Sellers Who Aren’t Budging on Price: 1814 N. Lincoln Park West
We last chattered about this Old Town vintage three bedroom last February. And as you can see from the pictures, with lovely snowfall in the yard, the pictures are from the winter as well.
But despite sitting on the market for at least six months, the sellers have not budged on price.
The unit was listed for $799,000 in February and continues to be listed at $799,000.
Unit #4: 3 bedrooms, 2 baths, 1 car parking
- Sold in November 2000 for $595,000
- Sold in October 2004 for $710,000
- Currently listed for $799,000
- Assessments of $350 a month
- Rubloff still has the listing
Nice looking place, lots of built ins and nice and bright. The Rubloff site has a few more pictures which show a very large deck but also one of the bedrooms which looks sort of small and very basic. Very attractive master bath. Nice recessed lighting in the kitchen and bedrooms, which they wisely left out of the living and dining rooms which retain a vintage feel. Any idea of the square footage?
Good for them! In this world today of Wal-Mart superstores and discounting and compromise, its refreshing to see someone sticking to their guns and ideals. This unit isn’t about compromise.
If you want this property you need to pay the ask. There is nothing preventing the owner from continuing to list this property at 799k, nothing whatsoever.
Beautiful pictures and a nice aesthetic addition to any MLS and we should be happy for MLS eye candy this unit is sure to add in perpetuity. Maybe they can do some more picture sets depending on the season and rotate them so we can see how the unit looks through the seasons. I bet most beautiful in the fall.
You’re right Bob. The seller has every right to keep their property overpriced. And buyers have every right to ignore it. This is what you call an unmotivated seller.
Nice place, but the seller needs to get real in this market. Unless of course they don’t really need to move and are just testing the waters and aren’t serious about selling.
In that case they can just sit on the market for as long as they want. It doesn’t cost the owner anything to sit in the house if they are living in it and don’t need to move right away. If somebody wants to make them an offer they can go ahead.
I’d say this smells of unmotivated seller more than anything.
“…we should be happy for MLS eye candy this unit is sure to add in perpetuity.”
It would be even better if the MLS photos also show their neighbors moving in and out of their correctly-priced residences through the seasons. How long do listings stay active anyway?
“unmotivated sellers” don’t tend to live in 6-figure homes, they live in 7-figure homes (obviously this can be one of the few exceptions).
what this seller is playing with is the cliff risk that due to rising unemployment etc, that the housing markets falls out from under them.
One things for sure, if the unit hasn’t sold by the 4th of July it’s very unlikely to sell during the summer selling season.
Naturally YMMV.
This is a beautiful place and I think the owner doesn’t want to sell, or wants to sell only if he can score a windfall, which anything over the 2003 price surely is.
Lincoln Park is overstocked with luxury and semi-luxury properties, far in excess of what should have been produced based on demographics alone. There just aren’t enough people in the population in the appropriate income bracket necessary to soak up all the inventory of $500K-$2MM properties, let alone the $2MM-$4MM mansions.
Having said that, I’ll say I’d spend the ask price on this place a long time before I’d drop it on the new stuff that’s gone up in recent years in that area. This is an irreplaceable dwelling.
If old town is your thing, this is an amazing location. I was in this one a couple of months ago. It isn’t super easy to tell from the pics, but one of the amazing things about this one is all of the light! It is the top floor unit, with giant windows, front and back/east and west, *and* there are windows all along the southern side. Really beautiful.
as a condo / townhome any buyer will need 10% down to buy that. Anyone got 80 grand laying around??
Forrealestate: Why do you think it hasn’t sold then? It looks like a great property.
Do you think that people in that price range are, in general, looking for a single family home or a townhouse instead?
Probably – re 800k range buyers preferring a single fam/detached property, tho there aren’t many of those in this price range in old town. 😉
The market inventory is just so high right now. 6 months isn’t really that long in this market, esp since 3 of those months were winterish.
Main problem: it is on the top floor and, even though this makes it brighter and the view is nice, the willingness to commit to dragging groceries and strollers and bags up those 3 flights every single day takes a special person!
I guess they haven’t found that person yet!
The listing agent is lovely! They’ll sell. Interesting to watch.
Re the 10 percent down thing . . . If I may be so bold as to generalize, . . .
Buyers purchasing homes have always had to put money down. We had a little break in the *rules* there for awhile and, as a result, people with no money/cash now think it is ridiculous that they can’t buy 800k homes! With no money down!
Buyers looking at this place are probably couples with two incomes or have very good jobs or have purchased previously and can invest the equity from their last home into the purchase.
Generalizing!
Blah blah.
So forrrealestate, you’re basically saying that its DINK couples with very good jobs who sold their previous property at the heigh of the boom in 2005 or 2006 and have been renting ever since and saving additional monies to purchase a higher end property like this for a price above its 2006 peak! Perfect!
