Is the 3/2 With Parking Under $500K One of the Hottest Properties Around? 626 W. Belden in Lincoln Park
This top floor 3-bedroom in a vintage greystone at 626 W. Belden in Lincoln Park just came on the market.
It has 10 foot ceilings and hardwood floors.
There are 2 wood burning fireplaces including one in the master suite.
The kitchen has granite counter tops and stainless steel appliances.
It also has the amenities that buyers are looking for including central air, washer/dryer in the unit and garage parking.
The unit is listed $21,000 under the 2006 purchase price at $499,000.
With everyone wanting a 3-bedroom, and this one being a rare East Lincoln Park location, will this sell close to ask?
John Bitting at @Properties has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, no square footage listed, 1 car parking
- Sold in September 1997 for $345,000
- Sold in March 2006 for $520,000
- Currently listed for $499,000
- Assessments of $300 a month
- Taxes of $7247
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×21
- Bedroom #2: 9×11
- Bedroom #3: 14×12
I’m not sure I understand the stair situation here – there’s no door that I can see separating the condo from the stairs, which is fine and good if there’s one we can’t see somewhere else (which has got to be the case).
Otherwise, I really like it – I’m a sucker for woodburning fireplaces.
maybe the door is on the 2nd or first floor and then a flight of stairs to the unit? 3 bedrooms is great, but presumbly the 3 bedroom target market has a kid and that’s a lot of stairs to carry up a baby.
I like this one a lot. Great location, good value. I bet this sells fast.
2700 a month with 20% down, thats not bad at all
This will flounder on the market. Guaranteed. How do I know? “$21,000 below 2006 price” just isn’t enough. I don’t care if they stole this in 2006, that doesn’t make sense.
“maybe the door is on the 2nd or first floor and then a flight of stairs to the unit?”
Isn’t that a common (tho not universal) set-up for three flats? stairs up to second floor to two doors?
Also, is there a 3d fireplace, or do they have the master bedroom set up as a family room?
“Isn’t that a common (tho not universal) set-up for three flats? stairs up to second floor to two doors?”
I know it is for two flats – for three flats I would think you’d need to have a bigger landing on the second floor to accommodate that, which I guess makes sense. I suppose there’s no reason for any other unit to have access to the third level, so might as well stick the door on the second floor and have the stairs be private.
“Isn’t that a common (tho not universal) set-up for three flats? stairs up to second floor to two doors?”
I suppose there’s no reason for any other unit to have access to the third level, so might as well stick the door on the second floor and have the stairs be private. My only thought was that you’d need a pretty big landing on the second level for that to work, but I guess you’d need a decent sized landing no matter what you did.
If they could just strap an elevator on to the building, I would have a buyer for them! LOL
“Also, is there a 3d fireplace, or do they have the master bedroom set up as a family room?”
I was wondering where the space for the family room (not mentioned on listing sheet) came from. The virtual tour has separate photos for mbd and fam room, but they’ve got to be part of the same room, with photos carefully taken. And the mbd is long/skinny, so that prob makes sense.
Isn’t this place good for anonny?
What would it cost a buyer to pull the microwave out and stash it elsewhere, replacing it with a hood? Do that, and throw an entry-level fancy grade stove and fridge in, and it’s ready to go. It would be nice if the deck weren’t off a bedroom (which doesn’t appear to be the master, but I didn’t look closely). But if it’s for a one or no kid family, that wouldn’t be so bad. For a buyer who has or plans to have kids, the stairs shouldn’t be a deal killer, provided that there’s a permitted spot for strollers just inside the building entrance and/or in the garage or rear area.
Had we seen this place a couple of years back, it would have been mighty tempting. But it’s one powder room short and a couple of blocks farther west than I’d prefer (this far west, and I’d want a SFH or RH, and we’re not so sure we want one of those). That said, I’d say they paid $10-20k under market in 06, so it’s a pretty reasonable ask in terms of bubble era pricing. I imagine they’re looking to close in the $470-80k’s. As high as $485k wouldn’t be too knife-catchy and $470k would be a solid deal. The only way it goes for under $470k, and into “steal” territory, will be if the seller has some bad circumstance (lost job, urgent need to move for family reason, etc.) or some good circumstance (inheritance, partnership, etc.).
