Where’s The Inventory? In The Townhouses At The Pointe In Lincoln Park: 418 W. Armitage
Inventory is almost non-existent everywhere in the GreenZone except in the townhouse development called The Pointe at the intersection of Armitage and Lincoln in Lincoln Park.
There appears to currently be 5 townhomes on the market ranging in price from $699,000 to $1.1 million.
This 3-bedroom townhouse at 418 W. Armitage is one of the more expensive ones, listed at $990,000.
It doesn’t have any unit above or below it, as some of the less expensive townhouses do.
At 2500 square feet, it has the preferred layout of having all three bedrooms on the second floor.
The family room is on the top floor with the living/dining/kitchen on the main floor. There is also a massive 28×33 third level deck.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The townhouse has a 2-car garage.
The development was built in 1996. The listing says that the $90,000 special assessment, which was mentioned by people in previous chatter about The Pointe, has been paid in full.
It also says it’s in the Lincoln school district.
It is listed at $25,000 over the 2006 price at $990,000.
What price will sell this townhouse?
Katherine Malkin at Baird & Warner has the listing. See the pictures here.
418 W. Armitage: 3 bedrooms, 2.5 baths, 2500 square feet, 2 car parking
- Sold in April 2006 for $965,000
- Originally listed in August 2012 for $990,000
- Currently still listed at $990,000
- Assessments of $641 a month (includes scavenger, snow removal)
- Special assessment of $90,000 paid
- Taxes of $13,873
- Central Air
- Bedroom #1: 17×13 (second level)
- Bedroom #2: 12×10 (second level)
- Bedroom #3: 11×10 (second level)
- Family room: 15×19 (third level)
- Deck: 28×33 (third level)
The ad calls this place a “value,” and it looks nice enough inside. But $1 million for a 3-BR townhome on a busy street doesn’t seem like a bargain to me. Love the neighborhood, but wouldn’t want to be right on Armitage.
There never seems to be a shortage of these units on Lincoln or Armitage. Rarely does one come up on Sedgwick or Dickens. If one does, we’ll go see it. Not only are those nice/quiet/charming streets, but the Pointe on those blocks just doesn’t seem like such a movie set or yuppie ghetto, and it tends to from other vantage points.
I could be mistaken, but I don’t think any of the TH’s – not even those trading in the $600’s – have units above or below. Just the condos.
They should have buried the power lines when building this development.
I love the location (walk to zoo / walk to restaurants / close to downtown / LP elementary) but not the actual buildings. It would be better to be off of Armitage but its not a killer. The interior of the subject unit looks nicer than a typical townhouse in that development. But I think many people looking at these places will also be looking in Lakeview and the Southport corridor which also have good schools and lots of families – only downside vs here is not right on the park and farther from downtown. But your $$ goes further in those areas and you may be able to get a smallish SFH / rowhouse for around $1mm. I would guess somewhere around $800k for this place to make it more attractive than what a buyer could get in LV / Southport.
1. Isn’t this actually in the triangle area, east of the driveway? Assessor thinks so.
2. 1996 price = $510k. $990k is ~4.2%/yr, ignoring interior updates and the special.
3. $90k in only 15 years? Yikes! had heard something bad about water infiltration issues in ~2000/01, but that’s *really* bad.
4. Hope HVAC, etc have been replaced, too.
“They should have buried the power lines when building this development.”
You mean the one in Sabrina’s pic? That’s just for the street lights, not that that really changes your point, but it would have required buying the city new street lights, too, and I’m sure MCL (right??) was too cheap for that.
“Where’s the inventory?”
It’s waiting for next week. “Everyone lists after the Super Bowl” is a self-fulfilling prophecy. I read NPN and there are a bunch of people on there posting that they’re going to list next week.
” I read NPN and there are a bunch of people on there posting that they’re going to list next week.”
They mostly planning to run away to the ‘burbs?
Are there 2 sinks/faucets right next to eachother in the kitchen?
“Yikes! had heard something bad about water infiltration issues in ~2000/01”
Is this why they are tuck pointing these units? I was surprised to see that on such a new structure.
