Renovated 2-Bedroom Loft With Views Reduces to $499,000: 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.
We then chattered about it again in November 2019, because it hadn’t yet sold even though renovated properties usually sell quickly.
But it was still priced the same as July, when it was first listed.
See our November 2019 chatter here.
If you recall, this corner loft is in the Tower portion of the building and on the 5th floor, which means it has views.
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 fully 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, however.
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 with views and a complete renovation.
The building is near the big Lakeview Whole Foods and the shops and restaurants of West Lakeview, Roscoe Village and Southport.
Why isn’t this loft selling?
Is it the lack of walls and a door for the guest bedroom?
Is it the assessment?
Is it the finishes?
Will pricing it under $500,000 finally get the sale done?
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
- Was still listed in November 2019 at $519,000 (includes 2-car tandem garage parking)
- De-listed in January 2020
- Re-listed in April 2020 at $499,000
- Assessments are still $605 a month (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
- Taxes are still $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
I wouldn’t call it a complete renovation when they’ve got a white dishwasher
They should have either made it a true 2br or blown out that garish FP wall and made it into a cool large 1BR.
Place is staged well, but the LR is tiny.
“I wouldn’t call it a complete renovation when they’ve got a white dishwasher”
it’s stainless steel.
Look at Pics 10, 12 & 13 – Sure looks white to me
what chairs are those in the lobby in picture #2?
“I wish there wasn’t a door on the second-and only other- bedroom that’s right off the living room”. Said no buyer ever.
I don’t understand why they didn’t try to put a bigger fire place in there? I like the wall but the fireplace just looks really tiny. I am guessing it would have required some alteration to the venting system which is a common element and might have been too costly in which case they should have gone for some more adornment or some kind of way to visually break up the fireplace wall so it didn’t make the fireplace look so tiny.
It is a nice 1-bed plus den/office and $499K plus $605/mo assessment with few amenities and taxes that will go up a little isn’t a great deal. You pay $3K a month all in for this after parting with nearly $100K for the down payment. Renting in a swanky new construction tower or renting someones 2-bed condo closer to downtown seems like a better option to me – – also this location is a bit of a hike to the Brown Line, isn’t it? Belmont bus to Brown line seems like a potential 45 min to 1 hour commute each way when you could rent in a swanky new construction high rise closer to downtown and not lock up $100K of down-payment money in what is clearly an illiquid “investment.”
Also, in the time of COVID. living here with a kid or someone who actually used that second “bedroom” on a regular basis would not be fun! I hope people start demanding separate living / working and sleeping spaces in their home purchases from here on out.
“Belmont bus to Brown line”
8 minute walk to the Paulina stop.
Off topic. Hey Sabrina, can you do a post on this listing? I think its CC worthy.
https://www.redfin.com/IL/Chicago/2773-N-Hampden-Ct-60614/unit-505/home/144232657
“post on this listing?”
Anything new for anyone to say since January?
http://cribchatter.com/?p=26578
yeah, not the same unit.
Also, while the layout of 505 may be preferable to 403, I’d rather face teh street than the alley, not to mention that it is 10% less.
“Look at Pics 10, 12 & 13 – Sure looks white to me”
nope. watch the video from the listing. maybe it will be more clear. 23 second mark in the vid.
https://www.youtube.com/watch?v=wWVA3rZyFhc
“Off topic. Hey Sabrina, can you do a post on this listing? I think its CC worthy.
https://www.redfin.com/IL/Chicago/2773-N-Hampden-Ct-60614/unit-505/home/144232657”
Now you did it. The birthplace of the Sabrina’s HAWT Market Theory(tm)
The market is so HAWT the buyer is trying to sell this at a 10% premium for holding for 4 Months. See Sabrina if you had walked the walk, you too could have been in the money
Was the original buyer involved in the project and bought the place to goose the pre-sales figures? Is the place that big of a dump that they wanted out after 4Mo? or is the buyer an Adherent to the HAWT Market Theory ™ and got in because the Market is HAWT?
We may never know
“Look at Pics 10, 12 & 13 – Sure looks white to me”
nope. watch the video from the listing. maybe it will be more clear. 23 second mark in the vid.
https://www.youtube.com/watch?v=wWVA3rZyFhc
You are correct
Someone ballsier than me should go to https://www.thehampdens.com/ and inquire about the “short tenure” at the 2753 unit.
Frame it as if you are looking to buy one of the available never lived in units but consider this quick turnaround a potential deterrent.
They person manning the chat wasn’t aware of any units for sale outside what they we’re offering
Hate to be too harsh but I’m not sure that the reno is doing this place any favors. The partial drywall, with drywall ceiling but ribbons of original brick? Pretty disparate materials, and most of the stuff look pretty lower end. Second bedroom is not usable as a baby/kid’s room or as a private office. Could have closed the bedroom with at least french doors and done way more overhead storage. Big (in comparison) master bath and closets because there was nothing else to do with the space. Kitchen reno looks like entry level stainless package and “give me that wenge look in an Ikea cabinet!” I think that it has to get way deeper in the $400k range to get to a sale. Just sold 3118 Lincoln 3A looks way more than $50k better at $550k, especially with $400 a month lower assessments. Not much point in being in Burley if you can’t have kids in this place.
“Was the original buyer involved in the project and bought the place to goose the pre-sales figures? Is the place that big of a dump that they wanted out after 4Mo?”
With luxury units, the following things happen often:
1. CEOs change jobs and suddenly they’re moving to another city
2. Professional athletes get traded
3. Actors get killed off on their series and move back to LA
4. Divorce
5. Death
And many sellers who only just bought, really don’t want to lose money so they almost always try to sell for more than they paid to cover the sales costs (the agents fees, transfer fees etc.)
