“Offer Deadline” For This Vintage 2 Bedroom at 2029 N. Racine in Lincoln Park
This 2-bedroom at 2029 N. Racine in Lincoln Park came on the market on January 27, 2022 and was under contract by February 1.
Built in 1883, 2029 N. Racine has 16 units and a shared rooftop deck.
There’s no parking with the building.
The listing says this is “updated vintage.”
It says: “Updated bath w/custom shower bench (2019), all new windows (2019), central A/C (2016), gas forced heat (furnace 2016), and in-unit W/D (2018).”
The unit has some of its vintage features including 11 foot ceilings, a wood burning fireplace in the living room, and pocket doors which separate the double parlors.
Originally a 3 bedroom, the third bedroom was turned into a laundry room with a large walk-in-closet.
The other two bedrooms are split and do not share a wall. The listing says they can fit queen beds.
The unit has an open kitchen with white cabinets, stainless steel appliances, granite counter tops and a breakfast bar with seating for 3.
The second parlor is a full size dining room.
The unit has central air, which is rare for 1800s vintage but no parking.
It’s near the shops and restaurants on Armitage and just 2 blocks to the Trader Joe’s.
It came on the market at $379,000, which was $19,000 higher than the housing bubble 2008 sales price of $360,000.
The listing came on just before the weekend and says: “* offer deadline noon Monday 1/31 *”
Will we be seeing more “offer deadlines” in listings this spring as inventory remains low?
Theodora Jordan and Katie Cassman at Compass have the listing. See the pictures and floor plan here.
Unit #2A: 2 bedrooms, 1 bath, no square footage listed
- Sold in May 1990 for $147,500
- Sold in June 1991 for $162,000
- Sold in April 1996 for $177,000
- Sold in August 2000 for $270,000
- Sold in April 2003 for $324,500
- Sold in April 2008 for $360,000
- Bank owned in December 2011
- Sold in April 2012 for $230,000
- Sold in December 2012 for $290,000
- Currently listed at $379,000
- Under contract in 5 days
- Assessments of $327 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $6358
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- Pocket doors
- Bedroom #1: 11×10
- Bedroom #2: 10×10
- Living room: 20×14
- Dining room: 16×14
- Kitchen: 14×13
- Laundry room/WIC: 10×10
- Foyer: 5×10
interesting… all of the major renovations were completed at least before the April 2012 sale… only thing missing was opening up the wall between the kitchen and dining which was completed before the December 2012 sale…
“ interesting… all of the major renovations were completed at least before the April 2012 sale”
Unit updated 10+ years ago and still under contract in few days.
Good illustration of how classic finishes result in a much better ROI. I don’t think it’d have been swept up so fast if 2010ish trendy espresso cabinetry and a vessel sink were in place.
That refrigerator plug is an eyesore and looks just ridiculous. Like something you’d see in a college rental. Kind of makes you question the current owner’s pride of ownership.
What would it take…like $250 in labor to rewire the darn thing?
“Good illustration of how classic finishes result in a much better ROI.”
Agreed KK.
They got lucky that the kitchen had the still popular white cabinets. Didn’t have cherry or dark wood that they would have had to paint. They kept the granite even though it’s out. But they replaced light fixtures with trendy ones and that made a big difference (in the dining room, for instance.)
Also probably painted it all one of the top white paint colors (Simply White or Decorator’s White). Staged perfectly. No clutter at all.
Did update the bath with the on-trend subway tiles in the shower.
Buyers want “new” and this looks new. They don’t want dated 2008 finishes.
Good job sellers.
Also, very good pictures with the listing. Pictures matter.
Pretty sure they photoshopped out the fridge plug at some point.
I I know I saw it when I paged through when it hit the MLS last week.
It’s visible in the 2012 photos.
Nice to see someone making a profit but seeing this essentially the same price as in 2008 is pretty sad. The rest of the country is up 65% from that time.
“essentially the same price as in 2008”
Sold in August 2000 for $270,000 + CPI = $435k. So it’s lagging even historical Chicago price growth.
Add in the +25bps over CPI it “should” have gained, should be ~$460k.
“It’s visible in the 2012 photos.”
It is ALSO visible in the walkthru tour.
There’s direct access to the wall behind the fridge in the laundry area–you can see the water line to the fridge. “Should” be super simple to fix.
What I don’t get is having the bi-fold door section of the kitchen, when you have a giant (potential) pantry right there, too. What’s beind the bi-folds? Would be a ton better as a continuation of the counter/cabinets, right?
“What’s beind the bi-folds?”
utility room. furnace and water heater.
The “Offer Deadline” tactic seems to be a very good one for sellers, with rare exceptions. Over the past year or two in my neighborhood, there have been a handful, where the list price is actually pretty reasonable, but the “Offer Deadline” (plus some other urgency/hype-inducing language) ends up getting them way more (one dump closed about $50k over, and a decent full rehab closed a few hundred thousand over list). I did see the rare exception though, where a pretty awesome place listed for what I considered to be about $150k under market, then I checked on what it closed at, and it closed for about $25k over list. My sense was that one was a mix of bad brokering and prospective buyers assuming that they’d just get out bid again, so why even bother.
“utility room. furnace and water heater.”
Right on the floorplan, duh. just didn’t see it.
That explains the louvers before the f/c–but now it’s not up to code, unless they put in H-E furnace and water heater that breath from outside–which *also* would likely not be to code, as too close to the neighbor.
Still leaves the question–why not put that where the fridge is, and the fridge where the hvac is, with the utility access from the back room?
This place screams “hidden problems” to me. I would *strongly* advise using a *very* thorough inspector.
ps–maybe I’m the only one, but I would trip on that 1/5 step from the kitchen to dining room about 10 times a week. Visible in the 3d.
“The rest of the country is up 65% from that time.”
More bullshit from Stacy.
Case Shiller was 167 in April of 2008 and 276 today. Did I get the math wrong? That’s the US national home price index. I guess if you could filter out Chicago, it would be higher than 65% since this city is dragging down the index.
Checked Case Shiller 20 City composite because I wasn’t sure who was right. In Oct 2008, was at 156 (normalized at 100 starting in 2000) and Nov 2021 at 282, or an increase of….81%! That’s the 20 largest metros, including Chicago.
I see Chicago increasing from 142 to 154 over the same period, or an increase of 8%. Cleveland and Detroit also appear to be laggards, but I actually think they have Chicago beat for the mid 2008- late 2021 period. I think Chicago is the worst based on a quick look at the graphs.
Yes, I recognize Case Shiller is the entire metro area and not the Green Zone of Chicago, but it’s fair to say market appreciation everywhere in Chicago has been pretty pathetic compared to almost anywhere else in the country, particularly populated areas. Certainly if you bought in the West Loop you doing fine, but that’d be even more the case if you chose the hottest neighborhood of Phoenix where it’s been on fire everywhere…and has increased 22% in the last year overall!