41% Reduction on Foreclosed Condo in Lincoln Park: 2000 N. Lincoln Park West
We’ve chattered about 2000 N. Lincoln Park West in Lincoln Park several times before. It is a vintage building on Lincoln Park that was converted into condos in 2004-2005. There were several short sale units in the building.
Now, the foreclosures are beginning and the banks are discounting the properties quite severely.
Three “14” tier one bedroom units are on the market as foreclosures. One is listed 41% below its 2005 purchase price.
The building has no parking, no washer/dryers in the units, and the units don’t have central air.
Some buyers bought the “upgrade” package when purchasing and some did not (as you can see from some pictures below.)
Unit #1414: 1 bedroom, 1 bath, 950 square feet, (sorry- no interior pictures)
- Sold in January 2005 for $402,500
- Bank owned- reduced 41%
- Currently listed for $238,000
- Taxes of $6,160
- Assessments of $658 a month
- George Vlasis Realty has the listing
Unit #1214 is also on the market. Here’s the listing:
A RARE OPPORTUNITY- FORCLOSURE IN THE HEART OF LINCOLN PARK BUILT IN 1931, RECENTLY CONVERTED TO CONDOS. UNIT PRICED WELL BELOW MARKET. 950 SQUARE FEET WITH SOUTH AND EAST EXPOSURES. SEPARATE DR WITH BUILT-INS, HIGH CEILINGS, HARDWOOD FLOORS. LOTS OF CLOSETS. GREAT VIEW OF THE CITY, LAKE, PARK AND THE ZOO. BUILDING HAS A ROOF DECK, 24 HR DOORMAN, FITNESS CENTER AND ON-SITE MANAGER. A REAL OPPOR…
Unit #1214: 1 bedroom, 1 bath, 950 square feet
- Sold in March 2005 for $397,500
- Currently listed for $274,000
- Assessments of $648 a month
- Taxes of $6,084
- Re/Max Signature has the listing
Unit #1114: 1 bedroom, 1 bath, 950 square feet
- Sold in March 2005 for $395,000
- Currently listed for $274,000
- Assessments of $645 a month
- Taxes of $6044.98
- Re/Max Signature has the listing
I had heard on this blog that Lincoln Park properties don’t go down in value; rather, some people just overpaid.
This must be an example of that.
(sarcasm off).
I think the building, taxes, and assessments speak for themselves. These people more than overpaid. They got screwed…
This from an old listing “Pre-Foreclosure!Old World Elegance Step right into Lincoln Park. Hw floor throughout- 9 ft ceilings, lots of closet/ storage- 24 hr door staff & fitness center.Seller offering 3 mos pd assessments @ closing. Can be purchased as investment package. 2 units @ 2000 Lincoln Park West, 4 units@Sterling 345 N. LaSalle, 8 units @ Millenium, & 1 unit @ 33W.Delaware”
These investors sure did pick good properties to buy…
why are these taxes so crazy high? they seem excessive even for that neighborhood.
Maybe the “investors” led the way up and they (or subsequent, unintentional owners) are leading the way down.
even what most people consider prime locations, such as this, are not immune to general market malaise. I would hate to be an owner in this building. ugh.
looks like rents for a “14” are about $1500 per month. Doesn’t even come close to making sense as a cash flow investment even at the foreclosure list price.
What’s the difference between a large group of people overpaying and a neighborhood declining in value?
By the way, Humboldt Park isn’t declining in value; it’s just that every person who bought there between 2004-2007 overpaid by 300%.
The taxes sound reasonable. They base them off the purchase price when the building converted.
The taxes are in line with bubble-period sale prices.
I heard a rule of thumb for estimating new conversion/construction condo taxes in Chicago was 1.5 to 2.0% of sale price. Based on 2005 sale price of unit 1414 ($402,500), estimated tax at that time would have been $6,000 to $8,000.
yet another reason to avoid new construction/conversino
Can’t wait to see what tardface financial institution was left holding the bag on this one. And we wonder why Fannie and Freddie are down 20% today..financial disintermediation is almost upon the mortgage market.
Over 600/month in assessments for a 1 bedroom? And those kitchens/bathrooms are flat out ugly. They look like the kitchen/bathrooms I had when I lived in a dump in college…
I love these apartments, and I’d love an opportunity to fix up the kitchen and bath……for a price that reflects the real value of these places.
The maintenance is steep and the taxes need to be disputed. The building is lovely, but an ongoing maintenance headache.
Given the other rollbacks I’m seeing in Lincoln Park, $200K is the most these one beds justify.
When Bob Toll said that my generation would be living at home until we turned 40 he wasn’t kidding; a $400k one bedroom that looks like tentament housing scares the living crap out of me!!
A tax of 2% of market is for new construction and new rehabs, which this is not.
Moreover, if you will page back through this site and look at luxury listings, places that sold for $4MM to $6MM, you will find taxes of $20,000 to $30,000, NOT EVEN ONE PERCENT!
The extremely unfair disparity in taxation of upper bracket housing and lesser housing needs to be addressed. By and large, upper bracket properties are taxed very lightly relative to their market values and to cheaper housing.
Laura,
One persons extremely unfair is another person’s fairness. Do these rich people have 10x the number of kids of the more moderate income people so they’re family gets use of the public schools they are supporting? Doubt it. Regressive taxation is, at its heart, much more equitable than progressive taxation. It also punishes spenders as opposed to savers so should motivate the right behavior.
Just because the rich aren’t getting gouged as much as the middle or aspiring upper classes doesn’t mean they should be gouged as well. The middle class masses in Cook county deserve to be taxed to death via regressive taxation–I’m resigned to it. When you have a one party lock on an area for 50+ years the citizens get what they vote for. C’mon Stroger 10.25% is the best you can do, lets lather on the punishment for the masses some more, they can take it 😀
Its nice being more of a saver than spender.
Pretty soon Chicago politicans are going to run the country via Obama. Bill Daley, Bill Beavers and Blago will have cabinet appointments, Rahm Emmanuel will take over Obama’s senate seat, Rezko will be pardoned…’Utopia’…but that’s a different topic for a different board.
Unreal selling price for these units. What were the buyers thinking? It’s not even close, they overpaid by 25%!
I looked at a couple of these units when the conversion agent was selling them like hot cakes. I couldn’t believe the prices they were charging, but people were purchasing left and right. They even hosted parties where they’d talk about real estate “never going down over the long term,” with mortgage lenders onsite ready to talk to anyone. Yet people were going along with it.
for 600+ for assessments it better have amenities like the Streeter
Kevin Trudeau used to live here, #1010, about a decade ago