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Lakeview 2-Bedroom With Parking Sells for $89K Under the 2005 Price: 2861 N. Burling

We chattered about this vintage 2-bedroom at 2861 N. Burling in Lakeview several times as the unit was on and off the market since March 2010.

2861-n-burling-approved.jpg

See our February 2011 chatter here.

Back in February, it returned to the market to try again and was further reduced to $299,900

The kitchen was not renovated and had white appliances and did not have granite counter tops.

Many of you wondered if it would make sense to put in stainless steel appliances to try and get a sale.

For those of you who did guess on the price the last time we chattered about it:

  • Bob: thought it might go back to the bank BUT since it had parking, who knows?
  • JP$: thought it would close close to $290k

The unit recently sold for $89,000 under the 2005 purchase price at $265,000 (including the parking).

The unit had 9 foot ceilings and many of its vintage features including a pier mirror and beamed dining room ceiling.

It had a lot of the features buyers look for including washer/dryer in the unit and heated garage parking.

The only thing it was missing was central air (window units only.)

It was also just steps to the new Trader Joes on Diversey.

Was this a deal?

James Meese at Jameson had the listing.

Unit #2N: 2 bedrooms, 1 bath, 1400 square feet

  • Sold in June 1992 for $159,000
  • Sold in November 2005 for $354,000 (parking included)
  • Originally listed in March 2010 at $369,900
  • Reduced
  • Was listed in May 2010 at $339,000 (parking included)
  • Reduced
  • Was listed in September 2010 at $324,900 (parking included)
  • De-listed
  • Reduced
  • Was re-listed in February 2011 at $299,900 (heated garage parking included)
  • Sold in May 2011 for $265,000
  • Assessments of $367 a month (includes heat, cable)
  • Taxes of $4091
  • No central air- window units
  • Washer/Dryer in the unit
  • Bedroom #1: 13×11
  • Bedroom #2: 13×12

This entry was posted on Tuesday, May 24th, 2011 at 7:45 am and is filed under Lakeview. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

8 Responses to “Lakeview 2-Bedroom With Parking Sells for $89K Under the 2005 Price: 2861 N. Burling”

  1. Nice block, price and location. Congrats to the new owners.

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  2. “Was this a deal?”

    2.7%/yr increase from ’92 price. ~$10k more than CPI-adjusted ’92 price. Seems right in line with pre-1999 Chicago historical growth. If it was a deal in ’92, then probably, but that ’92 price seems pretty standard, and maybe a bit high, tho this was, in relation to everything available in the city in ’92, a nicer location than it is now by virtue of relative scarcity.

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  3. Good deal on this one. $265K is a JP$ type of pruchase price.

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  4. thats “purchase”…

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  5. I was surprised why it was not selling and it sold, so I guess I am not that off for once : ) Oh and that was the classic chatter about SS is out…good old times…

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  6. They got a deal. Window a/c units aren’t that big of a deal and that heated garaged parking is pretty rare. In unit w/d isn’t common either in units like this around this area.

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  7. $265 is pretty shocking. Good area, great street, solid unit with most everything besides central A/C. Still $53k down, but then just a $1150/mo payment.

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  8. “then just a $1150/mo”

    plus $708 for T+A.

    Still a decent deal, but it’s $1850, not $1150.

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