Affordable Lincoln Park Townhouses? North Wayne
What kind of townhouse can you get in Lincoln Park for under $600,000?
These townhouses on North Wayne were built in 1987. While I wouldn’t call that “new”- it certainly isn’t the 1960s (as some others in the neighborhood.)
Prices have risen strongly in the last couple of years. Three are currently on the market, two on the MLS and on one Craigslist.
All three are 2 bedrooms, 2.5 baths, 2400 square feet and have a garage. They are in a 50-unit association called the Lakewood Commons.
For those trying to sell after only two years, once again, it doesn’t look promising.
2349 N. Wayne: 2 bedrooms, 2.5 baths, 2400 square feet
- Sold in September 2001 for $420,000
- Currently listed for $559,000
- Assessments of $273 a month
- Coldwell Banker has the listing
2329 N. Wayne: 2 bedrooms, 2.5 baths, 2400 square feet
- Sold in August 2002 for $473,000
- Sold in August 2006 for $560,000
- Currently listed at $579,000
- Assessments of $249 a month
- Listing is on Craigslist (FSBO???)
- Panorama of Homes has the listing- it’s for sale by an agent/broker
2343 N. Wayne: 2 bedrooms, 2.5 baths, 2400 square feet
- Sold in June 2004 for $490,000
- Sold in July 2006 for $550,000
- Currently listed for $597,900
- Assessments of $273 a month
- Coldwell Banker has the listing
I like these type of units. They come to about $233/sf. Has anyone been tracing $/sf on similar units in the area? Just curious as to what the general range has been.
Well, at least they are priced in order of the expensiveness of the kitchen remodel (starting with $0). Of course, if that’s the only real difference among them, $40k is too much of a spread.
this isn’t the conventional approach to valuing real estate but IMHO the fair value is $500k – $510k range, the inflation-adjusted 2001 price (for the original condition unit).
Just a back of the envelope guess, YMMV.
Here’s hoping a curb cut is never granted on a residential street again.
I hate curbcuts, too, but would love to have the ability to prevent people from parking in front of my house.
They painted the big sexy garage doors green. They know how to drum up interest.
I would paint the garage doors a brick pattern so you can’t tell there’s a big unsightly hole in the front wall of your house.
I guess in the 1980s it seemed like a good idea to have the front door open into your backyard and have the actual street (no one walks along those anyway!) function as your back alley.
http://maps.live.com/default.aspx?v=2&FORM=LMLTCP&cp=qzmmkp7pvc60&style=b&lvl=2&tilt=-90&dir=0&alt=-1000&scene=11385086&phx=0&phy=0&phscl=1&encType=1
That overall location is nice, though.
Those places are nice for the price. None of you minimum wage critics could even afford the taxes on one of these.. Am I right?
Why are you all so bitter?
You are wrong.
You’re welcome to blindly attack my profession, but it doesn’t change the fact that these townhomes are hideous suburban concepts that don’t belong in Chicago. Curb cuts on residential streets are absolutely inappropriate. If you want to live here, you can find it in abundance outside the city limits.
I would gladly take a smaller home with some architectural significance than even take a tour of this dreck.
Anon – “I like these type of units. They come to about $233/sf. Has anyone been tracing $/sf on similar units in the area? Just curious as to what the general range has been.”
This is why you do not understand Chicago real estate. Go to the burbs and you can have this same thing (1000 times) for $120 per sq ft. You are so suburbs!
I just figured out all of the dooms men on this site. They are all suburban dwellers trying to figure out why we spend so much money to live in the more desirable neighborhoods in Chicago.
The weekend trips you take to the Taste, Zoo, Beach, Museums, ect, is our afternoon routine. I have never been to Naperville’s rib vest but I am sure it is a real hoot! You don’t just pay for a home down here, you pay for a lifestyle!!
Sleeping in the burbs?
Why are cemeteries located in the suburbs???
Because the suburbs is where people go to die!
Chill, Steve.
And anyway, let’s attack ideas/concepts, not people, eh? Unless they start it (cough paulj cough), in which case: bring it.
Actually Steve unfortunately there are large cemetaries in the city, too. Imagine how valuable the land of Graceland cemetary is, for instance.
Example: much of the Gold Coast was the Catholic cemetery as of 1875. The area bounded by Schiller, Dearborn, North, and the lake.
See http://en.wikipedia.org/wiki/Image:Chicago-warner-beers-1875.jpg
The one across the street from the lake right by Evanston always drives me nuts. I couldn’t imagine how much that land must be worth.
Were a bunch of posts deleted? This comment string doesn’t make any sense!
Also, Stevo, that anon (whatever was posted) wans’t me.
And, Dave, who was wrong about what?
David, the townhouse was built at a time when few were willing to invest in new housing in the city. Members of the community were glad to see any new construction. It is what it is and not likely going anywhere, so what is the point in attacking it?
Are you all about bringing down the sellers? Are you a homeowner? What kind of rental do you live in? Post a pic of the inside of your home and we can all take a shot at it!
I suspect this blog allows you to hide behind your snide comments and unwavering negativity for a whole lot of reasons.. Such a little man.
I made no comments about the selling price or interior, on which I have no opinion. The exterior, about which I am very opinionated, is an unfortunate byproduct of early-stage urban renewal.
