Another Reduction on the Townhouse at 2707 N. Lincoln
We first chattered about this townhouse at 2707 N. Lincoln in Lincoln Park in March 2008.
It was reduced in April by $10,000.
It’s been reduced again by another $10,000.
This is the property that has the pulldown ladder that gets you up to this deck on the roof. Otherwise, there is no other outdoor space with the unit.
Unit #C: 2 bedrooms, 2 baths, “bonus room”
- Sold in August 2001 for $327,000
- Sold in August 2004 for $353,000
- Sold in March 2006 for $362,500
- Was listed in March 2008 for $399,000 (garage attached)
- Reduced
- Was listed in April 2008 for $389,900
- Reduced
- Currently listed for $379,900
- Assessments of $182 a month
- Apostal Group at Coldwell Banker has the listing
Why isn’t this selling? Tipsters have told me that when it was originally listed there were droves of people going to see it.
I saw it!
***Why isn’t this selling? Tipsters have told me that when it was originally listed there were droves of people going to see it.***
IMHO, probably because a 10% downpayment is becoming the new 3% downpayment and 25% is the new 10%.
the unit looks more narrow than usual (even for a townhouse.)
never a big fan of townhouses than run perpendicular to the street frontage….just feels like bad feng shui or something.
Lots of people are looking but hardly anyone is buying.
People are either buried in what they already own, or are afraid for their jobs, or trying to gather a larger downpayment.
And, of course, they’re waiting for the next wave of mortgage resets, which is going to be huge.
And of course the newest Case-Shiller was released today:
“Home Prices in U.S. Metropolitan Areas Fell 15.3% in April, Most on Record *”
* Does not include the Gold Coast or Lincoln Park neighborhoods of Chicago **
** I added the asterik on my own
Because they weren’t willing to negotiate when they had offers! Plus, this place is insanely narrow and tight.
Homedelete – You really are stupid. Read the article before posting the misleading title.
“Boston; Charlotte; Chicago, Cleveland; Dallas; Denver; Portland, Ore.; and Seattle were able to avoid April-over-March price drops, led by 2.9% growth in Cleveland and a 1.1% increase in Dallas. Charlotte and Dallas are the only two cities to have two consecutive months of month-to-month growth.”
And of course the newest Case-Shiller was released today: Chicago so its 1st month-over month increase since areas decline started back in July of 2007.
Are we at bottom? It will take a couple more months of data to know for sure.
It is narrow, there is no bathroom on the main level, and no master bathroom. I also am too old to be going up and down a ladder to get to the deck.
Another cookie-cutter townhouse that was thrown up when you could sell anything. There must be – what – 10,000 of these on the market?
Steve, my goodness you are so annoying. The YOY number is the important stat. The MOM numbers are not seasonally adjusted so no one but you and the NAR pays attention to them.
Prices are dropping like a rock but you’re too damn blind to see it and I hope you go broke in the process. When it’s too late you’ll be looking for another job just like the rest of your realtor and mortgage broker buddies out there; maybe if you’re lucky you’ll find a new job in a doctor’s office coding health care bills. That’s where a number of my former real estate and mortgage broker clients work now. The rest are waiting tables or tending bar. Do you still think I’m ‘stupid’ or is it finally sinking? You’re the only one who looks foolish calling the bottom with a less than 1% MOM increase.
This is a case where a 2br condo will give you the same living space if not more without walking up and down 3 flights of stairs. This townhome is simply too small. It looks like it’s about 500 sq. ft per floor X 3 = 1500 sq ft (including 1 space + stairs)…
This townhome is very narrow. Most buyers these days like an open floor plan. I felt claustrophobic in this unit. Also, with no master bath, it’s a tough sell. My clients viewed this twice, but opted for a townhome that had more square footage, a more open floor plan, more updated and more outdoor space at just about the same price (1140 W. Newport).
Personally, I’d PREFER a small place on three levels over one level as long as the main level has enough room for a dining room table and more than just a couch in the living room. Some of us don’t actually mind walking up a flight of stairs once in a while and enjoy the extra peace and privacy of multi-level living. However, my major gripe with this place is I have no idea how to fix the terrible layout of the main level floorplan. I’d need to go inside to really know if there’s room for a decent sized dining room table over by the kitchen and to see just how narrow that living room is, but from the photos, it looks like a deal breaker. With that said, this place is by far the cheapest townhouse in LP with two baths.
Its still priced nearly 20k more than its 2006 price. The CS index for Chicago is down almost 9% since then and this seller thinks they are going to get a slight gain to cover their transaction costs. They should either live in and enjoy this unit or be prepared to bring cash to closing.
The fact that really nice units like this sit vacant for so long as the sellers slowly come to grips with reality is a sad externality of the bubble. How many homeless people do we have in America and how many vacant homes?
With aerials and a little guesstimating they are about 20′ deep and 22′ wide, counting exterior and party walls. so more like 400′ per floor.
I have not seen this place, but I am looking for a townhome. This just seems too tight. What does everyone think about Landmark Village. They are 100% cookie cutters, but they sell for $400,000 or less w/ 2 full baths and 2 full beds and bonus room…and are not narrow and have an open floor plan. I would really appreciate your input regarding these homes!