“This is the deal of the century!” 2239.5 N. Lincoln in Lincoln Park
We last chattered about this 2-bedroom condo at 2239.5 N. Lincoln in Lincoln Park in September 2008.
See our prior chatter and pictures here.
It’s now been on the market for a year and has been reduced $50,000.
The listing says the sellers are relocating, it is now an “unbelievable price” which is “well below market” and that “this is the deal of the century!”
This top-floor unit has 20 foot high cathedral ceilings. What it doesn’t have is parking.
Zoe Carne at Prudential Preferred has the listing. See the pictures and the virtual tour here.
Unit #3B: 2 bedrooms, 2 baths, family room, no square footage listed
- Sold in June 2005 for $388,000
- Originally listed in March 2008 for $449,000
- Reduced several times
- Was listed in September 2008 at $420,000
- Reduced
- Currently listed at $399,000
- Assessments of $303 a month
- Taxes of $5,335
- No parking
- Central air
- Washer-dryer in the unit
“EASY STREET PARKING”
Has the neighborhood gotten significantly *less* congested in the past decade?
“THIS IS THE DEAL OF THE CENTURY”
Which century? Not this one, I don’t think.
Horrible looking building, loud neighborhood and a unit with too much drama for it’s boring interior space. I’d take a pass.
“THIS IS THE DEAL OF THE CENTURY”
Um, it already sold for less this century.
Besides, I will defer to an expert from the prior post on this prop:
“Steven Heitman on September 26th, 2008 at 10:24 pm
not a place to live. Maybe a good rental in college but DO NOT BUY AT THIS LOCATION!”
“Besides, I will defer to an expert from the prior post on this prop:”
Which makes it worth, what? $225k? $300k, if you were *really* bullish on rental costs in the DePaul area (and completely ignore the uncertainty about the land under the two nearly adjacent hospitals which will *both* be vacant soon) ?
Easy street parking – NOT!
Noisy at 4 am – YES
Maybe there’s another neighborhood in the city called LP that isn’t overcrowded and has easy street parking. This agent is overpromising on this unit. Anyone that goes to see this place on a saturday will notice that parking is extremely scarce and this place is pretty average for LP. Why not be honest?!
Clearly this place is totally the deal of the century at $375 a sqft.
GMAFB you idiot!
And god with all those tacked on balconies on that building it looks like a prison!
And no parking? Yes… clearly the DEAL of the century!
I’d be very surprised if this sold for over 335k.
“EASY STREET PARKING”
Has the neighborhood gotten significantly *less* congested in the past decade?”
No Belden is indeed terrible for street parking. So I interpreted this exerpt from the listing that if you buy this property you’ll be able to park on the figurative ‘Easy Street’. Everything will fall into place and you’ll magically be able to afford the ridiculous taxes and assessments.
People will ask you: “hey how are things going, man?” and you’ll be able to smile wryly and look at them and reply “life is good when you’re parking on Easy Street, man..”
Ahhh, now I see the reason this is “THE DEAL OF THE CENTURY”.
http://www.prupref.com/prupref-photos/property/MLSNI/77/07148877_08.jpg
Ugh. This listing is a bad joke.
Probably no private school for kiddo with mommy & daddy’s 388k mortgage payment..
And maybe no suburban GRASS that the kids HAVE to have. Its child abuse if theres no grass and open fields everywhere!
Illinois is non-recourse I believe so I think they can just mail in the keys if they value princess having grass over their credit score.
“THIS IS THE DEAL OF THE CENTURY”
Hey, at least this headline has got people talking!
so loosely translated the realtors name means Life Meat
opps too much coffee
Seen it. Cramped rooms, with very little living space. Lives like a 1br. Vaulted ceilings scared me — the utilities would be a nightmare, and I vaguely remember some water damage on the skylight.
IL is not non-recourse. They will obtain a deficiency judgment; custom and practice is to refrain from collecting on it; but refrain from collecting it
what do you mean by non recourse?
