Finally! There’s A Re-Sale In 2550 N. Lakeview In Lincoln Park With Pictures
Thanks to the poster who put in a link in one of the comments to this 3-bedroom unit on the 17th floor in 2550 N. Lakeview in Lincoln Park which just came on the market.
I’ve been waiting a few months for a resale or rental to come on the market with pictures of the interiors that everyone can see.
If you’ll recall, 2550 N. Lakeview in Lincoln Park is the new construction luxury high rise directly across from the Park.
With 218 units, it is the first new construction on the Park in over a decade.
Closings started a few months ago.
The listing for this unit says it has east and west exposures but from the pictures it looks like it has east and south.
There are nearly 11 foot high ceilings.
The kitchen has upscale luxury appliances including Sub-Zero.
What does everyone make of the finishes?
How difficult will it be to sell several hundred of these units in this environment?
Has the building lived up to the hype?
(This is the back of the building. There was still landscaping and other construction going on on the back side.)
James Kinney at Baird & Warner has the listing. See the pictures here.
Unit #17-C4: 3 bedrooms, 3.5 baths, 2831 square feet, 2 car parking included
- I don’t have the original sales price- if anyone knows it please chime in
- Currently listed for $2.199 million
- Assessments of $1027 a month (includes heat, A/C, indoor pool, doorman, cable, internet)
- Taxes are “new”
- Central Air
- Side by side washer/dryer
- Bedroom #1: 17×13
- Bedroom #2: 13×12
- Bedroom #3: 12×11
Nice views, decent finishes, better than all other new construction on the market now except for the Ritz residences.
Building is hideous. Lagrange scars Chicago again.
$2.1 doesn’t mean what it used to. Homes in the low millions are just ‘nice’ or ‘upper middle class’. It takes more than a few million to get a home that is spectacular. I still think of G’s stats a few months ago, showing that the $1 plus market was substantially smaller as recently as 12-15 years ago.
HOA will go up in a year or two.
I believe the place closed for 2,050,000 or around there
This building doesn’t impress me. I would rather get a rowhouse for the same price.
“Building is hideous. Lagrange scars Chicago again.”
I actually think it’s pretty nice and fits in with the neighborhood. When you walk by there is life along the road and doesn’t feel like a monstrosity that is out of place along a park.
If you owned one of the lower floor units overlooking the park it would be very, very pleasant. The balconies look big enough to actually sit out there with a table (and not just chairs.)
They have a door on the Park side but the main entrance for people arriving in cars (and for deliveries) is in the back- which is nice. There will be rowhouses or single family homes (I can’t remember which one) in the back along with a fountain. I’m not sure I’d want to own one of the SFHs there though because all the units facing west will be looking right into your backyard (literally.) They’ll have to plant a lot of trees.
Maybe I’m a philistine or can’t see quality, but I’m not terribly impressed by the level of fixtures show in the pictures of the kitchen and bathrooms. Also, I’m surprised there were not a few more shots of the views, which presumably are a key reason as to why anyone would pay this price to buy the place. I just don’t see the value compared to alternatives — $2.2 million can buy you a nice single family home in ELP (and an amazing home anywhere in Chicago outside of ELP and GC), and I’d think most would prefer that, or simply a less expensive condo or co-op along Lincoln Park, over this.
I’m not impressed, either, though I’m no expert on “fixtures” and such. If I were spending $2 million on a condo in Lincoln Park, I’d rather have the vintage place at 2344 LPW that Sabrina posted last week. It may not have all the building amenities that 2550 has, but at least it looks like it’s worth $2 million.
Views in this place are nice, but no better than views at 2500 down the street, where you could buy a unit for 1/4 of the price here.
I’m on boat with the “non-impressed” here. For $2+ mil that’s pretty “average-luxury” in my opinion. Much cooler places you can buy in the area for that kind of cash.
“I actually think it’s pretty nice and fits in with the neighborhood. When you walk by there is life along the road and doesn’t feel like a monstrosity that is out of place along a park.”
I totally agree with this comment and think this building has great ‘curb appeal’. While I can see the point of those who would rather buy a SFH at this price point, new construction, fabulous unobstructed views and relative lack of new construction inventory should allow this building to do well. If I had to choose between this and Ritz Residences I would think it would be a purely a matter of preference – would you rather be walking distance from everything downtown has to offer or be in a park setting without the tourist traffic at your front door?
I think you really have to see it in person to appreciate the level of “luxury” here, not sure a 200×300 pixel photograph can really do it justice… at least I’d hope so since they are asking $775 a square foot…
This is a damn amazing condo but for 2.2 mil I would have thought it would be on a higher floor although every unit in here has a pretty good view. Also mentioned in the listing is a “private” 1.25 acre park, where is that at and how do they keep it private? Is it attached to the property?
“How difficult will it be to sell several hundred of these units in this environment?”
When they broke ground I would have said close to impossible. I was shocked to read the GE Pension Trust put money into it at the time they did. I think they did a nice job on the building and got lucky that the market is better, even if marginal. I still think that there is limited market for this level of buyer and even if they do sell out it will only mean empty units elsewhere (Trump, Ritz or anything else $1mil+).
Sonies: I was confused by the park comment, too. Is there a park-like amenity on the roof?
I would also hope this is more impressive in person. Because 2.2mil for the unit in those pictures seems really aggressive.
Good questions about the 1.25 acre park. I’d assume it’s adjacent to the building and fenced off to keep outsiders out — similar to the private park/gardens of the Edgewater Beach Apartments — but not sure.
That is just too expensive on a price per sqr foot basis. High end homes in the area are $500 / sqr foot tops. Yes you get access to their amenities but its not worth a 55% premium for those.
