Selling A 2/2 Fourteen Years Later In East Lincoln Park: 2715 N. Pine Grove
This large 2-bedroom at 2715 N. Pine Grove in East Lincoln Park came on the market in August 2011.
The building was built in 1997 and has 6 units.
This unit has the coveted modern amenities that buyers look for but which normally aren’t found in East Lincoln Park. These are central air, in-unit washer/dryer and garage parking.
It also has 10 foot ceilings and at 1600 square feet is larger than many 3-bedrooms in the area.
The kitchen has granite counter tops, maple cabinets and black appliances.
The unit has one private back deck and also a second larger deck that is shared with one other unit.
Since last August, it has been reduced $5,100 to $489,900.
This unit last sold 14 years ago.
What price will it take to sell the unit this time around?
Leigh Marcus at @Properties has the listing. See the pictures here.
Unit #2: 2 bedrooms, 2 baths, 1600 square feet
- Sold in August 1998 for $390,000
- Originally listed in August 2011 for $495,000
- Reduced
- Currently listed at $489,900 (parking included)
- Assessments of $145 a month
- Taxes of $6706
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 15×14
Anonny bait?
How are assessments at just $145 after 14 years?
“Icarus (June 6, 2012, 2:18 pm)
Anonny bait?”
again another point that a Wiki is definitely needed. Annony wanted (and bought) a 3/2 not a 2/2
“again another point that a Wiki is definitely needed. Annony wanted (and bought) a 3/2 not a 2/2”
Needed indeed. Anonny wanted and bought a 2/2(.5). He’s been talking about wanting a 3/2(.5), with some plan about maybe renting in interim that I can’t quite follow.
It is anonny bait in the sense that he does comment about almost anything in true blue elp. Maybe he’ll have a spare 6 min sometime soon.
Needed indeed. I just don’t have the bandwidth to do it.
I would rather live here than the sfh across the street from the school.
I’m leery of the fact that there are no pictures of the bathrooms. How much do you want to bet they are original to 1997 and desperately need updating?
If the owners have done a fair amount of updating since 1997, this may be a reasonable price. If they have done very litte, which is my guess, I think $100k profit is a lot to ask for 14 year old finishes.
“It is anonny bait in the sense that he does comment about almost anything in true blue elp. Maybe he’ll have a spare 6 min sometime soon.”
* Agree with boi that the assessments are red-flag low (should be around double that).
* Have long wondered what these places looked like, but only the upper/dup units.
* Further to that point, this place fails on that Unicorn Criterion (walk-up with no one above).
* While we’re listing non-complying points: no powder room and kitchen open to living room.
* I don’t *love* this particular block. Not saying that we wouldn’t move into a 3+ bed on this block, but I’ve had dozens of semi/potentially-sketchy/seedy encounters on the block. Not sure if it’s due to Thresholds facility around the corner (Wrightwood and Lakeview), proximity to the giant Sec. 8 building up at Surf and Pine Grove, proximity to both Diversey and an upleasant stretch of Clark, or some combination of all of those factors, but it feels worlds apart from spots just a few hundred feet away.
* All of the above said, the place has a fair amount going for it, and I could see it moving in the low $400’s (given how little, if anything, they’ve put into it, the sellers should be happy to close in the low $400’s; unless they’ve ATM’ed the place, they should make out fine).
Isn’t the Section 8 housing at Surf and Pine Grove senior citizens? How semi/potentially- ketchy could they be? Perhaps post-sketchy.
Yeah, Surf/PG (old Surf Hotel) is Senior-restricted (same with the old Commonwealth Hotel on the corner; the 7/11 building) — the only way HUD gets affordable housing in ELV/ELP. I’d say it’s probably Thresholds. And at least the Bel Air was cleared out and is undergoing extensive reno to make it market rate (the building Duffy’s is in on Diversey).
Honestly, I like that block there on Pine Grove. The rental properties are all nice, and the rest is townhomes or condos like these.
Why should assessments be double? Perhaps they have a well run owner managed association. I’d bet that they are frugal and can grt by on those $$$ and stil put some cash into building a modest reserve fund.
Assessment level comment
If it is a 6 unit building setup as
Unit 1 Duplex Down
Unit 2 Single Floor
Unit 3 Duplex Up
then I can see a $145 / month assessment.
Based on some past experience with 3+ 6+ etc. condos, I’d project 10k a year in expenses for the building. This assessment level is enough to build a reserve, save for water sealing, roof, and deal with incidentals. Something majorly unexpected (change in city regulations requiring a deck rebuild) would still be a special.
Just my 2 cents
“I’ve had dozens of semi/potentially-sketchy/seedy encounters on the block”
Dozens? Really seems like you need to move to a better neighborhood. Then again, I don’t entirely know what potentially means in this context.
“If the owners have done a fair amount of updating since 1997…”
maple cabinets and black appliances are very late-90’s.
It’s a nice size but I don’t get why you’d by a 2/2 when you could find a 3/2 for nearly this price.
“It’s a nice size but I don’t get why you’d by a 2/2 when you could find a 3/2 for nearly this price.”
A 3/2, south of Diversey and east of Clark, with a garage space, outdoor space, w/d and a/c, for nearly $490k (and assessments under $200/mo)? You’re either using “nearly” very loosely, or are treating the most compelling features (location, garage parking, w/d) of the subject property as optional/immaterial.
“You’re either using “nearly” very loosely, or are treating the most compelling features (location, garage parking, w/d) of the subject property as optional/immaterial.’
Agreed. The area is choice, further south would be better, but it’s better than crossing Diversey.