This 5-bedroom contemporary single family home at 2820 N. Paulina in Lakeview came on the market in November 2016.
But for those long time readers, they would remember this house because we’ve chattered about it several times before, including in 2013 when it was bank owned.
See the 2013 chatter here.
This was a new construction build in 2007, at the height of the housing bubble, and no one lived in it until the bank took possession and finally sold it in 2013.
Built on a smaller than standard Chicago lot of 25×118, it has a 2-car garage.
It had heated sidewalks and built-in iPod docking stations (remember those?) back in 2013.
This picture is from the original listing of the house.
There’s no mention of the iPod docking stations in the current listing, however.
The house has a full limestone façade as well as a central staircase with glass and steel railings.
There’s an eat-in chef’s kitchen with Wolf appliances.
There are several outdoor spaces, including a rooftop deck and a deck over the garage with a pergola.
Two of the five bedrooms are on the second floor, with a third on the third floor and two other bedrooms in the basement, along with a family room.
The listing says the house is in the Burley school district.
There are currently about 89 single family homes for sale over $1 million in Lakeview (those that are not under contract.)
Crain’s recently documented the surge of million dollar inventory in Lincoln Park.
In February, sellers put 69 luxury houses on the market in Lincoln Park, more than during any month in the past two years, according to a report compiled by Niko Apostal, a Keller Williams broker. The new listings brought the total to 183, also a two-year high.
At the same time, “sales have remained steady,” Apostal said, which leaves a disproportionate number of homes unsold as inventory swells.
The asking prices on existing listings are feeling the downward pressure, and so are their sellers. A handsome house for sale on Montana Street recently took a price cut to below the $2.1 million that its sellers paid for the place in 2007. Listed since June at $2.1 million, it’s now asking just under $1.94 million.
“It was time to talk turkey,” said Jeff Lowe, the Berkshire Hathaway HomeServices KoenigRubloff Realty Group agent who represents the house at its new price. (It was previously with a different agent.) Lowe says he told the seller, “if you want to get it sold, you have to react to the market. The over-supply is definitely telling people to make their prices more realistic.”
But it’s not just Lincoln Park and Lakeview which are in the million dollar home game. North Center, thanks to Roscoe Village, actually had more million dollar home sales in 2016 than Lakeview.
According to Crain’s, these were the sales totals of single family homes in 2016:
- Lincoln Park: 165 sales
- North Center: 120 sales
- Lakeview: 106 sales
This house was originally listed at $1.725 million. It has been reduced $50,000 to $1.675 million.
Is there a buyer’s market in luxury homes in the GreenZone?
According to the Crain’s article on Lincoln Park, high inventory appears to be putting pressure on prices.
It’s been a lot of years since there have been price reductions or even falling prices in the luxury market in the GreenZone.
Does it have any implications for the rest of the Chicago housing market?
Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.
2820 N. Paulina: 5 bedrooms, 5.5 baths, 4475 square feet, 2 car garage
- Built in 2007
- Was listed in June 2008 for $2.275 million
- Lis pendens foreclosure filed in December 2009
- Bank owned in December 2012
- Was listed in June 2013 for $1.54 million
- Sold in July 2013 for $1.475 million
- Originally listed in November 2016 for $1.725 million
- Currently listed for $1.675 million
- Taxes are now $26,579 (they were $26,612 in 2013)
- Central Air
- Radiant floor heating
- Bedroom #1: 18×15 (second floor)
- Bedroom #2: 17×17 (second floor)
- Bedroom #3: 17×17 (third floor)
- Bedroom #4: 11×13 (lower level)
- Bedroom #5: 17×10 (lower level)
- Den: 10×13 (third floor)
- Family room: 14×22 (lower level)