Forget the Townhouse, Get a 2-Bedroom Duplex Up Instead: 1020 W. Armitage in Lincoln Park
This 2-bedroom duplex-up at 1020 W. Armitage in Lincoln Park just came on the market.
Both bedrooms are on the second floor.
The unit also has a small office and a private roof top deck on the third level.
It has in-unit washer/dryer, central air and a heated garage.
The kitchen has white cabinets, granite counter tops and stainless steel appliances.
The unit is a short stroll to the Armitage El stop and is surrounded by shops and restaurants.
Is this a good townhouse alternative?
Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.
Unit #3D: 2 bedrooms, 2.5 baths, duplex-up, no square footage listed, parking included
- The ccrd was down over the weekend but per redfin the last sale was December 1997 for $310,000
- Currently listed for $549,000
- Assessments of $369 a month
- Taxes of $8260
- Central Air
- Washer/Dryer in the unit
- Private roof deck
- Bedroom #1: 14×15 (second level)
- Bedroom #2: 11×15 (second level)
- Office: 11×5 (third level)
Leaving aside its far west location, this looks like a very nice place. Closing at $500k wouldn’t be crazy. If there isn’t a contract within the next few weeks, and the sellers don’t want to rent it out, somebody could get a “deal” at $475kish, give or take. It’s certainly more nicely finished, overall, than most 2 beds in this price range.
Semi-related question: While Chicago isn’t quite NYC in terms of bonus season (i.e., when bankers, et al., in NY flocky to luxury car dealers, etc.), there is a large enough population of banking, law and other professionals who might get end-of-year bonuses, such that they might finally have the down payment for a place like this (and its the bonus earners, not partners who’d be buying such a place, i.e., the 30-year old couple without kids). I wonder to what extent the timing of bonuses can impact the RE market, or perhaps add to the lull within a particular property class (like this one).
Leaving aside its far west location, this looks like a very nice place. Closing at $500k wouldn’t be crazy. If there isn’t a contract within the next few weeks, and the sellers don’t want to rent it out, somebody could get a “deal” at $475kish, give or take. It’s certainly more nicely finished, overall, than most 2 beds in this price range.
Semi-related question: While Chicago isn’t quite NYC in terms of bonus season (i.e., when bankers, et al., in NY flock to luxury car dealers, etc.), there is a large enough population of banking, law and other professionals who might get end-of-year bonuses, such that they might finally have the down payment for a place like this (and its the bonus earners, not partners who’d be buying such a place, i.e., the 30-year old couple without kids). I wonder to what extent the timing of bonuses can impact the RE market, or perhaps add to the lull within a particular property class (like this one).
Newer construction over a retail Armitage storefront base, I’d say $450,000 tops, from a buyer swayed by the decorating. Pictures show a nice unit, though this period of construction always requires a thorough home-inspection report. It’s a 2/2 w/garage parking and an oversized balcony, and IF utilities are separately metered then the assessments high. Think that 3/2 atrium-unit on Clark was a better deal.
“Think that 3/2 atrium-unit on Clark was a better deal.”
Indeed.
But rooftop decks and good decorating make people go crazy. I think this might sell for more than the Clark 3/2.
$400.
I don’t know. A half million + for a rather plain 2 BR on Armitage?
And is that cinder block construction I see on the side of the building? Nice.
$549k seems so…2007. $400k seems generous to me given the macro climate
Executed Recorded Document Type Amount
10/30/2006 05/07/2007 MORTGAGE $452,000.00
Crib in the 2nd bedroom! OMG! From one finance type to another this unit is going to sell like johnny’s hotcake when boni time comes!
425-450k. (good place for DINKS making 150k….)
lmao at 1000 West being “far west”
I read the comments first and after the comments about decorating, I was expecting ummmmm…something else.
You guys must be old.
“Jeff Lowe at Prudential Rubloff has the listing.”
My guess is it will sell pretty quick, and pretty close to ask – maybe around $520k or so.
