Get a 4-Bedroom Single Family Home in Lincoln Park for Under the 2001 Price: 2746 N. Racine
This 4-bedroom single family home at 2746 N. Racine in Lincoln Park, on the border of Lincoln Park and Lakeview, just returned to the market after it was listed earlier this year.
Listed since January, it had been withdrawn in July.
It has now been reduced $124,500 since January 2010.
Built on a 25×124 lot, the house has 3 bedrooms on the second floor and one on the lower level.
The listing says the kitchen is a “chef’s kitchen” which is open to a breakfast area. It has stainless steel appliances and granite countertops with white cabinets.
It has two decks and a landscaped yard with a 2-car garage.
Now priced $22,500 under the 2001 purchase price, is this a deal for a single family home with this square footage in Lincoln Park?
Mario Greco at Prudential Rubloff has the listing. See the pictures here.
2746 N. Racine: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in August 1995 for $390,000
- Sold in August 1998 for $530,000
- Sold in September 1999 for $619,000
- Sold in April 2001 for $747,000
- Originally listed in January 2010 for $849,000
- Reduced and withdrawn in July 2010
- Currently listed for $724,500
- Taxes of $11363
- Central Air
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 12×11 (second floor)
- Bedroom #3: 12×11 (second floor)
- Bedroom #4: 16×12 (lower level)
Not bad, if it goes in the mid $600’s (espeically if the buyer doesn’t plan to send kids the public elem).
What is interesting is that MG also has the listing for 2704 Racine–a 5/4.5 for $1.199.
Also, the floorplan isn’t in the VHT page yet.
annony: do you know the school for this address?
Agassiz Elem
I’d be interested in what people think a chef’s kitchen should have. I might have several of them in my current listings for all I know.
Chef kitchen: commercial grade appliances and working space. This is not. The last one I remember is 638 West Oakdale.
No it also needs one of those stainless steel hoods.
“I’d be interested in what people think a chef’s kitchen should have”
WL gave his description a long time ago. It was such that we’ve maybe ever seen one or two that were in the ballpark on CC.
Generally it’s so vague as to be meaningless.
Floorplan up now. Refrigerator is awkwardly located–but expensive.
“I’d be interested in what people think a chef’s kitchen should have. I might have several of them in my current listings for all I know.”
Isn’t the question really what does a kitchen have to have so you can say “chef’s kitchen” in the listing and do more good than harm? I’d say $5K worth of appliances and a proper hood.
“I’d say $5K worth of appliances and a proper hood.”
I’d add:
the appearance of a lot of counter space (and/or a usable island-type thing) and the appearance of a lot of cabinet-storage space (at least relative to the size of the kitchen).
three definitions for “chef’s kitchen”:
1. Kitchen that is attractive and comfortable (42 in. cherry cabinets and an island for the fruit bowl), but that is functionally no different than the four burner/single oven kitchen found in any single wide trailer. Typically found in condominiums built or converted between 2000 and 2007, and typically the focal point of an “open floor plan.” Usage varies between: (a) place to store left-over carryout and (b) weekly attempts at recreating recipes featured in glossy food magazines.
2. Kitchen that is ugly but functionally capable of producing large quantities of food. I.e., at least 6 burners and two ovens. Equipment is clean but not pretty. Typically found in light commercial space used for catering, or in the houses of very wealthy people that have a staff chef.
3. Kitchen that looks big, expensive, and stylish. Functional aspects are largeley irrelevant because they are seldom utilized. But this kitchen typically does offer the same capabilities as kitchen #2 above, just with better looks. Typically owned by moderately wealthy people that cook less than 10 times a year (e.g., Thanksgiving and the occasional party).
anon (tfo): you got mail
I like this a lot. I can see myself ripping up that deck to put in a patio and a firepit.
Are those taxes high or am I just out of touch?
those taxes are high
“Are those taxes high or am I just out of touch?”
Both? May be a little high, but not out of whack, really. Assessed value is $85057, meaning an assumed market value very close to their original ask. And that’s with the assessor saying 2 baths, unfinished basement and no cac.
I wonder if this is a converted two flat. There are quite a few of these in this area. Even though it has been remodeled, I find the flow of these ones are always somewhat awkward — for example, the abrupt entrance to the living room and the refridgerator sunken into the wall. Or the decrepit chimney that isn’t a wood burning fireplace but instead the old exhaust for the coal furnace in the basement.
The taxes are in line. The 2001 price was big and it has been assessed from there.
@ alanon,
thanks for the wikipedia quality definitions
chichow:
you do too. Sorry for the delay.
“# Sold in August 1995 for $390,000
# Sold in August 1998 for $530,000
# Sold in September 1999 for $619,000
# Sold in April 2001 for $747,000”
Whoa! We got crazy, funny money appreciation and its not in the right decade!
Guess some properties were treated like a tradeable asset class to flip even before the boom made most of them that way.
“Floorplan up now. Refrigerator is awkwardly located–but expensive.”
its not awkwardly located it ties into the “Chefs Kitchen” the fridge being away from the “working triangle” makes it feel like your walking to the back to the meat locker/walk-in freezer 🙂
are the taxes a bit high? seams like it should be 8k 9k?
