Has the Market Changed in East Lincoln Park in Just 3 Months? 562 W. Arlington

562 w arlington #1 approved

This third floor unit in the 4-unit vintage greystone at 562 W. Arlington in East Lincoln Park came on the market in August 2014.

We’ve chattered about this building numerous times over the years including in May 2014 when the top floor unit, #4, was on the market.

See that chatter here.

Unit #4, which is the same square footage and has similar finishes as Unit #3, sold in August and has this sales history:

Unit #4: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in July 2005 for $610,000
  • Sold in July 2007 for $715,000
  • Was listed in May 2009 for $699,000
  • Reduced
  • Withdrawn in 2011
  • Was listed in May 2014 at $679,000
  • Reduced to $659,000– wherein it went under contract
  • Sold in August 2014 for $635,000

So it shouldn’t be a surprise that Unit #3 came on the market at $659,000.

This unit has 2 outdoor spaces, including a front stone balcony.

It has some of its vintage features still intact, including 2 fireplaces and coved moldings.

The kitchen has white cabinets, granite counter tops and luxury Viking and Subzero appliances.

The unit has all the features buyers look for, including central air, washer/dryer in the unit and a gated parking space.

Will a buyer of Unit #3 get a deal compared to #4 thanks to a changing market?

Johnnye Paige at DreamTown has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in August 2005 for $625,000
  • Sold in May 2011 for $573,000
  • Originally listed in August 2014 for $659,000
  • Reduced
  • Currently listed at $619,000
  • Assessments of $205 a month (includes water and snow removal)
  • Taxes of $8739
  • Central Air
  • Washer/Dryer in the unit
  • 1 car gated parking included
  • Bedroom #1: 15×12
  • Bedroom #2: 13×12
  • Dining room: 12×12

6 Responses to “Has the Market Changed in East Lincoln Park in Just 3 Months? 562 W. Arlington”

  1. “Will a buyer of Unit #3 get a deal compared to #4 thanks to a changing market?”

    If by “changing market” you mean post-summer/fall rather than spring/early summer, sure. But, my sense is that the primary reason for #3 going for less than #4 is its location within the building. Once you’re doing a walk-up (and we ALL know how HORRIBLE it is to go up stairs with kids/stuff), you might as well be on the top floor. #4 has nobody stomping around overhead.

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  2. Yeah amazing that a top floor place would sell for more than a middle floor place…

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  3. “Yeah amazing that a top floor place would sell for more than a middle floor place…”

    Did not happen in July-Aug 2005. Top floor was less. [I have not looked at the listing history back then or the finishes etc. No need to let any potential facts get in the way of a good rebuttal.]

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  4. “Did not happen in July-Aug 2005. Top floor was less.”

    2.5% per month–that was about the state of the market then, no? I’d call ’em “same price”, and still say that it seems strange. Even with #4 lacking the front balcony.

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  5. honestly I wasn’t really paying any attention

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  6. In 2005 people were so eager to buy, they didn’t seem to think about things like top vs. middle floor. Also both sales were in the summer. Now #3 is trying to sell in the fall. I think they have to accept a lower price like this or wait until spring, there are just fewer buyers out this time of year.

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