How Do You Sell the 2 Bed/1.5 Bath Townhouse? 2561 N. Greenview in Lincoln Park
We’ve chattered about a lot of townhomes of all sizes over the years including 1-bedroom townhouses all the way up to 4-bedroom/3 bath townhouses.
But this 4-level townhouse at 2561 N. Greenview in Lincoln Park has 2 bedrooms and just 1.5 baths.
The two bedrooms are on the third floor and it also has a loft den/office on the fourth level.
At 2000 square feet, it has a family room on the main level.
The listing says the kitchen has been “updated”. It has a stainless steel stove but a white dishwasher with cherry cabinets.
Built in 1988, the townhouse has central air and parking.
It has been reduced $39,000 since April 2011 and is now a short sale.
How hard is it to sell a 2-bedroom townhouse that just has 1.5 baths? Or does it not matter to buyers looking for just 2 bedrooms?
Karl Whittenbarger at @Properties has the listing. See the pictures here.
2561 N. Greenview: 2 bedrooms, 1.5 baths, 2000 square feet, parking included
- Sold in August 1991 for $132,500
- Sold in September 1996 for $230,000
- Sold in January 1999 for $293,000
- Lis pendens foreclosure filed in February 2009
- Originally listed in April 2011 for $375,000
- Reduced
- Currently listed as a “short sale” for $336,000
- Assessments of $283 a month
- Taxes of $5465
- Central Air
- Bedroom #1: 16×13 (third floor)
- Bedroom #2: 15×10 (third floor)
- Loft/den: 13×10 (fourth floor)
- Family room: 15×14 (main level)
I like it for around 300K. I love townhouses and lots of levels but Definitely not for most.
Yes, the 1.5 bath hurts it. Much smaller 2/1.5s in the S Loop on Federal and Plymouth (build late 80’s early 90’s) continue to sell for more than I would expect.
You try to sell it on the square footage, pointing out that 2547 N Greenview, with 2200 square feet, recently sold for $390,000. Of course, that one was a 3 bed/ 2 1/2 bath unit but you’d be surprised that unless the floor plan is really terrible the price/SF might not be that different. Appraisers will often deduct an additional ~$10K for the bedroom.
$168 a sq ft in LP, wow.
Even though it is only 2 bed 1.5 bath, it is very spacious. And it’s reasonably attractive. Lincoln Park townhouses with this much space, that are this relatively new, usually go very fast. The floor plan must really be bad with no way to add a 2nd full bath.
Should have been built as a 3-2 with this kind of space anyway. It’d sell for over $400K with ease. What a waste.
The biggest problem I see is that this townhouse development looks like it belongs in the suburbs. The whole development area North of Wrightwood, West of Southport is just an odd looking mish mash of junk.
Speaking the suburbs:
http://www.redfin.com/IL/Park-Ridge/307-S-Prospect-Ave-60068/home/13639601
“SECOND EMPIRE ARCHITECTURE GRACED PARK RIDGE WHEN THE TOWN WAS BORN. MANSIONESQUE TRAITS INCLUDED CRESTED ROOFS WITH WINDOW PORTALS, ENHANCED FREEZE BOARDS & CORBELS, REGAL CHIMNEY POTS, LONG ROUND TOP WINDOWS, LIMESTONE ACCENTS, MULTI-FACADES, TALL CEILINGS & BOLSTERED INTERIOR DESIGN ELEMENTS. GATHERS OF REFINEMENTS WILL APPRECIATE ROOMS OF SUBSTANCE, AMPLE STORAGE & 5 CAR GARAGE PARKING. THE PAST RETURNS! ”
Pictures are simply amazing…simply amazing. I’m shocked this hasn’t sold.
Laura: I should have included a link to the other townhouse in this development that we chattered about about a year ago.
That one WAS a 3 bedrooms/2.5 baths with 2 car parking.
The kitchen had the stainless and granite.
It sold in February for only $390,000.
http://cribchatter.com/?p=9740
will never be comfortable with the first day of spring occuring in September.
This area of LP always seemed “lost” to me. Too close to Ashland, not much retail around that you would want to walk to….
At this price though, it seems like a good deal. However, I’m questioning the square footage in the listing. I’ve seen some townhome listing where they included the attached garage space.
It really seems to me that prices are getting a lot more reasonable. At list with 20% down this is something like $2075/month all in. This is a lot of space in a good neighborhood. I still think we can go down another 5-10% from here just because there are so few qualified buyers, but when I look at what’s out there in the $250K-$350K range I feel like I am seeing a lot more places I would like to live in.
“but when I look at what’s out there in the $250K-$350K range I feel like I am seeing a lot more places I would like to live in.”
