The 2/2 Condo Under $375K in Lincoln Park: 1350 W. Fullerton
This 2-bedroom unit at 1350 W. Fullerton, the Altgeld Club, in Lincoln Park is just a few blocks from the DePaul campus and the Fullerton El stop.
Built in 1997, the mid-rise building has 60 units.
The unit has hardwood floors and the second bedroom has been opened up and is being used as an office.
The kitchen has 42 inch maple cabinets and corian countertops.
The master bath has side by side sinks and a separate tub and shower.
When you add in the price of parking (which is extra), this unit is listed for less than $375,000.
For the location and square footage, is this a steal?
Beth Wexler at @Properties has the listing. See the pictures here.
Unit #309: 2 bedrooms, 2 baths, 1270 square feet
- Sold in May 1998 for $231,000
- Sold in October 2004 for $360,500
- Originally listed in early May 2010 for $375,000
- Reduced
- Currently listed for $350,000 (parking $20,000)
- Assesssments of $371 a month
- Taxes of $4608
- Bedroom #1: 14×14
- Bedroom #2: 10×9
While this place certainly has nicer finishes, as another poster pointed out, there is at least one 2/2 at 2700 Hampden which is less expensive than this unit…with a far better location.
Throw in parking and this sells. ANother 5k-7.5k for some kitchen updates and you got a pretty nice s p r e a d .
“While this place certainly has nicer finishes, as another poster pointed out, there is at least one 2/2 at 2700 Hampden which is less expensive than this unit…with a far better location.”
2700 N Hampden was built in 1969 and this building was built in 1997. Do you really think you can compare them?
Hampden units don’t have central air and no in-unit washer/dryers. Assessments are also higher- by about $125 a month. The unit is also smaller at 1000 square feet versus 1270 square feet at the unit on Fullerton. It also doesn’t have hardwood floors and the bathrooms are not updated to the extent they are in the fullerton unit.
The Hampden unit is $325k plus $35k for parking. Here it’s $350,000 plus $20k for parking.
Seems to me the Fullerton unit is a much better deal but you don’t get the views.
I kinda like it. Definitely suffers from not actually having a second bedroom in current configuration, and said second bedroom only being 10×9 anyway.
I used to walk or bus past this stretch of Fullerton every day, and it’s a pretty decent hood. Easy walkability to Webster/Clybourn area (specifically Pequod’s) is a definite bonus.
I have mixed feelings about the master bath. On one hand, the double sink is great. Every condo master SHOULD have a double sink yet most do not. On the other hand the fixtures and counters are dated.
My bet is this place, like many other condos, is priced below rental parity.
Sabrina: I agree (except for the fact that the 2700 Hampden unit in question does have wood floors), though I would submit that 2700 Hampden has more going for it than just the views, in terms of it being a better location than 1350 W. Fullerton.
I would imagine that you could get the sellers to throw in the parking for free and this place will sell, that seems to be a realtor tactic to keep prices inflated because you’re getting a “deal” with 20k of parking being included.
No clue about the building though is it full of college kids or what?
Some of the units at 2700 Hampden are way less than this one — there’s one listed for $275, 000 (11B). Is there any way to calculate/compare units with vastly different assessments (& amenities), parking, etc? My wife and I are actually considering looking to buy a 2BR/2BA in LP and are trying to wrap out heads around the differences between say a 3-unit building and a high rise. How is deeded parking vs. rental calculated into things like mortgage approvals? Seems some look down upon non-deeded parking, but it’s another $25-50k of mortgage to get approval for — no? What’s “fair market value” for amenities like doorman, pool, etc. when trying to compare assessments in a no-amenity building vs. a full amenity one? How are capital expenses covered in smaller buildings vs. high rise reserves?
“SUNNY NORTH FACING CONDO”
Does not compute.
Are the 3d floor condos high enough to see over the townhouses, or not?
“2ND BR CURRENTLY OPENED UP, USED AS OFFICE”
= ONE bedroom, not two.
White appliances look bad with the maple.
