Are Buyers Balking at the High Prices? A Townhouse at 1818 N. Bissell in Lincoln Park
This 2-bedroom townhouse at 1818 N. Bissell in Lincoln Park came on the market on June 23, 2015.
It has a split floor plan with a bedroom on the second floor and one on the third floor.
The kitchen has white 42 inch cabinets, granite counter tops and stainless steel appliances.
It has a lower level family room and a 1-car garage.
This townhouse came on the market just 12 days after a similar townhouse just 2 doors down the street at 1814 N. Bissell had come on the market.
We chattered about that townhouse in June 2015. See our chatter here (the link is still active- so you can see the interior pictures as well.)
Here’s the timeline for the two units:
- June 11: 1814 N. Bissell came on the market at $549,000
- June 17: 1814 N. Bissell cuts its price to $509,000
- June 23: 1818 N. Bissell comes on the market at $509,000
- June 24: 1814 N. Bissell goes under contract
- July 6: 1818 N. Bissell reduces to $497,500
- July 23: 1818 N. Bissell reduces to $469,000
- Today: 1818 N. Bissell is still on the market
The El runs behind both townhouses equally. They are just a few steps from each other.
This townhouse has now been reduced by $40,000 in just the last month.
Are buyers starting to balk at the record high prices?
Coleen Kent at @Properties has the listing. See the pictures here.
1818 N. Bissell: 2 bedrooms, 2 baths, 1635 square feet
- Sold in January 1999 for $273,000
- Sold in March 2003 for $335,000
- Sold in November 2005 for $410,000
- Sold in May 2010 for $418,500
- Originally listed in June 2015 for $509,000
- Reduced twice
- Currently listed at $469,000
- Assessments of $100 a month
- Taxes of $7755
- 1 car garage
- Central Air
- Bedroom #1: 15×13 (third floor)
- Bedroom #2: 16×10 (second floor)
- Family room: 16×14 (lower level)
There have been a lot of price cuts in my trackers in recent weeks. I think sellers have gotten too greedy and buyers aren’t willing to pay these prices.
Also, the market is starting to seasonally slow a bit. That is normal for August/September but if you’ve been listed since June, it’s probably necessary to be looking at the price as the problem.
Pending home sales were released this morning and the number was ugly: down 1.8%. This is the biggest drop since December 2013. This market is starting to roll over. First sales slow down and then prices.
So we’re probably NOT going to priced out forever? What a surprise.
Or maybe people don’t want to spend 500k on a 2 bedroom with craptons of stairs taking up sqft, to live nearly under the el tracks?
IF this were on the other side of Bissell it would have sold by now probably higher than the 510k
I think people are balking at living right next to the El tracks. I agree with Sonies that if this place was across the street, it would have sold and probably sold for a lot more than $510k.
Price, El, and School / Location.
I think this just isn’t a great property overall, particularly at the price point they were originally asking.
EL, EL, EL
is it really a surprise his hasnt sold? how is a house directly on top of the el tracks not selling indicative of anything in relation to the current state of the lincoln park market? i do suppose it fits your chicken little narrative if you totally disregard the fact a train runs 10ft from the couch where you watch TV every night.
And it’s contingent…
“And it’s contingent…”
but cribchatter said everyone who bought in 2010/2011 would lose money; how can this be!?!?!
“but cribchatter said everyone who bought in 2010/2011 would lose money; how can this be!?!?!”
Really? There’s usually plenty of quality comments on this site, and I can’t see the smart one’s saying that.
I’m under the impression that most folks here knew the market would pickup in 2012, so buying in 2010 – 2011 wasn’t a terrible idea.
Am I reading the history of the property incorrectly? It looks like it’s been on and off the market for six years and has fallen out of contingency once.
“Am I reading the history of the property incorrectly”
Yep. You missed the closed sale in 2010.
“is it really a surprise his hasnt sold? how is a house directly on top of the el tracks not selling indicative of anything in relation to the current state of the lincoln park market?”
Because, jfmiii, the nearly identical townhouse just 2 DOORS DOWN with the El also right outside its doors went under contract in less than 2 weeks.
So why not this one?
They priced it at the SAME price – initially- as the one 2 doors down. They’ve lowered the price TWICE since then. We don’t know what 1814 N. Bissell (that’s the other one) will sell for because it hasn’t closed yet.
But 1818 N. Bissell isn’t going to get over $500,000, that much is clear.
“is it really a surprise his hasnt sold? how is a house directly on top of the el tracks not selling indicative of anything in relation to the current state of the lincoln park market?”
These sellers have to be scratching their heads.
Their neighbor went under contract within 2 weeks with one price reduction and a list of $509k. They should get somewhere close to that too. The other townhouse has hardwood floors in the bedrooms (they have carpet) but otherwise, they both have white kitchens, stainless etc.
The housing market is SO random.
And it appears that the buyers ARE balking at the higher price points. Because otherwise, why would 1818 lower to $469,000?
Or maybe it’s the appraisers that are balking. I don’t know.
“Or maybe people don’t want to spend 500k on a 2 bedroom with craptons of stairs taking up sqft, to live nearly under the el tracks?”
But Sonies- that was my point in the post. 1814 N. Bissell went under contract in 2 weeks. You can wave to the El passengers from that unit too. Listed at $509,000.
“Because, jfmiii, the nearly identical townhouse just 2 DOORS DOWN with the El also right outside its doors went under contract in less than 2 weeks.
So why not this one?”
Sabrina, there is this thing called luck, and it applies to the real estate market. I know this especially because of having a personal anecdata experience with the luck thing.
The townhouse that sold for $509K appears to have a newer kitchen and baths with higher end appliances/finishes.
It’s also contingent at $469K, which is $50K more than they paid 5 years ago.
Or maybe that it was poorly marketed from the beginning… There was a FSBO sign originally. The property was just repainted, porches redone which means there is a good association. Looking at the MLS you can’t find anything in LP as big in this price range that’s not a condo. And do you think the people who live there can’t afford soundproofing?
Just because they found one dummy to buy at that price point doesn’t necessarily mean they will find yet another dummy willing to do the same thing.
sonies said “there is this thing called luck, and it applies to the real estate market. I know this especially because of having a personal anecdata experience with the luck thing.”
People who seek to profit based on luck are called “gamblers”. Most Realtors tend to call themselves “professionals”, not “gamblers”. But the truth is not so clear.
“Most Realtors tend to call themselves “professionals”, not “gamblers””
They just collect the vig. Technically, that makes them bookies.
their not really bookies but more like a cartel extracting a cut of every transaction.
“not really bookies”
They set the asking prices and provide the bulk of the data available for you to “make your wager”.
And they get paid whether or not you make a bunch or lose your life’s savings.