“what do you mean by non recourse?”
They can’t come after your other assets or try to garnish your wages if you default on your home loan. Illinois is apparently recourse so they theoretically can do this. According to HD its not common practice however.
“IL is not non-recourse. They will obtain a deficiency judgment; custom and practice is to refrain from collecting on it; but refrain from collecting it”
HD — Can you clarify this? I’ve heard conflicting information several times on this point.
What would you say is the going price per sq ft in Lincoln Park for the following:
Tree lined street w/parking
Busy street (ashland/fullerton/clark/etc.) w/parking
New construction premium? (how much should be added to the sq ft b/c it is new construction)
I’m seriously looking in Lincoln Park and want to get a feel of what people on this board think. I’ve been eyeing a few place and would like to get a “deal of a century.” 🙂
The bank often only bids what the property is worth at the sale…i.e. $100k bid but a $120 judgment means a $20k deficiency. It returns to the court for the order approving sale and the deficiency is entered as a money judgment. however, custom and practice is that they don’t make attempts collect on them unless it was a commercial or multi-unit investment property (with exceptions of course) but generally more often than not the bank writes off the loss and 1099’s the debtor.
Another issue is second mortgages. They are treated as recourse for practical purposes. the bank holding the second will sue you for the second mortgage. the smaller regional banks will sue you for a second while the securitized seconds are basically backed up at the bank as toxic assets. The defaulted paper I have seen sell is in the 1 to 2 cents on the dollar range. The right to collect $20,000 in formerly secured debt sells on the market for $200-$400 dollars. (Imagine what recovery rates like this do for the lowest tranches of an MBS!)… God only knows how hard the vultures will try to collect this stuff from foreclosed deadbeats. The statute of limitiations is 10 years.
gotta run
screw them…deal of the century OVER the 2005 price. please.
I have to return as I was mentioned in an earlier post. This is indeed a terrible location and this unit is worth no more than $340K. Parking is available at the corner of Webster and Lincoln (Old Lincoln Park Hospital parking garage).
To Anon’s post (I think), both hospitals have plans under way that will greatly approve the area once vacated and redeveloped. Children’s site is leaning towards a boutique hotel and townhomes with a lot of green space. They are concentrating heavily on open space around the hotel and connecting Oz Park to this new development. It should be amazing and improve the area and property values when complete.
Lincoln Park Hospital is still up in the air. They have talked about a townhome development but I think it will be a year or two away as little is happening as we wait for the market to recover. Once the two developments are complete, this area will be 100% improved and values will reflect this.
Oh the market… we obviously are coming out of a very scary time (4th qrt 2008 and Jan, Feb 2009) where nothing traded except short sales and REOs. I am happy to say that the Lincoln Park inventory (days on market) has dropped from 16 months in Jan to about 5 months today. Low interest rates (4.5%) and tax incentives have pushed quite a few buyers off the fence. There are currently 179 properties under contract out of a total 873 listed condos. There were 40 condos under contract in Jan so let’s say there has been a huge improvement.
Pricing is still soft in Lincoln Park but certainly not awful. Nothing more than 5% -15% off of 2006 & 2007 pricing depending on what you bought and how well you negotiated. This property for example (the old conversion I so often commented about), has nothing to do with falling prices and everything to do with poor utility and a bad choice for the person who purchased it.
I am still waiting for the opportunity to jump on some bank owned properties in LP but they are very slim pickings. It seems those who purchased in Lincoln Park were well qualified and not all that concerned about. Here is a statement from an appraisal that was recently completed on a $600k condo I helped someone purchase. I find it to support everything I ever stated. Maybe it helps to hear from an appraiser from Bank of America instead of me. “CONTRARY TO WHAT MAY BE HAPPENING IN OTHER MARKETS, CONDO VALUES IN THE
SUBJECT NEIGHBORHOOD HAVE REMAINED BASICALLY STABLE IN THE LAST 12 MONTHS. THE AVERAGE MARKETING TIME FOR ALL CONDO SALES
WAS 109 DAYS, BUT NOW JUST UNDER 120 DAYS FOR ALL LISTINGS.”
