Lincoln Park Vintage 3-Bedroom Sells 18 Months Later: 2535 N. Orchard
We last chattered about this vintage 3-bedroom at 2535 N. Orchard in Lincoln Park in July 2010.
See our July 2010 chatter here.
The unit was then priced at $424,500.
A year ago, many of you believed the price was pretty close to being right for a 3 bedroom, 1.5 bath unit in that location.
Many of you also liked the feel of the property.
It recently sold for $380,000.
The unit had the key features that most buyers look for including central air, in-unit washer/dryer and deeded parking.
It also has some of its vintage character still intact with an original built-in hutch and beamed ceiling in the dining room.
The kitchen had been “recently renovated” and had granite counter tops.
The top floor unit also had a private 20×7 deck which over looks the side yard (which, yes, was owned by the condo association. That is also where the parking space was located.)
Did someone get a deal on this unit for the space and location?
Mario Greco at Prudential Rubloff had the listing. You can still see pictures of the unit here.
Unit #3N: 3 bedrooms, 1.5 baths, 1700 square feet
- Sold in December 1986
- Sold in September 2000 for $325,000
- Originally listed in January 2010 and withdrawn in May 2010
- Re-listed in July 2010 for $424,500 (parking included)
- Sold in July 2011 for $380,000
- Assessments of $345 a month
- Taxes of $5481
- Central Air
- Washer/Dryer in the unit
- Wood burning fireplace
- Bedroom #1: 15×10
- Bedroom #2: 14×12
- Bedroom #3: 10×9
seems like a good price to me with the parking included (you sure as hell ain’t finding a street spot around here). do not like the kitchen layout or reno, and once you back out heat, that monthly assessment cannot leave room for reserves. But assuming you prefer that arrangement, decent option for a small family who really values the location.
Prior thread was a doozy.
Lot’s of Dan in the prior thread.
All things considered, this looks like a pretty good deal. It’s roughly the same price range as the 3/2.5 duplexes on Grant (just west of Clark). This place has one fewer full bath and isn’t in Lincoln attendance, but is arguably a nicer, more charming unit. There’s a give and take either way.
Wow – the buyers really got a good price for this unit. I bet it will be worth north of 500k by 2018.
“I bet it will be worth north of 500k by 2018.”
So, you’re betting on average inflation of 4.3% or higher over the next 7 years? Pretty reasonable guess.
Good price. The new owners should consider dumping $10K into the place, refinishing or eliminating the tired vintage aspects and getting some new cabinets in the kitchen. They could also freshen up the bathroom for $1,000.
Clio, I think $500K could be pushing it given the half bath and lack of a garage space, but I see your point. I’d say $450K in 5 years.
are we allowed to read clio’s posts considering the bet and all?
I would think this was a really good deal, but for the bathroom situation. I wonder if a shower could be added to the half bath. I’m selfish and need a full bathroom that’s just for me.
“I’m selfish and need a full bathroom that’s just for me.”
Some would say that is SELFLESS…
Saw the moving truck a week or so ago and thought to myself, “wonder if they will talk about this on CC”…. self was correct.
Based on previous real estate busts, there will be no appreciation at all from now until 2018. That is, no across-the-board appreciation. Sure there will be isolated incidents, but real estate as a whole is notoriously slow to recover from even small busts like the early 90s. This time it hit MUCH harder and the recovery will be much more prolonged.
Pete, I would agree with you BUT the major factor in housing price determination is credit availability and remember that credit is how people make money- so you do the math.
Pete: I thought you excised yourself and your nonsensical made up negative bearish not-based-in-reality views from this website forever because you were bored here? the bottom is in. i’ve seen more properties go under contract in the last month than i’ve been in a long time, and prices seem to be creeping up and/or holding steady especially on single family structures in the city.
“#Pete on July 15th, 2011 at 11:30 am
Based on previous real estate busts, there will be no appreciation at all from now until 2018. That is, no across-the-board appreciation. Sure there will be isolated incidents, but real estate as a whole is notoriously slow to recover from even small busts like the early 90s. This time it hit MUCH harder and the recovery will be much more prolonged.”
Let us not forget: this is the summer selling season. Of course there are more properties going under contract within the last couple of months. But the (republished) numbers are clear: the real estate market this year is more miserable than any year in the recent past. Lets wait until February to see if the market has truly recovered. I bet a new bottom will be set.
As far as credit is concerned, Fannie/Freddie/FHA will be less involved in mortgages going forward. There is pressure to reduce the mortgage buying by government agencies. What will this do to the mortgage market and hence prices?
Hopefully prices fall some more. If there is a huge decrease in the funnelling of money into Fannie and Freddie to subsidize the bad loans they make I won’t have to compete against underqualified twits that can’t save 20% down. Maybe then houses will fall to a point where they are worth buying. A man can dream anyway.
Executed Recorded Document Type Amount
07/12/2011 08/10/2011 MORTGAGE $304,000.00