Live on Lincoln Park and Take in the Views: 2500 N. Lakeview
This 2-bedroom penthouse unit at 2500 N. Lakeview in Lincoln Park has views of the park, the lake and just about everything in between from its wrap-around windows.
The listing says it is the only floor in the building with 10 foot ceilings.
There are white marble floors in the living area and carpet in the bedrooms.
The kitchen has white cabinets and appliances. The bathrooms also have white features.
There is central air and a washer/dryer in the unit. The parking is rental in the building.
2500 N. Lakeview was built in 1974 and has a pool and doorman.
But it’s really all about the views.
Leila Keene at Baird & Warner has the listing. See the pictures here.
Unit #3501: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 1988 for $290,000
- Sold in November 1996 for $210,000
- Currently listed for $399,000
- Assessments of $1024 a month (includes pool, doorman)
- Taxes of $5176
- Central air
- Washer/Dryer in the unit
- Parking is leased for $145 a month
- Bedroom #1: 18×13
- Bedroom #2: 14×13
- Living room: 16×23
- Kitchen: 9×22
This building provides what is arguably the most affordable opportunities to buy a place right on the park.
This particular 2/2 is pretty nice (but appears to have taken the whole “open floor plan” Chicagoism to an unfortunate extreme), especially considering that there are a couple of other (newly renovated) 2/2’s going for $500-600k in the building.
There are also a couple of 3/2’s going for roughly $425k (all 2/2’s appear to be oriented south and west towards the city and the 3/2’s east and north). One of the 3/2’s needs only minor (immediate) renovations, but the other needs a complete gut (floors, bathrooms, kitchen, etc.).
The assessments in the building are a little high (and tack an extra $145/mo on for parking), but not totally out of sync with other large buildings on the park. However, in addition to the protracted (and potentially perpetual) construction project next door at 2520 (for which financing has only been secured as to the underground/foundational work), the building is gearing up for a MAJOR project: the replacement of all of its “window walls” and all ac/heat units (including the sleeves, which have apparently been the source of widespread leak damage). Rumor has it the project could result in special assessments of between $50-100k per unit (for the 2/2’s and 3/2’s).
What do the Chatterati think of this place, in light of the price points, construction project next door, and the looming special assessment albatross?
lol at the price if this place is getting a 100k s-assessment tacked on.
At that point, with the taxes and assessments going up you pretty much have to just give this place away. You won’t find many takers, either.
Rent til your dead.
I know it’s something that you could easily change, but all those mirrors would drive me totally nuts after a while.
Nice price for a top floor unit on Lincoln Park, but do you think those mirrors were put in by a stager to make the place seem larger than it is?
That’d be my guess
sorry this is O/T, but everyone really MUST look at the pics for this listing in Pilsen (btw, pretty decent location, what’s land value here?):
http://www.redfin.com/IL/Chicago/1317-W-18th-Pl-60608/home/14084985
especially pic #4!
It is a fine building (spent some time there back in the day as a friend lived there), and, Annonny, you had me pretty interested in the idea of an east-facing 3/2 for $425 here.
But, a few grand for a special is one thing; $50-$100k is totally another deal. That could break a building.
People always talk about hassle free condo living. . . can you downsizing from a SF to this to avoid “the hassles”. . . and then having to come up with an extra $100k on a special? I’ll take the (admittedly expensive) regular maintenance on my SF instead, thanks.
I live in Pilsen. I wouldn’t want to live right on 18th as it is pretty busy. I wonder if this house also has my catalytic converter that was stolen from under my car because that is likely my spare tire that was stolen! Maybe the other 2 are from the guy who came out to his car a couple weeks ago to find both the drivers side tires stolen from his car overnight…….
Roma, as Onlooker notes, there’s a value story here– those spare tires are kinda like a first time buyer tax credit, but scaled to Pilsen.
But my favorite is: “No heating, no air conditioning.”
(Agree there may be a land value argument here, especially assuming it’s zoned commercial, but I am totally not a believer in Pilsen as a hood that will be appreciating).
…which is why its really important to have a condo building that is well run.
Case in point. The John Hancock. Not the cheapest assessments. Not crazy either. Not the latest amenities. Special assessments? Doesn’t happen.
There’s something to be said for an established well run building vs. new construction or conversions.
I lived in a conversion for a number of years in Streeterville. I moved out right before they had almost double digit assessment increases for a couple years in a row. It was a dark 5 years until they got everything sorted out. A new management company. And finally no assessment increases for a year or just the standard 2% increase a year.
need coffee
Pilsen tax credit…i’ll take it if they throw in some rims!
i don’t want to derail the thread, but it’s 18th place, Onlooker, not 18th street–and the south side of the street at that. if you live in pilsen, then you know it’s an un-busy, all-residential stretch.
Say you were interested in purchasing a unit here – at what point would you know about potential special assessments? Would the onus be on your realtor to find it out for you? It would be a real kick in the junk to find out after you close that you’re on the hook for $50k-100k shortly.
Shouldn’t you theoretically get it on the 22.1?
You ask for condo minute meeting notes.
