1445 W. Belden 2-Bedroom Closes for $102K Under 2006 Price
We followed this 2-bedroom unit at the Thomas School at 1445 W. Belden in Lincoln Park last year as the price was slowly reduced.
See our prior chatter and the pictures here.
The unit has 15-foot ceilings, an updated kitchen with stainless steel appliances and parking.
Someone posted in the original chatter that they were the owner and had, unfortunately, listed it too high in the beginning. (No confirmation, of course, that they were truly the owner.)
It has finally closed for $102,500 under the 2006 purchase price.
Unit #3N: 2 bedrooms, 2 baths, 1500 square feet
- Sold in June 2006 for $537,500
- Originally listed in June 2008 for $573,500
- Reduced several times
- Was listed in September 2008 for $524,900 (parking included)
- Reduced
- Was listed in December 2008 for $474,900 (parking still included)
- Sold in March 2009 for $435,000 (parking included)
- Assessments of $331 a month
- Taxes of $4594
- Central air
- Washer/dryer in the unit
- Judy and Steve Lieberman at Prudential Preferred had the listing
Lincoln Park April condo/TH sales:
1988 = 72
1989 = 89
1990 = 112
1991 = 100
1992 = 116
1993 = 119
1994 = 145
1995 = 99
1996 = 148
1997 = 143
1998 = 138
1999 = 132
2000 = 111
2001 = 115
2002 = 148
2003 = 126
2004 = 139
2005 = 161
2006 = 116
2007 = 149
2008 = 74
2009 = 58
A look forward:
Lincoln Park condo/TH contracts:
4/08 = 107
4/09 = 96 (-10.3% YOY)
Lincoln Park condo/TH listings entered in mls:
4/08 = 215
4/09 = 223
Thanks G. 🙂
I think the magic combo of central air, parking, and W/D in unit helped.
But G, that’s not even 2.5 months of supply. Prices are going to *have to* go up!
Even though this isn’t a really prime LP location, it shows where prices are headed. Unfortunately, this sale will be dismissed as a “comp” because brokers only use “comps” to support unrealistically high prices. You don’t know how many times I’ve heard “We priced this based on comps in the market.” Of course when you ask when the sales occurred, they say “March-June of 2007.”
I think this buyer got a deal.
While generally I’d price 2/2’s at or under 400k, this unit is not the typical McCrapbox developers are pumping out these days.
Spacious, high ceilings, generous square footage and a nice kitchen. Kudos to the buyer I am a little jealous.
There are currently 802 active LP condo/TH listings and 721 excluding contingent.
This Belden place was a relocation and there was a huge special assessment. The building has problems.
I still think the previous sale was really too high.
Let me correct our good friend G.
There are 874 attached properties listed. As of today, 157 of these attached units are under contract. This represents a 5.5 month supply.
“As of today, 157 of these attached units are under contract”
Serious question, Stevo: Were all of those contracts signed in one month (i.e., the last 30 days)? If not, then how do you match up the time periods?
> Lincoln Park condo/TH listings entered in mls
How many were listed for sale in MLS during the referenced time period? Then we could know the % of listed units that sold each year. The data provided doesn’t really help unless we know how many were listed for sale v. how many sold.
I correctly stated there are currently 802 active LP condo/TH listings. 81 are contingent contracts.
Pending listings are categorized as off-market. There are 72 pending contracts. That must be the SHill’s misdirection of 274 total “properties listed.”
874, not “274, sorry.
brad,
That data helps when monitoring the number of listings entered for comparison to prior periods.
Supply numbers must be clearly and accurately defined.
What do you mean the building has problems? I just rented a place in that building and move in later this month.
Hello, this is the former owner back again. (albeit several months after these posts.) Just to clarify, that huge special assessment mentioned above… I paid it before the place sold. “The building has problems” – it was built in 1889… things like roofs and bricks need to be maintained. It was a great building. Great outdoor space. Great neighbors. All unique units. I won’t say the maintenance was cheap, though. It wasn’t. I took a relo deal on the place at $490k. I agree with the above, someone got a great deal at $435k.