Developer Cuts Prices by $50K in Lakeview: 2936 N. Lincoln
The developer of this 8-unit new construction building at 2936 N. Lincoln in Lakeview has sold 4 out of the 8 units in 3 years.
2 sold in 2007 and 2 sold in 2008. The last sale was in July 2008.
To move units, the developer recently cut prices by $50,000 on all remaining units calling it a developer’s close out and “blow-out” pricing.
Will these cuts work to finally move these units?
They are still priced above the conforming loan limit.
Sergio & Banks is handling the sales. See the listing and pictures here.
Unit #2N: 2 bedrooms, 2 baths, 1700 square feet
- Originally listed in 2007 and 2008 at $494,222
- Reduced
- Currently listed for $449,900 (parking included)
- Assessments of $150 a month
- Taxes are “new”
- Bedroom #1: 15×14
- Bedroom #2: 12×10
- Living room: 28×18
- Kitchen: 14×8
Nice looking unit. Really like the bathroom. assessments are reasonable. not knowing what comps are like out there, it might close for 400-410?
This developer is a moron. They could’ve probably sold these at 450k back in 2007, now after two years on the MLS they cut by 10%. Sorry guys more than a little behind the curve on this one.
I love this hood, I used to rent around here… pretty expensive but at least its 1700sqft at this price instead of 1200sqft like in LP
“They are still priced above the conforming loan limit.”
The loan limit is based on loan amount, not sales price.
Even purchased at the current asking price, most buyers are going to be below the conforming loan limit of $417k.
The last sale was in July 2008.
And it will remain that way for awhile.
Can’t wait to take piano lessons as home, but I bet my neighbors above and below me can.
without looking at the comps, i think the price sounds good. Smart move by the devloper, rather than a 10K reduction.
however, i’d be nervous buying into a small buildnig like this because the 4 other unit owners are all significantly under water, and odds seem high that at least one of them will as a result turn into a foreclosure. which will set the stage for an even lower sale in the complex than the current offering. it’s a bad cycle.
Same as Southport condo, location wasn’t intended for upscale condo living. Is the chicken slaughter house still there? Also, is Sergio & Banks the developer too, or just the realtor? S&B is a politically connected builder known for receiving questionable zoning approvals and low budget construction – red flag.
“and odds seem high that at least one of them will as a result turn into a foreclosure”
Doubtful, I’d say. People buy in this hood because they have lots of money. There’s million dollar homes lined up for blocks surrounding this place. This isn’t the south side where 25% of your neighbors are going to lose their jobs and have no cash on hand to make mortgage payments for a few months till they find a new job.
A million dollar home is only a million dollar home because somebody puts down $200k and borrows another $900k with a WaMu or National City Loan.
I know the owner of a bar around here. He owns the building. The property is not actively on the market but he said he would let it go for $2.1MM. I suspect he is rich and just runs the bar for fun.
There is a lot of money in this area indeed.
But people in that area generally have higher incomes, I’ll agree with you on that.
Oh Sabrina – Do you really say this? “They are still priced above the conforming loan limit.”
Are you assuming 100% financing?
“I know the owner of a bar around here”
Fearon’s or Side street saloon?
Both those bars rock!
“Is the chicken slaughter house still there?”
that’s been shut down for almost 20 years.
and I’m pretty sure it wasn’t a slaughter house, just a processing plant (I could be wrong, but I’d think there’d be some noise associated with slaughtering, and I know they sold chicken products right next door). The meatpacking plant might be what you are thinking of, but they did receive the animals already killed, they chopped them into small enough parts for the local butcher shops to do the rest.
“Is the chicken slaughter house still there?”
This is the best comment posted on this website, bar none.