Buyers will be expecting two complete bedrooms so at this point this is really a 1+den. Buyers do not want to do any work in general. I do not think this is a steal for a 1 BR + den.
What would this rent for? $1700ish?
I’ve lived in this building for years – last unit, exactly one floor above sold for $385,000 including parking last fall – so this is a good deal – although the unit above (409) was more updated. Units on the tier rent for $2000.
The building is solid, concrete between the floors, so no noise at all. I’ve been really happy here. I can’t think of any negatives to the place – but then again I’m biased.
I should add – there are two other single-level 2BRs for sale right now. 414 on a corner is listed at $30K more than this one and the owner has already moved out and therefore might be getting desperate – but the finishes are quite dated. 410 was just pulled off the market after 7 months on. His is listed $40K more than this one but he’s dumped about $60K of upgrades into the place, who knows if he’ll get any of that money back. Both of those units have south-facing skyline views. The latter unit with all the A/V and stuff in the place is probably great for some 25 year old newly wealthy financial-type.
Sellers need to stand firm on price and show those buyers expecting ‘deals’ that there are no ‘deals’ to be had in Lincoln Park real estate. If sellers would just hold out a little bit longer – buyers will get the idea and bid accordingly. While they’re at it, they should require the buyers to feed the squirrels.
“In a Booming Market, Sellers Can Be Choosers
by Amir Efrati
From The Wall Street Journal Online
June 20, 2005
Within a month of putting her two-bedroom house in San Francisco on the market recently, homeowner Linda Gao had five offers, each one above her asking price of $699,000. So before accepting the most-attractive bid, she threw in an extra condition: If you want to buy my house, you have to feed the squirrels.
Two weeks later, she and the buyer hammered out a contract that included feeding the backyard wildlife, which Ms. Gao has done three times a week for the past two years. “I don’t think it matters if it’s a buyer’s market or a seller’s market,” Ms. Gao says. “Anyone with a good heart would feed them.””
http://www.realestatejournal.com/buysell/tactics/20050620-efrati.html
I’d bet the squirrels are faring better than the new owner.
Chicago will continue to decline for some time as the real problems were just buried. Banks have been sitting on these foreclosures for YEARS.
Take a look at this link from a pre-foreclosure in 2008, the pic is timestamped.
http://www.urbanrealestate.com/property/2615-S-Emerald-Ave-Unit-1R-CHICAGO-IL-60616-4MDLNDTTGN2H6.html
Now take a look at the foreclosure which finally appear on the market today, OVER TWO YEARS after this owner started showing signs of financial distress:
http://www.redfin.com/IL/Chicago/2615-S-Emerald-Ave-60616/unit-1R/home/13036314
There are thousands of these foreclosures out there–just disappeared into the ether for a period of years. Wasted away in reality but sitting on the bank balance sheet.
The problem with the extend and pretend mentality is when the pretending ends. And the longer this went on the worse the eventual correction is.
Bank foreclosures flooding the market over the next two years are going to decimate valuations, which we are already seeing.
“Now take a look at the foreclosure which finally appear on the market today, OVER TWO YEARS after this owner started showing signs of financial distress:”
She came up with $16k in the 6 weeks after she bought it when she refi’d from 80/20 to 80/10 on her $160k purchase.
This is pretty small potatoes, and really wasn’t ever worth more than ~$109 or so, as it’s a rear garden condo about 200 ft from the Stevenson. Sure, this is going to be a bad comp for so-so condos in crappy locations, but what does this have to do with the price of tea in China? It’s just another data point in the “people paid too much for crap in crappy locations”.
Bob is bringing up this example to illustrate how long it is taking these foreclosures to come back onto the market from the bank (once the owner goes into distress.)
All the short sales in Lakeview right now that aren’t selling? How long until the bank takes them back and then they come back on the market at an even lower price and depress the market further? At least a year maybe 2 years. I’m seeing a time span of anywhere from 18 months to 2 years from lis pendens to foreclosure to the bank relisting.
Sold for $340,000 incl parking.
That foreclosure at 2615 S Emerald in Bridgeport sold for a whopping 35k on 2/1/2011.