Are North Side Prices Falling? A 2-Bedroom at 1940 N. Cleveland in East Lincoln Park
This 2-bedroom greystone condo at 1940 N. Cleveland in East Lincoln Park came on the market in October 2018.
This greystone was built in 1890 and has 5 units and outdoor parking.
It has some of its original features including wood molding and paneling in the bay windows and a wood burning fireplace in the living room.
This unit has east and west exposures as well as two balconies, one off the kitchen and one off the master bedroom.
The listing says it has newer Pella windows and patio doors as well as Hunter Douglas blackout blinds.
It has a gourmet kitchen with white and natural wood cabinets, a breakfast bar, granite counter tops and stainless steel appliances, including a wine cooler.
The master bedroom is en suite and has a walk-in closet, which is rare for vintage buildings.
The unit also has the features buyers look for including central air, washer/dryer in the unit and 2 tandem outdoor parking spaces.
Originally listed at $649,900 a year ago, in October 2018, it has been reduced several times and is now listed at $549,999.
That’s $12,501 under the 2010 purchase price of $562,500.
It’s been years since I was writing posts about properties selling under prior purchase prices.
Are prices on the decline again on the north side?
Michael Linden at Redfin has the listing. See the pictures here.
Unit #4: 2 bedrooms, 2 baths, 1800 square feet
- Sold in March 1992 for $262,000
- Sold in January 1993 for $245,000
- Sold in September 1997 for $325,000
- Sold in June 2003 for $405,000
- Sold in April 2004 for $465,000
- Sold in May 2007 for $580,000
- Sold in September 2010 for $562,500
- Originally listed in October 2018 for $649,000
- Reduced
- Withdrawn in June 2018 at $579,000
- Re-listed in September 2019 for $549,999
- Currently still listed at $549,999
- Assessments of $242 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $11,466
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- 2 tandem outdoor parking spaces included
- Bedroom #1: 14×17
- Bedroom #2: 16×8
- Den: 9×10
- Kitchen: 17×11
- Living room/dining room combo: 33×14
floor plan?
so is the den off the master bedroom and then the rear deck?
is the blue paint on floor skirting a thing? honestly asking and not being snarky
so is the den off the master bedroom and then the rear deck?
I believe it is off the living room in the front…it was probably a bedroom when this was an apartment building back in the day.
is the blue paint on floor skirting a thing?
This is honestly the first time I’ve ever seen a color that wasn’t white, black or brown. It does seem to work, at least in the pictures but I’d be surprised if it becomes the next trend.
“floor plan?”
Click on “3D”. Unless ur blocked.
Answer is: 2 white chair den = b/t MBR and deck. Desk den = front off LR.
Why is there a very heavy slab of marble underneath the desk?
mortgage rates in october 2018 were 4.875% on a 30 year fixed
today they are 3.75%
with 20% down – and assuming taxes remain the same
you were looking at
$4390 /mo
vs
$3400 /mo now
thats a 22%/mo price drop, I would expect this to sell at this point, very quickly even, but who knows… this is a pretty nice vintage 2 bedroom place and it even has 2 parking spaces
housing market sucked around october 2018, I know…
“Why is there a very heavy slab of marble underneath the desk?”
isn’t that where everyone keeps their marble…I like how it also says “do not move”
I don’t think anyone is moving it anytime soon. Could it be excess marble from the bathroom vanity?
“2 parking spaces”
So, the building has 5 units, but 3 wide (on a 25′ lot–tight!) tandem parking. Which 2 units get no parking? How does *that* work?
garden 1/1 unit sold earlier this year:
https://www.redfin.com/IL/Chicago/1940-N-Cleveland-Ave-60614/unit-1/home/13345574
Nos. 2 & 3 haven’t changed hands since ’08, but #5 sold in ’09 ($548), ’12 ($580) & ’15 ($657, paint seeming to be the only change from ’12).
@anon (tfo) – – interesting article you posted about that lawyer!
