Couldn’t Sell In 2011 But Under Contract In Days In 2013: 1248 W. Fullerton In Lincoln Park

This 3 bedroom loft at 1248 W. Fullerton in Lincoln Park was on the market in 2010 and 2011 but didn’t sell. It recently came back on the market on January 17 and was under contract within days.

The duplex loft has 13 feet timber ceilings and exposed brick with a spiral staircase.

It has a private entrance and a garage.

The living room and kitchen are on the main level and the bedrooms on the second level.

The bedrooms have floor to ceiling walls.

The kitchen has white cabinets and stainless steel appliances.

When it didn’t sell in 2011, it was rented for $2600 a month.

In 2010-2011, it was listed for more than its 2008 sale. This time, it came on the market $15,100 under the 2008 list price.

Is this another example of how properties will sell quickly if they’re priced right?

Jenny Spiggos at Prudential Rubloff has the listing. See the pictures here.

Unit #1A: 3 bedrooms, 2.5 baths, no square footage listed, duplex up

  • Sold in November 1988 for $180,000
  • Sold in October 1993 for $202,500
  • Sold in September 1996 for $212,500
  • Sold in September 2000 for $329,000
  • Sold in May 2003 for $367,000
  • Sold in August 2008 for $460,000
  • Originally listed in May 2010
  • Unlisted in 2011
  • Rented in 2011 for $2600 a month
  • Originally listed in January 2013 for $444,900
  • Under contract within days
  • Assessments of $376 a month (includes cable)
  • Taxes of $5697
  • Central Air
  • Washer/Dryer
  • Parking included
  • Bedroom #1: 19×11 (second floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 15×10 (second floor)

 

15 Responses to “Couldn’t Sell In 2011 But Under Contract In Days In 2013: 1248 W. Fullerton In Lincoln Park”

  1. “Is this another example of how properties will sell quickly if they’re priced right?”

    Perhaps. More likely a case of someone finally paying down their mortgage enough to lower their asking price in the first place. I think we’ll see a lot of that.

    Also will be curious to see what the sale price is. Scratch that, I don’t give a rats ass about LP properties

  2. Seems overpriced, but this has the advantage of being in the bubble-part of the GZ, the GZ-within-the-GZ. If this was in Ukie Village, no chance at bubble top price. By the way, the Mr. Submarine at 1500 block of W. Fullerton was robbed at gunpoint yesterday, but I suppose that’s not really a factor since it wasn’t a Starbucks and GZ people don’t go to Mr. Submarine?

  3. Agents still use “Pottery Barn-like” in listings? That is not a good thing. And is that really a gourmet kitchen? I guess this listing verbiage works as it’s under contract.

  4. I just moved into a place about a block east of this building over the weekend, love the area as most dudes in their 20′s would. Good mix of bros and hipsters with parents paying the rent (outside of DePaul campus). The funky modern-wannabe addition to the east side of this building looks odd and out of place, but I suppose it’s what allows for the private entrance.

    “By the way, the Mr. Submarine at 1500 block of W. Fullerton was robbed at gunpoint yesterday, but I suppose that’s not really a factor since it wasn’t a Starbucks and GZ people don’t go to Mr. Submarine?”

    Some truth to that logic, but after years of reading posts on this site, it was my impression that most GZers don’t venture west of N. Ashland…WAIT, IT’S EAST OF ASHLAND?!

    ::Packs bags, heads farther east::

  5. Lived across from here in college. Had a direct view into a top floor unit where this 30-something lady loved to leave her blinds open when she had her “gentlemen friends” over while her husband was at work. Had to share.

  6. “but I suppose that’s not really a factor since it wasn’t a Starbucks and GZ people don’t go to Mr. Submarine?”

    Groove fun fact #635, back when i was a teen i snap on of my braces on a steak sub from there.

  7. Sorry guys, haven’t commented in awhile as I’ve been on vacation. Went down to Sandals all inclusive. All inclusive is the way to go, in my opinion. Such good value and we met a lot of great people too.

    This would be a great place for a young family, in my opinion. 3 BR and 2.5 Baths could accommodate a fam pretty well. Plus the location is good. You are really close to Whirlyball which is a ton of fun with the kids and if I’m not mistaken there used to be a Chuck E Cheese close by? Chuck E Cheese is always a blast and they actually have pretty good pizza, in my opinion. Although the best thing at CEC is usually the salad bar. Even thought my kids are a bit older now and don’t really like Chuck E Cheese as much, I still go there by myself for lunch sometimes just for the salad bar! Added bonus? A lot of them serve draft beer!

  8. Mr. Submarine is fucking horrible, I’d rather starve than eat one of their shitty subs. There is an amazing sub shop ralmost across the street to this place, Uncle Sammies! Try their brownies, seriously best ive ever had!

    So yeah, nobody cares, and if you feel the need to move because a random armed robbery happens in a shitty food place, get the hell out of the city.

  9. “So yeah, nobody cares, and if you feel the need to move because a random armed robbery happens in a shitty food place, get the hell out of the city.”

    BUt one of the MCC bedsheet escapees was holed up near there, too. It’s a haven for armed robbers!

    No wonder certain people object to calling it “Lincoln Park”

  10. Was a running joke for years with my friends. “Lincoln Park, where Chicago goes to rob”.

  11. Steps to lake? Whose steps would those be?

  12. “Mr. Submarine is fucking horrible, ”

    maybe that one, but the one on cicero or the one on foster are still good as of 3 years ago.

  13. In May 2010 they listed it at 475K, eventually dropping it to 468,500 by July. That signals to me that a) there wasn’t much interest and b) the seller was not very negotiable on price.

    In March 2011 it was back on the market at 460K, another signal that they weren’t very negotiable in my opinion whether I’m right or wrong, and they took it down by April. That is another indicator of lack of interest. Their pricing was also a tactical error because many searches cut off at 450k and those people never knew this home was on the market.

    This time around they got smart and priced it below 450K and opened it up to additional buyers. And there is a lot less inventory so I’m sure that played a factor. It will be interesting to see where it closes. Maybe the seller became more negotiable also.

  14. “And there is a lot less inventory so I’m sure that played a factor.”

    This played the biggest factor by far. Inventory being abysmally low is definitely to seller’s advantage these days. Inventory is so low it’s a seller’s market.

    Most people searching for properties don’t have hard cutoffs in their searches, they window shop around their price range.

  15. “Most people searching for properties don’t have hard cutoffs in their searches, they window shop around their price range.”

    They absolutely do. Every buyer search we set up on the MLS has an upper price threshold set. It’s a basic search criteria. For instance, a buyer may tell us that they don’t want to spend more than 350K and then we will set the upper threshold at 375K to allow for negotiation. In addition, when people do searches on consumer sites there is usually a drop down box with 25K increments or the buyer can put in an upper price threshold.

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