Weird layout – the kitchen is at the front, where the 3rd bedroom would normally be; dining room and living room are reversed; not sure what is going on at the back of the unit. Is that a family room? Or one of the bedrooms?
“and a couple of blocks farther west than I’d prefer (this far west, and I’d want a SFH or RH, and we’re not so sure we want one of those)”
You guys don’t leave yourself much room to maneuver, do you?
“But it’s …a couple of blocks farther west than I’d prefer (this far west, and I’d want a SFH or RH, and we’re not so sure we want one of those).”
Anonny’s unicorn must be an albino with a rare blood type.
Is the family room part of the master, or is it the 3rd BR? Why do so few listings include floorplans!?!?
I think the family room in the pix is what the listing is calling the master bedroom, since it mentions the master has a woodburning fireplace. Better use of space as they currently have it laid out, imo – nicer to have the deck off a common area if you don’t need the third bedroom.
Back of the unit (where the 2nd fireplace and deck are) has to be the master that current resident is just not using as a bedroom. I’d like to see the master bath, though.
I think the photos that are titled in virtual tour as mbd (with tall translucent cabinet) and family room (with fireplace and deck) are two halves of the same room, classified as mbd in listing, with dimensions 11X21, so that seems possible. I don’t understand why listings with professional photos don’t use up the allotment of photos for the listing. Are the other rooms that bad they can’t be shown in a favorable light?
” I don’t understand why listings with professional photos don’t use up the allotment of photos for the listing. ”
It’s better than three shots of the same kitchen at slightly different yet essentially the same angle.
“Are the other rooms that bad they can’t be shown in a favorable light?”
Perhaps they were not staged as well or cleared of clutter when the photographer showed up?
I’m familiar with unit below (#2). Assuming the footprint above in #3 is about the same, then what is shown as the family room is/was the master bedroom. The RedFin listing states that fireplaces are present in the master BR and FR, but, in fact, they are in the DR and MBR/LR. If you can live with 2 BRs instead of 3, the set-up isn’t bad, because the now-family room is connected to the deck.
“mbd (with tall translucent cabinet) and family room (with fireplace and deck) are two halves of the same room”
both bedrooms in the vht pix are in bays. The two bays are basically across from each other in the middle of the building. Don’t think there is any way that the family room is combined with either of the bedrooms, if there are currently walls to make 3 bedrooms (ie, if they knocked down a wall or two, and combined two bedrooms into a giant suite, it’s possible).
“what is shown as the family room is/was the master bedroom”
“The two bays are basically across from each other in the middle of the building.”
I see that now. So the room labeled family is really the mbd suite w/bath and the room labeled mbd is really the 2nd/3rd bed?
“I see that now. So the room labeled family is really the mbd suite w/bath and the room labeled mbd is really the 2nd/3rd bed?”
Yes.
Ours had two doors on the first floor, one for the first floor unit and the other leading to the staircase that accessed both second and third floors.
“Isn’t that a common (tho not universal) set-up for three flats? stairs up to second floor to two doors?”
“This will flounder on the market. Guaranteed. How do I know? “$21,000 below 2006 price” just isn’t enough. I don’t care if they stole this in 2006, that doesn’t make sense”
If this is how you make your life decisions, then you are a total and complete idiot/moron. Seriously, the value of anything is what people are willing to pay for it now – and most people do NOT sit there and base their purchase on a pre-determined percentage of what the previous owner paid. I am in real estate, and I can assure that no REAL buyer bases their decision on previous sales price. They see if the place fits their needs – then they see if they can afford it. If they are on the fence, they may consider what the previous owner paid for it or how much of a mortgage the person has, but they don’t base their decision on it. Those are negotiating tools used after the buyer has already decided to buy – and they are usually ineffective once you have hooked a live one….
