Are You Buying A Lincoln Park 1-Bedroom? 2626 N. Lakeview

This 1-bedroom at 2626 N. Lakeview in Lincoln Park just came on the market.

Formerly bank owned, it has been rehabbed.

The listing says there is a new kitchen. It has stainless steel appliances and granite counter tops.

The listing also says there’s a new bath.

It has new hardwood floors and new paint.

There is central air but no in-unit washer/dryer. Parking is rental in the building.

This is a prime location across from Lincoln Park. The building is full service with a doorman and swimming pool.

Are there still buyers for the Lincoln Park 1-bedrooms?

Michael Gerhardt at Re/Max Edge has the listing. See the pictures here.

Unit #2309: 1 bedroom, 1 bath, 800 square feet

  • Sold in 2000? (no price given)
  • Lis pendens foreclosure filed in November 2009
  • Bank owned in May 2011
  • Sold in February 2012 for $134,000
  • Currently listed for $230,000
  • Assessments of $423 a month (includes doorman, cable, pool)
  • Taxes of $2184
  • Central Air
  • Rental parking
  • No washer/dryer in the unit
  • Bedroom: 16×11

21 Responses to “Are You Buying A Lincoln Park 1-Bedroom? 2626 N. Lakeview”

  1. “Are You Buying A Lincoln Park 1-Bedroom?”
    For that price, in that building, with those finishes, and no in-unit laundry……..

    No.

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  2. The finishings are cheap. That bath vanity does not fit with the style of the building…can’t be more than $100. I would think the rehabber could have spent a litte more on the bath if he/she wants to get this kind of profit. Something more modern would be a better fit for this architecture. The light in the living area is cheap and tacky too.

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    Rating: +4 (from 4 votes)
  3. I live in this building and love it! But I’d look instead at the number of 2BR’s on the market for not much more than this unit… there are 3 or 4 units in the 260’s for 2BR/2BA. I’d be pouncing on one myself, except that going from a 1 BR to a 2BR at this point doesn’t make sense for my wife and me — given the likelihood we’ll need more space in a couple years and the unknowns in the real estate market in coming years.

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    Rating: +3 (from 5 votes)
  4. I know this building well, and this isn’t the best tier of 1-bedrooms, as it looks pretty much directly at 2650, the building next door. Yes, you can see the lake and park, but it feels like you’re looking through a tunnel at them. The price sounds far too high for the size of the unit and the finishings. No in-unit laundry is another minus. Also, the building doesn’t allow disposals, which is an annoyance.

    Looking at the sundeck photo, I was struck by how badly the south views from 2626 are blocked by the new construction of 2520. What a shame, because the south units of 2626 once enjoyed what I believed were some of the best views in the city. I wonder if the values on those units will go down.

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  5. (1) Finishes are really ugly.
    (2) Living room seems to have weird angles in it.
    (3) Views are dominated by another building (or maybe a different part of this one).
    (4) I have no idea where they are getting the 800 sq. ft. number from. There are other 1 bedrooms in that building with the same or slightly bigger room dimensions that are around 700 sq. ft.

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    Rating: +3 (from 3 votes)
  6. I don’t know what other units in the building do, but nothing says “I order takeout every night” like that dinky kitchen sink.

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  7. EB – yes, that floorplan does have an oddly shaped living room. Also, this 1BR tier is one of two that have only 2 windows in the living room instead of 3 (05’s also only have 1).

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  8. Those are some expensive stainless steel appliances! Flipper fail.

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    Rating: +1 (from 1 vote)
  9. Jim in the Sloop on June 5th, 2012 at 4:17 pm

    Flooring looks like laminate to me, and complete agreement on the bathroom lav, must have been at a Hone Depot last chance sale. At least that’s easily replaced.

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  10. You’re right, Mark! That’s the dinkiest kitchen sink I’ve ever seen. It doesn’t look as if one could wash a pot or pan in it, and possible most dishes wouldn’t fit.

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  11. No one made fun of the electric range yet. Can’t we mock the electric range?