Floorplan here:
http://www.lincolnpark2550.com/media/2116/C4.pdf
I’m wondering what the penthouse units are like. I don’t find the development’s website very easy to use. It’s hard to get a sense of the units when you log on. I figure the penthouses are going to be pretty striking, both views and floorplans.
[Sad_at_Plaza440] “Good questions about the 1.25 acre park. I’d assume it’s adjacent to the building and fenced off to keep outsiders out — similar to the private park/gardens of the Edgewater Beach Apartments — but not sure.”
The park is in fact private. It is the area just West of the tower base.
“The listing for this unit says it has east and west exposures but from the pictures it looks like it has east and south”
What is in the pix from the bedrooms that looks like a south view???!?!?!?!?!?!
Adding up the listed-on-the-floorplan room areas, you get 1585–60% of the total interior space. Seems to me that thqat is a pretty reasonable ratio of room-dimension area to total area in a place with hallways and decent sized closets (ie, obviously not for a vintage 2/1 with bedrooms off the living room, or a “typical” 2/2).
Siteplan is here: http://www.lincolnpark2550.com/about/site-plan.aspx
Joe Mansueto bought the “townhome” parcel on St James to build himself a new SFH. The other 4 lots are intended to be SFHs, too.
This would prob be the one that appeals to anonny most:
http://www.lincolnpark2550.com/media/2125/C8.pdf
“$2.2 million can buy you a nice single family home in ELP”
Hmm. I haven’t seen many “nice” SFH listings in ELP for $2.2 mm. Really nice RH, sure. See, e.g., Jenny (“This building doesn’t impress me. I would rather get a rowhouse for the same price.”). Then again, I’m not looking in this range, so who knows.
“I’d rather have the vintage place at 2344 LPW that Sabrina posted last week. It may not have all the building amenities that 2550 has, but at least it looks like it’s worth $2 million.”
Granted, the place at 2344 is a big, elegant home, and looks every bit of $2 mm. That said, I think you might be underestimating the value of the amenities at 2550 compared to 2344, or at least the value that most folks looking in this range would place on amenities. See, e.g., anon(tfo) (noting the fact that Joe Mansueto (2344 PH?) plans to hitch his new digs to the 2550). I’m now of the mind that, on our next move, it’s either going to be into a building with some service/amenities or into a RH. Sharing a building with others and paying the related fees, while not getting much in terms of service/amenities in exchange, is kind of a bummer. (Of course, if, as a result of further financial doom and/or the impact of 2550, units in 2344, or even the Shakespeare, *plummet* down to our range in the next year or so, I’ll happily eat my words and re-up on the co-op/condo-without-any-services lifestyle.)
“Views in this place are nice, but no better than views at 2500 down the street, where you could buy a unit for 1/4 of the price here.”
2500 is not even remotely in the same league as 2550. It’s a 30+ year old mid-grade building, which has postponed major updating projects (windows, HVAC units, facade repairs), which it only now has begun to address (and, it’s my understanding, only partially). 2500 has wall-to-wall carpeted one beds with 8 foot ceilings in which the same occpant has been chain-smoking for three decades. And I’m saying this as someone who made an offer, negotiated, and very nearly purchased a unit at 2500 just 2.5 years ago. And, as I’ve expressed here before, I *still* view 2500 as a viable place to combine a 3 and 1 bed, which would give you 2500 sq ft. For lower floors, I’ve seen opportunities to do so in the $500’s total (3 bed for no more than $400k and a 1 bed in the $100’s), and for higher floors, it would take another $100k or so total. Then you’ve got the combo/upgrade costs. And you’ll end up with fees of nearly $2k/mo (and that’s with one parking space, not two, with heat/ac not included). But you still wouldn’t have ceilings as high as 2550, you wouldn’t have central a/c, you won’t have a full size w/d (2500 does have w/d hook ups, but they can only accomodated the tiniest stackable w/d), and you won’t have the lobby/grounds/valet general atmosphere of 2550. (Note, however, that these facts haven’t stopped at least two current sellers at 2500 from seeking at least $1.5 mm for over-upgraded combined units.)
“HOA will go up in a year or two.”
Way, way up.
“For $2+ mil that’s pretty “average-luxury” in my opinion. Much cooler places you can buy in the area for that kind of cash.”
I pretty much agree with that assessment. Maybe I’ll change my tune once we see more units/pics from this building, but for now, I’d say that the only way to go here is in the $3 mm super duper unit range, i.e., the places asking $2 mm(ish), while nice, area about $400-600k overpriced relative to other comparable options (forget about the generic two beds in the $600-700k range in the building; I really don’t see who’s going to buy those). But for someone looking to spend at least $3mm, who wants to live in a full service building, I’d bet there are at least a few units at 2550 that would justify the price. In fact…
“This would prob be the one that appeals to anonny most: http://www.lincolnpark2550.com/media/2125/C8.pdf”
You are correct. Talk about motivation to get back to work!
The interior is so “vanilla box”, you have to wonder why they even bothered to finish the bathrooms and kitchen. Now the buyer cannot customize, and ALL THREE bathrooms have the same colors, finishes, and scheme. Boring. (It looks like crema marfil counter & tiles, and cherry cabinets). The W/D don’t have pedastals andyou’ll have to bend over to load and unload.
PS How did the Shrine for St. Frances (Mother) Cabrini end up in this building? It supposed to hold her arm bone as a relic.
A: “The Shrine had been closed for a decade as its original home, Columbus Hospital in Chicago, was torn down and a new highrise development took its place.” “When Columbus Hospital was marked for demolition in 2002, it seemed the Shrine might be lost. But the Missionary Sisters of the Sacred Heart of Jesus, the foundation started by Mother Cabrini, worked with the developers to keep the Shrine alive.”
