5-Bedroom SFH in Lincoln Square Sells For $437,500: 2140 W. Montrose
We last chattered about this 5-bedroom single family home at 2140 W. Montrose in Lincoln Square in December 2011.
See our prior chatter here.
At that time, it was listed at $499,000 and most of you thought it was a deal for the large yard and square footage (even if only 2 of the bedrooms were on the second floor.)
It was reduced to $449,000 by February before finally selling in March 2012 for $437,500.
Built in 1929, it was on an oversized 37×125 lot.
And no- there was no El in the backyard.
The listing said it was a “new rehab in 2007.”
It had hardwood floors throughout the main level. The kitchen had cherry cabinets and what appeared to be stainless steel appliances but no granite counter tops.
Two of the 5 bedrooms were on the second floor, the third was on the main level and two were in the basement.
The house had central air but no garage- although there appeared to be space for 2 car parking (so presumably you can probably add a garage.)
Alan Candea at Dream Town Realty had the listing. You can still see interior pictures here.
2140 W. Montrose: 5 bedrooms, 3 baths, no square footage listed
- I couldn’t find any prior sales for this property
- Originally listed in November 2011 for $529,000
- Reduced
- Was listed in December 2011 for $499,000
- Reduced
- Was listed in February 2012 for $449,000
- Sold in March 2012 for $437,500
- Taxes of $4646
- Central Air
- No garage but it looks like there is 2 car parking
- Bedroom #1: 14×21 (second floor)
- Bedroom #2: 14×11 (second floor)
- Bedroom #3: 12×11 (main floor)
- Bedroom #4: 10×10 (lower level)
- Bedroom #5: 10×10 (lower level)
‘On Montrose’ is a textbook definition of external obsolescence. Yet a fully rehabbed, but funky laid out house, on an extra wide lot in Lincoln Sq. for $437,000 is a trade off worth serious consideration. Congrats to the buyers.
This seems like a decent deal. I bet the buyer is a first time buyer too. I doubt many move up buyers would be willing to take a big loss on their 2/2 even at this price with all the negatives I listed in Dec.
For a first time buyer though, this seems like a great purchase!
“I doubt many move up buyers would be willing to take a big loss on their 2/2”
I’ll grant that many 2/2 owner/would be move up buyers paid more for their place than they could currently sell for, but that’s certainly not universally the case. Folks who purchased generic 2/2s at the peak in hot-during-the-boom-but-essentially-marginal-areas (e.g., SoPo, SL, WLP, AV, etc.), sure. But those aren’t the only owners of 2/2s.
I was making a generalization, but wouldn’t you agree MOST 2/2 owners probably did buy in 2003-2008 (and prices have contnued to drop since then so 2003-2010) or in your “marginal” areas?
What do you think this does to/for the house chatted about on Berenice?
“What do you think this does to/for the house chatted about on Berenice?”
Very little. There are two things holding the Berenice place back: (mostly) Location next to Big Bricks and across from parking lot and (somewhat) location east of Damen on Berenice. They overweight the plus of location in Bell attendance area.
If one looked only at this place and the Berenice place, it would be hard to justify paying more (or, frankly, as much) for Berence, but if one only looked at places in Bell a-a, then the Berenice place looks pretty good at the (just lowered) $499k ask.
pictures are great. location was as well. house itself not so much.