“anon (tfo) (May 31, 2012, 5:24 pm)
both bedrooms in the vht pix are in bays. The two bays are basically across from each other in the middle of the building. Don’t think there is any way that the family room is combined with either of the bedrooms, if there are currently walls to make 3 bedrooms (ie, if they knocked down a wall or two, and combined two bedrooms into a giant suite, it’s possible).”
—
Yep. Those are most likely original bedrooms, given their size.
The master bed (labelled family room in the vht pics) is probably old kitchen/dining, with the fp in the old dining. Whoever rehabbed this however long ago essentially made both a large suite with deck, built-in the m. bath, and turned the original front bedroom into the kitchen.
Seems like a lot of work, quite frankly.
I must have had too many beers tonight… but what Clio said, I find myself agreeing with (to a certain degree).
And I’ve never found myself remotely agreeing with anything he’s ever posted since he started commenting on this site…
It’s just too bad he ruined it all by being an @sshole and typing the irrelevant first sentence. But that was to be expected.
“Anonny’s unicorn must be an albino with a rare blood type.”
An albino with type-O negative blood with the gene mutation that blocks most strains of AIDS.
I like a lot at this price point: could have one or two kids and a nice lifestyle, with parking, airconditioning and ELP.
I think the funniest comment I ever read on cribchatter was when someone said, “I think annony makes his wife call him ‘the unicorn.’
“This will flounder on the market. Guaranteed. How do I know? “$21,000 below 2006 price” just isn’t enough. I don’t care if they stole this in 2006, that doesn’t make sense.”
Who gives a crap about 2006 prices, yes it is a benchmark, but this place at (499k @) 2006 mortgage rates of 6.5% the monthly nut (Ceteris paribus) you put 20% down comes to $3431 a month compared to today’s rate (3.5%) of $2700 a month, thats a big difference
“thats a big difference”
Are you surprised that a rampant mania produced that lack of affordability? Or, that govt attempts to prop up prices are still failing, regardless of current “affordability.”
Today’s buyer should be more concerned with what $2700 buys at 6.5% than what 6.5% bought in the mania. This correction is a long way from over.
Hey G, maybe this has been touched on before or maybe the answer is obvious, but what would be your advice to someone that bought during the mania but is not currently underwater (due to down payment amount and improvements)? Sell ASAP and rent? Or something else? I’m genuinely curious.
“Hey G, maybe this has been touched on before or maybe the answer is obvious, but what would be your advice to someone that bought during the mania but is not currently underwater (due to down payment amount and improvements)? Sell ASAP and rent? Or something else? I’m genuinely curious.”
Doesn’t it matter what’s going on in your life? What do you care what the housing market is doing if you’re going to live there for the next 20 years and raise your family? You have to live somewhere.
The people who are screwed are those who are thinking they’ll have to move in the next few years. Or anyone buying that 1-bedroom right now with the intention of staying there for “just” 5 years. Or the 2/2s (every single one of which has a crib in the second bedroom.)
“I think the funniest comment I ever read on cribchatter was when someone said, “I think annony makes his wife call him ‘the unicorn.”
I havent laughed this hard all week. thank you thank you thank you for that.
Chris M, Way too many variables left out of that question to give any specific advice. The general advice I would give in that situation is that further price declines should be anticipated. The importance of that advice varies.
“Are you surprised that a rampant mania produced that lack of affordability? Or, that govt attempts to prop up prices are still failing, regardless of current “affordability”
both? 🙂
Hey Ze, I win the gentleman’s bet, 10 years are trading at 1.47% right now… please send me some of your finest (cooking) herbs
Who could of known?
I seem to recall many here proclaiming that there is no way that will happen. I seem to even remember Sabrina saying”When will we see 5% mortgage rates again” … Ze said 10YT-rates would hit 2.5 before 1.5, You were not one of them, but there were many here and in the press.
Thanks, guys.
Sonies, you and i agree on the lower rates, one of the few rhings we agree on. I think only a war with china or rampant money printing will drive up rates, and that will be a generation away…..
If anyone is curious with the drop in 10 year yields, the par 30 year rate is at 3.375% (paying points). 3.625% with no points easy. 20% Down, Single Family.
