Create Your Dream Home in a Vintage High Rise on Lincoln Park: 2440 N. Lakeview

This 4-bedroom vintage unit at 2440 N. Lakeview directly across from Lincoln Park has been on the market since February 2011.

2440-n-lakeview.jpg

In that time, it has been reduced $50,000.

The listing says the unit “needs complete updating.”

At 2800 square feet, it good bones with 10 foot ceilings, crown molding and oak floors throughout.

There are barrel vaulted ceilings in the entryway.

The listing says that in-unit washer/dryers are allowed.

It already has space pak air conditioning.

Parking is apparently available for rent in a garage behind the building (that, according to one of the comments from the Redfin agent who toured the unit- has been bought by the building.)

Now listed for $600,000, that is half the asking price of Unit #15A- which has already been renovated and is now under contract at $1.2 million.

Unit #10A, another renovated unit, is also under contract. It is listed at $1.095 million.

Given the list prices of the other A-tier renovated units in the building- is Unit 7A a deal for someone who has the cash to customize?

The listing says the building allows 80% financing.

Hilary Pender at Baird & Warner has the listing. See the pictures and a floorplan here.

Unit #7A: 4 bedrooms, 3 baths, 2850 square feet

  • I couldn’t find a prior sales price as it’s a co-op
  • Originally listed in February 2011 for $650,000
  • Reduced
  • Currently listed at $600,000
  • Assessments of $1840 a month (includes heat, gas, cable, doorman- not sure about the taxes)
  • Taxes of $7199
  • Space pak air conditioning
  • No in-unit washer/dryer (but it’s allowed)
  • Parking available
  • No dogs
  • Bedroom #1: 11×15
  • Bedroom #2: 14×16
  • Bedroom #3: 8×11
  • Bedroom #4: 8×11

36 Responses to “Create Your Dream Home in a Vintage High Rise on Lincoln Park: 2440 N. Lakeview”

  1. no dogs=NO DEAL.

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  2. We looked at this building several years ago. I recall a lot of elderly residents which might explain why several units need rehabbed. We too looked at a unit in this line that needed gutting. Fabulous views and location…can’t be topped.

    This unit is really more of a 3 bedroom. The two smaller bedrooms are small (maids quarters). There is not enough space to make 4 proper bedrooms without ruining the large vintage common rooms. The key question is whether those taxes are included in the assessment. I don’t recall specifically, but I do recall thinking that the monthly carrying costs were high.

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  3. “Given the list prices of the other A-tier renovated units in the building- is Unit 7A a deal for someone who has the cash to customize?”

    Provided that the renovations can be done for around $200k, I’d say it’s a deal. This is the bigger, less fancy sibling to the two neighboring stately buildings, but the A tier does seem nice.

    Countdown to comments such as “could be a good deal, but oh man, those assessments are killers; you could get a SFH for blah blah blah” in 3…2…1

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  4. Also, its zoned into Lincoln Elementary…a bit gerrymandered I’d say…that’s a plus for families.

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  5. Man look at those crazy assessments. That’s like a 420k mortgage note that on top of whatever you’re financing. Oh forgot it’s even worse than that as assessments will rise over time and they are a liability in perpetuity/never paid off.

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  6. Very pretty.

    As Red G says though… No Dogs. No Deal.

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  7. Beware. I have known a couple of residents of this place, who made nasty discoveries when they went to renovate kitchens and baths, mainly that the common plumbing is extremely outdated and deteriorated. At least, so I have been told.

    Beautiful building, but no better than 3500 N Lake Shore Drive. HOA might be too low to build a good reserve, especially considering the size of the apartment. Most co-ops this size that include the heat and gas and all the amenities charge more like $2000 a month. A relatively low HOA is a red flag that essential maintenance and updating of common elements may not be being done, and the building’s reserve might be too low.

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  8. It is a decent looking floor plan and interesting comp considering the prices of those done units. If that is the actual view from the 7th floor and has no chance of ever being blocked then I am impressed. Does anyone else think that agent should get off their ass and update it with a summer photo?

    It is not my style however I think that a family with some $$$ and creativity could make a great family (city) home out of this shell!

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  9. I was thinking that too jp3..regarding the summer photo… nothing says, “this place is stagnating on the market,” like a winter image in the middle of summer.

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  10. Laura, I agree, and I’m not surprised re: the outdated and deteriorated plumbing (and I imagine the electric as well).

    That said, there is no way that 3500 N LSD is even remotely comparable this location on Lakeview Ave.

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  11. “That said, there is no way that 3500 N LSD is even remotely comparable this location on Lakeview Ave.”

    i picture you saying this comment out loud, in thurston howell’s voice, before typing it.

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  12. No dogs – great!

