A 2017 Luxury 3-Bedroom with Rare 2-Car Parking: 3026 N. Lincoln in Lakeview
This 3-bedroom in The Peerless at 3026 N. Lincoln in Lakeview came on the market in August 2020.
Built in 2017, The Peerless has 9-units and a heated garage.
It’s an elevator building which has a brick and limestone exterior.
It has poured concrete between floors for soundproofing.
This unit has 10 foot ceilings and 4″ wide white oak floors with a walnut stain.
It’s a smart home wired for sound, including on the covered balcony off the living room.
The kitchen has Scavolini cabinets and luxury appliances including a Wolf range, Subzero refrigerator and stone waterfall countertops.
The primary bedroom suite has dual organized closets and a zen bathroom with European floating cabinetry and programmable heated floors.
One of the three bedrooms doesn’t have windows.
It has central air, side-by-side washer/dryer and rare 2-car attached heated garage parking.
In addition to the covered balcony, the unit also has a private 600 square foot rooftop deck but it is accessed via the elevator, not from within the unit.
It’s near the big West Lakeview Whole Foods and shops and restaurants.
The listing says it’s in Burley Elementary.
Originally listed in August 2020 at $799,000, it has been reduced to $750,000.
With work-from-home the new norm, are 3-bedroom one floor condos now a hard sell?
Amy Helen Oetter at @Properties has the listing. See the pictures and floor plan here.
Unit #3B: 3 bedrooms, 2 baths, 1750 square feet
- Sold in July 2017 for $730,000 (per Zillow)
- Originally listed in August 2020 at $799,000
- Reduced
- Currently listed at $750,000
- Assessments of $350 a month (includes exterior maintenance, scavenger)
- Taxes of $14,415
- Central Air
- Side-by-side washer/dryer in the unit
- Smart home wired for sound
- Bedroom #1: 17×12
- Bedroom #2: 12×11
- Bedroom #3: 11×11
- Living room: 20×16
- Dining room: 17×10
- Kitchen: 18×9
- Walk-in-closet: 7×7
- Foyer: 5×14
- Balcony: 15×5
- Rooftop terrace: 21×30
“With work-from-home the new norm, are 3-bedroom one floor condos now a hard sell?”
I guess I don’t understand the question, or the connection at least. I think that pricing this at $800K was the hard sell. It’s not a top floor unit. It is not a lot of square footage. It doesn’t have a wow factor. It is on a busy street. I don’t know what would possess someone to pay this amount of money to be so very average.
Under normal circumstances a 3 bedroom like this would be desirable.
The issue is I think the typical buyer of a unit like this at this price point is probably looking at burbs now. Buyers would likely be a high income professional DINK couple, newly married with no kids.
There is no benefit to being right in the heart of things anymore, particularly on a busy street. Nor do you care about commuting advantage either since you are working at home.
“There is no benefit to being right in the heart of things anymore, particularly on a busy street.”
Sure, for the next 3 to 6 months. But the vaccine will be rolled out soon here and “city people” will still have the desire to walk to restaurants, pubs, shops as it becomes safe to do so.
“There is no benefit to being right in the heart of things anymore, particularly on a busy street. Nor do you care about commuting advantage either since you are working at home.”
I understand that in our present state of things, people would be hesitant about buying anything, anywhere – especially a condo on a busy street. But I don’t understand the thinking that somehow the suburbs solves everything for the future. Why would a DINK couple with no kids stop at the suburbs? If working at home, then why not move to acreage in the mountains? The woods? A lake? Buy a farm? Move to a ski town in Vermont? Why in the world would you choose the suburbs if you no longer care about being part of a city? So you can go to Buffalo Wild Wings and Chi Chis?
It’s my opinion (and we all know what those are worth), that cities aren’t in fact, going away. Nor is the desire to be in the “heart of things.” We’re in a fear moment, and as Buffett always says – buy fear, sell greed.
“a private [over] 600 square foot rooftop deck”
I know that from the listing–but floorplan has it as 30×30, which is certainly over 600.
“better than new”
What are the improvements they made? Curtains in the living room, accent wall in the 1st bed, shelves in the 3d bed…and?
Not too bad but overpriced. Would much rather have either of those:
https://www.redfin.com/IL/Chicago/3133-N-Lakewood-Ave-60657/unit-3D/home/39549891
https://www.redfin.com/IL/Chicago/1739-W-Wellington-Ave-60657/home/12716297
If someone wanted to be in this part of LV and had this budget, why not get this townhouse?
https://www.redfin.com/IL/Chicago/1358-W-Fletcher-St-60657/home/13365618
Similar sqft, could use some updates, but a lot cheaper, so plenty of money to update it.
$750,000 to live in a cramped apartment above a store in an eyesore of a building on a busy corner? Sign me up!
“I guess I don’t understand the question, or the connection at least.”
Everyone is on the same floor all day long. Nowhere to escape to have privacy, even if you’re in a separate room.
Unlike a townhouse or SFH which could have different levels where at least if someone is in a zoom meeting, or whatnot, can be on a different floor away from the dog, the kids and the husband, who may be on his own zoom meeting at the same time.
ChicagoDog nailed it. This is the “pinnacle of mediocrity”
I am bullish on Cities. No way in heck am I living in a suburb and driving everywhere to soak in the ingenuity of a national chain retailer / restaurant, but there is literally no reason to be a sucker and pay this for a this unit . . . and maybe I missed it, but this appears to be a two-bed, right? The “third” bedroom has no windows and is actually a home office / gym space?
Also NEVER buy a condo over retail unless you can control the retail tenant. I have said it before, but a friend lived that hell in Old Town – – living on top of a bakery where one of the employees would arrive at 3-4AM every weekday and BLAST gangster rap while they made the doughnuts. It took her MONTHS to get that employee to stop.
These type of buildings arent going to age gracefully and the owners are going to see a pretty substantial depreciation curve starting around year 15, (especially as the reserves are likely minimal)
‘Overlooking the cardinal’s mansion” isn’t really a great selling point.
The cardinal no longer lives here, and the Arch is having serious financial issues. Churches and schools have been closing all over the city. The Cathedral sold its parking lot to help cover costs of lawsuits.
Sadly, I would not be surprised to see this property sold off in the not so distant future, and a high rise put up in place of the Cardinal’s mansion.
“Sadly, I would not be surprised to see this property sold off in the not so distant future, and a high rise put up in place of the Cardinal’s mansion.”
The archdiocese has been unloading property for a while KK. They finally sold their crown jewel, which was the lot across from Holy Name Cathedral.
But the Cardinal’s Mansion comes with real problems. While there is no doubt it’s an extremely valuable lot, could anyone overcome all the restrictions on building there?
Here’s what the Tribune said all the way back in 1990 (yes- talk of selling the mansion has been going on for 30 years. Lol.)
“The problem is that the mansion is part of the Astor Street District, which was designated as a landmark on Dec. 19, 1975, by the Commission on Chicago Historical and Architectural Landmarks.
According to Joan Pomaranc of the commission, landmark designation means that the building and site cannot be changed without approval by the commission. That approval would be highly unlikely, Pomaranc said Monday.”
http://www.chicagotribune.com/news/ct-xpm-1990-01-23-9001060833-story.html