Another Townhouse for a First Time Buyer: 2707 N. Lincoln
The sales history on this townhouse at 2707 N. Lincoln in Lincoln Park/Lakeview is interesting.
I couldn’t find square footage on this unit, but it doesn’t appear very large. However, it does have a “bonus room” on the first floor. And a private roof-top deck.
- Bedroom #1: 12 x 10
- Bedroom #2: 11 x 9
- Livingroom: 18 x 10
- Kitchen: 9 x 9
- Bonus Room: 23 x 15
Unit #C: 2 bedrooms, 2 baths, “bonus room”
- Sold in August 2001 for $327,000
- Sold in August 2004 for $353,000
- Sold in March 2006 for $362,500
- Currently listed for $399,000 (garage attached)
- Assessments of $182 a month
- Apostal Group has the listing
Looks great to me. I am having my agent take me to see it this weekend! a 2/2 in Lincoln park with parking and a roof deck!
This seems like a good deal, and I don’t see many good deals. It’s not like me not to argue with a price.
It looks like a very nice place as this type of place goes, and I wouldn’t argue too hard on the price. It does not seem overpriced, and I am someone who thinks almost everything is overpriced.
Notice that it has not inflated in price anything like other dwellings in the same neighborhood and elsewhere. It also appears to be in very good condition, even though it could have problems we have no way of knowing about just viewing photos.
Interesting looking unit, but if you are living on Lincoln St. right there you are going to be dealing with a constant stream of drunks late night coming out of Deja Vu. And I mean those people are constantly yelling, fighting and the rest the entire night. I lived in a rental at 2636 N. Lincoln and can personally vouch for the constant stream of 22 year old drunks fighting on that portion of the street.
1. That can’t really be a private roof deck, at least as I think of “private” and “deck”, as it runs across each of the 4(?) units in that leg of the building and doesn’t appear to have an individual stairway up–just a pop-up skylight, which makes it really inconvenient.
2. I think the address is actually 2717 lincoln
3. There are no windows on the northside of the building, so there are windows only on one exposure (south, into the driveway/alley).
But that all explains the reasonable price. Using the appreciation between the previous purchases (which is nuts, given teh overall market the past two years), the next sale should be about $375k. That should be an offer they accept, if they’re getting good advice and actually want/need to move.
Interesting facts Mini Bust. I don’t spend much time in LP but that is good to note. Anon, the unit has a pull down staircase from ceiling to climb up to the roof deck. It may all be connected with some sort of divider gate (one that you could step over).
Once again, you are attempting to catch a falling knife at anything over the 2001 price. Laura, from what I see the price inflation since 2001 shown here is typical but it doesn’t take into account the start of the bubble in 1998-01. Take a look at the price trend in my comment to yesterday’s post “Mid-Century Modern – Or Just 1965? 235 W Eugenie.” Better yet, let’s look at all of the sales since construction for the four units here that are 2BR (A, B, C and D.)
Unit # Sale Date Price
B 9/95 $210,000
C 9/95 $217,000
A 12/95 $227,000
D 5/96 $221,000
D 3/98 $260,000
A 8/98 $267,000
B 9/98 $257,000
C 8/01 $327,000
B 7/03 $345,000
C 6/04 $353,000
C 1/06 $363,000
D 10/06 $385,000
B 8/07 $385,000
By the way, these appear to be fee-simple units here and are technically not condos. There must be a HOA that gets the assessments.
Anon, 2707 is the correct address in the public and mls records.
Whoever pays $375K here will become the new bagholder. Then again, I’m told repeatedly that some will gladly throw money away in order to claim ownership of their home (even though the bank owns it.)
“pull down staircase”–still not appealing.
“It may all be connected with some sort of divider gate”–if the photo is accurate (and aerials, too), there is nothing breaking up the roof deack b/t the 4 units.
“anything over the 2001 price”– 3.5%/year appreciation (inflation) since the ’95 price gets you to $339k, so a little over ’01 price isn’t nuts. And that stretch of Lincoln and the area around is nicer than it was in ’95, deja vu’s continuing scourge on the ‘hood notwithstanding.
“2707 is the correct address”
Huh–odd that.
I stand corrected, anon. “A little over ’01 price isn’t nuts” as you stated, which does negate my “anything over the 2001 price” claim. But any over-correction might make a buyer question their sanity for a little while.
Anon, I am confused about something. Do you still believe “the next sale should be about $375k?”
Whole sentence is: “Using the appreciation between the previous purchases (which is nuts, given teh overall market the past two years), the next sale should be about $375k.”
Which is a turgid mess of a statement, arising from the unexpressed thought that the asking price is too high–even based on the ’04 to ’06 appreciation, which (obviously??) isn’t applicable to ’06 to ’08.
If someone offered $375k this week, the seller should take it, but probably wouldn’t b/c either (a) too greedy, (b)their realtor will tell them that a quick offer is just trying to steal a good deal or (c) most likely, both.
And then they’ll spend $25k+ over 12 months paying the mortgage, taxes and insurance and, if extremely lucky, end up taking $375k–or about the same as taking $350k today. Few owners really get that dynamic.
As for a potential buyer, if they have an agent that agrees with an offer of $375K they should replace them immediately.
As for sellers, they will be chasing the market down as they always do in any decline. And like anon pointed out, it will cost them.
As for the used home salespeople, their encouragement of “wishing” prices will change soon enough due to the fact that merely offering sellers hope will not result in commissions. It is their need to actually get paid that will eventually make them realize that it will depend on leading the price reductions, not chasing them. They are learning now that many listings are worthless.
That unit appears extremely narrow. Plus, i hate those first floor “bonus” rooms. they don’t have any flow with the rest of the house, feel like a giant coat closet.
Since the unit is so narrow, I won’t be able to fit a grand piano in it.
And I bet your would-be neighbors are ecstatic about that!
First let me say I found this site about a week ago and I LOVE IT. You dig up all the cheap stuff I scour the MLS and craigslist for, then everyone puts their two cents in which keeps me from romanticizing any of them for too long. I thought the living room on this particular place was way too narrow. Your TV would basically be in your lap and you couldn’t really have much of a coffee table. I see this problem again and again in these townhouses built in the 80s and 90s (which are now the most affordable townhouses in Lakeview and Lincoln Park). On the one hand, there are only a few townhouses in Lincoln Park for under 400K and the cheapest one is 379. On the other hand, who wants a living room that you can’t even comfortably watch TV in.
I still want to hear what Millie thought after seeing the place.
Hi Danny,
I actually liked the unit. The living room is narrow as you pointed out but I could put my LCD on the wall and make do. The kitchen was nice and it is really a 3 bedroom because the “bonus” room on the first floor has an attached bathroom. My main concern is the lack of outdoor space. There is that roof deck but at my age…I don’t think I can climb up a ladder every time I want fresh air.
Millie, thanks for the follow up. I think with a lot of these townhouse floorplans, you really just have to see them in person to decide what’s workable for you. I’m glad you didn’t find the living room too unbearable…at least that means I can raise my expectations a bit and keep my dream alive of a place on the near north side with no one above or below me.