Get 3-Bedrooms and Lake Views for Under $410,000: 2500 N. Lakeview in Lincoln Park
This 3-bedroom at 2500 N. Lakeview in Lincoln Park has been on the market nearly 2 years.
It is a wraparound corner unit with lake and Lincoln Park views.
The building was built in 1974 and has a doorman and an outdoor pool.
Yes, the unit has pink carpet. It doesn’t have to stay!
But it also has a master suite with a walk-in closet.
The kitchen is big with an eat-in area with views.
There is no central air, just wall units. There also is no in-unit washer/dryer but it appears it can be added.
There is parking (rental?) in the building.
Since April 2010, the unit has been reduced $15,000.
Unit #1805, just a few floors below is, with cherry hardwood floors is listed at $540,000. It has an in-unit washer/dryer.
Compared with the prices of the new construction units right next door in 2520 LP, even with a rehab, is this a deal for someone with vision?
Alexis Holland at Century 21 SGR has the listing. See the pictures here.
Unit #2205: 3 bedrooms, 2 baths, 1600 square feet
- Sold in February 1996 for $285,000
- Originally listed in April 2010 for $425,000
- Reduced
- Was listed in August 2011 for $410,000
- Still currently listed at $410,000
- Assessments of $1170 a month (includes pool and doorman)
- Taxes of $8033
- No central air- wall units
- No in-unit washer/dryer (can it be added???)
- Parking appears to be rental in the building
- Bedroom #1: 16×13
- Bedroom #2: 13×12
- Bedroom #3: 11×9
I don’t know why anybody would be crazy enough to spend this much to live like this. High rises are NOT for me. Make me feel claustrophobic.
Paging ChiTownGal, a property covered in carpet and it’s pink!
This building is attractive in some ways: Great location, beautiful views, big windows (unlike some other condo buildings from its era like 2626 N. Lakeview up the street); and it allows cats (unlike 2800 N. LSD).
The main thing against this unit, besides the pink carpet, is the fact that only one window seems to face east. It is a lake view, but when people think of lake views, I think they expect more than they’ll get from this place. Most of the views are north, and I assume right at the new 2520 building. I assume the beautiful photos are from the balcony, not from inside the unit. I also agree with the person above who said it looks cramped. The taxes also seem ridiculous in comparison to the price being asked. They need to come down about $2,000.
There’s actually a more interesting place available in this same building with much more expansive views, though it’s only a 2 BR. The unit, priced at $367,000, doesn’t seem to directly face the park, but it’s high up enough to afford views south across to the city skyline, with the park and lake clearly visible. The listing says it needs a total renovation:
http://www.urbanrealestate.com/property/2500-N-Lakeview-Unit-3501-CHICAGO-IL-60614-LR3PRTJXQOOPA.html
Doc, I’m curious. Have you been waiting for a post about a highrise unit to express your feelings about highrise units?
We looked at this unit about two years ago, when it was still occupied (well, the stuff was still there, but I think the elderly person who had been living there had moved elsewhere). Everything needs to be done in the unit: a new kitchen, two new baths, a serious paintjob (i.e., there is a lot of wear and tear and what appears to be some minor water damage that will require extra work), and 1,600 sq ft of new flooring. I’d estimate that it could all be done for no more than $50k.
Yes, the only east (east, northeast) view is from the sliding glass door. But that’s a big “window,” and, I recall that upon walking into the living rooms of these 05 tier units, the sliding door window really does command one’s attention (i.e., when we walked into this unit, once we recovered from the initial shock of the carpet and the smell, we were blown away by the lake while standing in the middle of the living room). And yes, this place has now lost its north view (at least 2520 is a nice enough looking building), though the main wall of windows in the livingroom may still afford an angled view up Lakeview Ave and onto the park.
