3-Bedroom East Lincoln Park Duplex Down Sells for $50K Under 2001 Price: 2031 N. Howe
We last chattered about this 3-bedroom duplex down at 2031 N. Howe in East Lincoln Park in early April 2011.
See our prior chatter here.
Back then, it was listed for $6,000 under the 2001 purchase price at $619,000.
It had been on the market over a year and had been reduced $220,000.
If you recall, 2 out of the 3 bedrooms were on the main level with the third bedroom and the family room in the lower level.
At 3000 square feet, the duplex down was just steps below grade.
The kitchen had white cabinets, granite counter tops and stainless steel appliances.
It was in the coveted Lincoln school district.
It had all the other amenities buyers look for: central air, in-unit washer/dryer and 1 car parking.
Many of you thought it would ultimately sell at a much lower price.
- notClio thought it would sell south of $525,000
- Ed guessed $500k to $550k
- Homedelete said $499k but not until late summer
- anon guessed $520k and that the buyer would have to put $50k to $75k into it to update the property
It recently sold for $575,000– or $50,000 under the 2001 purchase price.
Maybe the East Lincoln Park market is hotter than many of you thought? (once you get down to a certain price point- as it obviously didn’t sell anywhere near its original list.)
Eudice Fogel at Prudential Rubloff had the listing. You can still see the pictures here.
Unit #1: 3 bedrooms, 3 baths, 3000 square feet, duplex down, 1-car garage parking
- Sold in September 1995 for $376,500
- Sold in September 2001 for $625,000
- Originally listed in March 2010 for $839,000
- Reduced numerous times
- Was listed in April 2011 for $619,000
- Sold in May 2011 for $575,000
- Assessments of $220 a month
- Taxes of $5080
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 16×12 (main level)
- Bedroom #2: 12×11 (main level)
- Bedroom #3: 12×11 (lower level)
- Family room: 35×12 (lower level)
This is a pretty boring space. Congrats to both the buyer and the seller. Roughly $200 p/sq is a fair boring price.
Is this a comp killer for ELP low to lowermid range?
It still sold for $50,000 under the selling price from 10 years ago. Kind of unheard of to lose money in Lincoln Park with a 10 year holding period. Did the seller just not update the property enough, or is the market really at pre-2001 pricing there?
I had the timing perfect and was pretty close on the price as well.
JJJ–“do you need both hands to pat yourself on the back or just one?”
Well, a lot of the usual suspects here never get anywhere close on their predictions (when’s the last time HD was within even 20%?), so I will admit to taking some pride in being the one who gets it pretty close to right. I think that I have also chimed in when I was way off, though. It’s not like I am trying to win CribChatter.
No worries. I am just teasing. I think this make some of the 1,000,000 2750 sqf spaces east of Halsted go “gulp”.
When was the last time my prediction was within 20%?
How about this property here? Last time I checked 499 was within 20 % of 575!!!
Ah, you got lucky.
” I think this make some of the 1,000,000 2750 sqf spaces east of Halsted go “gulp”.”
yeah, it’s good to see places like starting to get to more realistic valuations; we’re still not completely there, but at least heading in that direction…
Personally I feel like it’s better just to get this market correction done with, and get past all this uncertainty; although others would rather drag it out in attempts to alleviate some short-term pain.
lol, HD.
“a lot of the usual suspects here never get anywhere close on their predictions ”
Not HD, obviously. I can’t think of any other possibilities. JJJ, a little help?
And, paying less than the prior owner did, their taxes *should* go up about 60%.
Bad buy.
In 12 months similar sewage-level 3BRs will be at $499 like most people predicted in the old thread.
“And, paying less than the prior owner did, their taxes *should* go up about 60%.”
If so, they will be SHOCKED and OUTRAGED.
“If so, they will be SHOCKED and OUTRAGED.”
Any idea what’s up with the under-assessment of this block of Howe?
I’m away from computer but I’ll try to look at it over the weekend.
Oh wow that March 2010 listing was way off.
“Oh wow that March 2010 listing was way off.”
Yes it was, but it seems like at least 75% of everything out there listed is priced as if it’s still 2006, so it’s not too surprising.
“I’m away from computer but I’ll try to look at it over the weekend.”
Just a bump, in case this is actually of interest to you G. I looked at the block (and maybe 2100, too) and the AVs seemed uniformly low.
Executed Recorded Document Type Amount
05/17/2011 05/23/2011 MORTGAGE $517,500.00
A great home, wonder price, without the hassles of a lot of money down. Congrats to the new buyers, you’re going to love it! Even HD would enjoy living here!