Trying To Sell Without Central Air During a Heat Wave: 2034 N. Seminary in Lincoln Park
We last chattered about this 2-bedroom vintage unit at 2034 N. Seminary in Lincoln Park in August 2011.
See our prior chatter here.
At that time, the unit was priced $16,500 under the 2004 purchase price. The property didn’t sell, however, and was withdrawn from the market in October 2011.
With news that the market appears to be hotter, the unit has come back on the market again this time listed at $399,000 or $10,000 less than when we last chattered about it in August.
If you recall, this is a vintage 2-bedroom that used to be a three bedroom but one of the small bedrooms was turned into a walk-in closet.
Much of its original 1891 woodwork has been restored.
It has built-in bookcases, a fireplace and hardwood floors throughout.
The unit also has stained glass windows and high ceilings.
The kitchen, however, has been renovated and updated with stone counter tops and stainless steel appliances including SubZero.
The unit has a washer/dryer in the unit and a private garage however it does not have central air.
Given that this is so far the hottest summer in about 25 years, should properties without central air (this unit has window units) wait until the fall to list?
Neringa Northcutt at @Properties has the listing once again. See the pictures here.
Unit #3: 2 bedrooms, 1 bath, 1400 square feet
- Sold in August 1999 for $308,000
- Sold in December 2004 for $425,500
- Originally listed in February 2011 for $435,000
- Reduced in July 2011
- Was listed in August 2011 at $409,000
- Withdrawn in October 2011
- Currently listed for $399,000
- Assessments of $139 a month
- Taxes of $3159
- No central air (window units only)
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 16×14
- Bedroom #2: 13×10
- Walk-in closet: 9×9 (was bedroom #3?)
That bed frame is sweet!
taxes seem awful low, hard to understand how that building as a whole is paying less than $10K.
Taxes about right, but the building assessments are a bit low. Kitchen seems a bit over-improved (it’s a very charming unit, but that’s a fridge one would expect in a $1 million dollar place, not a one bath walk up; perhaps that’s just my kitchen envy talking).
“Taxes about right”
No, they aren’t. If the place is “worth” about $400k, the taxes should be DOUBLE. Because of the underassessment of some, everyone else pays more.
no air and only 1 bath hurts this walkup. the 2nd bedroom looks small too. Assesments are ok. Some condo associations dont have a large reserve, if something needs to be fixed just pay for it then. Just like you would a single family home. Save you money for a rainy day.
I wouldn’t want to rely on my neighbors to save money for a rainy day. One bathroom kills though place though.
How do people feel about an exterior door opening into a master bedroom (or any bedroom for that matter)? It just seems very inconvenient to have people walk through your bedroom in order to get to the back porch.
“Kitchen seems a bit over-improved”
Remember this is Lincoln Park…even 2/1 walk-ups are expected to be fancy!
“How do people feel about an exterior door opening into a master bedroom”
That does stink! I hadn’t noticed it.
“Given that this is so far the hottest summer in about 25 years, should properties without central air (this unit has window units) wait until the fall to list?”
I don’t think they need to wait to list, but they need to be priced accordingly and I’m not sure this market is yet supporting $400k 2/1’s without central air even in LP. Also, just make sure when you are having a listing, have the A/C blasting!
It would have been smarter to convert the third bedroom into a bathroom (or split it between closet and bathroom).
‘It would have been smarter to convert the third bedroom into a bathroom (or split it between closet and bathroom).”
Though more expensive and perhaps not even possible if the pipes don’t flow correctly.
Great looking unit in a fine location, but I’d still say this is a bit much to ask for a 2/1, especially without central air. I’ve lived without it and it’s feasible, as long as you have window units. It’s not preferable, of course, and this unit has so much else going for it that I could probably live without the central air.
But nearly 400 sounds too high to me. Has to go down at least 50.
split (wall) units >>>>> window units
” I’ve lived without it and it’s feasible, as long as you have window units.”
Its 2012. There’s no excuse for no air conditioning. SpacePak-type units can be installed anywhere, and are getting cheaper all the time. Hopefully this place sits on the market until the seller gets a clue.
“Its 2012. There’s no excuse for no air conditioning. SpacePak-type units can be installed anywhere, and are getting cheaper all the time. ”
Just how cheap? I would LOVE to get space pac in our 100 year old condo.
Some people actually HATE a/c and prefer the “old fashioned” methods of fans, awnings and cross-ventilation.
I’m putting Space oak in a huge ( approx 2300 sq ft) third floor condo and all the quotes are coming in at 18/19k. That does not include running electric up to the unit and up to the roof for the compressor. Good news is no soffits.
Oh and it’s going to take 4 circuits so you need adequate juice.
if you’re really interested in space pack, this thread has some recommendations and quotes.
http://chicago.everyblock.com/announcements/jun21-central-air-conditioning-5056846/
Nice place. The taxes are way low. Taxes on our 2/1 in Lakeview are up to $4200 and I’ve seen units near ours that are a good bit higher. I agree that the assessments are also really low. I don’t know how they could possibly pay for everything the listing says it covers for $4900/year. Maybe we’re doing something wrong in my building…
“Given that this is so far the hottest summer in about 25 years, should properties without central air (this unit has window units) wait until the fall to list?”
Well, potential buyers certainly shouldn’t wait till fall to look at those properties, assuming they’re willing to invest in adding the a/c after. Hot properties discourage showings and motivate price movement.
But to have a kitchen like that in this place with no a/c is insane. Especially top floor.
Agree w/dahli split units are likely the solution here– love unico and adding conventional, but I’m not seeing any good space for an air handler here, and they almost certainly don’t have the amps.
1 bathroom = “in case of emergency, use the ficus plant”
This unit looks nice and shows well but 2/1’s are a dime a dozen. $325,000 gets it done.
“Some people actually HATE a/c and prefer the “old fashioned” methods of fans, awnings and cross-ventilation.”
Some people put piercings and tattoos all over their face, doesn’t mean its ideal… this is the year 2012, every place in town should have some sort of air conditioning!
I walked by this unit and the sign says under contract. 6 days on market during heat wave. Guess if its a great place, excellent location, fair price, low taxes, the window ac is a non issue. Let’s be honest it’s Chicago, we use the ac 3 months of the year. If the ac units cool the place, what difference does it make? Smart people buy on location, this is a most prestigious street in Lincoln Park. I’m not surprised it went fast.
1) The backdoor in master opens to a deck with a secured (locked door) stairwell.
2) Why would the seller invest in a spacepak if she were selling? That is for the new owners, she would never seen a return on that investment!
3) People who cook, want nice stuff like a sub-z. They don’t always want to live in suburbia.
4) Sheesh, you guys can’t hold yer pee? How do you travel on airplanes?!
Hot location – Armitage
Don’t try to compare this to Roscoe or West Town…
I say they get asking.
“I walked by this unit and the sign says under contract. 6 days on market during heat wave. Guess if its a great place, excellent location, fair price, low taxes, the window ac is a non issue. Let’s be honest it’s Chicago, we use the ac 3 months of the year. If the ac units cool the place, what difference does it make? Smart people buy on location, this is a most prestigious street in Lincoln Park. I’m not surprised it went fast.”
Redfin is not showing it as pending (but sometimes the realtors are slow to mark it as such on the MLS.)
Ask someone today if central air matters. See what they say.
As for it going “fast” (if it is indeed under contract)- I don’t think I’d call 18 months “fast” (since it was originally listed in the winter of 2011). It’s also listed well under the 2004 purchase price (but that is par for the course today.) I guess the housing bust is affecting even the “most prestigious street in Lincoln Park.”