This Lincoln Park 2-Bedroom Duplex Is Listed $100K Under the 2007 Price: 350 W. Belden
This 2-bedroom duplex at 350 W. Belden in Lincoln Park came on the market in March 2011.
In that time, it has been reduced $60,000.
It is now listed about $100,000 under its 2007 purchase price.
The south facing duplex has both bedrooms on the second floor.
The kitchen has cherry cabinets, stainless steel appliances, and granite counter tops.
The bathrooms are marble and there are hardwood floors throughout.
The unit also has a private terrace.
It has central air, washer/dryer in the unit and parking is available.
What price will it take to sell this property?
Debbie Maue at Jameson has the listing. See the pictures here.
Unit #610: 2 bedrooms, 2 baths, no square footage listed, duplex
- Sold in November 2004 for $544,000
- Sold in April 2007 for $470,000
- Originally listed in March 2011 for $429,900
- Reduced
- Currently listed for $369,900 (parking is $30,000 extra)
- Asessments of $480 a month (includes heat and a/c)
- Taxes of $6546
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×15 (second floor)
- Bedroom #2: 13×11 (second floor)
Wonder if the 07 deal included the parking space.
Realistically speaking this is at $399k (with parking).
There are a couple of 3 bed units in this building with soaring ceilings/windows, which are pretty fantastic (this unit is essntially priced at half of what the 3 bed “super units” in this building seem to be going for). It’s priced close to those 3 bed duplex units just down the street on Grant. This place is arguably better than those Grant units, albeit without the third bedroom, which obviously limits its appeal to many families.
This particular unit isn’t terribly charming, but all things considered, if it can close at around $379k (with parking), it’s a pretty solid deal. It’s newer, top floor (?), has some outdoor space (which hopefully doesn’t bear too much of Clark’s wind/bus brunt), is in a pretty great location (again, assuming the 6th floor is removed enough from Clark), including Lincoln elem (for one-kid families). Basically, someone can get a (almost) Unicorn Criteria-compliant place (the kitchen’s open to the living room and it lacks a powder room; granted, those are less-heavily weighted U. Criteria, but they’re nonetheless U. Criteria).
anonny, what is your complete Unicorn Criteria list?
fun groove fact #173;
groove worked in one of the stores back in the 90’s here. guess which one 🙂
“anonny, what is your complete Unicorn Criteria list?”
nothing better to start a friday than reading annoy’s unicorn list again!
Outdoor space? That outdoor space reminds me of prison. I am sorry, but $544,000.00 for this place in 2004? I bet the guy who bought it in 2007 thought he was getting a steal!
“Wonder if the 07 deal included the parking space.”
Neither the 2007 sale or the 2004 sale show a parking space purchase in the public records.
So- it’s hard to tell. Was the parking simply included in those purchase prices- and it is NOT separately deeded? Or can you purchase parking separately from the building (but both of those buyers chose not to)?
“I bet the guy who bought it in 2007 thought he was getting a steal!”
We will see this more and more as prices continue to drop. In fact- I’m already seeing it quite a bit, especially for those who bought in 2008 and are now selling again. They thought they were getting a “deal” because they paid less in 2008 than the 2004/2005 buyer. Only- prices have continued to decline.
These buyers have been, as G has said so many times, catching the falling knife.
“They thought they were getting a “deal” because they paid less in 2008 than the 2004/2005 buyer. Only- prices have continued to decline.”–And in 2014, what will we say? You have to think at some point inflation hits houses, but it may not in the next 3 years and that would say quite a lot about how structurally messed up the economy is at the moment. That outdoor space is terrible, despite the nice view. All that said, I feel like 330 with parking is real “deal” range. 544,000 for this place was nuts. You can see that the real extent of the problem goes back a decade.
who designed this ugly ass building? reminds me of the eyesore crap on clark st. surrounding the best buy or maybe some sort of hospital
anyway the unit isn’t as bad as I thought it would be, my guess is that this sells for 360-370k with parking included since it is in a pretty darn good location
@Groove, was it Tower Records? That’s the only store I remember in this building. Used to spend many an hour browsing there. Don’t think I ever bought anything though.
“@Groove, was it Tower Records? That’s the only store I remember in this building. Used to spend many an hour browsing there. Don’t think I ever bought anything though.”
actually no, but i did date a girl that worked there.
I’m guessing structure, groove. I always picture you in paisley shirts with banded collars buttoned up to the hilt.
ps. after the fixie I hope you get an eliptocycle. saw them in the trib today and burst out laughing.
http://www.baltimorebrew.com/2010/11/01/19159/
“I’m guessing structure, groove.”
bingo!!!!!
funny! just yesterday I ruined the shirt I got there circa ’95. was hanging over the back of my office chair and got caught up in the wheels when I pushed backwards. still have a couple of their flowered ties collecting dust somewhere.
The Unicorn Criteria appear below. Monthly cost must not exceed $3k. While the original Unicorn Criteria were ranked from “absolutely required” to “greatly desired,” I would say that all of Criteria are now absolutely required (having purchased a place that meets them all, I know that it’s possible).
1) Absolutely required:
* 2/2
* garage
* LP east of Halsted
* w/d in unit
* not on ground floor or “low first floor” (and no duplex down)
* wood floors (or permitted installation of wood floors, with a corresponding discount in purchase price)
2) Strongly preferred (bordering on required):
* LP east of Lincoln, ideally east of Clark
* kitchen is not open to the living room (but may be open to the dining area)
* master bath
* unless concrete slab floors, must be top floor
* Lincoln elem
3) Greatly desired (bordering on strong preference):
* powder room/half bath
* some sort of private outdoor space (at least big enough for a grill, and ideally big enough to also fit a smallish table and four chairs)
* central air
* working fire place
“Was the parking simply included in those purchase prices- and it is NOT separately deeded? Or can you purchase parking separately from the building (but both of those buyers chose not to)?”
