Looking for a 2/2 Under $330,000 with Parking in Lincoln Square? 4737 N. Damen
This 2-bedroom at 4737 N. Damen in Lincoln Square/Ravenswood just came on the market.
The building was converted into condos in 2008 and has 8 units along with some exterior deeded parking spaces.
At 1050 square feet, it has exposed brick along with a front balcony that overlooks all the action on Damen.
The listing says it has “updated finishes” which includes a double vanity in the master bathroom.
The kitchen has dark wood cabinets, stainless steel appliances and stone counter tops.
There’s private storage in the building.
The unit has the features most buyers look for including central air, washer/dryer in the unit and deeded exterior parking.
It is just a block and half to the Damen brown line stop and just 3 blocks to the Ravenswood Metra stop.
It’s surrounded by shops and restaurants on Damen but is just a quick stroll to all the action of Lincoln Square itself.
With really low inventory for 2/2s under $400,000 in this neighborhood, will this property be under contract this week?
Ashley Cox at d’aprile properties has the listing. See the pictures here.
Unit #2F: 2 bedrooms, 2 baths, 1050 square feet
- Sold in March 2008 for $277,500
- Sold in July 2014 for $275,000 (included the parking)
- Currently listed at $325,000 (includes the parking)
- Assessments of $262 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $5374
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×10
- Bedroom #2: 10×9
- Living room: 14×12
- Dining room: 8×6
- Balcony: 4×9
Great location. I can say with experience that, as a daily commuter, having both CTA and Metra options has saved my ass so many times. This unit is nice and meets rental parity at 20% down. Personally, I’d save the downpayment and closing costs ($70k) and rent a similarly priced ($2100 2/2) at Ravenswood Terrace. More amenities and way better than living right off Damen. Plus renters really are coming ahead when it comes to the property tax gouging. Side rant: I just learned that I won’t get homeowners exemption for all of 2018 because we took possession in March and the city says you need to have lived there a full year (starting January 1). No prorations given. This city just keeps on taking.
“I just learned that I won’t get homeowners exemption for all of 2018 because we took possession in March and the city says you need to have lived there a full year (starting January 1). No prorations given. This city just keeps on taking.”
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You have new construction? Typically if old owner had exemption on January 1st you get it too, and then your exemption takes over the next year.
johnc – Not new construction, sellers just didn’t have the exemption the year before, even though they had it every year before that. I think when they quit-claimed the property into a trust, they lost the HO-exemption, not sure though. I’m thinking about filing a certificate of error with an occupancy affidavit from my neighbor to reclaim its exemption, because they were definitely living in the property (owner-occupying) before we moved in and my neighbor could prove that.
“Side rant: I just learned that I won’t get homeowners exemption for all of 2018 because we took possession in March and the city says you need to have lived there a full year (starting January 1).”
ha yea I had that issue when I moved into my condo, I moved in in march and yes you gotta live there on January 1st, its so dumb
as for this unit, its reaaaaly small, I think the sqfootage might be exaggerated by about 200, its very snug looking! I can imagine that the owners want to get the hell out with the new baby n all…
gotta kind of suck timing the bottom of the market so well and pretty much walking away with not much equity gains at all after transaction costs… my guess this sells for 300k
I believe original conversion floorpan was 840SF.
Great location and extra bathroom is a plus, but I’d put by guess in at a $285k sale…
Really small, yes. Also, proximity directly next door to Budicki’s drive in would worry me, major potential for grease smells. Great location though, and having lived on Damen I didn’t find it to be any big deal as long as your bedroom is positioned at the back unless the commercial tenants nearby cause late night or early morning noise.
That crib takes up that entire second bed!!
That said, these folks bought at the tippy top of the market and were underwater until about a year ago. This party of the city is likely recovered by if you go not all that far west of here you will find places that have not recovered – – and where you could tolerate another five minutes on the El and get a ton more condo.
I personally wouldn’t want to be right on Damen – – one certainly isn’t likely to relax for too long on that balcony – – but this area while it was OK in 2008, has really gotten much better. I agree the location is great and definitely think something much closer to $300 if not slightly below is ultimately where this pencils out as a decent deal for both buyer and seller. Agree – – for this monthly out of pocket, you tie up a huge downpayment and get way less than a rental while having a lot of other risks. I think what is painfully obvious here is that you can live in the place for 10 years and not get much price appreciation if you pay top of market. Right now I feel like we are at or rapidly approaching another peak if not what will be a long steady plateau.
RE – – Homeowner’s exemption. The other reason why the sellers didn’t have it, since it automatically renews if you have it, would be the home was not their primary residence when they sold you the unit. I believe Crook County even has a whistle-blower portal where you can snitch on folks who are double dipping on the homeowners exemption. Anyways, not saying that was the case with the condo you bought, but typically either seller was so lazy they never went for it, or if they had it and suddenly didn’t have it, it is because they bought another home.
Cute little rental. What’s the monthly?
Wait – you want someone to put $75,000 down on this one? Moving on…
“Wait – you want someone to put $75,000 down on this one? Moving on…”
Is anyone putting down 20% though?
Seems like they are putting down 3% to 5% so that makes this more doable for most buyers. It means they’ll pay PMI, but at least they own.