New Year, Same Price For This 3-Bedroom Vintage East Lincoln Park Rowhouse: 474 W. Deming
We’ve chattered about this 3-bedroom rowhouse at 474 W. Deming in East Lincoln Park several times now.
See our November 2012 chatter here.
It originally came on the market in July 2012 at $949,000 and had been reduced to $924,500 by November 2012.
The rowhouse was recently re-listed but is still at the same price of $924,500.
If you recall, the rowhouse is just a block from Lincoln Park and also just steps away from the shops and restaurants on Clark.
Built in 1884 on a 20×74 lot, it still has some of its vintage features such as stained glass, the original wood staircase and crown molding.
Yet it also has central air, a lower level family room and 2-deeded parking spaces directly behind the rowhouse.
All 3 bedrooms are on the second floor along with 2 baths.
Inventory is as low as last November so there’s not many properties in competition with this one.
What price will it take to sell this home?
Mario Greco at Prudential Rubloff still has the listing. See the pictures here.
474 W. Deming: 3 bedrooms, 3.5 baths, no square footage listed, 2 deeded parking spaces behind the rowhouse
- Sold in January 1993 for $266,000
- Sold in April 1995 for $307,500
- Sold in February 2001 for $640,000
- Originally listed in July 2012 at $949,000
- Reduced
- Was listed in November 2012 at $924,500
- Recently re-listed at $924,500
- Taxes of $14,852
- Central Air
- Bedroom #1: 18×17 (second floor)
- Bedroom #2: 19×13 (second floor)
- Bedroom #3: 12×11 (second floor)
- Family room: 30×19 (lower level)
Listing sez the roof is new in 2013!!
Seems like they did some ‘inspection’ work that’s now priced in to asking, to avoid closing credit, or something.
nice enough….but for close to 1mil i’ll pass
Are these sellers interested in some funky trades? Out of the money RSUs, wine, pool table, baseball cards, ’96 911 Turbo? I’m just thinking outside the box here, there has to be a way to make this work at $600k + some nice stuff. I also have a bottle of Macallan 30 that I just opened and DID NOT touch with my lips (I used a paper cup). Mario, please pass it along to the sellers and let me know if we can MAKE A DEAL!
what irks my is the swing on that second bathroom upstairs. Such an easy fix and with all that remodeling and work that this hasnt been done
also directly out your back door is the backdoor of an apartment complex. i bet thats a quiet and private situation. I kind of rather have the el/metra back there instead
Great location, though unfortunately right across from an ugly 1970s high-rise medical office building. Still, seems like it would be a good deal if it goes slightly lower than current price, considering it’s a rowhouse in the heart of Lincoln Park with parking and a family room.
Even with all of the downsides noted above and in the prior chatter (Alcott, no garage, across from a medical building, backing up to what is ostensibly an apartment building or at best lower end condos, a tad close to a bustling stretch of Clark, and perhaps some updates that will soon be necessary), if we were ready right now, this would be a place for which we might consider seriously stretching our financial limits (and then some). It’s a charming, nicely laid out place, and would be perfectly fine for a two kid family for the long haul. The medical building is a bummer, but I have to believe that 2550 N. Lakeview (and the related SFH’s) will go a long way towards making this block feel a lot nicer.
c: It’s not close to a million dollars, and I doubt the sellers are insisting on closing at the current list price. Mario would obviously know for sure, but I would guess that they’d be happy to close in the mid to high $800’s ($860-880k or so).
JJJ: ha ha.
“this would be a place for which we might consider seriously stretching our financial limits (and then some)”
the sacrifices we pay for perceived priorities
Deeply nonscientific, but have seen some listings (I know this is a relisting) in the last couple days. Feels like things are starting earlier than last year.
“the sacrifices we pay for perceived priorities”
Here we go again. I suppose it is a new year. Please refresh my recollection as to the Groove’s housing priorities.
Must be that January heat wave we’re having and no snow… Combined with record low interest rates its got everyone all up in a BUYING FRENZY! At least thats what my acquaintance Suzanne told me
“Groove’s housing priorities”
nobody said housing specific priorities and nobody said groove’s specific priorities. As my “perceived” priorities will not be the same as yours as our base assumptions are different as many other factors.
examples,
*I do not work in the loop and you do so right there the sample becomes muddled.
*I know a lake is different than an ocean and know there are other lakes in the metropolitan area
*We both know how to dress for cold weather and dont find a need to complain about snow or anything above 10 degrees
*We both missed the premier of downtown abbey season 3 this Sunday
*You find a bunch of comrades getting together at drink establishment to cheer on a team named after an animal so they can forget about thier weekly stresses and enjoy the moment boorish and futile, i find it another wonderful Sunday
the list can go on and on. but you get my point
“*I know a lake is different than an ocean and know there are other lakes in the metropolitan area”
What other area lakes have beaches, a 10+ mile trail, direct views of the skyline at multiple points, and waves? Just the other day on the lakefront, the water was smashing into the breakers (if that’s what they call them here) and cresting 20-30 feet up in the air; I kept expecting to see Johnny U. throw his badge in the lake after letting Bodhi go yet again. That was just as much of an “ocean like” experience as my recent runs on the Gulf of Mexico, and perhaps more so. For that matter, can you name many (continuous) ocean front running trails that go for 5-10+ miles? I can’t. On some of the most beautiful coasts I’ve ever seen, the better running option was the hotel treadmill.
