Selling New Construction 2-Years Later: A 3-Bedroom at 2800 N. Lincoln in Lakeview
This 3-bedroom penthouse at 2800 N. Lincoln in Lakeview recently came on the market.
This is a 7 unit building that was constructed by Noah Properties in 2017. It has an elevator which is key entry into the units.
This building is on the 6-corner intersection of Diversey, Lincoln and Racine.
These were all built as luxury units and have upscale finishes.
It has floor-to-ceiling windows and 3 outside spaces including a balcony off the master bedroom, a private terrace and a big private rooftop deck which is access via the elevator.
The kitchen has white custom cabinets, stone counter tops and stainless steel appliances.
The master bedroom has a large bathroom with steam shower.
It has central air, washer/dryer in the unit and it appears that one car parking is included.
Two years ago, this sold “new” for $981,000 but has come on the market for $94,000 more, or $1,075,000.
Will it get the premium?
Barbara O’Connor at Dream Town has the listing. See the pictures here.
Unit #4D: 3 bedrooms, 2 baths, no square footage listed, penthouse
- Sold in December 2017 for $981,000
- Currently listed at $1,075,000
- Assessments of $331 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes are still “new” (or not seemingly listed in the public listing)
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 12×11
- Bedroom #3: 13×12
- Living room: 46×24
- Laundry room: 9×6
- Rooftop deck: 35×17
- Terrace: 10×13
- Balcony: 10×6
The design is LPTS approved
Since we’re on a hood kick lately, I don’t see one
Would be nice to know if you got the indoor bar area on the RT deck – way to put max effort and earn your money Realtor
I don’t know why Sabrina keeps calling small asking price increases “premiums”? These sellers are basically just looking to get their money back after deducting for broker commissions, closing costs, and a little bit of buyer negotiation…
wow they actually built something on this corner, I remember seeing plans on a chain link fence there right after 2008 and for many years after that
and yeah this person is just trying to get their money back
did Lori pass that stupid transfer tax hike on upper end properties yet?
A million bucks for an oddly shaped 3/2 on Lincoln Ave.
I still cant believe even sold for $981K in 2017. I predict it goes in the low $800s. Average finishes, awkward pointy layout, middle of two busy streets, tax increases.
I’m sure this place has a stunning view of the Shell station
I find the room measurements to be misleading. 46×24 living room? Maybe at its widest point, but it’s gets narrower. The same goes for the balcony off the living room.
The photos for this and for Hyde Park cottage are pretty poor for the price point.
Honestly, I really hate it. Looks like taxes will be around $22,000 give or take. This is a pretty major intersection. In Aggasiz. Million dollar finishes in a $700k condo? Actual size almost seems closer to 1000 sqt than 2000 sqft. Where is the claustophobic wine fridge area – upstairs?
I really don’t understand whom this would appeal to at more than $800k. I’d far prefer 2617 N Wayne 3S and Prescott is much better than Aggasiz.
“These sellers are basically just looking to get their money back after deducting for broker commissions, closing costs”
Seems that means that the BUYER is paying those costs, then.
“Where is the claustophobic wine fridge area – upstairs?”
Yes, and based on the listing, and the floorplan, it is *shared*.
Perhaps it is not, but it is not referenced in the rooms, and leaving it off the roof plan really makes me think it is.
Busy corner, Bad school district, not close to the lake, not particularly close to the expressway. Decently close to the el however.
Still, why would anyone in the ~$800k – 1M budget range buy here? There are so many charming 3 flats in the area for similar price, better lay out, tree lined streets.
“Actual size almost seems closer to 1000 sqt than 2000 sqft.”
I think it measures in the 1700s. 1800 would be marginally plausible, but dubious. Of course not counting the outdoor space, or the mystery hut.
Would live much smaller bc of the taper. They have the lighting done so that the dining area is across the living room from the kitchen, which means that a part of that room would likely end up feeling like a hallway, and the disguised foyer (elevator and exterior door, plus the coat closet) basically inside the kitchen is a ton more deadspace. Think the common space end up feeling like that of a ~1400 sf place.