“Is this why they are tuck pointing these units? I was surprised to see that on such a new structure.”
Dunno, but they were rebuilding some of the exterior, and replacing a lot of windows, too, so I don’t know what else it would be.
“It’s waiting for next week. “Everyone lists after the Super Bowl” is a self-fulfilling prophecy. I read NPN and there are a bunch of people on there posting that they’re going to list next week”
Haven’t realtards been saying that people are going to start listing after the superbowl for years now? I don’t exactly see it happening this year. As for this place, wtf makes them think they can get $400 a sqft? Granted I’d love a place exactly like this… for $600k not a frickin million
This development is so ugly and sterile. I get depressed every time I walk by here.
weren’t these built in the late-1980’s when the neighborhood was “hot”? They remind me of the 20th century, I have an image of coke-sniffing Merc traders, guys in commercial real estate when there was actual money in that career, and the time before cell phones. “Wow, isn’t Michelle Pfeiffer hot in that movie”?!!
“” I read NPN and there are a bunch of people on there posting that they’re going to list next week.”
They mostly planning to run away to the ‘burbs?”
Would guess so, bunch were SFH’s.
“Would guess so, bunch were SFH’s.”
What neighborhoods? Maybe some good deals to be had.
think about this;
we are talking about a TOWNHOME that cost 1 million dollars, angelo mozilo is not in jail, and working stiff’s paychecks are smaller this year (thanks SS).
also for 1 million this what else is available to you
1826 N Lincoln Ave
1919 N LINCOLN PARK WEST
474 W DEMING Pl
2427 N ORCHARD St
http://www.redfin.com/IL/Park-Ridge/107-Murphy-Lake-Rd-60068/home/13647926
“we are talking about a TOWNHOME that cost 1 million dollars”
Just adjusting for inflation, the ’96 price is $750k. The kitchens and baths have been redone, and they paid a $90k liability. Basically, one it closes for some % off list, it’ll be close to flat with the original price, adjusted for value (not cost) of improvements.
we looked at a new unit in the “older” part of the Pointe—north side of Lincoln–in 1994. While there were traditional townhouses along Sedgwick, all of the units along Lincoln had an upper unit over a lower unit. Not clear if you’d call them condos or townhouses, but you didn’t own the land under you (not possible to do so with one unit above another). The upper unit we looked at was a good-sized 3 BR unit, with LR/DR/Kitchen/Family room on its first level, and three bedrooms on the upper level. Very livable once you got to the unit, but several flights of stairs (I think we counted 42 individual stairs!!) to get from garage or street level up to the kitchen level (LR actually started 1/2 level below rest of the first level of the unit. The lower level unit was more condo-like: LR + kitchen and 2 BR. Each of the units had a one car garage.
Going back to the subject unit, $641/month for garbage, snow removal & insurance?!!! Even with landscaping costs, reserves for replacing driveways, roof, and tuck-pointing, how can that come to almost $8,000/year??? There aren’t any common amenities being supported here!
“The kitchens and baths have been redone”
i dont think the kitchen was fully redone seems more like a freshen-up from the pictures. Cabinets, floor, island, coutner tops and maybe backsplash all look to be early 2000 if not the original 96′. the apps are new (sans hood and stovetop), the lighting is new
in the end it is a 1 million dollar TOWNHOME no mater what the paid in 96′. seems a bit wonky to me
“Just adjusting for inflation, the ’96 price is $750k.”
So a million dollars is really $750K? Or really any dollar figure as long as you can find an index to deflate it to?
“So a million dollars is really $750K?”
So, $990 ask, I’m speculating a ~10% off close (bc of alternaitves in complex), so, $900k. Less $90k special, is $810. New kitchen and baths, valued at ~$50k, wahlah, $760k. Just used the can opener.
And then, when you consider the borrowing cost differential, even with higher taxes and assess …
I agree with Groove. This is a nice enough looking place but $1M for a townhome that doesn’t even look spectacular and amazing? $1M will get you a nice single family home in many areas not that far out in the city. $1M will get you a mansion in Oak Park at the moment. Why spend $1M to live attached to so many other people when you have so many other choices?
