Catching a Falling Knife in East Lincoln Park: A 2-Bedroom at 2124 N. Hudson
In the last 9 years, this 2-bedroom garden unit at 2124 N. Hudson has sold 3 times and is currently on the market for the fourth time.
It is a short sale and is under contract.
Normally I don’t like to chatter about properties under contract but this one has such an interesting sales history, I thought it was worth exploring.
The “owners” of this unit haven’t had much luck:
- Sold in 2003 for $387,000
- Sold in 2005 for $317,000
- Sold in May 2010 for $255,000
- Under contract at “approved” short sale price of $189,900
This is a true 2/2 unit with all the bells and whistles buyers look for including central air, washer/dryer in the unit and the golden ticket of a parking space.
The kitchen has maple cabinets, stainless steel appliances and granite counter tops.
One of the redfin agents that toured it in 2010 commented on the small size of the living room which is just 12×10.
Given the history of this property, can anyone say this current price is even much of a deal?
Kathleen DeVivo at Re/Max Vision has the listing. See the pictures here (this is an old listing so it still has the $199k price on it).
Unit #104: 2 bedrooms, 2 baths, 1093 square feet
- Sold in September 2003 for $387,000
- Sold in June 2005 for $317,000
- Sold in May 2010 for $255,000
- Originally listed in September 2010 for $285,000
- Reduced numerous times
- Currently listed as a “short sale” at $189,900
- The listing says the short sale is preapproved
- Under contract
- Assessments of $260 a month
- Taxes of $4756
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 15×13
- Bedroom #2: 13×11
- Living room: 12×10
Looks a little “cozy” and I wouldn’t want to live in the “garden,” but seems like a fair enough price. Especially if they get it for a little less. Looks like a nice building on a nice quiet block.
Some NYC transplant who is used to being smooshed into a tiny dark space with Home Depot finishes will think this place is a steal.
I love this area, but I think this is a prime example of why–at this price point–it is usually better to rent than own. Small and dark.
Roughly $200 psf for a 1,000 sq foot basement unit in Lincoln Park? Hahahah…..head west my friend, head west, the to the land of opportunity.
Poster child for the bubblicious LP housing market period. I’m shocked that anyone would have stupidly “paid” $317,000 for a tiny basement flat w/windows abutting sidewalk, and lender’s agent stupidly approved mortgage amount. It’s a loser at $189,900 too.
It’s a garden unit. Garden units should always be a discount compared to the rest of the building. Because of the greed during the bubble they were able to be sold for a premium because someone wanted to be in the neighborhood.
Bet you could have some great parties in a 10X12 living room. Hope the buyer doesn’t have many friends.
“Garden units should always be a discount compared to the rest of the building. Because of the greed during the bubble they were able to be sold for a premium because someone wanted to be in the neighborhood.”
Icarus- many of the other units in the building, which aren’t garden units, have a similar pricing history. There are 4 or 5 on the market right now (some others are also short sales.)
This is yet another example of a 2010 buyer, in the GreenZone, no less, in distress.
Want to heal the housing market? Make buyers put down 20%. Putting down $4,000 on a $255,000 asset is just asking for trouble.
“Want to heal the housing market? Make buyers put down 20%. Putting down $4,000 on a $255,000 asset is just asking for trouble.”
Sabrina, as you and others have stated, there aren’t enough buyers who can put 20% down at current prices. Current prices would have to come down. Only the subset of buyers who aren’t underwater and willing to take a loss on paper (those sellers i mentioned yesterday who cringe at selling below what they paid for their home) would be able to list their homes. Now with less inventory available, these homes get to list at a premium. How do we break that cycle?
The 2100 block of Hudson is one of the city’s best blocks. Quiet, beautiful, walkable.
I bought this building and a vacant lot next door in the early 80s for $495K through one of my partnerships from a Chancery judge who was on his way to jail. Sold the vacant lot, which had R5 zoning, for $150K. The previous owner and the broker didn’t realize this was a separate zoning lot, so in effect we got it for free.
The building was an old apartment hotel with 35 one-room studios . Everything about the units was tiny, tiny, tiny. We made an aborted attempt to convert the building to condos and market them as small in-towns. Quickly realized there was no market at the time and ran it as an all-studio rental until I forced a dishonest partner to buy me out.
Tough units. Great location.
Why is the 2005 price so much lower than 2003? 2010 lower makes sense, but 2005?
Two things.
