Live in a 2/2 Across from Lincoln Park for Under $330,000: 2020 N. Lincoln Park West
Clio pointed out this 2-bedroom at 2020 N. Lincoln Park West across from Lincoln Park in one of our chatters about “deals” in the GreenZone.
It recently came on the market as a “short sale” listed $106,000 under the 2007 purchase price.
The corner unit has a “rehabbed” kitchen with cherry cabinets, granite counter tops and stainless steel appliances.
It has central air but it looks like there is no washer/dryer in the unit
There is rental parking for $170 a month available in the building.
After nearly 2 weeks on the market, this unit is still available.
Listed $29,000 above the 2002 price, is this even a deal?
George Patrick at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #15M: 2 bedrooms, 2 baths, 1500 square feet
- Sold in April 1992 for $125,000
- Sold in June 1996 for $158,000
- Sold in March 2002 for $300,000
- Sold in July 2007 for $435,000
- Originally listed in July 2011 as a “short sale” for $329,000
- Currently still listed for $329,000
- Assessments of $706 a month (includes heat, a/c, doorman, pool, cable)
- Taxes of $5917
- Parking is rental for $170 a month
- Central Air
- No washer/dryer in the unit
- Bedroom #1: 14×11
- Bedroom #2: 13×11
I’m not crazy about this building, though I don’t know much about it. The no w/d thing is a real bummer, and in such a large building, makes it seem a bit apartmentish. And I’ve always found it odd that this place is deemed to be on LPW (it’s clearly not, and there are buildings immediately to the north of this one that are deemed to be on Clark, including one with another 2 bed about which we Chattered (wonder how it’s doing); perhaps this was a case of insisting that the city allow it to be addressed as such, not unlike the building at Diversey and Lake Shore, which is clearly a Diversey building, but enjoys an LSD address). But I do believe that comparable units in the building have recently sold for more. So, yes, if this thing can actually close for around the ask, I’d say it’s a decent deal. Plus they have an onsite pancake joint.
I live close/next door to this building, there is a lincoln park west street to the south of armitage and this building has one side on that street. The pool always sounds crowded in the summer, there is a convenient store and pancake house downstairs in the basement. The area is great, it seems to be a good deal.
The fact that this place hasn’t sold speaks for for the lack of demand for 2/2s or possibly the fact that it is a short sale and people don’t want to deal with those….
This unit would make a perfect in-town for a family. miumiu talks about buying in the south loop for 400-500k – why not buy something like this? MUch much much better location, better views, better value, and certainly better resale. What gives?
clio – The fact that this place hasn’t sold speaks for for the lack of demand for 2/2s or possibly the fact that it is a short sale and people don’t want to deal with those….
Sabrina – After nearly 2 weeks on the market, this unit is still available.
Really? We are supposed to be shocked that someone hasn’t jumped on this in the 2 weeks that it has been on the market? And then we are supposed to extrapolate from that short 2 weeks something about the demand for 2/2s & short sales?
Recently the postings on here have been off-point (as in talking about foolish topics like Harvard prostitutes…) and when the postings are on topic they tend to be rather sensationalist.
I, for one, am not shocked that this is STILL available after two weeks and I think it says NOTHING about the demand for 2/2s. But that’s just me.
Actually, there is another possibility:
maybe the unit is not available – when I was trolling the markets for deals over the past 12 months, I would have to say that 50% of the deals I came across were already under contract – the realtor would make an excuse that they hadn’t changed the status for this reason or that reason – but I think it may have been a marketing ploy because most stayed as “available” status for weeks. Has anyone called the realtor and looked into this place, in particular?
I used to live a block north of this building at Dickens/Clark and always liked this building. It’s architecture is pretty bland 1970s highrise, but the location is perfect and there are decent amenities int he building.
The a buyer could actually get this short sale price, I think it would be a pretty good deal, plus, there has got to be a way to get a w/d in the unit.
Great room sizes, beautiful views, and nice balcony, but no W/D and no parking would kill it for me.
What a strange place to put a family portrait. That is just odd!!!
There is parking – it’s just an additional monthly cost (not unlike most other highrises).
Love the location, and after seeing photos of the amenities on the other listings (note to the listing agent – there are some really great shots of the pool and gym on the other listings, you could have done much better than you did), the assessment seems pretty reasonable. But the phrase short sale is enough to send most buyers running these days, and why not – the process should be much easier this far down the line and it seems like if anything, its worse.
good point on the address, annony, nothing should be on LPW south of the triangle that RJ Grunts is in
Location is great. Building is nothing special…lack of w/d kills it for me. I think its sad how the architecture along this part of the drive is largely horrible. Its one of the most prestigous addresses but the buildings in no way compare to those on Central Park West, Fifth Avenue, Park Avenue, etc… I really wish we could knock some of then down and start over. In reality, the buildings along the lake in Hyde Park have more character.