You put in your contract language to protect you from specials for a certain time period
You escrow money for that time period
i base my decisions on what i read on cribchatter.
^^^ Yup.
Reading those condo minutes is no fun, but in my experience it’s the best possible way to get warning (you should do it even if you’re not scared of a special, to learn of building issues).
But if there’s no evidence in the notes, and the assessment happens after you’ve taken possession, I don’t believe there’s a whole ton of protection you can build into the contract. Obviously escrowing $100k could be a problem too.
(I have some experience with this, once sold a condo and a year later new owner got hit with a special– I genuinely felt bad, but also genuinely had no clue it was coming. . . buyer had no recourse).
I live about a block north at 2626 Lakeview — the 2BR/2BA run from about $315-$450k depending on floor, floorplan, updates, etc. And I believe the assessments for 2BR top out in the $650 range. Seems my building is a better buy, given equal location, same amenities, etc. Building’s never had a special assessment in the 30+ years it’s been condo.
SquareD is correct. I’ve dealt with the issue numerous times. Must have actual knowledge. Rumors don’t count.
2500 isn’t hiding the impending window project. The association’s website provides a summary of the anticipated project, and the issue is at least mentioned in several months’ meeting minutes. However, they seem to be taking an enormous amount of time to get the project underway (e.g., it looks like it’s taken them a year just to select a firm to perform the inspections), and they have been rather taciturn as to the ultimate cost and related special assessment. It’s seems like they don’t want to put any actual numbers into the record…
After all the excitement this neighborhood provides, you can come home and be gently lulled to sleep by the decor/finishes in this place.
But man, oh man, the views!
Is the ’96 price a typo?
@ roma
My bad….didn’t see the “place” assumed “street”. Ah well…..
Looks incredibly overpriced given other units in the neighborhood are significantly cheaper both in price and monthly assessment. Below is an example of a similar view 2Bed/2bath with pool and doorman. Only difference I see is no washer/dryer (W/D). Is the W/D really worth an extra $500 per month + $80k in price + potential $50-100k special?
http://www.redfin.com/IL/Chicago/2700-N-Hampden-Ct-60614/unit-21D/home/13369403
LPcondoFan,
Thanks for the link to the listing at 2700 N. Hampden. Looks like a nice place, especially if it gets down to around $300k (and the fact that the seller will pay the special…wonder what’s in store?). I may take a look.
However, I’m not sure how similar the two buildings are. One is a conversion, and one was built as condos. One is two blocks off of the park, the other is directly on the park. One has a w/d, the other doesn’t. One has floor to ceiling windows, the other doesn’t. One has a good-sized balcony (granted, the higher floors might not get much use out of those), the other has no private outdoor space). Lastly, one is a true two bed (with a larger living area), and the other is listed as a “split” two bed…note that the second bedroom is accessed by what appear to be French doors off of the living area (which looks nice enough, but can’t really be called a “two bedroom”…it’s more like a large one bed with a nice den/office/guest-sofa-bed/media room adjacent to the living area).
I rented a 2BR at 2500 N Lakeview 07/08 – high floor but better view (3/4 straight to Lake, 1/4 straight to downtown). Great building, fantastic location, views to die for.
Small swimming pool is more or less unusable : it sits above the car park, level 1.5 or so, constantly windy. It is also patronized mainly by the more elderly of the seniors who control the building, and believe me, they don’t take any ripple in the water lightly. Don’t even mention the concept of a splash. That is a big No-No.
Assessments are on the high side, all the time. Car park is privately run and pricey to boot.
Great place to rent, not so great to buy. Between taxes, cost of assessments and lack of price appreciation, this is a sure money-loser.
we took a look at some units in this building – small, but often well laid out and yes, amazing views.
but the construction is going to be a hot mess. one lady (who unfortunately is on the north side of the building facing the hole in the ground) said that dust was coating her windows and balcony. yikes.
annoyn,
I checked out the 2700 Hampden unit. Split meant one bedroom and bathroom on each end of the unit. It looks like a good layout for prospective two person rentals. Pool is also more desirable on the roof and overlooks the skyline/lake. Special is minor. Some type of fire system for ~$2k per unit that the city is making them put in. Windows are 3/4 of the wall and can be fully opened and not just vent like this one.
Overall pretty nice place. IMO, a way better value than the one featured here on 2500.
bookfraud, did you look at 2/2’s and 3/2’s or the one beds? How recent was the report about construction dust?
Does anyone on here know anything about the construction next door?
Anyone, anyone…
Anyone seen this before? No, not the Laffer Curve. This or any other units in 2500…
It appears that the developer at 2520 N. Lakeview has just secured the funds to continue/complete the project…
Not even Clio has anything to say about 2500 N. Lakeview, or the fact that 2520 will now be built? Perhaps he/she provided the surprise financing.
“Not even Clio has anything to say about 2500 N. Lakeview, or the fact that 2520 will now be built? Perhaps he/she provided the surprise financing”
If it will turn a profit, I’m all in – in fact, right now I’m thinking of how I can capitalize on the hookers being mentioned in another contemporary thread.