Even East Lincoln Park is Seeing Lis Pendens: 434 W. Webster
This 5-bedroom single family house at 434 W. Webster in the presitigious East Lincoln Park neighborhood was recently on the market for $2.7 million.
There is no record of it selling and it appears the listing was cancelled.
A lis pendens was filed on the property on Nov 17, 2008.
The listing said the property was “completely gutted”- so the 2005 sales price is pre-renovation.
You can see pictures here.
Here’s the history:
434 W. Webster: 5 bedrooms, 5.5 baths, 5200 square feet
- Sold in May 2005 for $1.2 million
- Was listed for $2.79 million (looks like it was cancelled)
- Lis pendens filed in November 2008
- Taxes of $17,687
- 5 fireplaces
- Elevator
- 2 car garage
Will just take it off the market and sell it next year for more…..
Where is Steve Heitman?
OK, so this doesn’t count because we really don’t have a prior sale to compare it to. However, I just completed an update of market data (2 – 3 bedroom condos) for several Chicago neighborhoods and the market has finally caught up to Lakeview and Lincoln Park. I don’t track the prices (don’t believe in median data) but you can see it in the inventory numbers and that eventually translates to price.
Since I can only include one link without triggering the spam filter here’s the post on the city as a whole which has links at the bottom to the data for several neighborhoods:
http://blog.lucidrealty.com/2008/12/12/chicago-condo-market-glut-reaches-biblical-proportions/
this might sit for a lot longer. per the UrbanRE website:
434 Webster (here)$2.8 million
449 Webster $2.1 million
443 Webster $2.85 million
440 Webster $2.5 million
Brutal… Def. a buyers market for those making $500K+
Ze Carioca: I don’t know how they’ll “sell it next year” if it goes into foreclosure (which is what the lis pendens is- the first step towards foreclosure.)
The lis pendens filing doesn’t mean it WILL go to auction, but in this market, it’s not a good sign.
Gary:
Great data, as always. The LP inventory chart is striking.
The Near North Side is also interesting. The average time on the market is misleading for that area (and the south loop) because so many units simply rent instead of selling so the “real” market time isn’t reflected in those numbers.
And there are thousands of more units still to come on the market. Will we see 5 to 6 years worth of inventory ultimately?
Sabrina… was commenting sarcastically on the fact they were in deep poo and yet had the balls to shoot for 2.7
Funny how contractors got people to pay a fortune for so-so renovation in this whole little bubble.
The Near North and Soth Loop market times are distorted considerably by developers’ practice of often entering listings when contracts are received (or listing/contract for presales entered in mls just before closing) resulting in many 1 day market times.
But Lincoln Park is supposed to be immune! Heitman researched it!
It’s not like a ton of new investory has been released to the market in the last few months; the number of sales have dropped off causing the months of inventory to skyrocket. I see the same units listed over and over again. Things are going to get scary in the spring when the post-superbowl listings hit the MLS.
That’s hilarious!!!!!
“Pete on December 12th, 2008 at 9:49 am
But Lincoln Park is supposed to be immune! Heitman researched it!”
In fairness to SHeitman, one lis pendens does not constitute a trend.
Investory… A typo, or a spectacular new way to describe the market?
David, I think their coments have to do with Gary’s data and the SHill’s contention it wouldn’t happen in LP.
He ignored the declining sales trend all year while claiming “all is well in LP” based on the market times of the ever declining number that did sell.
Impossible. This cannot be anything else but commie propaganda. Everyone knows that real estate in Lincoln Park always go up. I mean in the long run. After all is Lincoln Park special and we have proof for it – Heitman researched it and said so. Nothing to see here people. Move on.
That is one ugly house!
I’ll say it before he comes in and says something retarded.
Steve Heitman is a piece of shit.
Why is it so rare to see row home owners who have coordinated the color of the paint on the cornice?
It appears the seller owes $1.9 mil on it. So why list it for 9 months @ $2.8 till it goes into forclosure. Why not reduce to an attractive price that would sell before you start missing payments?