After 2 1/2 Years on the Market 2910 N. Pine Grove in Lakeview Finally Sells
We first chattered about this 3-bedroom at 2910 N. Pine Grove in Lakeview all the way back in December 2008.
See the December 2008 chatter here.
Even back then, many of you thought the $599,000 list price for the 2000 square foot vintage unit was way too high.
Laura and several others believed $400k to $450k would get it sold.
After being on and off the market for 2 1/2 years, the unit finally sold for $390,000.
If you recall it had a restored limestone fireplace and a domed ceiling foyer.
The listing says the kitchen and baths were “newer” and the kitchen had Viking stainless steel appliances.
While it had in-unit washer/dryer is did not have central air nor deeded parking (it was leased in the neighborhood.)
Pam Lynch at @Properties had the listing.
Unit #2: 3 bedrooms, 2 baths, 2000 square feet
- Sold in March 1995 for $210,000
- Sold in August 2003 for $376,000
- Was listed in December 2008 for $599,000
- Reduced
- Was listed in February 2009 for $574,900
- Reduced
- Was listed in April 2009 for $549,000
- Withdrawn from the market
- Re-listed in December 2009 for $530,000
- Was listed in January 2010 at $530,000
- Reduced
- Was listed in August 2010 at $469,000
- Sold in June 2011 for $390,000
- Assessments of $523 a month
- Taxes of $5,444
- No central air – window units
- Rental parking nearby
Really beautiful place…its just the lack of AC is difficult. They should have put in space pac. Parking is also difficult if not a guaranteed lease or really close by.
In places like this that have window units and no space pac, I assume that there is something preventing them from doing so. Space pacs are just so much better and aren’t that expensive…
Awesome place. Great price. It all comes down to parking on these big, beautiful 3/2’s, of which there are several in ELV.
I’m envious. Somebody got a good deal here. This is an absolutely beautiful apartment.
I’m also envious. I guess it’s true that you should submit your lowball offer and see what happens, because I doubt most people who wanted to spend $390,000 would look at a $469,000 listing and think they stood a chance.
This buyer got an amazing deal. This is easily one of the best 3 bed units in ELV… everything looks to be beautifully maintained, vintage throughout and tastefully modern updating. I’m jealous.
“most people who wanted to spend $390,000 would look at a $469,000 listing and think they stood a chance.”
1. Per RF, the last list was $449,900. Same issue hold true, tho.
2. Final sale price may have been a result of an inspection report, or a financing appraisal, and the seller agreed to a reduction on one or both of those bases. Initial offer may have been meaningfully higher.
3. Owner had moved out of state, and probably just wanted to be done.
Ewww.. animal hide rug. That is really creepy.
Probably dropped the price as the result of an appraisal. I’m sure the inspection didn’t find anything wrong with the place that isn’t wrong with just about every building in this age bracket.
I feel like this buyer got a very good deal but who knows at this point? The “recovery” is losing steam and Case-Schiller is predicting that prices will drop another 25%. Not sure I believe it, but there is no question that middle-class professional incomes are dropping along with everyone else’s.
It’s the receding tide that leaves everybody stranded but the people who are getting the advantage of all the bailouts and subsidies.
I don’t think central air is really necessary in a place so close to the lake with so many windows. These “vintage” buildings were created with “cross-ventilation” in mind. Or maybe ceiling fans.
It’s going to be interesting how things fall into place without QE2. You would think mortgage rates would go up, since with QE2 the government has been using some of the money they’re printing to buy mortgages. If Fannie and Freddie go bye-bye there will be an additional rise in interest rates as private funding will have to be used for mortgages.
If interest rates rise significantly, people buying now could become trapped in their homes for years as they can afford their monthly payments (at low fixed rates) but new buyers could not.
If I was wealthy I would definitely want to diversify and buy real estate at the present prices but I personally decided not to put most of my savings into a house/condo this year and want to see where prices go over the next 12 months. I think things are going to get much worse with everything hitting the fan at some point. I can’t tell if it will hit the fan this year or if the government will kick the can for another 12 to 24 months.
I’m not sure how much more they can put it off, China has already rightfully accused us of defaulting, and our debt is 96% of GDP which is a very scary number–the highest since WWII.
“I would definitely want to diversify and buy real estate at the present prices”
What makes present prices so attractive? Compared to recent prices?
You mean like the NASDAQ in July 2000?
http://finance.yahoo.com/echarts?s=^IXIC+Interactive#chart1:symbol=^ixic;range=my;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined
“The “recovery” is losing steam and Case-Schiller is predicting that prices will drop another 25%”
Compared to 2000 the composite 10 is 51% higher and the composite 20 38%. Energy prices are much higher these days than they were in 2000, incomes have remained flat, education debt is higher. Baby boomers are going to start downsizing soon.
I could see another 25% drop. Not sure about Chicagoland specifically as we’ve already corrected more than the composite 10 & 20.
It did occur to me later on that the final price may have been a reduction on the original offer. Let’s hope for other sellers in the area that it was an issue with the property itself and not due to the appraisal of the neighborhood/comps.