Deal of the Year in Lincoln Park? A 2/2 Townhouse for $350,000: 1801 W. Diversey
This 2-bedroom townhouse at 1801 W. Diversey in Lincoln Park has been on the market since June 2014.
Built in 1995 it is an end unit with a 2-car attached garage.
It has three stories with the living/dining/kitchen on the main floor, the two bedrooms on the second floor and a den/family room on the third floor with skylights.
It has two outdoor spaces including a private patio off the main level and a deck.
The kitchen has maple cabinets, granite counter tops and black appliances.
There is also a master suite with cathedral ceilings.
This townhouse was bank owned in 2009 and was bought from the bank for $360,000.
It came back on the market at $389,900 but has now been reduced to $350,000.
That is $1,000 under the 2001 purchase price.
Is this the deal of the year in Lincoln Park?
Stephanie Cutter at Coldwell Banker has the listing. See the pictures here.
Unit #1: 2 bedrooms, 2 baths, 2100 square feet, 2 car attached garage
- Sold in October 1995 for $200,000
- Sold in July 2001 for $351,000
- Sold in October 2005 for $420,000
- Bank owned in March 2009
- Sold in June 2009 for $360,000
- Originally listed in June 2014 for $389,900
- Reduced
- Currently listed at $350,000
- Assessments of $349 a month (includes snow removal)
- Taxes of $7337
- Central Air
- Bedroom #1: 15×11 (second floor)
- Bedroom #2: 18×14 (second floor)
- Living room: 15×14 (main floor)
- Den: 15×14 (third floor)
Not the best area of Lincoln Park, but for the square footage, a den large enough to use as a 3rd bedroom, and 2 car garage, it makes for an attractive alternative to a SFH.
This unit abuts both Diversey and the Metra tracks. Talk about external obsolescence!
Seems like a deal, although looks like its directly on the metra tracks, is it on diversey too?
I dunno, I think that there a limited number of people who want to live in vertical, gated community 2BR condos with 1995 finishes and $1k/month carrying costs right by the River, Costco, the Projects and the train tracks, and most of them already live there. It will probably sell for something around where it is listed but the deal of the year it is not.
When we were looking for a townhouse recently, we’ve have considered this development but not that first row right against the Metra tracks… at the time, unit 12 was on the market and it abuts Menard’s. This unit’s the one directly on Diversey, or as Fred called it, “external obsolescence!” From the inside, it looks like some odd reconfiguration was done, based on my knowledge of other units in this development. Did they combine the 2nd and 3rd bedrooms into one larger one? and the stairs are IN that combined second bedroom? Not real practical for family use…
“This unit abuts both Diversey and the Metra tracks. Talk about external obsolescence!”
I live near the highway onramp, the metra, a busy intersection with 30,000+ cars a day AND a half-block south of a busy O’hare flight path! And guess what, despite the external obsolescence, I’M LOVIN’ IT!
“This unit abuts both Diversey and the Metra tracks. Talk about external obsolescence!”
It abutted both Diversey and the Metra tracks for ALL of its other sales. AND- all of the other townhouses in this complex also do the same thing (although some are, without a doubt, at least a couple of doors away from Diversey- which isn’t loud or obnoxious right here anyway.)
So?
Does that mean it should sell under the bank owned 2009 sales price 5 years later?
I think not.
“I dunno, I think that there a limited number of people who want to live in vertical, gated community 2BR condos with 1995 finishes and $1k/month carrying costs right by the River, Costco, the Projects and the train tracks, and most of them already live there. It will probably sell for something around where it is listed but the deal of the year it is not.”
Really? Plenty of these townhouses have sold over the last 2 years- when the market was “hot.” And plenty of the townhouses right across the street in the other townhouses are selling right now as well (and yes- the houses in Piccadilly Place- which also abut the Metra tracks.) Oh- and the loft units that are also right on the metra tracks just a few blocks north- those are also selling. And the lofts that are on Clybourn right next to the Costco, Menards etc. Those are also selling.
Unless, of course, they’re not.
How many people want to live in older townhouses near the Costco with the Metra running behind the property?
Ask these buyers. This 2/2 townhouse is under contract. Built in 1993. Listed for $409,000 so nearly $60k more than the property featured here. Yes- they renovated the kitchen. But I don’t think the location is all that different.
https://www.redfin.com/IL/Chicago/1781-W-Terra-Cotta-Pl-60614/unit-F/home/13358279
The thing that is REALLY interesting to me about this property is that the sellers did everything right. They bought a bank owned property on the cheap for well below its peak price. They might not have gotten it at the “bottom” of the entire market- but they bought well past the peak.
And now, 5 years later, they’re STILL going to lose money.
Argh!
There aren’t THAT many examples of that happening (so far)- but clearly- some people don’t have the luck.
The locations sucks a**. Metra tracks and Diversey; plus Menards & Lathrop Homes nearby. Plus the layout in this specific t/home was altered by some nitwit. It has not only massive external obsolescence; but functional obsolescence ALSO due to the interior hack job. Plus busy street location properties ALWAYS sell for less. I PROVED this with the 1550 W. Cornelia bldg. string about the same issue/topic. Although some people don’t agree even though with solid facts & stats. Duh! All I can say about other area sales higher than $400k for 2br/2bath right on the tracks is….SUCKERS!!!!!
Do those mentioning Lathrop realize it’s almost completely closed? Very few people still live there and the planning process to replace it is well underway.
Lathrop has been “almost completely closed” for a while now, and the “planning process to replace it” has been underway since like 2000 or something. It’s going to be a monster project and I’ll bet it still looks the same in 5 years definitely and even 10 years maybe. Do you think that a bunch (like 20, right?) of vacant three story brick properties on a huge swath of land like this makes for good neighbors? Especially when the most recent residents had higher likelihoods to be in poverty, in gangs or otherwise be criminals. I know some people who lived in the buildings across Clybourn, and they all ended up leaving because they got sick of all the problems in order to sell to the next round of people, the 3rd or 4th now, who are going to wait for the property values to skyrocket, maybe, eventually, as soon as the redevelopment is done.
“The thing that is REALLY interesting to me about this property is that the sellers did everything right. They bought a bank owned property on the cheap for well below its peak price.”
No, this is not doing everything right, this is being pennywise and poundfoolish and not realizing that there was a reason these places, as cheap as they were, were still going into REO. When these places were built, Chicago was a lot more dangerous. In the 20 years since, it’s become a lot safer, and no people who live in communities like this are doing so because they don’t have better options.
“Do you think that a bunch (like 20, right?) of vacant three story brick properties on a huge swath of land like this makes for good neighbors?”
May be better neighbors than what will be there if/when the redevelopment is done.
This townhouse finally sold.
Sales price = $344,000.
Someone is staying in the city for the price of the suburbs.