This East Lincoln Park 2/1.5 Just Sold for $410,000: 319 W. Webster
We last chattered about this 2 bedroom, 1.5 bath duplex “rowhouse condo” at 319 W. Webster in Lincoln Park in November 2011.
See our prior chatter here.
Some of you were torn about the then asking price of $449,000.
While the condo had updated luxury finishes, including a Viking stove and Miele dishwasher in the kitchen, and parking, the bedrooms were on the main level with the living areas on the upper floors.
But the unit had a fantastic location just “steps” to the zoo and Lincoln Park and near the restaurants and amenities on Clark.
It also had the coveted in-unit washer/dryer and central air.
Some of you thought it might sell between $375k and $400k.
It recently sold for $410,000.
Was it all about location, location, location?
Sharon Glickman at Baird & Warner had the listing. You can still see the pictures here.
Unit #1: 2 bedrooms, 1.5 baths, no square footage listed, duplex up
- Sold in September 1999 for $340,000
- Sold in March 2004 for $399,000
- Listed in October 2011 for $449,000
- Sold in January 2012 for $410,000
- Assessments of $327 a month
- Taxes of $3349
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 10×16 (main level)
- Bedroom #2: 15×11 (main level)
calling the google bot
What was the sq. ft.???
wanna know what it came out to be on $$$ per sq. ft.
“No tub, Groove. Just a shower, sink and toilet shared between the two bedrooms on the ground floor, with a powder room upstairs. There’s always the fountain over in the park.”
i still like the place to rent but if i was to buy i would need a bigger discount to ruin that nice bath to add a tub.
410k its a one to tough call considering its location, nice finishes, PARKING, and first floor oddity.
i am torn?
I think $390-400K would have been more appropriate. It just shows that buyers are still out there for well located product.
“Was it all about location, location, location?”
No, not entirely. The location may have been the most important factor (as, IMNSHO, it should be), but it was sum of all its parts that caused this place to close at $410k after just a few months, of winter, no less. While the lack of a second full bath (and lack of a tub), and the location of the bedrooms on the ground floor were obvious downsides, as I’ve expressed over and over: it is extremely difficult to find a two bedroom place in the eastern-most section of LP (i.e., right on or within one block of Lakeview Ave or LPW) that has both a garage space and an in-unit w/d, all for between $400-500k (closer to $500k with walk-up assessments,e.g., this place, or closer to $400k with highrise assessments, e.g., 2500 N. Lakeview; they end up costing the same). Most places tend to be lacking either a garage space or an in-unit w/d.
Given the timing of when this place hit the market, I imagine that the seller feels just fine about the closing price, even if they put more than $11k into it since 2004. And given the other options on the market, the buyer should feel pretty good too.
I actually prefer lack of the tub. It is a hassle to keep the tub clean. BTW, I am surprised that this placed sold north of 400K. I guess it must be the lack of inventory.
“i still like the place to rent but if i was to buy i would need a bigger discount to ruin that nice bath to add a tub.”
I still don’t understand the appeal of living in Lincoln Park for those who aren’t wealthy. $410k for this tiny place? No thanks.
I guess the place is terrifyingly close to a turtle habitat.
Apparently there are tortoises at LP Zoo. Jenny, how do you feel about LP now?
http://www.lpzoo.org/animals/factsheet/red-footed-tortoise
anoonyy,
so my understanding of your overly long post is, its partially location and the bulk is the lack of inventory outweigh the downsides?
“I actually prefer lack of the tub. It is a hassle to keep the tub clean.”
More of a hassle than bathing the (soon to be) toddler in the sink?
Groove, I think it goes beyond lack of inventory. Under $500k, there are often nice two beds in east LP, and huge 3 beds in east LV. But they rarely have a garage space, and often also lack in-unit w/d. This is always the case, be it when the market is booming, or now.
But, once one softens up a bit on location, there is lots to choose from.
“I think it goes beyond lack of inventory. Under $500k, there are often nice two beds in east LP, and huge 3 beds in east LV. But they rarely have a garage space, and often also lack in-unit w/d. This is always the case, be it when the market is booming, or now.”
that still says lack of inventory, even if there are 1mil 500k 2/1 condos. the lack of inventory is that only a few have w/d and parking.
see where i am going?
“see where i am going?”
No. For the last couple of years, I consider the term “lack of inventory” to mean “lots of units have been de-listed, or the sellers are waiting to list until things start to improve, because they can’t sell their places in the current market without leaving the closing empty-handed or, worse, bringing money to the closing.”
today’s mortgage rates
conforming 30 year fixed 3.785% 20% down
fha 30 year fixed 3.75%
conforming
monthly payments + $606 of taxes + association dues
1542.38 of which 483+ is going to principal and 1059- is going to interest (likely tax deductable)= 2148/month
fha 14350 down
1832.32 of which 595+ is going to principal and 1236- is going to interest
add +175 or so for PMI
2438+175= 2613 a month
not crazy out of this world IMO for the location and finishes + parking
Sonies, I thought FHA loans charged the PMI up front (like 1.5% of sale or something) and rolled it into the loan? So you’d end up with a principal balance around 8k higher if you went FHA. All the rest working out the same, the monthly nut would probably be a lower than your estimate there, I think.
thats true, but I guess you could put 5% down and avoid the up front PMI… anyway I’m not 100% sure these are rough calculations and i’m not a mortgage expert
“No. For the last couple of years, I consider the term “lack of inventory” to mean “lots of units have been de-listed, or the sellers are waiting to list until things start to improve, because they can’t sell their places in the current market without leaving the closing empty-handed or, worse, bringing money to the closing.”
i am going for i have three different widgets, all widgets are 4×4 and sell for $5.00 ea
widget 1 has a matte finish and there are 400 qty of them
widget 2 has a semi-gloss finish and there are 400 qty of them
widget 3 has a high gloss finish and there are 17 of them
widget 3 (this condo) has a “lack of inventory”
thats where my mind and typing was going. maybe i am looking at it wrong but this is my thought process on the subject