Are Buyers Over Vintage Units? A 4-Bedroom at 2256 N. Lincoln Park West in Lincoln Park
This 4-bedroom in the Shakespeare Building at 2256 N. Lincoln Park West in Lincoln Park has been on the market since March 2015.
The Shakespeare Building is a co-op directly across from the Lincoln Park, putting it in one of the most prestigious areas of the city.
Built in 1909, the mid-rise courtyard building has 24 units with assigned parking. There’s an on-site engineer.
According to the listing, it’s in Lincoln Elementary.
This unit is a front facing unit with east facing windows.
It has some of its original features including prairie-style woodwork, a barrel vaulted family room, crown molding and a wood burning fireplace.
The kitchen has white cabinets and some white and some stainless steel appliances.
There’s a washer/dryer in the unit and space pak air conditioning.
First listed in March 2015 for $969,000, this unit has been reduced $120,000 to $849,000.
That is less than many of the new duplex downs that are being built all over the north side of the city.
Are buyers disenchanted with vintage properties?
What will it take to sell this property?
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
Unit #C3: 4 bedrooms, 2 baths, 2700 square feet
- I don’t have a prior purchase price because it’s a co-op
- Originally listed in March 2015 for $969,000
- Reduced
- Currently listed for $849,000 (includes assigned parking)
- Assessments of $1211 a month (includes heat, gas, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $12,822
- Space pak air conditioning
- Washer/Dryer in the unit
- Wood burning fireplace
- Bedroom #1: 15×15
- Bedroom #2: 15×13
- Bedroom #3: 15×13
- Bedroom #4: 10×10
- Foyer: 23×7
- Family room: 12×16
- Sunroom: 11×7
This place is beautiful (except the kitchen). That’s an awful lot of bedrooms for only two bathrooms.
I’m still surprised this place hasn’t sold.
Beautiful unit, very low taxes (comparing to the burbs). I’d buy it if I had spare cash.
$2300/month BEFORE you start paying off mortgage (more when the senior tax exemption is lifted). No thanks. It is a beautiful unit though. Someone will buy it; because Jenny Ames.
I wouldn’t call that true vintage. Just old. Buyers today are looking for vintage wood work, but updated heating systems, kitchens and bathrooms.
I love the place. It does need some minor updating, but if you want a true family sized condo something like this would work.
Great place. (Though the white micro over the “stainless” stove hits me especially hard.) But I’m not so sure about co-ops, from a financial standpoint, at least in Chicago. The one’s up on Fullerton at Lakeview Ave and on Lakeview Ave, sure. Those places offer pretty extraordinary spaces. For roughly the same monthly cost, there have been some comparably sized units at, say, the Marlborough, which are condos. The mortgage amount is higher, but (i) a big portion is tax deductible and (ii) and eventually there is principal reduction. Not so with the hefty co-op fees.
I like that the kitchen is on its own. I know the boring kitchen would stop lots of buyers, but I don’t mind it. I would change out the counter tops, but that’s about it.
The pictures are nice, but a place like this you really need to see in person. Current taxes are decent, the assessments are pretty decent for 2700 square feet. Compared to a duplex down this place lives better but the monthly nut is much higher. You can find similar priced duplex downs with much lower taxes and definitely much lower monthly fees even after you pony up for your own gas etc…
“I wouldn’t call that true vintage.”
I believe it is well established CC dogma that once you paint woodwork, you lose your vintage designation.
“You can find similar priced duplex downs with much lower taxes and definitely much lower monthly fees”
Sure, but are they across from the Conservatory? Wouldn’t a (nice) duplex down in this location be likely to carry a decent premium?
I’d want to remodel this into a 3/2.5, with the 4th bedroom becoming (part of?) the master bath, and leaving a half bath in the hall, and re-configuring all the closet space so there’s a real master . Then the jack n jill bath makes more sense. And obviously the kitchen needs at least a refresh.
“Current taxes are decent”
As mentioned above, there’s a senior exemption. Only bound to go up.
“Though the white micro over the “stainless” stove hits me especially hard.”
Duuuude, we get it.
“Are buyers over vintage?” Ridiculous question. In this case, buyers are not going to be enthused about the assessments, which are quite high for a building with few amenities and immediately put this building in competition with many more expensive properties for overall cost, unlike your supposed new duplex down. Nor are the taxes particularly low. The kitchen and possibly the baths could use updating as well. Given all of that, this property is a serious investment.
Perhaps the biggest deal breaker for this and many other vintage properties is the lack of private outdoor space. Despite all of that, this is a beautiful unit that, like many properties, just needs a particular buyer for whom it is well-suited. There are, and likely always will be, those for whom vintage is always preferable, including myself.
Is this a 3rd floor unit in a building with no elevator? If so, that may also be a factor in why this has not sold.
Contingent