Foreclosure Alert: 1-Bedroom Prices Plunge in 2000 N. Lincoln Park West
We’ve chattered about the foreclosures and short sales in 2000 N. Lincoln Park West several times.
See our prior chatter and pictures here.
In November 2008, banks were cutting prices on foreclosed 1-bedroom units in the 2004-2005 vintage conversion building overlooking the Lincoln Park Zoo.
The banks are getting more aggressive now and prices continue to plunge on 1-bedroom units that are either already in foreclosure or in short sale.
Unit #1104, a 750 square feet junior 1-bedroom, just saw its price recently slashed $110,000.
Unit #1104: 1 bedroom, 1 bath, 750 square feet
- Sold in December 2004 for $304,500
- Lis pendens filed September 2008
- Was listed in January 2009 for $289,500
- Reduced
- Currently listed for $179,500
- Assessments of $498 a month
- Taxes of $5800
- No Central Air
- No in-unit W/D
- Dalal Masri at Rizzo Realty has the listing.
Back in November, we chattered about Unit #1414 which was already in foreclosure. Its been reduced another $24,100.
Unit #1414: 1 bedroom, 1 bath, 950 square feet
- Sold in January 2005 for $402,500
- Bank owned
- Was listed in July 2008 for $238,000
- Reduced
- Was listed in November 2008 for $199,000
- Reduced
- Currently listed for $174,900
- Taxes of $5855
- Assessments of $658 a month
- No Central Air
- No in-unit W/D
- Sergio & Banks has the listing.
How quickly are prices falling in the building?
Unit #1505 was listed in September 2008 and has since been reduced 4 times by $170,000.
Unit #1505: 1 bedroom, 1 bath, no square footage listed but it has a dining room
- I couldn’t find an original sales price
- Listed in September 2008 for $349,000
- Reduced
- Listed in December 2008 for $299,000
- Reduced
- Listed in Jan 5, 2009 for $249,000
- Reduced
- Listed on Jan 12, 2009 for $199,000
- Reduced
- Listed on Feb 3, 2009 for $179,000
- Assessments of $577 a month
- Taxes of $5403
- No central air
- No in-unit washer/dryer
- Renovated kitchen
- Mario Greco at Rubloff has the listing. See the pictures and virtual tour here.
What happens to the other sellers in the building as prices continue to fall?
And at what price point will some of these 1-bedrooms start to sell?
Wow even if you pay cash for those places, you’re still droppin down more than $950 a month on Tax+ass.
Not really worth it for a 750 sqft place in pretty much anyone’s mine.
“Tax+ass” – Ha! How apropos.
I used to live in a rental building across the street from this one, and in light of the current market, the property would probably more valuable now if it were still rental – given its location in Lincoln Park.
“you’re still droppin down more than $950 a month on Tax+ass”
Those tax amounts have to be w/o the homestead exemption, which would make a substantial difference. Also, once they sell for a much lower price, the assessment might come down some, too.
But I’d expect assessments to go up, unless they’re that high to help build a reserve/payoff a loan.
One bedrooms north of North Ave. simply will not sell for $300,000 or more. This will not change any time soon. Whoever paid $304,500 in 2004 for #1104, a studio, deserves to lose half of what they paid due to extreme ignorance. I’m guessing these converted units were sold as “investments” to out of town buyers who had no knowledge of the market here.
so, 1104 might rent for $1500, right? So $550/month after assessments and taxes. Which means it’s worth (being very generous, and assuming minimal vacancy and risk of special assessments and no rental company expenses) $150k.
This was a fine (if not luxury) rental building, that they spent nothing on and converted to a piss-poor condo building. It’d be a good value at “apartment building” prices less an adjustment for the headaches of single unit renting.
No central air or W/d or parking there’s no way in hell i’d pay $1500 a month to rent let a lone $2k a month to buy a JUNIOR ONE BEDROOM place that isn’t even 800 sqft.
And even if you do file the homestead exemption, you wouldn’t be able to see the benefits of it for over a year and a half… and it might not even be that big of a benefit when you look at the prices of taxes on the rest of the places for sale.
Assessments are killing the 1br’s in this place. You’re looking at someone in their 20’s buying a 1br, and at a reasonable price. Assessments this high are going to drive the young crowd to somewhere more reasonable. I agree with anon’s price assessment of 150k.
I think we are getting a consensus:
1 BR units at 2000 N LP West about 150,000
A big glaring picture of Mario Greco after clicking on the link “Priceless”…geez the picture of the agent was so big it scared me or is that scarred me? I guess I’ll know tomorrow.
so is this how the Vetro will look in 3 years, when the foreclosures start to flood in and crater the values?
also, ins’t 2000 LPW an American Invesco building?
And regarding the above comment about who in their right mind would pay the original conversion prices for these units: well, we all did – cuz we are gonna have to buy the bad debt that allowed the purchase. The developer got his money, the “investor” prolly had NO skin in the game and we (the stupid tax payers) are holding the bag.
“also, ins’t 2000 LPW an American Invesco building?”
This building is NOT an American Invsco conversion.
““also, ins’t 2000 LPW an American Invesco building?”
This building is NOT an American Invsco conversion.”
Easy to confuse tho, as the conversion was done by a company run by the son of the founder of American Invsco.
can we call it a gouletas family special?