Hope all are well and still have their jobs. It is tough out there…
Steve, was the drop in days on market driven by the flood of new listings?
Chris – A flood of new listings would have caused the % under contract to decrease, or days inventory to increase, and not decline, The decrease is attributable to the 179 properties that went under contract.
Steve Heitman!
I thought maybe Comcast cut off your triple play, shutting off the internet and such. I’m glad to see you’re back.
I haven’t been around there in a while, would that easy street parking require 96 quarters per day?
I have been busy HD. Using some downtime with the slow market to change some things up with my business. March has more than made up for a slow Jan & Feb. Everyone quit the business and now it is getting busy again and there are so few brokers. No complaints here!
I’m guessing that it’s pretty damn difficult to collect on a deficiency judgment even if the lender wants to. Not too many foreclosees are going to have a fat bank account sitting there waiting to be seized. Any attempt to garnish wages or seize other assets would be met with a bankruptcy filing, since the debtor could probably BK with no real additional damage to their credit beyond the foreclosure. I am no expert on the subject at all, but it just seems to make sense that this is how it would work.
LP or not, what type of fool….yes I said it FOOL would spend that kind of $$ on a place like this?
Who on earth thought it would be an improvement to the property to add those tacky balconies to a vintage building? I am sick to death of them just seeing them hanging off of buildings in the W Loop…but enough is enough! There could not be a justification for doing such an ass backwards thing…even worse if the perpetrator thought this would add any value to the place!
Re: parking in this area….are you kidding me? One of the restoration specialists I work with lives a bit more than a block from this location and now parks his truck in my extra space and I take him home or he does the L/bus back to his place rather than risk more tickets or circle the blocks looking for anything resembling suitable parking on a weekend.
I know it is not acceptable to talk negatively about realtors on this forum…but can we ditch that rule just this once? PLEASE?
As much as I attempt to stay positive on the listings featured here, this one I just cannot!
This is a bump for JasonM’s post because I am also curious.. Anybody have thoughts about Lincoln Park price/sqft for tree lined w/ parking, busy street w/ parking, etc.
I know nobody can speak in terms of absolute pricing but relative pricing still really helps.
Bob said:
“And maybe no suburban GRASS that the kids HAVE to have. Its child abuse if theres no grass and open fields everywhere! ”
hehehehe. Fact: DCFS takes your children away if they dont have their own patch of grass to frolick in.
MT and JasonM:
Good luck looking for the gem in the rough. Everyone and their brother in this city are looking for the “Deal of the century” on a 2-3/br on a tree lined street for under 300K in LP. only a few exist and the ones that do (i’m guessing) haven’t been rehabbed in at least a decade.
“There are currently 179 properties under contract out of a total 873 listed condos.”
No, there aren’t. More like 130 (including those signed prior to 1/1/09.) We’ll see how many close.
Here are the numbers of contracts signed:
Lincoln Park
Attached Single Family (condo/TH)
Q1 Contracts Signed
Jan Feb Mar Q1
2005 165 152 215 532
2006 91 123 175 389
2007 89 135 156 380
2008 56 91 120 267
2009 18 50 91 159
41 of the 159 Q1 2009 contracts have closed through 3/31/09.
“Everyone and their brother in this city are looking for the “Deal of the century” on a 2-3/br on a tree lined street for under 300K in LP.”
Don’t delude yourself into thinking that everyone and their brother wants to live in LP.
HD- point taken
Ahhh just like the old days…… Steve puts out the numbers and G calls him on it. Things are getting interesting.
I’m more interested in finding a good deal on a NON-rehabbed place with good location and “bones” that I can rehab to my own taste, rather than paying for someone else’s generic LP/LV style rehab. These are getting harder and harder to find though.