““It’s waiting for next week. “Everyone lists after the Super Bowl” is a self-fulfilling prophecy. I read NPN and there are a bunch of people on there posting that they’re going to list next week”
Haven’t realtards been saying that people are going to start listing after the superbowl for years now? I don’t exactly see it happening this year. As for this place, wtf makes them think they can get $400 a sqft? Granted I’d love a place exactly like this… for $600k not a frickin million”
I predict lots of sellers listing for way too high of prices and the listings will sit unless the sellers agree to reductions. This is a prime example. Why list an $850K place for $990K? Stupid.
“$1M will get you a mansion in Oak Park at the moment.”
Admittedly, I’d totally live in this:
http://www.redfin.com/IL/Oak-Park/223-N-Euclid-Ave-60302/home/13272160
BUT: (1) needs (yes, *needs*) a new kitchen (somethng akin to 636 East Ave, also for sale), (2) WOW taxes, (3) if no kids, 2x on #2, (4) if #3, then why such a big house?, (4) maintenance a pain, and bc historic, expensive, (5) do you really want to deal with teh tourists, etc etc.
Also hoping the post-Big Game* increase in listings isn’t illusory. We’ve been looking since late summer and the inventory is super-depressing. If I wanted to live in a duplex down built between 1998 and 2008, I’d be in heaven, I guess. But I don’t.
*Haven’t paid the NFL for use of the term “S**** B***.
BTW, Sabrina, since removing the thumbs up/down, I haven’t had any issues accessing the site. It’s still a little slow, but much improved. However, how will I get any validation without knowing if the other chatterers thumbed my post up or down?
Folks, enough with the “oh my oh my it’s A MILLION DOLLARS” already. I’d bet they’re *hoping* to close at $900k. If it doesn’t move soon, I’d bet they’d let it go in the high $800s. $100-125k is a pretty big gulf between a million and whatever the closing price will be.
What’s a 2500 sq ft 3/2.5 TH or RH with a two car garage, family room and giant deck, in LP east of Halsted and in LP elem, going for these days? Many otherwise comparable listings lack that sort of private outdoor space, and pretty much all of them lack a two car garage (some even have an outdoor space). All the LP listings listed by Groove are nice, and I suppose I’d rank them above this place, but they all lack certain things that this place has going for it. Not saying that we’d buy this place in the high $800’s (we wouldn’t), only that it’s hard to find everything that this place has on paper in that price range.
As posted above –
http://www.redfin.com/IL/Oak-Park/223-N-Euclid-Ave-60302/home/13272160
Why are Oak Park taxes 3%? They seem astronomical compared to other burbs that are in the 2-2.5% range.
Anyone know what the $90K special assessment was for? Hopefully that took care of the problem, but with already high assessments, what do you get for your money? It doesn’t appear to have gone to reserves if there a $90K special that just happened.
” benjamon9 (January 29, 2013, 2:57 pm)
I agree with Groove.”
the world be a better place if most will do this 😉
“Admittedly, I’d totally live in this:
BUT: (2) WOW taxes, (4) maintenance a pain, and bc historic, expensive, (5) do you really want to deal with teh tourists, etc etc.”
for (2) well somebody needs to pay for the police to guard the austin avenue border, (4) its a brick exterior so not that much maintenance and for historic not that much to deal with, well with the size of the shading in some gaps in the mortar it seems like its needed now (5) tourist are only bad may-october.
Everyone I talk to is going to “list after the SB”. It seems like a bunch of talk. Will they actually list at realistic pricing? Will banks finally let out more of their inventory as well? At several open houses this past month, I’ve only seen realtors, not many potential buyers. This listing doesn’t seem realistic.
Oak Park taxes are insane because we are all bleeding heart liberals. That said, we do have some really stellar parks and programs for kids – or so I tell myself when I start hyperventilating over my property tax bill.
