Under Contract Within 12 Days But Listed Under 2004 Price: 917 W. Webster
This 2-bedroom vintage unit at 917 W. Webster in Lincoln Park is already under contract after less than 2-weeks on the market. A tipster told me that it had multiple offers.
It seems to have all the bells and whistles with central air, an in-unit washer/dryer and parking in a prime Lincoln Park location.
However, it’s also 2-feet below grade (does that make it technically a garden apartment?)
It’s listed $11,000 under its 2004 purchase price (and it’s not a conversion or new construction.)
Is a quick sale really all about pricing it “right” for this market?
Peggy Matson at Koenig & Strey has the listing. See the pictures here (or here, if the first link has already been removed.)
Unit #1: 2 bedrooms, 2 baths, 1200 square feet
- Sold in November 1988 for $167,000
- Sold in August 2004 for $361,000
- Currently listed for $350,000 (includes the parking)
- Under contract
- Assessments of $140 a month
- Taxes of $3841
- Woodburning fireplace
- Central Air
- In-Unit Washer/Dryer
If it closes at $350k, about 3.75% appreciation since the 1988 sale. Not unreasonable, except that ’88 was a near peak time last time around. Tho, with parking, and current loan rates, it’s probably quite close to rent parity.
‘agent owned’ helps with that commission fee.
Looks exactly like my buddies rental just down the street that he’s renting for about $1800 a month.
I actually went to the open house. The place did get decent light and the garage parking was very nice. However, the kitchen could use new countertops and maybe new cabinets. I have been trying to buy in LP (ranging from 2Bed/2Baths to SFHs) for over a year and this is one of two places that I was not insulted by the asking price. This unit could possibly generate a very small amount of cash flow as a rental before the tax benefit.
I think the takeawy is that condos/houses will move fast when priced appropriately. Unfortunately, most sellers cannot list their homes at reasonable prices because they are massively underwater.
My husband and I are about to put our Lincoln Park condo on the market, and we are going to be realistic about price – listing less than what we paid for in 2006. We recognize that the market has declined, but you would not believe the number of real estate agents that are insisting we ask for more than we paid. We are hoping our realism will help get the place sold a bit quicker than most.
MJ is right on….almost anything will sell quickly at the appropriate price.
Good deal, IF this neighborhood doesn’t have problems with flooding of below grade living spaces.
A fool and his money are soon parted
Asking price appears to be a function of the seller’s motivation and how in touch with reality they are these days… if you want to sell fast(er) you have to price below the last comp…the market is declining…so that’s basically the story. It’s not that complicated…but convincing some seller’s that this is reality might be complicated. Given that this sale was of an agent’s own property, that agent didn’t have to convince anyone of market realities (and was possibly motiviated to get out quickly due to drying up commission income).
Well, its different from some other 2/2’s on here lately. I mean, it has central air,in unit W/D, and parking.
So. Yeah. But I would have put it at 50k cheaper.
Below grade unit, I wouldn’t touch this no matter what the price.
Same here. If it’s a choice between a subgrade unit in a “prime” neighborhood like LP or Lakeview, or a 2nd floor or elevated 1st floor in Edgewater or RP, I’ll take the latter.
Security and privacy are the big problems, but there is also the flood hazard and the lousy views of feet walking past your window constantly.
I remember this unit when I was looking 1 1/2 years ago. It was on the market then but apparently removed. The price was around 399k and I believe it had been reduced from the low 4’s.