No Appreciation in East Lincoln Park? A 3/2 at 448 W. Wrightwood Returns 3 Years Later
This 3-bedroom top floor vintage condo at 448 W. Wrightwood in East Lincoln Park just came on the market.
This building was built in 1920 and has 7 units and attached garage parking.
We’ve chattered about this unit 2 other times, including in 2017 when it came on the market at $720,000 and sold almost immediately, apparently for well over the asking price as it sold for $800,000.
You can see our 2017 chatter here.
If you recall, it has some of its vintage features including a wood burning fireplace in the living room and a coffered ceiling in the dining room with built-in bookcases and entertainment center.
The kitchen still has white cabinets, granite counter tops and a wood counter top on the kitchen island, along with stainless steel appliances.
There are two outdoor spaces: a small balcony off the front of the building and a large back deck.
The master bedroom and the second bedroom share a bathroom.
It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.
The unit is in a prime location if you want to be in East Lincoln Park as it’s just a half a block to the Park.
It has come on the market just 3 years later at $1,000 below the 2017 sales price, at $799,000.
In the 2017 chatter, I asked if 2017 was the top in the price appreciation on this unit.
Was it?
Lindsay Everest at Berkshire Hathaway HomeServices has the listing. See the pictures here.
Unit #3E: 3 bedrooms, 2 baths, 2200 square feet
- Sold in December 1994 for $332,000
- Sold in August 2000 for $570,000
- Sold in November 2006 for $558,000
- Sold in April 2009 for $590,000
- Sold in November 2012 for $640,000
- Originally listed in April 2017 for $720,000
- Sold in May 2017 for $800,000
- Assessments are still $375 a month (they were also $375 a month in 2012 and 2017) (includes exterior maintenance, scavenger, snow removal)
- Taxes are now $15,011 (they were $9339 in 2017)
- Central Air
- Washer/Dryer in the unit
- 1-car garage
- Wood burning fireplace
- Bedroom #1: 15×13
- Bedroom #2: 10×14
- Bedroom #3: 11×9
- Dining room/family room: 23×14
- Office: 9×9
- Living room: 13×18
- Kitchen: 12×15
- Laundry room: 4×4
This defines a HAWT market
The 3br/2ba isn’t real popular Painting over the trim was a mistake
Not much there there
People don’t seem to want to live here for very long. Does the adjoining balcony owner smoke?
“Sold in August 2000 for $570,000
Sold in November 2006 for $558,000”
What happened there? Doesn’t look there was any distress. A loss on a condo during the greatest run-up, ever?
2012 pix: https://www.redfin.com/IL/Chicago/448-W-Wrightwood-Ave-60614/unit-3E/home/144952394/mred-08087131
Can’t wrap my head around the 10-year-old $400 range in a $800k condo.
The finishes aren’t that great, there haven’t been many upgrades, and middle class taxpayers aren’t subsidizing their full property tax deduction anymore. And every year going forward for the next decade, CPS/CTU is going to make sure they raise their tax amount to the full amount under the law.
“Can’t wrap my head around the 10-year-old $400 range in a $800k condo“
That stainless steel appliance package is straight out of the discount section of a suburban Home Depot.
[taxes]
2015 cycle final AV 62,506
Initial 2018 cycle AV 81,152
Assessor appeal 2018 cycle AV 79,529
Final (bd of appeal) 2018 cycle AV 76,000
“they were $9339 in 2017”
Not sure where that realtor came up with that number, bc the prior taxes were:
2018: $15,012.53
2017: $12,729.09
2016: $12,019.10
2015: $10,973.26
my wife and I viewed this place when it was on the market in 2017. We loved it to be honest, this type of east lakeview classic chicago walk up doesn’t come up much with a decent layout, and this place has a decent layout. The price, however, is at a premium given location, which may be warranted. apparently the suburbs have been just a little more busy than expected, so if interest rates stay down, maybe Chicago housing spring 2020 has a chance. Nonetheless, feels like this area of the market, 800-900k 3bd condo/townhouse is kind of a nether region, not quite SFH but just out of reach of low 100’s income earners.
I think Mike put it best…
800-900k range for a walk up condo has to have a somewhat limited audience? Out of range for your couple that is making 200k, and the people making 3-400 would probably stretch a bit and just get a smaller SFH as opposed to this.
Looks like a decent place though, aside from cheap kitchen.
This one appeals to me. Nice vintage touches but modern appliances and baths. Plenty of outdoor space and garage parking. Great location. I can see it going for close to this price even if it isn’t the largest unit out there.
“Not sure where that realtor came up with that number, bc the prior taxes were:”
Probably the old listing. Because in our 2012 chatter they were also $9339.
Lol.
“People don’t seem to want to live here for very long.”
Taking kids/strollers/groceries up and down stairs gets old real fast.
“Taking kids/strollers/groceries up and down stairs gets old real fast.”
Totally. We lived in a 3rd floor walkup (rental) on East LV when our kid was born. Stroller lived in the trunk of the car (in garage, was easy enough to grab when walking), but definitely fun carrying a sleeping baby up 3 flights in a carseat…