“Don’t delude yourself into thinking that everyone and their brother wants to live in LP.”
Don’t assume that everyone should be able to afford to live in Lincoln Park!
As if living among a bunch of maxed out and fake trixie midwestern transplants is the height of civilization …..
“Don’t assume that everyone should be able to afford to live in Lincoln Park!”
Ok, Stevo and HD going at it again, just like old times!
HD –
I’m curious – do you hate LP or RN more? “a bunch of maxed out and fake trixie midwestern transplants” vs “douche bag carpetbaggers” (paraphrasing)…
Actually, it doesn’t appear that very many want to live in LP these days. Not enough to buy anything, that is.
Lincoln Park
Attached Single Family (condo/TH)
Q1 Closed Sales
Year — Jan Median — Feb Median — Mar Median — 1st Q
1988 — 35 $175,625 — 34 $127,250 — 58 $141,500 — 127
1989 — 56 $123,975 — 38 $145,250 — 71 $142,500 — 165
1990 — 56 $148,000 — 58 $174,500 — 76 $176,250 — 190
1991 — 41 $148,000 — 32 $114,850 — 76 $141,000 — 149
1992 — 35 $181,500 — 38 $172,500 — 102 $180,500 — 175
1993 — 54 $152,500 — 51 $205,000 — 76 $169,000 — 181
1994 — 89 $182,000 — 73 $207,000 — 113 $174,000 — 275
1995 — 48 $209,000 — 42 $210,973 — 84 $187,500 — 174
1996 — 72 $191,501 — 60 $176,713 — 88 $213,688 — 220
1997 — 67 $210,000 — 50 $217,000 — 89 $230,000 — 206
1998 — 69 $233,810 — 75 $235,760 — 104 $221,450 — 248
1999 — 71 $253,000 — 54 $293,792 — 110 $267,250 — 235
2000 — 59 $299,900 — 90 $310,000 — 98 $271,000 — 247
2001 — 60 $357,500 — 49 $365,000 — 96 $318,750 — 205
2002 — 47 $305,000 — 68 $350,750 — 101 $320,200 — 216
2003 — 63 $355,000 — 56 $346,500 — 120 $312,600 — 239
2004 — 72 $374,750 — 71 $385,000 — 132 $401,500 — 275
2005 — 133 $383,000 — 69 $341,000 — 124 $351,750 — 326
2006 — 63 $415,000 — 76 $363,250 — 103 $375,000 — 242
2007 — 71 $417,500 — 70 $372,000 — 128 $416,297 — 269
2008 — 44 $356,750 — 36 $445,625 — 97 $449,900 — 177
2009 — 14 $339,750 — 19 $514,000 — 25 $370,500 — 58
Sorry, I missed the 3 closings from 3/31/09 that were entered today. That makes a total of 28 closings in March 2009 with a median of $356,000. The total for Q1 2009 was 61.
The last line in my preceding post should be:
Year — Jan Median — Feb Median — Mar Median — 1st Q
2009 — 14 $339,750 — 19 $514,000 — 28 $356,000 — 61
It’s a toss up but I’d say that River North is slightly better. It’s not that I hate the localities and the amenities of LP/RN, it’ the people (and as sartre said, hell is other people).
On the other hand, i think the suburbs as a place to live totally suck too, but in many cases, my friends, old neighbors, family members, live out there so it’s tough me for me to say that they are losers because they choose to live somewhere that totally blows.
“fullhouse on April 1st, 2009 at 1:09 pm
HD –
I’m curious – do you hate LP or RN more? “a bunch of maxed out and fake trixie midwestern transplants” vs “douche bag carpetbaggers” (paraphrasing)…”
In my view RN is far more contemptible than LP. LP at least resembles a neighborhood. RN is full of carpetbagger transplants who wish they were in NYC and think they are so “cosmopolitan”. They are much more simplistic and less sophisticated than they think of themselves. At least theres no pretense for the LP crowd, or at least not vs RN.
