Lots of “Motivated Sellers” in 2000 N. Lincoln Park West
Are these flippers getting burned or original owners suffering through the pain of the syndrome known as “no appreciation in two years”?
Probably a bit of both.
2000 N. Lincoln Park West is a two year old conversion of a 1931 vintage apartment building right on Lincoln Park. The developer offered an upgrade package on the kitchen that was wood cabinets, stainless steel and granite countertops. It wasn’t anything spectacular but the building sold quickly.
Several owners are now selling at or below 2005 prices.
This two bedroom, two bath owner is certainly feeling the squeeze and the unit’s realtor isn’t mincing words in the Craigslist ad:
Listed below market value – MOTIVATED SELLER! Seller trying to avoid foreclosure! Help him out! Seller offering to pay for rental parking for 1 year! Beautiful vintage 2BR/2BA with unobstructed views of the park, lake and city in recently converted luxury building originally built by Wrigley. Unit features original parquet floors, built-in hutches, decorative fireplace & 9ft ceilings. Full amenity building offers doorman, exercise room, roof deck and on-site management. Central location near busses, LSD, restuarants, shops and nightlife.
Unit #1002: 2 bedroom, 2 bath, 1250 square feet
- Originally sold for $501,500 in January 2005
- Was listed for $585,000
- Currently listed for $499,500
- There’s no parking or in-unit laundry
- Susan Pope and Susan Duffy at Keller Williams Lincoln Park have the listing
This seller is having similar problems:
Unit #512: 1 bedroom, 1 bath, 1100 square feet, south and east exposure
- Originally sold for $447,500 in March 2005
- Currently listed for $450,000
- Motivated Sellers!
- Toussaint and Associates has the listing
- The pictures above are of Unit #512
What hurts resale of these units is the lack of a washer/dryer (especially at that price point) and, of course, lack of deeded parking. Also, the assessments are quite pricey (probably due to the old age of the building.)
No In unit Laundry, No Parking, No Central Air=No Buyers!
But the building sold out only two years ago- so clearly there were enough buyers in 2005 for this product. It didn’t have laundry or parking back then.
Maybe during the “peak” buyers could overlook those things.
How is the insulation between units at 2000 LPW?
Yes it is pricey. But once you make a visit, you will see why this building sold out as quickly as it did. Believe me, there are absolute bargains to be had in this building. The views are incredible, the location unbeatable, and if you in to vintage living (which is slowly disappearing), this is an incredible place.