv room when it didn’t have a tv, so sure it’s a bedroom, w ensuite. Listing is correct then and we can all breathe more easily, though one might question the spaciousness of the 3d bd.
Beautiful place. I agree it’s a 2BR plus office. The en-suite bath situation is a bit inconvenient, but I lived for 10 years in a place without a powder room and it seemed to work OK, though if your kid is in the 2nd BR here it would be annoying for guests to have to go through the kid’s room to use the bathroom, and the kid, as they got older, wouldn’t appreciate the invasion of privacy. I agree this is a better place for a couple whose kids have grown up and left.
I also lived for many years in a condo and then a townhouse with no deeded parking. We rented next door or around the block. It was slightly inconvenient, but nothing terrible. The worst thing was when we had to double park to unload groceries. However, we weren’t living in a $700,000 place. At that price level, it seems like having no parking is a bit harder to stomach, and if you plan to host dinner parties here, your guests are going to find it troublesome to find a place to park. I wonder if you could work it out with the Belden Stratford to allow your guests to take advantage of that building’s valet for a price. It would be expensive, I’m sure, but worth it if you planned to have a large group over.
I’m more troubled by the huge assessment. What are you getting for $861 a month? Heat doesn’t cost that much.
“though one might question the spaciousness of the 3d bd.”
If that TV room is the 2d bedroom and the office is the 3d, I want to know how any reasonable person could claim that *either* of them is spacious. Neither of them is anything close to the claimed 12′ (as in 12×12) wide.
Pix of 2W here: http://www.trulia.com/property/3043071574-322-W-Belden-Ave-2W-Chicago-IL-60614
Maybe a little harsh saying “nowhere close” but that 2d br isn’t a full 12′ wide.
Also, from 2W, would appear that the second “ensuite” may be in the maids room/office, which would make it even more of a hallway/office nook than it first appears
” What are you getting for $861 a month?”
Some other listing in the building claimed an on-site engineer.
The parking situation certainly limits the market, which isn’t all that big for a (truly) 2BR in the 2/3 of a million price range… As somebody else mentioned, it might work well for empty nesters who move into the city, as it’s has a great location close to the park, zoo, buses to Michigan Ave. & Loop, etc.
But for a young family? Who’s want to lug babies/children down the block every time you need to go to the grocery store? And what are the logistics for unloading said children & groceries upon your return home?
Over $450k
Over 2 bedrooms
Over 2000 square feet
Check any one and parking likely matters to some potential buyers
Check any two and parking matters to most buyers
Check all three and parking absolutely matters to all but a few. Very few!
“I wonder if you could work it out with the Belden Stratford to allow your guests to take advantage of that building’s valet for a price.”
Sure. And the price would be the price. They don’t care if you’re staying at the hotel, dining at MAG or L2O, hobnobbing at 322 W. Belden, visiting anonny, or going to the zoo.
This is a beautiful old apartment with perfect, intact vintage details.
The assessment is pretty reasonable for the size of the place. Remember, your assessment covers not only your heat (a pretty big item in a 2200 sq ft vintage apt) but the common areas, trash, water, and a reserve for future major repairs.
The price is perhaps not reasonable. As noted this is really only a two-bed plus den, and it has no parking, which is a deal breaker for most couples and families who would be the likely buyers of such a large place.
But it’s doubtful a prospective buyer would be better off buying the mansion on Pratt for the same price. For one thing, there’s no comparing the neighborhood. Lincoln Park is a beautiful urban neighborhood stuffed with amenities easily reached by walking, with a great urban vibe and desirable neighbors, while the place on Pratt is nowhere near retail or restaurants, and has a lot of “problem” rental buildings as neighbors. Then, there’s the cost of maintaining a massive house and grounds with an indoor pool. The heat bill alone would be more than your payment on a $600K mortgage. Then there is the cost of replacing failing old mechanical elements and other necessary upgrades.That house is strictly for someone with an income over $500K a year.
“The heat bill alone would be more than your payment on a $600K mortgage”
The heat bill would be $36,000 a year?? Do you really believe that?
LL — We just moved out of a 3/2 in Rogers Park (around 2,000 sq ft), where the only utilities we had to pay were electric and cable. Our assessment was just raised to $325/month, and that includes paying off a loan and building up our reserve. We had a maintenance guy (trash, snow shovel, etc.) as well.
Where is the $500 going?
Could it be going to a special assessment for something like tuckpointing?
Does condo association pay a separate real estate tax bill for common areas? If so those taxes would likely be higher psf in Lincoln Park than in Rogers Park?
“Does condo association pay a separate real estate tax bill for common areas?”
No. Each condo owns an undivided interest in the common area (including the land itself), so the “value” is included in the value of the unit.
wow pricey… no thanks!
