A 1-Bedroom Penthouse with Lake and Lincoln Park Views for $310,000: 1850 N. Clark
This 1-bedroom in the Hemingway House at 1850 N. Clark in East Lincoln Park came on the market in September 2024.
Built in 1969, Hemingway House has 280 units and attached leased parking. It has the amenities of many buildings built in the late 60s and early 70s including a party room, sundeck, exercise room, bike room, and an outdoor pool.
The building has door staff and on-site manager/engineer.
In another unit on the market, Unit 2108, it lists the following about the building:
“Hemingway House has gone through a 15 million restoration in the last six years, New facade, newly designed oversized windows, New Risers completed in 2018, and New A/C Chiller in 2018.”
This unit is 800 square feet and is on the penthouse floor.
It has panoramic views of Lake Michigan, Lincoln Park, the zoo and the city.
It has hardwood floors and “Pottery Barn” finishes.
The kitchen has wood cabinets and white and black appliances, including a dishwasher.
The listing says the unit has a “ton of closets.”
The bedroom has custom closet doors.
The design of the building is unique in that several tiers of units are on the “corner” with views up, or down, Clark Street.
This unit has some of the features buyers look for including air conditioning and leased parking is available. There is no washer/dryer in the unit but there is coin laundry in the building.
This building is directly across from Lincoln Park Zoo and near shops and restaurants on Clark, Wells and in Old Town and Lincoln Park. The building is on several bus routes and others are nearby.
Listed in September 2024 at $320,000, it has been reduced $10,000 to $310,000.
Is this unit a steal for those who love Lake and Park views?
Edward Motto at Coldwell Banker has the listing. See the pictures and floor plan here.
You can also see it in person at the Open House this weekend, on Saturday, Jan 18 and Sunday, Jan 19 from 1 to 3 PM.
Unit #3002: 1 bedroom, 1 bath, 800 square feet
- Sold in November 1980 for $28,000 (per Redfin)
- Sold in January 1987 for $75,000 (per Redfin)
- Sold in March 1990 for $103,000 (per Redfin)
- Sold in April 1997 for $125,000
- Sold in May 2000 for $187,000
- Sold in September 2003 for $227,000
- Originally listed in September 2024 for $320,000
- Reduced
- Currently listed at $310,000
- Assessments of $871 a month (includes heat, a/c, doorman, cable, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $5063
- Central Air
- No washer/dryer in the unit. Coin laundry in the building.
- Leased parking is available
- Bedroom: 15×11
- Living room: 16×15
- Dining room: 10×7
- Kitchen: 9×8
$227k to $310k feels like a big jump, but…
May 2000 for $187,000 + CPI = $344k
September 2003 for $227,000 + CPI = $387k
Kitchen is painfully (cheap) rental-grade.
#1408 is for rent. Another 800sf 1/1. Asking $2450. And has a clearly nicer-finished kitchen (layout may be worse for some).
This one, at the ask with 20% down, is ~$300/month more. Which, to me, means that it should sell for ~15% less–or maybe $265k.
Also, there’s a u/c 1/1 unit, better updated than either the feature or the rental, and it’s asking $290k:
https://www.redfin.com/IL/Chicago/1850-N-Clark-St-60614/unit-2108/home/13344900
Looks like there have been some sales this year over $300k, but all I see claim a recent renovation–but mostly don’t have pix, except this one…
https://www.redfin.com/IL/Chicago/1850-N-Clark-St-60614/unit-2708/home/13345729
which is better than the feature, but has some questionable decision–my biggest one being: does *anyone* want a pedestal sink in their only bathroom? Where do you set your stuff down??? And with that particular style, there isn’t even a good place for hand soap.
Of note from that listing:
Heated Parking is available for $190 per month
Cats are ok (others note “no dogs”)
The building charges a $350.00 move-in/out fee (mostly an issue if you’re LL’ing it.)
Also, there’s a u/c 1/1 unit, better updated than either the feature or the rental, and it’s asking $290k:
https://www.redfin.com/IL/Chicago/1850-N-Clark-St-60614/unit-2108/home/13344900
so I haven’t kept up.
so how much to replace the white appliances with SS. Frig / Stove / Micro / Washer.
10,000?
Leased Parking at $190 is totally totally fine IMHO
I wonder if you are allowed to put in a washing machine although would have to figure out where. Maybe in the Kitchen and lose some cabinet space
I’m a renter who’s been sitting on the sidelines for years. WHY on earth would I buy a place like this when I can rent a similar unit with none of the headaches? I am honestly so confused that any of these condos are selling….do people not do the rent vs buy math? Condos aren’t appreciating like crazy so I just don’t understand who is buying these, and people with the cash to spend in order to avoid the interest rates would not be buying these 1/2 bedroom units. Is someone holding the bag on these or are people buying without considering the cost? Doesn’t make sense to me and frankly it looks like I’ll probably be a renter for life here, leverage and banking on appreciation seems like a risky risky bet these days.
Looks like a high end Wolf appliance package. A little too fancy for my taste
” how much to replace the white appliances with SS. Frig / Stove / Micro / Washer.
10,000?”
haha, no. Totally possible to do under $3k:
https://www.homedepot.com/p/sets/appliances/package_N1070461428
Or you could upgrade to GE profile or similar for under $6k.
“high end Wolf appliance package”
more like “sickly coyote”
“I wonder if you are allowed to put in a washing machine although would have to figure out where. Maybe in the Kitchen and lose some cabinet space”
Neither of the two listings on the market right now say “washer/dryer permitted” in the description. Maybe the realtors just left it off but it would be a big selling point if you COULD add it. My take is that you probably cannot.
Does anyone know?
“Heated Parking is available for $190 per month”
This is cheap. A good deal. Much cheaper than buying a spot and paying to heat it and taxes.
1 bedrooms are a hard sell unless it costs more to rent one than to buy. Most people won’t be in them that long BUT might be a retirement possibility.
“WHY on earth would I buy a place like this when I can rent a similar unit with none of the headaches?”
You wouldn’t. I recommend people consult the NYT Rent v Own Calculator. It accounts for rent inflation, HOAs etc. See how long you’d have to live in the condo to make it a “better” option than renting. For some, it may not make sense.
One bedrooms are hard. It may make more financial sense to buy a 2-bedroom and then live in it for 20 years.