“*We both missed the premier of downtown abbey season 3 this Sunday”
Not me. The two-hour kick off was as good as ever.
I think this property is not horrendously overpriced and will sell around $875-890K. This can be comfortably afforded by a couple earning in the $225k range. Were the the things that were fixed (“inspection issues”) significant? I don’t remember looking at this listing previously. The location is still pretty good even though its not in the Lincoln district. The market is definitely picking up with more listings, but not sure if there will be a plethora of transactions with the current low rates or if this will spur banks to flood the market with foreclosures more than in prior years.
“This can be comfortably afforded by a couple earning in the $225k range.”
Excellent, the nonnys will be v happy.
“The location is still pretty good even though its not in the Lincoln district.”
Parker or latin it is then.
How is St Clement’s school for those who don’t mind sending their kid to a catholic grade school? It’s not far from this house, just a few blocks west. I agree the 2550 building and also the new rowhouses going in will change this immediate area quite a bit. I would live there if it were in my price range.
“Excellent, the nonnys will be v happy. . . Parker or latin it is then.”
A mid-to-upper $800k place, the taxes, plus tution for two at P or L (to say nothing of student loans)…it might take more than $225k/yr to do it comfortably.
Could also look at Catherine Cook school in Gold Coast or British School as options. Would need to drive them farther from home though, so public transportation to downtown for work may not be as easy.
“Were the the things that were fixed (“inspection issues”) significant?”
That was speculation, based on a roof that is less than 7 days old.
“tution for two at P or L (to say nothing of student loans)…it might take more than $225k/yr to do it comfortably.”
Oh yeah, tuition etc. That’s gotta be pushing 50 percent of after tax and after student loan income. Yikes.
“Oh yeah, tuition etc. That’s gotta be pushing 50 percent of after tax and after student loan income. Yikes.”
~$4800/mo for piti ($700k@4%). $1000/mo for law school. $4000/mo for tuition for 2 = 52% of that $225k *gross*. Or something like 85+% of takehome, if fully funding 401k.
“This can be comfortably afforded by a couple earning in the $225k range.”
Really? Our income is higher than that and we are not comfortable going much over 600K.
“if fully funding 401k.”
Oh, and that’s a single 401k, with no spousal ira.
“Really?”
I think so, if you have no other debt, aren’t spending $50k/year on education, and have a reliable floor for future income (preferably with reasonable growth expectation).
“~$4800/mo for piti ($700k@4%). $1000/mo for law school. $4000/mo for tuition for 2 = 52% of that $225k *gross*. Or something like 85+% of takehome, if fully funding 401k.”
Well, okay, that’s not going to work then. Seems tight even w a $600K home. Especially if vacations to gulf mexico and grand wailea are to be accounted for. Nonny?
““~$4800/mo for piti ($700k@4%). $1000/mo for law school. $4000/mo for tuition for 2 = 52% of that $225k *gross*. Or something like 85+% of takehome, if fully funding 401k.”
Well, okay, that’s not going to work then. Seems tight even w a $600K home. Especially if vacations to gulf mexico and grand wailea are to be accounted for. Nonny? ”
A few thoughts. Why don’t you take out a hybrid 7 year ARM at around 2.5%? This could lower the overall monthly expenditure. Also, law school debt won’t last forever unless you truly stretched the term way out. There are other private schools other than Parker and Latin in the city. You need to make some near-term sacrifices in order to afford something you want to be in for the next 7 years, especially if you think your income will rise more than normal inflation.
When calculating those elementary and HS tuitions, don’t forget to add in monthly savings allocation for college tuition too. Anyone affording a $500,000+ Chicago home is likely not to qualify for financial aid, and a family living in a $1 million house certainly is expected to pay full COA price – which can be upwards $55,000+ per year in 2013 dollars. This is NOT a house for a $250,000 household income family, unless family money (or equity in prior home) paid a 50% down-payment.
” For that matter, can you name many (continuous) ocean front running trails that go for 5-10+ miles?”
just to point this out the path is really only on the “lake front” from wrightwood to the “hill” past the shedd, doesnt pic back up until McCormick place to 31st and not again to just before prominary point.
so really not a continuous *lakefront 10+ mile stretch of MULTI USE PATHS. (ahole runners always think the path is just for them) p.s. dont take that as i called you directly an ahole, i dont know you personally to make that statement, just generalizing
“Not me. The two-hour kick off was as good as ever”
i dvr’d it, will watch it tomorrow
You guys realize it is Downton, not Downtown, right?
