“Priced to Sell” by Reducing: 1801 W. Diversey in Lincoln Park
Townhouses are popular “move-up” properties for many people. But this 3-bedroom townhouse at 1801 W. Diversey Parkway in Lincoln Park has been on and off the market in recent months.
It was just re-listed with a $29,900 price reduction.
Here’s the listing:
LINCOLN PARK TOWNHOME W/ ATTACHED GARAGE IN GATED COMMUNITY UNIT NOT ON DIVERSEY! OPEN KITCHEN HAS 42″ CABS, GRANITE COUNTERS AND SS APPLIANCES! SEP. LIV RM AND DIN RM! PATIO FOR GRILLING, SEP. DECK ABOVE GAR! LOFTED 3RD BED ALSO MAKES PEFECT DEN/OFFICE!
HDWD FLOORS IN LIVING AREA W/ FIREPLACE, RECESSED LIGHTING! MASTER SUITE W/ HIGH CEILINGS, HIS/HERS CLOSETS AND BATHROOM W/ DOUBLE BOWL VANITY! PRICED TO SELL!!
@Properties has the listing. See more pictures and a virtual tour here.
Unit #2: 3 bedrooms, 2 baths, no square footage listed
- Sold in August 2002 for $305,000
- Sold in August 2005 for $386,500
- Was listed in August 2008 for $429,900
- Withdrawn
- Re-listed at $400,000 (attached 1-car garage)
- Assessments of $216 a month
- Taxes of $4812
I have to admit, having done no DD whatsoever, I would consider buying this unit at this price. Any ideas why it has sat on the market so long?
My bad, didnt realize how far west it was!
This place is directly on the train. If it is the unit I am thinking of the front door opens to the hill/ incline to the train track. Way over priced….
“way overpriced”? Nah. I’m no fan of this development (Landmark something or other, right?) but it’s a reasonable asking price in context of what else is around it. Living near the Metra line (away from a station, as this is) isn’t anything like living near the el.
hope you like the barreling sound of metra trains every 30 minutes.
“hope you like the barreling sound of metra trains every 30 minutes”
It last 10 seconds. It’s less total noisy time per week than you get from the cycle-riding dipsh!ts in river north.
This unit is not in Landmark Village. It is south of Diversy whereas Landmark Village is north.
I would be interested in hearing thoughts on the Landmark Village development. Good/Bad- looks like there have not been any recent price changes on those units.
i agree with anon on this, i would MUCH rather have the metra than the cycle riding idiots. I would also like to add that the metra is much quieter than the el. i lived in evanston practically ON the metra tracks, close to the Davis station (granted, 14 floors up) and it wasnt noisey at all. when i went to see a place that was further away from the el tracks, it drove me nuts! not only is that train loud, nothing like seeing the sparks from the tracks at night.
“This unit is not in Landmark Village”
Whoops. You’re clearly right.
On LMV–I’ve not been in the units b/c I was too put off by the (to me) crowding of the units together and against the roadways. Just doesn’t feel like a neighborhood to me, which is made worse by the fact that it’s sort of b/t neighborhoods anyway–kind of like the lofts in the costco parking lot.
We have friends who moved into this development about a year ago and they like it. The development has some 3BR (w/ 2 car garage) and some 2BR units (w/ 1 car garage). This unit is technically a 2BR within the development — the “3rd bedroom” is a loft space accessed via a spiral staircase. Our friends’ 3BR has 3 bedrooms on the 3rd level (garage & den on 1st level, living room and kitchen on second, bedrooms on third, loft on 4th level).
I saw this listing the other day and actually mentioned it to my wife. I wondered if this unit specifically was right on the Metra tracks… but I grew up near Ravinia right near the Metra tracks so at least I know what that experience is like. Certainly a hell of a lot better then being by the El.
Its not going to sell until they lower it to $320,000
Seems impossible to make money on this unit in this market and isn’t the loft/3rd bedroom accessed from inside the Master bedroom? So you couldn’t use it as a guest bedroom, it can really only be purposed for a baby’s room or office, seems like a waste. The unit is one unit off Diversey and right on the metra tracks. Seems overpriced even at $400,000.
1800 W. Diversey is Lincoln Park?
As a rather new Chicagoan I have been curious, are there any plans to electrify METRA? I have lived part of my life in Europe, and the noise from these trains would be far less of a problem if they were to go electric.