What it boils down to is that this is a 2-bed with some basic living space. I am thinking anyone in the market for a two-bed at this price point because they have a kid might be swayed by the amount of house they could afford in the suburbs. Are the public schools for this address really worthy of this price? Why not just get a townhome with a garage in what is effectively the same location? (I realize this unit will relatively soon be overlooking a large construction site for the next 2+ years, but I feel like that is priced in:)
https://www.redfin.com/IL/Chicago/1487-N-Clybourn-Ave-60610/unit-F/home/12738843
Is there an elevator in this building? If not then it isn’t empty nesters needing to age in place who are looking for this. Who is the market for a unit like this at this price point? Forget the crack pipe price they initially listed at. I am on the south side of North Ave. We are Lincoln Park HS but different elementary school and you can get 2/2 units with parking and similar space for a solid $100K+ less than the current price on this one….and those units aren’t selling either!
https://www.redfin.com/IL/Chicago/1335-N-Mohawk-St-60610/unit-2S/home/12553587
https://www.redfin.com/IL/Chicago/1343-N-Mohawk-St-60610/unit-2N/home/12770558
Also, Cort Furniture must be giving a great deal on that dining set. I dunno how many listing photos I have seen with those ugly chairs with the white leather back. I hate no pedigree faux-modern stuff like that. Either that or the virtual staging software has limited options or everyone really is buying all the same furniture.
Anyhow. Crunchtime. Clearly no one actually lives in this unit anymore so they are finally pricing to sell it.
Also, ugh, no hood vent.
For empty nesters I like it. The second bedroom is really just an office/guest room, but that’s OK. Considering the location, the price seems very fair. This is one of the best streets in the city. Having two spaces included is just the icing on the cake.
“thats a 22%/mo price drop, I would expect this to sell at this point, very quickly even, but who knows… this is a pretty nice vintage 2 bedroom place and it even has 2 parking spaces”
Yep- it’s even cheaper with the lower mortgage rates.
But no one is biting.
I’m seeing this more and more all over the north side. I’m also seeing short sales for the first time since 2012-2013. That’s a bad sign about this housing market.
If you think you’re going to buy and sell within 2 or 3 years, you are dreaming. You’re going to lose money on the north side. The 20% appreciation that happened 5 years ago is long gone. We’re not even getting 2% a year right now.
I will just leave this here:
https://www.washingtonpost.com/business/2019/09/16/reading-tea-leaves-real-estate-market/
If not for an empty-nester, the 2-bed / 2-bath is the quintessential starter home and today’s millennials aren’t buying. They either are buried under student loan debt or having just paid off their loans, are not looking to saddle themselves with another huge monthly bill right away OR they are further along in their careers and aren’t interested in a unit this small. the 3-bed / 2-bath condo or SFH is the new “starter home.” They may also be quite content renting. Today’s newly constructed rentals although pricey, have some amazing common amenities including co-working space and meeting rooms to accommodate that “side hustle” or entrepreneurial spirit. Their are other ways to invest in real estate (publicly traded REITs for example), without locking in to a specific location.
“Their are other ways to invest in real estate (publicly traded REITs for example), without locking in to a specific location.”
True, The Cat.
But what are the ramifications for Chicago’s housing market then?
It could be worse than the 2009-2012 downturn. Because the vast majority of condos on the north side are either 1 bedroom or 2 bedroom units.
“But what are the ramifications for Chicago’s housing market then?” – – my opinion, not good but like all things, this too shall pass. That said, a lot of units currently on the market may become rentals – – vacation or otherwise, given that in the near term, the folks trying to sell them may be doing so because they need the cash they have locked up in the home or they need some relief from the mortgage in order to move on to another home.
“But what are the ramifications for Chicago’s housing market then?
It could be worse than the 2009-2012 downturn. Because the vast majority of condos on the north side are either 1 bedroom or 2 bedroom units.”
—————————
Eventually the resistance to AirBnB and the like will be overcome and the unused condo will become short term rentals, hammering the hotels.
“Eventually the resistance to AirBnB and the like will be overcome and the unused condo will become short term rentals, hammering the hotels.”
Really johnc?
Seriously?
This is your answer?
Thousands upon thousands of condos are suddenly going to become airbnbs and supply and demand isn’t going to hit those too?
All those “owners” are suddenly going to rent them out (and clean them) every day for paltry sums?
Come on. Give me an argument that makes sense.
“That said, a lot of units currently on the market may become rentals – – vacation or otherwise”
This is forbidden by most condo associations. The 3 or 4 flat buildings would probably allow it, though, as they don’t usually pass the same restrictions. But how are you buying your next home if you’re holding onto the old one to rent it out?
You’re not.
Seems like we’re going to get short sales, foreclosures and falling home prices again.