First, I second nonya’s question re: the 2003 to 2005 pricing. Seems a bit odd that it would plummet on the way toward the peak of the bubble.
Second, I’m curious about the low regard in which some here on CC appear to hold Zekas. From what I’ve seen, they guy chimes in now and again, particularly on LP properties, and provides a dimension of insider, actual knowledge that is indeed a rare thing on CC.
No way this place is even close to 1,093 sqft.
Is it for Zekas or his comment? What I mean is I’ve seen other comment boards where the dislike or thumbs down is a boo for the message, not the messenger. Just wondering if that is the case here too.
“Second, I’m curious about the low regard in which some here on CC appear to hold Zekas. From what I’ve seen, they guy chimes in now and again, particularly on LP properties, and provides a dimension of insider, actual knowledge that is indeed a rare thing on CC.”
How much a parking spot in this location is valued at? I’d say this place should be 100K + the parking value. Can the unit on the top buy this one and add it as extra space? (Mind you I don’t understand anything about city codes/constructions and so on so sorry if this is an idiotic suggestion).
I think the some of the CC crowd rate post as if they are in junior high. Regardless of the content it they don’t like the poster they flag it down : )
“Is it for Zekas or his comment?”
It looks like it was renovated a little while ago, perhaps the 2005 buyer bought it as a rehab (possibly with damage which would also explain the unusual drop). I’ve lived in a 2/1 that was smaller than this, but it was in a highrise with lots of light. I can only imagine the buyer of this place doesn’t quite know what they’re doing.
As for what would fix the market – stop making it so easy for people to walk away. It’s a vicious cycle – each new listing is for less than the last one, which makes other owners feel like they have to get out now too before they ‘lose’ even more.
“stop making it so easy for people to walk away. ”
This is a very blue, very very blue, very mortgagor friendly state. Ain’t never going to happen.
“stop making it so easy for people to walk away”
You’ve got it backward. They’re already allowing them to stay for years without paying. How does that makes it easy for people to walk away? The market manipulation is a gift to sellers. It’s not surprising that those who fell for bubble mania do not understand that if they don’t get out now they will lose even more. It’s just a sign that the mania is not over, yet.
Each new listing is for less than the last one because there aren’t enough buyers at “last one” prices.
“Each new listing is for less than the last one because there aren’t enough buyers at “last one” prices.”
That depends on the area. Reasonably priced properties in good condition in good areas are reasonably scare and sell rather quickly. Sure it’s catching a falling knife but at least it’s a hedge against future price declines.
Agreed, great location/street.
Reminds me of my brother-in-law’s old place. It was a 2br, 1 bath basement unit on Surf st. The only windows had views of people’s feet walking on Broadway! I’m not even sure if the 2br was legal since it had no window. He sold it for $260k in 2006.
Apparently, there is a market for garden condos, which is rather shocking. I can imagine a rental market for these types of places, but I can’t imagine actually buying and then living in one of these.
Is there a single window in this place?
This unit doesn’t even look like it has 800sqft let alone over 1000. The buyer should bail on this and head down to http://www.redfin.com/IL/Chicago/87-E-Elm-St-60611/unit-GA/home/14123693. I’m only half joking.
As for requiring higher down payments, I’m neutral. It would have been awfully nice during the last decade or two, but at this point why bother? Making it harder to walk away, on the other hand, is just nuts; this is already a recourse state so what more do you want? A bank appraises the collateral at too high a price despite their privileged position in the marketplace and when they turn out to have been (very) wrong it’s now solely the buyer’s fault? People should just have to pay no matter what in perpetuity? I assume these same rules would apply to commercial property and would supersede corporate bankruptcy law?
annony,
I’d guess that I’m held in low regard here by some of the regulars because I banned them from YoChicago for their racist or anti-Semitic comments, adolescent sneering at other people’s housing / lifestyle choices or just sheer repetitive ignorance – which they continue to flaunt 5 years on. I’d speculate that one of the regulars here hates the fact that I was Law Review and Biglaw (Jenner).
The negative votes are pretty clearly expressing a negative sentiment toward me, and an antipathy toward knowlege.
“or just sheer repetitive ignorance – which they continue to flaunt 5 years on”
I was banned??
Also Joe noone here is jealous you’re a BigLaw dropout. Sounds like you didn’t last long enough to save enough paychecks to do something enjoyable with the rest of your life, which I suspect is the case for 99% of BigLaw alums. No Joe I’d be jealous of someone making fat paychecks at a profession they enjoy that is sustainable. There’s a reason you have 10+ “careers”, Joe. It has to do with your incompetence in every single field you tried.