Where are the islands of such people as if we can locate them I can make a killing in real estate even in this slump!
sure. or people selling in this market . . . who bought reasonably and are selling reasonably . . . 😉
i also DO find first-timers with more than 100k to put down.
some people DO still save.
i don’t even know what DINK means. ha!
what does DINK mean?
DINK – double income no kids.
In January 2006, near the height of the bubble, an NAR survey showed that 43% of first time home buyers put no money down, 93% of all first time home buyers financed between 71% and 99% of their purchase; and the average median downpayment was 2%.
The owner of this unit does not have a mortgage and if she does I didn’t see it recorded at ccrd.info. The previous owner IIRC put down a little more than 5%.
This is not a first time homebuyer’s home – especially not at $799,000. I have no opinion about the listing price; I think the fact that it’s been sitting since Feb. speaks for itself.
Correction from above: the median (not average) downpayment was 2%.
Based on room measurements, this is a fairly large unit. Listed rooms (LR,DR,K,FR,3BR) total about 1400sqft. 2 baths, closets, and hallways might push that close to 2000sqft. With parking and a low assessment, $800K isn’t absurd.
If it is really 2000 sqft, it is around the median price per sqft (accounting for assessments) that I am seeing for large condos in the northern Gold Coast.
If they pushed to about $350/sqft (which is about $420/sqft incl assessments), they would be at a competitive level. Condos at those prices seem to be selling.
As Laura noted in the February post, the 2004 price of $710K is probably about right, if they actually want to sell.
forrealestate on June 23rd, 2008 at 5:36 pm
Re the 10 percent down thing . . . If I may be so bold as to generalize, . . .
Buyers purchasing homes have always had to put money down. We had a little break in the *rules* there for awhile and, as a result, people with no money/cash now think it is ridiculous that they can’t buy 800k homes! With no money down!
——
One of the main reasons the prices went so high is because of the zero down mania. That condo wasn’t $800,000 in 1995 for a reason. With zero down, who cares was the sale sprice is as long as you can get that Option ARM to make that monthly note fit your budget. Get it?
Here is why it is not selling –
The good
– Great location
– Vintage Buidling
– Updated
The Bad
– 4th floor walk-up? Those were sooo 2005!
– 3 small bedrooms
– Outdoor parking
– Space Pac
– Radiator Heating
Your potential buyer is extremely limited when you are dealing with a 4th floor walk-up. You could have purchased 1901 n Cleveland for an extra $85k, which was a 4 bedroom, 3 bath, 2,500 sq ft unit on a very quiet street. Noone over 35 is going to tackle the daily commute up or down the stairs. Anyone 35 or younger would require a roof top deck at this price point.
Agree or disagree?
Another note — I see no sign in the listing or any pictures that there is a washer/dryer here. That is a bigger problem than no parking for some people (like my wife).
I was all set to complain about traffic, but this is actually south of Clark (in the maze of small streets) not fronting on the park. You only deal with traffic if you want to go anywhere, but it is quiet at home.
What is the grocery situation in this area? All that I can think of is the Treasure Island at Wells/Eugenie, Potash Bros at Clark/North, and the drug store (Walgreens?) at Wells/North. Is there anything else roughly between Armitage and North, Larrabee and the park?
(If you are willing to walk a mile for groceries, then you can get to Division, Fullerton, or Halsted — Dominicks, Jewel, and many redundant drugstores exist along Division. Trader Joe’s is a bit further, straight west to Clybourne.)
It has a washer and dryer.
There is a grocery store right at Lincoln and Armitage.
suckinthecity,
Not a lot of people buy an $800k home as their first condo. There are plenty of people out there with $80k in home equity they could roll over, it’s not all first time buyers.
D
The bedrooms aren’t huge, but the 19×10 2nd BR is rather promising. The 13×11 master is an adequate size — not a “master”, but perfectly fine. The 10×9 3rd BR is more of a problem, but the 13×11 family room might compensate (depending on layout — the FR is bright and has deck access, but if it has good doors it could be an office or a BR).
For people who aren’t enamored of a massive master suite making a quarter of the space off-limits, this could work. Either the 2nd BR or the master would be fine for guests, the other for the adults. And when the DINKs finally have a kid, a 10×9 room will serve well. 10×9 is small for a dual office, but one person could work in there adequately.
The 19X10 2nd is a typo.
“There is a grocery store right at Lincoln and Armitage.”
Thanks. Are you thinking of the Carnival Foods that is a couple blocks up Lincoln at Cleveland/Dickens? I’m always too busy not getting run over by cross traffic when I ride through there.
I’d had also forgotten about the CVS at Armitage. No good excuse there, except that I’m rarely on foot north of Eugenie or west of Larrabee (and I’d have to pass by 2 CVS and 3 Walgreens to get to this one).