Maybe it’s just me, but that’s an awfully small kitchen for $2 million.
I’m always amazed that Chicago developers continue to build out the interiors of these “luxury” condos with the same crap. At this price point, I expected a whole lot more.
MB is small too. All of the rooms are, it’s basically the same size rooms, as a duplex-down in a mccrapbox.
“The W/D don’t have pedastals andyou’ll have to bend over to load and unload”
Dude, you’re that short?
Yawn. The layout and finishes of a decent rental. Taste doesn’t always mature as much as one’s budget.
“Dude, you’re that short?”
You have it backwards, no pedastals are for shortys. Tall people like pedastals under their W/D. I’m talking about those drawer-things, that open up, they’re under the W/D.
“Dude, you’re that short?”
You have it backwards, no pedastals are for shortys. Tall people like pedastals under their W/D. I’m talking about those drawer-things, that open up, they’re under the W/D.
Dissapointed to see that the w/d combo is a front loader, you would have thought they would have gone with a high end top loader since overall they are much better if you have the space.
What kinds of floors are these, wide plank Carlisle?
“You have it backwards, no pedastals are for shortys. Tall people like pedastals under their W/D”
Um, you said “[w/o] pedastals … you’ll have to bend over to load and unload” — I’m not tall like Sonies, but I still have to bend over to get laundry out of w/d on a pedastal. Maybe with two pedastals stacked, but not just adding 15″ with one.
“you would have thought they would have gone with a high end top loader since overall they are much better”
Since when? Which model are you talking about?
Faster cycle, yes, but I’ve not heard anyone say that.
anonny (October 11, 2012, 10:33 am) “Hmm. I haven’t seen many “nice” SFH listings in ELP for $2.2 mm. Really nice RH, sure. See, e.g., Jenny (“This building doesn’t impress me. I would rather get a rowhouse for the same price.”). Then again, I’m not looking in this range, so who knows.”
http://www.redfin.com/IL/Chicago/1801-N-Sedgwick-St-60614/home/13345764
http://www.redfin.com/IL/Chicago/2210-N-Cleveland-Ave-60614/home/13348634
and…
http://www.redfin.com/IL/Chicago/1821-N-Mohawk-St-60614/home/13346587
http://www.redfin.com/IL/Chicago/1828-N-Orleans-St-60614/home/13344010
“Dissapointed to see that the w/d combo is a front loader, you would have thought they would have gone with a high end top loader since overall they are much better if you have the space.”
The person buying isn’t going to care because the cleaning lady will be doing the laundry.
Over 2 million/ ridiculous price psf for a boring floorplan and a unit that lacks detail to support the price. What does 3 million get? And this is the least impressive of the 3 buildings. It belongs in Miami.
“this is the least impressive of the 3 buildings”
This, Trump and Ritz??
“It belongs in Miami.”
Says “Vegas” more than “Miami” to me.
that master bedroom is seriously disappointing for a $2MM+ 3 bedroom in Chicago.
hell, all those bedrooms are disappointing.
would still love to tour a listing in person as these pictures are weak…but this is underwhelming.
This place is Naples all the way
Whats wrong with the floorplan, other than the bedrooms being really small?
“This place is Naples all the way”
Good call.
Sorry: 3 towers 1 building: the north tower is the least appropriate imo…and 1 big room in front and bedrooms in back, reminds me more of a suburban ranch or south loop condo
“Whats wrong with the floorplan, other than the bedrooms being really small?”
Living and Dining is tiny as well, not what I would consider in a luxury 2 mill condo.
Sorry epic fail!
On another note, I’ve always assumed this was in the Alcott neighborhood, though maybe most of the kids moving in already attend nearby private schools.
“The interior is so “vanilla box”, you have to wonder why they even bothered to finish the bathrooms and kitchen. Now the buyer cannot customize, and ALL THREE bathrooms have the same colors, finishes, and scheme. Boring. (It looks like crema marfil counter & tiles, and cherry cabinets). The W/D don’t have pedastals andyou’ll have to bend over to load and unload.”
I am pretty sure all of the interior finishes are chosen by the buyers in this building, not built on spec. And in this case (an immediate resale) I would assume this was one of the early buyers who did in fact pick out the finishes. I think that the vanilla interior of this unit will appeal to some buyers and for those who want to pick everything out, they probably still have the option by purchasing from the developer.
Annony — one can always debate exactly what “nice” means, but I’d suggest places like 2436 N Orchard St. (recent sale), 2663 N Burling Ave., 2532 N Burling Ave, 618 W Kemper, and (perhaps more controversially) 323 W Dickens (recent sale) as being nice, recent or current SFHs for sale in ELP for under $2.25M.
“I am pretty sure all of the interior finishes are chosen by the buyers in this building, not built on spec. ”
Yeah, but this building is maybe 50% sold. And I’m sure that’s a stretch.
“I’d suggest places like … as being nice, recent or current SFHs for sale in ELP”
First 3 are not in anonny’s “ELP” (indeed, not even in Lincoln attendance area) and the 4th is not a SFH–it’s a condo.
Also, while it’s not quite “under $2.25” at ask, this:
http://www.redfin.com/IL/Chicago/2038-N-Orleans-St-60614/home/13348145
would have to be close enough if one is considering undertaking condo expenses at $2.1. Maybe too big, tho.
