Vintage 2/1 With Tons of Charm and Parking in Lincoln Park for $515,000: 2452 N. Racine
This top floor 2-bedroom at 2452 N. Racine in Lincoln Park came on the market in September 2023. (I don’t have a picture of this building so we will make do with the Zoo.)
Built in 1910, this building has 6 units and parking behind the building, including some garage parking.
There is a turfed common yard with a firepit and dog run.
The listing says this unit has had modern updates and tons of charm.
It has an updated kitchen with white cabinets, a white subway tile backsplash, a white farmhouse sink, quartz counter tops, a breakfast bar with seating, stainless steel appliances and a Chicago brick floor.
The kitchen is open to the dining room which has vintage features such as a beamed ceiling and built-in buffet all of which has been painted white. If you have Redfin, you can see what it looked like unpainted in the 2013 pictures. The unit was updated before the 2021 sale.
Both rooms lead to an oversized private enclosed west facing balcony.
The living room has an ornamental fireplace and custom oak mantle.
It has one bathroom with a walk-in-shower.
This unit has features buyers look for including commercial grade central air, washer/dryer in the unit and garage parking is included.
There have been a lot of updates: water heater (2019); roof (2020); windows (2017); tuckpointing (2018); turf and fence (2019); garage concrete (2022).
The building is just “minutes to the Brown Line, Wiggly Field dog park, JonQuill Park, Supera Park, Depaul University, Starbucks, Lincoln Park Library, Lou Malnatis, Avli Taverna, Birds Nest, and many bars and shops!”
The listing says it’s 1.5 miles from the Lake.
The building is also “investor friendly” but does not allow short-term-rentals. There is a storage space in the basement.
This unit last sold just 2 years ago, in April 2021, for $467,000. It’s now listed for $515,000.
With low inventory still the norm, are rising prices here to stay?
Marzena Frausto at Redfin has the listing. See the pictures, floor plan and 3D walk-through here.
Unit #3N: 2 bedrooms, 1 bath, 1200 square feet
- Sold in June 1991 for $157,000
- Sold in February 1994 for $171,000
- Sold in July 1997 for $196,000
- Sold in February 2013 for $280,000
- Sold in April 2021 for $467,000
- Originally listed in September 2023 for $515,000
- Still listed at $515,000
- Assessments of $380 a month (includes heat, exterior maintenance, scavenger, snow removal)
- Taxes of $7575
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Decorative fireplace
- Bedroom #1: 10×12
- Bedroom #2: 11×12
- Living room: 17×15
- Dining room: 15×9
- Kitchen: 17×10
- Storage: 7×7
- Balcony: 11×13
“With low inventory still the norm, are rising prices here to stay?”
The pricing is “Please cover our costs” at ask
Love the “Room” on the deck LOL
“There have been a lot of updates: water heater (2019); roof (2020); windows (2017); tuckpointing (2018); turf and fence (2019); garage concrete (2022).”
Majority not done by the current owner. The roof, tuck pointing and windows were not cheap relative to the HOA, would like to who paid what
Place isnt bad. I think they’re allergic to color and whomever painted the buffet should be shot, Floor tile should have been replaced when the did the remodel. at >$500k, 1 Ba/No Master suite is not realistic
Current owners are paying $2800/mo, new owners get to pay $4100 – Seems sustainable. Much better rental options at this price point
Where is the “commercial grade A/C?” I see some “super attractive” (sarcasm) window units for the downstairs unit greeting you upon entrance. I cannot imagine someone paying this to have renters / or potentially have renters for downstairs neighbors. “investor friendly” – -glad they were up front with it. In this neighborhood with that back yard means you will have a lot of sleepless nights and having to deal with privileged children misbehaving. The only person who lived here (or at least owned a unit here), for a significant time was trapped by the economy most likely. I wish them luck but think they will be eating those transaction costs.
“The only person who lived here (or at least owned a unit here), for a significant time was trapped by the economy most likely.”
And the dated-ass finishes, except they replaced the appliances, which are now 10+ years old.
Laundry is a nice add in this type of unit, but I don’t know if they could have made the location less convenient.
“The pricing is “Please cover our costs” at ask”
This is incorrect. Chicago prices HAVE risen considerably since they bought in 2021.
Many people on this blog have to move on from the pre-pandemic Chicago market where prices didn’t go anywhere for years. That is over. Our prices HAVE risen and continue to do so, due to low inventory and too much demand.
Every other city in America has seen this over the last 10 years. Chicago is now seeing it. Time to rethink how you think about Chicago real estate.
I think this is a really pretty unit. I LOVE the kitchen, especially the Chicago brick floors. Also love that they opened it up to the dining room.
The bedrooms are smaller, but that’s common in vintage.
One bathroom is also common in vintage but it could be a dealbreaker for some at this price point.
Racine is pretty quiet in this location. Yet you’re near a bunch of shops and restaurants.
““The pricing is “Please cover our costs” at ask”
This is incorrect.”
At the ask, they’d net ~$15k (assuming Seller commission matches the Buyer split in the listing). ~$499k is right at break even, net of costs.
It remains surprising to me that the realtor’s lobbying manages to keep the spotlight off the role their commission structure plays in increasing housing prices–if everytime a home sells it has to be +5% to be breakeven, that’s meaningful velocity over time.
