4 Months Later, GreenZone “Deal” Still Available: 2020 N. Lincoln Park West in Lincoln Park
We last chattered about this 2-bedroom short sale in 2020 N. Lincoln Park West in Lincoln Park in early August 2011.
See our prior chatter here.
Clio had pointed out the unit in a prior chatter as being a “deal” as it was listed $106,000 under the 2007 purchase price.
3 weeks after we chattered about it, the unit DID go under contract.
But it fell out of contract and is now back on the market with another $14,000 reduction to $315,000.
The listing now says “Short sale approved at $315K- Close Quick!”
If you recall, the corner unit has a “rehabbed” kitchen with cherry cabinets, granite counter tops and stainless steel appliances.
It has central air but there is no washer/dryer in the unit. The lack of a washer/dryer was a major sticking point for many of you back in August.
The unit also doesn’t have lake views, but faces west. This was also a sticking point back in August.
There is rental parking for $170 a month available in the building.
Is this even a deal?
George Patrick at Koenig & Strey Real Living still has the listing. See the pictures here.
Unit #15M: 2 bedrooms, 2 baths, 1500 square feet
- Sold in April 1992 for $125,000
- Sold in June 1996 for $158,000
- Sold in March 2002 for $300,000
- Sold in July 2007 for $435,000
- Originally listed in July 2011 as a “short sale” for $329,000
- Under Contract in late August 2011
- Reduced
- Re-listed in December 2011 for $315,000
- Updated listing now says “Short sale approved at $315K – Quick Close!”
- Assessments of $706 a month(includes heat, a/c, doorman, pool, cable)
- Taxes of $5917
- Parking is rental for $170 a month
- Central Air
- No washer/dryer in the unit
- Bedroom #1: 14×11
- Bedroom #2: 13×11
That price history cracks me up. The green zombie still has a long way down to go.
No. Not a deal.
Where’s the rest of the kitchen? Sure, the kitchen looks nice, but it’s not really practical w/ so little cabinet & counter space. Maybe were this a studio or jr. 1BR, but I’d think a 2BR is more targeted to couples who probably do actually cook and eat on something other than paper plates, sandwich paper and carryout cartons.
’92 price + cpi = $201k
’96 price + cpi = $228k
And, it’s not like the neighborhood improved since then. And assessments and taxes have (undoubtedly) gone up above cpi, too, making it even less affordable than just the asking price would indicate.
This size kitchen isn’t too out of the ordinary. I have a 3 bedroom with the same size kitchen and while it is a pain in the butt, we do lots of actual cooking and don’t use paper plates, etc.
It’s pretty nice for a young professional type. I wouldn’t mind living here. I’d be willing to pay a little extra for the nicer than average balcony and the building compared to the typical 2/2 crap-box. Since it is pretty nice, this will be a $205-225k unit within 5 years, so long as it remains in good shape. So on the bright side if you buy it right now you’ll probably loose less than six-figures over the next few years. If you have a decent job, that is within the realm of an affordable hit.
I think future prices don’t bode well for anyone buying a condo without either in unit W/D or central air, regardless of the location. In this market one can’t expect any price appreciation, but I expect future prices on any unit without in unit W/D and/or central air will go DOWN, DOWN, DOWN and then DOWN some more.