Get A 3-Bedroom East Lincoln Park Townhouse With Parking For Under $325K: 344 W. Dickens
This 3-bedroom townhouse at 344 W. Dickens in East Lincoln Park just came on the market.
It is part of an 8-unit group of fee simple townhouses that were built in 1962 that don’t have a monthly HOA fee. They only pay a yearly maintenance fee which, in the case of this unit, is $215 a year.
That means each owner is in charge of their own windows, roof, outdoor space, back patio etc.
This townhouse has 3 levels with hardwood floors, exposed brick and a spiral staircase.
The family room is on the main floor with the living/dining/kitchen on the second level and then the bedrooms on the third floor.
The kitchen has white cabinets and white appliances.
It has central air and a carport parking space along with a brick fenced in private patio.
The listing says it is “priced to sell.”
Originally listed in 2011 for $419,000 it was withdrawn from the market that year and rented for $2300 a month.
It returns “as-is” at $320,000.
Is this a deal for the location?
Jennie Stec at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #6: 3 bedrooms, 1.5 baths, 1479 square feet
- Sold in September 1992 for $212,000
- Was listed in September 2011 for $419,000
- Reduced to $369,000 by November 2011 and then withdrawn
- Rented in 2011 for $2300 a month
- Re-listed for $320,000
- Sold “as-is”
- Maintenance fee of $215 a year
- No HOAs- fee simple
- Taxes of $6985
- Central Air
- 1-car carport
- Bedroom #1: 17×12 (third floor)
- Bedroom #2: 10×12 (third floor)
- Bedroom #3: 15×10 (third floor)
- Family room: 16×25 (main floor)
Pretty ugly at the moment — definitely could use some updating — but actually could be kind of cool when done. For that location, I’d consider it a definite deal.
write this down
it will be sold by the end of the month for 305k
I don’t mind the updating needed but the spiral staircase and lack of a second full bath sucks.
I actually think the place is kinda funky cool as is even before any updates.
I like this place. I wonder how much it would cost to turn the half bath into a full bath.
“As-is” = I am lazy and maintenance ez hard!
This probably goes for around list, but the buyer better inspect the hell out of it. I’ll bet there are plenty of nasties lurking, and you’re basically stuck with maintaining an SFH.
I bet it gets multiple offers and sells for LP or above.
Just delisted! Too bad — I like this place, annoying spiral staircase be damned.
Had looked into seeing this — was told that the sellers already had multiple offers above list. Decided it wasn’t worth the fight for whatever “as-is” means (and the staircase, as Java points out).
I was interested in this. I am not 100% sure of the situation, but it is sold as of today and I believe it had multiple bids over the asking price
“I was interested in this. I am not 100% sure of the situation, but it is sold as of today and I believe it had multiple bids over the asking price”
Not surprising. If I were really interested in this particular property, and it sold before I had a chance, I’d consider approaching the owners of each of the other units. Of course, what the current owners paid and the extent of improvements made will vary by unit, but for the most part, I’d bet that they all have a similar pricing basis. Some of them might be inclined to sell, but have yet to give it serious thought or do anything about it because (i) the market had been down for a few years (and not everyone obsessively follows the market to know it’s now “hot”); (ii) it takes work to list a place (cleaning, touching up paint, putting stuff in storage, etc.); (iii) it means they’ll have to find their next home, something lots of people are unmotivated or unable to do without the proceeds from the sale of their current place; and/or (iv) most assume they’ll need to list it with a broker, which, further to point # (iii), is a transaction cost that will seriously eat into any equity they might have. So, why not send each of the other unit owners a nice letter setting forth your general interest and explaining that you were interested in 444 #6 based on its list price and current condition, but it sold. Someone might have a place in similar condition they’d consider selling at the same price, a slightly nicer unit they’d sell for a bit more, etc., if they could take the broker’s fee out of the equation. Can’t hurt.
This is getting funny. It seems like every new listing Sabrina puts up is under contract within days.
lock in the low interest rates now. still below 4% on a 30yr loan. can always rent the property out later….