2436 N. Orchard: Nice reno, decent buy for the buyers, great profit for the sellers.
323 W. Dickens: TH (but awesome)
Burling: Both places are very nice, but that little pocket of LP leaves a bit to be desired, despite its east of Halsted location. Not saying that McMansions shouldn’t go for $2 mm right there, only that I wouldn’t buy one. (We looked at a TH about a block east of there, situated right on the eastern border of the Alcott playing field. I recall be quite intrigued by the space/levels/garage given the price. But that handfull of blocks back there, even with all the new $$ SFHs, just feels like one big alley serving Best Buy/McD’s/Post Office/college revelers/crazies.)
Kemper: Very interesting. Given what they paid, I’d bet they’d close at $1.5, maybe even a bit lower. Unless it’s got electric/plumbing/mechanical/roof issues, it sure seems like a great opportunity, even if it is a little odd, situated amongst sort of an odd mix of homes, and located directly across the street from a bustling school (the fate/potential expansion of which is unknown). Unlike the blocks around 2600 Burling, I find the funkyness of the blocks around 600 Kemper actually very charming. If we were able to purchase a place in the low to mid $1 million range right now, we’d be taking a close look at Kemper. Has sort of a Royal Tanenbaums feel to it.
” the 4th is not”
5th. durr.
“4th is not a SFH–it’s a condo.”
“323 W. Dickens: TH (but awesome)”
Is it condo or TH? Or both!
Also, Kemper has to be lincoln elem, no?
“Also, Kemper has to be lincoln elem, no?”
Nevermind, I was sure you’d counted correctly to dickens, so that kemper had to be the third.
Not sure if Dickens is condo or TH. I’ve been wondering about those places. You can tell from outside that the ceilings are very high and that the rooms are big. Not sure how much I’d like to be right on Clark there. The units on the west side of the property seem nice.
1801-N-Sedgwick-St
2210-N-Cleveland-Ave
1821-N-Mohawk-St
1828-N-Orleans-St
All in the $1.7-2.3mm range and LP Elementary attendance area.
“Not sure if Dickens is condo or TH.”
It’s a condo. You can have “SFHs (with 4 non-shared walls)” that are condos. pluses and minuses to each.
anon(tfo) said: “First 3 are not in anonny’s “ELP” (indeed, not even in Lincoln attendance area) and the [5]th is not a SFH–it’s a condo.”
I’ll admit the 5th one was a mistake, should have looked more closely. As for the first three, however, I’d consider them in ELP as in between North and Diverey (so in Lincoln Park) and east of Halsted (so East Lincoln Park). I also selected them because they’re relatively close to the subject property at 2550 N. Lakeview. If you go further south into ELP, you can find additional “nice” homes as yoss points out.
“I’d consider them in ELP ”
I was considering the audience. Remember: 5 rowhouse west of the park may be too far away from the park.
Fair enough, I don’t read all the comments, so don’t necessary get all the in-jokes and people’s preferences.
“don’t necessary get all the in-jokes and people’s preferences.”
That’s why we need the wiki! Icarus!!?!?!?!!!
did try to flag it with “anonny’s “ELP””
“Remember: 5 rowhouse west of the park may be too far away from the park.”
And that’s exactly why we need the wiki. Because on some blocks, 5 doors away from the park might be too far; on others, it can be farther. And it varies not only by good proximity to the park, but by bad proximity to North (which often ruins an otherwise nice Mohawk, etc. listing), and certain parts of Clark, Halsted, and Diversey (all three of which seem to drag down certain northern LP blocks, e.g., Burling, within the Home Depot/Trader Joes/Best Buy Triangle).
“5 doors away from the park might be too far”
Yes, but it’s closer to the Tzatziki Grill, this multi-million property’s closest dining establishment…
Yum! http://www.tzatzikigrill.com/images/tzatziki-grill-restaurant-north-clark.jpg
I was also underwhelmed at the kitchen and bathrooms. For this price I’d expect a nicer kitchen if nothing else.
The building itself is gorgeous and is really the gemstone modern tower of Lakeview Avenue. I cannot believe anyone would call this building ugly; it fits the character of the neighborhood very well.
Also, the Cabrini Chapel is beautifully restored. I visited it last week, and it is magnificent. Separate entrance from the building itself, and locked off from the residential towers inside. Guard on-duty when we entered. It even has its own little outdoor park you can access from it but is shut off from the “private” (and based on the concept images, far superior) park for the residents of 2520.
Overall, it’s a great project and stunning building. I am also surprised by the “vanilla”-ness of this listing, but didn’t buyers have a grade-finish option package prior to purchase? I thought I remembered that in the building’s development stage.
“helmethofer (October 11, 2012, 5:10 pm)
“5 doors away from the park might be too far”
Yes, but it’s closer to the Tzatziki Grill, this multi-million property’s closest dining establishment…”
Oh, don’t be such an insufferable snob. Commercial on Clark is a mess, anyway.
The building is gorgeous. “Andy” doesn’t know what he’s talking about.
I’ve toured this building on 2 occasions and it is truly amazing: amenities, grounds, views and unit finishes. The base (bottom) cabinet option is Snaidero, floors are solid wide-plank hardwood, Wolf/Bosch appliances and the tile is not your cheapo home-depot product. That said, I personally feel that the PSF basis is too high and at some point GEPT will cut their losses and we will see the prices drop. The sales agent said that the building is 50% sold up to floor 16 and “around 40%” sold in its entirety.
I’m a little disappointed too, although I wouldn’t judge the entire building by this one listing. This unit is lacking in character, but someone planning to plop down 2 mil will probably customize it to his liking anyway. The comparisons to nearby buildings or single family options aren’t all that relevant. Multi-million dollar condo buyers are a completely different market than single family home buyers. The comparison you want to make is (as has been said also) to Ritz, Trump, 340, Elysian/Waldorf and maybe a few others. And where are all of those? South of Division. You can’t buy new or even newer construction like this North of North. The neighbors are aging eyesores from an unfortunate architectural era where half the units don’t even have laundry in-unit. I personally think this looks pretty nice on the skyline.