Bob: No use singling out “biglaw”. Joe worked in “biglaw” when Jenner had like 100 attorneys- in the 1960s (or maybe it was the 1970s?). He’s never worked in today’s biglaw where the firms have 15 offices around the globe and 4,000 attorneys. He has no idea how it works today.
By the way- isn’t it a badge of honor to be one of those that was banned from yochicago?
I would think so.
Bob’s dishonest guttersnipe comments above are typical. Anyone who cares – which is likely almost no one – can see that he’s lying. He knows he’s lying. He’s been called out on it here many times.
Delete comments about the bust? We linked to 100s of articles about it and suffered through 1000s of hate-filled rants that Bob considers comments.
May of this year marks the 25th anniversary of the profitable business I founded and own, Data Based Ads. Our clients include the Wall Street Journal, the Tribune Company and other major newspapers, and large brokers throughout the country. Anyone can see that and examine my track record in the real world.
CribChatter tolerates lying attacks on honest people. I don’t, and that’s one of the reasons people were banned, not for their so-called opinions about real estate markets.
“He has no idea how [biglaw] works today.”
jeebus, if he has “no idea”, then neither do you or Bob, Sabrina. He has no personal experience, but that’s entirely separate from “no idea”.
“I’d guess that I’m held in low regard here by some of the regulars because I banned them from YoChicago for their racist or anti-Semitic comments”
For me it’s because of that time you plagiarized my work and tried to deny it.
“in the 1960s ”
I didn’t want to be impolite, but raising the issue of making law review 50 years ago? That is a bit creepy.
1974 to 1979, Sabrina, not that facts matter all that much to you, and I did summer at Jones Day in Cleveland, which had worldwide offices at the time. I don’t recall professing an understanding of how Biglaw works today, so your comment in that regard is off the wall.
I’m glad you welcome the haters, Sabrina. When new ones have shown up on YoChicago I’ve suggested they head over to CribChatter.
“Just wondering if that is the case here too.”
Me too!
JZ can be abrasive.
But at the same time he’s provided very interesting, detailed information about his developments, and he’s been pretty humble about some of the mistakes he’s made.
Joe was banning people from his site who mentioned the bubble and denying the existence of a bubble until about early 2010. He started posting links about the bubble in early 2010 when his unsuccessful and likely u deeply unprofitable site & magazine switched target advertisers from condos to rentals..how convenient.
Joe Zekas is an incompetent for sure but also a dinosaur from a prior era who still hasn’t grasped that he cannot control the dissemination of ideas & information on the net. Given his fascist tendencies I find his behavior all too humorous.
There’s a lengthy list of posts and links going back to 2006 that makes Bob out to be a liar and a fool.
on the plus side, some of Joe’s posts are informative.
on the minus: he is paid by developers to post here.
Who cares if people who post on CC are getting paid or make a living in the real estate industry, or have any personal agenda? As long as they’re up front about their identity (e.g., JZ, Russ, Laura L.), it doesn’t bother me.
I think this is the time when we should all recall Proverbs 26:4.
“Who cares if people who post on CC are getting paid or make a living in the real estate industry, or have any personal agenda?”
You have to admit that the Candyman-esque way Joe-Z appears here is a little creepy, no?
“The negative votes are pretty clearly expressing a negative sentiment toward me, and an antipathy toward knowlege.”
“knowlege”? LOL. There’s Nemesis with her retribution again. Not quite as satisfying as “Com Ed” and “a dishonest partner”, but certainly efficient.
I will agree that Joe’s worst shill posts are far far preferable than the avg clambo blather
He is a bitter, lonely old man in a “profession” with far too much time on his hands…I guess that combined with his abrasive and morally repugnant personality does a creep make. I only wish he had broken his web of dishonesty once: when he claimed he was leaving this site.
In fact Joe Zekass has such an envy of this site he has gone to great lengths to ensure his smear articles against it come up on Google right after this this site.
Maybe the family of a DePaul student will buy it for the kid as an alternative to a dorm?
Joe’s arrogance is his problem. He honesty believes that people are jealous of him for working in BigLaw. I mean, that’s just ridiculous that anyone is jealous of him; and it’s even more ridiculous he actually believes that as true; and it is completely ridiculous that he would actually go around telling other people that people are jealous of him for once working in BigLaw. You can’t make this stuff up.