Everyone I’ve met so far in RN has been very down to earth and nice… maybe they are just averse to large fat pale bearded men with tatoo’s who live in studios with their cats and enjoy single gear bikes and way too tight jeans.
Oh yeah, and I saw some hippies the other day riding one of those super tall bikes down Orleans St.. like the seat is 7′ up in the air… wtf is up with that?
Face it Sonies, RN is an overpriced and overcrowded ‘hood. Its so obvious its true because you get so defensive about it.
But hey at least you can brag to your friends you live in the most expensive neighborhood in the midwest. I mean thats like what, half the cost of Brooklyn? Midwest success man, all you need now is slicked back hair for the Rush street cougars.
Nah its not overpriced (compared to LP, Gold coast and East Lakeshore IMO anyways), and overcrowded? Why live in the city if you don’t enjoy the different cultures and population density? May as well move to Oswego.
Things I enjoy about RN
1) 5 minute commute to work
2) 15 minute walk to everything the city offers, millenium park, michigan ave, the loop, the riverwalk, the lake, metra, El, plenty of cabs, east bank club
3) Unbelievable views of the greatest skyline in the country
4) Choice of grocery stores, art stores, furniture + home improvement shops
5) The white noise certainly has helped my sleep.
6) Very dog friendly hood with multiple off leash parks
7) A world of dining and entertainment choices, albeit expensive
Things I don’t enjoy about RN
1) Parking sucks unless you have a spot (thankfully we do)
2) El Noise, yeah its for 5 seconds but its twice every 10 minutes at least
3) Lack of grass for my dogs to piss on
4) The restaurants in the area are REALLY fucking expensive
re: G’s chart–
1988 and 2009 real $$ are not that different: $175,625 in ’88 = $315,016.02 in 2009, adjusted for CPI. ANd $253k in 1999$ = $322,237.87 in 2009.
Cherry picking sure, but fun with numbers nonetheless.
That January 1988 median was an outlier, as well as the fact those were bubbly times. 1999 was also already bubbly. Try 1997 as the start.
Are you calling the bottom anon(tfo)???
To each’s own. You don’t need to justify your position to Bob or me.
“#Sonies on April 1st, 2009 at 1:50 pm
Nah its not overpriced (compared to LP, Gold coast and East Lakeshore IMO anyways), and overcrowded? Why live in the city if you don’t enjoy the different cultures and population density? May as well move to Oswego.
Things I enjoy about RN
1) 5 minute commute to work
2) 15 minute walk to everything the city offers, millenium park, michigan ave, the loop, the riverwalk, the lake, metra, El, plenty of cabs, east bank club
3) Unbelievable views of the greatest skyline in the country
4) Choice of grocery stores, art stores, furniture + home improvement shops
5) The white noise certainly has helped my sleep.
6) Very dog friendly hood with multiple off leash parks
7) A world of dining and entertainment choices, albeit expensive
Things I don’t enjoy about RN
1) Parking sucks unless you have a spot (thankfully we do)
2) El Noise, yeah its for 5 seconds but its twice every 10 minutes at least
3) Lack of grass for my dogs to piss on
4) The restaurants in the area are REALLY fucking expensive”
“Try 1997 as the start”
= $277k for Jan; = $304k for March. Still above HD’s nominal 1999 fantasy (which might be realized by the overshoot, but if HD waits for that, he might miss the trough).
So about 17-18% to go, if those sales are comparable mixes–which is unlikely with the tiny volume this year.
Not really predictive of much, as I said, fun with numbers.
Bob, Don’t take this the wrong way, and I’m not sure if your really like your posts but you remind me of a 21st century Archie Bunker.
anon, I agree about the medians.
For now, it is the volume that really sets today apart. There is no way that picks up without considerable price cuts.