That house on Euclid had serious issues – I’m guessing the seller has fixed them, but I’d be surprised if it sold close to list. But then again, what do I know – houses on that stretch of Euclid have been selling quickly recently.
No thanks on 3% RE taxes. I’ll stick to my 1.3% or so in the city.
Madeline: “However, how will I get any validation without knowing if the other chatterers thumbed my post up or down?”
What a dumb post. There.
I have heard the Point was not well built and many units have water leaking issues. Problem was intially thought to be the roof, but water is coming in through the brick walls. I believe the are removing the bricks are replacing them. They used bricks that are only a quarter width. Looks nice but the workmanship is not in the point and the current owners are having to pay hefty special assessments to make up for it.
“They used bricks that are only a quarter width.”
Wow that’s shady. I didn’t even know you could do that.
I haven’t really heard of the Super Bowl and increased listings phenomena so i googled it. Only came up with one relevant article. Makes sense i guess?
http://activerain.com/blogsview/2844064/the-super-bowl-of-real-estate-fighting-for-the-house-when-there-are-competing-offers
“I haven’t really heard of the Super Bowl and increased listings phenomena so i googled it. Only came up with one relevant article. Makes sense i guess?
http://activerain.com/blogsview/2844064/the-super-bowl-of-real-estate-fighting-for-the-house-when-there-are-competing-offers”
Every realtor I’ve spoken to is keeping the post- SB hype going this week. They act like we should be in awe of the post-SB inventory this year. If there’s really that much inventory coming on the market, there better be enough buyers too. We’ve been looking for some time and with no property, can sell quickly.
I meant, can close on a purchase quickly, not sell.
“I haven’t really heard of the Super Bowl and increased listings phenomena so i googled it. Only came up with one relevant article.”
Did you google the hell out of it? Well, there is this. Okay, not the most reputable source and perhaps circular.
http://www.chicagonow.com/adventures-house-hunting/2013/01/super-bowl-brings-start-of-real-estate-season/
But also this:
http://www.alwagner.com/inthepress/Trib2-4-2007.pdf
And this:
http://themariogrecogroup.com/2011/01/31/once-the-super-bowl-ends-the-home-selling-season-begins/
I don’t think there will be a significant inventory increase post SB. Bottomline, most people cannot afford to bring money to the table and are staying put.
Everyone I know looking right now in GZ neighborhoods have been involved in multiple bid situations. The units and SFHs that are priced well are going slightly above ask with lots of offers.
And this:
http://archive.chicagobreakingbusiness.com/2011/03/chicago-area-home-sales-prices-fall-from-a-year-ago.html
And other non-chicago articles.
Here’s one that’s NOT Chicago-centric:
http://forums.redfin.com/t5/Bay-Area/Post-Super-Bowl-Bump/td-p/166788
“I don’t think there will be a significant inventory increase post SB. Bottomline, most people cannot afford to bring money to the table and are staying put.
Everyone I know looking right now in GZ neighborhoods have been involved in multiple bid situations. The units and SFHs that are priced well are going slightly above ask with lots of offers.”
So this lack of move-up buyers should be hurting the $600K to $1M market, no? I would assume most of these buyers are not first time buyers. Eventually this will hurt the market when more people HAVE to sell. It’s just a matter of time. If this listing does sell for $900K, with that type of assessment and future risk of special assessments, I would hope the buyer clears $275K in income annually. I doubt that will be the case however.
There might be a lot of vacancies on the market at any given time in this development because it has a reputation for being poorly built and insulated. Friend of mine knows a couple who bought in this development when it first opened in the 90s, and they were very disappointed. The heat bills were murder, and the place was very noisy.
“I don’t think there will be a significant inventory increase post SB. Bottomline, most people cannot afford to bring money to the table and are staying put.”
There’s ALWAYS an increase in inventory in the spring. It’s the selling season. That’s just what will happen. But how significant will it be this year? The inventory is at multi-year lows so even if we see a “normal” increase in inventory- it may not be enough to meet demand.
This is why it matters if you bought in the last 10 years. Gary- those sellers who bought in 2005 STILL can’t sell without a significant loss. So they’re not going to sell and the housing market can’t heal.
