Trying to Sell a 2/2 With 2-Car Parking in Lincoln Square: 1949 W. Leland

This 2-bedroom condo at 1949 W. Leland in Lincoln Square has been on and off the market since March 2009.

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The 8-unit building was a 2006 conversion.

The unit is on the top floor and has 12 foot ceilings, exposed brick and a balcony.

It has all the bells and whistles of new construction including granite counter tops and stainless steel appliances.

The unit also has central air and an in-unit washer/dryer.

Parking is a rarity with many Lincoln Square conversions and this unit not only has 1-car parking, it has 2 tandem parking spaces included.

The unit is currently listed for $17,500 under the 2007 purchase price.

Is this a deal?

Cecilia Kuhlmann at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1145 square feet, 2 car tandem parking

  • Sold in October 2007 for $357,000
  • Originally listed in March 2009
  • On and off the market
  • Currently listed for $339,500
  • Assessments of $173 a month
  • Taxes of $5338
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×10

25 Responses to “Trying to Sell a 2/2 With 2-Car Parking in Lincoln Square: 1949 W. Leland”

  1. First thing I would do would be encase that expose ductwork in drywall. Exposed ductwork = fugly 1990s trend that needs to go away.

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  2. “The 8-unit building was a 2006 conversion.”

    Read no further. This was a mistake and looks like a low end rental in a lower income neighborhood.

    Once a rental, always a rental.

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  3. Further, with LP 2/2’s selling for 350k, this place is a complete and total ripoff.

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  4. I think market value is definitely below $300K on this one. Maybe $295 would get it done. It just looks like a rental. It does have parking and laundry, but it’s a small unit.

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  5. Usually, I try to find something good to say about a place… but… uhhh….. (I don’t even know where to begin… so much “badness” about this place….. now I’m depressed).

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  6. “Further, with LP 2/2’s selling for 350k, this place is a complete and total ripoff.”

    Everybody thinks their place is super special and that they’re going to be one of the lucky ones to find a greater fool.

    Except the musical chairs/hot potato game of selling the property not on underlying cash flows to rent analysis but rather on intangibles has long since stopped.

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  7. not sure how special 2 tandem spaces are actually, as most of these small old 6 flats have tandem space parking in Lincoln Square

    its ugly though

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  8. I love Lincoln Square, but this place is so dark and boring. I get depressed looking at it.

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  9. I’m feeling contrarian.
    I like long hallways.
    There, we’ve said something nice about it.

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  10. Backs up to the el, no?

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  11. The living room and kitchen need to be painted to make it pop more. Right now it looks like an above average rental. Not really sure what some folks expect they are going to get in this price range though. LS is a nice area. Yeah, it ain’t LV/LP but some people have no desire to live there even if you can find a few properties at a similar price point.

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  12. drop it 100K

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  13. i guess i am the only one; i don’t think its all that bad

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  14. Those are just to help them recognize their neighbors… like that Seinfeld episode.

    “maybe its the apparent mug shots in the hallway pictures that are turning people off”

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  15. “i guess i am the only one; i don’t think its all that bad”

    Really? Even with the el in the backyard? Just at the end of a turn?

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  16. Ha ha ha ha,

    what people will pay to be in a yuppified hood and listen to the ravenswood train line brakes.

    340k can take you a long way on the NW side and we do have starbucks, and potbelly’s, you will have to drive to potbelly’s but its like a 5 min drive

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  17. You know it’s small when there’s 4 pictures of the same room.

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  18. Interesting that it’s missing a true dining area (i.e. just enough for a table and chairs), which shows it’s quite small. At $350K, you’d think you get that feature.

    I’m not saying anything novel, but it’s overpriced. I’d guess $269K would be right.

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  19. “At $350K, you’d think you get that feature.”

    you trade that feature for a true Chicago vintage feature, what is more blues bro’s than having a real live city train in your back yard?

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  20. I’ve been in one of these units and they actually are nice.

    Unfortunately the relator and owner have not made the smallest bit of effort in staging the place. I mean who posts pictures of the building in the winter? Lazy.

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  21. Only because this building’s in Lincoln Square would it even get $250K. Boring, ugly building with standard rehabe that looks like every rehab I’ve seen in Rogers Park or Edgewater. In those neighborhoods, it’d be lucky to get $160K these days.

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  22. I think this would appeal to people who like the “loft” look and feel but don’t want or can’t afford the “real” loft conversions in the South and West Loop.

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  23. Technically, this is not Lincoln Square, it’s Ravenswood. You people don’t even know where you’re looking. Also, I hate exposed ductwork as well. Developers only did that because it was cheap and all kinds of clowns bought anyway. I think we should all stand back and take a good, hard look at ANY trend and consider its long-term value.

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  24. Kiz – the loft look is here to stay because young people think it’s “cool” and are willing to pay for it.

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  25. “Technically, this is not Lincoln Square, it’s Ravenswood.”

    *Technically* Ravenswood doesn’t exist as a neighborhood.

    *Technically* Lincoln Square’s eastern boundary is Ravenswood Avenue.

    *Technically* you’re completely wrong.

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