2-Bedroom Lakeview Condo with Parking Reduces $20,100: 3126 N. Clifton
This 2-bedroom in Clifton Row at 3126 N. Clifton in Lakeview came on the market in September 2022.
Built in 1910, this building makes up part of a multi-building condo association called Clifton Row, that has 26 units and a shared rooftop deck on the building to the north of this one.
There’s also a shared side yard and parking. It was converted into condos in the mid-1990s.
This unit has an east facing bay window and hardwood floors throughout. However, other than a wood burning fireplace, few of its vintage features remain.
The kitchen has wood cabinets and stainless steel appliances.
There’s a separate dining room with a balcony for grilling.
The listing says the full bathroom was “recently updated.”
The unit has the features buyers are looking for including central air, washer/dryer in the unit and 1 car parking.
It also has a large storage unit in the lower level.
This building is centrally located and is just blocks to the Red and Brown line trains, Southport, shops and restaurants on Belmont and Wrigley Field.
Listed in September 2022 at $380,000, it has been reduced $20,100 to $359,900.
Has the starter 2-bedroom condo lost its luster?
Maureen Burns at @Properties Christie’s has the listing. See the pictures and floor plan here.
Unit #1: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in June 1995 for $162,000
- Sold in October 1997 for $190,000
- Sold in April 2000 for $250,000
- Sold in August 2002 for $285,000
- Sold in April 2005 for $317,500
- Sold in October 2008 for $324,500
- Sold in August 2013 for $335,000
- Originally listed in September 2022 for $380,000
- Reduced
- Currently listed at $359,900
- Assessments of $351 a month (includes exterior maintenance, lawn care, scavenger)
- Taxes of $6861
- Central Air
- Washer/dryer in the unit
- 1-car parking included
- Wood burning fireplace
- Bedroom #1: 10×12
- Bedroom #2: 10×10
- Living room: 14×16
- Kitchen: 11×9
- Dining room: 11×9
Owners must not read this blog. There’s zero reason to cut prices, in fact due to lack of inventory they should have raised the price
Nine years of ownership, bought post peak and no appreciation? Unpossible! Where’s the vaunted 20% in 2 years I heard so much about?
Nice enough place, but needs to drop to sub $325k as a min and hope LVKaren’s parents front her the DP.
Some day buyers are going to realize that the starter condo is a grift.
Ten years ago they should have bought in the West Loop. Much better ROI with that move. Wonder how many realtors they interviewed before accepting that kick in the gut.
The 2 bedroom is not dead. This one looks fairly nice. But it is facing headwinds in some areas. Across the city the former suburban big house selling empty nesters that once contributed to the demand for these type of units has slowed down.
They watch the news and are just not as interested as they used to be a few years ago. We have friends here in Park Ridge that no longer are willing to go into the city for dinner. It’s sad. My dentist on north Michigan Ave and is seeing a huge drop in his patient base. The times they are a changin in Lincoln Park.
“They watch the news and are just not as interested as they used to be a few years ago. We have friends here in Park Ridge that no longer are willing to go into the city for dinner.”
You keep saying this Jp3chicago. Someone forgot to tell the 40,000+ people who just ran in the marathon and their friends and family who came from over 100 countries that they should be afraid. Restaurants and hotels were packed. We had great weather, which helped, as well. It was the first big event where I felt that the city felt “normal” as it did pre-pandemic.
You think an empty nester is buying a unit like this jp3chicago? Really?
Seems like it would be a 20-something who doesn’t want to rent who buys this (also given it’s listing history.) The current owner has had it 9 years which is a LONG time for a unit like this. It sucks for them that they aren’t going to see much, if any, appreciation during that time.
Is Lakeview that out of favor now? You said they should have bought in the West Loop. 2013 would have been pre-McDonald’s and pre-Fulton Market hotness. Not always clear where the next “hot” neighborhood would be. In 2013, Lakeview was still popular with 20 and 30-somethings.
But I do wonder how many are seeking it out now. Or are they simply renting, like pre-housing boom years, and the rentals are all nice enough that it makes no sense to buy even with record high rents?
7% mortgage rates are going to hammer first time buyers. They don’t have equity to roll over to bring those monthly payments down.
“My dentist on north Michigan Ave and is seeing a huge drop in his patient base.”
This is due to the retirees moving, not because of the doom of the city. I used to go to a hairdresser in the Gold Coast. She lost 50% of her clients in the pandemic as they moved to their second homes in Colorado or Florida and then decided to move there full time.
As I’ve been saying for over a year, the pandemic caused older people to make different decisions. With restaurants and other things closed in Chicago in the summers of 2020 and 2021, the snowbirds decided to simply move full time to their second homes. Chicago was no fun then. But that has all changed and things are back to normal. But they have moved.
