Pricing $84K Above The 2009 Price Hasn’t Helped Sell This 3-Bedroom: 2523 N. Burling in Lincoln Park
We last chattered about this 3-bedroom vintage unit in this greystone at 2523 N. Burling in Lincoln Park in April 2012.
See our prior chatter here.
If you recall, it had previously sold in 2009 and then was relisted for $84,000 above that purchase price.
And no, the kitchen and/or bathrooms haven’t been renovated in the meantime.
The unit has some of its vintage features intact including a wood burning fireplace, stained glass windows and crown moldings.
It has 10 foot ceilings.
There is central air, washer/dryer in the unit and outdoor parking.
The unit is located just a quick stroll to the Trader Joes on Diversey.
Since April, the price has been reduced $20,o00.
Does this property confirm that price still DOES matter to most buyers even in a low inventory market?
Anthony DeSuno at Red Door Realty has the listing. See the pictures here.
Unit #2: 3 bedroom, 2 baths, 1625 square feet
- Sold in September 1988 for $192,000
- Sold in March 1994 for $223,000
- Sold in June 2006 for $595,000
- Originally listed in April 2008 for $599,000 (parking included)
- Reduced
- Was listed in July 2008 at $579,000 (parking included)
- Reduced
- Was listed in January 2009 at $575,000 (parking included)
- Reduced
- Was listed in February 2009 for $549,000 (parking included)
- Sold in June 2009 for $496,000 (parking included)
- Was re-listed in April 2012 for $580,000 (parking included)
- Reduced
- Currently listed at $560,000 (parking included)- actually just RAISED the price from $555,000
- Washer/dryer in the unit
- Back porch
- Central air
- Assessments of $100 a month
- Taxes of $8279 (they were $5873 in 2009)
- Bedroom #1: 15×13
- Bedroom #2: 12×11
- Bedroom #3: 10×10
Maybe they’re basing their list price(s) upon the tax assessor’s valuations?
Anyways, I more or less agree with what everyone had to say in the prior chatter, including myself:
“5) Those assessments are ‘red flag’ low.
6) Based on the current list, I’d say they’re hoping to close at $520k. All things considered, they should be happy to close at their purchase price of $496k. I sincerely hope they get more than that (or at least that), but I’ll be surprised.
7) If any (serious) prospective buyer of the subject property is considering paying upwards of $500k for it, and such buyer would be willing to sacrifice this unit’s tiny third bed/office room in exchange for a two bed with (i) a powder room, (ii) a duplex with nobody above, (iii) a deck that’s not off the bedroom, (iv) a garage, (v) lots of light, better layout and other intangibles, and (vi) an arguably better location (‘arguably’ because perhaps being close to Trader Joes rather than the park is better for some folks), let me know, and we might have a broker-free deal on our hands.”
Price is still important but this place has so many other negatives going for it.
1) as everyone mentions way too low assessments (notice common areas need painting…they don’t even have the $$ for that!)
2) the kitchen (I like the TP TH comparison)
3) the lack of closets per Redfin agent
4) deck off of a bedroom
5) the walls in the living room!
Also, I love the realtor’s claim of “tastefully placed stained glass windows”
Can anyone please show me tastelessly placed stain glass?
My first 650 sq. ft. studio apartment had a larger kitchen than that…
Have to agree with anonny – there are too many other buyer “wants/desires” in a unit if you are spending over half a million dollars.
But I guess the question then becomes, can you fulfill those “wants/desires” in a vintage unit – at or around this price point – or do those wants just not exist because of the original floorplan limitations of greystones like this?
Beautiful vintage features though…
“Can anyone please show me tastelessly placed stain glass?”
Perhaps placing stained glass below the toilet would be rather tasteless.
There’s only going to be two posts today as I’m still sick. I love having chills as I walk outside in 100 degree heat! Good times.
It took almost a year to finally sell for $496k in 2009… the seller is most likely arrogant and greedy. I wouldn’t want to deal with him/her.
But Jenny, they bought a condo with tastefully placed stain glass. They obviously have a right to be arrogant!
“It took almost a year to finally sell for $496k in 2009… the seller is most likely arrogant and greedy”
Talk about jumping to conclusions….nothing sold quickly after the 2008 crash, the RE market came to nearly a complete stop.
I like the exterior, and parts of the interior look nice as well. And this is a lovely street in one of the best locations of Lincoln Park.
However, as I said in April, I’d rather find a way to buy the entire building and convert to SF. I suppose I’d have to pay about $1.5 mln before conversion, and maybe another $500,000 to convert. Still, if I’m right, that would be a decent price to pay for a beautiful, century old SF on this nice a street. Not that I have $2 mln to drop, mind you.
“…and maybe another $500,000 to convert…”
Seems low to me, but what do I know?
It was just a guess ($500,000). We did an addition on our home that cost about $150K, and it seemed like a lot of work, but I figured this would easily cost 3 times as much as that or more. Maybe I underestimated.
wonder what is happening here. Is the seller simply hoping to come away with transactions costs and DP for the next home? Did the realtor find some comps to support the price or figure someone will represent this seller, might as well be me?
“wonder what is happening here. Is the seller simply hoping to come away with transactions costs and DP for the next home?”
Isn’t that the goal in most residential real estate sales?
“Did the realtor find some comps to support the price”
Perhaps, though there aren’t many comps for 3 beds in LP. The dearth of 3 beds in LP may also have these sellers thinking that they should stick to their guns. With the exception of the much-chattered-about 3 bed duplex development on Grant near Clark, I’d say that the price range on a decent 3 bed in a reasonably attractive part of LP is between $450k – $550k.
“or figure someone will represent this seller, might as well be me?”
I’m not sure that’s an entirely accurate description of the listing process. Much (most?) of the time, it’s the broker who comes up with the price. I highly doubt that this seller said “I insist on listing at $560k,” and then waited and waited for a broker to finally say “might as well be me” and reluctantly take on the listing. Rather, brokers fight and claw for listings. Many brokers win the listing by indicating that the place should be listed at a higher price (i.e., higher than what other brokers have envisioned). That’s not to say that they’ll try and sell it for that inflated amount (I believe there’s decent research showing that sale prices are often depressed because brokers – in a clear conflict of interest/violation of their fiduciary duties – are overly eager to close a deal (any deal is better than no deal for them), only that that’s how the listing game is often played. On a high quality listing, the broker will be all over it, and will work to close the deal him/herself (i.e., without the involvement of an unrelated buyer’s broker). On a so-so listing (e.g., an over-priced 3 bed), the broker might give it a whirl for a few weeks, then kick it down to sales associates if it’s that sort of office, and will then break down and become much more accommodating to every other broker/sales associate out there who’s driving prospective buyers around looking at places.
“It was just a guess ($500,000). We did an addition on our home that cost about $150K, and it seemed like a lot of work, but I figured this would easily cost 3 times as much as that or more. Maybe I underestimated.”
You certainly could get it done for 500, but would the quality be what you would want ina $2m house?
Fun fact… the neighbors house was used in the movie Losing Isaiah http://www.itsfilmedthere.com/2011/03/losing-isaiah.html
Maybe that justifies the price increase?
This place blows! Rental quality at best and 560k must be a joke because it looks like it would have a hard time sellig for 360k
Fun fact… the neighbors house was used in the movie Losing Isaiah http://www.itsfilmedthere.com/2011/03/losing-isaiah.html
Maybe that justifies the price increase?
VA:F [1.9.16_1159]
Only if a Chicago Bear used to live there.
If I’m paying half a mil I want to look at something nicer than painted over brick and tongue and groove when I sit in the main room of my home. And will someone please tell them to lose that shower curtain?!