Is The Short Sale A Problem For This Vintage 3-Bedroom? 2130 N. Lincoln Park West In Lincoln Park
We’ve chattered about this 3-bedroom vintage unit overlooking the park at 2130 N. Lincoln Park West in Lincoln Park several times over the last year.
See our October 2012 chatter here.
Last October, it went to a short sale and reduced to $712,000. The unit directly above it, Unit #3S, with the same layout had sold in July 2012 for $750,000.
It’s still on the market and was recently reduced again to $699,000.
If you recall it has a rare 660 square foot private terrace. Usually vintage units in the large buildings don’t have outdoor space. (Unit #3S did NOT have outdoor space.)
It also has nearly all the features buyers look for, but can not usually find, in a vintage unit.
It has a washer/dryer in the unit and attached heated garage parking. The one amenity it is missing is central air.
The unit even has a private elevator entry.
Built in 1927, it has a 38 foot barrel vaulted gallery and oak floors.
The older listing said the kitchen was 3 years old. It has white cabinets, granite counter tops and stainless steel appliances.
The old listing also said the bathrooms were “new.”
Even though everyone says they want a “deal”- are short sales just too much of a hassle for most buyers to deal with?
Michael Hall at Baird & Warner still has the listing. See the pictures here.
Unit #2S: 3 bedrooms, 3 baths, 2400 square feet
- Sold in February 2000 for $480,000
- Originally listed in January 2012 for $895,000
- Reduced
- Was listed in March 2012 at $849,500
- Reduced in April 2012 to $825,000
- Was listed in September 2012 for $750,000
- Reduced
- Was listed in October 2012 as a “short sale” for $719,000
- Reduced
- Currently listed as a “short sale” at $699,000
- Assessments of $1440 a month (includes heat, parking, cable)
- Taxes are now $9813 (they were $10640 in July 2012)
- No central air- window units only
- Washer/Dryer in the unit
- Garage parking included
- 600 square foot private terrace
- Bedroom #1: 16×14
- Bedroom #2: 16×11
- Bedroom #3: 10×10
Way out of my range but seems like a decent deal to me. What are those tanks in the bedroom photo, however? And why wouldn’t the photographer move them?
“What are those tanks in the bedroom photo”
Look like fire extinguishers.
http://www.liveauctioneers.com/item/587697
No?
They do indeed. Still doesn’t explain what antique fire extinguishers are doing in an otherwise unfurnished place. Bonus with purchase, I guess.
I definitely think the fact that it is a short sale hurts this unit. When you have decided to purchase a place and put in an offer, you want to get an answer. It was beyond frustrating having more than two months pass between when we put in an offer and finally agreed on a price on our home which was a regular sale. I couldn’t imagine waiting 6 months or more if ever getting a response from a bank.
Why put yourself through that agony and uncertainty and having to continue searching unless it isn’t your primary home or it is a spectacular deal? I think it is just too difficult for owner/occupiers who are looking to move in a reasonable time frame.
would love to have a place like this someday
floor plan?
After witnessing the struggles of a friend who recently paid cash for a condo in RP that cost slightly more than 10% of the cost of this unit, I’d never attempt to buy a short sale. Way too much hassle and either the seller or the bank doesn’t want it to happen. An agent she dealt with told my friend that short sales almost never transacted until they became foreclosures, and she made an offer on a short sale that was rejected. The unit is still for sale and will probably be REO by the middle of the year.
If they’re this big a hassle at the low end of the housing market, they must be impossible in this bracket. Why either the seller or the bank would rather let the unit foreclose than let a short sale happen, even if at less than the ask price, I have absolutely no clue. After all, isn’t the seller not only being given any deficiency by the lender, but is also not being taxed on it as a gain?
“floor plan?”
http://www.dreamtown.com/properties/floorplans/2130-n-lincoln-park-west-2s.pdf
I’d forgotten how odd this floorplan is, though for the price (and after considering the value of parking & outdoor space and some of the recent upgrade, maybe not a bad deal). The two front rooms are very separate from the kitchen & back part of the unit; the entire unit seems to be very long & narrow. The front rooms seem dark and not very interesting. The DR is right in the middle of the traffic flow & looks like it would function best as a family room or something. The back bedroom looks like it should be for a live-in, and the front BR (as others have pointed out) really should be a den/office or library.
“I’d forgotten how odd this floorplan is”
Looks good for emptynesters with possible boomerang kid. Nice den/guest room at front, isolated, small, bedroom for boomerang in back (with easy access to the smoking porch).
Then again someone might buy it for the proximity to Lincoln school (across the street)
JAH – that floorplan is typical of units in 1920s buildings like this. Long hallways are the rule, not the exception. Back bedroom was indeed designed for a live-in, which was common back then.
Sonies – you posted here on the Kemper property by mistake. This one is across from Lincoln Park, but not from Lincoln School.
Dan:
Yes, I’m familiar with the floorplan like this, but where I’ve seen it before, its not quite as “elongated” or narrow. Also, more typically for 2 or 3 BR units, the bedrooms are grouped together along a hallway towards the back. Yes, this layout works for people that want to be very separate from each other (it’s probably 100 feet from the front bedroom to the back bedroom!!)
oops, indeed i did post in the wrong thread
The short sale issue aside, this seems like a beautiful unit (though some of the home depot finishes (tile work, medicine cabinet) are a fail. I have no idea whether their ask is appropriate, but that terrace space is fantastic, and the realtor has at least invested the time, money, and energy to photograph this property in its best light (save for the lack of staging).
Put it on a higher floor and I’d love it. I don’t need the terrace.
Love the terrace but just sitting out there I would feel like I was in “Rear Window.” EVERY other unit seems to look down on it. Maybe a canopy would give some feeling of privacy. Don’t most 1920 units this size have a fireplace?