10 Months on the Market Even With Lake and Lincoln Park Views: 2314 N. Lincoln Park West
This 2-bedroom on the 20th floor of The Conservatory at 2314 N. Lincoln Park West in Lincoln Park came on the market in September 2015.
Built in 1979, the Conservatory has just 2 units per floor and looks out over Lincoln Park, the actual conservatory, the Zoo and Lake Michigan.
If you’re out on your east facing balcony, you also have a downtown view.
This unit has an east facing view.
It also has diagonal hardwood floors throughout.
The listing says it has an “upgraded kitchen and baths.”
The kitchen has wood cabinets (maple?), stainless steel appliances and what looks like stone counter tops.
There’s a boxed ceiling in the kitchen/dining area.
The unit has parking, central air and a rare 6×5 laundry room (with- apparently- in-unit washer/dryer but see below for more on that).
On the market since September 2015, it has been reduced and was also recently under contract before coming back on the market.
With the market as hot as it is, and record low inventory, it’s unusual to see a property for sale for 10 months in East Lincoln Park.
What will it take to sell this unit?
Barbara Proctor at Baird & Warner has the listing. See the pictures here.
Unit #20S: 2 bedrooms, 2 baths, 1600 square feet
- I couldn’t find an original sales price as the ccrd was “down”
- Listed in September 2015 for $693,000
- Reduced
- Under contract in May 2016
- Currently listed for $599,000 (includes garage parking)
- Assessments of $1353 a month (includes heat, a/c, parking, cable, exterior maintenance and scavenger- also doorman, I believe- but it’s not listed on Redfin)
- Taxes of $9960
- Central Air
- In the public listing, under the appliances, it does NOT list the washer/dryer. But it seems to have one as there is a 6×5 laundry room. Could this be the reason it isn’t selling? That it’s not showing up in buyer’s trackers who are looking for a 2/2 WITH in-unit washer/dryer? Perhaps the agents could chime in…
- Bedroom #1: 15×14
- Bedroom #2: 11×11
- Laundry room: 6×5
Damn that bathroom OG’d like Junebug. I’d start there.
Damn, that is ugly. The decor, old building, and the HOA fees are the reason this hasn’t sold yet, probably. Maybe the would-be buyers who went contingent found that it was going to be $$$ to do renovations in a place like this? What does a big 2 BDR in the fancy new buildings around there go for? With interest rates like they are, those taxes and the HOA, this probably costs about as much as a $1M SFH or big condo in LP or LV.
$2180 a month before your mortgage payment, yikes!
this place needs a renovation too… I think like 400k might get the job done, 600k is fantasy land
If it were totally rehabbed I could maybe see 600k but not in its current condition
Do you think people really miss out on listings because they filter their searches that much? I never trust the technology (or the realtors to properly populate all fields) to filter my searches that much. I think one can filter searches with 2-3 main filters (price, location, # bedrooms) without being overwhelmed with results.
God I hate that building. Jarringly incompatible with the buildings on either side of it and set forward on the street so as to dominate the view. I always imagine that any objections to that giant turd were met with a greasy stack of graft and a knowing wink to the Chicago way.
“If it were totally rehabbed”
In that event, it likely would have sold at a small discount to their first ask. I bet that ask was well supported by a market analysis of comparably sized/located condos *that were updated*.
That said, if they spent ~$5k (ok, maybe it would be $10k) on frameless shower doors, and replaced the gold fixtures, I think it would be *much* more appealing.
^ Yes; $10k in strategic updates; stage it; re-shoot the pics; and then I’d bet it would close in the mid to high $500’s. I like this building, but I’d rather be on one of the lower floors (just high enough for park and some lake views, but low enough that the park mostly obstructs LSD).
Removing all of those mirrors would go a long way too.
Needs more mirrors and gold trim; the strip club limo look is totally in right now.
We went to see this place a few months back. There’s one laundry room per floor, so this unit shares it with one other. There was also a special assessment about to happen for about $35k per unit, with the option to spread the payments out over 5 years. Considering the special, the monthly assessments were actually about $2000 a month. Seems borderline unsellable to me, at least at this price.
“Do you think people really miss out on listings because they filter their searches that much?”
Yes.
Why do you think realtor’s lie about deeded parking? They’ll put parking in the listing when it is rented down the street (if you so desire.) They know buyers screen specifically for it.
They’ll also screen for central air and in-unit washer/dryer. Why would you look at a unit with no in-unit washer/dryer, or even consider one, if you really wanted that feature? You wouldn’t waste your time.
So yes- I think messing up the features of a property really can keep it from finding the maximum number of buyers.
Tony soprano called, he wants his bathroom back.
@Kevin – I’m curious, what’s the special assessment for? With such high regular assessments, I would think that the reserves would be huge.