Lincoln Park 2-Bedroom with Lake Views Reduces $500k: 2550 N. Lakeview
This 2-bedroom in LP 2550 at 2550 N. Lakeview in Lincoln Park came on the market in January 2022.
LP 2550 was built in 2010 and has 218 units on 3-acres. There’s an attached garage and valet parking for guests.
The building has 24-hour door staff, indoor pool, sauna, whirlpool, fitness center, club room, billiards room, theater, game room, dog run, paw wash and a 1.25 acre private park.
This unit is east facing and has floor to ceiling windows and an additional 125 square foot balcony.
The ceilings are 10’8″.
There are hardwood floors in the main living space and carpet in the bedrooms.
The “gourmet kitchen” has custom wood Italian cabinets, “top of the line” appliances including Subzero, a Wolf oven, cooktop and microwave and a Miele dishwasher, and an island with seating for 3.
The primary suite has a walk-in-closet, a spa bath with heated flooring, a double vanity and separate shower and tub.
The second bathroom has a walk-in-shower.
This unit has the features buyers look for including central air, washer/dryer in the unit and 1 deeded parking space is included.
This building overlooks Lincoln Park and is near the shops and restaurants of East Lincoln Park.
Originally listed in January 2022 at $1.499 million, it has now been reduced $500,000 to $999,000.
The listing says “Attention Investors: Rentals are permitted. Seller is offering closing credits.”
Should investors be looking at this unit?
Philip Barone and Maureen Barone at Compass have the listing. See the pictures and floor plan here.
Unit N1903: 2 bedrooms, 2 baths, 1411 square feet
- Sold in February 2015 for $1,069,500
- Sold in July 2018 for $1,245,000 (included the parking)
- Originally listed in January 2022 for $1.499 million
- Reduced several times
- Currently listed at $999,000 (includes the parking)
- Assessments of $1352 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $22,807
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 12×11
- Living/dining room: 17×14
- Kitchen: 12×10
- Balcony: 17×7
Someone told me CRE was up 20% in the last 2 years, maybe she meant down 20%? Has to be painful for the sellers. Is 2018 the new peak pricing?
Looks to be a nice unit, and dare I say getting into deal territory for someone that wants this. realator should have highlighted the views more.
Still don’t understand the fixation with having the master suite occupy 30% of the sf. 500sf MS in an OB McMansion is fine, in a 1500sf condo it’s flat out dumb
5% of the units are for sale, not sure if that’s a sign or not
Wow, was not expecting this to be a property where sellers are going to lose their shirt and where the broker resorts to the “hey investors!” bottom feeding. Bummer.
Agree with JU about the oversized MB craze. This unit is the size of our house, which has 3 beds 2 baths and separate tv room crammed into it, but looks more spacious than this unit (though not nearly as nice).
When’s the North Pond project going to be done? That can’t be helping things on this one.
“Wow, was not expecting this to be a property where sellers are going to lose their shirt and where the broker resorts to the “hey investors!” bottom feeding. Bummer.”
It seems it’s more difficult to sell the 1 and 2 bedroom units in this building, depending on the layout. But usually east facing is a big selling point because of the nice views.
“It seems it’s more difficult to sell the 1 and 2 bedroom units in this building, depending on the layout. But usually east facing is a big selling point because of the nice views.”
Doesnt look like 3 $ 4 Br’s are flying off the shelves
I know that should be unpossible with such low inventory, Boomers moving back to the city, etc…
“Still don’t understand the fixation with having the master suite occupy 30% of the sf.”
What’s the smallest you can make a bathroom with (1) tub, (2) separate shower, (3) double vanity, (4) WC with a door, and not have it feel tiny and cramped? “You don’t need all that” is not a credited response.
The closet is generous, but not oversized, the main bedroom area isn’t even generous, merely adequate–close to the minimum, IMO, in a $1m property in Chicago.
The hallway to the bathroom is somewhat wasted, except it makes for one ‘door’ to both closet and bath out of the main bedroom area, which I like.
I also do not like the oversized (for the unit) suites, but how much smaller can you make it, really? Just means the unit should be a little bigger.
