What’s Selling in Lincoln Park: 2309 N. Commonwealth
This large 2-bedroom pre-war unit at 2309 N. Commonwealth in Lincoln Park has been on the market since February 2010 and is now under contract.
The 12×7 sunroom was opened up to the living room and the current owner chose to use that sunroom space as a dining room.
The large dining room is currently being used as a living space.
The unit has some of its vintage features intact including the crown molding and hardwood floors.
The kitchen has been updated with cherry cabinets, stainless steel appliances and granite counter tops.
There is also a washer/dryer in the unit. There is no central air (window units only) and no parking (it is leased in the neighborhood.)
The building, built in 1915, is just a block from Lincoln Park and the Zoo.
Ed Jelinek at Coldwell Banker has the listing. See more pictures here.
Unit #2W: 2 bedrooms, 1 bath, dining room, sunroom
- Sold in July 1989 for $150,000
- Sold in September 1991 for $147,000
- Sold in May 1996 for $167,000
- Sold in September 2000 for $228,000
- Sold in August 2003 for $320,000
- Originally listed in February 2010 for $409,000
- Reduced
- Currently listed for $390,000
- Under contract
- Assessments of $491 a month (includes cable and heat)
- Taxes of $4912
- Bedroom #1: 14×12
- Bedroom #2: 14×11
Surprised this is under contract… Unless it is for half of asking. Another overpriced property… Nothing to see here… Move on.
Beautiful apt. in great building in prime neighborhood.
The taxes and assessments are both very reasonable, though I would expect a big jump in the taxes on the next bill. Everybody is getting horrible tax bills.
All in all, a very good deal for the money. Wish it could have been mine.
Absolutely love the east LP vintage apts. The price seems a little “bubbly” but at least you’re getting a unique condo for the money.
“I would expect a big jump in the taxes on the next bill. Everybody is getting horrible tax bills.”
AV went down from 08 to 09 by 3.25%.
NO ONE has been getting “horrible” tax bills–everyone has ONLY a tax bill based on 55% of LAST YEAR’S bill.
The horrible bills will be coming out just after the election (unless someone prevents the delay). I fully expect them to be horrible, but no one has yet to get a *horrible* tax bill.
The interior looks great, and the location is perfect, but without parking, central AC, or a second bathroom, this place is not a deal at $390K.
While it is certainly a great location, I’m not sure it’s a deal if it sold close to current list. $900/mo for just for taxes and assmts. Mortgage probably another $1600 with 20% down. So $2500/mo to live in a large 2/1 in a bigger building with no parking or central A/C. You can rent something similar (maybe not quite as nice or “vintagey”) for what, $1200/mo?
I would be really surprised if you could rent a 2 bedroom (plus extra living room) in this area for $1200 a month.
$1200 not getting you anything nearly as nice or big in this area. Definitely nothing with nice vintage features.
Anon, the new taxes are dreadful. They’re based on Bubble Peak selling prices and are often 4% of current market value.
People in Garfield Park and Englewood with shanties that might sell for $40K are getting tax bills of $2000-$5000. I have looked at several Rogers Park condos now selling for $65K to $150K with taxes over $3000.
The suburbs are much worse. A friend in Schaumburg got a bill for $8500 for a house he paid $240K for in 2004 that might now sell for $180K. He does not know how he’ll pay it and might lose the house, which he had no trouble paying for when he bought it. His taxes were about $2000 in 2004.
That’s how they pay the pensions, they take from the homeowners with these terrible property tax increases. Government workers should lose their pensions immediately; no local government can afford to pay that. Retirement age should be raised to at least 60 for government workers too.
Well, good thing Chicago’s only funding pensions at 30% of the recommended levels.
Our River Forest taxes have nearly doubled since we bought our house seven years ago – to $16,500 for 2008. Expect 2009 taxes, payable 2010, to hit $20,000. Modest older 4 bedrm house, no improvements or additions since purchase, not a large lot either. We appealed the new assessment, and lost. House assessment valuation in 2009 is about $100,000 more than what we could list house for sale. When Chicagoans complain to me about their RE taxes, I note our own taxes – easily more than double what it would be in Chicago for equivalent house and lot. River Forest home-owners are supporting two tax-exempt universities, Concordia and Dominican, plus a number of also tax-exempt churches and private schools. Situation is no longer sustainable. River Forest’s municipal budget is unbalanced, homeowners are taxed to the breaking point, and tax exempt entities don’t contribute to their consumption of water, sewer, fire, police, and other municipal services.