Beyond the unit itself, the building has yet to decide (at least it hadn’t about a year and a half ago, when we nearly purchased a different unit in the building) on how it’s going to address the (overdue) replacement of the windows (or “window walls” as the building calls them), which will (I believe) also include the replacement and/or repair of the heat/ac unit sleeves (it was unclear to me whether the actual heat/ac units would be replaced by the building, or if that would be left to the unit owners). The broker who we were working with at the time gave us a special assessment ballpark of anywhere from $20k to $60k for a 3 bedroom unit. I reviewed a lot of board meeting minutes, but they gave no indication of the likely costs. From talking with a few residents of the building, I got the sense that the project has been delayed because of sharply divergent philosophies on the board and among the some of the more obstreperous owner constituencies: there is a contingent (both longtime and newer owners) who has plenty of money, and just wants to get this over with, and a contingent (of mostly longtime, and many retired, owners) who would prefer to kick the can down the road, or at best complete the project gradually.
Once the “window wall” project is done, the building will be in great shape (and the units themselves will be better sound and weather proofed). Yes, w/d are permitted in the units, because (unlike 2400, 2626 and 2650), it was built as condos (but note that the closet with the w/d hookup is very tight, and will accommodate only the smallest of stackable w/d’s). And, unlike every other existing (i.e., not including 2520) building on Lakeview, these three beds offer at least a small amount of outdoor space.
It might be the least attractive building on the street, but it has a lot going for it. If one had the means, the way to go is to try and buy the neighboring one bedroom, which would be an easy combo (I know a few who have done so), from which one would end up with a 2,500 sq ft 4/3, with a massive living space (mostly facing the park/lake). If the subject property can be had for $350k, and (assuming it’s also dated) the one bed next door goes for under $200, then throw in $100k for the combo and new kitchen/baths/floors, you’d be up to $750k (plus fees of at least $1,600, for the 3 and 1 bed units, with at least one space). It’s the least expensive way to get a 2,500 sq ft 4/3 on the park, with lake views and a doorman.
Now that the residents (at least those facing north) of the building have survived the construction next door, I’m really wondering what 2520 will do to the value of units in 2500. Do they go down, because yet another nicer building is on the street? Or do they go up, because the street – particularly the stretch from 2500 to 2600 – is now vastly nicer, having replaced a crappy medical building with a fancy (looking) residential building?
I get the sense that some of the longer term owners in the building either sincerely believe that their unit values are about to surge (for whatever reason), or they have simply been willfully oblivious to the recent market and new building developments. I say that based on this unit (which is priced essentially where it was when we saw it two years ago), the unit we nearly purchased (also an 05 tier, the sellers seemed almost personally offended when we insisted on a price that was $10-15k lower than their half-hearted counteroffer; note, however, that we had them down near to or lower than this listing), and 1805, which has been for sale with no real reduction for a long time. Once the window wall project is done (or is underway), due to special assessement hardship, I wouldn’t be surpised if we see some opportunities to buy units here at a big discount. As a possible future owner in the building, here’s to hoping they do a good job on that project.
good god – aninny, do you have a job?
/What a lovely vintage apartment, i’d keep it exactly the way it is!
clio – sick, so it’s lunch at my desk today, hence the time to pen a lenghty post.
Anonny, you know that most folks won’t read a very long post, right? You might want to break it to a few posts. And Clio you’re the one to talk given you post 100+ messages a day…lol
wait westloopelo is back?
“wait westloopelo is back?”
Nope, there are paragraph breaks. I saw the comment and thought there would be something to get on anonny’s case about, but it was remarkably on topic and truly informative (unlike our commentary on his post) and without much anonny elp boosterism. Still, can tell he’s getting paid by the hour, even when he’s not. I hired an attorney for something (unrelated to real estate) and he’s way too eager to respond to everything.
I like the idea of combining with the 1 BR to have a 4/3 across from the park for around $700K. That would be quite the spectacular apartment, especially if the building could get new window walls.
Anonny, wasn’t waiting for a high rise post, as there are enough that pop up.
Its just when you add up the purchase price, taxes, and high amenities…you get $3550 a month. How many townhouses on quiet street would have less of a monthly foot print on your income?
“Its just when you add up the purchase price, taxes, and high amenities…you get $3550 a month. How many townhouses on quiet street would have less of a monthly foot print on your income?”
On the one hand, you’ve got a point (especially re: the fees, which factored into our decision to walk away from our deal in the building). On the other hand:
1) How many TH’s are accross the street from the park/the north pond?
2) How many TH’s have park and/or lake views?
3) How many TH’s have a doorman and an outdoor pool?
4) Aren’t a lot of TH’s also rather cramped feeling, with low ceilings?
