Still On the Market Eight Months Later: 2000 N. Lincoln Park West
I last chattered about 2000 N. Lincoln Park West, a 2004-2005 vintage apartment conversion that is right across from Lincoln Park, in October 2007.
There are currently 24 units for sale and one for rent.
One of the units I chattered about before is still on the market eight months later. The price has been reduced $64,500.
It’s still a “possible short sale.”
Unit #1002: 2 bedroom, 2 bath, 1250 square feet
- Originally sold for $501,500 in January 2005
- Was listed in 2007 for $585,000
- Reduced
- Was listed in October 2007 for $499,500
- Reduced
- Currently listed for $435,000
- Seller will pay for one year rental parking
- No central air
- Assessments of $820 a month
- There’s no parking or in-unit laundry
- Keller Williams Lincoln Park has the listing
As a fan of data-porn, check out the following if you’re not a regular nyt reader (re. chicago/nationwide home prices):
http://www.nytimes.com/interactive/2008/05/28/business/20071031_HOUSING_GRAPHIC.html
This is a gorgeous building in a wonderful location, fronting the park, and close to everything. It was always a premium rental building even though the units are small.
I’d be really surprised if this place didn’t fetch the current ask price, even though it seems steep on a per sq ft basis. Look at the millwork in this place.
On the other hand, if the unit is on the Clark St side of the building, it could get very noisy. There are also units that are only slightly inferior, at 1400 N Lake Shore, which some people think is a better location (I don’t).
I thought this building was trouble from the start. The prices were way too high. The units have NO central air and No in unit laundry!
Yes, you’re correct, they have no central air, no in-unit laundry, and the kitchens are too small. Additionally, there’s a dearth of closet space.
Yet they always rented very high. I last looked in 1992, when a tiny one-bed rented for $1100 a month- that was a long time ago. I’d think they’d sell close to this price just based on the rent for these units.
This two bed would rent for what- $2200? Let’s see, just guessing that the assessments include heat and other services, except electric, are probably about $550 a month. Taxes about $4000 a year- $330 a month. That means about $1400 remaining to cover your mortgage payments with. Using 200XGRM, I come up with $280K. Now this is an ultra-premium neighborhood, so, OK, I’ll maybe go to $300K.
It’s obviously not worth the offer, even though I thought it would be, because it still hasn’t sold after 8 months on the market.
Laura is spot on in her calculations. When will we know when the housing bubble has hit bottom? When the calculations make financial sense.
None of them do.
The assessments are actually $820 a month, and I suspect that’s part of the problem.
The view is great, but how many people want to spend over $3,000 a month for a two-bedroom place with no parking, no air-conditioning, no laundry, and an outdated kitchen?
I think this unit needs some staging. The pictures aren’t inviting at all. I know a person if they need help.
“When will we know when the housing bubble has hit bottom? When the calculations make financial sense”
Simple– when case shiller index hits its long term inflation adjusted trendline. We are still ways away and it might overshoot on the downside.
Assessments are $820? Good grief!! There’s no reason for that.
Well, that means a price of about $260K.
A comparable 2 bed 1 bath at 1400 N Lake Shore, which is very comparable to this, is priced at about $287K, and I’ve had it on my list for months. Fine old vintages in premium locations priced steeply under peak prices ARE NOT SELLING, even though we are well into the selling season.
See what a reversion to sensible financing terms does to a manic housing market. I mean, it’s not as though financing is impossible to get. It’s just that now you have to document your income, bring a reasonable 10% down payment, and the loan has to be a sensible multiple of your income. What a difference all that makes!