East Lincoln Park 2-Bedroom Sells for 3% Under the 2000 Price: 632 W. Wrightwood
We last chattered about this top floor 2-bedroom at 632 W. Wrightwood in Lincoln Park in November 2010.
[This picture is actually of the sister building to 632 W. Wrightwood which is 2 buildings east down the street and is identical looking. For some reason I didn’t have a pic of 632 itself.]
See our prior chatter here.
If you recall, the listing said it was “Nate Berkus designed” and we debated whether that mattered to a buyer or not. (We concluded – “not”.)
After another reduction in November, when the unit was listed as a short sale, we also chattered whether the price would go back to the 2000 price which was $498,000.
Some of you thought the 2000 price would be about right compared to other units in the neighborhood.
The unit just sold as a short sale for $480,000, or $18,000 under the 2000 price.
The top floor unit had vaulted ceilings, skylights and private deck.
It was an elevator building, so there was no concern about hauling groceries up five levels of stairs.
The kitchen had white cabinets and appliances along with granite counter tops.
At 1800 square feet, it also had 2 parking spaces included, which is rare in East Lincoln Park at this price point.
It sold for about 24% under the 2005 purchase price.
Did someone get a deal?
Sophia Worden at Prudential Rubloff had the listing. You can still see interior pictures here.
Unit #5W: 2 bedrooms, 2 baths, 1800 square feet, 2 car parking
- Sold in April 1996 for $320,000
- Sold in June 1999 for $435,000
- Sold in June 2000 for $498,000
- Sold in May 2005 for $630,000
- Originally listed in October 2008
- Was listed in May 2010 for $599,000
- Reduced
- Was listed in November 2010 as a “short sale” for $550,000
- Sold in July 2011 for $480,000
- Assessments of $310 a month
- Taxes of $6084
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 20×13
- Bedroom #2: 13×11
“The 2000 price looks about right.”
Congrats to the buyers.
Seems like a good deal to me, based on location, size and parking.
I like the front windows a lot and was about to say that this seemed like a great place, but then I saw the cinder block type bricks on the side, near the deck. What type of brick are those? Are they cinder blocks? Those always look very cheap to me. I want to scream, “USE REGULAR BRICKS,” at the developer.
Roughly $240/SF if you back out two parking spots at $25K each. That seems like an attractive price for an attractive, top floor unit.
I’m actually surprised how much I like this one. Typically, these types of 1990s buildings leave me cold.
seems like a deal today. now, tomorrow will be another day…
This is a really good deal.
Still half a mllion bucks for a somewhat dated 2/2.
But clio said prices don’t fall in the nice areas.
Pete, you beat me to it. I came on here to post the exact same comment. Clio said that Lincoln Park east of Halsted was immune to price depreciation. Then again, maybe he was only talking about single family homes and only homes that don’t decline in price.
“Those always look very cheap to me. I want to scream, “USE REGULAR BRICKS,” at the developer.”
I don’t think anyone is a fan of cinder block but my guess is that we would all be paying more for these units if they were all brick.
I’m no good at math but it seems to me that, adjusted for inflation, 480k in 2011 is = ~ 415k in 2005, which means — contra the statement “It sold for about 24% under the 2005 purchase price” — that it sold for about ~ 34% under its 2005 price, which iirc is about the same decline as the CSI over the same time period.
Gary and Pete, you can find examples of price declines even in boom times. At the same time, you can find people who are still selling for a profit RIGHT NOW. These profiteers are more numerable in the gold coast, streeterville, east lincoln park, etc. –
“Those always look very cheap to me. I want to scream, “USE REGULAR BRICKS,” at the developer.”
Well, the ARE cheap for the developer, but, as we have often observed on cc, they can end up being expensive for the owner. Been there (fortunately, as a renter).
The formal analysis is on my to-do list. Has been for some time.
“which iirc is about the same decline as the CSI over the same time period.”
CSI is measured in nominal dollars. For CS purposes, this is down 24%.
Gary: “The formal analysis is on my to-do list. Has been for some time.”
No matter what the result, the cheerleaders will find reason to cheer. But I eagerly await that analysis.
i think i am just going to repost my original feelings;
“ok i shall start with the dining room table…OMG…
…a salesman from harlem furniture in 1995 called and would like the table set back cause you havent made a layaway payment in 15 years.
… do the dinning room table and chairs come with plastic covered sofas?
..no seriously i think every one of my aunts had a table and chair set like this in the 90’s
oh and really and over hyped (but actually a good designer) went in here and said to themselfs (and staff) hey there is a beautiful bay window (is it really a bay) why dont we NOT make that area a focal point and block it off with furniture then push the eye to a boring fire place, that is great!
no, no, really i want to go for a simple clean design, but for ironic/satire lets throw in a huge over-cluttered built in that has no details and screams blah to match the blah fireplace we want your eye drawn to
and wait we are not done designing yet, in the foyer right when the elevator opens up let paint a vomit inducing orange to give you and your guest icky stomach pains so they wont each much and you can have more left overs for yourself.
but wait the orange isnt the last stop, lest go with three different woods and three different wood colors on the entry door, table and mirror
Oh and BTW if you want to put a word in your kitchen (i.e “home”, “eat”, “Induldge”) just Ficken dont its played and tacky it never really worked out anyway.
Unless your kid made it in wood shop, just stop and ask someone to kick you in the ovaries/nutz the next time you think about doing it.
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Plus nothing say allstar like huge open living dining room and a small ceiling fan.
Executed Recorded Document Type Amount
07/27/2011 08/09/2011 MORTGAGE $360,000.00