Back on the Market and Reduced $25K: 1801 W. Diversey

We last chattered about this 3-bedroom townhome at 1801 W. Diversey in Lincoln Park (which many of you argued was not really Lincoln Park at all) in October 2008.

Read the last chatter and see the pictures here.

It had been reduced $29,900 and the listing said it was “priced to sell.”

It’s back on the market, reduced by another $25,000, and the listing now says it’s an “absolute steal.” It’s also selling for less than the 2005 closing price.

@Properties still has the listing. See the listing and more pictures here.

Unit #2: 3 bedrooms, 2 baths, no square footage listed

  • Sold in August 2002 for $305,000
  • Sold in August 2005 for $386,500
  • Was listed in August 2008 for $429,900
  • Withdrawn
  • Was listed in October 2008 at $400,000 (attached 1-car garage)
  • Reduced
  • Currently listed for $375,000 (attached 1-car garage)
  • Assessments of $216 a month
  • Taxes of $4812

29 Responses to “Back on the Market and Reduced $25K: 1801 W. Diversey”

  1. South side of the street so pretty sure this is technically Lincoln Park – but barely.

    More importantly, this just reinforces that condo prices are down in Lincoln Park over the last 3 years. Of course, there will be those that dismiss this one as not being in a prime area so “it’s different”.

  2. Steve Hill’s assessment of the economy, which Gary L pointed out last chatter about this property, seems more and more off the mark when you consider today’s financial news:

    “For 2009, [Nouriel] Roubini predicts GDP will fall 3.4%, with declines in every quarter of the year. The unemployment rate should peak at about 9% in early 2010, he said. Consumer prices will fall about 2% in 2009. Housing prices will probably overshoot, dropping 44% from the peak through mid-2010.”

    I hope SHill’s $350K salary isn’t from a financial company, otherwise it’ll mean those bankers have been lying to us this whole time!

  3. Sabrina -
    The listing says it has a 2 car garage, not 1.

    Still like this property. I’m surprised it hasn’t sold. I can’t imagine a 3/2 going for less than 350, although i cross my fingers they do.

  4. This place seems cheap to me.

  5. Oh, Sabrina, off topic but I will have pics for you by Monday.

  6. The old listing only had it as a 1 car garage and other units in the complex only have 1 car garage.

    So, I’m not sure the current listing is correct about the parking but any info is helpful.

  7. So the employment numbers are out today. I got the Chicago stats and the PMSA is down 160,000 jobs over the last year. See the last graph: Of course, no one in Lincoln Park is losing their jobs. :)

  8. Gary, thanks for the tip. I’d be willing to pay the Lincoln Park premium now that I know that living there is insurance against losing my job!

  9. bah…unemployment doesn’t matter. Weren’t we giving out loans to homeless at one point? dammit, I want my 2005 back!

  10. Its cheap because its not a great part of lincoln park, really borderline NW corner of it. You got the Target nearby which is a bonus, but you also have the Metra tracks, and the Lathrop homes nearby. And less than a mile west on Diversey, its a fairly janky part of town.

  11. Good price, but this is not at all an ideal location, even if it is technically LP. There is no public transporation, and the Diversey L stop is far away. This limits the pool of potential buyers (aka me), which is a small pool to begin with. If this was east of ashland it would be much more desireable.

  12. I never quite understood why these were built or who the market was. There are near the highway, I guess, but you have to drive everywhere and if you have to do that, at least live somewhere more attractive – it’s just a weird industrial area and don’t have the advantages of or charms of further into LP, Roscoe Village or even Bucktown.

  13. With the location and the weird industrial area, I really don’t think this is going to sell until they go down closer to the 2002 buying price. It has one garage spot and the third bedroom is only reached through the Master Suite. I really don’t think this is a desirable townhome or a desirable location.

  14. Well, they weren’t making any more of them so instead of throwing your money away on rent you had to buy or be priced out forever because it’s different “there.”

  15. “it’s just a weird industrial area”

    It WAS just a weird industrial area. Now it’s a weird residential area with way too many $2mm+ homes.

  16. This unit is technically a 2/2 — what they call a third BR is actually a loft. While I haven’t seen this unit, I’d assume it’s like the one in my friend’s 3/2 in this development w/ a ladder to the loft. The 2/2 have 1-car garages and the 3/2 have 2-car garages. The true 3/2′s have been selling for north of $500k.

    The biggest drawback (and the one keeping me from taking a look) is that it’s right on top of the Metra tracks. Given the height of the embankment, the trains probably pass right even with the master bedroom windows.

  17. It looks like it’s listed by Coldwell Banker now, not @properties. I think I must be the only person not bothered by the prospect of living near Metra tracks. I actually like that neighborhood, although I have to agree it’s not really LP. Right now I’m renting in East Rogers Park and I think this would be a huge step up.

    Seems like now that the bubble’s burst, Crib Chatter has a lot more stuff in the

  18. Hi – maybe somebody can give me a answer .
    Is a investment (1br/1bth) at 2800 N. Lakeshore or 2626 Lakeview, both southfacing. Lakeshore ca. 300K; Lakeview ca. 250K) a good idea?
    Thanks for a answer – Greetings from Germany

  19. I have seen the outside of this exact unit. Benjy is right. It is the unit that is directly adjacent to the metra. You can probably touch the tracks with your arm from a window–and I am not exaggerating. When I was looking to buy, I saw these pictures and thought the unit was great! Then we drove by and saw that this unit was under the metra. Wasn’t even worth going in!


    this google map shot shows the unit and where it is in relatino to the metra.

  21. EL… I grew up near Ravinia across the street from Metra tracks, so I know what it’s like. I wouldn’t be so concerned with the Metra tracks if it weren’t so close or at 2nd story level–certainly preferable to having the “L” that close.

  22. Karl, if there is an investment condo in Chicago that is considered a “good idea” today, then it will be topped by an even better idea tomorrow.

  23. G… It’s safe to go out again :-)

  24. I agree with ChiGuy, it’s nice to see at 3/2 under 350,000. I am thinking the el would be an issue as well?

  25. “I am thinking the el would be an issue as well?”

    If you mean the length of the walk to the el, then yes. If you mean proximity to the el and attendant noise, no–the closest the el is to this place is Paulina and Roscoe–over 3/4 of a mile away.

  26. I have been in this unit.

    It’s a 1 car attached garage. The metra tracks are about 50 feet from the front door. But we stood there during rush hour and heard a couple of trains go by and it wasn’t that bad. If you had the tv on, you probably wouldn’t even hear it.

    The owners did some remodeling and built an actual staircase to the third bedroom. You could easily add a door of the bottom of the stairs to close it off even more. But there is not a closet up there.

  27. I guess I am wondering if you were trying to sell this, what are the pro’s? What would make someone want to purchase this unit because it seems like there are slight embellishments in the listing and if those nice things are totally true (like the garage and parking spots, the metra, the 3rd bedroom, etc.) then why would you buy this? From all this chatter, I think they are going to have to go down more. And the neighborhood doesn’t seem to help either.

  28. Claire… I love this place! We’re going back this weekend for a 2nd look. It’s a big 1-car garage that could easily have some extra storage. The 2 little courtyard area is so cute, and I noticed that the walks were very well-shoveled. The home is really well-cared for, and we were there when the train went by — it’s really not loud. We wouldn’t have even noticed it had the agent not pointed it out.

    And it really does feel like 3 bedrooms… you just don’t have the master bath suite directly attached to the bedroom. But I will say that the bathrooms could use some updating.

  29. Well that is what I was looking for, with all the talk of the negatives, I was wondering why someone would purchase. Let us know how the look see goes.

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