Nice place, in a very nice location. Being over a bortique clothing shop – who cares, really its not like its an Indian restaurant on the 1st floor or a late night bar.
This is something two teachers shouldn’t be able to afford, and never will. I bet it sells for 500k
What ever happened to the lawsuit/investigation or whatever against Jeff Lowe for that bridgeport deal gone bad?
The finishes are nice, but I still can’t see this selling for over $500. Maybe $450K. This place is likely under 1600 SF, so on a PSF basis we’re talking an asking price of around $350. Way too high.
I would much rather have a townhouse than this. I don’t think I could get over living above a store front, no matter how nice the store. (…exception being living in a large high rise like the Hancock)
$399,000 at most.
“Think that 3/2 atrium-unit on Clark was a better deal.”
The atrium on Clark was an amazing deal, but it’s not a comp or a competitor for this place. The atrium had a better location, a third bedroom and Lincoln elem, and was certainly better than any of the other sub-$400 places in its immediate vicinity (e.g., the 3/2.5’s on Grant). This place has a garage, and looks to be much, much nicer. The atrium places seem a bit run down (I seem them pretty much every day), and the finishes of the featured atrium unit were fine but hardly lavish. The finishes on this place are perhaps too nice for its price class. (Seen many living rooms like that in 2 bed condos in this price range?) It’s also a 2/2.5, which is vastly different than a 2/2.
And yes, this place is far west. What’s closer, the river or the lake/park?
I did not have high hopes for this place being new construction and over a store. However, the interior is far better than I imagined and I like the second kitchen even if it is more likely I’d use it for the holidays than entertaining on the roof. I wouldn’t be surprised if it sold around $500k.
Anonny – what makes the finishes here “lavish”? The built-ins in the living room? The kitchen is nothing special. Looks like nothing custom, and maybe just a glaze above builders grade. I am pretty sure the appliances are bottom end GE. The atrium place at least had a built-in range, and the fridge may have been built-in as well.
“Anonny – what makes the finishes here “lavish”? ”
The photography swayed him.
“I am pretty sure the appliances are bottom end GE.”
I recognized them too because I had them when I was a renter in River North!!! Bottom-end GE.
off-topic:
Skeptic:
What the f is going on over there?
http://www.chicagotribune.com/news/local/breaking/chi-2-arrested-after-2-shot-in-north-side-home-invasion-20111018,0,3943781.story
Hope all you know are okay.
Also O.T.:
ze:
Even for those who dis-believe your carioca credentials, I doubt anyone would have beleived you actually lived in Cary:
http://triblocal.com/cary-fox-river-grove/2011/10/14/police-seize-pot-plants-alligator-in-cary-raid/
The appliances are about what I would expect in a place at this price or lower… nothing special, but not bad either. I still think the market of people who would be willing to buy above a store front (at this price range) is limited.
What is the opposition to living above a storefront?
This is a really cool place. I dont think its worth $550K, but I think it will fetch $450-475K.
I agree JP$
“What is the opposition to living above a storefront?”
-Increased noise
-Increased number of random strangers near where you live without the extra security of a high rise
-The cute mom and pop should could become a Subway
-Having a store as part of the association..store having disparate needs from the rest of the association (although this is minimized if the store front is rental)
-The entrance to your building tends to be small and off to the side, while the entrance to the store front takes center stage (giving bums and smokers a place to get out of the wind without being noticed)
-The general feeling that you’re in a rental and not in a condo
I’m interested in learning more about how Subway franchises drag down r.e. values.
Turkey based meat smell.
“I’m interested in learning more about how Subway franchises drag down r.e. values.”
Add in some vacant commercial space, and you get driveby shootings, and a distinct aura of the SW side.
I guess those rubes in NY didn’t get the memo that living above commerical spaces is undesirable.
“I guess those rubes in NY didn’t get the memo that living above commerical spaces is undesirable”
HA!
This will turn-over exactly to the same demographic that owns it now (probably), a couple in their 20’s who can afford $400K+ (either parental support, law, or finance), they will live here for a few years and then buy on the North Shore.
