We Love “One of a Kind” Condos With Landscaped Terraces: 2100 N. Lincoln Park West in Lincoln Park
This 2-bedroom duplex in The Pierre at 2100 N. Lincoln Park West in East Lincoln Park has been on and off the market since August 2007.
It has some unique features including a spiral staircase to the second floor bedrooms and a 600 square foot private landscaped terrace.
The kitchen has maple cabinets, granite counter tops and black appliances.
The unit has central air and in-unit washer/dryer. There is rental parking in the building.
The listing calls it a “one of a kind” property.
The Pierre was built in 1919 and is a full service building with a rooftop pool and 24-hour doorman.
The unit was recently reduced $30,000 to $495,000.
What price will it take to finally get this sold?
Scott Berg at Berg Properties has the listing. See the pictures here.
Unit #3BN: 2 bedrooms, 2.5 baths, duplex, no square footage listed
- Sold in March 1988 for $163,000
- Sold in March 1999 for $230,000
- Originally lisetd in August 2007 (I couldn’t find a price)
- On and off the market
- Was listed in November 2011 for $525,000
- Reduced
- Currently listed at $495,000
- Assessments of $954 a month (includes cable, doorman, gas, rooftop pool)
- Taxes of $4129
- Central Air
- Washer/Dryer in the unit
- Rental parking in the building
- Bedroom #1: 22×19 (second floor)
- Bedroom #2: 19×15 (second floor)
- 600 square foot terrace
Parking fee?
First, and perhaps as a general query to the Chatterati, I see that the listing notes that the seller is a licensed real estate broker. Is that intended to convey to prospective buyers that the seller somehow took better care of the property, like a mechanic selling a car? Or perhaps that, when the unit was most recently relisted just over six months ago at $525k, such pricing was the result of applying one’s professional, state-of-the-art knowledge of the market?
Second, it’s safe to say that this building contains a greater diversity of units than any other LP building, due to various horizontal and vertical unit combos. The location, doorman, pool and its generally good reputation (unlike the conversion immediately south on LPW) have made for some tempting listings over the past few years. We had been intrigued by a big 4/4 (that needs a total update) listed in the $700’s, but a neighborhood acquaintance saw it and said the layout is the pits (a fact which is not conveyed well in the pics). And based on a quick investigation, that 4/4 appears to have liens attached to its units by the building association. The fees in this building aren’t inappropriately high, but many of the recent listings have been for units that haven’t been updated in decades, which to me indicates that the fees may have surpassed the income levels of many longtime owners (the same has happened with real estate taxes in many parts of the country). Not a deal killer, but some real time would thus need to be devoted to reviewing the health of the building and association.
Now then, the subject property. As always, I do hope they can close as close to this list as possible, generally because I hope nearly everyone does as well as possible in this brief life, and particularly because I’d like comps (broadly speaking) for our current residence to go for as much as possible. But this one’s going to take a very motivated buyer, one with location criteria as strict as mine, but also with a lot of extra cash for updates and apathetic feelings about windows. It appears that the only windows in the living/dining room are the sliding door. I guess that’s not so bad, but it seems a bit (older) hotel room-like. The terrace does look awesome, and is indeed among only a handful of large private terraces in buildings along the park (unfortunately, most face the alleys; there’s one facing the park in the building to the south (and is essentially this unit’s comp), the new building on Lakeview Ave will have some, and that opulent place up at Fullerton obviously fronts the park; otherwise, the only park-facing outdoor spaces are balconies). But while some umbrellas/pergola might add some privacy and shade, I imagine that it’s pretty much unusable during the afternoon all summer, and in direct view of dozens of neighboring units all year round (in both this building and directly south). The terrace is also directly at the height of the rowhomes immediately west on Clark. I imagine the a/c units on those roofs produce a pretty steady hum, especially those which serve the Oven Grinder and Ricardo Tratoria. But perhaps the hum would drown out the sounds of the Routes 22 and 36 bus stops directly below at Dickens.
