2-Bedroom Loft With Skyline Views Reduces Again: 3151 N. Lincoln in Lakeview
This 2-bedroom loft in the Lincoln Lofts at 3151 N. Lincoln in Lakeview came on the market in July 2019.
The Lincoln Lofts has 52 units and attached garage parking. It’s an elevator building.
We chattered about this loft last August, as it was the first time it had been on the market in 19 years.
See our chatter here.
We then chattered about it again in November 2019, because it hadn’t yet sold even though renovated properties usually sell quickly.
But it was still priced the same as July, when it was first listed.
See our November 2019 chatter here.
The third time we chattered about it was in April 2020 when it reduced under $500,000.
See that chatter here.
But we’re back to take a look again because it’s still on the market, and has reduced again.
If you recall, this corner loft is in the Tower portion of the building and on the 5th floor, which means it has views and only 3 units per floor.
It has been completely renovated so it’s basically like new.
It has both south and west exposures with a south facing balcony.
This loft has skyline views from all of its southern facing windows, even one that is next to the bathtub.
It has authentic loft features such as exposed brick and 12 foot concrete ceilings as well as large industrial windows.
It has a newer contemporary kitchen with European-style custom cabinets, Silestone quartz countertops, stainless steel appliances and a breakfast bar with the ability for two chairs.
Both bedrooms have windows, which is rare for a loft.
The master suite is fully enclosed with a spa-like luxury bath with a double vanity and a walk-in-shower.
The second bedroom doesn’t have a door or full walls, however.
The kitchen and bathrooms have HansGrohe and Kohler fixtures.
The loft has a floor-to-ceiling tiled fireplace in the living room.
It also has smart technology Nest wi-fi thermostats and Co2 detectors.
The loft has the features buyers look for including central air, side-by-side washer/dryer and rare tandem garage parking for 2 cars, which is included.
The building is near the big Lakeview Whole Foods and the shops and restaurants of West Lakeview, Roscoe Village and Southport.
Originally listed in July 2019 for $519,000, it has been reduced to $485,000.
Buyers love renovated properties. And this one has 2-car parking.
Why isn’t this selling in a low inventory market?
Brian Grossman at @Properties now has the listing. See the pictures here.
Unit #514: 2 bedrooms, 2 baths, 1200 square feet
- Sold in October 1996 for $213,000
- Sold in July 2000 for $317,000
- Originally listed in July 2019 for $519,000
- Was still listed in November 2019 at $519,000 (includes 2-car tandem garage parking)
- De-listed in January 2020
- Re-listed in April 2020 at $499,000
- Reduced
- Currently listed at $485,000 (includes 2-car tandem garage parking)
- Assessments are now $629 a month (they were $605 a month in April 2020) (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
- Taxes are still $7172
- Central Air
- Side-by-side washer/dryer in the unit
- Fireplace
- Bedroom #1: 14×12
- Bedroom #2: 12×9
- Living room: 15×14
- Dining room: 14×11
- Balcony: 13×5
This one again? I feel like it’s Groundhog Day.
I also see that my comment last August (“you get a lot for your money”) was totally off-target, being that it’s been reduced twice since then. A fool and his money are soon parted!
4 blog posts on the POS in the last year?
Might want to freshen it up
Starting to wonder if you know the seller?
Anyhow….need to keep chopping. My guess is somewhere between $450K and $475K does the trick but I personally wouldn’t touch this for more than $375K. Too many options to rent in a swanky full amenity building at this price point so my previous comments still stand. Anyone willing to lock up $97K indefinitely for the privilege of then paying $3K a month for zero amenities other than a barren shared roof deck with decent views (provided you have a telephoto lens)….needs their head examined. I just don’t see Chicago experiencing much price appreciation in the next decade with the amount of new construction out there and given how most folks like to sell after living someplace for way less time, this just doesn’t make sense for a one-bed plus den (albeit a nice one-bed plus den).
There are units that are worse then the subject
unit – https://www.redfin.com/IL/Chicago/3151-N-Lincoln-Ave-60657/unit-203/home/13366358
Someone should mercifully buy the owners out and start from scratch
“Starting to wonder if you know the seller?”
Probably correct. This place reflects the sound decision making ability of a HAWT ™ Market Theory acolyte.
“Anyone willing to lock up $97K indefinitely for the privilege of then paying $3K a month for zero amenities”
Bingo. Its a nice place but with that $600+ HOA and $600+/mo in taxes, it is still rather expensive for what it is – An average sized 2/2 with above average views (for West Lakeview).
@JohnnyU…wow that is ummmm….different for sure. Did they put a pitched “roof” on one of the bedrooms? Looks like a little house within the unit? They need to de-clutter (start by putting half their stuff in storage so the closets don’t look so inadequate!!!), paint it neutral so someone else can envision themselves in the unit and do something with that pitched roof thing…it’s a missed opportunity for a sleeping / reading loft and I wonder how the heck you clean it because it will collect dust. I wouldn’t touch that unit for more than $300K but think $315K would sell it.
Wow….September 2005…those people paid PEAK pricing when they bought the unit JohnnyU posted about. two bed and smaller condos this far out of downtown in this area are just now recovering to peak pricing…..currently listing is clearly aspirational.
I chortle every time I see a listing in this place, and remember this building as it was just before it was developed into the loft apartments you see now. It really is a hoot to see people paying the same prices for these places with their bare ducts and concrete ceilings as they would for a fine condo closer to the lake.
You see, prior to redevelopment, the ownership of this former Goldblatt’s (or was it Weibolt’s, I’m not sure which)divided up the empty, decrepit space of the old dept store into cubicles to be rented out to artists for super-cheap rents, work only. I rented one to paint in as my E Lakeview apt was too small and painting is so messy. It was great- the building was stuffed with other artists, and there were no distractions in the surrounding neighborhood, which had nothing but empty commercial spaces as far as the eye could see. It was also very safe and quiet around there. The building was a complete dump, and was moreover, from what I could see, very cheaply built compared to most residential buildings of the same vintage. After a couple of years, we were all evicted to make way for redevelopment, which did not surprise us. We knew which way the wind was blowing when a Fresh Fields supermarket moved in down the street.
“You see, prior to redevelopment, the ownership of this former Goldblatt’s (or was it Weibolt’s, I’m not sure which)divided up the empty, decrepit space of the old dept store into cubicles to be rented out to artists for super-cheap rents, work only.”
The Wieboldts is down the street, Laura. Perhaps you are confusing the two buildings? Both are loft condos now.
Sold, 462,500
“Sold, 462,500”
Wow. Thanks for the update on this property.
WC Fields was right
I guess the market is HAWT