I stopped by yesterday, and I believe the sales agent said only the penthouses are still raw space, most of the other units are finished. I heard the “about 50% sold” figure too.
“would have to be close enough if one is considering undertaking condo expenses at $2.1. Maybe too big, tho.”
2038 N. Orleans st
Are you factoring in the $3800/month in rental income though???? That house is the titz but I have no clue why they turned the basement into a 2/2 rental- am I reading that correctly? Why not rent out all three garage spots and then dump a whole jar of mustard on your chest? That coach house rental needs to be unconverted too. I’m thinking music studio or hookah lounge.
If I was rolling like Brad F. I would be all over that place.
“Are you factoring in the $3800/month in rental income though???? ”
No, beacuase if I’m in a position to buy a $2.25m house, I ain’t having tenants, unless it’s a place with a gatehouse at least 400 yards from the main house.
The space looks pretty gracious to me. Love the high ceilings. It may be priced on the high side, but there is a lot going for it…views, spacious rooms, large balcony. The one thing that always bugs me, though, is having the kitchen in the living. Why won’t anyone design a new space with a separate kitchen!?
“The building is gorgeous. “Andy” doesn’t know what he’s talking about.”
If this building was a car it would be a P.T. Cruiser.
The fact that crap like this sells honestly bewilders me. When, in the history of time, has fake stone ever, ever worked?
Reminds me of this ugly shit that you see all over outer neighborhoods in chicago:
http://community.active.com/servlet/JiveServlet/showImage/38-5351-2425/IMG_0962.JPG
Precast concrete made to look like limestone is the modern extension of that.
Usually I’d be content to watch tasteless morons dump their millions into a worthless pile of shit while thinking they are living the glam life. Unfortunately, however, this is a high profile building in a very visible location and its an embarrassment to all Chicagoans. I assure you this building will age very, very poorly. Though frankly, I think it looks like cheap trash fresh off the production line. I’ve literally seen better historic execution in Disney world.
For the record, Lagrange actually did have ONE well done traditional project in Chicago – 65 E Goethe.
Every other new tower of his is utter garbage save for Erie/Kingsbury on the park, which were in a totally different direction stylistically and reportedly designed by his associates.
read the last paragraph on snopes
http://www.snopes.com/politics/taxes/realestate.asp
“When, in the history of time, has fake stone ever, ever worked?”
Why don’t architects use limestone (real stuff) anymore? They used to quarry it in Indiana, etc. It was used on the Palmolive Building, Board of Trade, etc. What’s the deal, why isn’t it used anymore?
Fyi; This unit is now under contract
and the first two stories of this building are clad in limestone.
“Fyi; This unit is now under contract”
Thanks for the update LP2550.
I’m surprised by this because if you’re a buyer you have hundreds of developers units to choose from where you can probably still pick your own finishes etc. Wouldn’t most buyers want to do that?
I’ll be interested in seeing what it closes for though.
Heard through the grapevine: multiple offers, sold for full asking. Two parking spaces, months of free assessments, taxes…. good deal.
“Heard through the grapevine: multiple offers, sold for full asking. Two parking spaces, months of free assessments, taxes…. good deal.”
Why in heavens name would there be multiple offers in a building with HUNDREDS of nearly identical units still for sale? Is there something particularly wonderful about this specific property?
I don’t get it. When was the last time we had “multiple offers” on a multi-million dollar property in Chicago? Seriously. There is 20 years worth of inventory.
Why is the real estate industry pumping the sale of this ONE UNIT so desperately?
Hm…
“Heard through the grapevine: multiple offers, sold for full asking. Two parking spaces, months of free assessments, taxes…. good deal.”
If you look up transparent in the dictionary, there’s a picture of a real estate agent. Also, why disclose all this stuff if you’re trying to make it sounds like there was really an (agreement for) sale for full asking? Sounds like it was really less than full asking.
IIRC, this was actually a fake resale from an insider, anybody want to dig into the records to see?
Assessments and taxes paid for a year, two parking places included….call me crazy but that makes that unit a better deal than one that doesn’t have those things, and there are def not HUNDREDS of identical units for sale in the building. Whats with the hate? Just letting people know what I heard. Check the records in a few weeks….
How are the sellers going to wait 2 years to pay the taxes in arrears? Whatever, your post reaks of shill
“How are the sellers going to wait 2 years to pay the taxes in arrears?”
They’ll give a almost certainly insufficient credit at closing.
I give up on you people.
“I give up on you people.”
Don’t. To the extent that you have actual info on how things are going at this building, share away. I honestly don’t see why some folks on here are so dismissive (to put it politely) of brokers, etc.
I’m going to beat HD to the punchline.
PEOPLE !!!!!!!!!!! Buy now or be priced out forever!
“I give up on you people.”
Sold for full asking =/= Year of assessments and taxes (which should be ~$50k totla) as a credit.
Is the rumored contract for MORE than $2.2m?
I don’t agree with Sabrina on much, but this building really is a huge boondoggle. My bet is that, in like 10 years, there still aren’t many units that have sold for much more than the original purchase price. There’s just too many of them to generate a robust market in this location for units like these.
Hi, I was the owner of this unit. The sale closed today, November 30, 2012.
I have to say, I’ve read what you all have written and most of you have no idea what you are talking about.