I don’t see any PINs for the parking, so it isn’t separately deeded and is a limited common element that goes with the unit.
G:
What did these rent for before the conversion? Feel like the 2/2s were right around $2k + parking.
Does look like they redid the whole interior from when they were rentals–the rentals had carpet everywhere, iirc.
Anonny, with a payment based budget criteria, how do you control for different down payments?
“Anonny, with a payment based budget criteria, how do you control for different down payments?”
The $3k/mo pricing could be for a rental or a purchase. Regardless of the downpayment, the montly costs cannot exceed $3k. (Obviously, this does not contemplate putting down hundreds of thousands of dollars. We’re talking between 10 – 20% down.)
“funny! just yesterday I ruined the shirt I got there circa ‘95. was hanging over the back of my office chair and got caught up in the wheels when I pushed backwards. still have a couple of their flowered ties collecting dust somewhere”
i still have clothes (packed up in storage) from when i worked at Merry Go Round at the brickyard. i swear i can see the florecent green crosscolor overalls through the box
anon, That didn’t sound off to me, but here’s what the mls has for before & after conversion 2BR rentals. I think the conversion was underway in 2003, so your recollection is likely right on as always.
unit/rent date/rent price
302 6/9/2011 $2,400
308 12/3/2010 $1,950
601 10/8/2010 $2,875
405 9/23/2010 $2,050
618 10/30/2008 $2,700
302 3/17/2008 $2,400
506 10/25/2007 $2,300
312 8/26/2007 $2,395
305 6/5/2000 $1,660
509 5/30/2000 $1,780
406 6/9/2000 $1,930
610 8/18/2000 $2,225
annony, do you have more trouble with your criteria or with the price?
by my calculations you should have a budget of almost $500K if you put 20% down and avoid HOA over $300/mo (so avoid highrises)
it seems like the price would be acceptable if you found your criteria
“610 8/18/2000 $2,225”
So, completely unfairly, on a rental equivalence this place is worth somewhere bt $250 and $275 + the remaining value of the reno (*maybe* $50k) + some premium for not having to deal with smelly rental carpet (*easily* $50k–and if you haven’t ever personally torn out such carpet, shut it). And that gets you to the current ask.
Just astounding that someone paid $544 for this.
“by my calculations you should have a budget of almost $500K if you put 20% down and avoid HOA over $300/mo (so avoid highrises)”
Yes, that’s pretty much the price range, give or take (lower the down, lower the price; increase the assessments, decrease the price; etc.).
“do you have more trouble with your criteria or with the price?”
Well, I suppose that, if I raised the price maximum (to, say, $3,200/mo), more rental or purchase options would have made it onto my radar. I looked for quite a while before finding a place that met all of the U. Criteria for under $3k/mo. And while I’m no longer actively searching, I’m interested in hearing about properties for rent or sale that meet all of the U. Criteria. (Actually, I may resume actively searching in a year or two, but will modify the U. Criteria to require a 3 bedroom).
“Just astounding that someone paid $544 for this.”
Belgravia employs a lot of leading experts that buyers choose to follow…or something like that.
Oh, here it is:
“The grown-ups listen to everyone they perceive as being worth listening to and then make their decisions, recognizing that sometimes their decisions take them off a cliff. I can’t make them do anything. Developers and real estate agents can’t make them do anything. But at least they pay attention to us because we know things they want to learn.”
-Joe Zekas (Crib Chatter, February 2nd, 2010 at 6:11 pm)
you know if you say his name he almost always appears
“you know if you say his name he almost always appears”
Not his, his clients’.
I would like to test that theory later, too late now.
Well, we have the “both” scenario now, so we can only test that.
I think its appropriately priced and will sell within 5% of ask…
cant wait for another link to a video of some (sucker) being interviewed that bought at CMK.
Groove! You polluted the sample.
“Groove! You polluted the sample.”
sorry didnt read all the posts, bu tlook at it this way at least we can rule out the placebo effect 🙂
Groove i’m gonna invite you over to my crib one of these days to show you that it isn’t that bad 🙂 then we can go ball at moody
“Groove i’m gonna invite you over to my crib one of these days to show you that it isn’t that bad 🙂 then we can go ball at moody”
on that premise i wont be able to go as if i like it my running joke will have to end.
BTW i wrote cmk but really the joke is 235 van buren.
There’s no parking, but some folks might be inclined to look at this 2/2 at 2339 N COMMONWEALTH Ave Unit 5C before this property.
This complex was built in 1990, and although some on this chat have criticized its looks, it’s worlds better than what was here before: A 1960s-era strip mall with a big parking lot fronting on Belden. The strip mall had a Jewel (where I used to buy a nice roast beef sandwich at the deli for $1.90), and a classic restaurant – the Belden Deli. A lot of us Francis Parker people used to spend time here in the 1980s.
When the current place was built, the huge attraction was the Tower Records store, the first in Chicago. Incredible crowds at the opening. Great classical music room. Hard to believe it didn’t even last 20 years, but back then there was no such thing as Amazon.com or iTunes. Kind of sad. I definitely miss the classical section.
This building is a graveyard. Crappy stores, slowly dying. Would never ever buy here because it would never sell unless something big happens down below.