Do I blame them for trying to get more?
No.
Some get it (like some of the projects in the West Loop), others don’t.
But they’re convinced they might as well TRY to get the higher price.
Bad thing is, the economy has quickly changed. As Riz has posted, lots of doctors, dentists and lawyers are now taking salary cuts (Winston & Strawn, Baker McKenzie both are cutting partners and associate salaries now).
The luxury market is going to slow dramatically.
“With luxury units, the following things happen often:
1. CEOs change jobs and suddenly they’re moving to another city
2. Professional athletes get traded
3. Actors get killed off on their series and move back to LA
4. Divorce
5. Death”
The only one possibly applicable on the unit in question is #4. There are other non-insider-deal possibles, too, of course.
It’s not selling because it’s a glorified one bedroom. Maybe pull down the walls around that second “bedroom” and make the living space more usable. And lower the price by $50,000 or more to reflect its new 1-bedroom status.
As someone else said, the building has no amenities, either. No doorman, exercise facility, security, etc. And it’s pretty far from downtown and no one with a kid or planning to have a kid would ever buy it. I’m just not sure who the target audience is.
“With luxury units, the following things happen often:
1. CEOs change jobs and suddenly they’re moving to another city
2. Professional athletes get traded
3. Actors get killed off on their series and move back to LA
4. Divorce
5. Death”
You’re really just making things up now right?
If the Redfin data is correct, the signed the contract in ’18. So they’ve lived somewhere else for 2 years, close on the property and sell 4 Mo later.
Yeah, you’re scenarios are all highly likely. And since you claim these happen “Often”, I’m sure you can provide figures as to how “Often” those scenarios happen
anon (tfo) got me again with the Paulina Brown line stop!!! My brain just doesn’t consider the fact that you could start your commute by walking further away from your ultimate destination. Lol. Anyhow, still gonna be a 45 min – 1 hour commute each way…and also likely standing, so good for the heart.
love how I get downvoted for asking a serious question of what kind of chairs are in the lobby as I’d like something similar for my seating area
“also likely standing”
It’s been a while since I rode at peak time, but Paulina is usually at least 50/50 for getting a seat. And if you swap to Red, as many do, it doesn’t really matter.
Wonder if they picked up that Banksy print on the same shopping outing as that edgy table runner.
LOL Sonies – – could be Art Van (and hence sold off by now!) You could try your luck at The Dump. Not trying to disparage, they just don’t look amazing to me. (full disclosure: I did NOT downvote you!)
Off possibility you could find a comparable look at Room & Board. A lot of R&B stuff is made in the USA as well so while you pay up you are supporting the economy and the customer service is unreal – – I returned some Loll tables and chairs that had been on my roof for literally 1 week shy of the 5-year return window and they exchanged them for brand new…kid you not. Loll apparently wanted them back so they could test the plastics to see if they were defective because in their mind, they should last way longer than five years outside in extreme conditions (also other items I purchased at the same time were just fine without any defects).
I am guessing you like those chairs for their vaguely mid century modern design cues which is why I recommend R&B because they have a lot of that stuff. They also don’t look particularly comfortable which I’m sure is part of the design since these places don’t actually want anyone hanging in the lobby for too long. You may also try CB2 or West Elm. If you want to go nuts on price so all your friends know you are doing well, then Design Within Reach is your best bet…for something SIMILAR. I don’t think those originally came from there, but alas, I could very well be wrong. I am more into class mid-mod than the new stuff.
sonies – this looks to be it in brown. can’t seem to find it in black but haven’t spent too much time searching.
https://www.wayfair.com/furniture/pdp/17-stories-kassy-lounge-chair-stss5787.html?piid=
thanks marco!
Let’s help Sonies with furniture! LOL
I much prefer this topic to the Corona discussions.
I just got the “Blu Dot” catalog in the mail and they have a few chairs in that catalog that you might like.
Less cushioning but this is similar. I think Marco nailed it but this one is $200 less:
https://www.bludot.com/toro-modern-lounge-chairs.html
On the L discussion, I got on the L at Southport for years, and occasionally you could get a seat there (one stop closer to the Loop than Paulina), and if not most — although not all — of the time you could grab one when people got off at Belmont.
On the topic of the L I am very surprised and wondering what time frame you guys were taking the brown line. I used to get on at Francisco – – Seven years ago – – and on a worday morning by Western it was packed most of the time, certainly by Damen. People could certainly squeeze in until Paulina but is was SRO.
There were days when CTA was really messing and the trains were few and far between that folks who got on at Rockwell didn’t get seats and that was one stop after me. The only completely great thing about getting on at Francisco or one of the two earlier stops is that you were guaranteed a seat and usually could get one of those single seats 🙂 I would take a commute that involved the Brown line over Blue or Red any day of the week however.
Agreed The Cat. Getting a seat at Paulina? When? 15 years ago?
All of the subway lines have gotten crowded as they keep building apartment buildings near the El stops. As they should, but I don’t think anyone thought through what it would mean to put a 200 unit building right next to the California blue line stop.
“All of the subway lines have gotten crowded as they keep building apartment buildings near the El stops. As they should, but I don’t think anyone thought through what it would mean to put a 200 unit building right next to the California blue line stop.“
I’ll hazard a guess – More people taking the train?
I got on the L at Southport until 2 years ago. I now get on at Western, and always get a seat. On the very rare occasion that one is not available (typically because of a delay), I wait until the next L.
Now this is a beautiful unit in a good location. This is real city living. I guess the 1200 sf is hampering the price, can’t see who wouldn’t want this.