Will Parking Matter in the Hot 2013 Market? A 2-Bedroom Cottage at 3908 N. Paulina in Lakeview
We last chattered about this 2-bedroom cottage at 3908 N. Paulina in Lakeview in July 2011.
See our prior chatter here.
The house has been on and off the market since February 2009.
Listed in 2011 for $400,000, Homedelete thought it would sell quickly due to it being in Blaine even though it doesn’t have any parking.
But it was withdrawn from the market in October 2011 without a sale.
If you recall, the house has hardwood floors throughout the first level.
The bedrooms are split, with one on the main level and the master bedroom on the second floor.
There is also a den on the second floor.
The listing says the kitchen has been “renovated” and has maple cabinets, granite counter tops and stainless steel appliances.
The house has central air and a full basement with a laundry room.
The one thing it’s missing is parking as it’s built on a smaller than average Chicago lot of 25×60 which does not back up to an alley.
With this hot market, will lack of parking even matter?
Scott Berg at Berg Properties has the listing. See the pictures here.
3908 N. Paulina: 2 bedrooms, 2 baths, 1200 square feet
- Sold in August 2000 for $252,000
- Sold in April 2006 for $430,000
- Originally listed in February 2009 for $517,900
- Reduced numerous times
- Was listed in April 2010 for $464,900
- Withdrawn
- Was listed in July 2011 for $400,000
- Withdrawn
- Currently listed for $399,900
- Taxes are now $5601 (they were $4605 in July 2011)
- Central Air
- No Parking/Garage
- Bedroom #1: 14×11 (second floor)
- Bedroom #2: 10×10 (main floor)
- Living room: 13×13
- Dining room: 13×13
- Kitchen: 8×10
- Den: 8×13 (second floor)
So a small simple cottage in a nice but not bluechip area, on a small lot without any parking, increases in value some 70% over 6 years – pretty much hits all the bubble poster child notes. Minor renovations and Blaine aside, the same house decreases in value (I’m sure more when the selling price happens) at least 7% in the last 7 years. I realize this is just one example Sabrina, but I’m still not seeing your bubble here in Chicago… maybe you’re thinking the coasts ala NY/SF?
This house would be good for a couple who are obsessed with bicycles and the size of their carbon footprint. I can’t imagine a family living here without a car or making due in 1200 square feet.
Listed for 517k in 09? Wow.
Its looks like it has a cozy, home-y feel to it. Depending on the basement, I can see this selling for close to list. Probably use the loft area on 2nd floor for child until they’re a little older to “get their own floor.”
I’ll say the same thing I thought in 2011, why would one buy this house over a condo? Many 2/2 condos are bigger than this or at least laid out on one floor rather than two, most 2/2 condos have parking and this house has none of the positives of a single family home like a yard or a garage.
I think this and the neighboring homes should all be bought up, torn down and one home put on the corner lot. Too bad it would be cost prohibitive.
yes, houses should come with parking. Not necessarily a garage but at least a spot for a car and perhaps a carport.
Too far from a lot of public transit to not have the lack of parking be a big deal
I think this is priced appropriately. If this place DID have a garage or a lawn, or both, it would command another $100K. Yes, it will take a specific buyer at this price, but I think it will sell near list (assuming there aren’t any major physical issues).
Agree with Sonies. It’s too far from most of the things people want to walk to. It’s not like it’s a block from Clark and Diversey.
I’d prefer this over a common 2bed/2bath condo at $400K. A garage is nice, but the street parking is really easy here, you don’t have monthly assessments or an association to deal with, and more storage with a house. I think it’s a pretty good deal given the location/lack of affordable housing.
It’s a 5 minute walk from the Irving Park brown line stop, a 7 minute walk from Trader Joes on Lincoln, and a 10 minute walk from the restaurant & shopping on Southport Avenue. Still it seems overpriced given the lack of space & dedicated parking.
I think all “Scott Berg” listings are FSBO. I’ve viewed a few of properties listed under this name and they were all FSBO. Anyway.
they’re about to turn that whole area into a parking lot if Rahm’s administration has his way… BRT project is going to be a disaster and those most impacted will be those on the residential side streets in that area.
Then again, if you listen to “them” all of the people in this area do not rely on cars and take public transit everywhere, right? LOL LOL. It’s amazing that this plan continues on with so little opposition.
We looked at this place and considered putting in an offer. We were on the fence, and someone else beat us to it and the place is currently “contingent” on Redfin.
I can give a little insight about the type of buyer that might be interested. We are a small family (1 child). We don’t want a crazy amount of house debt, so definitely not looking to spend over 375ish. We don’t have a car, and haven’t had one for years. We don’t plan to have one as long as we live in the city.
We have lived in a condo (and apartments before that) and really wanted the freedom of having our own space. We’re pretty burnt out on condo building rules and drunk neighbor noise (which I know you can still get in a house, but it is a little more distant than someone right outside your door at 3 a.m.) And the storage! Just being able to put camping gear, out of season clothes, and holiday decorations in a basement would be so awesome.
We loved that the bathrooms and kitchen were updated…you don’t see that a lot in this price range. In fact, you don’t see a lot of SFHs in this area for this price range at all. And the “den” upstairs would make a great family/playroom. It was pretty spacious, more like an open loft. I was OK with the lack of outdoor space…I get that in the city the idea is to have lots of community outdoor spaces like parks, and this neighborhood has TONS of great parks for kids (and a bunch more just an el ride away). We would not have been willing to pay asking price, though. Probably more like 360ish.
The one thing we worried about was resale…this place definitely takes a certain type of buyer. And there wasn’t much we could do to add value down the road. The basement ceiling was really low, so it would need to be dug out to be refinished. I asked around and heard it could cost $35,000-$50,000 if it was even possible in this particular space. I just don’t think we could ever have gotten that back on a 2 bdr with no parking. I’m really curious to see what it sells for!
“We looked at this place and considered putting in an offer. We were on the fence, and someone else beat us to it and the place is currently “contingent” on Redfin.”
Thanks for the update Dawn. It’s nice to hear from a buyer for a property like this (why they were interested or not interested.)
I’ll be interested to see what it sells for as well.