The 3/3 Duplex Down Under $450K: 3251 N. Racine in Lakeview
Many buyers seek out that third bathroom when looking at 3 bedroom duplex condo units such as this one at 3251 N. Racine in Lakeview.
This building was constructed in 1995 making this first floor duplex down unit roomier than those of the newer construction era.
At 2200 square feet, it is bigger than many of the single family homes any where near this price range nearby.
Two of the 3 bedrooms are on the main level. The third bedroom is in the lower level along with the generously sized family room.
The kitchen has stainless steel appliances and granite counter tops.
This unit is priced $35,100 under the 2005 purchase price.
Is this now a deal?
Mark Pasquesi at Prudential Rubloff has the listing. See more pictures here.
Unit #1: 3 bedrooms, 3 baths, 2200 square feet
- Sold in August 1995 for $225,000
- Sold in June 1999 for $320,000
- Sold in September 2005 for $485,000
- Originally listed in June 2010 for $459,900
- Reduced
- Currently listed for $449,900 (parking included)
- Assessments of $145 a month
- Taxes of $6614
- Central Air
- Side-by-side washer/dryer in the unit
- Bedroom #1: 15×12 (main level)
- Bedroom #2: 13×11 (lower level)
- Bedroom #3: 11×10 (main level)
- Family room: 25×18 (lower level)
It is a deal if you want to open up a day care business.
First step – Paint the walls in bright primary colors. Done!
whoah creepy, I lived in a place that looked exactly like this, except in a garden unit…
awful awful place… but it had a ton of space
I’m not a fan of duplex downs, but this seems like it is priced about right. I’ve looked at lots of duplex ups and downs and townhouses in this neighborhood and they are usually listed for over 500K, at least to start.
There was an upper at 3219 Clifton that sold recently for 520K. Clifton is a slightly less busy street, plus it seems like uppers command a premium, but I would say it is a comp.
Boring, bland, charmless, with ordinary finishes.
I’ve seen better newer construction in this area for less money.
Duplex downs are good if you have strollers and kids.
You could not pay me to live in a duplex down.
This is a nice deal near good schools (Hawthorne is the magnet down the street that gives preference to neighborhood kids and this should be in Nettlehorst attendance boundaries, a good school).
There was a similar, same build home that was maybe less attractive that sold on Seminary two blocks or so over across from Hawthorne once it went to $450K (I want to say it went $425K). I think the Seminary location was better, further from Belmont.
Agree, nothing stunning here, but it’s market price for the product, lifestyle it allows.
Duplex downs are great for families as long as you understand how to inspect the sewer situation and prevent water threats to lower levels. I got in with a developer on my conversion duplex down 4 years ago, have drain tile, sump pump and flood control. We have loved the space with our kids for much less per square foot most pay in the hood. We’ve survived all these major rain falls that flooded many homes.
Closing a single family home in my neighborhood and will be installing interior drain tile and sump pump for new home (don’t need to finish basement, just want it clean, dry and painted floor).
House prices are affordable, and interest rates are low so opportunity knocks. Otherwise, if we could not afford to upgrade to a single family… we were great here in a duplex down (where I write this comment now). This place is luxury compared to my new house too!
Oh, I’d like Laura to point out the COMPARABLE NEW CONSTRUCTION that is selling in this Lakeview location for “less money”.
There are 1350 sq/ft middle floor two bed, two bath 2005-2009 builds selling $450-4499K within a block or two on North Clifton etc…. So, I’d like to see your new construction 3 beds, 3 baths duplex-down comparables.
> Duplex downs are great for families as long as you understand how to inspect the sewer situation and prevent water threats to lower levels.
Just like with all homes, you need to understand what you are buying and how to address the risks. Just as many roofs leak water into the penthouse as water leaks into duplex downs.
What does the 1995 construction have to do with the statement “This building was constructed in 1995 making this first floor duplex down unit roomier than those of the newer construction era.” Was there a change to the building code for duplex downs?
Good point Brad, and one I use a lot to compare. However, the lower level does pose additional problems from City public sewer back-up. But this is due mostly to clogged sewer lines as many associations/building/home owners do not properly maintain sewer lines (keeping them clear) or route surface water correctly.
Eric,
Don’t say, “House prices are affordable, and interest rates are low so opportunity knocks.” You sound like a Realtor commercial and are above such tired quotes.