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  12. I wouldn’t pay that for a 1/1 in this building without Lake views. They’re banking on the HWF and kitchen alone.

    I would take carpet, laminate, and Lake exposures for less. I think a lot of owners in this building are just hanging on and renting (shadow inventory).

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  13. My friends live in this building and its very nice – well managed, good reserves. Some of the 3 BR units have in unit laundry … if they were a combined 2br with a 1br, the plumbing connections can support a washer dryer. I have to say, the westward views from this building are spectacular, especially in a corner unit. Best sunsets. The lake views are also quite nice from some units depending on the tier. The 2020 building did kill the best southern views – but there are still a lot of killer views depending on the tier. I really like the building, maybe not this condo, but I would not rule out the entire building…

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  14. “No one made fun of the electric range yet”.

    I will. For a few hundred more, the seller could have installed a sleek “slide in”, and there are even ceramic topped drop in ranges.

    What would be better would be an induction cooktop fitted into the counter with a convection oven built in below the counter, but you only do stuff like that for a place you love and want to live in, which is the whole problem with tarting a place up with HD specials just to flip it. Thanks, but just give me the place “as is” for a much-cheaper price and I’ll make my own choices with my money, which won’t be the stuff installed in this place.

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  15. And nobody mentioned the ridiculous refrigerator, either.

    Stupid to place a massive, energy-guzzling 25 cu ft or bigger side-by-side in a dinky kitchen in a one-person apt when you don’t even have a decent-sized sink. Why not something that is 17 cu ft or less, and runs on less than 400 KwH a year? Most people buy much bigger refrigerators than they need and something this size for a tiny 1 bed apt is overkill.

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  16. “Stupid to place a massive, energy-guzzling 25 cu ft or bigger side-by-side in a dinky kitchen in a one-person apt when you don’t even have a decent-sized sink.”

    take out boxes are not economically sized.

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  17. Hmmmm — only 5 units out of 491 on market for sale. 10 Floors down #1305 not updated and avail for $210. No other 1br’s. Least expensive 2br on 3rd floor at $258. Price doesn’t seem that bad for someone who doesn’t want to do any work. Rather have a big frig / small sink than the other way around…

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  18. Hello all,

    I apologize for going off topic, but just wanted your quick thoughts.
    How much down payment do you think I will need to make on this property or a similar property. I have good credit score, not a great one. I think this building has lot of renters, atleast from what I could find out from a friend who lives nearby. I talked to mortgage broker and he seemed too willing to make a loan with 5-10% down payment. I am not sure if he was just trying to lure me in.
    Cheers!

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  19. Anybody?

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  20. @chimadson – 3.5% if it is an FHA property or 5% if the building meets certain qualifications.

    My name is Michael Gerhardt and I am the listing agent for this property. I just want to thank you for all your input on this property. I actually sold it to a friend for 134K who then listened to what I had to say about fixing it up and in less than 2 weeks on the market he already has a contract that is going to close soon and he is going to make 30K. This is what I do in my spare time. So I guess things like the pulse of the market,the building, contractor you use, view, ect, all this knowledge is a little more important than opinions about the Chicago real estate market.

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  21. “My name is Michael Gerhardt and I am the listing agent for this property. I just want to thank you for all your input on this property. I actually sold it to a friend for 134K who then listened to what I had to say about fixing it up and in less than 2 weeks on the market he already has a contract that is going to close soon and he is going to make 30K. This is what I do in my spare time. So I guess things like the pulse of the market,the building, contractor you use, view, ect, all this knowledge is a little more important than opinions about the Chicago real estate market.”

    Thanks for checking in with an update Michael. We always appreciate hearing from listing agents on properties.

    I’ve been saying for months that buyers want “new” and they’re willing to pay premium prices for it even in older buildings without certain amenities etc. They get swayed by stainless, granite and hardwood floors (at ALL price points.) The sooner sellers learn this- the better.

    And yes- some rehabbers are making money cashing in on this in this market because buyers don’t want to buy it themselves and do the work. They’re willing to pay a premium to just move in.

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