“You guys realize it is Downton, not Downtown, right?”
yes, just like its frontroom, not livingroom
“When calculating those elementary and HS tuitions, don’t forget to add in monthly savings allocation for college tuition too. Anyone affording a $500,000+ Chicago home is likely not to qualify for financial aid, and a family living in a $1 million house certainly is expected to pay full COA price – which can be upwards $55,000+ per year in 2013 dollars. This is NOT a house for a $250,000 household income family, unless family money (or equity in prior home) paid a 50% down-payment.”
With rates where they are, this is pretty conservative. I’m not saying it isn’t prudent to do something like that. but I think at a $225K income, you can get to a $725K place easily, and if you can put 20% down, $800K wouldn’t be that much of a stretch either. Without student debt, $850-875 is doable while still maintaining an ok lifestyle but this varies depending on other expenses (private school tuition, cars, vacations). You also need to factor in maintenance costs for normal stuff plus have reserves for the replacement of items like the roof, furnace, kitchen appliances, etc. Also, should factor in increases in RE taxes of ~5% annually.
“Without student debt, $850-875 is doable while still maintaining an ok lifestyle but this varies depending on other expenses (private school tuition, cars, vacations).”
Still not doable w/ 2 kids in private, non-religious, school w/o tuition assistance of some sort–and that’s assuming no car (not even an old one) and no vacations that don’t involve camping or staying with family. Obv. okay (imo) with no school tuition drag.
I am curious where everyone is getting information on schools, and why Alcott is considered a “downside” for this property?
Your total outlay is just under 26% of gross income at an $875K purchase price.
875k purchase price
175k down payment
700k mortgage at 4% (could get an even lower effective rate as I know in December it was 0.2% lower or so)
16.5k annual taxes
1k annual insurance
Private school tuition is the big expense at this location it seems, which at $45-50K would price you out of a lot of properties overall. What about the Lycee Francais de Chicago or Catherine Cook schools? Tuition is lower and you could save $8-10K compared to Parker/Latin/British school per kid.
“What about. . .Catherine Cook? Tuition is lower and you could save $8-10K compared to Parker/Latin/British school per kid.”
Sure, Cook is less. What happens come high school time? Why not just live within Lincoln, Ogden or B/B/B?
“Sure, Cook is less. What happens come high school time? Why not just live within Lincoln, Ogden or B/B/B?”
Wait–you still have in mind the possibility (even if remote) of a future NorthShore move, yet you’re prepared to outlay over half a mill (2 kids, 10 years, $25k/yr, + tuition going up over inflation + annual ‘giving’) of real $$ for purposes of avoiding a *potential* issue with HS admission 9 years from now? You *have* to be a parody.
Why is Alcott a downside? Their test scores are approaching Lincoln and they don’t have the same overcrowding issue.
Why is Alcott a downside? Their test scores are approaching Lincoln and they don’t have the same overcrowding issue.
Very good point mda. Alcott has 95% of its students meet and exceed ISATs. About 57% exceed.
Lincoln has 96% of its students meet and exceed ISATs. About 68% exceed.
Lincoln Park High school is the attendance area high school, so along with Alcott, CPS schools shouldn’t be a concern.
“You *have* to be a parody.”
Stop it anon, you are making me think its not you doing the genius parody
“Wait–you still have in mind the possibility (even if remote) of a future NorthShore move, yet you’re prepared to outlay over half a mill ”
Everything’s on the table at this point.
“Everything’s on the table at this point.”
As long as it’s less than 800 yards from the lake/park, right?
“As long as it’s less than 800 yards from the lake/park, right?”
Pretty much.
” anonny (January 9, 2013, 12:55 pm)
“As long as it’s less than 800 yards from the lake/park, right?”
Pretty much.”
all on the table then huh. why not this place then?
http://www.redfin.com/IL/Lake-Villa/36750-N-Corona-Dr-60046/home/17738729
“As long as it’s less than 800 yards from the lake/park, right?”
“Pretty much.”
This stone colonial would be perfect then. Would be in budget wo the parker/latin outlays. Steps to park/beach/lake, club. And a pool. Some fixin needed but you could take that on over time.
http://www.redfin.com/IL/Wilmette/920-Sheridan-Rd-60091/home/13784932
or this;
http://www.redfin.com/IL/Algonquin/1511-N-River-Rd-60102/home/17799173
“This stone colonial”
not biting…
“would be perfect then”
I could live there. Tho I think I’d feel like an extra in a John Hughes film.
“Some fixin needed but you could take that on over time”
cant take that 20k a year tax bill over time now can you?
Groove, ya gotta admit ‘the lake’ means something different here than ‘a lake’.
Tho you are picking nice places for tehLesko to consider.
“I could live there.”
Ditto. Same with 2773 Garrison and 824 Roslyn in Evanston.
“Tho I think I’d feel like an extra in a John Hughes film.”
Oh, so it’s perfect for HD then. He wouldn’t join the club of course, so he could simultaneously luxuriate on the nortshore and actively maintain his class resentments.
“Groove, ya gotta admit ‘the lake’ means something different here than ‘a lake’”
i stayed away from the chain of lakes atleast, nobody really needs a daily summertime party in your yard/lake.