“This is getting funny. It seems like every new listing Sabrina puts up is under contract within days”
buy now or be priced out forever!!!!!!!!!!!!!!!!
write this down
305k is roughly 95% of ask.
write this down also:
the sun will rise in the east tomorrow
Yes, I am full of bold predictions too.
So Sabrina, now that things have picked up…why don’t you look through old comments and determine who called the bottom best….when was the bottom?
“So Sabrina, now that things have picked up…why don’t you look through old comments and determine who called the bottom best….when was the bottom?”
We won’t really know the “bottom” for months still. Prices haven’t been going up in Chicago until just a month or so ago. And a lot of that is the mix of what is selling. Still have huge amounts of distress properties on the books (and coming down the pike.) Banks might be able to get higher prices though. Also, if interest rates start rising (or when they do) that could put the kibosh on things quick. But I don’t see the Fed taking away the punch bowl until 2014.
What if we have a semi-reinflated bubble situation where prices go up too fast and then crash back down when the Fed starts to take away its stimulus? I don’t know. The housing market has gone bananas in about a 4 month time period.
“This is getting funny. It seems like every new listing Sabrina puts up is under contract within days.”
Vlajos- imagine being a buyer in this market. Every property you go to look at has 20 to 50 buyers. All swarming the same 1 open house. You barely have time to see the property. Sometimes, you only see it at night before offers are due. Almost no due diligence. How is the light in the home? You don’t know because it was dark outside.
Many agents are giving buyers just 24 hours to submit offers. “Best and final” – aka “bid over the asking price.”
And they do. I guarantee you. They do.
It’s absurd out there. If you don’t have to buy right now- don’t do it. That’s my advice. Find a nice rental and save yourself a lot of money. No one ever got a good price in a bidding war.
“Not surprising. If I were really interested in this particular property, and it sold before I had a chance, I’d consider approaching the owners of each of the other units. Of course, what the current owners paid and the extent of improvements made will vary by unit, but for the most part, I’d bet that they all have a similar pricing basis.”
Yes- go ask the neighbors “please let me buy your home!”
Because that always works out for that buyer.
So absurd. Just walk away. Don’t waste your hard earned money in a bidding war. This same exact unit was listed at $369k in 2011 and no one touched it. What makes it so golden today? I have no idea. Same interior. Renter just moved out.
But yes- please. Go beg the neighbors to let you live there.
LOL!
I never thought the Fed could do it. They are reflating the housing market. It will still take time to do so- but they are sucking in all the lemmings again. ha! ha! Amazing.
How badly will it end this time? I’m scared to know.
AT least housing is affordable now and people are scooping it up like crazy… how long that affordability lasts though… not sure
“Vlajos- imagine being a buyer in this market. Every property you go to look at has 20 to 50 buyers. All swarming the same 1 open house. You barely have time to see the property. Sometimes, you only see it at night before offers are due. Almost no due diligence. How is the light in the home? You don’t know because it was dark outside. Many agents are giving buyers just 24 hours to submit offers. “Best and final” – aka “bid over the asking price.” And they do. I guarantee you.”
What if renting isn’t much of an option at this point in people’s lives based on the size of the property they are looking for and area? Will inventory go up in April and May? It’s so difficult to be a buyer these days. Almost every property that I’ve seen has gone under contract quickly, except for the blighted overpriced places, which I was repulsed by anyways. The bubble is reinflating and buyers have fallen for it for the most part.
I’m seeing properties listed in the burbs with this ‘submit best and final within 2 days of listing’ too. Pretty much every place that goes on my favorites list is under contract before I even get a chance to go see it. It’s tough because we need to move, but won’t be able to find what we need in the rental market. Guess we’ll just have to wait it out
“It’s absurd out there. If you don’t have to buy right now- don’t do it. That’s my advice. Find a nice rental and save yourself a lot of money. No one ever got a good price in a bidding war.”
Nope.. That’s why I never forgot what someone I really disliked told me when I was only 22.
“Buy when you can, not when you have to”
It is one of those things that make sense when you hear it but even more after it happens to you.