There are also other factors which could play a big role in the recovery this year.
1. Why doesn’t anyone even talk about how the Fed is buying $85 million a month in bonds? This is an emergency measure. It has never been done before. $4 trillion on the balance sheet by the end of this year. Unprecedented- and it can’t continue much longer.
2. What happens when interest rates rise? I know we’ve been talking about this for years and all they’ve done is go down- but they’re going to rise eventually (and already have off the bottom.)
“BTW, Sabrina, since removing the thumbs up/down, I haven’t had any issues accessing the site. It’s still a little slow, but much improved. However, how will I get any validation without knowing if the other chatterers thumbed my post up or down?”
I’ve added it back in since everyone was complaining and we’ll see how the speed is tomorrow. There’s something wrong with the comments and I thought it might be this plug in. If it turns out it is, then I’ll try and find a different but similar plug in to run (because I don’t want to take away your thumbs up/down feature. What fun is there without it?)
“Did you google the hell out of it? Well, there is this. Okay, not the most reputable source and perhaps circular.”
Not reputable? Ouch.
Good Gawd taxes!
wonder what it costs to heat that thing
“$1M will get you a mansion in Oak Park at the moment.”
“Admittedly, I’d totally live in this:
http://www.redfin.com/IL/Oak-Park/223-N-Euclid-Ave-60302/home/13272160
Its not LP, but its sort of an equivalent development. Oak Club on Dearborn
“What’s a 2500 sq ft 3/2.5 TH or RH with a two car garage, family room and giant deck, in LP east of Halsted and in LP elem, going for these days?”
We toured a townhome here a couple of years ago. It was a 3/2.5 with a one car garage and the same square footage as this place (there are two or three on the market right now going for $699 to $720k). Surely the second garage spot plus a storage room plus a huge deck with a killer view that this place has are valuable, but I don’t think they’re nearly $300k valuable. I would pay an extra $100-125k for those things.
“Not reputable? Ouch.”
All in good fun, I hope you know. I was at an extremely polish party in either portage or jefferson park (I think portage but v close to jefferson transit) the other weekend and sad you didn’t show up. Good sausage though.
Site seems to be working better. Glad the ratings are back.
“1. Why doesn’t anyone even talk about how the Fed is buying $85 million a month in bonds? This is an emergency measure. It has never been done before. $4 trillion on the balance sheet by the end of this year. Unprecedented- and it can’t continue much longer.
2. What happens when interest rates rise? I know we’ve been talking about this for years and all they’ve done is go down- but they’re going to rise eventually (and already have off the bottom.)”
This is the quandry the Fed is in. The employment picturing is improving, however too slowly to give any legs behind the recovery. Yea 2/3 of the pure number of jobs lost during the great recession have returned. But 1/3 haven’t, total jobs #s are around where they were when Obama took office. Yet population is much higher. Labor force participation rate is at a multi-decade low.
Can the Fed just keep printing money until the labor situation returns to normal (pre-recession levels), which at current rates looks to be five years out? Can the Fed even just keep printing money until we get back to a jobs number above when this recession started 60 months ago, which looks to be two years from now? What is the Fed’s exist strategy for it’s ginormous bond portfolio? Hold to maturity and don’t mark to market?
http://4.bp.blogspot.com/-ra_iC9gg7rY/UQvrsl6Y_nI/AAAAAAAAYJk/1dzAk2zlUNk/s1600/JobLossesAlignedJan2013.jpg
4.5% 30yr mortgages within the next 5 years will be enough to put a damper on valuations. And let’s not forget all that fake economic activity brought on by easing has to be taken away now. The first area’s already getting hit: refis. Refi activity is taking a hit even with only a 25bp increase off the record lows. Imagine what’s going to happen to the refi market when we get meaningful rises.
That was a bunch of temporary economic activity goosed by the Fed. And just like the housing bust there will be a lot of unemployed loan officers/refi people coming to a town near you shortly.
This place is now under contract. Guessing I will be way off on my price guess.