2000 Sq. Ft. Duplex Up Sells For Under the 2002 Price: 2750 N. Dayton in Lincoln Park
We chattered about this 3-bedroom duplex up at 2750 N. Dayton on the border of Lincoln Park and Lakeview at Diversey in January 2011.
See our prior chatter here.
In our prior chatter, someone guessed it would sell around $425k and Clio liked it so much he expressed an interest in moving in (if only he could sell his current place.)
After 13 months on the market it finally sold for $20,000 under the 2002 purchase price at $445,000.
That was 17% under the 2005 purchase price.
Located near the Brown line and the shops/restaurants of south Lakeview/north Lincoln Park (and the soon-to-open Trader Joes), at 2000 square feet the unit was larger than many nearby townhomes.
2 out of the 3 bedrooms were on the second floor along with a lofted family room and a 300 square foot private roofdeck.
The unit also had a second deck, cathedral ceilings and skylights.
The kitchen had stainless steel appliances and granite counter tops.
Mario Greco at Prudential Rubloff had the listing.
Unit #8: 3 bedrooms, 2 baths, 2000 square feet
- Sold in May 1996 for $285,000
- Sold in November 2002 for $465,000
- Sold in January 2005 for $536,000
- Originally listed in March 2010 for $549,000
- Reduced several times
- Was listed in January 2011 for $449,000 (plus $30,000 for parking)
- Sold in April 2011 for $445,000 (looks like it included the parking)
- Assessments of $233 a month
- Taxes of $7659
- Private roof deck
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×14 (main floor)
- Bedroom #2: 12×11 (second floor)
- Bedroom #3: 12×11 (second floor)
- Family room: 19×18 (lofted second floor)
Other than the zip code, this really is Lakeview – and not exactly East Lakeview at that.
That said, congrats to these buyers. They got a great deal on a big, fairly unique place.
“Other than the zip code, this really is Lakeview – and not exactly East Lakeview at that. ”
School, too, as it’s in Alcott. (yeah, yeah, a good chunk of alcott is bona fide LV, but it’s mostly LP, and it’s an LP school).
@anonny – no, it’s not, it’s west LP. Diversey is the line, period.
argh, not even that far west, but it’s LP
It’s not Lakeview, and certainly not East Lakeview. But it is walking distance.
I used to live a few blocks east of here, on Lakeview Ave. south of Diversey. I considered it Lincoln Park.
This must be a mistake: prices in LP are selling below 2002 prices? This must be a typo – it must be a scrivener’s error; if this is true, and this is not a typo, then prices are falling fast, pretty much crashing. LP was at 2003/2004 just recently and now to see that it’s selling below the 2002 prices means condo prices are falling in LP. I’m not whining any more, I’m just pointing out reality! Sorry but reality bites!
HD – you are an idiot – just because one particular property sells at below 2002 prices doesn’t mean the market is crashing and the whole neighborhood is selling at these prices. Jeez – the reality is out there and you know it – you said it yourself – you can’t find any decent deals out there. Stop living in a fool’s paradise – enter reality please.
crashing? lol it has taken 5 years from the peak to get back to 2002 prices
It’s not crashing, but definitely dropping in all but the prime LP areas (ELP). This is a good sign for potential buyers, who can get a 3 bedroom place with a roofdeck and parking for under 450. Nice.
Agreed that the market is not crashing, as crashing implies rapid declines and obviously RE prices are quite sticky coming down. But are condo prices not dropping in east lincoln park? On average, they seem to be selling below 03/04 prices, but above 00/01 prices. At least that’s what I’ve seen.
Dave, Clio — have you seen differently?
ELP already dropped. The current trend is basically flat in that area. Market time seems to have dropped as well. There are lots of people looking right now, trying to find a deal. Unless you venture up near Diversey, or West of Racine, there aren’t as many great deals as you’d hope to find.
“Sorry but reality bites!”
As a soon-to-be first time home buyer, this is great that prices are starting their trajectory towards where they would’ve been without the huge bubble of the 2000’s.
I’ll be able to afford around this $400/450 range, so I’ll skip the ‘starter’ condo that I would’ve wanted to see within 3 years anyway, and go straight to a place like this, or maybe even better.