    As long as cats are allowed.

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  13. Looks like a big project. Also, the listing says this is an “art-deco” building, which I think is incorrect.

    The “view” from the 7th floor can’t be as good as they’re showing. I’d have to check for myself. We used to live on the 10th floor of a building down the street and this looks higher than that.

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  14. The view is from the roof top deck according to the agent’s description (which you can only see if you click to view it full screen).

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  15. Yes, this is a better location than 3500. But 3500 N Lake Shore is still very, very good. I consider LP to be only a slight improvement on Lakeview along Lake Shore Drive south of the 3800 block north.

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  16. Your view from the 7th floor probably wouldn’t clear the tree tops. I have my doubts whether you could see the lake.

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  17. I’d rather live next door at 2450. I need the five servants’ rooms.

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  18. by looking at sabrinas photo the trees look to be about 6th-7th floor tall, which (aprox 60′-70′) seems about right

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  19. “Yes, this is a better location than 3500. But 3500 N Lake Shore is still very, very good. I consider LP to be only a slight improvement on Lakeview along Lake Shore Drive south of the 3800 block north.”

    Unless you have kids, then the LP address which entitles you to Lincoln Elementary, one of the best neighborhood schools in the city, is worth the premium b/c you save so much in private school tuition.

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  20. I lived a few blocks north on the third floor, and it always seemed like being on the sixth or seventh floor would provide tree-top/over-the-park views, as well as some view of the lake, with the added benefit of having LSD at least partially blocked by trees.

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  21. “Unless you have kids, then the LP address which entitles you to Lincoln Elementary, one of the best neighborhood schools in the city, is worth the premium b/c you save so much in private school tuition.”

    Indeed, not to mention the fact that there is an expansive park/pond/harbor between your building and LSD, whereas at 3500 you’re on LSD.

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  22. “As long as cats are allowed.”

    Finally someone with the right taste on which beast to choose : )

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  23. Man, anonny there is not limit to your devotion for LP. I think pope is less passionate about Christ.

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  24. hahahaha good one miu, but he is right, i’d take the 2400LSD location 10/10 times over 3500LSD

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  25. “Man, anonny there is not limit to your devotion for LP.”

    Ummm, that’s ELP, thank you very much. (Or were you just trying to goad him?) I will say the specific points raised relative to 3500 lake shore seem fair.

    anonny, have you revealed where you are from originally? Just curious what confluence of conditions led to your creation.

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  26. “…have you revealed where you are from originally? Just curious what confluence of conditions led to your creation.”

    I like that turn of phrase.

    Grew up in a working-class neighborhood in the first “suburb” just outside the limits of a rust-belt northeastern city, but spent as much time as I could in the farther-flung middle to upper-middle class burbs and rural parts of the area. Dropped out as a community college freshman and moved west to live in nice places at high elevations for several years, occasionally venturing to other beautiful parts of the west and west coast of this country. Moved back east, lived in NYC for a while, then went back to school, eventually ending up here to start a career and a family. Perhaps those conditions have caused me to view the lake as an ocean, the park as a forest, and the park-front buildings along North Ave, LPW and Lakeview Ave as mountains.

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  27. “Perhaps those conditions have caused me to view the lake as an ocean, the park as a forest, and the park-front buildings along North Ave, LPW and Lakeview Ave as mountains.”

    I would have bet on influence of NYC in putting notions of desirability of UES etc. in your head, which you are trying to recreate here. But you probably know better than I.

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  28. DZ — LSD and Lakeview Street are more like Central Park West on the UWS, not the UES.

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  29. Having lived on the LES, I’d like to think that my bleeding heart would place me on the UWS, but I suppose I’m growing uptight enough to feel at home on the UES.

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  30. Love this place, I’d love to get my hands on that kitchen. And no dogs would suit me just fine.

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  31. Hey Jennifer long time no post. I thought you might be on vacation. Hope all is well.

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  32. The Palmolive building is an example of art deco, this building looks more like beaux-arts but it is definately not art deco. The agent is ignorant and lazy.

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  33. Hi Miu, just been busy getting my skin in the game…home ownership round 3! How’s Deux Deux doing? I bet you can hardly remember how tiny he even was by now.

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  34. 7th floor is more than clearing the trees… I live on the 11th floor of 345 W Fullerton and look out at the park/back at the buildings on lakeview ave. Prob anything above the 4th floor would give clearance.

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  35. He is fine but I am dead : ) He is a lazy eater so as you can imagine is a lot of work and the lil parasite prefers catnaps to actual sleep!
    i am so happy that you got a place you liked. it is so much fun decorating and all!

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  36. Miu it gets better. The first 12 weeks are the hardest. Not loving my new place but it will do for now.

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