People need to understand how the feeder neighborhoods work. This is a feeder neighborhood/location to the North Shore. If you can’t afford $400K, or to live near Armitage/Halsted in your late-twenties, you aren’t EVER going to be able to afford $1.3 million etc. to raise your kids on the North Shore by 35-40 age. You can spot the winners early on, even if they have the mortgage HD showed us. I think the rugs in this place show that the (probably) young couple aren’t your typical logan square paupers, or middle of the road SL or West Loop condo owners.
“Even for those who dis-believe your carioca credentials, I doubt anyone would have beleived you actually lived in Cary:”
…and only 100 grams? Pathetic!
Rio…lol!! Yeah, and I also have 3 dogs in an apartment, am Jewish and know how to weld… makes no more sense than a Wookie livin on Endor! Suckers!!
Any food operator is more likely to attract pests inside and out of the building (rats in the alley, roaches inside) than a residential user.
“I’m interested in learning more about how Subway franchises drag down r.e. values.”
” I think the rugs in this place show that the (probably) young couple”
Maybe they were young when they bought it in 1997, but prolly not so much anymore.
current owner bought in 1997?
Wouldn’t have guessed that. Looks like they’ll end up in northbrook or glenview instead of NS.
This building is roughly the same design, and living situation (above retail) as:
“Live in a 3-Bedroom Penthouse in the Heart of the Action for Under $260K: 2124 W. Division”
…which is 1/2 the price. The “feeder” neighborhood commands a premium for the right crowd.
“Wouldn’t have guessed that. Looks like they’ll end up in northbrook or glenview instead of NS.”
Dunno, but he grew up in Belleville.
These properties and comments have gotten so boring. How about some interesting properties?
There’s only so many R. Kelly properties that hit the market every year…
“These properties and comments have gotten so boring. How about some interesting properties?”
Finance. More like investing but still finance.
Also I wouldn’t worry much about a subway opening as there is one 2 blocks away on Armitage and Halsted…
Also the association can decide who it wants to rent to in terms of tenants. I know in our building some nightclub wanted to open up in our vacant space but we told them hell nah, and eventually a nice gym opened up down there instead
hilarious theory helmet but likely not too true. plenty of NS hates the city and vice versa. saying someone who buys a place for a half mill is NS bound to own a $1mm+ place ny 35-40 is a huge stretch. people have stable or more common declining social mobility as well especially these days.
and wall St is toast as a career path. maybe not investment mgt but those jobs are increasingly away from urban cores.
You’re probably right, but just FTR, there is a Subway in the little plaza at Wolfram and Ashland and one a stone’s throw away at Diversey & Paulina.
“Also I wouldn’t worry much about a subway opening as there is one 2 blocks away on Armitage and Halsted…”
Drove by this building today (not intentionally) and noticed that the storefronts are empty and the building sides are split-face block. Side entry to units implies there’s a long narrow corridor to common stairhall; two empty storefronts implies there’s little control of future retail tenant-neighbors. Subway or drycleaner, anyone? I revise my estimate to $400,000 for a 2/2 with a nice roof deck but split face block construction, two empty storefronts underneath, and a secondary street entrance entry. Saw a number of empty storefronts – boutique business has slowed.
“Subway or drycleaner, anyone?”
Subway, no. Drycleaner, sure, provided that it’s not an onsite plant (which it most likely wouldn’t be). A drycleaner and a gym would be great ground level neighbors (if one’s got to have ground level neighbors).
“Drycleaner, sure, provided that it’s not an onsite plant (which it most likely wouldn’t be).”
An on-site plant? You really are old, aren’t you?
botiques have always been a tough and fickle business. Especially nowadays with the economy who wants to spend more than they have to. Didn’t logansqquun once say that her friend opened a botique off southport because the ddemographics were high income but with high income comes high mortgages and the disposible cash isn’t going towards $300 sun dresses? Or something like that.
Helmet,
As a NS person myself, I’m curious how you can tell these owners will end up in Glenview or Northbrook rather than the true NS.
