Get a 3-Bedroom with Garage Parking for $540,000 in Lakeview: 2843 N. Lincoln
This 3-bedroom duplex up in Ivy Lane at 2843 N. Lincoln in Lakeview came on the market in September 2022.
Built in 1996, Ivy Lane has 23 units surrounding a central courtyard and underground garage parking.
This listing says the unit has new mechanicals, hardwood floors, recessed lighting, “some” new windows, crown molding and composite decking.
The first floor has the living, dining and kitchen along with a full bath and one bedroom.
The second floor has the primary suite and second bedroom along with two outdoor spaces.
The living room has a fireplace.
The kitchen has white cabinets, granite counter tops, a custom backsplash, and a breakfast bar.
The primary bedroom has an en suite bathroom with herringbone marble floors, quartz counter tops, a duble sink and subway tile shower.
There’s a huge private terrace off the primary suite.
This unit has the features buyers look for including central air, washer/dryer in the unit and 1 indoor garage parking space is included.
This building is near the Lakeview/Lincoln Park border and is near shops, restaurants and coffee shops.
Listed in September 2022 at $559,000, it has been reduced $19,000 to $540,000.
Is this a deal for 3-bedrooms in this neighborhood?
Nancy Tassone at Jameson Sotheby’s has the listing. See the pictures here.
Unit #211: 3 bedrooms, 2 baths, 1700 square feet, duplex up
- Sold in February 1997 for $249,000
- Sold in May 1999 for $311,000
- Sold in March 2002 for $367,000
- Sold in December 2015 for $415,000
- Originally listed in September 2022 for $559,000
- Reduced
- Currently listed at $540,000
- Assessments of $302 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8715
- Central Air
- Washer/dryer in the unit
- 1 indoor garage parking space included
- Fireplace
- Bedroom #1: 15×12 (second floor)
- Bedroom #2: 12×10 (second floor)
- Bedroom #3: 12×11 (main floor)
- Living/dining room: 16×15 (main floor)
- Kitchen: 10×10 (main floor)
- Deck: 4×14 (second floor)
- Terrace: 12×10 (second floor)
This is no where near 1700sf, 1250 is more like it.
Replacing windows from 96 raises some questions
Really cramped for a family of 4
The second deck is more useless than JB’s dietician. Would have been a nice place if they enclosed the 2nd floor decks (Main deck accessed thru the MBR (‘natch), making 3Br’s on the 2nd floor and add a roof top deck. Yeah, Yeah price point and all that.
This is actually a 3d floor walk-up, right? Feels like a solid choice for WFH DINKs–space for two offices, decent primary suite.
Add in an every other weekend kid from prior relationship and it’s still ok, but not a good place with a fulltime child.
Current ask is a little above ’97+CPI, but is below ’99+CPI. Dec-15+CPI = $523k, which is probably what will end up getting it done.
“Add in an every other weekend kid from prior relationship”
/oddlyspecific
crazy with 20% down still 4k a month
for a McCinderblock special
“/oddlyspecific”
Could be a grandkid/godkid/niece, I suppose.
But pics 13+14 are a kid’s bedroom that doesn’t get used anything like everyday–pocket doors with clear glass??.
And yes, I know it is almost certainly staged–but also that bedroom has the washing machines and the only bathroom is downstairs.
With the requisite TV above fireplace and dining room/kitchen in the middle of the living room, this should feel right at home for most buyers. But at least there’s no Lincoln Avenue bus any more!
Floot plsn fail, too. No real doors on one of the bedrooms, and a combo 16×15 LR/DR? Terrible.
Interesting to see first sale was Feb. 1997 for $249,000. We were in the market to move up from our 1 bedroom in LP at the time, and ended up paying just over $200,000 for a 2 bedroom condo in our same high rise on Lakeview. We didn’t really look over in this area at the time. And even $200,000 was a stretch for us, so this would have been too much.
“crazy with 20% down still 4k a month”
This is cheap compared to the rents sonies.
Here’s what you get nearby for $4k.
https://www.zillow.com/b/3032-n-lincoln-ave-chicago-il-9S6T8d/
Here’s another condo rental nearby, near the Diversey El.
$3900 a month. 3/2 at 1600 square feet with 1-car garage.
https://www.zillow.com/homedetails/2814-N-Sheffield-Ave-APT-3N-Chicago-IL-60657/49918392_zpid/
“Replacing windows from 96 raises some questions”
No. It just indicates that homeownership requires maintenance and upkeep. Either you pay your condo association to replace the windows or you do it yourself.
I just had a friend replace the windows on her townhouse that was built in 1998.
“No. It just indicates that homeownership requires maintenance and upkeep. Either you pay your condo association to replace the windows or you do it yourself.
I just had a friend replace the windows on her townhouse that was built in 1998.”
Windows generally dont fail on their own, especially after 25 years. I’d be taking a closer look at the installation details and making sure that there wasnt a mold issue lurking in the wall cavity
Your “friends” seem like an interesting bunch…
“This is cheap compared to the rents sonies.”
True to a large extent, but not completely. Rentals just don’t have the same type of “comp” concept. Those rental comps you linked to might end up renting for 25% less than the current ask. And if a prospective renter has the time/flexibility, their chances (which yes, entails some luck) greatly improve, much more so than buyers (in most markets). I nearly rented places like the ones you’ve linked to, or this subject property, for about $700 more a month than the place that we actually ended up renting in 08 (and living in for a bit over two years). We figrued, $3k/mo for a place in Lakeview near the el? Well, sure, that’s “city living'”! Or $2,300/mo for nicer place overlooking the park and North Pond.
“We figrued, $3k/mo for a place in Lakeview near the el? Well, sure, that’s “city living’”! Or $2,300/mo for nicer place overlooking the park and North Pond.”
This isn’t 2008 with millions being laid off and banks going under.
Until you get big job losses, the economy is good. Chicago’s apartment market is tight. Rents are at all-time highs. Everyone who left Chicago pre-pandemic just doesn’t understand what has gone on here in rentals. It’s a whole new world.
That being said, I never said that someone is necessarily going to buy instead of rent, because you still have the downpayment, how long you might live in the property, transaction costs etc.
But there ARE people out there who think it’s stupid to pay $4k in rent when they can buy and own if they are going to live there for 7 to 10 years.
that 3032 N Lincoln unit looks exactly like the type of place you’d share with 3 roommates… so yeah 1k a month and no 25k security deposit each… plus those are ASKING rents… I highly doubt people are lining up to pay that much to live in those spots
don’t worry soon enough prices will come down as there just isn’t enough money or stooges willing to live in sub par conditions like that for long
“I highly doubt people are lining up to pay that much to live in those spots”
You “highly doubt”? You haven’t lived in Chicago for years (4 years? 5 years?) and the housing market has completely changed since you were here. You certainly aren’t in the market for a rental. We just had the best job market in over 20 years and the tech industry is paying new college grads more than $100k a year.
So you “highly doubt” that renters are paying $4k to live in Lakeview?
I guess you’re the expert.
“Windows generally dont fail on their own, especially after 25 years.”
They certainly can when they’re cheapass contractor specials
We looked at another one of these units before we bought back in ’08 and it was super cramped, especially the living/dining area… was smaller than our living space at the time in a 1BR/1BA apartment. No way it would’ve been comfortable with kids, or if one wants to actually have people over for dinner. And the 2nd bedroom would require going downstairs to use bathroom. Was one of the easiest units to nix in our search.