This Lincoln Park 2-Bedroom Returns to Crib Chatter 4 Years Later: 549 W. Belden
We last chattered about this vintage 2-bedroom at 549 W. Belden in Lincoln Park in September 2007.
See our prior chatter here.
At that time, Crib Chatter was brand new and prices had just started to soften- even in Lincoln Park.
Listed for $359,000 in September 2007 it ended up selling in February 2008 for $333,000.
It returned to the market over the summer, listed at $334,900 and has now been reduced to $329,900.
At 900 square feet- the high first floor unit has 11 foot ceilings.
The listing says it has a “new granite and stainless steel kitchen” – but it looks remarkably similar to the one in the unit in 2007 (see the old chatter for the pics. And no- the main picture of this building was NOT taken by me. That is an agent’s picture from 2007.)
While there is central air, there is no in-unit washer/dryer and there is no deeded parking. Parking is rental across the street for $220 a month.
What will this unit sell for this time around?
Stephanie Wesson at Dream Town has the listing. See the pictures here.
Unit #1RE: 2 bedrooms, 2 baths, 900 square feet
- Sold in March 1998 for $174,000
- Sold in March 2000 for $220,000
- Sold in January 2005 for $343,000
- Was listed in September 2007 for $359,000
- Sold in February 2008 for $333,000
- Returned to the market in July 2011 listed at $334,900
- Reduced
- Currently listed at $329,900
- Assessments of $204 a month
- Taxes of $4012
- Central Air
- No in-unit washer/dryer
- No deeded parking. Parking available to rent across the street for $220 a month
- Bedroom #1: 13×11
- Bedroom #2: 13×10
It pains me so much to see a building that has been so thoroughly stripped of what I’m sure was once a rich interior.
Beautiful exterior. I couldn’t get past the lack of deeded parking and especially the lack of a washer/dryer. Plus, the listing for this place on Trulia says “no dogs.” Theis place has too many strikes against it. I say $250,000.
This seller lives in a world of pennies with their 4k reduction and their probably low down payment. Thing is they’re gonna lose some dollar signs if they want to move.
The March 2000 price seems about right, although I cannot imagine who would buy a 900 sq ft apartment in this market. Great neighborhood. Lame unit. Fantasy price.
Definitely lots of dings against this place. As Jenny said, no parking, no washer/dryer, no dogs but to me what is even worse is being a rear unit. I love exterior of the building, and I don’t think the interior is that bad…although it’d be nice to have some of the old vintage touches. Unfortunately for the seller all the little dings add up big time in this market…even more than in 2008.
Housing market is better:
http://finance.yahoo.com/news/rise-home-building-suggests-industry-162719120.html
900sqft? this ain’t manhattan
How much would this place rent for? This is definitely a unit that needs to be pretty close to rental parity to make sense.
A 10% down buyer would probably be aroud $2200-$2500 all in on this place at the current price if you rent parking. That is a hefty nut for a small 2/2 with no w/d in unit and across the street parking imho.
Is this unit the rear section of the east unit on the first floor? Photos suggest an odd unit configuration and weird window allocation due to chopped-up plan. Doomed to be student housing for a privileged DePaul child. $225,000 if they get lucky.
I’m seeing surprisingly low housing prices on MLS now. For this kind of asking price, I could purchase a nicely renovated Oak Park house with own garage, landscaped yard, in-house laundry, decent schools, and room for three dogs and two cats, etc.
“For this kind of asking price, I could purchase a nicely renovated Oak Park house with own garage, landscaped yard, in-house laundry, decent schools, and room for three dogs and two cats, etc.”
True–but taxes would be double to triple the taxes on this condo.
I want overs on Archi’s 225 guesstimate.
“Housing market is better:”
clio, it says: WASHINGTON (AP) — “A surge in apartment construction gave home builders more work in November. And permits, a gauge of future construction, rose largely because of a jump in apartment permits.”