There are some good deals in downtown Chicago if you want to be in a high rise. Many of those sellers are longterm owners. They are dumping their properties.
“The times they are a changin in Lincoln Park.”
They are? I haven’t seen, or heard, of this at all. If anything, Lincoln Park is more in demand than ever at least on the high end luxury side. Inventory remains tight.
But the under $1 million level, which will be impacted by interest rates, has slowed to a crawl.
Lincoln Park seems pretty dead at least for younger folks. Wife and I were in city over the weekend and reminiscing about how Armitage used to have nice little boutiques but now looks like a ghost town. On the other hand, were amazed at how much retail has opened in West Loop / Fulton Market. Seems to be the new hot retail strip.
There is no reason to buy the ubiquitous 2/2 anymore. Maybe it will change but seems to be a losing proposition these days. Why buy when you can rent a nicer place and not be tied down to real estate and the associated transaction costs in a market that is by most measures a dog.
I’d rent and just go for a townhome or SF or suburbs when the time comes…
“Restaurants and hotels were packed. We had great weather, which helped, as well. It was the first big event where I felt that the city felt “normal” as it did pre-pandemic.”
Link to hotel occupancy rates?
“Seems like it would be a 20-something who doesn’t want to rent who buys this (also given it’s listing history.) The current owner has had it 9 years which is a LONG time for a unit like this. It sucks for them that they aren’t going to see much, if any, appreciation during that time.”
What happened to Chicago HAWT ™?
Cant blame buying it at peak pricing, LV is still GZ, right? So what happened? Putting $70k down and getting zero appreciation Vs renting for equal to your monthly nut is now a difficult decision…
“This is due to the retirees moving, not because of the doom of the city. I used to go to a hairdresser in the Gold Coast. She lost 50% of her clients in the pandemic as they moved to their second homes in Colorado or Florida and then decided to move there full time.”
I thought retirees were moving into Chicago?
Man this is getting confusing
“There is no reason to buy the ubiquitous 2/2 anymore. Maybe it will change but seems to be a losing proposition these days. Why buy when you can rent a nicer place and not be tied down to real estate and the associated transaction costs in a market that is by most measures a dog.”
UNPOSSIBLE!
Sabrina has stated that 2/2’s were a great investment. And if Sabrina says something you can take it to the bank or at least until she changes her mind the next day.
“easy access to … the west side of town including the highway”
Does anyone agree that Belmont/Racine has “easy access” to the Kennedy, nevermind the “west side”?
The ask is still ahead of the ’97 price + CPI ($348k), but it’s getting close.
This is what? (being a little generous) 850 sf? So (ignoring tax effects) the current ask and current rates give a payment (w/ 20% down) about the same as rent in a amenity rich rental building. So, it makes sense if someone is offering that DP for you, but it’s otherwise not cheaper than the rental, nor nicer than the rental…what’s the decision tree look like that leads to buying this today?
Somewhat larger (but not 1200 sf) #2 unit previously featured sold in Aug-20 for $380k:
http://cribchatter.com/?p=26921
P+I w/ 20% down at 3% was ~$1300
This place is smaller, and not meaningfully nicer, and to approximately match the P+I (using a 3 ARM at 5.75%) would need to go for $275k–or, matching the $76k dp from #2, could be ~$300k.
“what’s the decision tree look like that leads to buying this today?”
Opens 2nd box of wine
“BUy nOW oR Be pRIcED OuT FOreVEr”
“MuH dEMoGrapHiCS”
“cHEaPeR ThaN ReNTiNG”
“rEaL eSTaTe oNLy GoEs uP”
Unit #3 in this building (or, part of the building, technically) was also a CC feature back in ’11 (twice). Second time here:
http://cribchatter.com/?p=11213
Would up selling in Oct-11 for $280k, including the deeded parking space (for an implied value of bt $5k and $25k).
And resold in Apr-19 for $350k, again including the deeded parking space (for an implied $28k).
#3 was (imo) not as nicely finished as either 1 or 2 as of 2019…
https://www.redfin.com/IL/Chicago/3126-N-Clifton-Ave-60657/unit-3/home/13364311
but does appear to get much better light in the unit.
“Has the starter 2-bedroom condo lost its luster?”
My understanding is that there used to be a market for this type of unit because these buildings were the only game in town for young people. Now that there are thousands of luxury high rise apartments, these are decidedly second rate.
“Has the starter 2-bedroom condo lost its luster?”
Just moved out of OTT after 14 years and can attest that LP has become home to the most boring kind of affluent/wealthy people imaginable. Interesting bars and restaurants have a hard time staying open because the new locals just aren’t interested (with notable exceptions like Gemini).