Master suite is ok, but closet a little small. 2/3 bedroom layout is INSANE–why waste a window on a closet?
1. Can anyone explain why this unit, 4D (according to Redfin), has the same PIN as units 4S, 3S, 3N, 2S ?
2. Will individual condos in this development someday get their own distinct PINs?
3. When?
(Unit 2S closed in Dec. 2017, two years ago.)
https://www.redfin.com/IL/Chicago/2800-N-Lincoln-Ave-60657/unit-2S/home/143408754
Interesting unit with some appeal, though I’m not sure how that long, angled great room would work in practice. I’d have a hard time deciding to pay $1 mln to live above a store on a very busy, noisy corner with CTA buses going by in two directions, however interesting the layout might be. I’m amazed it sold for so much and that they think they can get more now.
There’s a condominium declaration recorded that shows PINs for the individual units. Redfin and other automated stuff doesn’t always resolve everything well without the unit numbers showing in the property tax records, especially before they come up for resale.
(There might have been a correction to the listing, but as of now it shows this is Unit 4N, which does resolve to the PIN on the listing per the recorded condominium declaration.)
I guess these guys think that because they added some ‘million dollar’ type finishes / lighting accents in the kitchen and bathrooms this place was worth a million dollars.
Can’t believe the 2017 price..I think this place is reasonable for 799k.
Thanks JJJ.
Is a condo declaration that declares PINs for individual units a public document?
If yes, how could one gain access to it?
“live above a store”
You can only hope that something moves in…the owner’s basis isn’t too bad. $2,000/month, NNN, would be a solid return.
But there are plenty of other options nearby.
“There’s a condominium declaration recorded that shows PINs for the individual units.”
The Recorder’s office cross referenced it to the PINs. Dec itself does not reference the PINs.
Based on the Dec (w/o reading the whole thing), the roof hut is a shared space. All 6 units have a designated section of the roof, and the percentage allocation is too flat.
“Based on the Dec (w/o reading the whole thing), the roof hut is a shared space. All 6 units have a designated section of the roof, and the percentage allocation is too flat.”
Does that mean that even if you are the “penthouse unit” you could have people hanging out on a rooftop deck above your unit? That would be a deal breaker for me.
“wow they actually built something on this corner, I remember seeing plans on a chain link fence there right after 2008 and for many years after that”
It was a parking lot for a decade or more. Zipcars were parked there.
@Dan2 – nitpick, but unless you meant Diversey each way as “2 directions”, there’s only 1 bus by here. No Lincoln bus in this section. But yeah, not a great intersection. The best I can say about it is that Fullerton/Halsted and Belmont/Ashland are worse.
“It was a parking lot for a decade or more.”
Hell, it was an asphalt covered near sinkhole for nearly a decade before it was repaved and used for zipcars–the surface was so uneven, I wouldn’t have walked on it, much less parked a car there.
Before that, it was the parking for Wallaby Station: Apparel for the Shorter Man.
https://www.chicagotribune.com/news/ct-xpm-1991-05-08-9102100718-story.html
“No Lincoln bus in this section.”
Bet Dan got up to some hijinks on the ol’ #11 in the 70s/80s.
““There’s a condominium declaration recorded that shows PINs for the individual units.”
The Recorder’s office cross referenced it to the PINs. Dec itself does not reference the PINs.”
You have got to chill with this ridiculous pedantry. When you review the official recorded declaration, the PINs are shown. They are not part of the declaration. They are not “included”, they are “shown”. Which part of the office did the cross-referencing, the walls or the floor? I eagerly await your analysis, please give effect to all possible outcomes of LTA vs. Yarborough!
So sorry, JJJ, was intended to answer wojo’s question, and should have quoted this instead:
“Is a condo declaration that declares PINs for individual units a public document?”
Ok, fair enough, apology accepted.
The answer to wojo’s question is that a wide variety of documents related to transfers of, and interests in, real estate are easily available at (both versions of) the data portal of the website of the Cook County Recorder of Deeds, via searches on the PIN or address (or a bunch of other queries).
Ugly, cheerless building and strangely-configured apt with less space than advertised, on ugly, noisy corner.
$700K tops.