I think this is a classic example of how location becomes king in a down market and everything else has to offer a fire sale price just to get off the market. When prices are skyrocketing, I think people are much more willing to compromise on what would normally be deal breaker issues just to save 10 or 15%. But when the market sucks and nothing goes quickly and every list price is just a starting point for negotiations, buyers suddenly feel they can have it all and a 10 or 15% discount isn’t enough of a carrot.
This market has really taught me to never buy a place with deal-breaker shortcomings like lack of parking or a location right next to a train or highway. As soon as the market sours, buyers don’t have to compromise as much and they suddenly won’t even come look at your place unless it’s waaaay cheaper (like 50% cheaper) than a similar place without the deal breaker problem(s). So I guess the moral is don’t settle for things you can’t fix, like a crappy location or high assessments or lack of parking or noise pollution unless you’re getting the place at a substantial discount….and not just a discount compared to other places without the deal-breakers, but even to the nearby places with the same deal-breakers.
jeff3, metra has an electric line that goes south along the lake, but I dont think they’ll ever convert any of their other lines. The electric line is purely commuter where their other lines serve commuters and commercial shipping (long haul) to all other parts of the country. Going electric would alienate 50-75% of their traffic.
It is DIRECTLY next to the metra rail line.. like directly. It could not come any closer. I was shocked at the proximity. Some of the units are not so close. This one inparticular, is so close you could reach up and touch the line from the balcony.
Landmark village–I almost bought in there.. However, all the places are exactly alike and the upgraded ones sell for the same as the non-upgraded ones in order to compete. You also cannot even drive in as it is completely gated.
Danny I couldn’t agree more. This is a recurring theme in the current market. Your post would also be very accurate for that story about the Gold Coast coach house with numerous “deal breakers” which some delusional seller thinks they’re going to get nearly a half million dollars for. Now that the market has turned there will be a sharp divide between the desirable properties and the undesirable ones.
That is very true. The bubble was “idiot proof” by not punishing bad decisions. The future will not be so kind.
“1800 W. Diversey is Lincoln Park?”
It is 60614. But as I noted, it’s sort of a non-neighborhood. It can be somewhat accurately described as “west LP”–which doesn’t really exist.
I guess it’s no-man’s land. It’s right in the corner between Lincoln Park, Lakeview, and North Center. Since it’s on the south side of the street I guess they can claim to be in Lincoln Park.
The northside of Diversey is also 60614–but only if the address is Diversey.
The communities are technically defined in terms of the census tracts, not zip codes. 60614 does not exactly map to LP. Having said that, I can’t be completely sure where the census tract boundary is but I assume it’s right down the middle of Ravenswood and Diversey.
I know. Which is why I said (twice) it’s sort of a non-neighborhood.
BUT all of the 60614 post offices have “Lincoln Park” in their name, so it’s not without basis in fact to say that all of 60614 is “Lincoln Park”, under one (inaccurate in reality) naming convention.
Guys – Isn’t it now pointless to discuss housing in this financial envornment? No one is buying anything in the next 3 – 6 months. Maybe the blog coul dbe changed to favorite pizza places until then. Just wait until the oil speculation hits home when oil hits $60. Texas and OKC (the only 2 cities with positive housing prices) will fall apart. These cities were banking oin $100 oil for a long time to come. $60 oil will not pay for the recent infrastructure improvements that are underway. another piece of the speculation pie falling apart.
But what about Lincoln Park and Lakeview? Aren’t they immune? 🙂
Gary – The stock market just crashed. until now LP and LV have been immune while the rest of the country basically decreased. I will have to say I have been right for the last 18 months and had the markets not collapsed, would still be right today. Pick an asses and it is now worth 50% of what it was worth. The financial crisis was the catalyst but overall is this a deleberaging accross the board. Oli at $140? Get in line and get used to it…
OK. You’ve been right for the last 18 months and now everyone else on this board will be right for the next few years 🙂
I have to admit I’m shocked with what just happened even though logically I knew it was a real possibility. I knew we had a housing bubble but never realized it would bring down the entire world economy. Unbelievable!
The irony is that I’ve been out of housing and in the market. Thought I was well diversified with 35% cash and just about every asset class imaginable. Funny thing is that the stock market crashes much faster than housing ever does and no asset class except cash was immune to this crash. So you were better off in housing (unleveraged) than stocks. Problem is that people tend to be leveraged in housing at least 5:1.
The SHill has been right? ROTFLMAO! The SHill is now shrill with all this “world is ending” nonsense. I guess I would feel that way too if I led so many to financial ruin.
http://cribchatter.com/?p=5060#comment-13029
Steve Heitman on August 28th, 2008 at 8:46 am
HD – I said I make more than $350k. Don’t assume I make so little
Looks like the economy is in better shape than all have suggested. Growing economy in the face of a financial crisis? Looks like your prediction for a crash in pricing has little merit.