Just 5 minutes ago my colleague showed me a debt collection letter from some debt collection agency on behalf of EMC Mortgage (IIRC Bear Stern’s mortgage company/servicer).
The letter says that this guy owes them $50k for a deficiency on a foreclosure from 2006; She also showed me the actual deficiency judgment for which was for only $33k. $17k in interest and fees since 2006. These toxic assets are finally being pulled from the vault. How apropos since we were just discussing this yesterday.
Hey G – I love your data but I don’t know that you really understand what it means. Couple of questions for you…
1) Was the market normal or abnormal from Nov 2008 – Feb 2009?
2) When were the closing that occured in Q1 contracted?
3) Is the trend becoming more positive or negative?
4) How do you have a MLS license? I bet you are an appriaser. I walked passed a class of appraisers and thought I heard someone yelling “Geeeeeeee”.
Bob –
RN certainely isn’t cheap, but it’s not the most expensive neighborhood, either. I think RN and LP are about equally expensive – similar price per square foot and median price, but RN tends to have newer developments. RN is also clearly cheaper than gold coast and streeterville – wikipedia agrees.
I know quite a few people who live in RN – not too many want to live there BECAUSE it’s expensive… proximity to the loop, all of the expressways & lsd, restaurants, public transport, Mr Beef.
As far as the people, sounds pretty subjective and anecdotal… we need a good survey of douchebagness of chicago neighborhoods.
“But hey at least you can brag to your friends you live in the most expensive neighborhood in the midwest. “
Hey G – I dug into the numbers a bit and want your opinion on something. You mentioned you were looking for an increase in volume so I ran a 2 bed, 2 bath LP search on closed vs contract units. In feb 2009, a total of five 2 bed, 2 baths closed in LP. In march 2009, a total of 32 2 bed, 2 bath units went under contract.
Seems things are a picking up dare G. Get your appraisal note pad ready!
Out of the 32 LP contracts in 3/2009 there was 1 short sale, 1 foreclosure and 2 “sold before print.”
awesome info G… thanks for posting that. where is it from btw? MLS? I’d love to look at data like that but I don’t have the magic realtor symbol after my name. All i have is the tribune website … i feel so ghetto.
Too funny. The SHill posts erroneous data and then wonders if I understand the mls data I posted. The SHill even includes a question that was clearly answered in my post of correct data.
Perhaps the SHill will share his “interpretations” and I will correct them with facts. But, if that attempt to compare Feb sales and Mar contracts is any example, I wouldn’t expect much.
An appraiser? No. But I have responded to one of their trade groups’ request to put together a class for them in interpreting data. Look for it soon under the title: It May Bounce, But The Cat Is Still Dead.
Bob said… “RN is full of carpetbagger transplants who wish they were in NYC and think they are so “cosmopolitan”. They are much more simplistic and less sophisticated than they think of themselves.”
Damn and I thought I had lived in RN because it was near everything and I could walk everywhere.
Valasko.. I wouldn’t say Archie Bunker since he was funnier. Strikes me more as a guy who is angry that he hasn’t gotten out of life what he had expected to get when he was younger.
Hey Bob, if you are going to categorize me… Fair is Fair!
“EASY STREET PARKING”? What?! Not in this neighborhood, lady.
“DEAL Of THE CENTURY”? Desperation. Can you smell it?
Listings like this give real estate agents the world over a bad name.
Anyone have any thoughts on Price Per Sq Ft in LP? So many opinions but none on this…
Any thoughts?
I’m no expert of LP, but I think $300/sq ft is fair (parking incl and no real problems). As places get larger, the $/sq ft should drop modestly, figuring it probably has more living space relative to baths and kitchen.
“Perhaps the SHill will share his “interpretations” and I will correct them with facts. But, if that attempt to compare Feb sales and Mar contracts is any example, I wouldn’t expect much.”
It is called lagging vs future indicators. G is such a tool!