Laura, I wasn’t saying that this is a worse choice than the Pratt mansion in general. This obviously has many positives for it and the mansion has many negatives, but in terms of parking there you have a 3 car garage and a huge driveway…you and ALL of your guests can always park, even off the street. In this place, renting a spot around the corner or down the block would remind me of college and paying to be able to park way off-campus. Not a good feeling after paying well over 1/2 a million for your condo.
The 3rd bedroom is 15 x 7? Isn’t that more like a hallway to nowhere than a bedroom?
A hallway to the bathroom….not nowhere. 🙂
“The 3rd bedroom is 15 x 7? Isn’t that more like a hallway to nowhere than a bedroom?”
When Jenny has all her guests over and they all get food poisoning they can all line up in the third bedroom for thier turn to puke.
“line up in the third bedroom for thier turn to puke.”
Don’t trip (or sit) on the tortoise!
“The heat bill alone would be more than your payment on a $600K mortgage.
Laura you’ve pretty much been on fire today– and kudos for it– but this one jumps the shark. No.
I hate to see a kitch like that or the travertine bath in a vintage place like this. Just kills it.
Also seems like 329 W Belden 2E across the street is interesting competition (1 car parking and the missing half bath included, w/similarly vintage finishes + similarly unsuitable kitch and bath).
This place is half gorgeous (entry,living room, dining room); one-fourth meh (master bed, kitchen, master bath) and one-fourth problematic (the other 2 beds and the 2nd ensuite bath).
Location is great for park access, but that stretch of Clark (Fullerton to Webster) is somewhat uninspiring from a retail/restaurant perspective. (North of Fullerton is better) And if you’re car-free, you’d probably want to be closer to the el.
12 unit building with no amenities but a huge assessment, moving on…
I greatly prefer the exposed woodwork in this unit over 329 Belden, but otherwise that unit blows this one out of the water due to the parking spot and extra 1/2 bath for $25k less.
Time for a price cut! I got news for the seller…it is going below the 2003 price.
I agree that 329 Belden is a better buy. Parking makes a big difference, but also the unit in general is nicer and it has outdoor space.
I’d like to echo everyone’s sentiments that the interior is pretty awesome – these people did a great job. This isn’t normally my style – I used to live in a Ranquist Studio Dwell condo, but I’d still love to just move in to this place with all its furniture, etc. I was looking through the listing and another potential issue is whether or not this place has an elevator. Big thumbs down for families if after trekking from your parking space back to the building you then need to trek up the stairs.
I knew a lot of kids (including myself and a sibling) who grew up in walk-up condo buildings with no parking nearby, and we did OK. I don’t think it’s fun to walk up a flight of stairs with a toddler and groceries, but it can be done. Buildings like this hardly ever have elevators.
“I knew a lot of kids (including myself and a sibling) who grew up in walk-up condo buildings with no parking nearby, and we did OK. I don’t think it’s fun to walk up a flight of stairs with a toddler and groceries, but it can be done. Buildings like this hardly ever have elevators.”
Sure, it can be done… but will somebody spending between $600k-$700k for a 2+BR condo want to do so when there are countless other options in that price point? This isn’t some lower or middle class property. This is a lot of money for a home — especially for the square footage. That same money would buy a Lincoln Park townhouse, a 3BR in a high rise, a single family home in Ravenswood/Lincon Sq./Roscoe Village, a fairly large home in a nice suburb like Northbrook or Naperville or a full on McMansion in others. Buyers in this price point don’t need to settle…
Expectations change. I actually bought a condo last year just north of Fullerton also in this price range. I’m pretty darn happy to have two indoor parking spaces + elevator. There are a lot of options at this price range and my place meets a lot ot the “unicorn criteria,” but at this price range in this area there were still a lot of compromises to be made.
Good point, Benjy, re. the price and why pay $700K for having to lug everything up the stairs. To some extent, I agree. If I remember correctly, my parents paid about $45K for their condo back in the mid-70s, which even then was nowhere near what $700K is today, so we’re talking very different price points.
“my parents paid about $45K for their condo back in the mid-70s, which even then was nowhere near what $700K is today, so we’re talking very different price points.”
Even if median income were only $5k when they bought (it wasn’t that low), then the comp would be about $400k now. At $400k, maybe a decent tradoff. On a pure cpi nasis, it’d be under $250k now–which would then be a really easy tradeoff to make. At nearly 3x the cpi-adjusted amount, it is totally different.
Median income was probably around 10K when they bought (it was 1975).
“Median income was probably around 10K when they bought (it was 1975).”
My guess is that tuition at FWP has risen at a faster rate than median incomes…