Russ, how much might it change for 5 or 10% down, assuming everything else is the same? income, stellar credit, etc.
“If anyone is curious with the drop in 10 year yields, the par 30 year rate is at 3.375% (paying points). 3.625% with no points easy. 20% Down, Single Family.”
“Hey Ze, I win the gentleman’s bet, 10 years are trading at 1.47% right now… please send me some of your finest (cooking) herbs”
1-I was involved, so it could not have been a gentlemans bet.
2- I think the bet was that I need to now ridicule Clio for an entire day. Unfortunately (for fulfilling the terms of the bet) he is not around very much. Fortunately, for life being pleasant, he is not around very much.
3- 93 bps, pretty much straight down… one heck of a move…
4- Herbs much better where you are than they are here.
5- 3.625% on a 30yr… If Ze only had a credit rating higher than his SAT score, Ze would buy something next month.
“the unicorn” was too easy. Might not even be in top 5.
Z’s idea to paint ones underwater home yellow, and sing yellow submarine when returning home in the evening,is hard to beat
Icarus, it wouldn’t change much unless you were in a condo instead of a house.
At aimloan.com 30yrs are listed at 3.25% with like 1.3pts down. Not sure if this is a bait & switch warehouse lender.
For someone with a _stable job_ now has to be a good time to buy. The thing is I’d bet far more people think their job is stable than actually people with a stable job they can reliably count on for the next few years.
“5- 3.625% on a 30yr… If Ze only had a credit rating higher than his SAT score, Ze would buy something next month.”
The thing is, ze, if what you said with rates happened relative quickly it would certainly goose demand and people would buy. But rates have been on an inevitable decline over a number of years, even after the fed went to zero. I remember in 2008 rates were around 4.375% for a 30yr with points.
Over time they’ve almost steadily marched toward 3.25%.
Which means don’t look for a huge demand bump as everyone that was able to and wanted to buy property over the past four years likely did. And the serial refinancers likely did as well.
You see your decision isn’t in a vacuum or without context. And idiot monkeys like you are already committed in the market.
“And idiot monkeys like you are already committed in the market.”
Pay attention better. I sold 2 properties in the past 6 months (next one closes June 25th) So I am now down to just 2 and that makes me feel almost as if I am homeless. I will need to buy something just to satisfy my lack of impulse control. Was also egging on a friend just yesterday about how he has to buy the ski house he wants up in VT. At 3.25% and NYC tax rate, I think it’s cheaper then getting optional wi-fi at the hotel every time he goes up for the weekends.
btw.. Ze likes monkeys.
http://www.youtube.com/watch?NR=1&feature=endscreen&v=bDwBEndsrLk
…and of course… I’m sure you’ve done this yourself…
http://www.youtube.com/watch?v=yUgBHV9WEzY
“3.625% on a 30yr… If Ze only had a credit rating higher than his SAT score, Ze would buy something next month.”
People think it’s almost “free money”, but you still have to pay back all of the principal.
“People think it’s almost “free money”, but you still have to pay back all of the principal.”
I’ll take the 100yr I/O loan… 🙂
But Ze none of those hominids have tay sachs like you. I mean theres monkey inbreeding surely, but they have nothing on you and your ilk surely.
“But Ze none of those hominids have tay sachs like you.”
Between hallucinations I like to keep my records in order, let me now update.
Bobs NO Sachs notes:
1- Tay – disease Bob will never have unless he has unknown Ohio Amish background.
2- Ann- Tiles Bob will never live in anyplace nice enough to have.
3- Goldman – Place that Bob would never make it to second interview, if by miracle got first.
Now if you’ll excuse me, HD’s backyard Gnomes are calling me to play…
“HD’s backyard Gnomes are calling me to play”
Watch out for the one with the rabbit in his beard–he cheats at poker, checkers and board games.
DNA- what bob’s DNA spells vs. Ze’s DDNA, DNNA or DNAA–his inherited genetic legacy from centuries of inbreeding.
Under contract and due to close in 2 weeks