Renovated 2/2 Loft With Views Still Waiting for a Buyer: 3151 N. Lincoln in Lakeview
This 2-bedroom loft in the Lincoln Lofts at 3151 N. Lincoln in Lakeview came on the market in July 2019.
We chattered about this loft last August, as it was the first time it had been on the market in 19 years.
See our chatter here.
If you recall, this corner loft is in the Tower portion of the building and on the 5th floor.
It has been completely renovated so it’s basically like new.
It has both south and west exposures with a south facing balcony.
This loft has skyline views from all of its southern facing windows, even one that is next to the bathtub.
It has authentic loft features such as exposed brick and 12 foot concrete ceilings as well as large industrial windows.
It has a newer contemporary kitchen with stainless steel appliances.
Both bedrooms have windows, which is rare for a loft.
The master suite is full enclosed with a renovated bath that has a double vanity and a walk-in-shower.
The second bedroom doesn’t have a door or full walls.
Both bedrooms have carpet while the rest of the living areas have hardwood floors.
The loft has a floor-to-ceiling tiled fireplace in the living room.
It also has the features buyers look for including central air, side-by-side washer/dryer and tandem garage parking for 2 cars, which is included.
This is a rare opportunity to buy one of the higher floor tower units but it’s still sitting on the market 5 months after it was first listed. Oh, and it HAS been re-listed so the current “market time” is just over 40 days.
Listed at $519,000 in July 2019, it’s still listed at $519,000.
What price will it take to sell this loft?
Brooke Vanderbok at @Properties still has the listing. See the pictures and floor plan here.
Unit #514: 2 bedrooms, 2 baths, 1200 square feet
- Sold in October 1996 for $213,000
- Sold in July 2000 for $317,000
- Originally listed in July 2019 for $519,000
- Currently still listed at $519,000 (includes 2-car tandem garage parking)
- Assessments of $605 a month (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
- Taxes of $7172
- Central Air
- Side-by-side washer/dryer in the unit
- Fireplace
- Bedroom #1: 14×12
- Bedroom #2: 12×9
- Living room: 15×14
- Dining room: 14×11
- Balcony: 13×5
“Oh, and it HAS been re-listed so the current “market time” is just over 40 days.”
Since there seems to be confusion about this issue and how this kind of data is reported let me use this as an example:
The MLS has a formal definition of two terms. The “listing market time” on this listing is currently 43 days. The “market time” on this listing is currently 126 days. I didn’t have to calculate these numbers. They are both in the MLS and it is the bigger number that goes into the aggregate statistics. So when I show you a graph of market time it’s the 126 days that are in there, not the 43. I’ve actually done the detailed calculation myself to confirm it and then called the MLS to confirm it. This is not up for debate. It’s a fact.
So when I tell you that October market times for condos was 83 days you can take that to the bank.
Now, we can debate other aspects of this such as…if they take this listing down for 90+ days the market time will reset to 0. Or we can discuss how homes that never close and sit forever are never included in this data.
Gary,
What is the advantage of de-listing and then re-listing at the same price, then? If a buyer’s agent can easily see that it’s not truly a new listing because of the “market time” listed on MLS, wouldn’t it be more attractive for those same buyer’s agent to see a price reduction in a current listing that might bring it within the budget of a potential buyer rather than trying to constantly seem like a “new” listing by playing the delisting game?
It gets a NEW flag for around 7 days and shows up in everyone’s search results all over again even if they flagged it not interested in its previous incarnation. This is especially important if someone flagged it not interested because of price and now you’ve lowered the price. They would probably miss it otherwise.
There’s a downside as well. If someone flagged it interested before they might miss it the second time around.
And keep in mind that even the consumer can see the entire listing history today. It’s not just the buyer’s agent. So nobody is fooling anyone about the market time.
@Gary Lucido – – I imagine you have some familiarity with current mortgage underwriting standards just from interacting with clients. Certain aspects seem to change in a reactionary way based on current market conditions – – do you know how much “market time” is currently impacting anyone’s ability to get a loan or if it is factored into the rate? When I bought my house it was a “ding” against us but it didn’t torpedo our purchase – — I don’t remember how much of a ding. Property had been on the market for 8 months or so and actually under contract with two failed closings with other prospective buyers before we got it under contract. I do recollect market time was a factor that was considered and I remember thinking it was so obviously related to the economy and a lack of qualified buyers. Market time here seems more related to pricing for a unit that is a 1-bed plus den (those 3/4 walls mean you are not raising a kid here).
Higher than typical assessments and the faux 2nd BR/den aren’t fooling anyone apparently.
I’ve never heard of this being an issue. I think all the underwriters care about is the appraisal. Now…could an appraiser take it into consideration? I guess that’s possible but I’ve never heard of that either.
Don’t know if Russ will see this but it would be interesting to get his take.
I’ve never seen time on market as a factor preventing a particular property from qualifying during the mortgage process. The appraiser does note listing / de listing history and days on market.
For the most part, it all boils down to available comps. Appraisals will have three closed sales (typically within past six mos) of properties that are considered to be similar to the subject property. The appraisal will also list three currently listed properties. Values are adjusted based on sqft and other features – finishes, bedrooms/baths, views, parking, location, etc.
Most of the weight is given to the closed comps, not the listings. As long as there are three comps that reasonably support the price, the contract price won’t be an issue.
This unit seems like an absolute burn for the price, especially when compared to vastly more beautiful and comfortable units with the same space, in gorgeous vintage buildings on and close to Lake Shore Drive.
I remember this building best as the run-down, empty commercial building I rented artist’s work space in, in the early 90s, for $80 a month, and which I vacated when the building was rehabbed and built into condos. I could see how very cheaply built the place was compared to the fine old apt buildings east of there. It amuses me that people will pay $100K more for these fugly “lofts” with their exposed furnace ducts, than they will for beautiful places with real architecture. Such is fashion, though.