Is Significant Appreciation Over in Lincoln Park? 628 W. Wrightwood
This 2-bedroom in 628 W. Wrightwood in Lincoln Park came on the market in September 2013.
This is an elevator 5-story building so you don’t have to worry about carrying groceries or kids up a bunch of stairs.
At 1400 square feet, it has hardwood floors and crown molding.
The kitchen has granite counter tops and stainless steel appliances.
The baths are marble.
There’s garage parking and a community roof top deck.
It has central air and washer/dryer in the unit.
The unit was just reduced $9,000 and is now listed $7,000 under the 2008 purchase price.
It’s also listed just $15,000 above the 2002 purchase price.
That’s 11 years with almost no appreciation (or maybe negative appreciation depending on what it sells for.)
Even as many people still equate Lincoln Park with one of the “best” neighborhoods- for real estate- it appears to be lagging other neighborhoods in appreciation.
If you have a time horizon of less than 5 years, should you stay away from buying in Lincoln Park?
Christopher Mundy at @Properties has the listing. See the pictures here.
Unit #3W: 2 bedrooms, 2 baths, 1400 square feet, den
[unordered_list style=”bullet”]
- Sold in June 1998 for $379,000
- Sold in August 2002 for $500,000
- Sold in May 2008 for $522,000
- Originally listed in September 2013 for $524,000
- Reduced
- Currently listed for $515,000
- Assessments of $320 a month
- Taxes of $6749
- Central Air
- Washer/Dryer in the unit
- Garage Parking included
- Bedroom #1: 18×13
- Bedroom #2: 13×11
- Den: 11×8
- Laundry room: 10×5
[/unordered_list]
I don’t think the problem is with Lincoln Park and appreciation. This place is just insanely overpriced. I have friends who splurged on 450k jumbo 2 BDs in Lincoln Park and they have Viking ranges, Subzero fridge, custom cabinetry, california closets, etc to make up for being on the high end of 2 BD comps. Beautiful building and unit but it just seems 100k too high IMO.
It is also split faced block, and on a busy street. Points against in my book.
upe how many points to you charge wrightwood at this spot vs deming? it’s not exactly western ave here.
I disagree 100% that you knock off anything for the location. This location is awesome in my book, it’s the best thing about this and is why I think it WILL get at least $500K. The den & laundry room add to the value.
Yea I’ll recant the location comment sorry. I jogged by there this weekend and it really is a beautiful street. I still think that that much split faced block is not something that I would want to deal with though