1013 W. Webster in Lincoln Park Sells for $266,500 Under the 2006 Purchase Price
We’ve chattered about 1013 W. Webster #7, a 3-bedroom triplex, in Lincoln Park numerous times over the last 21 months.
In November 2009, it came back on the market with a further reduction. See our November 2009 chatter here.
It finally sold shortly thereafter for $266,500 under the 2006 purchase price.
The unit had a master suite on the top floor, exposed brick and a modern kitchen with stainless steel appliances and granite countertops.
It also had 2 parking spaces, which is somewhat rare for a condo in Lincoln Park, especially in this price range.
Is this property an aberration or a sign of the times even in Lincoln Park?
Linda Broznowski at @Properties had the listing. (If you have a redfin account, you can see the pictures by putting in the address.)
Unit #7: 3 bedrooms, 2 baths, 2 car private garage with storage, no square footage listed
- Sold in July 2006 for $686,500
- Originally listed in March 2008 for $685,000
- Reduced
- Listed in April 2008 for $659,000
- Reduced
- Was listed in June 2008 for $649,000 (included the two car garage)
- Reduced
- Was listed in October 2008 for $598,888
- Reduced
- Was listed in February 2009 for $525,000 (two car garage still included)
- Reduced
- Was listed in November 2009 for $449,000 (two car garage still included)
- Sold in November 2009 for $420,000
- Assessments were $271 a month in February 2009 (new listing didn’t list any assessments)
- Taxes of $8975 in February 2009 (most recent listing said they’re “new”)
- Central Air
- Washer/Dryer in the unit
- Master suite: 30×15
- Bedroom #2: 15×10
- Bedroom #3: 13×13
That is great Sabrin – You owe me 20 resales and you post a distressed place that sold with no HOA. You do get a good deal when you buy distressed. I think we all know that and it suports my claim that there are great deals to be had!
I wish it were a sign of the times, but didn’t it get done at this level bc buyer was made whole on a relo package?
Excuse me “seller” not “buyer”
“That is great Sabrin – You owe me 20 resales and you post a distressed place that sold with no HOA.”
Dude, no one owes anyone anything on absurd ratios of winners to losers until the original Stevo ponies up the 5 winners for every loser that he *guaranteed* sometime last year.
1400 w Webster –
Pending today $799k
2005 sold for $759,000
2400 n Lakeview
Pending today at $$629,000
2005 sold for $525,000
you owe me 10 losses now please
“Pending today $799k”
So, if the closing price is below $799k, you’re going to make up the difference to the Seller personally little stevo?
MLS doesn’t display what the pending deal price is (maybe if there is a kickout the listing price is revised to a small topping premium). It could be pending for $100k and it would still show the same way.
It is LP, it will sell for 96 – 98% of the ask
Just making my point that we are at 2005 pricing and not 2003 as Sabrina (the blogger) has suggested.
“It is LP, it will sell for 96 – 98% of the ask”
Is that like the “opportunity loss” that didn’t pan out either?
For purposes of stevo and Stevo, please consider me a Missour’n.
“It is LP, it will sell for 96 – 98% of the ask”
No, actually it won’t. Look at sale prices compared to OLP. It’s pretty objective.
But according to Heitman, Lincoln Park is so desirable that by definition there can be no distressed places in this neighborhood where every property sells at ask in 30 days or less (except when they don’t).
Never said it was the best place on earth but simply said it was not at 2003 levels and held up much better than other areas. Was I right or was I right? I guess you could call me the most valuable real estate broker in town. The guy who actually directed people to the most stable area in the past 10 years.
I love the Heitman 😉
1717 Crilly Crt
01/2010 (today) $532,000
03/2007 (not today) $477,000
5 more Sabrina!
1717 Crilly unit 2
2009 – $837,000
2007 – $749,000
Is it really 2003 levels in LP?
Sabrina! You said 5 losers on 2005 purchases for every 1 price increase. Let’s see them already! What type of blogger are you?
Sabrina the “Cherry Picking” blogger! Post the facts already.
Let’s hear for once and all how you own a 3 flat and G, Anon, and HD live with you (HD lives in the crawl space and pays $20 per month rent).
Am I far off?
Did you really post this?
“I love the Heitman” followed by a smiley face logo.
