Lincoln Park 2-Bedroom Now Listed 13% Under 2006 Price: 2145 N. Racine
We last chattered about this newer construction 2-bedroom at 2145 N. Racine in Lincoln Park in March 2011.
See our prior chatter here.
At that time, the unit was listed for $549,000 and we discussed whether the market could support a $550,000 2/2.
Most of you thought it should be listed at $499,000 (though someone thought it would sell at $475,000).
Since that time, the unit has been reduced to $499,000.
Built in 2006, the building is on an extra wide 28×125 lot.
The unit has a unique 250 square foot front porch with a blue stone floor.
The kitchen appliances have been upgraded to Viking and Bosch. It also has cherry cabinets and granite counter tops.
There is central air and one car parking.
After being on the market 15 months, is this unit finally priced to sell?
Kristin Ellwein Jaman at Baird & Warner still has the listing. See the pictures here.
Unit #2: 2 bedrooms, 2 baths, 1500 square feet, 1 car parking
- Sold in April 2006 for $575,000
- Originally listed in April 2010 for $599,000
- Reduced several times
- Was listed in March 2011 for $549,500
- Reduced
- Currently listed for $499,000
- Assessments of $152 a month
- Taxes of $10,102
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 15×10
This might be the most comparable unit to my place (in terms of age, layout, exterior space, location, etc) that I have seen. That being said, I think this place has alot farther to fall. I bet it sells for $440K.
Note, $440K is more than what I would pay for this place, but generally I find my willingness to pay is at a 10-15% discount to the market.
Still love the outdoor space; still hate the sale sign. $469k.
We will be talking about this one when it moves to a short-sale.
I think this will sell for 475K. The patio is unique (off the front living space, not the master bedroom as seen so often) and well done with stone. It also has higher end appliances and its wider than most 2/2 which sets it apart. I think this makes sense for someone without the case to do improvements to terrace and appliances….
$500k for a 2/2 with 1500 sq ft? Insane. $375k gets it sold – the only assets are the neighborhood and parking. The place itself is beyond bland.
What is that style? Shabby chic meets Nantucket? Anyway I like the terrace best about the unit however it still seems to be a stretch for a middle floor unit. Perhaps if it were the top floor I might be more generous. Hearing those footsteps everyday stinks.
I say that at $399K it is a fire sale quick close value but only if the sellers are desperate. My guess is that they will try to wait for a buyer with $430K or more. That should take some time but will get it done.
I like the outdoor space. Some of the units overlooking Logan Blvd have something similar (although smaller) and I’ve always liked those.
450K and some decluttering should move it
The link to the listing site shows taxes at $10,102, not the $7822 reported by Sabrina.
You are right Rick. I will fix the post. It must have been changed since we last chattered on it.
Those taxes are high. When you list a place for something as unrealistic as $599K for a two-bedroom (one of which is 10 feet wide) and have a realtor that says stupid things like “Top quality construction stands out among.” (finish your thought please), you deserve to languish on the market while you pay your monthly nut plus the 1K in taxes and insurance. Try pricing this like the tiny middle unit that it is. People aren’t spending this kind of money to be sandwiched in a place like this. Time to get a grip sellers!
I still think $440K will sell it… taxes will come down with the new sale price right?