Marlborough 1-Bedroom Rehab Still Available 7 Months Later And Reduced $10,000: 400 W. Deming in Lincoln Park
We last chattered about this rehabbed 1-bedroom in the Marlborough at 400 W. Deming in East Lincoln Park in January 2012.
See our prior chatter here.
In January, most of you thought the rehab was nicely done but without central air, in-unit washer/dryer or parking and high assessments, you thought it was overpriced by about $70,000 and should sell around $200,000.
If you recall, the unit had been bank owned before undergoing a “complete gut.”
It is no longer just a 1-bedroom with a separate dining room but it is a 1-bedroom plus den and a separate dining room.
Here are the before and after room sizes:
Before:
- Bedroom: 17×11
- Living room: 18×12
- Dining room: 12×11
- Kitchen: 10×7
After:
- Bedroom: 17×11
- Living room: 13×11
- Dining room: 11×10
- Kitchen: 12×11
- Den: 8×7
There is now a double sided marble fireplace in the living room.
The kitchen is completely new with stainless steel appliances and “rare honed marble” counter tops.
There is crown molding and walnut stained floors.
The bathroom has Toto, Robern and Grohe finishes.
In the last 7 months, it has been reduced just $10,000 to $259,900.
Is this rehabber just being stubborn or will patience be a virtue now that the market is apparently improving?
Eugene Fu at @Properties still has the listing. See the pictures here.
Unit #9N: 1 bedroom, den, 750 square feet
- Sold in July 1991 for $102,500
- Sold in October 1995 for $106,500
- Sold in August 1998 for $126,500
- Sold in March 2001 for $172,000
- Sold in March 2004 for $209,000
- Lis pendens foreclosure filed in June 2009
- Listed for rent in February 2010
- Bank owned in April 2010
- Originally listed in September 2010 for $174,900
- Reduced numerous times
- Sold in August 2011 for $112,000
- Listed again in January 2012 for $269,900
- Reduced
- Currently listed at $259,900
- Assessments of $605 a month(includes heat, gas, doorman, cable)
- Taxes of $3455
- No central air
- No in-unit washer/dryer
- No parking (rental only in the neighborhood)
8 x 7 den? That’s about the size of a prison cell.
$345 / sq ft with no AC, laundry or parking……I don’t think so.
It strikes me as incredibly dumb to downsize a nice vintage living room so someone could have a den that’s, as Joe says, the size of a prison cell.
Also, my jaw is not dropping on the lake/park views. The listing should say, “a sliver” of lake/park views. Jaw dropping they’re not.
For the same price you can get a true 2 bed in the same building