Looks like it’s down 10% since June:
https://www.redfin.com/IL/Chicago/2550-N-Lakeview-Ave-60614/unit-N603/home/64225713
Same floorplan, much lower floor, $1.085 m.
“Doesnt look like 3 $ 4 Br’s are flying off the shelves”
Looks like 9 1/2 sales and 16 3/4 sales in last 12 months. over 10% of the building.
12 currently listed. 5 small, 7 big. Basically bang on 6 months supply of both.
This would make a nice in-town for a suburban millionaire.
I like the floor plan. It is very similar to mine and the floor plan is my favorite thing about my condo.
Like Nyet said, great in-town for a suburban millionaire. Also great place to live when they tire of house maintenance.
Even if the owners were willing to sell at an even greater discount (what’s another $200k when you got $30MM), I am still about 20 years too young for the building. Really has the feel of a nice retirement community.
“I also do not like the oversized (for the unit) suites, but how much smaller can you make it, really? Just means the unit should be a little bigger.”
Having Realators/developers stop pulling a Sabrina wrt sf
This place is +/-1150sf. 300sf is a pretty big diff at 1450 Vs 1150
“Looks like 9 1/2 sales and 16 3/4 sales in last 12 months. over 10% of the building.
12 currently listed. 5 small, 7 big. Basically bang on 6 months supply of both.”
Seems like a fair amount of turnover.
Isnt there an outdoor kids play area on the property? Not sure how this was marketed, but it would be a nice amenity to have a private park
“Isnt there an outdoor kids play area on the property? Not sure how this was marketed, but it would be a nice amenity to have a private park”
My older kid cut her teeth across the street at Sunshine playground (before relocating all the way down to the zoo playground). That and the area around North Pond restaurant were great stomping grounds for little kids (albeit sometimes having to avoid broken glass and goose poop and there being a swastika spraypainted on the base of a statue once – so I guess I see the appeal of a private park).
Lol, East facing 1 bedrooms were selling for this price pre covid. Another wave of bagholders incoming.
“Isnt there an outdoor kids play area on the property?”
Yes, the listing for N603 I linked to has better pix of the association’s outdoor spaces.
This listing has even more pix of the park area:
https://www.redfin.com/IL/Chicago/2550-N-Lakeview-Ave-60614/unit-S1504/home/179893263
“a swastika spraypainted on the base of a statue once”
Was that on the Goethe statute? I recall that happening at least once.
On your North Pond question, I think the best place for status updates (most recent: today!) is here: https://lincolnparkconservancy.org/
oof that’s a hefty price cut, but this whole unit is pretty underwhelming, gotta love the building and location I suppose
what would be the comparable buildings around this area?
nice that the building is newer and hence the HOAs are low ish
Below 2015 price? Not good.
Chichow, there are no comparables around here. All the other high rises in the area are 50 years old or more. That’s why it’s hard to price this one. It’s way better than 2650 or 2626 or even 2800, but is it really 10 times better, as prices typically indicate?
Agree with Johnny about the insane amount of space for the MBR. I spend no waking time in my bedroom except for getting dressed and reading 30 minutes in bed before lights out. It makes no sense to make the room so large.
Annony – when were you and your kid hanging out at Sunshine playground?
We lived at 2626 when our older son was newborn to age 2, back in 2000-2002. Moved to the North Shore in late 2002. Spent lots of quality time at Sunshine and feeding the geese at North Pond. We were even at that playground the afternoon of 9/11. The kids played happily and innocently, while we adults all dealt with the nightmare we’d just seen on TV.
I wonder if we ran into you back then.
Good deal for this building but taxes are insane.
” insane amount of space for the MBR.”
not sure I get this and agree with anon(tfo). I was expecting to see a 16×18 bedroom with these comments. it’s really not that big. if the bedroom was any smaller we’d complain about it. everyone wants a w.i.c. and that bathroom isn’t getting any smaller unless you have a tub/shower combo or just a shower. this building and price point warrants all those things.
“Annony – when were you and your kid hanging out at Sunshine playground? We lived at 2626 when our older son was newborn to age 2, back in 2000-2002.”
Good Dan: We were at 2600 from summer 2008 – fall 2010.
Darn. Long after our time there. That little toddler we took to Sunshine so many times is now a bearded college graduate.