“good point on the address, annony, nothing should be on LPW south of the triangle that RJ Grunts is in”
Really? What about this one?
http://www.redfin.com/IL/Chicago/1907-N-Lincoln-Park-W-60614/home/21769696
With the lots that it is built on, they could give the building an address on Clark, LPW, Armitage, or, indeed, Orleans.
Faces West, I think that’s the reason it hasn’t sold.
“Its one of the most prestigous addresses but the buildings in no way compare to those on Central Park West, Fifth Avenue, Park Avenue, etc… ”
One significant problem is the period when this and the 1960 LPW site became plausible to build on–after the removal of Ogden.
Agree with Joe, the West facing view is the killer. Curious how much this could get if it faced East?
Agree with Local. Lots of crummy 60’s buildings in that area, and this is one of them. I was in one of these units a long time ago and was not impressed. Plus, there’s some sort of a halfway house two doors away on Clark and you always see those people walking around the area. Nothing against them personally, but it is depressing.
i wonder if there was an enclosed heated/cooled bus stop by the entrance, do you think this listing would go for 100k more?
100k gets you a lot of cabs.
Walk score is only 75?!
Looks like the building the TV show Jeffersons lived in.
anon (tfo):
Out of curiosity, what is this “removal of Ogden” that you mentioned?
Thanks!
“Walk score is only 75?!”
Not knowing how the algorithm works, they have some v. obvious errors–the closet restaurant is actually 0.00 miles, and the closest park is 0.01 miles, not 0.29 (really? you missed the park across the street?).
But then, there’s also apparently a wormmhole, as the LP Whole Foods is supposedly closer (at .28) than the Green City Market (at .31).
I don’t see anything special about this place, but might be good for someone who is looking for location only.
Who is the market for condos without washer/dryers? I only know two people who could handle being without one in unit and they both send their laundry out to be cleaned since they are too elderly to do it themselves.
Jenny,
you can install a ventless washer/dryer in any condo – I did it all the time in boston (all you need is a drain). Equator is a great brand. The downsides are that the capacity is small and the drying is not as good as a gas/electric dryer – but you get used to it.
Alot of men wouldn’t even think to inquire about a washer/dryer in the unit. Most bachelors, that I know, send their laundry out. It’s just not worth their time to sit in a laundry machine place and watch towels tumble.
what? I dont’ know a single person that doesn’t wash their own laundry, then again I don’t hang out with trust fund babies and other dbags that are “above” doing their own laundry
I used to work with a bunch of new grads that didn’t do their own laundry, mostly because they never learnt. Most of them are still looking for jobs 18 months after we were all let go from the bank we worked at…
Clio, the condo board told my parents that they couldn’t install a ventless washer/dryer system in the condo they inherited. Any work around to that type of rule would be great.
Sonies, there are lots of elderly people who can’t do their own laundry… also, lots of people with disabilities. I have a young friend who has a back problem who can’t do her own, but luckily she lives with someone who is willing to help.
“you can install a ventless washer/dryer in any condo”
Jenny needs separate washer and dryer units, to keep clean in dryer and dirty in washer, until time for next load.
“Clio, the condo board told my parents that they couldn’t install a ventless washer/dryer system in the condo they inherited. Any work around to that type of rule would be great”
Jenny, I suspect that the condo board doesn’t understand how a ventless washer/dryer actually works – it is hooked up very similar to a dishwasher (and is actually safer) – so any condo that allows dishwashers SHOULD allow ventless washer/dryers.
“condo that allows dishwashers SHOULD allow ventless washer/dryers”
It has to do with drainage of the water. If you give up your DW, you should be ok, but adding another appliance that adds to additional drainage can be problematic.
Also, this buidling is one of the better 1970’s highrises built in the area.
Clio, that’s what I told my parents, but they are too worried to go against the condo rules. If I lived there, I would probably try to change that rule.
is it a problem with vents, or an issue of increased water flow in and out?
Groove, they won’t tell us why other than it’s not allowed. I think they just created a blanket rule so they won’t have to deal with figuring out what type of washer/dryer would be OK and what type wouldn’t be OK.
“Groove, they won’t tell us why other than it’s not allowed. I think they just created a blanket rule so they won’t have to deal with figuring out what type of washer/dryer would be OK and what type wouldn’t be OK”
easy to say no to everyone than open the flood gates (pun intended). i guess it better to to say no than find later problems that would require a special assessment.
Could it be an insurance issue?
“Could it be an insurance issue?”
or could raise insurance overall? but i never dealt with HOA’s so i dont know the inner workings or thought processes.
“what? I dont’ know a single person that doesn’t wash their own laundry, then again I don’t hang out with trust fund babies and other dbags that are “above” doing their own laundry”
Guys at the ZBT house at U of I just sent their laundry out, the local cleaners charge by the pound. That way they have more time to spend hitting on the hot white chicks from downstate. Remember that “ancient chinese secret” Calgon commercial?
I would never buy a place without a W/D, let alone one that has a $1400 monthly nut (including parking) before you’re even paying for a mortgage. The reason this place hasn’t been “snapped up” is that it pretty much sucks.