Having said all that, people are still renting in the hood like crazy, I listed my 3/2 vintage condo (no parking!) in OTT for $4000 and had it rented within 24 hours… should have asked for more, doh
Sorry meant to quote Russ’ comment:
Lincoln Park seems pretty dead at least for younger folks.
“http://cribchatter.com/?p=11213”
Dare I say, Sabrina comes across as almost rational and sober
I happily live in a 2/2 condo that I have owned for 12 years. It’s not perfect, but it works well enough for me. Where else am I supposed to live? Rent a 1/1? Even if I was interested in the maintenance, I cannot afford a SFH in any neighborhood I would care to live. The suburbs have no draws for me (single and childfree). A 3/2 townhouse could work, but I would prefer the larger rooms of a similarly sized 2/2. Also, I really don’t appreciate the noise of children.
Now, olds and near olds, please move back to be my quiet neighbor and to help my property value.
Most recent sale in the association appears to be this 2/1, at $375k:
https://www.redfin.com/IL/Chicago/3132-N-Clifton-Ave-60657/unit-3N/home/13364617
Not sure why the HOA is $95/mo less and taxes $1800 less.
Other +/- feels like a wash to me.
When I started looking at this listing, I was thinking, “hmm, really seems like the slowdown has forced brokers to perform at a higher standard (in both Chicago and my local market), putting out much higher quality listings,” and then BAM!, about two (perhaps generous) wipes left on the TP in pic 15.
“Just moved out of OTT after 14 years and can attest that LP has become home to the most boring kind of affluent/wealthy people imaginable.”
I have no doubt that as prices continue to rise there that it attracts older, more affluent people. And every neighborhood goes through cycles and changes.
As I’ve said in the past, the Gold Coast has gotten very old. Many owners have lived there from the 1980s and 1990s. They are dying, or retiring to other states, now. It will change the neighborhood. The Viagra Triangle is no more (thank goodness.) There is a Sweetgreen there now. Lol.
I never thought Lincoln Park was a restaurant destination. Is it?
“Link to hotel occupancy rates?”
You need a link to hotel occupancy during the marathon weekend AND with Harry Styles doing 5 concerts over the same weekend?
Lol.
Yeah, you clearly don’t live in Chicago JohnnyU and haven’t for a long, long time (if ever.)
Several years ago, I attempted to get a hotel room downtown for the Taylor Swift concert so that my daughter and her friends could all just go there and crash afterwards. But I quickly learned that that is harder to get than the actual Taylor Swift tickets. Everything was sold out or cost $500 a night even if it was the River North Best Western. Lol.
Sorry for all of those who had to pay high rates over Marathon weekend. But it was a great event this year. Great weather and everyone had a good time. The lines at the burger places were out the door afterwards. Lol.
“Wife and I were in city over the weekend and reminiscing about how Armitage used to have nice little boutiques but now looks like a ghost town.”
OMG, all you people who haven’t been to the city in YEARS.
Armitage died during the financial crisis (see all the Crain’s articles about the death of Armitage.) They have been trying to transform it into a dining destination. Has had fits and starts but is starting to pick up again now that the pandemic is in the rearview mirror.
Armitage hasn’t been a shopping destination for a LONG time. That moved north to Southport over a decade ago.
And some of the restaurants/ice cream shops on Armitage struggled during the pandemic. Sadly. Some didn’t make it. New restaurants will go in.
Cities change. Armitage was a shopping destination in the 1980s and 1990s. Lol.
“Yeah, you clearly don’t live in Chicago JohnnyU and haven’t for a long, long time (if ever.)
Several years ago, I attempted to get a hotel room downtown for the Taylor Swift concert so that my daughter and her friends could all just go there and crash afterwards. But I quickly learned that that is harder to get than the actual Taylor Swift tickets. Everything was sold out or cost $500 a night even if it was the River North Best Western. Lol.”
So No link?
So Chicago cant handle weekend concerts but can host major tradeshows.
Makes sense
“Armitage died during the financial crisis”
Missed that.
Russ has to be thinking of 2005, not 2015. And Armitage is still doing far better than Halsted north of Armitage to Belden. That also used to have a decent mix, but was basically a ghost town before covid.
“I happily live in a 2/2 condo that I have owned for 12 years. It’s not perfect, but it works well enough for me. Where else am I supposed to live? Rent a 1/1? Even if I was interested in the maintenance, I cannot afford a SFH in any neighborhood I would care to live. The suburbs have no draws for me (single and childfree). A 3/2 townhouse could work, but I would prefer the larger rooms of a similarly sized 2/2. Also, I really don’t appreciate the noise of children.”
