Market Conditions: When Will Inventory Rise in Chicago? 2440 N. Lakeview in Lincoln Park
This 2-bedroom in 2440 N. Lakeview in Lincoln Park came on the market in October 2025.
Built in 1927 by Russman & Hirshfeld, it is on Lincoln Park and has Lake Michigan views.
The building has 97 units and an attached parking garage. There are just 2 apartments per floor.
It’s a full service building with 24/7 doormen, an exercise room and a rooftop deck with grills.
This building is a co-op, so property taxes are included in the HOAs.
This unit has “elegance and comfort” with a private elevator that opens to a gracious foyer.
There are arches in the entry way.
Like many vintage units, it has a separate dining room and a formal living room but there is not extensive crown molding or a fireplace.
It has hardwood floors throughout.
The kitchen is not open to the living space. It has checkerboard floors, white cabinets and white appliances with stone countertops.
Both bedrooms are en suite and the bathrooms have pedestal sinks. One of the bathrooms has a tub.
This unit has the features buyers look for including space pac cooling, in-unit washer/dryer and parking is available for $135 a month.
It’s rare to find a vintage building with all three of these features.
This building is near the shops and restaurants on Clark Street in East Lincoln Park. It’s also near bus routes and, of course, Lincoln Park.
Listed in October 2025 for $500,000, it has been reduced $25,000 to $475,000.
There are now just 61 properties for sale in all of Lincoln Park. That is record low inventory.
Redfin says this unit has been viewed on their site 4,299 times.
Will this seller ultimately get their price with inventory this low? And what will happen to inventory this spring?
Sheila Begg Troy at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #11D: 2 bedrooms, 2 baths, 1500 square feet
- I can’t find a prior sales price as it’s a co-op
- Originally listed in October 2025 for $500,000
- Reduced
- Currently listed at $475,000
- Assessments of $2324 a month (includes heat, gas, taxes, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet, on-site manager/engineer, bike room)
- Taxes are included in the assessment
- Space Pac cooling
- In-unit washer/dryer
- Garage parking available for $135 a month
- Bedroom #1: 19×12
- Bedroom #2: 17×12
- Living room: 19×13
- Dining room: 17×12
- Kitchen: 14×9
“Will this seller ultimately get their price with inventory this low?”
In my opinion, no. Most buyers (unless a flipper) want to see that you’ve taken care of the place. Pictures like 17, where the fixture is missing on the left side of the vanity and it is just a raw bulb, the cracked and missing floor tiles in 8, the weird refrigerator venting in 7, mismatched vanity lights in 11, and the apparently bent oven handle in 6, all send the message that the place wasn’t properly cared for. If you didn’t do that, buyers (or at least me) tend to think what other problems are lurking that I can’t see?
That being said, these are all simple fixes for any buyer. The flip side is that these are simple fixes for the seller that would improve the chances of getting the ask.
“these are all simple fixes”
Is “the weird refrigerator venting in 7” simple to fix? Maybe, of course, but also very much maybe not.
A big unknown here is how easy it is to deal with having meaningful work done under the co-op rules and the neighbors’ expectations.
IMO, that kitchen should be completely redone, and the baths are also rather substandard (barely any flat surface!)–and the fact that they tiled over the drum trap in pic 11 is pretty appalling.
14D got $600k in Sep-24 with both kitchen and baths updated, and newer floors, etc: https://www.redfin.com/IL/Chicago/2440-N-Lakeview-Ave-60614/unit-14D/home/13113898
Even apart from the headache, time, and carrying cost factors, could you make this one as nice as 14D for $125k (using contractors allowed in this building)??
This is an estate sale and the executor’s job is to get as much as possible for the estate. They have had nothing to do with prior maintenance and have to weigh the pros/cons and legality of how they spend any liquid assets of the estate. Likely fixing easy things that were noted is not a top priority for them if there is any potential for any ugliness in settling the estate. Executor is a thankless job….ask me how I know.
I heard from someone who lives in this building that the former occupant of this unit lived in it from here 20’s until her death in her 80s…so quite literally the unit hasn’t changed hands in about 60 years.
It is an amazing building and If they chop the price a little more I would seriously consider it. Off the kitchen is a door that opens into the freight elevator area. If you leave your trash outside that door they come and collect it every day!!!! There is also a common laundry included in the assessments and a little gym.
I am concerned with some massaging of these photos. I swear I looked at this unit a few weeks ago on line and there was a missing floor tile in the kitchen which appear to have been “fixed” here. My impression looking at pictures a few weeks ago was that this needed $150K – $200K of work but these photos make it look better ….why are the windows open? Did they just do some pain touch up? It’s curious.
“why are the windows open?”
pictures were taken when there were leaves on trees so I was warmer outside. fresh air?
“I swear I looked at this unit a few weeks ago on line and there was a missing floor tile in the kitchen which appear to have been “fixed” here.”
The second kitchen photo still looks like there are broken tiles.
The unit faces north so no lake view?
I seldom see units in the front part of this complex advertised. This is another one in the back, with blocked views. I can’t figure out why more in front don’t hit the market. I wouldn’t buy a place that’s second class in its own building(s).
“ I can’t figure out why more in front don’t hit the market.”
It’s an old money building with wealthy owners so units are held for longer, particularly those with the million dollar views. Even the featured “second class” back unit was held by the same owner for 60 years.
“what other problems are lurking that I can’t see?”
In a tightly managed co-op building, what else would you really uncover? The place hasn’t been remodeled in at least 20+ years. A owner living there for 60+ years up until death explains a lot of the deferred aesthetic maintenance. I’d be more concerned if they recently made a bunch of fixes that could be interpreted as band aid update — it’d be easy to throw down some peel and stick tile and battery operated sconces.
Wow, $28k/yr even if you bought all cash. Renting looks pretty good.
Anthony – You cannot rent a 2bed 2bath in this location for less than $28K a year…renting should only “look good” if you are not wanting to be held down by an illiquid investment…and in this case since it is a 24/7 doorman co-op I imagine there are zero short term rentals and likely no ability to rent your unit to others without board approval…if they would even consider it….and why on earth would a board of wealthy owners approve such a thing?