(by ‘soon-to-be’, I talking likely around summer/fall 2012, when prices have finally, truely corrected, although I can wait longer if need be)
I did a cursory search on Redfin for condos that sold in the last 6 months (G could obviously do a more thorough and informative search):
Here’s the first few I clicked on with prior sales prices:
1925 Sedgwick #2 Below ’03 Above/At ’99
2017 Lincoln #H 9% Below ’05
1746 Cleveland #A Below ’02
609 W Belden #3 Below ’03 Above ’99
441 W Roslyn #1 15% Below ’05
516 W Wrightwood #3 Below ’04 Above ’99
623 W Drummond #13 Below ’03
2050 N Mohawk #3 Below ’02
One outlier: 2736 N Hampden #206, which sold at its 05 price. OTOH, the 05 only reflected 3%/yr appreciation since ’00 – ie, not particularly bubblicious.
Hopefully the noise isn’t too bad, nice deal.
Looked at this way back in 1996 when they were built. These are great places. Good deal for the buyer
I said this here years ago: In the end, it won’t be the depth of the collapse that is most shocking, it will be the duration.
Again, G and HD – spout your lies but nobody is believing it. Me and my friends are actively looking (separately) for places all over the green zone – we cannot find anything that is anywhere close to a “deal” – it is ridiculous. I sincerely hope that prices will decrease but I am not seeing it. Actually, ask anyone who is SERIOUSLY looking for places and they will ALL tell you the same thing. Nonsense data on a few units doesn’t mean a thing to real buyers. SHOW ME THE DEALS!!!!!!
LOL, so you aren’t buying because prices aren’t low enough? That lack of activity is confirmed by the sales volume data I post about the GZ. So, will you and your friend (c’mon friends?) just pay more than you think it’s worth? The point is that there are few to no deals in a declining market, only falling knives, and it looks like you agree.
Enjoy posting your nonsense, clio. You’ll be gone from here as soon as those June sale numbers are announced.
agree clio. we are actively looking for properties in the GZ and have been for the past 10 months and the ‘deals’ are gone before they hit the market. Headed to an auction in a few weeks to try our luck on some places we’ve been scouting.
Few “deals” and few transactions, who could have known?
Someday every house will be a ‘deal’, the average listing time will be 90 days with an average of 1 to 2 price reductions before sale. It’s too difficult to buy today when there’s so much competition for just a handful of deal priced homes.
“#G on April 7th, 2011 at 12:04 pm
Few “deals” and few transactions, who could have known?”
“
Have to agree with G here, Clio.
Essentially you are saying that the current prices (roughly 2001-3 levels on average for GZ condos) do not reflect “deals.” And you’re saying that we won’t see demand pick up until prices fall further. Your anecdotal evidence of prospective buyers exactly match the data you deride (for the record, we are also interested in buying, have excellent credit and plenty of cash to put down, but also don’t see many places that that make good long-term sense).
So it looks like everyone is in agreement here. Shall we all go outside and sing kumbaya?
clio: here is graph of list vs. sold psf for 60093 (Winnetka). Did we just see the bottom this past 1st Qtr. in the higher-end burbs??!!!!
http://www.cdn-redfin.com/stingray/do/region-chart/2011_04_05/2/25822/MEDIAN_HOUSE_SQ_FT_BY_TIME.png
I have been actively looking too and cannot find something I would call a great deal, but it is not because the prices have not come down. It is because the prices seem to be coming down slowly and I am afraid to buy a property and it would lose 30% of its value in a year or two. So, yes Clio, there are not that many deals, but HD and G are right too that prices have been and are in decline. In fact, I think the point G makes about the duration of decline (or collapse if you are more dramatic…lol) is spot on. Seems to me the market is in some form of standstill.
“Actually, ask anyone who is SERIOUSLY looking for places and they will ALL tell you the same thing. ”
Okay, I pick Groove, HD, Roma, Milkster and in a few days when she checks in, ChitownGal as my anyone. Please tell me the same thing?
Saw the unit; pretty great with a 2story LR. parking spot was a joke, barely large enough for a mini. Pretty good deal.
“SHOW ME THE DEALS!!!!!!”
do your own research. or pay someone to find you the deals (insert Cuba Gooding Jr. here)