The Bank Owned Vintage 2/2 in East Lincoln Park: 2500 N. Orchard
This vintage 2 bedroom at 2500 N. Orchard in East Lincoln Park just came on the market.
It is a Fannie Mae Home Path property.
The building was built in 1900.
The unit has hardwood floors, a woodburning fireplace, stained glass and exposed brick.
The listing says it has central air but doesn’t mention washer/dryer or parking.
The kitchen has white cabinets and white appliances.
It appears from the pictures that the two bathrooms are intact.
Another unit in the building on the same floor, Unit #2S, just went under contract listed at $365,000. It also has parking.
This bank owned unit is at $330,630.
Is this even a deal?
John Staib at @Properties has the listing. See the pictures here.
Unit #2N: 2 bedrooms, 2 baths, 1500 square feet
- Sold in May 1989 for $198,000
- Sold in May 1992 for $199,500
- Sold in October 1992 for $177,500
- Sold in December 1996 for $214,000
- Lis pendens foreclosure filed in November 2010
- Fannie Mae Home Path property
- Currently listed at $330,630
- Assessments of $257 a month
- Taxes of $4724
- Central Air
- No mention of parking
- No mention of w/d
- Bedroom #1: 12×11
- Bedroom #2: 11×10
- Living room: 20×12
- Dining room: 11×10
- Kitchen: 12×10
Refreshing to see a condo listing on the northside with a kitchen that actually makes me happy about ours.
Like many of the condo buildings in the immediate hood of this unit, it seems best suited to renting/investment property. That, or combine units (i.e., for the price of these two second floor units, plus $75k or so to combine and put in a semi-fancy kitchen, I see there being a better case for buying to owner-occupy a 3,000 sq ft place at $700k, ballpark).
If I was buying, I’d want to know if the deck shown in the photo meets current Chicago regulatory requirements.
speaking of parking (well technically OT thread hijacking) if you were to build a garage these days, why wouldn’t you build it with skylights? or even a glass ceiling to get more light in?
If i had the money I’d build a kick ass deck but assuming that wasn’t feasible, wouldn’t a skylight be an improvement over a plan old roof?
“If i had the money I’d build a kick ass deck”
Gator deck envy. I do see you being a womp rat hunter, tho, so it makes sense.
“but assuming that wasn’t feasible, wouldn’t a skylight be an improvement over a plan old roof?”
Hot in summer, cold in winter, leaks year round.
Hmmmm, I’m not good at math but adding up room measurements (in my head) doesn’t come close to 1500 sqft. A misprint of room sizes perhaps(?) Also if the previous owners bought way back in ’96 for only 214k, surely they could have sold it. Sad they made payments all that time to come out with nothing. Anyway, Seems like a lot to pay, even in that hood with no parking or laundry.
“wouldn’t a skylight be an improvement over a plan old roof?”
“Hot in summer, cold in winter, leaks year round.”
Agree with anon if you’re talking in the house, but isn’t he talking about on the porch or in a garage?
Those are the two spots I will put skylights. Really makes a big difference, and while a little leak is a minor nuisance there where it would be major in the house.
Especially on a N/S street like this where you know you don’t get much light.
A great, more expensive compromise are those fancy new tunnel lights. Have not seen those leak yet, love what they can do for a dark spot.
http://suntunnelskylights.veluxusa.com/consumer/productinfo
Have to relegate myself to skylight talk, as this place is uninteresting.
Also Orchard st. is “ELP” Sabrina?
“Also Orchard st. is “ELP” Sabrina?”
I’ve been told by anonny and others that anything east of Halsted is “east”- i.e. “east Lincoln Park” or “east Lakeview”. That it is the “preferred” location in Lincoln Park.
“Hmmmm, I’m not good at math but adding up room measurements (in my head) doesn’t come close to 1500 sqft. A misprint of room sizes perhaps(?)”
#2S that is also on the market is also 1500 square feet. So I don’t think it’s a misprint. Don’t forget there are closets, hallways etc.
@SquareD
FWIW, I would consider this ELP; less so if you were further south closer to North Ave.
By the way- there will be only two posts today because I really couldn’t find anything interesting for the third post and it simply got too late in the evening. I’ll come up with some better listings this weekend. It’s time to visit Galewood again!
“I’ve been told by anonny and others that anything east of Halsted is “east”- i.e. “east Lincoln Park” or “east Lakeview”. That it is the “preferred” location in Lincoln Park.”
Fair enough– no question on the “preferred, and I agree with the general idea that E of Halsted is “East”.
I just struggle with the place being N of Fullerton, not in Lincoln elem. . . though I like it, this area feels very different to me than, the patch S of Fully, E of Halted.
Obviously close no matter how you measure it. Forgive my occasional inability to resist quibbling about chicago neighborhood boundaries. Cheap kicks.
Only 5 parking spots (garages) so this unit may be the loser.
http://www.bing.com/maps/default.aspx?cp=41.9279503~-87.6465932&style=b&dir=0&sp=Point.41.9279503_-87.6465932_2500%20N%20Orchard%20St%20Apt%202N%2C%20Chicago%2C%20IL%2060614_%24330%2C630%202%20beds%2C%202.0%20baths
This place looks like my first rental in Chicago (which was a couple of blocks south on Orchard) except for the cheaply updated baths. Looks like a rental unit, and could probably sell to an investor around $300K.
” Also if the previous owners bought way back in ’96 for only 214k, surely they could have sold it. Sad they made payments all that time to come out with nothing.”
Think they came out with almost $200k: Jul-05 refi with a $311k 1st and a $89k 2d. The first the is the “pending” f/c.
“Agree with anon if you’re talking in the house, but isn’t he talking about on the porch or in a garage?”
Still true for a garage, and Icarus asked “why not?”, so I was spitballing.
Other why not is cost, another *may* (no, I’m not going to check this) be building dept being opposed for some reason (there’s a maximum amount of glazing on a garage in the city, no? which would eliminate the glass roof, for sure).
“I’ll come up with some better listings this weekend. It’s time to visit Galewood again!”
yeah! and for you fear mongers the shooting over there was gang related, spill over from the austin area and it was on north avenue before oak park ave
According to Redfin pictures, kitchen was pimped out (well it had stainless) in the #2S unit.
http://www.redfin.com/IL/Chicago/2500-N-Orchard-St-60614/unit-2S/home/13367924
I am late to this thread but just wanted to note that we looked at a top floor condo in this same building last year. It was lovely but very small, and the third bedroom was right off the living area, which was not very functional for us (with kids) and perhaps why they changed the listing to call it a den. The place was really beautiful and the building and location were great, but it was just too small for our needs, even smaller than most 3br places because the bedrooms were tiny. Price came down from about 500 all the way to 455K and then they rented it, so I would tend to agree that this smaller and much less attractive unit would/should also be a rental.
http://www.urbanrealestate.com/property/2500-N-Orchard-Unit-3N-CHICAGO-IL-60614-CDFBUUN4VGLUS.html
Gross. I feel like these people watched too many episodes of that HGTV show with all the shiplap. Those sliding doors in the bedroom are the worst, and are already dated.
Plus, having previously lived in a vintage building where our downstairs neighbor removed the ceiling in order to expose the beams, I can say with certainty that it is one of the worst things that you can do for your relationship with your neighbors. I have no interest in knowing exactly what song you’re listening to or what movie you’re watching on t.v. If I saw those ceilings in a place I was looking to buy, I would run the other direction.