Selling a 2-Bedroom Lincoln Park Townhouse Just 3 Years Later: 2325 N. Wayne
We last chattered about this 2-bedroom townhouse at 2325 N. Wayne in Lincoln Park in April 2009 when it sold for $78,000 under the 2005 purchase price.
See our prior chatter here.
It is now listed for just $20,000 over the 2009 purchase price.
I was in this townhouse at an open house in 2009 when it was last on the market. It had older wallpaper and needed new paint.
From the listing, it appears that those cosmetic changes were made.
It also indicates there are new stainless steel appliances in the kitchen which has white cabinets and granite counter tops.
The two bedrooms are on the top floor and there is a first floor family room.
It has a 1-car attached garage and a second space on the parking pad. The townhouse community is gated.
What will this ultimately sell for just 3 years later?
Emily Smart Lemire at Coldwell Banker has the listing. See the pictures here.
2325 N. Wayne: 2 bedrooms, 3 baths, no square feet listed, 1 car garage plus parking pad
- Sold in August 2005 for $558,000
- Originally listed in October 2008 for $549,000
- Reduced
- Was listed in February 2009 for $499,000
- Sold in April 2009 for $480,000
- Currently listed for $500,000
- Assessments of $275 a month
- Taxes of $6579
- Central Air
- Bedroom #1: 13×15
- Bedroom #2: 14×11
Are these dubin homes? nearly tome home they built looks the same and they cram as many of them in as they can into the smallest possible lot.
Given the location, there are some better TH options in LV at this price point (i.e., there are nicer 3 bed TH’s closer to the lake, in N.Horst, that should appeal to more in the TH buyer world). That said, for the price, it’s not a bad looking place, for those who really want “LP”. The ask seems reasonable for the improvements they’ve made, such that (if they stick to their guns) it should close for around what they paid.
Note to the association’s board: get rid of the downmarket “Lakewood Commons West” nomenclature above the common entry.
should go fairly close to ask.
Yes! get rid of that horrible awning….looks like an VA hospital banner or something
$440k and that is very generous.
There are much better THs in better LP locations at lower prices.
This for $475 for example. http://www.redfin.com/IL/Chicago/430-W-Armitage-Ave-60614/unit-1/home/13348936
HA! billions were made in the stock market today – not only will the overall rise in the stock market improve people’s outlooks on the economy, seeing their brokerage accounts and 401k plan account balances increase gives many many people a lot more confidence to buy. Think about it – if you had 500k in your 401 k plan and it decreased to 350k – you would be nervous and not even think about spending/taking on a mortgage – but what if that 350 now increased to 600k – all of a sudden, you have more confidence – even though your 401k plan has nothing to do w your mortgage. I know it is stupid for me to explain in such idiotic basic terms, but you have to remember the audience.
HA! The stock market has been up every year since 2009. Yet Chicago home prices keep falling and falling. Not all asset classes are correlated. Think about it – if you blew all your savings on a starter condo you bought in 2006 – you might think twice about blowing half a million on a 2/2.5 in a marginal area of LP. I know it is stupid for me to explain in such idiotic basic terms, but there are business-ignorant and reality-ignorant Ivy Leaguers in the audience.
– sound and fury signifying nothing –
and just a week earlier, the market had its largest drop of the year
http://www.usatoday.com/money/markets/story/2012-03-06/stocks-march-6/53381988/1
Regarding the property: not MCOT – but the property itself seems fine. Pricing may need some adjustment in this market.
“I know it is stupid for me to explain in such idiotic basic terms, but you have to remember the audience.”
No credit for being right if your story always stays the same. Broken clock theory. When you will be right no points for you. You are dumb. I have been saying that for over a year.
I think the place on Armitage does look far better. For $500k, that is one TINY kitchen but otherwise it seems like a nice enough place.
I would never consider this place due to the pure ugliness of the exterior with its VA hospital awning (Trudi is right) and faceless garages fronting the street.
“401k plan account balances increase gives many many people a lot more confidence to buy. Think about it – if you had 500k in your 401 k plan and it decreased to 350k – you would be nervous and not even think about spending/taking on a mortgage – but what if that 350 now increased to 600k – all of a sudden, you have more confidence – even though your 401k plan has nothing to do w your mortgage.”
The average balance in a 401k plan in the US is $40,000. Sad, but true. Only 2% of Americans with 401ks/IRAs have a balance over $1 million (don’t know what the stat is for those with $500,000- but probably not very high either.)
Also- all the 20 and 30 somethings are lucky if they even have a 401k given student debt repayments etc.
The place on Armitage has it’s main living space below grade, and doesn’t have a family room/den like the Wayne townhouse. The Armitatge location is better, but I’d take this one for $500 over that one for $475.
The place on Armitage is indeed nice for the price, but that row of places all feel like the whole world is looking into your living room. There are places in that development I’d consider (facing Sedgwick or Dickens), but not Armitage or Lincoln.
“Also- all the 20 and 30 somethings are lucky if they even have a 401k given student debt repayments etc.”
Yeah, so true. I have a feeling my generation will be eating cat food in retirement.
My comments are so apropos, as usual:
http://www.bloomberg.com/news/2012-03-14/gap-targeting-broke-young-hipsters-seen-as-flawed-plan-retail.html
Gap Targeting Broke Young Hipsters Seen as Flawed Plan
“Gap Inc. (GPS), which drew legions of young adults in the 1990s with classic khakis and swing-dancing ads, is again banking on young, hip customers to resuscitate its sales. Too bad they’re broke now.
Weighed down by higher-than-average unemployment, student- loan debt and concerns that the economy will continue to struggle, Americans 18 to 34 years old are increasingly reluctant to shop, according to researcher WSL Strategic Retail. “
hahaha well the problem with retal stores once agan, is pricing… how the fuck to people afford to shop at nordstroms, $200 for a marginal quality shirt? $300 for a pair of shoes give me a fuckin break! All the overpriced low quality shit everywhere, I think people have had enough!
$50 shirts that get fucked up after 1 wash, low quality everything, everything is disposable quality now… so annoying!
“Penny wise and pound foolish” sonies.
Well I’m gonna guess its more like, “max out the credit cards, and worry about paying it later!”
There was no comma in my previous comment, sonies.
pardon my reading comprehension failure, I went to a state college
And whats wrong G, no Clio around, so you have to troll me instead?
I think this will sell for $480K, and predict it will be under contract by 5/1. Good pricing by the owners.