East Lincoln Park 2-Bedroom Now 18% Off 2006 Price: 2714 N. Lehmann
We last chattered about this 2-bedroom newer construction top floor unit at 2714 N. Lehmann in June 2010 when the listing said you could save “thousands” off the 2006 price.
See our prior chatter here.
It was then withdrawn from the market but has come back on with a further price reduction.
The unit is now listed for $113,000, or about 18%, under its 2006 purchase price.
The listing now says it is “priced below value, come see!”
Back in June when it was listed at $530,000, some of you thought it was getting closer to a selling price except for Groove77 who said:
“there is no reason (here) that somebody should pay 500k for a basic 2/2 that are abundant all over this wonderful city.
just way too many options out there to pay this price.”
Now that the unit, which has its own private rooftop deck and a luxury kitchen appliance package including Subzero, Wolf and Bosch appliances, is priced below $500,000, is it finally priced to sell?
Rachel Hamilton Mann at Conlon: The Real Estate Company now has the listing. See the pictures here.
Unit #4N: 2 bedrooms, 2 baths, 1600 square feet
- Sold in December 2006 for $612,000
- Originally listed in April 2009 for $579,900
- Reduced
- Was listed in June 2010 for $539,000 (parking included)
- Reduced
- Currently listed for $499,000 (parking included)
- Assessments of $214 a month
- Taxes of $8853
- Central Air
- In-unit washer/dryer
- Bedroom #1: 16×14
- Bedroom #2: 12×11
I thought Clio said that East Lincoln Park / Lakeview was insulated from the housing price declines.
I essentially stand by my comments in the previous Chatter about this property. Still love the kitchen (even thought it appears to be open to the living area), but just can’t get past the location, price wise.
For people about to have a kid, or a family with one kid (and no immediate plans to have a second), there are better 2/2 options in ELP (see, e.g., recent closings on 2 beds on Cleavland, Webster, etc., generally within $50k, give or take, of this place, in prime ELP locations and within Lincoln elem). This place is much closer to the Diversey/Clark/Broadway intersection, the Golden Nugget and McD’s than it is to the park. For the price, a small family could find a 3 bed in this general location (perhaps just north of diversey), which might not have the expensive new kitchen, but would make more sense.
So, if this place is a non-starter for small families, does it appeal to (i) a single high earner or (ii) DINKs (with no intention of changing that status)? With all that’s out there, I doubt it, especially given that those two classes of buyers are the least restricted when it comes to location and property type.
I feel guilty calling this one at below what I recently paid for a 2 bed (“guilty” because it’s generally in nicer shape than mine, especially that sweet kitchen), but I just don’t see this closing at more than $400k (if that).
i know everybody has there own pref’s and ideals, but i know what i could get in the city for 500k and its not a 2/2 in LP.
to me i get the whole ELP and understand its draw but its price premium and negatives just make no sense to me (i said “to me”, calm down now). i know all you ELP cheerleaders are in a tissy but i would be too if i paid a huge premium to get a address and then find ways to justify the bad ROI.
hey its just one random internet guy/gay/shim’s opinion
oh i still stand by my previous random rant;
um did this start out as some government, insane asylum, or institution when they built the exterior and then said hey lets just do condo?
absolutely depressing street to walk down, i dont know if on a cold slushy winter i could walk home down this sad street to my wrist slitting front door and not just turn around and step infront of a bus.
Nice, but nothing special. $100k overpriced.
This place has no elevator, right? I’m not a lazy person, but I think taking the stairs to the 4th floor day in and day out would get old – especially with dog/kids/groceries.
Right- I don’t believe it has an elevator.
People now believe $399k will get this done?
http://articles.chicagotribune.com/2010-12-30/classified/ct-mre-0102-elite-street-20101230_1_relists-condo-significant-price-reduction
this block of Lehman is awful. It is a glorified alley for the post office.
“um did this start out as some government, insane asylum, or institution when they built the exterior and then said hey lets just do condo?”
From the “do condo” nugget to the question taken as a whole, this made me ol’ mornin’.
“to me i get the whole ELP and understand its draw but its price premium and negatives just make no sense to me (i said “to me”, calm down now). i know all you ELP cheerleaders are in a tissy but i would be too if i paid a huge premium to get a address and then find ways to justify the bad ROI.”
Groove, as you’ve actually spent some time living in LP (can’t recall if it was ELP) to try it out, your views as to whether the premium ELP commands is worth it are at least based on actual experience.
That said, having spent a few days on the coast near SF over the holidays, all I can say is that the premium I personally place on immediate access to the park/lakefront has only been elevated. While ELP lacks giant waves crashing below verdant cliffs along a spectacular ocean (and 60 degree winter temps), waking up the morning after my return to Chicago and enjoying some coffee with at least a partial view of the park, followed by a run that required about 30 strides to leave the streets behind and enter what is arguably the finest park/waterfront path system of any major city in this country, was an entirely sublime experience, without which a return from the grandeur of the Bay area would have been rather jarring.
Was this unit not owned by some former Blackhawk player?
