Lincoln Park Vintage Condos Go On Sale
The Chicago re-sale market is showing the strains from the housing slowdown. Some owners have been trying to sell for all of the spring/summer selling season. And others have been trying to sell since the summer selling season of last year- 2006!
Such is the case with several vintage condominiums in this 1894 graystone building on beautiful Belden in Lincoln Park at 549 W. Belden. This building is located in East Lincoln Park, not far from the Lincoln Park Zoo with easy access to the nightlife and restaurants of Old Town and on Armitage. It is a prime street, with million dollar mansions lining the block.
Unit 1RE: 2 bedroom, 2 bath, a den, no square footage given, high first floor, doesn’t appear to have in unit laundry (can you put it in?), no parking
The pictures above are of Unit 1RE. The tall ceilings are fabulous.
- Currently listed for $359,000
- Previously sold for $343,000 in January 2005
- Previously sold for $220,000 in April 2000
- Has been on the market since early spring with several price reductions
Unit #4RE: 2 bedroom, 2 bath, 1100 square feet, top floor with a private roof top deck, w/d in the unit, listing says it has been rehabbed with new baths
- Currently listed for $368,900
- Previously sold for $338,000 in July 2004
- Previously sold for $232,000 in December 2000
- Has had several price reductions
- Has been on the market since Summer 2006
What’s wrong with this picture? When does a 2/2 with in-unit laundry priced under $400,000 not sell in Lincoln Park? The assessments are low. Unit #1RE has assessments at only $208 a month. While Unit #1RE doesn’t appear to have in-unit laundry, it may be possible to put it in (because #4RE has it.)
Both suffer from not having a parking space, which, frankly, with today’s picky buyers, does impact re-sale in these dense neighborhoods. It is a deal-breaker for many.
It appears that neither of these owners is going to make any money off of these condos, despite having lived there for several years (and being in one of Chicago’s best neighborhoods.) The real price appreciation took place from 2000 to 2004 and it has slowed down markedly ever since.
A sign of things to come?
Estate Properties has the listing for Unit #4RE.
Cindy Wilson at Koenig & Strey has the listing for Unit #1RE. You can see more on the listing at this post on Craigslist.