Selling Under the 2006 Price: 626 W. Belden in Lincoln Park
There seem to be a lot of properties that have long market times that are now reducing prices given that the calender has changed to 2009.
This 3-bedroom vintage unit at 626 W. Belden in Lincoln Park is one of them.
See the old chatter and pictures here.
Since we last chattered about this renovated greystone unit, it has reduced another $30,000 and is now listed for under its 2006 selling price.
Julie Dorger at Coldwell Banker has the listing. See more pictures here.
Here’s its history:
Unit #2: 3 bedrooms, 2 baths, no square footage listed
- Sold in July 2003 for $445,000
- Sold in November 2006 for $533,500
- Originally listed in June 2008 for $585,000
- Reduced
- Was listed in October 2008 for $550,000
- Reduced
- Currently listed for $520,000 (parking included)
- Assessments of $300 a month
- Taxes of $7073
- Central Air
I bet it would sell tomorrow if they dropped it to 2003 pricing. This one is just following the market down.
The owners are idiots. Thats the only way I can justify why they all seem to act in tandem and cut prices now that its 2009. Had they any sense at all they would’ve got out ahead of the falling market. 520k even in October would’ve been far more marketable than today.
Did they honestly believe some magical buyer was going to come along once it froze here and buy up their place for their previous ask price?
They’d be lucky to sell at 2003 pricing.
They had probably planned to hold on until the spring when the market was supposed to pick up. Now that even the most optimistic economic forecasts are saying there will be no improvement this spring, a lot of sellers will finally start to get real about pricing. It was a big step for them to finally list at a lower price than they paid. Unfortunately for the seller, I think they’ll have to go quite a bit lower.
Their current price is probably strategic to meet the 20% down-payment non-jumbo-loan demands that were voiced in the previous chatter. I think they’d be lucky to get the price it’s at, but it makes a degree of sense to me. I’d think $490.
Looks like this just got reduced to an asking price of $489,000.
That seems like enough to get some attention.
Anyone know what happened to this property? Had been on market for a year or more, but it’s not showing in the listings now. Did it sell or just fade away?