Following the Market Down: 1120 W. Armitage in Lincoln Park
We’ve chattered about this 2-bedroom vintage unit at 1120 W. Armitage in Lincoln Park twice before.
See our December 2008 chatter where many of you discussed the “right” price for this unit as well as the pros and cons of living right on Armitage.
It has been listed again and has now been reduced by $69,100 since May 2008.
Is it finally priced right to sell?
Mary Gott at Koenig & Strey has the listing. See the pictures here.
Unit #301: 2 bedrooms, 1 bath, 1150 square feet
- Sold in March 1992 for $162,500
- Sold in January 1997 for $179,000
- Sold in April 2004 for $321,500
- Originally listed in May 2008 for $415,000
- Cancelled
- Re-listed in July 2008 for $399,000
- Cancelled
- Re-listed in October 2008 for $384,800 (parking included)
- Reduced
- Was listed in December 2008 for $374,900 (parking included)
- Reduced and re-listed
- Currently asking $345,900 (parking included)
- Assessments of $210 a month
- Taxes of $4,133
- Central air
- In-unit washer/dryer
- Fireplace
- Bedroom #1: 12×10
- Bedroom #2: 11×9
It was way over priced in 2004… Again, I don’t get paying the neighborhood premium for marginal units. 1/1 = no. 2/1 = no. No parking = No. No central air = no. No laundry = no. Busy Street = no. Garden Unit = no. Next to El = no. View of Gas station = no.
Just say no folks…
I think they will be hard pressed to get more than $250-$275k.
“1/1 = no. 2/1 = no. No parking = No. No central air = no. No laundry = no. Busy Street = no. Garden Unit = no. Next to El = no. View of Gas station = no.”
You forgot tiny bedrooms = no
11×9 is really small and 12×10 isn’t much bigger…
It’s kind of a cute little lincoln park apartment – but where did those 1150 odd square feet go? The parking space?
At least this one has parking, W/D, and central air!
meh. next.
Agreed. That 04 price was a ripoff. Yet another person buying some overpriced nonsense just because the bank would lend him/her the money. Those bedrooms will barely fit a twin bed and dresser let alone real adult furniture. Thanks but no thanks.
Fair value …
$250,000 – $270,000
Any side bets it sells for over $320k? At $250k your monthly housing expense is $1,500. The dorms rent for over $900 per room and have no parking. What would this place get in rent? I bet at least $2200 with parking.
Where are you guys getting $250k? Pulling it out of your butts?
I thought this unit was really cute. Great location and I love the vintage details. Garage parking included is very key. I’m not sure what these negative comments are about. The bedrooms are not large, but they both would fit queen size beds and furniture. I think it’s now priced right. I don’t think I can afford it, but I think it’s worth it. have you seen the crap out there ?
SteveO,
I’ll take your bet on it selling below 320k or not selling. They’re not going to make money on this.
Since they can’t bring money to the table its my guess they’ll just pull the listing before going below 320k though and stay put.
Gentleman’s bet? You are on.
The only owe $257k on the place so i would not worry about them having to bring money to the closing? Unless the bozo from above is right and the FMV is really $250k. LOL!
Steve- what changed your mind since Dec? Back then you said it’s not a good place and you wouldn’t buy it but now you’re saying it’s practically sold at $320K or above. Are you recommending to your clients to check this place out and put an offer on it?
Steve Heitman on December 17th, 2008 at 10:19 pm
Oh, by the way – I just looked at this 1120 w Armitage listing and it is not a good place. It is tiny with tiny bedrooms. This is a good example of what not to buy…Could you rent it for $1,601? Probably, but I still would not buy it.
I don’t like it but I see what people are paying for 2 bedroom with parking and they are paying over $300k. I would not advise any of my clients to buy it. I don’t like small bedrooms. It should be a rental unit for DePaul kids…
The monthly nut on this place at $320K with 20% down is around $2000.
So would it rent for $1600 or $2200? Big difference.