“That’s why I never forgot what someone I really disliked told me when I was only 22”
maybe the reason you forgot what he told you was because of the thing you are rolling/packing right at this moment?
“This is getting funny. It seems like every new listing Sabrina puts up is under contract within days.”
There are SFHs in the North Shore likewise going contingent very quickly. Prices are still decent.
“There are SFHs in the North Shore likewise going contingent very quickly. Prices are still decent.”
I took a drive up Sheridan road in 2007 or 2008, and around some side streets, and it was like every other house was for sale! At absurd prices of course…..Funny how a few years difference makes.
I think I about timed the ‘bottom’ although prices per sq foot seem have dropped pretty dramatically for a few more months after I purchased in my 2000’s era vinyl sided subdivision. But the updated homes seem to sell at quite the premium – and by updated, I mean recently renovated, not updated in the last 7 years. Brand new renovated seems at a premium.
http://www.redfin.com/IL/Park-Ridge/606-Wesley-Dr-60068/home/13648588
I was interested in this house when it was listed as dump in 2011/2012 at $199,999 but ultimately it was too close to the highway for me (and you KNOW I LOVE LIVING NEAR THE INTERSTATE!)
Today it’s been rehabbed with an addition and it went under contract in days. Crazy times we live in. This renovator will make a lot of money on this house. I thought it was priced too rich and yet too ugly for the $500,000’s – it takes a healthy household income and downpayment to buy in the $500’s and yet it sells so quickly.
Groove.. I said “never forgot”… maybe I should be rolling what you are rolling… Ze is a bit worried.. this is what happened to my dealer last week… http://oglobo.globo.com/rio/pm-apreende-mais-de-20-pes-de-maconha-no-morro-dos-cabritos-7779241
As for real estate there has been a slowdown.. up 14.7% last year…
http://oglobo.globo.com/imoveis/precos-dos-imoveis-residenciais-no-rio-sobem-em-ritmo-menor-7743378
“Groove.. I said “never forgot”… maybe I should be rolling what you are rolling… Ze is a bit worried.. this is what happened to my dealer last week”
OOPS, maybe i should smoke a bit more as my eyesight failed me on your post 🙂
My emplyoyer thanks you for making me google translate that link as i ended up google translating other articles and just killed a half a day
“My emplyoyer thanks you for making me google translate that link as i ended up google translating other articles and just killed a half a day”
SO you now know what transam em carros means… still trying to figure out how women claim to have had sex 3 times in cars and men claim to have done it 6. Hopefully now that miu is here she can help once she finishes helping me with solving my “happy ending” problem for arbitrary n….
“still trying to figure out how women claim to have had sex 3 times in cars and men claim to have done it 6”
i thought all it takes is for a 17 yo senior, a trans-am, and to park behind the bleachers? isnt that how all Americans were conceived?
under contract, 50K over asking
Cool place! Is this an end unit? I don’t think the spiral staircase is bad..I can see Elke Summer wearing a baby doll nightie coming down (up) on that, martini in hand “OOOHHH, its cold out, let’s sit by the fire and warm up, no???” Speaking of, that fireplace is cool, if its original those things are going for a lot of money now…why was everything up to about 1970 cool and then everyone lost their taste or became bland?
Like the patio tho it looks like it needs replacing and that fence is going to come down soon. Other then that how nice to have a fp AND a big outdoor space in LP for that price. Isnt it better to be able to fix things as is instead of being beholden to an association?
I saw this the day it was listed, and two days later…the whole time trying to run the numbers as quickly as I could – were my pockets deep enough for all the possible liabilities? The answer was no – and even before I’d decided for sure, it received multiple offers above list. I wish it could have worked out, but as a first-time buyer there was just no way I could handle this place. On the list of short-term needs that I could discern myself, not even getting into potentials with electrical/plumbing: replacing or at a minimum re-tuckpointing the entire outside brick wall, replacing the front and back wall-to-wall custom-size windows due to rot, replacing the 15-year old furnace and hot water heater, etc. The unit had great potential, but whoever ended up with it is doing a gut rehab for sure.