$50K Reduction on 1013 W. Webster in Lincoln Park
We’ve chattered about this 3-bedroom unit at 1013 W. Webster in Lincoln Park at least two times before.
It has been reduced another $50k and is now listed $86,112 below its original asking price from last March.
Here’s the listing again:
Magnificent, historic timber ceiling townhome that has been recently rehabbed. Pride of ownership is evident in every last detail. Exposed brick. Beautiful chef’s kitchen overlooking living room with wbfp. Space for dining table. 2 car attached PRIVATE garage with tons of storage.
Fantastic penthouse 30×15 master suite w/ wbfp, marble steam showers, cedar walkin closet. Home is second to none in a prime location!
Sara McCarthy and JulieDorger at Coldwell Banker have the listing. See more pictures and a virtual tour here.
Unit #7: 3 bedrooms, 2 baths, 2 car private garage with storage, no square footage listed
- Sold in July 2006 for $685,000
- Originally listed in March 2008 for $685,000
- Reduced
- Listed in April 2008 for $659,000
- Reduced
- Was listed in June 2008 for $649,000 (included the two car garage)
- Reduced
- Currently listed for $598,888
- Assessments of $185 a month
- Taxes are “new”
On the L, across from DePaul, on a busy street – is the price right now ?
Must be a typo in the listing or the history. I thought LP real estate prices weren’t going down.
i like how the 3rd floor is called a penthouse.
It is not ON the L, it is a half a block away from it. It is across the street from DePaul’s church and a couple of the main DePaul bars, so it will be a little noisy.
SOrry, I mean, you hear the L pretty well from half a block, that is what I meant. And can somebody explain or point me at an explanation of the “new” tax item ? if this sold in 06 how can the taxes be new ? is there a primer of how a prospective buyer could check out what the taxes will be and how to cover the part year exposure if buying part-tax year ? thank you
must bs: “[new taxes]”
For the taxes to be assessed on a new condo, new PINs need to be assigned by the County–so you need to expect delays. Also, with taxes assessed in arrears, you have a built in 12 month delay. Anyway, I’d be really surprised if they didn’t get a 2d half tax bill in the past couple weeks. They just haven’t updated that part of the listing b/c it’s probably a large enough number that they don’t want to scare away prospects before talking to them (or it’s just another poor realtor).
Also, looking at an aerial, 1013 appears to be the middle building on the lot–where’s the access to the building? Through the front building (meaning 3 doors before getting to *your* stairs)? And where the heck is this parking? There’s a third building fronting on the alley–is the parking in it?
Finally, how is a 3-level unit in a 3-story building a “penthouse”? Doesn’t that make every SFH and TH a “penthouse”?
This is either a short sale or the seller will be bringing cash to closing (or has paid down considerable principal already.) The 2006 deed indicated a purchase price of $686,500 financed with two mortgages (80% + 15%) from Wells Fargo for a total of $651,950 (95%.)
There is no reason the taxes aren’t shown as they are readily available (although they may not have been when this was first listed.) The full year 2007 taxes of $8,975.67 are payable in full on 11/3/08. There are currently no exemptions on the property.
Go to http://www.cookcountyassessor dot com to look up a property. It is usually best to put an address range in the search fields. Once you get the PIN you can look up the specifics on the tax bill at http://www.cookcountytreasurer dot com. You can also look up any deed and mortgage info on the county recorder’s site at http://www.ccrd dot info.
I love it when shills and sellers put down ‘new’ on taxes long after thats no longer possible because they think it will somehow take some of the sticker shock out of a place. Similar to infomercials all have their pricing end in *9.99.
Yeah we can afford it because the taxes are ‘new’ instead of 750/month. LOL
I don’t like those exposed brick walls. Do you think I could ask for a good paint job (with sealant) on those ?
anon,
Totally agree on this penthouse thing. This is standard practice and buyers pay a premium for this penthouse (which requires you walk up stairs to get to your place) vs. a townhome.
must bs,
Perhaps you were joking about the brick walls but I think there’s an element of truth here. It’s part of the less is more concept: exposed brick, exposed ductwork, no walls. I’ve been personally perplexed by these trends but hey, I just help people buy what they want. What’s next, bare bulbs and Eastern style toilets?
Gary:
If you look at the floorplans, it’s both a penthouse and a garden apartment–the unit has three levels and appears to be in a 3 story building.
I re-read the listing and it *is* described as a townhouse, with a “penthouse” master suite–so every two-story or more SFH or TH has a “penthouse”? Ridiculous.
Still want to know where the heck the parking is.
We visited the place. The parking is slightly below the ground level, and the first floor is slightly above ground. I think that’s how it is. Since the first floor seem to be not the full height of what a ceiling should be.
Its got all kinds of problems with the developer. Trouble…
This has been reduced again. The parking is right off of the Kitchen, in the form a large, private 2 car garage. That is one of the properties nicer features. The whole layout of the building is hard to understand without visiting. I believe the building was originally the stables for Depaul University, which is kind of neat I suppose. It has gone under contract once or twice, but I think people are struggling to get financing because the other units in the building are not sold and are not even completed.
Another flat screen tv above the fireplace.