My friend lives in a unit identical to this one building over. Its better than most 2/2 in LP. Its larger — really 1600 sq ft (we measured hers ourselves) and is much wider– full room for full dining table and play area for a small child. Most 2/2 are 1240 -1 1400 sq foot. The extra space makes a huge difference. Especially the master…really fitting for a couple…the bath is very well laid out. Also, while you can’t tell from the pictures, the quality of finishings is higher and the sound proofing better. Many walkups have horrible sound proffing (especially ones built in the decline when developers cheaped them out). My friend made me go to the unit above (a model) and jump up and down, and turn the volume up on the radio to test the sound proofing….its really good hear. It is a small street which is what draws the ‘alley comment”. On the other hand, its quiet which is hard to find in this part of ELP. Granted its not in Lincoln Elem district but I don’t think a family with a 5 year old would live in a 2/2 anyway.
I agree prices everywhere are taking a hit. But this is better than most LP 2/2.
I would think somebody could get this place pretty cheap when you consider the owner is out of state with an $11M hockey contract.
“Groove, as you’ve actually spent some time living in LP (can’t recall if it was ELP) to try it out, your views as to whether the premium ELP commands is worth it are at least based on actual experience.”
I enjoyed ELP (was few buildings from clark) and understand how truly nice it is, its just FOR ME the dollars need to spend to live there TO ME just doesnt seem worth it. yes my commute did skew the rational (plus my parking situation too). the traffic to get out of that little bubble will make a grown man cry. the lake as wonderful as it is trying to bike or run the path in not off hours is like a gauntlet. (makes you appreciate the South loop for that aspect).
dining options are endless and darn good but even with the walkabilty paying a mortgage that high it would be cheaper to live elsewhere and pay valet.
like i said i totaly get why people love it, and it is a genuine neato place, but the price of entrance TO ME is not justified.
dont get me started on some of the residents, dont get me started.
If this place had an elevator that opened to the unit it would be worth 500k imo
still a nice place, I like the laundry room with side by side w/d, living room is nice and spacious, rooftop decks also own.
4 flights of stairs though… bleh
“dont get me started on some of the residents, dont get me started”
Groove, I’m afraid I’ll have to agree with you on that one.
but i might go see this place because of the RILF
lol
not bad
I like the second property on homedeletes link. Didn’t know union reps did so well…
my wife used to live 2 blocks from here before we got married. it’s a terrible street. As roscoevillager says, it’s an alley for the post office vehicles. Early AM, you get all the trucks leaving the building and the street is a zoo. Almost the entire block is no parking for the post office trucks to stage (which they do for a whopping hour or two each day). Why they couldn’t allow parking in the evening for visitors when the PO trucks aren’t there, I don’t know.
$329,000 max. It’s just another LP 2BR/2BA, and with 4 flights of stairs?? Good luck.
“Priced below value”? What is that supposed to mean? Value of what? What the seller wishes he could get?
Reminds me of an old econ joke…
There’s an economics professor taking an afternoon stroll with his wife, when his wife points to the ground and says “Look! a $20 bill!”
To which the professor replies “no, that’s impossible, if there was really a $20 bill there, someone would have picked it up already.”
+ you will be
+
How about the same damn unit on 1 fl lower sans roof deck. Its 445 http://vow.prudentialproperties.com/Details/Start.aspx?PropId=0070007667981&MId=007&AId=IL062&ph=4TRwG0gdRkMA0iuqffejZGyFqz5kvuRFn8amq8uL2XLIJ3RkgY9p6QEE3wWFPmtPNcmvnWgk1As%3D&VIP=ClassGoogle&syndication=true
“How about the same damn unit on 1 fl lower sans roof deck. Its 445 ”
Roof deck + no one walking on your head is probably worth 10% more.
I think one just closed (in Nov) at $460k.
2712 Lehmann 2N closed 3/5/2010 $450,000
2712 Lehmann 3N closed 11/10/2010 $460,000
2702 Lehmann 4S closed 3/31/2010 $540,000
2702 likely has the best roof deck (and most natural light) of the bldgs since it is the southernmost at the corner.
While it won’t get them their list price (let alone the purchase price), those comps should at least give this seller some comfort, i.e., that it should sell in the mid 400’s (and not $400k max as I called it, or even lower as others predict).
““dont get me started on some of the residents, dont get me started”
Groove, I’m afraid I’ll have to agree with you on that one.”
not all i need to say, some were really down to earth, its just with al that walkabilty and passing many people on the sidewalk, many were cold and focused on the journey if they even said hi i saw it as a plus. i like hoods where a short stroll turns long with friendly neighbor conversation.
“While it won’t get them their list price (let alone the purchase price), those comps should at least give this seller some comfort, i.e., that it should sell in the mid 400’s (and not $400k max as I called it, or even lower as others predict).”
I don’t know anonny, the dead cat was still bouncing when the contracts were signed for the two March sales. With 2702 #3N available for 3+ months at $449,900 (now $445,000, or rent for $2900) you are seeing knife catchers in those 3 closings.
Further evidence: 2708 #4S had about 6 months of market time thru Sept, first at $549k then lowered to $544k and finally rented for $3000. 2708 #4S had over 100 days market time this summer for $539k then $519k with no sale.
Sorry, that last paragraph should read:
Further evidence: 2702 #4N had about 6 months of market time thru Sept, first at $549k then lowered to $544k and finally rented for $3000. 2708 #4S had over 100 days market time this summer for $539k then $519k with no sale.