“I’m curious how you can tell these owners will end up in Glenview or Northbrook rather than the true NS.”
Helmet “can spot the winners early on”. LMAO. Actually I take the polar opposite view that you can generally spot the losers early on and some may consider that equally ludicrous so maybe I shouldn’t laugh.
“Actually I take the polar opposite view that you can generally spot the losers early on…”
Hmm. Me, I use the term “on-site [dry cleaning] plant” not because of advanced age, but because I managed one. Had you encountered me earlier on, I’d have been asking you “starch or no starch,” rather than insisting that places west of Cleavland may as well be in Naperville. There but for the grace…
“I managed … [[an] on-site [dry cleaning] plant]”
One that was newly-opened, in a residential building, after 1990?
I love it when a dry-cleaning store has sense of hunor enough to display a “Plant on Premises” sign…next to a house plant on a table in the window!
If I ran a company that made/distributed laundry + dry-cleaner supplies, I would include novelty planter/flowerpots saying “Plant on Premises” in the inventory.
still on the far west comment. this is a great location. close to the el, less then a mile to the lake. Can you lazy a$$ people not walk or ride a bike 1mile? plenty of resteraunts and shopping. will sell fast
I agree c, seems that most here are fat old people.
“Can you lazy a$$ people not walk or ride a bike 1mile?”
Can you do that, with your toddler, and enjoy playing in the park (or walking thru the zoo) for 30 minutes, in under 45 minutes, total, so you can squeeze it in in the morning before work, or before twilight turns to night?
Agreed that, if you don’t work, the added distance is pretty immaterial.
“Can you do that, with your toddler, and enjoy playing in the park (or walking thru the zoo) for 30 minutes, in under 45 minutes, total, so you can squeeze it in in the morning before work, or before twilight turns to night?”
There’s not much that I can add to that statement.
Still the precious E/W LP axis is not the real demerit for a family w/young kid here–see instead 2 bedrooms/attendance area elem/high price/unattractive building.
You can walk one block with the kid to the very large playground park nearby on Seminary (in the morning or in the evening) and the kid may even like it better than wandering around the lakefront.
Yeah I know, the zoo, the pond, and different strokes for different folks; but living and dying by those extraordinary amenities is the same as needing to bike to Wrigley.
“living and dying by those extraordinary amenities is the same as needing to bike to Wrigley”
Really?
“living and dying by those extraordinary amenities is the same as needing to bike to Wrigley”
Not really, bc even if you actually went to every Cubs game, that’s only 81 times a year. If you went to the park with your kid everytime you could, that *could* be twice a day, if the trip is short enough.
tobesure, I’m on the other side of the tradeoff, but I get the tradeoff, and prefer my side.
I also don’t quite understand the whole “if you live west of clark, you’re in Iowa” line of thought, but, whatever, maybe i’ll understand some day if I have kids
“maybe i’ll understand some day if I have kids”
Nah, bc I’d expect you to become *less* self-important if you had kids.
“I also don’t quite understand the whole “if you live west of clark, you’re in Iowa” line of thought, but, whatever, maybe i’ll understand some day if I have kids”
I agree, I think living west of Clark is better and I have kids.
I guess you just gotta really love the zoo (or Wrigley), and your kid has to agree.
For my part I like the pond, am basically indifferent to the zoo, am actively repulsed by Wrigley; and my kid is crazy about our little playground park down the street.
“Nah, bc I’d expect you to become *less* self-important if you had kids.”
hmm I dunno, that didn’t work for my parents
“hmm I dunno, that didn’t work for my parents”
So, they moved to DuPage from Cairo or something?
Mom’s from Marquette Park, that’s sorta similar right?
“I also don’t quite understand the whole “if you live west of clark, you’re in Iowa” line of thought,”
anonny has a whole spiel about this, surprised he hasnt cut and pasted a response yet. in a nutshell he is in love with the park and lake ..though not much of a swimmer. And would rather live in a cardboard box in the lincoln park than bucktown