To begin with . . . Have you ever heard the saying “beauty is in the eye of the beholder”? That saying applies to buildings, as well as to people and many other things in life. Some people do not like some or all of Lagrange’s buildings, others like some or all of his designs. I happen to love the style used at Lincoln Park 2550 and at the Elysian, but really dislike Erie/Kingsbury on the Park – just the opposite of Andy who posted above. See, beauty is in the eye of the beholder . . . to each his own . . . or pick whatever other colloquialism works for you.
For those of you who questioned why the building isn’t clad completely in limestone (only the first couple of floors are) – its because of cost. Yes, it could be clad in limestone (and architects often design buildings that way), but if they were built like that then even fewer people would be able to afford units in the building. Developers are in this business to make a buck, so they often value engineer elements – and the building cladding is one of those elements that often “takes it on the chin”, so to speak.
As far as room sizes in the unit – you have to be in the unit in order to appreciate the scale of the rooms. Two dimensional pictures and videos do not begin to do justice to this unit. The kitchen is not as small as it looks in the pictures or the video. Neither are the bedrooms. As to why the kitchen would be open to the sitting areas, get out of the 1950’s. Women (or men) nowadays do not want to be separated from family or guests while in the kitchen. Oh, and the unit absolutely has east and west views. Check out the C4 floorplan that someone provided the link to in an earlier email.
As far as the sale process – I did have multiple offers on the unit. I accepted a full price offer and I made a profit.
Some of you asked why anyone would buy my unit when the developer has “hundreds” of unsold units? First, it’s the most popular floorplan in the building – the developer has only 2 units like it left. Second, because I agreed to buy before the developer even started digging a hole at the site, I got a great price. The developer has raised prices on its unsold units, and is asking between $2.6 million and $2.7 million for its unsold units with this floorplan, and those units do not include any parking spaces. When I listed by unit for $2.199 million, the price difference was smaller. My unit includes 2 parking spaces. Do the math — its easy to see why a buyer would pay $2.2 million for my unit rather than what the developer is asking. In addition, there is only one other unit on the floor where my unit is. On the other floors, there are more than that. The ceiling heights on this floor are about a foot higher than all but 3 or 4 other floors in the building. With extra ceiling height, I had the ceiling dropped in the living room and family room and had recessed lighting fixtures installed, rather than the tacky track lighting that is otherwise standard in all of the units in the building. The fireplace and the wood flooring in the bedrooms were also upgrades that won’t be included in the asking price by the developer for its unsold C4 units. Lastly, the developer does not have “hundreds” of unsold units. There are only a little over 200 units in the building and half of them are already sold, so the number of unsold units is just over 100 and, as I said earlier, only 2 have the same floorplans as this unit.
Because I was an early purchaser, the developer paid my closings costs, prepaid 12 months of assessments and agreed to pay the real estate taxes for an additional 12 months after the date of my original closing. The developer is no longer offering these benefits to purchasers as a matter of course, although I suppose a buyer could negotiate for them. I passed on the 12 months (now 10 months) of prepaid assessments to my buyer, but I did not pass on the real estate taxes, since it was too difficult to determine the value of that benefit and I would have been on the hook to my buyer if the developer didn’t pay them when they were due.
As to the finishes in the unit. You know how life throws you curveballs every now and then . . . when I signed the contract to purchase the unit, I fully intended to live in it when it was complete. Life threw me a curveball and when it came time to pick out finishes, I no longer wanted to live there and I didn’t want to stick any more money into the unit for upgrades when I was tempted to just walk away from my deposit on the unit, rather than close. So, I picked out finishes from the basic palette provided by the developer, which are high end finishes, but not stunning. I also picked out neutral finishes that a buyer might find acceptable, at least for a while, and if they didn’t, the $400,000+ price difference between the price of my unit and the developer’s units certainly gives the buyer plenty of room to tear out what I had put in and replace it with something else and still be “money ahead”. Despite the fact that I thought about walking away from my contract, I did close, had a signed contract in less than 30 days and flipped the unit in exactly 2 months and 5 days from the date of my purchase. There was at least one buyer that didn’t share the interior design asthetics held by some of you.
Lastly, addressing the point on whether there are any units in other buildings in Lincoln Park East that are comparable to this unit — the answer is that there are not, and if you believe otherwise its because you have not personally been in LIncoln Park 2550 to see the unit or the building amenities, or in the allegedly comparable units.
One more thing. I am married to one of Lagrange’s architects (who I met at the sales center for the building when it was originally in the old Columbus Hospital office tower), so you can discount any thing that I said above, if you so choose.
“Hi, I was the owner of this unit. The sale closed today, November 30, 2012.
I have to say, I’ve read what you all have written and most of you have no idea what you are talking about.”
Thanks for checking in, former owner, and giving the inside scoop on this building.
It’s interesting that the developer is paying the first year of assessments for all the early buyers. That’s why the investor in the Crain’s article says he’s willing to pay the first year as well. I thought that would be a money loser- but now I see it was part of the original deal.
I think these sales are also interesting because they make the new comp in the building. I don’t know how the developer is getting another $800,000 per unit when they are selling for so much less from flippers.
“One more thing. I am married to one of Lagrange’s architects (who I met at the sales center for the building when it was originally in the old Columbus Hospital office tower), so you can discount any thing that I said above, if you so choose.”
I’m sure he/she will have a great resume if they ever want to work at disneyland.
“I think these sales are also interesting because they make the new comp in the building.”