ANd things will only continue to get better…
I dont like this area, but this is a good deal at this price.
“Pictures are simply amazing…simply amazing. I’m shocked this hasn’t sold.”
That is the most bizarre listing I’ve ever seen. While I’m not usually too fond of the kids’ memes, “what is this I don’t even” is the only proper response.
“LP”
Gated communities are now banned in the city, per new zoning changes. New ones can’t be built, and old ones are ‘grandfathered’.
HD,
Is that Park Ridge listing a joke? Looks like one. If not, it’s hilarious. “A return to the past” includes 5-car garage parking? That’s rich!
And I’d always pay extra for chimney pots. Definitely.
The 1.5 bath is a killer in my mind. My wife and I are looking for something larger than our 1BR/1BA and since kids are in the future, a 2/2 condo probably isn’t big enough. Something like this could work because it’s still got the 2 additional living spaces w/ the family room and loft, but the lack of at least 2 full baths means we wouldn’t consider it. Who designed/built such things without at least 2 baths? It’s not like this is some 1920’s vintage unit… by the ’80’s, wasn’t the master suite pretty standard?
Good to hear that gated communities are banned. I know they banned strip mall construction in the city many years ago, after it ruined streets like Clark between Diversey and Belmont.
“by the ’80’s, wasn’t the master suite pretty standard?”
Yeah but developers are always looking to cut corners and save money.
The 2/1.5 is a pretty standard 1970’s townhome….in the suburbs.
LOL HD! That model T in the front of picture #1 made me LOL! Then the 1.75 mildo to live in pork ridge made me laugh again!
“Gated communities are now banned in the city, per new zoning changes. New ones can’t be built, and old ones are ‘grandfathered’.”
These places seem to me to be a poor investment compared to other places. You have to really want to live there to like them, and it seems to me to mostly be people who are scared of the city but want to live there for whatever reason.
“Chibuilder on September 23rd, 2011 at 7:28 am
The biggest problem I see is that this townhouse development looks like it belongs in the suburbs. The whole development area North of Wrightwood, West of Southport is just an odd looking mish mash of junk.”
This is actually south of Wrightwood. Facing Wrightwood Park.
“These places seem to me to be a poor investment compared to other places. You have to really want to live there to like them, and it seems to me to mostly be people who are scared of the city but want to live there for whatever reason. ”
I spent some time living in Landmark Village (semi involuntarily), a gated community near Damen/Diversey/Clybourn. My observation is that there was a community of like minded people–mostly those who had just started a family and had preschool kids. Being around others sharing a common experience is a little more evolved thinking than just being scared of the city.
There was another group that sought additional security (perceived probably more than real). They included consultants who spent 90% of their weekdays traveling, ex pats who had permanent homes overseas, and part year residents who leave for the winter. I’d call that managed risk rather than being “scared”, but that’s likely splitting hairs.
Others may be able to help with real data, but my anecdotal observation is that values in the Landmark Village gated area have slipped less than the overall market. I’d say that as a decently managed association, it’s been a better than average RE play for that area.
This dumbass has no equity after owning this for 1999. It’s places like this that give me proof positive that a lot of people aren’t wealthy at all, treated their house as an ATM and now need to get kicked out of their fvcking house.
“This dumbass has no equity after owning this for 1999”
Bob – what if this “dumbass” took the money out and invested it (or even enjoyed it)? Isn’t he the smart one? If he hadn’t taken his equity out, he would have lost the money anyway (and also lost any enjoyment it would have given him). In reality, he is the SMART one – YOU are the dumbass.
We know he didn’t “invest” it clio. Unless you count things like your lambo an investment.
Bob – Who cares if he invested it or had fun with it – he is ahead of the “dumbassess” who kept paying down their mortgage and continue to put money in a declining asset.
And that is precisely why the global economy is where it is today.
This property was developed by an old friend and former client of mine, Cal Boender.
http://powip.com/2010/03/a-chicago-real-estate-scandal-that-deserves-national-attention/
And the architect was another friend and former office landlord, Pat FitzGerald.
if my name were really pat fitz gerald.. I’d kill myself.
why Ze? Sounds very nice to me.
football coach of northwestern?
miu.. Cause you would have 4 yr olds, like me, reminding you it’s the punchline to a really stupid joke about a gay Irish couple. Pat fits Gerald and Gerald fits Pat.
and Sonies, I deserve some points, I was good and didn’t say ot was a Mc joke.
Lol that is funny. Not that there is anything wrong with it : )
I would much prefer to live in SoPo and Lakeview or River North than this part of LP. These townhomes are ugly, suburban blight. And only 2 bedroom, 1.5 bath makes a condo a better option. All your space is in stairs.