Where is the “commercial grade A/C?” I see some “super attractive” (sarcasm) window units for the downstairs unit greeting you upon entrance. ”
There’s supplys and returns fed from the roof but holyshit is the design bad. It appears that there are 3 supplys – DR, LR & non-primary Br. The supply feeding the kitchen and DR is woefully small, the LR supply is going to short circuit and the 2nd bedroom is going to need a window unit
Owners picked an opportune time to sell and the buyer isnt going to be very happy come June
Missed the supply in the Br, but this is still a really bad design
This is incorrect.”
At the ask, they’d net ~$15k (assuming Seller commission matches the Buyer split in the listing). ~$499k is right at break even, net of costs.
+ Pro rated portion of the garage repairs
+ Loan costs
Anon, there is a class action lawsuit making its way through the courts now over the commission structures that would seek to decouple the buyers agent side from the selling side. Right now, the seller pays the listing agent the 5-6% and then the listing agent pays buyer’s agent half.
https://www.businessinsider.com/real-estate-agents-lawsuits-buy-sell-homes-forever-housing-market-2023-6
If this is successful, it would put a lot of pressure on agent commissions. I suspect though that the agencies would start allowing buyer’s agent commissions to be financed as part of the mortgage (which is essentially what is happening now since it is ultimately factored into the price). However, if the buyer’s agent commission is separated out as a specific cost, it would encourage buyers to shop / negotiate commissions which they largely don’t do now.
“Many people on this blog have to move on from the pre-pandemic Chicago market where prices didn’t go anywhere for years. That is over. Our prices HAVE risen and continue to do so, due to low inventory and too much demand.”
There was a short time of FOMO. Sellers like this are hoping theres a few more suckers
“Every other city in America has seen this over the last 10 years. Chicago is now seeing it. Time to rethink how you think about Chicago real estate.”
Wow finally admitting that Chicago’s been a dog for the last 10 years
There may be hope for you yet
“+ Pro rated portion of the garage repairs
+ Loan costs”
I did forget the ~$5k they paid in closing costs on the buyside (transfer tax+closing fee), but I disagree on counting loan costs.
Do you think the garage repairs were in the ballpark of $50k?
“I did forget the ~$5k they paid in closing costs on the buyside (transfer tax+closing fee), but I disagree on counting loan costs.”
Fair enough
“Do you think the garage repairs were in the ballpark of $50k?”
I assumed that they didnt have to replace any concrete under the structure (the 21 pics show problems in the middle of the garage) and the fixed the base – $20k which they’d pay 1/2
“– $20k which they’d pay 1/2”
Wasn’t thinking about it being a 2 party LCE. Fair enough.
“There was a short time of FOMO. Sellers like this are hoping theres a few more suckers”
In a city where there are 40,000 people tracking Lakeview real estate but just 280 properties on the market, I think FOMO is going to be in effect for a LONG time.
Chicago is no different from LA or SF now, right? Limited inventory. Plenty of high paying jobs. If you want to buy, you’ll have to pay a premium. Sometimes offer over ask.
“Wow finally admitting that Chicago’s been a dog for the last 10 years”
I’ve never not admitted that. Just look at the data I post every month. But some neighborhoods have been red hot during that time. West Loop has doubled (tripled?) during that same period. Downtown is still terrible though. Logan Square/Bucktown also hot. Not sure how the crime surge there is going to impact prices going forward though.
“ I’ve never not admitted that. Just look at the data I post every month. But some neighborhoods have been red hot during that time. West Loop has doubled (tripled?) during that same period. Downtown is still terrible though. Logan Square/Bucktown also hot. Not sure how the crime surge there is going to impact prices going forward though.”
You are either trolling, drunk or retarded at this point.
One are worth the time to debunk you endless stream of lies
Good luck
Charming indeed, but this part of LP is kind of dull. I’d rather be a few blocks south or east.
Notice how that ugly 21st century building is completely out of scale with this one?
I really wish there were more Chicagoans posting on this blog instead of people who haven’t lived here for 30 years or who lived here and moved away years ago.
So much has changed in just the last 3 years. That’s nationally. All of the housing markets have been on a real trip, including Chicago.
Your conceptions of what prices should be or what someone should pay are so off now. And I get it. It’s been a dramatic change. The low inventory has also changed the game dramatically.
Chicago’s market is more akin to LA or San Francisco’s now, where there just isn’t enough on the market so properties sell quickly, usually after an open house with “best offers” submitted. Yes, even with 7.5% mortgage rates.
Too much demand and no supply. Same as it’s been in SF and LA for years.
Yet with all that blather, this unit is still for sale
LOL
“Yet with all that blather, this unit is still for sale”
The market has slowed. More price cuts and longer times on the market again. I have a friend selling on the north side. Priced it well but had a tepid launch with few showings the first week. They were worried and thought they’d have to do a big price cut to move it. However, they had a contract within 2 weeks without lowering the price.
Market is dead. I will be surprised if sales in October and November aren’t at 15 year lows. But most sellers aren’t listing either. Inventory remains extremely low.
I told my friends to wait to list in the spring when more buyers would be looking but with inventory so low, they also had the market to themselves right now.
This unit is still available. It was listed on Sep 28, 2023. Still priced at $515,000.
mUh dEMoGrApHics and SuPEr lOW iNVenToRy make this unpossible. I was told this by the purveyor of an important blog.
Do buyers no longer wish to lIVe TheIr LiVeS?