On another note, congrats to you and your family on the new home. I am sure you landed yourself a great deal.
“Don’t say, “House prices are affordable, and interest rates are low so opportunity knocks.” You sound like a Realtor commercial and are above such tired quotes”
Yeah – but the truth is the truth: Interest rates are at their lowest levels and are certain to rise (? how much and ?how fast). Home prices are near or at their lows and are also certain to rise (? how much ? how fast) – so if you DO find a home you like, now IS the time to buy. Just remember the interest rates in the early 80s (17% – not kidding) and remember the home prices in the 2004-2006 and you will see that things can change relatively quickly.
Clio,
Housing prices are at their lows is a very broad statement. Housing is a case-by-case basis with some sellers pricing their property at today’s “market price”, while others price themselves higher than the market in order to find that buyer who happens to fall in love with their place regardless of cost.
A number of buyers in ’08 thought they were getting a deal, same goes for ’09, will ’10 really be the bottom? Only time will tell.
Again, we don’t need Realtors telling everyone what a great time it is to buy. Perhaps it is time for a Realtor to say, “You know I might wait until winter because historically sellers are a bit more willing to work with a buyer when it turns cold.” Of course Hell would have to freeze over first.
Dan,
I generally agree with you – but if a buyer finds something that they like and fits their needs, there is no need to wait. Sure, something MAY be a better deal in the winter, but the buyer is taking a chance.
“Yeah – but the truth is the truth: Interest rates are at their lowest levels and are certain to rise (? how much and ?how fast). Home prices are near or at their lows and are also certain to rise (? how much ? how fast) – so if you DO find a home you like, now IS the time to buy. Just remember the interest rates in the early 80s (17% – not kidding) and remember the home prices in the 2004-2006 and you will see that things can change relatively quickly.”
If I had a dollar for every time over the last 2 years someone said “home prices are at their lows” or “home prices have hit bottom”….well…you know…
If interest rates rise, as we’ve discussed on this site in the past, it’s no big deal because buyers will simply trade down (buy less of a home.) If they were looking at $500k homes before, they will now look at $400k homes.
No big deal.
This is a deal for the amount of space and number of bathrooms you are getting. I was in one of these duplex downs on Racine before for a party and they are spacious enough that 40 people fit comfortably. Hopefully for the buyer, when they throw that first party, some drunk chick doesn’t put her purse next to a candle and let it catch on fire. Boy was that a debacle.
Prices are just starting to fall. For 25k less you can get a 2/2 on Wrightwood with outdoor parking.
Dan,
I’m no cliche and I think your comment is fair but misplaced on me. But the words I used are words that describe what I did. I jumped on a house before putting mine on the market because of the personal opportunity+ price+interest rates. No commercial needed.
I often advise WHAT NOT TO BUY all the time. Timing however is too relative. It’s about affordability, what you want and what you need. Also, there is less choice in the winter months than spring/summer for single family homes. It all depends on that senor citizen that lists their home WAY cheaper than the market! I’m pretty certain the home I got won’t slip in value due to several factors and I’ll add value, but it’s also affordable now and its a long term single family home in a loaction we love. So, I don’t sweat it.
A small part of me knows/feels I made a good financial move, but the this was about raising my kids and my wife and I enjoying ourselves. So, lower prices and 4.5% interest rate helped us jump. As I mentioned, if the stars were out of whack we’d be cool staying in our current duples condo (big enough, nice).
Eric,
New home, city or burbs?
Hey Dan… city. Two blocks from my current home. I looked at all reasonable options, city and burbs, but we belong in the city.
Anyway, I have several clients and potential clients that can…but won’t… just bite the bullet and lower their price to sell their condos and get into a single family house. Even though IT’S TIME for them. It’s really tough for people to come to terms with selling for way less than they bought. So, they remain stressed out.
I took a hit, but could take a hit. Not a bad hit… but a hit. I’ll be happy in the new home. We’re the lucky ones and/or the ones that bought within our means in the first place.
Many want to sell, but can’t afford it. Some of these folks are perfectly fine in their homes really, but have no mobility. That’s a bad place to be but not a disaster.
Then you have really distressed situations. Making good decisons you can live with is the key. Understanding life is not over is key. The indecision and paralysis is what usually causes stress.