This 4-Bedroom East Lincoln Park Duplex Up Has Reduced 19% In 18 Months: 333 W. Belden
We’ve chattered about other units in this collection of midrise buildings at 333 W. Belden in East Lincoln Park before.
At 3000 square feet, this duplex up has more space than many single family homes or newer duplex downs.
3 of the 4 bedrooms are on the second level and it has one outdoor space.
The listing says “this penthouse screams potential.”
It last sold all the way back in 1986.
Since January 2011, it has been reduced about 19% to $749,000.
It has central air, washer/dryer in the unit and one parking space.
Given the prices of many smaller duplex downs (most not even in prime East Lincoln Park), is this now a deal?
Or are buyers just not willing to consider anything that isn’t “new”?
Kevin Kelly at @Properties has the listing. See the pictures here.
Unit #3: 4 bedrooms, 2.5 baths, 3000 square feet, duplex up, 1 car parking
- Sold in February 1986 (I couldn’t locate a price)
- Originally listed in January 2011 at $929,000
- Reduced numerous times
- Currently listed at $749,000
- Assessments of $973 a month (includes cable)
- Taxes of $10,684
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×17 (second floor)
- Bedroom #2: 16×12 (second floor)
- Bedroom #3: 13×10 (second floor)
- Bedroom #4: 11×11 (main floor)
Nice, but that sundeck raises questions. No fence or railing right outside the door? Does that even meet the city code? No way I would move kids into that unit.
The comment “one outdoor space” stops many from buying this place. That aside there is some potential here for a nice family home. Hope they find that buyer that only uses the family car on occasion.
Two parking spots? at this price point? in this location?
I really need to start seeing (in person) these Belden units as they come on the market. I’m curious how they actually feel, both in terms of the units and the buildings. Also curious as to the security of the outdoor parking and building finances. There aren’t that many units in these buildings, and it seems I’ve seen four (two dup-ups including this one, a dup down, and a two bed simplex) come up for sale within the past year. That doesn’t spell certain doom, but it’s not the sort of thing that inspires a lot of optimism for prospective long-term buyers.
Not sure if it sold or was de-listed, but I think the other dup-up was listed in the $800kish range. It ostensibly didn’t require any improvements (kitchens and baths looked recent) and, unlike the subject property, it had a ski lodge-like two story ceiling, which appeared to make up for the fact that these units don’t offer much in terms of views or light. That one was a three bed. (I recall another unit being for sale more than a year ago, perhaps two years ago, which also had the two-story ceiling; it was lavishly updated with a modern look, and I think it was asking at least $1 million. I believe it was Chattered about.)
All things considered, the subject property has alot going for it. It could certainly be home to a two-kid family. That it only has one parking space isn’t a big deal; the fact that it’s an outdoor space is a real negative (it’s a somewhat unique flaw (for this price range) that these units share with the Shakespeare). Since the listing didn’t mention it, I imagine that the HVAC needs updating. The bathrooms actually look like they could be partially updated and be fine. The kitchen needs a gut job. Then various carpet/flooring/painting work. Provided that everything checked out with the building and there’s nothing fundamentally wrong with the unit, I could see someone paying around $600k. But, like us, most people looking in that range wouldn’t have any money left after the down to put towards pre-move-in improvements. I guess I’d “pay” $650k, but would want a $100k check cut back to us, or whatever.
And now for the “oh my gosh, those assessments are crazy high, and for nothin’!” comments begin…
Grandma’s house needs a buyer with the income of a grandson in investment banking.
OMG 3000 (looks to be legit) square feet for 750k in Lincoln park?
there are only two other places this cheap and this big and they are in WAY worse shape
1. http://www.redfin.com/IL/Chicago/1917-N-Lincoln-Ave-60614/home/13344998
and this one also
2. http://www.redfin.com/IL/Chicago/859-W-Fullerton-Ave-60614/home/13353799
“Not sure if it sold or was de-listed, but I think the other dup-up was listed in the $800kish range”
Listed $899, sold for $870.
http://www.redfin.com/IL/Chicago/327-W-Belden-Ave-60614/unit-3/home/13347497
If someone wants to tackle the renovation, this could be a nice place. I think low 600s gets it sold as any buyer is going to be thinking about the $100k or so needed to bring the place to its potential.
Thanks for the update, DZ. That makes me both a little happy (it didn’t sell for as low as I thought it might, which is always a good occurrence in one’s hood) and a little sad (it’s no longer an option, even if only aspirationally, and it’s clearly going to take more than we have to get our next place, if we want to remain in ELP).
Wow, this place is really quite nice. (Except for the roof deck, which is giving me heart palpitations just thinking of living there with small children, but that should be an easy fix.) I think the price is great for the space and location – it looks like it lives like a house.
Forking over that kind of cash for a place that looks pretty dated could be a hard sell. Very grandma, indeed.
One wouldn’t necessarily have to spend $100K on this place, imho.
Java,
but its 3000sqft and a block from the park and 3 blocks to the lake and its 3000sqft for under 800k!
“Forking over that kind of cash for a place that looks pretty dated could be a hard sell. Very grandma, indeed.
How is this 3000 sq ft? I can’t see it in the measurements….
I can’t believe all the grandma comments – it’s just the furniture and window treatments. Sure the baths and kitchens are a little dated, but the layouts are fine and if you strip the wallpaper in the bathrooms you’ve taken care of most of the problem. The kitchen cabinets obviously need an update, but if you wanted to wait on a full replacement you could just switch out the doors. Not a big deal. Anyone who’s distracted by grandma’s decor is really missing the boat, imho.
My guess is that there are building system problems that will need otbe addressed soon i.e. plumbing, electric, masonry, roof
“Anyone who’s distracted by grandma’s decor is really missing the boat, imho.”
2!
I think if the other dup up sold for $870 this should definitely sell around list price. You can go hog wild updating this place, but seriously just remove grandma’s decor, update the kitchen and take down the wallpaper in the bathrooms and you are set for far less $$.
If you are concerned about little children on the rooftop, I wonder if the association would let you do something or whether that would cause a fight. Much easier to do something to the exterior of a house than a condo building with other owners….
I’ve been in one of the units. The association is pretty interesting. I heard they fined an owner daily for renting a unit to multiple renters who are no related. It was a huge fine and forced the owner to put the place on the market.
The units are large with wide hallways and the light is better than you would think. I think ceiling height was a little over 9 feet too. The common area was not so great, and the assessments don’t look like they cover much other than building maintenance. The one parking space works out ok if you just have one car, even though getting into the spaces requires a little more skill as the alley isn’t so wide.
How many units in the building?
I’ve always wondered how difficult it would be to build some covered parking; not a garage, but something you might find at a airport car rental location like this
http://www.pbs.org/newshour/bb/business/jan-june12/makingsense_06-19.html
If anonny does look at the unit, it would be nice to get some copies of past year association budgets.
Is the rooftop private to the unit?
I think the space behind is pretty limited to build a garage, and you would probably lose a space overall. Not totally sure on the total # of units, but it’s a small association. Based on the location and size, I think it goes for around $690-$700K.
“I can’t believe all the grandma comments – it’s just the furniture and window treatments. Sure the baths and kitchens are a little dated, but the layouts are fine and if you strip the wallpaper in the bathrooms you’ve taken care of most of the problem. The kitchen cabinets obviously need an update, but if you wanted to wait on a full replacement you could just switch out the doors. Not a big deal. Anyone who’s distracted by grandma’s decor is really missing the boat, imho”
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