I think this will end with 2006-2009 being remembered as a soft overall Chicago market with lessons to be learned about over paying for new contruction.
Any thoughts from the “world is ending” crowd?
Gary try getting out. I just sold what was by far the cheapest property I have ever owned and it was by far the hardest transaction I have ever been through. The banks tried everything to get out of going to closing. The stock market moved later and faster but housing will continue to slide for longer. We are about to start the layoff phase of this thing now.
As for Steve… see what I mean.. you need him here.. who else could ever be so wrong and still have the face to say something like “I will have to say I have been right for the last 18 months”.
Man SH you should be the happiest guy in the world. Every day is sunny in SH land. I totally respect that in a Buddhist sort of way. Too bad your profession if you are a realtor should be disallowed.
Actually his quote literally reads as “I have been right for 18 months and if I hadn’t been completely wrong I would still be right”
Most excellent!!!
LMAO, IB, this bud’s for you.
IB,
Were you selling an investment property by chance? Those are brutal. Buyers need 25 – 40% down and a very good credit score. Another reason cap rates are going up.
Nah it was a place i lived in briefly. Still brutal. Gorgeous day here in IBland so heading out. All the best to everyone.
Gary L. said “I have to admit I’m shocked with what just happened even though logically I knew it was a real possibility. I knew we had a housing bubble but never realized it would bring down the entire world economy. Unbelievable!”
Our housing bubble contributed to the problem but many places around the world have housing bubbles of their own. The easy money of the last 10 years hasn’t been just an American problem but a global problem. Home prices in Europe (except Germany) are probably more out of line than the US; the west coast of canada is just as pricey as California; Dubai is a super bubble. Miles and miles of investment homes that no one lives in; Icelandic banks were taking English pounds and lending them back to England to fuel their ridiculous housing boom; China has overbuilt on an extraordinary scale. The entire world is awash in money and much of it was used unwisely. THat money will disappear just as quickly as it was created.
It was a credit bubble and it occurred worldwide. Even in Lincoln Park.
homedelete said “that money will disappear just as quickly as it was created”
I do believe that the governments can and will create money to replace all the money lost in this blowup. They can “print money” and use it to recapitalize banks, to buy bad mortgages, to buy commercial paper, to write stimulus checks. And it won’t cause inflation because it’s just replacing lost money. Then over time they can slowly let the air out of the balloon (if they’re smart) and reverse all those actions in a controlled fashion.
Sure, the govt responses to date will be helpful. And there will be ponies and rainbows for everyone.
Gary this is not an issue of solvency but an issue of trust. You can print all the money in the world but it wont do a bit of good if no one trusts anyone enough to give it to anyone. The money will create all the wrong problems as it goes to all the places you didn’t want it to go. They must force disclosure. Suspending mtm accounting did just the opposite of what needs to be done. Force mtm accounting and put all products on an exchange for price transparency. Take the pain (which exists and is trying to be hidden) and move forward from there. Let the bad fail then capitalize new and the remaining healthy. This is not that freaking hard. Attempting to avoid the inevitable is human nature though, seen it hundreds of time.
So does MS qualify as bad or healthy?
ja… There-in lies the problem. Until they tell everyone what the hell they are carrying as level 3 assets who the F knows. My bet is if it was good they would be telling everyone.
In the end, I wonder if this will matter. Sure, MITSU can act irrationally and buy into MS a 20%+ stake.
But MS profits/losses are going to be killed the next two quarters. No one on the street is trading with them, they’ve been black listed. People are shifting off them en masse as prime brokerage. Their wealth management is evaporating. They’ll need more funding within a couple months at most.
I’m still not certain if the Treasury can save them, will save them, and if this is just prolonging the inevitable.
*MUFG*
My prediction is the Treasury brokers a deal so MS gets swallowed up by a larger firm. Maybe BONY-Mellon?… Who wants an ibank?… Anybody?…Bueller?
“it won’t cause inflation because it’s just replacing lost money”
But it’s replacing lost funny money with real money. It won’t cause immediate inflation, but watch out.
“Treasury brokers a deal so MS gets swallowed up by a larger firm”
It’s called Mitsu. MS is turning Japanese–I really think so.
Not a fan of this address and the development. I know these people and have been in this unit. Really nothing special- I think they’ll need to go down at least another 20K. Plus they can more than afford to take the loss and will probably be willing to do so in order to move into their next dream home.