Am surprised by the big price reduction…saw this house the first time it was on the market and thought it was a fair price then. May go back again and reconsider…that’s a lot of beds & baths for the price/area.
Meantime, about the kitchen, I think it had a professional range and hood at least. For sure the cabinets and counter beat the snot out of what I’ve got now, so I’d be happy to pretend to be a ‘chef’ in a kitchen like that anytime (though I’m sure my frozen pot pies will give me away quickly) 🙂
“are the taxes a bit high? seams like it should be 8k 9k?”
Mine was ~$8500 for ’08 for a AV of ~$65k, with max o/o exemption, so about 1/3 higher makes sense.
I drove by this place last night. Seemed nice from the curb and set in a bit more from the 6 corners.
“I drove by this place last night. Seemed nice from the curb and set in a bit more from the 6 corners.”
It’s a nice block. Someone I used to work with used to live a few houses south (kids went to parker or latin). Not a huge fan of the east side of the street, and I think the street is busy enough to be a negative for the neighborhood feel of the block–which may not matter to you.
But, I bet MG gets this one sold before the end of the year, so long as sellers would take a bit under $700k (not that I’m predicting that low a price). Having the larger house for sale on the same block for 50% more can only help this place–easy for MG to show someone both of them and compare/contrast on the pricing.
“Mine was ~$8500 for ‘08 for a AV of ~$65k, with max o/o exemption, so about 1/3 higher makes sense.”
since i was already on the website this homes 2008 AV was 85k so 11k seems ok wonder if its appealable for 2011 taxes?
Anon- Aye, I’d probably bid on it now but I’m a ~12 months out from seriously considering a move and don’t feel too much rush to do so.
Looks like a good setup for an au pair as well with the basement, separated bedroom to give a bit of privacy.
“since i was already on the website this homes 2008 AV was 85k so 11k seems ok wonder if its appealable for 2011 taxes?”
all you had to do was look upthread–I’d posted AV yesterday.
Probably appealable, and probable reduction, but only would be enough to offset the higher EqF and likely similar tax rate–if the AV were to be $72,450 for this year, I’d expect the ’09 tax bill to total about $11k, anyway.
Could kids from a family living here also go to Prescott or Burley for magnet programs?
And I believe St. Alphonsus and/or St. Bonaventure have schools near here also.
“Could kids from a family living here also go to Prescott or Burley for magnet programs?”
It’s definitely in the 1.5 mile radius for preferred admission. And it is for Hawthorne.
But, those standards are almost certain to change (probably multiple times) over the next few years.
“But, those standards are almost certain to change (probably multiple times) over the next few years”
WHAT ARE YOU SAYING!!! are you trying to say the Tier system and taking away principal discretion spots didnt work and with hubberman going to run another unqualified spot the the new person will make up some even crazier scam oops i mean system to fairly place children. and even after that new scam, oops did it again, system there will be another matrix compiled?
“WHAT ARE YOU SAYING!!! are you trying to say the Tier system and taking away principal discretion spots didnt work and with hubberman going to run another unqualified spot the the new person will make up some even crazier scam oops i mean system to fairly place children. and even after that new scam, oops did it again, system there will be another matrix compiled?”
Nope. There is no try. I just went ahead and did it.
“There is no try. I just went ahead and did it.”
oh i see now your a Chicago politician 🙂
Ok, I’m completely fixating on this house now…I just drove by it again. I’m curious…think the basement was ever a separate rental unit, and even if it never was, think it could easily be turned into one? Looks like there’s an entrance directly to the basement under the main staircase in front, and since there’s a full bath down there, all I’d have to do is close off the inside stairs and add a small convection microwave combo to the wet bar to make it liveable. How much do you think a rental unit like that might rent for???
“I’m curious…think the basement was ever a separate rental unit, and even if it never was, think it could easily be turned into one? Looks like there’s an entrance directly to the basement under the main staircase in front”
If there is a front door, in all likelihood it was once an apartment. However, since it has been a SFH for some time, it’s not as easy as that to have a *legal* rental. Also, I’d bet that the electric is not separately metered, and there is no separate HVAC for the basement.
“Bob # Sold in August 1995 for $390,000…crazy, funny money appreciation”
Finally someone brought up the fact that in six years, the home sold three times, each owner averaging a $119,000 appreciation!!! Unless they each put in a renovation that added $119k of value, i.e. a beautiful chef’s kitchen which at that price, it should come with a chef, then this was just a glimpse of the exponential growth in which an increase of a family’s median income cannot compete with price increases.
Though Northwest Lincoln Park did substantially improve the quality of living in those blocks over those years.
Too bad the current owners are the only ones that used a SFH for a few years like you should, and didn’t get the memo to sell quick like everyone else.
Just drove by–looks like it’s under contract. I missed it!!!!!! It’s such a cute home and at their current price it’s really a good deal for the area, no matter how overpriced or over-appreciated the area may have been over time. Darn, darn, darn!!!