The last few posts have said alot about your charecter! While I enjoy reading your messages and I am sincerely pleased to see someone posting a positive message clearly backed up with facts in my eyes you are losing credability. Continue to make your solid points but ditch the fifth grade slant to your posts.
You claim to be a professional and your research seems to back that up. Now go out and act like one.
Call me old school but I always liked the way Walter Payton acted after a touchdown or great play. He never made an ass of himself like T.O. or Ocho Sinco. He had class. It is a great attribute and mark of a true professional!
JP3 – This is a blog and I am posting under a fake name. I would not take much of anything you read hear seriously unless your goal in life is to collect gold coins and live in a studio in a neighborhood where “your money goes further”.
Yes, but if your goal in life is to lose all your money feeding an alligator condo purchase in a highly congested neighborhood surrounded by a bunch of recent college grads and uptight DBs then listen to steve Heitman because he knows exactly what he’s talking about. It’s ridiculous how he mocks those who rent an apartment during the crest of the biggest property bubble the world has ever seen, when in fact, they’re the ones who are sitting pretty. During the last 7 or 8 years renters have managed to save some money (as opposed to paying the cook county treasurer property tax), pay down debt (as opposed to taking on second mortgages) and are able to move on a whim (As opposed to being stuck in an underwater condo). Everyday I have people walk into my office from all walks of life and from all neighborhoods who during the bubble either overbought or are significantly underwater; and all they did was follow the advice of their realtor – “steve Heitman researched this” they would tell me, and I would just roll my eyes as I guided my insolvent friends down the path to financial freedom which doesn’t include home ownership.
“#steve Heitman on January 9th, 2010 at 9:57 am
JP3 – This is a blog and I am posting under a fake name. I would not take much of anything you read hear seriously unless your goal in life is to collect gold coins and live in a studio in a neighborhood where “your money goes further”.”
Hey HD – I never said renting was bad in the short term but in the long-term, yes it is bad. And whoever would go to a high school educated realtor for advice on whether they should buy a home or not is just plain dumb. How would a realtor know if a person should be buying a home? A realtor’s job is to show the available inventory, advise on last 3 month pricing, and negotiate the contract.
It has been my experience that many realtors are terrible negotiators. I have witnessed this on both the buy and sell end of transactions. Perhaps I am judgemental as I negotiate pricing and contracts daily in a different industry. MAinly though it stems from the fact that the two realtors are usually just trying to consumate a deal that puts them both at a closing (cash) table.
Were the realtors really needed in a fast moving market? What about their value now in a slow market?
Steve says: “JP3 – This is a blog and I am posting under a fake name. I would not take much of anything you read hear seriously unless your goal in life is to collect gold coins and live in a studio in a neighborhood where “your money goes further”.”
Okay bud… this description hits pretty close to home for me. How did you know?
It’s amazing that homeowners are bitter towards renters at this point in time. The flexibility and additional savings renters have is making underwater homeowners envious. And homeownership is supposed to be the path to creating wealth, per the NAR….
LP prices are down. Many LP units’ values are easily at 2003 prices – problem is they are owned by banks or are not for sale at this point in time. The decline in incomes of the residents of this neighborhood will take a toll over the next couple of years, which should cause prices to fall further.
Just a few examples – a single 3rd yr attorney at a big law firm making 175,000 in 2008, made 159,000 in 2009, and 2010 could be even lower. The mortgage payment becomes a much larger % of their income, and job security is much worse too….
“The mortgage payment becomes a much larger % of their income….”
Just wait until interest rates rise!
Example # 2 – the realtor who owns a 2 bedroom condo purchased in 2006 for $550K made $125,000 in 2007, then $110,000 in 2008, and now $70,000 in 2009.
Example #3 – the investment banking associate who made $200,000 in 2008, and then was laid off in 2009 and made $0. He owns a 2 bedroom 2 bath $650K condo.
Example #4 – a senior associate at a big 4 accounting firm who bought a 1 bedroom 1 bath condo in 2008 for $300K. Earned $80,000 including bonus in 2008, but in 2009 earned $71,000 due to no raise or bonus. In 2010, is very concerned about job security.
All these examples are residents of LP who own condos. How can this market sustain itself and not go down to lower price levels?