Adults moving into multi-family homes just confirms middle class desperation and poverty, yet the realtards and NYSE algo traders believe this is good news.
” NYSE algo traders believe this is good news.”
How exactly does an algorithm interpret news?? Maybe the algorithm is also upset about how Marion Barber stayed in bounds?? One never knows!
“Adults moving into multi-family homes just confirms middle class desperation and poverty, yet the realtards and NYSE algo traders believe this is good news.”
Well today the MSM told me the unemployment rate ticked down sharply. And since this time of year there are no seasonal workers and all jobs additions are typically full time workers this jobs rally is destined to stay.
“realtards”
I doubt they care about apt construction spending.
“nicely renovated Oak Park house with … room for three dogs”
When did Oak Park start allowing one house to have more than two dogs?
This probably would rent for $2100-2200. it may even be lower this time of year and due to it being first floor.
Found 95 houses listed for $350,000 or less in Oak Park this morning, including 824 Taylor, $299,000, 4 bedrm/2bath, large lot, $9320 taxes, beautifully landscaped and handsome. More space than this condo; easy walking distance to train, retail, and restaurants. If you have kids, the higher-quality public school system quickly negates 13 years of tuition payments. I’d buy it if I where looking now for a reasonably-priced family house.
Forgot OP’s dog restriction, so TWO dogs, but they can be big dogs.
The question is – will those OP taxes increase at the same or faster rate than neighboring communities?
A 900 square foot LP condo is not a comparable to an OP SFH.
The Chicago RE taxes will probably increase at a much faster rate than those in surrounding suburbs like Oak Park. The city has an incredibly grim long-term fiscal outlook, and has basically exhausted all available quick fixes.
So, while the taxes are much lower than in the burbs, the gap will likely narrow considerably over time. Really the only alternative is if the city insitutes a resident income tax.
One way or another, we’re getting higher city taxes. The city lacks the revenue streams of other major U.S. cities (resident tax, commuter tax, etc.)
3 dogs and/or 2 cats
http://www.oak-park.us/public/pdfs/Animal%20Control/2005%20Facts%20About%20Keeping%20Animals%20in%20Oak%20Park.pdf
“The Chicago RE taxes will probably increase at a much faster rate than those in surrounding suburbs like Oak Park. The city has an incredibly grim long-term fiscal outlook, and has basically exhausted all available quick fixes.”
Not sure this is a safe assumption…
For me, Oak Park is too far from the downtown area. The expressway during rush hour is brutal. I suppose I wold pick the Oak Park home over this tiny Lincoln Park condo, but would end up going insane from the commute.
Luckily, these aren’t the only choices in housing.
“Not sure this is a safe assumption…”
Pretty sure it isn’t. City has a LOT more options than the suburbs, as the city has vastly greater home rule powers under state law.
“Luckily, these aren’t the only choices in housing.”
For a lot of people, it is. Hence, the high prices.
I would only rent in a bldg like this. Great location, however.
“3 dogs and/or 2 cats”
flipping fascists. Even a defined maximum leash length.
900 sq. ft. 2 BR + Den? are the rooms all 8×8?
Two thoughts.
First, I’m not saying that the subject property is compelling (it’s not), but what in the Wide World of Sports does Oak Park have to do with this thread? I can find all sorts of superior listings for $300k that are not within walking distance of the subject property.
Second, I’ve been to Oak Park once. (I’ve heard a lot of great things about it, from a lot of folks. I didn’t get to stroll around the village/commercial area, and would like to return to check it out.) I went to a gathering at a very nice house (the house, and the entire street, looked like it belonged on the north shore, within a block or two of the lake). But pretty much the whole drive from LP to that very nice street in OP ranged from less-than-pretty to downright sketchy. Perhaps we took a suboptimal route there and back, but it seemed like the nice area of OP is a bit of an island.