I was referring to Carnival Foods. You are correct that is a coupl eof blocks north of Armitage. Not too far though. Expensive!
“The 19X10 2nd is a typo.”
Oh — if that is actually 10×10, then they’ve got one marginal bedroom and two downright small ones. (It also throws my sqft calculation above off by 100sqft, and makes $800K less reasonable.)
That said, the space is large enough that this could be remodeled quite well (while maintaining the general character). I’d offer 72 E Elm #4 (also from Rubloff) as a example here. They are asking $599K (no parking), for similar space (although I personally don’t like the layout there).
It is all about the utility. Roughly 70% of all potential buyers would pass on this property before ever going to see it
The fourth floor location certainly is a detriment. I’ve thought the same thing about Crilly Court- which I believe is only three stories- but those sold quickly despite the stairs.
It’s great exercise!
There are some townhomes in Old Town that are price similarly to this unit (but there aren’t many single family homes- with the exception of that one we chattered about on Orleans- south of North Avenue though.)
Since it has been on the market for this long, it is by definition overpriced. Anything will sell at the right price. The right price accounts for any deficiencies in the house. Anything will sell quickly at a cheap price. They could sell this thing tomorrow if they dropped the price $100,000. The owner seems in no hurry to sell, so I won’t exactly hold my breath for this to happen.
Deaconblue on June 23rd, 2008 at 8:44 pm
suckinthecity,
Not a lot of people buy an $800k home as their first condo. There are plenty of people out there with $80k in home equity they could roll over, it’s not all first time buyers.
D
———-
I would suspect if some one out there had 80g’s in equity, it was probably cashed-out by now. The few frugal people that did not cash out are not going to buy this thing.
I am a buyer that is interested in this area and where 800K is comfortably in my price range and this would definitely not be even remotely considered. As Steve mentioned, many buyers just do not consider 4th floor walkups and/or places with all small bedrooms.
In general, I believe people with real money to buy these places now are considering market conditions and ideal comfort living spaces (because we can be picky). Price it at 700-725K and you may find a very different type of buyer (and it will also likely sell)…
If the markets turn further south (and I think this is likely), these sellers may pay for their “unmotivated”-ness
I personally prefer radiator heating versus blowing, dusty, noisy forced air systems.
And i think space pac is just as good as larger-ducted AC.
A fourth-floor walk-up is out of the question for me in any age bracket, but especially the one I’m in now.
For some strange reason, sellers and realtors in this city believe that high floors should rate higher selling prices than low floors, even in a walk-up. I can see a higher price for a high floor in an elevator building, but nobody wants to lug 50 lbs of groceries up 4 long flights of stairs. Actually, I would expect lower floors to sell higher in a walkup, as was always the case in centuries past before elevators.
“I would expect lower floors to sell higher in a walkup, as was always the case in centuries past before elevators.”
Lower floors also typically had high ceilings, which may be the case in this building as well.
Come on folks, are elevators really a necessity? I happen to enjoy using my legs; if my building had an elevator I wouldn’t use it.
I still find it appalling that the awful McMansions in Lincoln Park have elevators, but perhaps I’m in the minority here. I’ll gladly keep a few extra bucks in my pocket and buy some quality architecture with a stairwell.
Dave,
A lot of middle aged+ people (and younger ones with rheumatism etc) can’t keep running up and down stairs all day – their knees can’t take it. Similarly when you’ve got a baby/toddler. Lots of these McMansions have as many floors as a walk-up.
“Come on folks, are elevators really a necessity? I happen to enjoy using my legs; if my building had an elevator I wouldn’t use it.”
What if you get sick, grow old, break a leg, or decide to have children?
Fair enough, but I suspect that some of the commenters above do not fit any of these categories. Naturally you won’t be climbing any stairs if you’re incapacitated. In any case, with the way elevators are being described as the ultimate deal breaker, you’d think there were no elderly or children in Chicago before the elevator was a common amenity.
As for the McMansion, I wouldn’t buy a home so large that I needed an elevator to visit the house in its entirety.
The commentators above are lazy. In Europe and in places like NYC it is not uncommon to find fourth floor walkups.
The commentators above are the ones who wonder why they wind up fat, they can’t seem to get their head around the fact that exercise is healthy and good for you, even a little exercise.
Nobody cares if your pregnant with groceries: the more strenuous it is the better it will be for your health.
Friends of mine lived in a fourth floor walkup, they loved it. Then they had a couple kids and it became a hassle carrying the kids, strollers and all the other junk up and down the stairs. Soon after they sold and moved to a building with a elevator.
hello – foot noise is why higher floors sell for more. you want to hear people walking on your head 24/7 ?
Fourth floor walk-ups are fine if you are fine. But getting injured (such as a torn ligament) can put a damper in that walk-up very fast.