Unless there’s been a unit combo since the 99 sale for $230k, and unless the seller has ATM’ed the heck out of the place, they should have a lot of wiggle room on the price. Were it me, I’d tap $50-75k of that equity to spruce the place up, and hope to close at around $425k. Otherwise, I don’t see it moving this summer.
anonny, first if the seller is a licensed real estate broker it has to be disclosed. Whether it matters really depends, but guidelines say it has to be disclosed so buyers are aware of their knowledge of the industry.
Secondly, while the description of this place sounds so nice in addition to the strong need for updating this condo has (including in the “upgraded” kitchen and master bath) it looks to me from the pictures that it has VERY little natural light. Not only is the sliding door the only window in the living room, but there only appears to be one room with more than one window. In the master bedroom, the only window appears to be a tiny one far from the bed. No mattter how much updating you do, you won’t get any more light.
I have a feeling this condo is going to continue sitting for a very long time still.
“As always, I do hope they can close as close to this list as possible, generally because I hope nearly everyone does as well as possible in this brief life,”
You really believe that inflated RE prices are good for everyone given their contribution to the current state of the economy?
“and particularly because I’d like comps (broadly speaking) for our current residence to go for as much as possible. ”
I see now, your benevolence is actually greed.
Please explain how
The outdoor area seems pretty cool but other than that, this is grandma’s apartment.
Looks like the door to the terrace is like 4-5 feet tall too, so probably not that great for grandma
This place I thought would be more interesting with large bedrooms and such, but to me it looks like an unupdated POS with very little light or charm. The terrace is kinda meh too, i don’t like the ‘fenced’ in terraces either
“Is that intended to convey to prospective buyers that the seller somehow took better care of the property, like a mechanic selling a car?”
I forgot about the required to disclose that information part. In light of recent encounters, I thought that was code for “ditch your agent before you come see this place and we can make a deal.”
“Looks like the door to the terrace is like 4-5 feet tall too, so probably not that great for grandma”
I have a hunch about grandma …
I’ve found there to be a high correlation between properties owned by real estate agents and places that are overpriced, past their prime and/or listed at a price well above what the property was purchased for. I’ve also seen a lot of strategic defaults on agent-owned properties over the last few years, often after sitting on the market for a long time with an unrealistic list price.
Must be fun to live on the 3rd floor of a mid-rise. Instead of a view of the lake, you get a view of suburbanites lining up for R.J. Grunts. There’s really only one building on LPW to live in (unless you own Morningstar) and that is 2000 N. Lincoln Park West.
G: Not sure if you’re being socialistic, nonsensical, or simply confrontational for the sake of it.
Yes, in addition to hoping that (most) people live long, healthy, happy lives, I do hope that, for those who own their residence, when it’s time to move on, they can sell it for as much as possible, at least enough to allow them to “move up” or downsize comfortably (depending upon their station in life). And yes, I do want homes in my immediate neighborhood to sell for as much as possible. If you feel differently, then at best, that says something about your views on concepts such as private property rights, wealth generation, and capitalism generally (that’s fine; other than places like North Korea, such views have few real allies left in the world at this point). But at worst, if you’re one of those folks who derives pleasure from the financial misfortune of others, I’m afraid that says something about your very nature. If it’s the former, there’s hope, as one can always change one’s political/legal/economic viewpoints. If it’s the latter, I do hope that you can at least find a measure of peace and happiness at some point.
p.s. I do not have the time (or interest) to dispute your assertion that price increases (or “inflated” prices, if you must) in one of the more expensive zip codes in the country (let alone the city) contributed “to the current state of the economy.” (The professional/financial/investment work performed during the early to mid 2000’s by some folks who live in large homes in that zip code may be another story.)
Not crazy about terraces where hundreds of other apartment dwellers can gaze down at you. Maybe an umbrella would help.
Agree the unit is overpriced, and I wouldn’t call this a “prestige” building, either. There are a few buildings on LPW that have prestige, including 2314, the old vintage low-rise buildings near Fullerton, 2130 (where former Gov. Thompson lives, I believe), and the newer high-rise just south of that one (built around 2000).
