Lakeview Vintage 2-Bedroom Reduces Another $14K: 2861 N. Burling
We last chattered about this 2-bedroom vintage unit at 2861 N. Burling in Lakeview in May 2010.
See our prior chatter here.
The unit has now been reduced another $14,100.
It has a lot of the features buyers look for including washer/dryer in the unit and heated garage parking.
The kitchen has white cabinets and appliances.
The unit has 9 foot ceilings and many of its vintage features including a pier mirror and beamed dining room ceiling.
The only thing it’s missing is central air (window units only.)
Given that this was the 8th warmest summer on record, will this sell once we feel the cool breezes of fall?
James Meese at Real Living Helios Realty still has the listing. See the pictures here.
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
- Currently listed at $324,900 (parking included)
- Assessments of $399 a month (includes heat, cable)
- Taxes of $3515
- No central air- window units
- Washer/Dryer in the unit
- Bedroom #1: 13×11
- Bedroom #2: 13×12
I would have kept the price where it was and use the price drop to redo the kitchen.
250k. Keep dropping, sellers, keep dropping the price. You might just have to ‘give it away’ your apartment.
Ahh yes Jon with the ol’ double down on RE strategy by investing more $. Not sure how well that is working for people these days as it assumes people are still willing to pay a premium for graniteel. Most people dumb enough to egregiously overpay for amenities like graniteel during the boom are financially ruined at this point, so that might further restrict that target market size.
I’m sure with the no air conditioning this place sells itself in august/september!!!!
No, they should not spend money on that kitchen. It is just fine and perfectly appropriate for a $250,000 – $300,000 condo.
Not only that, but buying the cheapest granite you can find and the cheapest SS appliances you can find and the cheapest cherry cabinets you can find is just going to make a potential purchaser think about how much it will cost to rip it out and make it look decent.
It’s a waste of money. Nobody is going to like the taste of the Realtor/Advice-giver. In fact, nobody ever did. But back when people thought house prices always went up they didn’t really care.
“No, they should not spend money on that kitchen. It is just fine and perfectly appropriate for a $250,000 – $300,000 condo.”
I guess I’ve been watching too much HGTV “Designed to Sell.” I should have qualified it with, if it were my place to sell (although no way would I have lived 5 years with that kitchen) that is what I would do. NOTHING about that kitchen says $300,000 to me. In fact it doesn’t even say condo to me. $1500 rental apartment kitchen.
Jon,
What is wrong with it? The appliances all look to be up to modern standards (less than 10 years old for sure) and in good condition. In fact, I see nothing at all in that kitchen that needs to be thrown away.
If you click on the virtual tour and look at the floorplan, you will see why this kitchen is perfectly appropriate (and why it isn’t selling). This place is weird. Huge living room and formal dining room. Small bedrooms (including one off the kitchen). The closet of one bedroom is entirely consumed by the washer & dryer!
This is a place you buy as a rental.
Agreed that it’s not worth it to put in new cabinets or counter tops. You can get SS packages from Best Buy for $2K. If the owner does this and updates the kitchen hardware, I think that’s a simply improvement that might help. And you get to enjoy them in the meantime.
The challenge with condos is you are trying to make yours stand out from the others and many are very cookie-cutter like.
Yeah, central air is nice, but this isn’t the deep South. I live in a beautiful vintage place that’s at least as big as this one, and it (for the most part) is amply cooled by just two window units (and a couple of fans). Is it ideal? No. But neither should it be a deal killer.
This place is big place, has a good layout and, while the kitchen should certainly be updated, is livable (quick question: how much should it cost to update a kitchen in a condo in this price range?). And lest we forget: it has an in-unit w/d and heated garage parking. How many nice vintage two-beds in this neighborhood have w/d and garage parking?
At $325k, it’ looks like a solid deal…until we realize that it only has one bathroom. If they’re going to spend money on anything, it should be to install a powder room.
“This is a place you buy as a rental.”
So we agree. Sorry about your low standards with regard to kitchens. For $300+ I expect more. Good thing there are people out there like you that consider white appliances that are 10 years old, microwaves on counters, shallow cupboards, track-lit, overmount sink, laminate? countertop, 9×9 kitchens to be “appropriate” for this price.
I looked at this place like 4 months ago and at that time pegged the amount I was willing to pay at $290,000. I think it has a lot of potential, which all depends upon whether or not the wall between the kitchen and formal dining room can be removed, or replaced with a beam. (I’m not an engineer, an architect, or a remodeling professional so I wasn’t up to the task). But, I think if that area can be opened-up, there is plenty of space to put in a great kitchen, large eating area, and create a separate laundry room and pantry. Unfortunately most people probably wouldnt go to the trouble for a place with 1 bath.
