Get a 2-Bedroom On Lincoln Park for Under $300K: 345 W. Fullerton Parkway
This 2-bedroom at 345 W. Fullerton Parkway (I believe one of the buildings is also 357 W. Fullerton) in Lincoln Park has been on the market since September 2011.
It has had some updates including a kitchen with stainless steel appliances and quartz counter tops. There are hardwood floors throughout the main living area.
The unit is south facing but the listing says it has “city, park and lake” views. The listing says the master bedroom has a view of the John Hancock building.
The unit has central air and there is leased parking available. It doesn’t have the in-unit washer/dryer however.
This is not the cheapest unit in the 2 buildings, as some of the other unrenovated 2/2s are listed for less. But another rehabbed 2-bedroom, Unit #1707 which also had a new kitchen with granite counter tops, sold on Oct 26, 2011 for $300,000.
Are the renovated 2-bedrooms in these twin buildings a deal at this price point?
Stephen Hnatow at @Properties has the listing. See the pictures here.
Unit #1605: 2 bedrooms, 2 baths, 1150 square feet
- Sold in March 1993 for $152,500
- Sold in January 1996 for $161,500
- Sold in May 1999 for $225,000
- Originally listed in September 2011 for $300,000
- Reduced
- Currently listed for $299,000
- Assessments of $720 a month (includes heat, a/c, doorman, cable)
- Taxes of $4662
- Central Air
- No in-unit washer/dryer
- Parking is leased for $170 to $210 a month
- Bedroom #1: 14×11
- Bedroom #2: 11×10
I remember looking at a 1BR in this building (both towers are 345, I believe) about a decade ago. The floor-to-ceiling windows were great but it had no storage at all! A tiny closet in front hall and a fairly small closet in the bedroom. And between the windows and open kitchen, there weren’t even walls to put any sort or storage on, either. In comparison, my 1BR in a nearby high rise has 2 nice sized front hall closets, a linen closet, a walk-in in the back hall and a walk-in in the bedroom. Not sure if the 2BR are better in that regard or not. Units in this building seem reasonable compared to other Lincoln Park high rises, but assessments are high.
This looks like a nice place for a decent price, but I hate the trend of french doors into bedrooms. Who wants to sleep in a bedroom that you can see right into even if the door is closed? Effectively, to me this is a one bedroom plus den…
Lincoln Park October condo/th sales:
1988 78
1989 82
1990 78
1991 78
1992 85
1993 108
1994 92
1995 87
1996 94
1997 112
1998 76
1999 104
2000 94
2001 91
2002 97
2003 112
2004 131
2005 154
2006 98
2007 84
2008 62
2009 61
2010 37
2011 39 (15% short/REO sales)
LP is at half the sales volume of 20+ years ago with many more units added to the market in that time. The banks have a lot of shadow inventory in the pipeline, too. This lack of sales will add more. Knifecatching will remain the rule.
The assessments seem so high. The assessment for a similiar unit in my builidng is $500 (includes all utilities, cable, gym, doorman, and in unit w/d)
Looks like they did a decent job on this unit, and the broker did a nice job on the staging and pics.
Given what the seller paid and the time that’s passed since then, assuming that the seller hasn’t fully ATM’ed the unit, I’d say that they’ve got some flexibility to close for lower, likley at what I’ve argued is the going rate off list on decent units right now (10%), so perhaps around $270k (maybe $280k; given the recent comp, the seller shouldn’t be desperate, but winter is a comin’).
As benjamon notes, by putting in the French doors, this place is effectively a glorified 1 bed. That said, if you can buy this thing for around $270k and only need one dedicated bedroom, it’s not glorified, but pretty glorious. That second bedroom would make a fine office/guest room, or even a nice t.v. room (with a pull-out for guests), thereby keeping the living room the way it’s currently staged without a t.v. And, if one is going to use the second bedroom of a two bed place for office/t.v. room purposes, French doors are much nicer. (And, as the place is a bit on the small side, it’s probably best suited for a person or couple who could devote the second bedroom t.v. purposes).
Even with the higher assessments and even without an in-unit w/d, at the current list and for what it could close at, this unit pretty much destroys the 2/2 over at Belden and Clark recently discussed.
Right in line with the comps, should sell with little if any reduction in price.
I don’t get the French doors as well. Why not put some sort of a sliding door (like the one’s in Japan) so one can leave it open for the light to pass and shut it when neccessary.
Assume it is easier to put in french than pocket doors, especially after the fact. Like anonny, I like the idea of the french doors if you are not really using it as a bedroom, although I guess you would still have to have curtains or something if you want the option of using it for guests.
This is a great unit at a solid price. I think it should sell close to ask, but I think you can probably get a unit in this building cheaper next year after the financial markets hit the fan.
I don’t get the hate for French doors, in a smallish condo like this I think it’s good to make it as open as possible.
Alright, perhaps hate is a strong word, but it was frustrating when I was looking for a 2+ bedroom place and the second bedroom had french doors and the extra room was a sunroom. The place then effectively was a 1++ bedroom. I don’t mind french doors in general, but putting them on a bedroom severely limits a place I think. If you want to use the room as a TV room, simply take down the door and then when you are selling if a buyer wants a bedroom, put the door back up. Once it has french doors, it isn’t as easy to put back to a normal door and you have limited your buyers.
They look nice, but I am cautious about doing things to my house that can’t easily be reversed and may limit the number of buyers in the long term.
Good looking place and the price seems fair. The views are better than I expected, though it doesn’t seem to have a lake view.
I don’t get the hate with French doors either. I visited this unit because I really like the location, but the owners actually got rid of the closet in the ‘second’ bedroom in favor of putting a door to the second bathroom – so it is effectively a 1+ BR and the asking price is too much. The views are pretty nice though.