No, they make the new comp in the building for its generic one and two beds, i.e., the over-built category in this building that everyone’s expected to be borderline distressed. Those units will indeed continue to struggle, and will be the source of most of the building’s renters, but they’re certainly not all that this building has going for it. The large 3+ beds in this building continue to be some of the strongest properties in their class. Got at least $2 mm to spend, want to be right on the park with lake views, in a new unit, with private outdoor space, and within blocks of Parker or Latin? There’s nothing nicer in the NE Gold Coast, and certainly nothing in ELP. Were we in the $2-3 mm range (plus the attendant fees), and were determined to a serivced property (i.e., not a SFH) 2550 would be the standard to be beat, period.
In other news, developers and agents lie about units sold and multiple offer situations all the time. Anything that is not recorded in public records will be lied about by those in the REIC.
“There’s nothing nicer in the NE Gold Coast, and certainly nothing in ELP. Were we in the $2-3 mm range (plus the attendant fees), and were determined to a serivced property (i.e., not a SFH) 2550 would be the standard to be beat, period.”
anonny: do you know what post you’re commenting on?
This WAS a 3 bedroom. This was one of the larger, more expensive units. And yet it sold for way under what the developer is trying to sell the other 3+ bedrooms for.
The problem with this building is that there are many more 3 and 4 bedroom units than the 1 and 2 bedroom units. That’s how it should be in a luxury building. You’re buying the luxury. But they built it during the worst real estate bust in US history. And it has competition from 2 to 3 other luxury buildings also built at the same time (which, I know, aren’t in this exact location- but they’re similar price points.)
There simply aren’t enough buyers in Chicago for that many luxury units in that location. Sure, there are plenty of older, richer home owners who already live in LP who would love to upgrade to a newer building with all the amenities but they have to sell their old properties first. And many don’t need all the space in those bigger units.
And you keep bringing up the schools. How many buyers have small kids AND the money to buy in there? Not many. And there are a LOT of options- including SFH with backyards and garages- and no assessments in the same area.
By the way- it’s not “within blocks” of Latin. It’s several miles away. If you want your child to walk to Latin you live in the Gold Coast. And I dispute that there’s “nothing nicer” in Northeast Gold Coast. You can buy a rowhouse for $2 to $3 million in that location.
“not “within blocks” of Latin. It’s several miles away”
‘several’ means less than 1 and a half now? No, not really walking distance, but hardly ‘several’ miles.
‘several’ means less than 1 and a half now? No, not really walking distance, but hardly ‘several’ miles.
It is 1.62 miles (according to Mapquest) if you walk down Clark. I was thinking it was about 2 miles- so shoot me that I was off by .40 of a mile.
But that is NOT “within blocks.” Come on.
Yeah- I can see it now, “okay Timmy. It’s time to walk to school. Don’t worry. You only have to cross big, bad Fullerton and big, bad Armitage on your way down there. But it’s just a few blocks! Chin up.”
Give me a break. It is NOT close.
‘several’ means less than 1 and a half now? No, not really walking distance, but hardly ‘several’ miles.
Also- for comparison purposes- why not just buy in the Ritz on Michigan Avenue and send your kid to Latin too? That’s only 1.46 miles. That’s closer than 2550 N. Lakeview.
Or- if you really want your kid to get some exercise, buy in Trump Tower. That’s just 2.0 miles.
They’re all within a few blocks of Latin! Imagine that.
Mapquest? Shoot me your Myspace handle via Hotmail.
No but seriously. A couple of quick thoughts. First, if the kids attend Latin, and not Parker, and the poor family has to live all the way up in the mid-to-upper 2000’s on Lakeview Ave, they’ll tuff it out. They either drive the kids to school (even seen the fancy traffic jams outside P and L?) or trudge through the park. Living a block from one’s school is obviously better, but living at 2550 and attending Latin or in the NE GC and attending Parker…not an issue.
Seoncd, most, not all, but most, of the Latin families we know have raised, or are raising, their kids in buildings, not SFHs or RHs. Including buildings on Lakeview Ave and on Diversey (east of Sheridan). Sure, I know that at least one of those families has wanted to get into a SFH, but I know at least one other family that moved from one building to another in order to have a much larger space, and wouldn’t have considered a SFH (they want onsite help for minor repairs, some measure of front door security, package receiving, ample parking for guests, a place they needn’t worry about leaving empty for weeks at a time while at the lake house, etc.). Come to think of it, the only Latin family I personally know of with a SFH lives in one of those giant places on a corner in the NE GC; I’m pretty sure it’s beyond the $2-3 mm range. Long term, I think we’ll hope to end up in a TH or RH for cost reasons. High assessments do present an impediment to us, but don’t to lots of other folks. But if money weren’t an issue, it would be a building all the way.
“most, not all, but most, of the Latin families we know have raised, or are raising, their kids in buildings, not SFHs or RHs. Including buildings on Lakeview Ave and on Diversey (east of Sheridan).”
Once, when looking at a SFH several miles from Latin (and from the lakefront), I was shocked to discover the kid went to Latin.
“and from the lakefront”
Oops. Might have been just a couple miles from the lakefront.
“Seoncd, most, not all, but most, of the Latin families we know have raised, or are raising, their kids in buildings, not SFHs or RHs. Including buildings on Lakeview Ave and on Diversey (east of Sheridan).”
Wow anonny- you must know everyone who sends their kids there.
The people I know with kids in Latin (yes- some are on scholarship too- so they don’t live in any kind of million dollar property)- live in either SFH or small 2 bedroom condos in Lakeview. In that case, the child was older (teens) so he just took the El down to school. His parents had to go to work everyday so they couldn’t drive their kid to school even if they wanted to.
It’s dumb to say a blanket statement about where people live or just to assume they’re all rich. Get over yourself. Good luck to your child if this is your attitude about why you want your child to go there (and yes- there are kids who fly to Paris on private jets every year to shop for their school clothes. But that’s not everyone who goes there.)