I’m not crazy about 2020. The building itself is OK, but the condos we saw there 15 years ago when we were looking seemed quite dated. Maybe with some sprucing up a condo there could be made nice. It’s also adjacent to some sort of halfway house on Clark, and you’d have to walk by the odd people standing outside smoking most of the day. Sorry for my lack of political correctness, but I wouldn’t want to live right next to that.
I love the outdoor space. It could use some cosmetic updates, but it doesn’t seem like a bad deal since it has some of the must haves – like in unit washer/dryer and central air. Parking might be an issue depending on whether there’s a waiting list. Overall, I like this place.
I’m not a fan of that outdoor space at all. It seems walled in between two other terraces and if I am right is facing the rooftops of buildings on Clark with most likely no view rather than the park. Am I missing something? Also, if the terrace faces Clark, I have a feeling this unit completely faces west and you have no view of the park at all. Am I wrong?
I don’t mind the fence. I just like the outdoor space. A dog could run around a bit out there too.
Anonny, it’s simple (just like me.) Pumping RE prices is bad for 99% of us, as recent events indicate. You are greedy, which is flattering to the 1% (and wannabes like you.)
Another thing, anonny, pleade help me understand what the current govt involvement in the RE market has to do with capitalism?
Not sure how you read this:
“I do hope they can close as close to this list as possible, generally because I hope nearly everyone does as well as possible in this brief life, and particularly because I’d like comps (broadly speaking) for our current residence to go for as much as possible”
and get this:
” Pumping RE prices is bad for 99% of us, as recent events indicate.”
though if by this :
“And yes, I do want homes in my immediate neighborhood to sell for as much as possible.”
you meant ONLY your immediate hood and screw the rest of you, then you’re invitation to watch the illegal fireworks from my deck has been revoked. 😀
How are June sales shaping up?
anonny has taken westloop’s writing style and added extra froth.
I don’t understand all of the umbrage about the terrace’s walls. They were probably built up for privacy, and at least the height is code-compliant, unlike the “terrace” on the 333 Belden listing we just saw here, which is not and would be a major PITA to either build a deck in compliance or raise the parapet.
@benjamon9 (June 25, 2012, 8:02 am)
“anonny, first if the seller is a licensed real estate broker it has to be disclosed. Whether it matters really depends, but guidelines say it has to be disclosed so buyers are aware of their knowledge of the industry.”
Is it IL law that a licensed real estate broker is a seller this has to be disclosed? Where can I find this documented? I just recently found out (as in last week) that the seller of my condo was licensed on our 2011 sale and this was never disclosed to us (the buyers.)
Daniely – yep, it’s the law; taught in the pre-license curriculum. If your seller did not disclose license status s/he was in violation and should have been reported to the Chicago Board of Realtors.
“Not sure how you read this”
I’m not surprised.
“it’s the law … reported to the Chicago Board of Realtors”
If it’s the *law*, should report to IL Dept of Financial and Professional Regualtion.
If it’s merely a realor thing, then it’s (1) not “the law”, and (2) pretty damn meaningless.
It’s the law.
(225 ILCS 454/10-27)
(Section scheduled to be repealed on January 1, 2020)
Sec. 10-27. Disclosure of licensee status. Each licensee shall disclose, in writing, his or her status as a licensee to all parties in a transaction when the licensee is selling, leasing, or purchasing any interest, direct or indirect, in the real estate that is the subject of the transaction.
(Source: P.A. 91-245, eff. 12-31-99.)
Also (225 ILCS 454/10-30) which forbids blind advertisements.
“I just recently found out (as in last week) that the seller of my condo was licensed on our 2011 sale and this was never disclosed to us (the buyers.)”
Proving non-speculative damages might be a little difficult. Any chance of undoing the transaction (if wanted)?
Also, why is the subject property listed through berg, which I understand to be a flat fee MLS access provider? Can’t the owner list directly, if s/he wants to deal with selling the place anyway?
“It’s the law.”
Here’s the complaint form:
https://www.idfpr.com/Admin/Filing/DPR/Complaint.asp
Thanks all for the information about industry people being required to disclose their licensee status. I checked with our condo prez and he confirmed that the industry folks we met were previous owners who had sold the unit to the couple we purchased it from…so that’s a relief.