Note that highest residential tax bill in Chicago area is $300,000, for a home in Winnetka on lakefront. It’s a nice new house, but the tax bill nonetheless is ridiculous.
“People in Garfield Park and Englewood with shanties that might sell for $40K are getting tax bills of $2000-$5000. ”
They might (well, probably *will*) get tax bills in those amounts, but as of NOW, no one in Cook County *knows* what their tax bill will be this year. There’s no way to *know* until the EQ Factor and mill rate are set, and those won’t be sert until shortly before the bills come out, which right now is looking like November 4 or so.
NO ONE in Cook County has gotten a bill which sets forth their total amount due this year. NO ONE.
‘homeowners are taxed to the breaking point’. You may be, I may be, most of the owners of houses/apartments featured on this site may be, but for the masses of ‘average’ Americans with 2 or 3 kids that are educated at a public school, the living is easy…. or easier.
I have a cousin who lives in the western burbs, pays $8K and change for a new development house (complete with vulgar cathedral ceilings), sends all 3 kids to what appears to be a good public school, and complains constantly at every holiday gathering about how they’re being taxed out of DuPage county. Do you think that $8K a year in property taxes even begins to pay for what it cost to educate 3 kids… even if all of that money went directly to education? The state relies on property taxes for 65% of education funding, and the 3% the state taxes on income doesn’t come close to paying the bills either. Add to the mix the tax-exempt schools and mega churches (anyone ever get caught in a Sunday afternoon public police serviced traffic mess when one of those lets out in Wheaton?) and you get a small glimpse of why you’ll be paying more and more in property taxes.
TAX CAPS TAX CAPS TAX CAPS….
Architect how far did you go in your appeal?
As I understand it there are 4 possible steps, and if you lose your appeal move on to the next step and try again.
Step 1 – appeal with the CCAO
Step 2- appeal with the Board of Review
Step 3 – [not sure if this applies to residential] Appeal with PTAB (property tax appeals board)
Step 4 – sue (go through the courts)
From my understanding the Board of Review is easer to get an appeal through than the CCAO. Did you get that far?
B: Steps 1, 2, 3, with reputable attorney recommended by a corporate real estate attorney. Appeal Boards are holding firm on nonetheless unsupportable assessment valuations. Just rec’d letter that we were denied at Step 3. I realize that Appeal Boards are facing predictment that many properties are significantly over-assessed in comparison to current market value, but our house is over assessed by at least $100,000 in valuation by assessor. We had the house re-appraised last fall as part of appeals process. Technical date of assessor’s evaluation is based upon peak bubble valuations of early 2008
Some decades-long owners still have oddly low assessment valuations on their residential properties in Oak Park and Riverside, because assessor doesn’t reset valuation at same rate for longtime owners. I spot the spookily low taxes on the MLS listings along with the seriously outdated interior finishes, and note the eventual purchaser is in for a steep re-assessment and substantial jump in real estate taxes along with the major renovations.
The important thing to note about this place is that it’s in move-in condition. I’ve seen over 30 condos/houses now, and maybe three of them…THREE…did not require some kind of painful rehab. That’s worth the price of admission.
Sorry to hear that Architect. Seems like you did everything you could.
I thought with the new 25/10 law the assessor had to be within 10%? Guess not …
I had my property tax lowered this year on my 2+2 in River North by a small amount. I don’t recall how much, but it might have been more if I hadn’t screwed up the filing. I didn’t really understand the system too well ,and I left off some comparables from the floor above me that had lower valuations.
how’d you do that steve? i have to wait until july until I can file my homeowners exemption, should I appeal too?
I don’t have a home owner’s exemption. I’m not sure exactly what I did, I just followed the directions on the form I received in the mail and looked on the website. Be sure though to look at how much similar units above you and right below you are assessed in order to see if you’re valued too high. In my case they were especially considering the price I paid for the unit. Maybe they looked at it even though I neglected to include that information.