Ze,
You might not be too far off on me, but you fit the bill pretty well for a RNer as I described. All too eager to try to show off how ‘worldly’ you are with all of your S America crap. Like anyone on here really cares about whatever beach you jetset to? Sounds like looking for validation to me. Ditto on the drug use and bragging about how it has never affected you but rather enhanced your abilities. Yay ze loves his herb and is a jetsetter…*yawn*
“It is called lagging vs future indicators.”
The SHill calls that analysis? What about seasonality? Comparison to prior years? Funny, no mention of either. No mention of why the SHill lied about existing contracts, either.
The YOY declines continue. Don’t worry, when any recovery to sales volume begins I will be the first to welcome the next leg down, since increased sales will be accompanied with further price declines.
Okay G, I will play. So we are in year 2 of this huge downturn and Lincoln Park, according to you, is almost on the verge of falling off the cliff? The rest of the workd is about to recover and LP is just about to fall? You really are funny. I have said for the past 18 months that LP would hold up well. The economy is substantially worse than I ever imagined (finally turning though) and LP is still doing just fine. Why are there no foreclosures (go ahead and list you 5 or 6) in LP? Why so few short sales? Answer that question and you might understand why volume is down. People don’t ahevt o sell in LP because they have money and have jobs. Why would you want to sell in this market is you do not have to?
Tell me this G. Have I been tellin gyou for the past 18 months that LP would hold up much better than the surrounding areas? Has LP held up better than surrounding areas? Thanks for telling me I am right.
I am sorry I knocked your profession as an appraiser. It is a big accomplishment to get your appraisers license and I am sure you are real good at what you do. No hard feelings G
I don’t get it–you keep calling G an “appraiser” in a manner designed to imply that is guffaw-worthy. What’s wrong with/humiliating about being an appraiser? Seriously, is this a part of cultural literacy that somehow passed me by?
G, SteveH
Come’n people, post some data (G has done some) more the better, I am sure we know how to use excel,google,or openexcel etc, tab delineated data would be helpful
call each other names just make you all babies!
Does anybody know when permits for rehabs went up? and if by region when LP had their boom.
Fullhouse, i think asking for price per SF in Lincoln Park is far too general.
If you narrow it down (new construction two-bedroom condos w/parking in walk-up buildings) then i think you can start to talk meaningfully about SF numbers. The more you narrow it down, the more meaningful the numbers become.
If you are more specific, i’ll be a fool and stick my neck out with some guesses. (if i remember to check this tommorrow).
I wasn’t asking for the price per SF, I was giving a really rough estimate to JasonM and MT’s question. He was asking about:
Tree lined street w/parking
Busy street (ashland/fullerton/clark/etc.) w/parking
Not necessary new construction
I’m not aware of a large difference b/w tree lined vs busy street, but I could be wrong. I was just throwing a number out there, thinking others would throw out better estimates.
“I’m not aware of a large difference b/w tree lined vs busy street, but I could be wrong.”
If there isn’t a large differnce, you’d be a fool to buy on a busy street. It’s one of Stevo’s “sure ways to lose money on real estate in LP”.
I don’t believe that the conclusion was based on any analysis.
I intuitively agree with the conclusion but it could be due to the fact that the busy streets were where quite a bit of new construction went up. The B AND C zoned parcels held the most unrealized res development potential this boom. In other words, the busy street might not be what is primarily driving the difference, it could be the new construction.
“I don’t believe that the conclusion was based on any analysis.”
I think you know why I keep bringing it up, and it ain’t b/c I admire the rigorous analysis behind it.
But, also, I would try to stop a friend from buying on a busy street, unless the place were much cheaper than a comp not on a busy street. For all the obvious reasons + Stevo and I can’t be the only ones who disfavor busy streets, so re-sale would appeal to a somewhat smaller pool.
I should have been more specific
price per sq ft estimate for 2bd/2bth in Lincoln Park (east of Ashland)
tree-lined w/parking
busy street w/parking
what’s the premium for new construction?