“900 sq. ft. 2 BR + Den? are the rooms all 8×8?”
not quite. Floorplan:
http://www.dreamtown.com/properties/floorplans/549-W-Belden-1RE-Floorplan.pdf
“3 dogs and/or 2 cats”
On top of that, you can only have 2 fowl. Granted, that’s more generous than most suburbs (most won’t allow any chickens) but I’ve grown accustomed now to having 5 chickens in my backyard (found 9 eggs in the coop yesterday!).
“For me, Oak Park is too far from the downtown area. The expressway during rush hour is brutal. I suppose I wold pick the Oak Park home over this tiny Lincoln Park condo, but would end up going insane from the commute.”
You must be kidding. Ever hear of the Blue Line? This house is less than two blocks from the Austin stop. Nobody living here would drive downtown.
If you can slightly stretch flex hours, a reverse commute from City to Oak Park isn’t bad
“Nobody living here would drive downtown.”
That’s hilarious! Nobody drives downtown from Oak Park! hahahahah
“That’s hilarious! Nobody drives downtown from Oak Park! hahahahah”
Nobody living in Arch’s suggested house and working in the Loop would commute downtown on a regular basis.
You have an argument with *that* formulation?
If no one commutes from Oak Park to downtown, why is traffic so bad? Even if I lived next door to an el station, I would still drive.
“If no one commutes from Oak Park to downtown, why is traffic so bad? Even if I lived next door to an el station, I would still drive.”
The rush hour expressway traffic obviously comprises many people that live farther out than Oak Park.
“The rush hour expressway traffic obviously comprises many people that live farther out than Oak Park.”
Wait.
Are you suggesting that *people* with *cars* live west of the Des Plaines River? And aren’t so terrified of the city that they come to it on a regular basis?
Oak Park is a whopping 8 miles from down town.
It takes all of 30 minutes for me to drive from the very north end of Oak Park to the loop in rush hour in the morning. This is taking 290 which isn’t bad going into the city in the morning. The El ride is about the same. Coming home, 290 is horrible though. So I take Grand to Division. Again, 30 minutes on the worst day.
My OP commute is no worse than when I lived in Andersonville.
To be honest, there is no reason to drive from OP unless you have a inconvenient hike from the El to the office. Taking the EL is usually less of a hassle imho.
“Taking the EL is usually less of a hassle imho.”
So long as one remembers to keep their iPhone stowed, no?
“How exactly does an algorithm interpret news?”
News makes it into the technicals, which is interpreted by the algos. 70% of all NYSE trades are done by algo shops. When the Nov building report was released it was the reason (along with news out of Europe) for the 300 pt. upday for the Dow.
“flipping fascists. Even a defined maximum leash length.”
I think you mean flipping commissars. LP is a leftist, PC-ridden, freedom-asphyxiating, outpost of groupthink hypocrisy!
re: Oak Park North Avenue to Grand is sometimes the fastest commute into central Chicago, but you have to enjoy driving through some depressing (i.e. Pulaski/Grand), and outright dangerous carjacking (i.e. Westside ghetto) areas along the way.
I briefly dated someone who lived in Oak Park and driving to his place on Friday evenings after work was enough to make me cry. Saturday mornings, it was a breeze.
zzzzz.
Traditional vintage rental size; absolutely none of the traditional vintage character to go with the gorgeous graystone facade. This is something you rent to get your kid into Lincoln, and not something you buy to do the same. A squeaker over 3, IF they’re lucky. I say it closes just under 3.
By the by, rental parking is never guaranteed. Most residential rental parking will boot you if you aren’t a resident of the owner’s properties themselves.
“News makes it into the technicals, which is interpreted by the algos.”
“70% of all NYSE trades are done by algo shops.”
Helmut, What percent of all algo trades do you believe are initiated for the purpose of taking advantage of a directional biased?
Do you believe that had there been no computers, positive news, such as the bldg report, would not have moved the market up 2+%?
You seem to know a lot about this stuff.