Mapquest- by the way- gives the best door to door directions. Sorry if you don’t know that.
By the way- if anyone has anything to talk about other than rich people- please let me know. I find it a bore. 99% of the city doesn’t live like that. They don’t give a shit about Latin.
Anyone know why people are spending $500,000 to buy in Avondale? That’s more interesting to me. You can buy a very nice house in Park Ridge or Oak Park for that price (or less than that price). Why live in Avondale with the crappy schools for half a million? I don’t get this market. It’s very bizarre to me.
I’ll have to find some examples- but I’ve seen a few recently.
“By the way- if anyone has anything to talk about other than rich people- please let me know. I find it a bore. 99% of the city doesn’t live like that. They don’t give a shit about Latin.
Anyone know why people are spending $500,000 to buy in Avondale? That’s more interesting to me. You can buy a very nice house in Park Ridge or Oak Park for that price (or less than that price). Why live in Avondale with the crappy schools for half a million? I don’t get this market. It’s very bizarre to me.”
Paying $500K in Avondale is really stupid. What are the amenities in the area? Seems pretty rundown for that price point. Even though you may say that very nice homes for under $500K in Park Ridge and Oak Park exist, almost all of the “very nice” homes in those 2 suburbs go for $600K plus. Same thing out in Elmhurst too. You need $150K+ income to make it in this city in a very good school district with a “very nice” house. In many areas/neighborhoods, you need a whole lot more income than that. Parker/Latin is for elitists. Many of those kids are screwed up when they get into the real world, similar to Lake Forest and New Trier kids.
http://www.thefreedictionary.com:
“sev·er·al (s v r- l, s v r l). adj. 1. Being of a number more than two or three but not many: several miles away”
And it is *defintely* under 1.5 miles walking thru the park. STILL *not* close enough to walk nor “within blocks”. But “several miles” is at least as misleading as than “within blocks”.
“anonny (December 3, 2012, 6:37 am)
Mapquest? Shoot me your Myspace handle via Hotmail.”
Hahahaha, I read that and laughed so hard i just spit water out on my Palm Pilot
“It’s dumb to say a blanket statement about where people live or just to assume they’re all rich. Get over yourself.”
I’m a little surprised by the unwarranted hostility (recognizing that they generate a large number of hits for your site, I’m curious why the anti-Semitic/racist/homophobic regulars somehow evade your opprobrium).
Anyways, I’m pretty sure that I made reference to the families *we happen to know * who are sending or have sent kids to P or L, not all the families. And rest assured, in the event that our kid gets into P or L, and if we’re somehow able to scrape together/borrow the J-K tuition payment, we’ll be among the “poorer” families there. And I was responding to your “blanket statement about where people live” with respect to people who live on Lakeview Ave not wanting to send their kids to Latin because of the distance (as if every kid gets into both L and P and is thus faced with a choice).
“spit water out on my Palm Pilot”
Dude, you’ve got a pilot? How did you port your data from your Newton? Only thing holding me back is I don’t want to re-input everything.
I, too, wonder why Sabrina puts up with the anti-semitic, racist, homophobic comments on this site.
“Dude, you’ve got a pilot? How did you port your data from your Newton? Only thing holding me back is I don’t want to re-input everything.”
I just got the color screen one too. The contacts import was easy you just have to vcard to your desktop the use the palm desktop 3.0 installed on your windows ME tower to import to the Palm. You will need to the same for your calender a .vcal export/import.
I heard the HP ipaq’s will be coming out with exchange support right out the box. I will have to check my cell phone provider Primeco if i can tether the ipaq to sync my email
“I have to say, I’ve read what you all have written and most of you have no idea what you are talking about.”
Yes, but we have a select group of auditors to correct any mistakes in facts!
“I heard the HP ipaq’s will be coming out with exchange support right out the box. I will have to check my cell phone provider Primeco if i can tether the ipaq to sync my email”
Don’t waste money on a compactflash cellular modem, just use the infrared to connect to phone.
Let me just add that Sabrina’s failure to take action (she hasn’t even publicly warned against these types of posts), makes me feel she is complicit and perhaps is even supportive of such remarks.
“Don’t waste money on a compactflash cellular modem, just use the infrared to connect to phone.”
i wanted to but my Nokia doesnt support IR, i would need the new LG that just came out on Voicestream GSM network.
Anyone know where I can buy a 5 pack of stylus?
Pulease just use the pen with the built in stylus
Wait wait where is it? Need to shine my flexible USB led lamp
“i wanted to but my Nokia doesnt support IR, i would need the new LG that just came out on Voicestream GSM network.”
In that case, I’m happy to send you my socket bluetooth CF card, even though it’s going for $50+ on ebay at the moment. Surely you have bluetooth. If not I’ll send my sonyericsson t68i too.
“Need to shine my flexible USB led lamp”
the funny thing is I actually using SWAG pen from 2006 that has a stylus tip on the other side. maybe my subconscious got me to bring up palm pilots?
Another resale in 2550. A Pritzker bought 2 combined units on the 13th floor. Closed and put the unit back A LOT More than they paid for it. Probably a fabulous unit. First resale went under contract fast. We will see about this one…
Hey, Sonies, you never answered my question:
‘“you would have thought they would have gone with a high end top loader since overall they are much better”
Since when? Which model are you talking about?
Faster cycle, yes, but I’ve not heard anyone say that”
“Another resale in 2550. A Pritzker bought 2 combined units on the 13th floor. Closed and put the unit back A LOT More than they paid for it. Probably a fabulous unit. First resale went under contract fast. We will see about this one…”
What’s it listed for?