In addition to the lack of washer/dryer the master bath has only one sink. Who rehabs a master bath these days and doesn’t install a second sink?
Maybe a single person re-did the master bath… It’s just not something I would even think about when touring a place, but it does seem very important to most couples.
Back when I was with someone, I took the guest bathroom for myself since I don’t like sharing a bathroom.
“Guys at the ZBT house at U of I”
like I said… “other dbags”
Interesting what’s going on in Naperville…
http://chicago.cbslocal.com/2011/08/02/heroin-arrests-in-dupage-county-up-700-in-2010/
How to get the illegal W/D into unit? Dont’ use appliance store for delivery; retrieve appliances from store, disguise/cover box identification and bring it to the unit yourself during the late night hours. Slip doorman a tip if necessary to look other way, but bring all your own labor for carrying and for installation. Install in kitchen or immediately adjacent closet. Use sink drain for washer and ventless dryer. Keep building staff and nosey neighbors out of your unit (particularly if W/D exposed in kitchen). Tip building maintenance staff well at Christmas, but don’t ask them to repair washer-related drainage problems. Make sure your homeowners policy is current, and that it covers flood damage in your unit as well as neighbors units. W/D installation and operation should be problem-free if done right.
Who doesn’t install two sinks in master bath? Those who don’t brush their teeth in tandem.
“Interesting what’s going on in Naperville…”
From 1 to 8? From 100 to 800? From 10,000 to 80,000?
And, heroin is basically the same thing as the “prescription painkillers” 4 out of 5 heroin addicts use first–someone might be able to explain how small the difference b/t morphine and heroin is, other than one is scripted and the other is available on the street.
Architect, you forgot to add “and use low sudsing detergents”.
In-unit washers/dryers are not allowed in my building, and I assume many other high-rises, primarily because no suds riser was installed as part of the original plumbing system. No suds riser means that soap suds (with other sewage waste) gets backed up in the sinks and tubs in the poor slubs that live on the second and third floors.
Unfortunately, even if the building mandates low sudsing detergents, many people will still use too much soap because if they don’t see suds they don’t think their laundry is getting clean.
So, no, you can’t, or at least shouldn’t, put a washer/dryer combo in any unit.
God – the economy and general state of jobs are in such trouble right now, I don’t know who in their right mind would be buying (or selling) in this market. Only people who truly need to sell (or don’t care) are selling and only knifecatchers/foolish people are buying.
oh wait – wrong thread….
The subject property is a good deal if you compare this unit – WHICH IS UNDER CONTRACT!!!! G- where are you – now THIS is the definition of a knifecatcher.
http://www.redfin.com/IL/Chicago/2020-N-Lincoln-Park-W-60614/unit-25/home/39691488
Clio, that unit on 25 might be a bit steep, relative to, say, a 2 bed at the Conservatory (which is awesome), 2500 Lakeview (which can be affordable, but which faces a major special assessment), or, for just a bit more, 2550 N. Lakeview – the other high rises along the park with balconies (I know I’m leaving out at least one building, but it’s smaller and most units are $1 million +), but it’s not that crazy, and certainly not in the realm of knifecatcherdom. Do you have any other unit (recently closed, under contract, or reasonably priced and still on the market) in mind that would be comparable to this unit but better priced?
There are two 2/2’s that sold earlier this year in the same tier for more than this one. I’m thinking this one goes under contract pretty soon.
anonny – LOOK AT THE SUBJECT PROPERTY – HOW ABOUT THAT FOR A COMP!!!! (ie – it is the same building and is also a 2/2)
“Tip building maintenance staff well at Christmas, but don’t ask them to repair washer-related drainage problems. Make sure your homeowners policy is current, and that it covers flood damage in your unit as well as neighbors units. W/D installation and operation should be problem-free if done right.”
Why bother? This is Chicago- NOT NYC! (where only 20% of units have in-unit washer/dryer so everyone is desperate for it.)
There are plenty of buildings WITH it in the unit in Chicago. Why buy one that doesn’t have it and resort to some kind of illegal set-up? What a waste of time and energy.
This is like someone trying to keep a pet in a building where pets aren’t allowed. It is ALWAYS discovered.
“And, heroin is basically the same thing as the “prescription painkillers” 4 out of 5 heroin addicts use first–someone might be able to explain how small the difference b/t morphine and heroin is, other than one is scripted and the other is available on the street.”
From docs I’ve talked to the most dangerous derivative of hydrocodone is oxycodone (oxycotin). Worse than heroin (yeah I bet you didn’t think that was possible).
They’ve also developed a substance like 1,000x or stronger than PCP…but of course they’re saving that as a bioweapon.
“LOOK AT THE SUBJECT PROPERTY – HOW ABOUT THAT FOR A COMP!!!! (ie – it is the same building and is also a 2/2”
Sure, if views, condition and size are ignored.
anonny – please tell me that you wouldn’t pay an extra 375k for an extra 125 square feet of living space and a few lake views (and maybe 50k in upgrades). If so, I have some properties to sell to you!!!