I lived in my 2/2 condo for 10 years. I would have stayed except for issues that were outside of my control and made my building unpleasant. I love my house, but it’s much more expensive than the condo and takes much more work. There is added stress of finding someone to remove the snow and keep up the lawn. I have no idea if my house needs tuckpointing or a new roof. If I need either of these things I won’t know. Do you just wait until the roof leaks to do something about it? Nothing seems to be wrong with it, but who knows? My basement has a sump pump and another flood protection system. Both have battery backups and both are mysterious to me. The batteries need to be replaced every few years and it requires a strong person to carry the batteries and install them. There are centipedes in my house and I still see them even with pest control coming regularly to spray. I really like living here, but it is stressful compared to the condo. I was lucky enough to find a house with restaurants, small shops, and grocery stores within walking distance, but it’s much different than being around hundreds of small businesses.
I don’t think 2/2 condos are going away.
Jenny,
The reasons your described are exactly why I have have significant trepidation about buying a house. Every once in a while, a small, unupgraded house/2-flat that I could afford (and reno in a few years) becomes available in Old Town. I start thinking how great it would be, but then I start thinking of problems I don’t want to deal with. Yard work on a tiny lot, roof replacement, historic siding repair, basement flooding, historic window replacement, insulation replacement, deck replacement, wood rot all over, water heater, adding central AC/heat, collapsing garage, bouncing basketballs, what to do on an extended trip, ect… I’ll stay with my condo or maybe move to a newer condo-townhouse. Or maybe even move to another 2/2 if developers decide to build more “affordable” highrise 2/2s in Lakeshore East, Streeterville, or Gold Coast.
“Or maybe even move to another 2/2 if developers decide to build more “affordable” highrise 2/2s in Lakeshore East, Streeterville, or Gold Coast.”
Land is more expensive in those neighborhoods now. Unlikely to see any “affordable” 2/2s in those areas. Best you can do is buy used and fix it up. That’s where the deals are. Even when developers buy out an old condo building to deconvert, they’re paying more than “affordable” 2/2s would be.
However, we’ll be getting some new builds in the 78 and in Lincoln Yards and perhaps in the Moody College development, but it’s doubtful any of those will have $450,000 2/2s (if that’s what you deem as “affordable.”)
By “affordable,” I mean $850,000. Affordable for me.
“So Chicago cant handle weekend concerts but can host major tradeshows.”
You so clearly don’t live in Chicago JohnnyU. Why do you waste your time on this blog? It pains all of us. The marathon is a huge event in Chicago. Those of us who live here literally plan around it weeks in advance due to street closures, people in town, restaurants and hotels packed etc.
Yeah- when Taylor Swift did several sold out concerts at Soldier Field, you could not get a hotel room within 10 miles of that stadium. Sadly. But I learned my lesson.
I’m sure it was the same with Harry being at United Center. He had, what, 5 concerts? Lol.
And then there were literally 50,000+ or more here for the marathon. It was PACKED everywhere downtown. So great for the city. Big revenue and to have great weather also helped. I was glad for the restaurants, because it was the first time since COVID where you could really see the normal demand.
So, no, JohnnyU. Chicago can’t handle big concerts like that. There are only so many hotel rooms. And this weekend, combined with the marathon made it even worse.
You’re the only clueless one even questioning that the hotels were sold out. Even anon(tfo) and WP know that they were. Duh. But that’s what happens when you’re in the middle of nowhereville Indiana and talking about Chicago. You really can’t have any clue of the day to day.
By the way, Chicago voted Best Big City by CN Traveler readers for the 6th year in a row. Yes, we beat out Nashville once again. Lol.
https://www.timeout.com/chicago/news/chicago-is-voted-the-best-big-city-in-the-united-states-100722#:~:text=On%20Tuesday%2C%20Chicago%20was%20named,in%20a%20row%20until%20now.
“You’re the only clueless one even questioning that the hotels were sold out. Even anon(tfo) and WP know that they were. Duh. But that’s what happens when you’re in the middle of nowhereville Indiana and talking about Chicago. You really can’t have any clue of the day to day.”
So no proof?
So all 44k+ hotels in the CBD were sold? – https://www.choosechicago.com/press-media/toolkit/tourism-research-and-statistics/chicago-hotel-supply/
I know you cant help yourself with lying but maybe if you didnt act like a spaz and dialed back the rhetoric to a reasonable level – High occupancy rate Vs cOMpLeTLy SoLD OuT, you wouldnt come across like a complete moron
But you be you
I never thought Lincoln Park was a restaurant destination. Is it?
It’s not the first neighborhood that springs to mind when I think of dining destinations, but 5 of the 20ish Michelin starred restaurants in Chicago are in LP.
^Armitage Ale House has to be one of the hardest reservations to get right now in the city.
“Armitage Ale House”
Table for 4 at 4:30 today, already double booked, or I’d tell you to meet me there.
“Table for 4 at 4:30 today”
I prefer not to eat dinner at 4:30 or 10, which is what is occasionally available.