Love Rowhouses? 2408 N. Burling in Lincoln Park Is For You
Before there were townhouses there were rowhouses like this 3-bedroom rowhouse at 2408 N. Burling in Lincoln Park.
It has vintage features such as stained glass and built-ins. The rowhouse has space pac cooling.
The only thing it is missing is parking. It’s only available for lease in the neighborhood.
Is lack of deeded parking hurting the sale of this property?
It has been reduced and is now listed for $60,000 under the 2006 purchase price.
Emily Smart at Coldwell Banker has the listing. See the pictures here.
2408 N. Burling: 3 bedrooms, 2.5 baths, no square footage listed
- Sold in October 2006 for $835,000
- Originally listed in May 2009 for $849,000
- Reduced
- Currently listed at $775,000
- Leased parking
- Taxes of $8226
- Space pac cooling
- Bedroom #1: 17×13
- Bedroom #2: 11×11
- Bedroom #3: 11×10
- Living room: 13×12
- Kitchen: 12×12
- Family room: 20×16
- Dining room: 14×13
cute but parking is a must have.
Oh, wow. I’ve walked past this place dozens of times when I lived on Wrightwood years ago. If you’re into Lincoln Park, this is a fantastic location: reasonably close to the El, beautiful block, etc., etc.
Interesting that they buried the bit about the parking being leased in the description. At the top it says “1 Garage spot.” No word on how much a month it is to lease that spot either. Curious.
>parking is a must have
especially if you have a car
Most areas I would say a rowhouse at 775k is overpriced. But this one doesn’t seem to have anything egregiously wrong with it other than parking. Its not like that one on Sheffield that backs up to the El tracks.
If they were smart the sellers would offer to pay for the first couple years parking for any prospective buyer. Should be around 175-225/month, thats peanuts compared to the ask price.
It is cute but parking is a serious issue.
Also, can someone explain to me how it isn’t fraud to list that this has one parking spot when in reality all you can do lease something offsite somewhere with no legal connection to your property (I do assume that there isn’t some sort of covenant to lease a spot somewhere that runs with the deed)?
Doesn’t the MLS have rules about this sort of thing and how do you report them?
Too cheap! 1br lofts in Ukrainian Village are 475k! RAISE THE PRICE.
Not saying that this place will sell for anything close to $775K, but at least the sellers are being realistic in that they came to their senses shortly after listing the property for more than they paid for it in 2006 to selling it for a $40K loss.
Living in this neighborhood in this house REQUIRES a parking spot. How else are you going to get Jacob and Stella to Chinese classes and ballet? Time to get creative rather than misleading people into thinking there is a viable tolerable parking situation. Some thoughts:
1. Turn one of the bedrooms into a garage. Don’t say anything about how in the world you’d get a car in there or anything, but slap a garage door on it and hang tools all over the walls. Put a push mower in there and just lead potential buyers through it with, “would you like to see the garage? let’s head upstairs…” Someone willing to pay $775K for this might take the bait.
2. Get some dirt on the neighbors and threaten to air it publicly if you can’t sell their garage with the house. Depending on the neighbors and what you are able to uncover, it may or may not work.
3. Wait for a spot in front of the house to open up on the street. Then assemble a lawnchair, a bucket and 2 mops. Tell the buyer that that’s your “reserved spot.”
4. How big is a Smartcar? That may fit on the ront porch if you can get it up the stairs.
Time to think outside the box people!!!
Math check – $60,000 loss.
Actually, the loss is more like $98,750 (60k lower than purchase price plus the 5% commission to the real estate agents).
Parking is likely in the Children’s Memorial hospital ramp on Lincoln. When they move, does the ramp remain?
Matt, don’t forget the 1.2% in transfer taxes the seller is responsible for:
.75% City tax at time of purchase
.30% City (CTA) tax at time of sale
.10% State tax at time of sale
.05% County tax at time of sale
G – good to know. I’ve never sold a place in the city before so that’s important information to have.
RILF.
based on the satellite photos in Google maps, these people need to get with their neighbors and build a driveway off of the alley. That will increase the value of this house more than anything.
Really charming. If I were still in the market I would take a long hard look at this one. Would be torn between loving the space and problems with resale down the road. Agree that listing “Garage – 1 Car” is extremely deceptive.
This is a nice place, but it is on the wrong side of Fullerton and thus is in the Alcott Elementary attendance area and not Lincoln Elementary. Not saying that Alcott is bad, but a certain amount of the value in homes in Lincoln Park is derived from the attendance area school.
“RILF.”
that made me laugh. jons post was amusing too. I like this place, chuck it across fullerton and it be more tempting
I walked through this place a few months ago and was wholly unimpressed. Admittedly, “character” (i.e. small rooms, narrow and sloped staircases, etc.) doesn’t win me over, but in addition to the parking issue, claims by the realtor of significant work being done, the place still felt very old.
““RILF.””
You ain’t lyin!
I walked though this place. It has amazing vintage features, the plaster details around the lights, stained glass on the doors, tall narrow staircase. It is dark, because it’s a row house so it only has the front window, and I think that makes it feel old. They have not arranged for any parking yet, but supposedly it’s available down the street. I think that will be a killer for a place at this pricepoint. They should get that worked out ASAP.
Thanks GG, now that phrase is going to come up all the time here.
tipster,
Are you sure it is not in lincoln? My kids go to lincoln and when we were looking at the boundries, I thought that the western boundry ran up burling and down Arlington (such that the north side of arlington is not in district and south side is). I know for certain that two kids in my son’s class last year live on the south side of Arlington just east of Burling.
Just refreshed my memory from the CPS website. The lincoln elementary district is bounded by north avenue to the south and Arlington to the north. Between North and Armitage and between Fullerton and Arlington, the west boundry is orchard. Between Armitage and Fullerton, the west boundry is Halsted.
I have found it to be a little difficult to find the attendance area boundaries for CPS schools, but this GIS website seems to be the best resource available:
http://schoollocator.cps.k12.il.us/
Just click on the Attendance Boundaries on the right-hand side and zoom in.
This place actually looks great for that price. Surprised they even needed to lower it this far looking at comparables in the neighborhood at that range. Houses are hard to come by, condos aren’t. And a quick look at Craigslist shows plenty of very close places to rent aparking space nearby. All in all, this looks like a bargain on one of the best streets in Lincoln Park.
If you assume this place as a rowhouse is ‘worth’ 775k in its current condition at the current location, how much would it increase in value if it magically becomes a detached fee simple SFH? Assume the lot size remains consistent and you have your standard 2-5ft of space separating you from the neighbors.
Basically I’m trying to figure out what value is added by removing the shared walls. Any opinions?
I’d be curious to hear other rules of thumb from people with experience. For example, given a 3 flat in LP where the bottom floor fair value is $300k. If the 2nd and 3rd floors are identical to the 1st, what value does the market perceive is added to the higher floors?
“Assume the lot size remains consistent and you have your standard 2-5ft of space separating you from the neighbors.”
Are you making the house smaller? B/c on the same sized lot, the same sized house wouldn’t have any guaranteed space from the neighbors.
That said, changing to an SFH such that it has a 2-car garage–imo–adds ~$75-100k in this part of LP.
In my example, I didn’t want to make the house smaller, and I didn’t want to increase the lot size… so.. it’s magic! But, anyway, your answer is basically what I’m looking for but I’d be interested to see other people chime in on that, and any other rules of thumb they go by.
“it’s magic!”
I think that on-going protests from the anti-magic wing of fundamentalist christianity outside your front door would decrease the desireability of the hypothetical SFH and it would not be worth more than $400k. Even if in the Lincoln attendance area.