2 Years Later, This 3-Bedroom Greystone Unit in Lincoln Park Finally Sells: 2127 N. Sheffield
We’ve been following the saga of this 3-bedroom vintage greystone unit at 2127 N. Sheffield for several years.
We even chattered about the complete kitchen renovation during that time.
See that chatter and before and after pictures here.
Also, during that time, the seller attempted to rent out the unit for $2100 a month.
But apparently, selling it was easier than renting it out because the unit finally closed for just $4,000 above the 2002 purchase price.
The unit had high ceilings and vintage features. It also had central air and a parking space but no in-unit washer/dryer.
And yes, it was also directly on the El line.
But it was in the same location when it sold for much more in 2004 (and without the renovated kitchen.)
Mary Haight at @Properties had the listing.
Unit #3: 3 bedrooms, 1 bath, 1400 square feet
- Sold in June 2002 for $288,000
- Sold in August 2004 for $325,000
- Was listed in March 2008 for $369,900
- Withdrawn
- Renovated with new kitchen
- Re-listed in April 2009 for $369,900
- Reduced
- Was listed in April 2009 for $349,900
- Reduced
- Was listed in July 2009 for $327,900
- Reduced
- Was listed in January 2010 for $308,000 or also available to rent for $2100 a month
- Sold in March 2010 for $292,000
- Assessments of $200 a month
- Taxes of $4662
- OR available to rent for $2100 a month
- Central Air
- Parking included
- No washer/dryer in the unit
- Bedroom #1: 13×11
- Bedroom #2: 12×10
- Bedroom #3: 10×8
It 9:16, where is everyone???
out enjoying the beautiful weather?
2002 prices. See you back in 1999.
Ludacris – “How Low”
http://www.youtube.com/watch?v=ox-lfowevqA
$292,000 for a 3BR in LP, whatever its faults, should scare a lot of people.
There’s nothing scary about that whatsoever. Future buyers will be able to afford a home while disproving Bob Toll’s theory that my generation will be 40 year old and paying 45% or 50% of their income for housing.
“jd on April 2nd, 2010 at 9:17 am
$292,000 for a 3BR in LP, whatever its faults, should scare a lot of people.”
Here’s my theory: In the bubble days, prices were skyrocketing and even with funny-money financing people had hard times gettign the properties they truely wanted.
So people started building, buying, and converting less desirable properties that under normal circumstances no one would buy a condo in: on-the EL tracks, in basements, rear unit with no view, right on expressways, lofts facing alleys/brickwalls, in Humbolt Park.
Since prices were rising for all properties it made it possible to sell such undesirable units for only slightly less than what similar desirable units would.
For example- this unit on the tracks. Now that its a buyers market and all prices are dropping, prices on these undesirable units will drop the most.
Say this unit on the track dropped 25% from 2002 to today. The exact same unit not on the track would have dropped but not as much.
Sound fair enough.
“Say this unit on the track dropped 25% from 2002 to today. The exact same unit not on the track would have dropped but not as much.”
You guys are funny. This is not a real 3 bedroom property. It is tiny, is trashed from being rented for the past 3 years, and backs up to the el tracks.
LP is just fine…
Tom is right with his analysis. Utility is key to a property holding it’s value. This is property is a rental property and has no other use.
Too close to Depaul… strike one.
Bad kitchen reno… strike two.
On the El… strike three. This property is out. Way too many deal-breakers for most people.
I sold this unit to my client. He also got 3500 for closing costs.
“Tom (tfo) on April 2nd, 2010 at 8:16 am It 9:16, where is everyone??”
most have the day off work. I am typing this sitting on the bench from Lincoln park zoo and about to head over to the shed aquarium (wife is changing kids diaper)
High taxes though