I should be attacked for having an opinion on the building’s architecture? Have you visited every thread to shoot down everyone who doesn’t like a building or a condo unit? I happen to like Catalpa Gardens but those who expressed their distaste for it in that thread were free to do so.
paulj, I don’t think Dave is the negative one here. And who cares if he is or is not a renter? Are you upside down on a mortgage or something?
Steven Heitman
“The weekend trips you take to the Taste, Zoo, Beach, Museums, ect, is our afternoon routine. I have never been to Naperville’s rib vest but I am sure it is a real hoot! You don’t just pay for a home down here, you pay for a lifestyle!!”
don’t feel like flogging that dead horse again (naperville vs. city), suffice it to say I haven’t had to watch my kids while I enjoyed the bands playing at Ribfest when I’ve been there. I think Big Head Todd and REO Speedway are there this year. We are spending the summer on a quiet little lake in New Hampshire, where I can hear the loons calling, so we have to miss all the excitement. We will be selling this family cottage in a few weeks, and add to our stockpile of cash, which we are trying to spread among other currencies to protect ourselves from this economic crash that is leaving very few places to hide.
We have our eye on several locations for future real estate purchases, Chicago, Colorado, other places, but certainly wouldn’t buy in this market. Cash is king and I feel sorry for those left holding rapidly depreciating assets. I believe there is a lot of downside in the real estate market, the stock market, the dollar, and the fed won’t be able to do anything to stop it. just my opinion, everyone has one.
paulj and heitman are just bitter owners. Get used to it as it is a definite trend as their fantasy world collapses around them. They sure seem worried about something.
“But, but, its different here.”
G:
Don’t stoop. You don’t have to.
Juliana:
We get it; you’re rich. Bully for you. But seriously, REO Speedwagon? That’s a justification to stay away in the minds of all reasonable people. If it were 1978, maybe, but 30 years later that’s a crapfest.
Different strokes for different folks.
Some people like living in huge houses with lots of outdoor space to maintain, and are willing to spend lots of time (and money) commuting into work and driving to the store every time they need something. For this, they can usually find reliably good schools and don’t need to worry about their kids getting mugged or shot while waiting for mom and dad to commute home.
Other people choose living in small houses (or condos) with little outdoor space to maintain so that they can have a short commute and the ability to walk to stores. For this, they need to choose carefully their neighborhood school (or hope for magnet/private admission), while their kids get to meet a very wide swath of society — including working class and downright poor of many races.
juliana,
If you haven’t judged by the weak dollar already: its a little too late to internationally diversify.
I agree with RE but the stock market probably can’t go much lower without a mad max economic scenario.
To anybody who follows currency markets:
When moms from Naperville start talking about diversifying into foreign currency, the dollar is clearly due for a rebound.
Just Curious
“When moms from Naperville start talking about diversifying into foreign currency, the dollar is clearly due for a rebound.”
You try living with a devout follower of Peter Schiff and remain bullish. I try being a devil’s advocate, just to keep him on his toes, but he wins every argument. And he has shock proofed our portfolio to a degree, but there is no liferaft.
And though I am a mom from naperville, in a previous life I was a CPA at a big eight accounting firm which has since gone down in flames.
“big eight accounting firm which has since gone down in flames”
Oh, the days when you needed two hands to count accounting firms…
I knew real estate was doomed when a 23-year-old with pointy hair told me how much money I could make flipping. At least FX isn’t leveraged (normally).
I thought this website was called Crib Chatter? If I wanted to read opinions about the trading world, I think I’d point Firefox to CNBC.com and read the latest Jim Cramer entries or ask the person sitting next to me why his trades are working better than my own. Money, no money, renter, owner, city or suburb — I think we read these boards for different opinions on interesting (and un-interesting) Chicago properties. Let’s try to keep the personal and judgmental bickering to a minimum and instead focus on chattering about various Chicago cribs instead? After all, doesn’t my address bar read: cribchatter.com???
My quick two cents on these townhouses:
The exterior, like many of you suggested, is plain and without any architectural significance. The interiors are nice, but relatively standard for Lincoln Park condos. Obviously, you’re paying for the location — Lincoln Park neighborhood, Fullerton train station, The park on Webster and Racine, Webster St. shops, Clybourn, etc. It’s a great neighborhood w/ a lot of money, but the prices would need to come down for me to really want to purchase such a plain home. I like my homes to have more character. The space is great though, and the garage (covered parking!) is nice as well. I’d consider it for a fairly lower price…but then again, it is 2400 sq. ft. and in Lincoln Park and about a 5 minute walk from Armitage shops! That says a lot.
The Gipper
I wish I had a cool handle like “The Gipper”. Anyway, most people here have good comments and this is THE BEST blog on real estate, period. I have read many…including Florida and California blogs and this one is absolutely the best. So, please go lecture someone else Gipp, and by the way, what are you 40? 50? and using some silly name from ND old time lore regarding some drunk college hooligan who happened to have a short bright college football stint. Seriously, whether the guy caught pneumonia or whatever who cares. ND is so “has been” it isn’t even worth mentioning especially since almost all of the current ND undergrads weren’t even born yet when ND won the national championship. Sad. Anyway, get a life beyond ND.