Get a Renovated Vintage 2/2 Across From Lincoln Park for $499K: 2440 N. Lakeview

2440 n lakeview

This 2-bedroom in 2440 N. Lakeview in Lincoln Park recently came on the market.

What I like about this site is that we often see the properties again several years later after renovations have been made.

We chattered about this unit before, in September 2008, when it was listed as a renovation project. The prior listing said “Bring this beauty back to life.”

The old listing also called it a “blank slate.”

See the 2008 pictures here (and the comments are pretty amusing as well).

It sold in 2009 and now has come back on the market completely restored with all new plumbing and electrical.

The listing says it has Pella Arch Series windows, space pac and a Bosch washer/dryer.

The kitchen now has white cabinets, stainless steel appliances and quartzite counter tops.

The bathrooms have also been renovated.

The unit still has some of its vintage features including crown molding.

The building is a co-op with 96 units and has parking, which is included in the assessment.

The assessment also includes property taxes.

Will this sell quickly given its location across from Lincoln Park and that it is “new”?

Michael Ritchie at @Properties has the listing. See the pictures here.

Unit #12D: 2 bedrooms, 2 baths, 1400 square feet, co-op

  • Originally listed in September 2008 for $250,000
  • Sold in September 2009 for $202,000
  • Currently listed for $499,000
  • Assessments of $1723 a month (includes property taxes, gas, heat, parking, doorman, Internet and cable)
  • Taxes are included in the assessment
  • Space pac cooling
  • Washer/Dryer in the unit
  • Parking included
  • Bedroom #1: 20×13
  • Bedroom #2: 18×12
  • Dining room: 20×12
  • Laundry room: 4×3

12 Responses to “Get a Renovated Vintage 2/2 Across From Lincoln Park for $499K: 2440 N. Lakeview”

  1. Very nicely done, but having seen a few apartments in this building pre-rehab, it looks like some of the charm was clean-walled out of the place. At least the cove moldings are still intact and that’s the least I would expect.

    Still, it’s a lovely place and has a great location. The views of the park, the lake and the city from the upper floors are spectacular.

    Hard to say how fast it will sell. For many people in this bracket, the monthly assessment will be a deal-killer, but high assessments are just part of life in vintage high rises and most people who live in them just accept them. The buyer will probably be someone who doesn’t have to finance.

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  2. Looks great. I like the dining/family room (but why oh why, especially with that dining/family room, did they have to go and mount a t.v. over the fireplace?).

    I’m surprised to learn that this place has parking for every unit, and that it’s included in the assessment. It’s a big building, and I can’t picture where such a massive parking garage would be, especially when the builders likely didn’t envision every unit needing at least one parking space. Provided that it does in fact cover parking and taxes, the assessment is very reasonable (low, actually).

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  3. Respect_My_Authoritah on July 11th, 2013 at 8:22 am

    http://www.frontdoor.com/people/trending-international-investors-buying-up-chicago

    Zero inventory.

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  4. Lovely! In case the people responsible for the rennovations are lurking – great job!

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  5. “Literally all over the world. We just did a closing with folks from Singapore. We have another closing this month with folks from mainland China. South Africa is a new client we’ll start working with. In Brazil, I have clients that purchased a condo and we rented it out and it went so well they told other folks about it. Europe definitely — you know, Ireland, London. It’s pretty random because I don’t do ads specific to certain locations. Right now, we’ve been focusing on really improving our presence in our advertising, sort of local advertising.”

    Awesome! The mysterious “foreign buyers” are now in the Chicago market. Great link. Thanks for posting it.

    Just what we need. “Investors” buying up properties they never intend to live in- and sometimes leaving them empty just because. The global economy is REALLY messed up right now. But same thing is happening in other cities like Dublin. Investors are priced out of London so they are buying in Dublin but the locals are getting priced out. Because that’s normal.

    When will the obsession over housing end? I wonder…

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  6. “I’m surprised to learn that this place has parking for every unit, and that it’s included in the assessment. It’s a big building, and I can’t picture where such a massive parking garage would be, especially when the builders likely didn’t envision every unit needing at least one parking space.”

    Laura can probably provide more info on this as she knows more about these big buildings than anyone else. But from what I understand the building bought a big parking garage behind the building years ago. So while normally the building wouldn’t have had any parking (given that it was built in 1927)- it does now. That’s what makes this building one of the unique vintage buildings on Lakeview.

    There are no washer/dryers in the older units- but the building allows you to put it in. And you can put in space pac. So it really has all the amenities of new buildings.

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  7. So basically this is the equivalent of a 600-700k 2/2 with normal assessments… PASS

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  8. Respect_My_Authoritah on July 11th, 2013 at 9:28 am

    “When will the obsession over housing end?”

    I am pretty sure…..never.

    At least for the monied class. Which is fine.

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  9. “So basically this is the equivalent of a 600-700k 2/2 with normal assessments… PASS” Given the caliber of the building, the move-in condition, the extra square footage of a separate dining room (shown as family room) in addition to a living room as large as most 2/2 combined living/dining areas and huge bedrooms, the location, etc. this seems to be a fair price and something that could command something in the 600’s w/ normal assessments.

    I’m surprised that these buildings didn’t build parking when they were built… haven’t they always been high end? While I realize many fewer owned cars in the 20’s, I’d think the upper-middle class who occupied such buildings before they fled to the suburbs in later generations still were among those who did.

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  10. Laura Louzader on July 11th, 2013 at 10:31 am

    There’s an enclosed, secure lot behind the building.

    It is a gorgeous building, and I’m glad to learn that this place was totally replumbed. According to designers I’ve talked to who have done work in this place, the common plumbing is so old and fragile, that many contractors are afraid to do work on the plumbing in a unit for fear of causing further damage to it. A surprising number of these older buildings have not had their mechanical elements upgraded for decades, even though individual owners have spent hugely upgrading individual units.

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  11. Laura Louzader on July 11th, 2013 at 10:34 am

    Parking was most likely not included because in those days, it was likely that high-end apt dwellers stored their cars in garages over on Clark St or thereabouts, and had their chauffeurs bring the car over on demand. One man I know who had a very expensive old place on Cedar told me that when it was built in 1910, the occupants stored cars and carriages over at a nearby stable, and had their vehicles brought round when they needed them.

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  12. It is a beautiful building and as Laura said, they own the huge garage on Clark St. Just behind which is staffed and connected securely to the rear entrance. However, the building does not allow pets, a dealbreaker for me!

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