When Will Properties Re-List? A 2-Bedroom at 2017 W. Evergreen in Wicker Park
This 2-bedroom at 2017 W. Evergreen in Wicker Park came on the market in September 2019.
Built in 1890 on a larger than standard Chicago lot, this building has 6 units and deeded parking.
You may recall from prior chatter, that a new addition was built on the back of this building which is why there are 6 units.
This unit, however, is in the original vintage part of the building and has many of its vintage features including high ceilings, crown moldings and medallions and the original fireplace, which is now gas.
It has a large bay window and a wall of windows that overlooks the side yard.
The kitchen has wood cabinets, granite counter tops, a breakfast bar and stainless steel appliances.
The master bath is en suite with a large double vanity, soaking tub and shower.
It has the features buyers look for including central air, washer/dryer in the unit and deeded parking is available for $25,000.
Originally listed for $499,000 in September 2019, it had reduced to $459,000 plus the parking before being delisted on April 1 with the notation that there are “temporarily no showings.”
Will there be a surge in inventory once the reopen happens as listings like this one come “back” on the market?
Gregory Viti at BerkshireHathaway HomeServices has the listing. See the pictures here.
Unit #201: 2 bedrooms, 2 baths, 1500 square feet
- Sold in October 2001 for $297,500 (included the parking)
- Sold in December 2009 for $400,000 (included the parking)
- Originally listed in September 2019 for $499,000
- Reduced to $459,000 (parking was $25,000 extra)
- De-listed on April 1 marked at “temporarily no showings”
- Assessments of $270 a month (includes scavenger)
- Taxes of $8,155
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 14×13
- Bedroom #2: 10×9
- Living room: 15×14
- Dining room: 10×9
- Kitchen: 9×8
- Office: 5×4
Nice job showing the before/after shots in the DR
The MBR is a total waste, should have just split the old BR into 2 bathrooms and made the kitchen larger,
On the plus side lots of light, nice details and close to the Polish triangle
Condo-converter’s unit floor plan is inefficient and poorly laid-out. Finish are Home Depot caliber, and dated. Taxes seem high for unit’s SF and neighborhood. Floors, though charmingly vintage, are damaged in many areas, and suggest other age-related issues not displayed in photos.
No parking? Always an issue. $350,000 max. Yes, there’s going to be a lot of inventory on-market.
It has parking. Just $25,000 extra.
In the 1998-2008 time period, it made sense for young people to buy condos as the rental apartments were horrible. You were really moving up in terms of finishes etc. by buying a 2/2 condo.
But the flip has now happened. The older condos now have the dated finishes and feel like the old tired rentals from the last era. And now the new apartments have the best finishes, the most amenities such as package rooms, rock climbing walls, pools. And it mostly costs you the same amount every month.
Just a few blocks from this condo are some new apartment buildings.
Why not rent for a few years?
You save transaction costs as well which can eat up 6-10%.
You really have to expect to live in a condo for about 10 years for it to come out ahead of renting. At least by then you’ll build up some equity.
“Taxes seem high for unit’s SF and neighborhood.”
Taxes are based on an assessor’s market value of $415,900, which is easily defensible based on last sale price.
LR and Dining bay are *nice* vintage (floor issue notwithstanding), the rest gives crap a bad name.
Think one might justify ~$2500 monthly cost (and the DP and transfer costs) where a considerably larger piece is deductible interest–like in a world of ~7% mortgage rates, and a ~$325k sale price. Otherwise, crazy to not rent, if this is the only thing to buy.
Some charm here, especially the LR ceiling and the huge windows. Still, it has too many elements that to me scream, “Rental!” Can’t imagine paying so much.