4 Years Later, This 2/1 at 1120 W. Armitage in Lincoln Park Returns
This vintage 2-bedroom at 1120 W. Armitage in Lincoln Park just came on the market.
(Yes- people are STILL listing- even the week before Christmas.)
If the address looks familiar, it’s because we chattered about this unit several times back in 2008 and 2009.
See our August 2009 chatter here for insight into what the market was like back then and what we thought about this unit.
The building has 8 units. This one has south and west exposures.
This unit still has some of its vintage details intact including trimwork, the fireplace and hardwood floors. An older listing said that the fireplace mantle was original.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The bathroom has been “updated” with granite counter tops.
It has all the features buyers look for with central air and washer/dryer in the unit. It also has a rare garage parking space.
It’s on a popular street, just minutes from the Brown Line El stop, shops and restaurants.
This unit was first listed for sale in May 2008 for $415,000.
It got all the way down to $317,500 in April 2010 before being de-listed.
Over four years later, it has come back on the market at $329,000.
Now that the market has heated up, is this a deal for the neighborhood and location?
Nancy Yockel at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #301: 2 bedroom, 1 bath, no square footage listed
- Sold in March 1992 for $162,500
- Sold in January 1997 for $179,000
- Sold in April 2004 for $321,500
- Originally listed in May 2008 for $415,000
- Numerous reductions
- Was listed at $317,500 in January 2010
- De-listed in April 2010
- Currently listed for $329,000 (includes garage parking)
- Assessments of $211 a month (they were $210 a month in 2009)
- Taxes of $4902 (they were $4133 in 2009)
- Central Air
- Washer/Dryer in the unit
- Shared deck
- Fireplace
- Bedroom #1: 12×10
- Bedroom #2: 11×9
- Living room: 16×11
- Dining room: 11×8
- Kitchen: 12×10
This listing does bring up an interesting issue.
Why list in the last 2 weeks of December? What are the pros and cons?
Why not just wait until the first week of January- when people are getting back to normal after the holidays?
I’ve been surprised at some of the brand new listings I’ve seen this week. Are these sellers trying to get a jump on the competition while inventory is still low? Is the word out on the street that there are going to be a LOT of listings this spring?
I do think you’re at an advantage right now if you have a totally new property (not just a re-list of something that has been available for a while) because there isn’t much on the market.
according to redfin though, there are 58% MORE homes for sale in lincoln park over november last year… so I wouldn’t say inventory is exactly down
Could they have picked a cheaper insert?
Ruins the entire feel of the room
“according to redfin though, there are 58% MORE homes for sale in lincoln park over november last year… so I wouldn’t say inventory is exactly down”
That’s not what Gary has been saying. He’s been saying inventory is still low.
It’s ALWAYS low this time of the year anyway. People who couldn’t sell in the last few months have withdrawn their properties. Those will likely come back on in mid-to-late January.
So maybe you’re just getting a jump on the rest of the market by listing right now, I don’t know. Because there can’t be many looking, can there?
Inventory is super low. My Coldwell Banker office has over 250 agents, and we normally have 20-25 new listings a day. This year, all December daily listing reports had 0-2 new listings a day. This is the first December in 10 years that I’ve seen this low inventory. On the sales side, we have 10-15 sales daily.
This is still on the market despite low inventory.
However, I’ve seen quite a few of the older listings I’ve been following go under contract in the last week.
Listings will pick up starting as soon as next week.