“I think it has a lot of potential, which all depends upon whether or not the wall between the kitchen and formal dining room can be removed, or replaced with a beam.”
Much easier to deal with if you’re on the top floor–no real risk of cracking the neighbor’s walls then, and–at worst–drain vents serving neighbors to deal with.
I just think this one bathroom kills this… Its not that there is only one, its the complete lack of counterspace and general lack of space in the one bathroom…. could. not. do. it.
“Yeah, central air is nice, but this isn’t the deep South. I live in a beautiful vintage place that’s at least as big as this one, and it (for the most part) is amply cooled by just two window units (and a couple of fans). Is it ideal? No. But neither should it be a deal killer. ”
I don’t even see window units in any of the pictures here, perhaps that isn’t even possible due to the wierd windows? Also where do you plan on storing those window units in the wintertime?
for 325k my place better have 2 bathrooms and it better damn well have some sort of air conditioning, and it better have a kitchen that isn’t white and of rental quality.
and yes, for LOTS of people those things are deal killers
“At $325k, it’ looks like a solid deal”
No sorry dude you’re still stick in the 2000s…at 325k even with 1.5 baths it would need central air. They are asking for near a third of a million dollars for this place. Not our fault they were dumb enough to pay over that in 2005 for something that lacks standard amenities at this price point.
Only 1 bath, wall units for AC–this place screams rental.
You can now get much better deals in amenity-laden 2/2s around Chicago greenzone hoods at this pricepoint. They’re going to get killed.
“and it (for the most part) is amply cooled by just two window units (and a couple of fans)”
yes but what i hate about my no C/A house is taking a shower and continuing to sweat after it while getting ready. not even strategically placed fans can help a bathroom after a shower.
“for 325k my place better have”
And this is the key point that those who think this place is great are missing. Yeah the location is great, but for 325k you’re in a pricing realm that this place just isn’t competitive with. Nothing happens in a vacuum..
Oh yeah and I might add that its not even the top floor. I live in rental building that is similar to this (constructed around the same time, looks similar) and I can tell you I hear the neighbors above often. They likely encounter the same thing.
For this to be worth 325k it would need to be on the top floor, central air and at least 1.5 baths if not 2. Its not 2006 anymore.
“So we agree. Sorry about your low standards with regard to kitchens. For $300+ I expect more.”
Really, you think that putting a thin film of stainless steel (if it is even real) on the outside of an appliance makes one bit of difference on how well it works?
Just call it what it is – a fashion statement. And nobody cares about your sense of fashion when it comes time to sell. Leave the kitchen alone and let the new owner choose their own fashion statement.
i really feel like these vintage 2/1s in Lakeview w/ no central air, small bedrooms, etc. are a dime a dozen. these should be rentals and should be priced accordingly. if it is a $1500 rental, it should sell for $200-250k.
“if it is a $1500 rental, it should sell for $200-250k.”
If it’s a $1500 rental, with those assessments and taxes, it’s “worth” **maybe** $160k as an investment prop, unless you think there’s going to be significant rental (or asset) inflation.
“Really, you think that putting a thin film of stainless steel (if it is even real) on the outside of an appliance makes one bit of difference on how well it works?
Just call it what it is – a fashion statement. And nobody cares about your sense of fashion when it comes time to sell. Leave the kitchen alone and let the new owner choose their own fashion statement.”
Actually a cheapo imitation graniteel might be just what the doc ordered. While it is certainly a fashion statement, it likely became one of the “must have” check boxes for a large number of the proles. And c’mon are the graniteel demanding proles really that discerning?
Jon: “I guess I’ve been watching too much HGTV “Designed to Sell.” I should have qualified it with, if it were my place to sell (although no way would I have lived 5 years with that kitchen) that is what I would do.”
I always find it strange that people invest money and perform rehabs when they are done living in a house/condo. Really, a unit should only be brought up to decent condition, with neutral colors and furniture. But to be ripping out and replacing appliances and countertops for some imaginary buyer seems like folly.
hi,
where is the best place to start looking for a good deal on a place in a neighborhood like lincoln park or lakeview? is it advisable to look for a foreclosure or short sale (generally)? i have a time horizon of about 1 year to find something and i don’t know where to start. is it advisable to go to a broker?
thanks
Joe m:
What do you consider to be a “deal”? It’s all in the eye of the beholder.
What is a “deal” this month may not be a deal a year from now either.
There aren’t that many actual foreclosures in LP and Lakeview. They’re not getting to that stage. They are simply short selling them instead.
The agents can give us a better description of the short sale process (and some have) but buyers can wait over 6 months- or longer- before they even find out if they get the property so patience is a virtue.
You need to get an agent if you’re going to purchase property and want to be in the action of distressed sales (many which sell in the “prime” areas within hours- when a foreclosure does pop up.)