5) Arent’ a lot of TH’s a bit dark?
A few cosmetic touch ups might help out.
The pink carpeting has got to go, right now. Replace it with beige berber if the seller doesn’t want to spend money.
Get rid of those stencils on the kitchen walls over the cabinets.
The seller might also want to replace the kitchen counters and paint the place a warm neutral color instead of bright white, and put a new surface on the kitchen floor.
p
Laura,
Agreed. I’m guessing it’s an estate sale (I think someone actually verified it was) and the seller isn’t putting a lot of effort into it, which explains the presence of the pink carpet.
“1) How many TH’s are accross the street from the park/the north pond?
2) How many TH’s have park and/or lake views?
3) How many TH’s have a doorman and an outdoor pool?
4) Aren’t a lot of TH’s also rather cramped feeling, with low ceilings?
5) Arent’ a lot of TH’s a bit dark?”
At this point its personal preference then isn’t it? Are you somebody who needs to be on the lakeshore? Do you need a pool and a doorman?
I like the private life of my own private entrance and not being in the same building as 75+ other people. Im never going to use the indoor pool or a shared roof top deck, I dont want to be worried about shared things closing at certain hours either. But there are negatives that come with a small association.
Anonny, my guess is the windows haven’t been done as there is a boarded up window about the 5th floor in the picture. Nothing says classy LP high rise more than boarded up windows!!
Yeah- I noticed the boarded up window when I was taking the picture and I thought, “hm.” Thanks for the detailed analysis of the building anonny. I thought something must be going on with the boarded up window. This picture was taken last summer- so perhaps they have already fixed it. Windows are one of the few BIG issues that older buildings have to deal with that usually results in a big special assessment.
A few years ago I toured a unit in a lovely 1920s building in the Gold Coast where the agent told us they just had the windows replaced. It was only a 1 bedroom unit but was very light and airy and it still cost the homeowner $35,000 in a special. The two bedrooms were $50,000. The key, for a buyer, is buying in a building AFTER the windows (and roof/elevator) have been dealt with. Another big expense, actually, is recarpeting hallways. Buyers need to ask serious questions in a high rise.
Anonny’s is the most useful post here. I moved from Evanston to a high-rise a few blocks away. I have magnificent views of the city, the lake, and the park. I didn’t even look at low-rise buildings or THs, feeling that if I were going to live in the city, I wanted to see it and know I was there. I have the most wonderful sunlight such that I turn my heaters off on many sunny days during the winter. I was tired of winter dark and damp. I love not having to shovel snow, rake leaves, mow the lawn, and prunes the shrubs in February when they’re dormant. I love that when my disposal packed up hours before our housewarming party, I had maintenance here within 10 minutes and a clear drain within another 5. In Evanston I would have had to wait till the following Tuesday and then pay through the nose. High-rise living may not suit everyone, but I love it. I love the community of my building too.
Deerhart:
You’ve explained everything I love about living in a high rise. I’m in a house now, and have been for 10 years, but I’ll be back.
I don’t like uniform highrises built in this era. That being said this is a pretty great location.
It has no modern amenities, however. Who is willing to put up with that assessment (and I’m assuming the pool is outdoors) with wall a/c units, no in unit w/d and parking is extra.
“You’ve explained everything I love about living in a high rise. I’m in a house now, and have been for 10 years, but I’ll be back.”
I like a lot of aspects of highrise living, just find it not the ideal choice for us with a kid. I’m genuinely curious to see how anonny’s grand experiment continues. I certainly know people who grew up in NYC apts who enjoyed their childhoods. I dunno how many of their families would have done it if they had viable SFH alternatives within a couple miles.
The first go round, a majority of owners rejected the window project because of cost. The Board are now looking at other options. Apparently the windows have been faulty since the building was built. Units actually get leakage when there is rain and this is no new thing. I was told a higher quote than anonny mentioned for the first go round and that was for a two bedroom unit.
The biggest expense looming for high rises in the city revolves around fire provisions. All my high rise dwelling friends know that eventually the city is going to play the heavy and insist on sprinklers. So far building/condo owners have managed to drag their feet and get the city to back down on this. We only need a few more publicized fires with casualties and this will change.