Vintage 2-Bedroom Back to the 1999 Price in Lakeview: 2831 N. Burling
This 2-bedroom unit at 2831 N. Burling in Lakeview just came on the market.
It is bank owned and listed $103,100 under the 2005 purchase price.
From the listing pictures, it appears that the kitchen and bathrooms are intact. The kitchen has white appliances and cabinets.
It also looks like the unit has central air and in-unit washer/dryer. It does not have deeded parking, however.
This unit is now listed $2100 under the 1999 purchase price. Is it a deal?
Patrick Schaeffer at Solid Source Realty has the listing. See the pictures here.
Unit #1S: 2 bedrooms, 2 baths, 1250 square feet
- Sold in March 1996 for $192,000
- Sold in May 1999 for $255,000
- Sold in August 2000 for $303,000
- Sold in July 2004 for $342,000
- Sold in August 2005 for $356,000
- Lis pendens in August 2009
- Bank owned in August 2010
- Currently listed for $252,900
- Assessments of $200 a month
- Taxes of $4610
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 14×12
- Bedroom #2: 11×10
What rental equivalent? Is it really ~$2000, w/o parking?
Seems like there are much better places available nearby, for not much more, and without the hassles and uncertainty of a bank sale.
Looks like a solid piece of property but as anonny said, why bother with a bank sale when there are as good if not better properties available for the same price point nearby.
Looks like a dark whole if you ask me. The living room is tiny. It was a better deal in 1999 when the features were not so outdated. What’s with that hideous fireplace mantle?
fine if you aren’t driving much – would be difficult for resale without the parking…
i nice place, i would love to rent a place like this, and i say RENT not buy it.
for that price i can get a a 3br SFH tudor in Schorsch village with a two car garage a yard basement and attic.
where the hell is schorsch village tho
also there is no freaking way this place is 1250 sqft unless you count the deck out back
and also, another fireplace taking up WAY TOO MUCH SPACE! and next time you think you could crop out the Ryobi power tool in the photo?
“where the hell is schorsch village tho”
addison to belmont, harlem to oak park ave
oh I call that hood ‘west west lakeview’
WESTsq Lakeview! if we have a blue ribbon committee put up a website we can make the name official.
you in?
My oh my the deals keep getting better and better.
I think what we’re seeing here is capitulation from the desperate sellers with flawed properties (such as this one), because good properties seem to be holding value just fine due to buyers being more choosy
I’d say No Deal, Howie.
I’ll leave aside matters of where real estate values will be heading in the next few years. Strictly from a rental equivalence standpoint, current ask is still too high…I.e., No, anon(tfo), I do not think this would rent for $2000. In fact, I’d say no guarantee you could get more than 1650-1750 here, with no parking, formica countertops, small kitchen, and that room layout/space. Good location, tho, and w/d helps.
People might substitute lower price for quality in the near future. part of living within your means requires it. I want a 5 bedroom house in my area but that costs $800,000. So I’ll settled for a smaller 3 bedroom house on a less desirable block if it’s cheaper.
“Sonies on November 12th, 2010 at 9:51 am
I think what we’re seeing here is capitulation from the desperate sellers with flawed properties (such as this one), because good properties seem to be holding value just fine due to buyers being more choosy”
“capitulation from the desperate sellers”
IndyMac is a desperate seller, then?
Perhaps, but in general, I don’t think the behavior of banks selling their properties mirrors is analogous to individual owners in most respects.
Great location, especially when you take into account the T Joes they are putting literally just around the corner. That’s gotta have alot of value.
Just rent. Seems like you have to put down a large down payment–i.e. 20%–for this to make sense. And even then, what’s the point for a so-so place with no parking that most buyers will want to dump in 4-5 years.
“And even then, what’s the point for a so-so place with no parking that most buyers will want to dump in 4-5 years”
The point is that in 4-5 years you won’t find a deal like this in this area. It absolutely WILL go up in price and then you can trade up if you need to do so in 4-5 years. If you rent, you really do run the risk of either not finding a suitable place or being priced out of this area. Sure rents are low right now, but you would be surprised how fast that can change. Then you will be “enjoying” your studio walkup in a bad area for the same amount.
“If you rent, you really do run the risk of either not finding a suitable place or being priced out of this area.”
It’s been a while since I heard this one. Takes me back to 2006…
“It’s been a while since I heard this one. Takes me back to 2006”
Better get used to it – you will start hearing it more often in 4 years.
“If you rent, you really do run the risk of either not finding a suitable place or being priced out of this area.”
this statement makes me sad, where is my teddy? i want to lie down.
“this statement makes me sad, where is my teddy? i want to lie down.”
no need to be sad – just motivate yourself to make the move to buy. in the end, you will probably be happy…
…because as we’ve established here before, one cannot be happy and a renter at the same time
“no need to be sad – just motivate yourself to make the move to buy. in the end, you will probably be happy…”
So, are you actually a group poster (ie, everyone in clio’s office taking turns posting) or do you really pay that little attention to others?
“because as we’ve established here before, one cannot be happy and a renter at the same time”
of course you can – but I would say that 99.9999999999% of the people on this site (whether they rent or not) ARE looking to buy and WOULD buy something that was a deal. Why is that? Obviously, renting is not all that it is cut out to be otherwise these intelligent people would not be looking.
anon, I know that Groove already owned a place but was looking to buy somewhere else. With that last post, I thought maybe he decided to rent something.
“no need to be sad – just motivate yourself to make the move to buy. in the end, you will probably be happy…”
i guess my comment had again confused people, i was hoping people would have by now figured out grooveism.
my comment was well, i wanst sad because of the premise of the statement, more sad that it actually was actually said.
clio, your sentiment that one should buy this place now lest they be priced out of the market in 4-5 years is the same sort of logic that led to the mess we’re in now.
over the long haul, housing does not appreciate more than inflation. so you’d need a shift in supply or demand to explain how someone needs to buy or they’d be priced out. i’m sure you’ll find something to say.
“If you rent, you really do run the risk of either not finding a suitable place or being priced out of this area.”
Man, I did a spit take on that one; now I have to clean the diet coke off my screen.
Being that this one is in my sweetspot (~$300,000, east Lakeview/Lincoln Park, been looking for nearly 3 years), I thought I’d comment.
At first glance, a 2/2 in this location for $250k is quite a deal, especially with central A/C and W/D. But, once you get into this one, it has a lot of cracks. Although on a great street, it may be a little too close to Diversey. It’s on the 1st floor. The living area looks cramped and the unit is dark in general. Bedrooms are carpeted. And, of course, the no parking. Then there is the dealing with a bank sale. Just not worth tying up $50k and taking on a lot of risk for a place you are sure to grow out of in under 5 years.
I would also like to further question this comment…
“Icarus on November 12th, 2010 at 7:00 am
Looks like a solid piece of property but as anonny said, why bother with a bank sale when there are as good if not better properties available for the same price point nearby.”
I did a quick search on Redfin for 2/2 between Fullerton-Belmont-Racine-LSD
Hmmmm, don’t know what happened to the rest of my comment. Anyways…
I did a quick search on Redfin for 2/2 between Fullerton-Belmont-Racine-LSD and found 3 units not in high rises. Of those, 2 were garden level and one was a 1st floor right on Halsted. I don’t see where the comparable properties Icarus speaks of are. It may not be a great unit, but it is priced well for the time being.
Wow, did I kill this thread? Was it the fact I talked about the property and didn’t bicker with other commenters?
“Was it the fact I talked about the property and didn’t bicker with other commenters?”
Nah, just that it’s Friday.
Besides, calling out two people for “better options for the same price” is the perfect lead in for bickering.
When will realtors realize that a photo down the long skinny corridor may say a lot about the layout of an apartmen^H^H… CONDO, but what it says is generally not positive.
And, does the 2nd bathroom have a medicine cabinet, or mirror over the sink? Why’d they edit that out, I wonder.
“Hmmmm, don’t know what happened to the rest of my comment. Anyways…
I did a quick search on Redfin for 2/2 between Fullerton-Belmont-Racine-LSD and found 3 units not in high rises. Of those, 2 were garden level and one was a 1st floor right on Halsted. I don’t see where the comparable properties Icarus speaks of are. It may not be a great unit, but it is priced well for the time being.”
RE novice: I (and Icarus) didn’t say there were lots of better, non-bank sale comp properties for the exact same price ($250k). In addition to the hassles and uncertainty, please note that many bank-owned listing prices are considered minimums by the seller…whereas with a non-bank sale, the seller (almost) always expects to take less than the ask. How much less, of course, is what the whole game is about.
Are you searching for properties for, say, $300k or even $325k? Or is $250k your cut off? I would be more expansive, and when you see something you like, even if a little higher than your max range, make a low ball offer and articulate your reasons for doing so.
Sure, many, and perhaps most, sellers (especially at this price point in this neighborhood) purchased their units with very little down, about four years ago, and thus cannot sell for as little as $250k (without experiencing financial ruin). However, I personally know at least one person who (i) had a pretty nice 2/1.5 in the ELV neighborhood, (ii) paid high $300’s for it at the bubble peak, (iii) purchased a house in the burbs while the unit languished on the market, then (iv) sold the unit for about your price range. They obviously lost money on the sale, but they are high earners and already had a new home. I just bought a place at about 12% below the list price (in a neighborhood known for 6% below list closings, I think). The seller didn’t negotiate too hard at all and, in hindsight, I’m pretty sure I could have gotten it for 20% below list (the seller is a high earner, lived in the unit for 10 plus years, and was already living in a new home). Live and learn.
I think this place would rent for between $1700-1800. This street in particular is a one way, and very rarely does a parking space ever open up.
anonny-
My search was up to