Still on the Market and Reduced Another $25K: 2910 N. Pine Grove #2
We’ve chattered about this 3-bedroom vintage unit at 2910 N. Pine Grove in Lakeview several times before.
Since December 2008, it’s been reduced by $50,000.
It’s 2000 square feet, has a sunroom and a fireplace but doesn’t have central air or parking.
Pam Lynch at Jameson Real Estate still has the listing. See the listing and more pictures here.
Unit #2: 3 bedrooms, 2 baths, 2000 square feet
- Sold in March 1995 for $210,000
- Sold in August 2003 for $376,000
- Was listed in December 2008 for $599,000
- Reduced
- Was listed in February 2009 for $574,900
- Reduced
- Currently listed for $549,000
- Assessments of $523 a month
- Taxes of $5,045
- No central air – window units
- Rental parking nearby
You could get a Spacepak central air system in this unit for about $40K.
I think the asking price reflects one indoor parking space and parking. Not going to happen for these sellers…
“Sold in August 2003 for $376,000”
That’s where the price is headed if it’s not already there.
I’d love to be in the mind of the seller….”My 401k is down 40%, a variety of my friends have lost their job, my job is a little shaky….For price, hmmmm, i bought it 6 years ago, so lets figure it’s doubled in price. No, that’s assinine in this market, lets only assume 80% increase”
They think that their improvements should be returned at 2x cost. When the reality is they’re worth more like .5-.75x cost (which was probably ~$100k, bc they paid full boat for everything (specualtion based solely on asking price).
I think $425k would get this sold, so their ask should be about $499k, with a clear statement that they’ll respond to all offers. They can hope for someone who’ll go to ~5% off ask, but much more likely to get ~$450k (which is still more than I’d pay for it, but that’s not the issue, b/c, to me, it’s a $2200/month rental worth–maybe–$250k).
$425k *might* get it sold, but $499k won’t attract any buyers. People who spend half a million on a condo don’t want to have to spend 15 minutes a day trying to find a parking spot (and you will be driving, given this location’s proximity to the el). It’s a nice enough looking place in an area that won’t get you mugged, but that’s about it. There are bigger places in better locations that include parking that are being listed at the same price (like 1122 W Diversey, for instance). What’s funny about this place is that another place is listed a block away for the *exact* same price, and it looks nicer and has parking. No, maybe the funny thing is that another unit on the same block and it looks like it might even be a similar condo. It’s listed for $435k, and it has been sitting for 3 months.
Oh, and the sky-high assessments are a nice touch.
The inside of this condo is beautiful, but I wouldn’t even look at a property that didn’t have parking. Plus, no air conditioning? I wouldn’t pay $500,000 for a place where I would have install window units.
Anyone know what’s going on with the giant (Section 8, I believe) building across the street on Surf (Surf at Pine Grove)? It’s been getting some extensive renovations, including all new windows (which actually make the building look quite nice). Is it going to remain a Sec. 8 (or some sort of facility) building?
p.s. jr, the el generally isn’t the ride of choice in on the east side of LV or LP. (I’ve lived in two places in the area, each within two blocks of this listing.) Today I got on the 134 bus, and was in the Loop in about 18 minutes.
It’s going down $50K, and it’s still at $550K??!! Is this a freaking joke?
Go sell crazy somewhere else…
$400K. Tops.
“Is it going to remain a Sec. 8 (or some sort of facility) building? ”
Any rental building can be “Section 8”. Don’t know the specifics of the building you are referring to, but it’s pretty rare for an owner to spend non-subsidized $$ fixing up a place and keep it mainly section 8. If the owner is getting HUD $$, then it will need to remain open to section 8 tenants for at least a fixed period. If it’s all their own $$ (equity or borowed), it’ll change.
jr, I used to live right by there. The El is only less than a 10 minute walk away (anyone who can’t handle that walk should just leave the city), and as the other guys said there are buses…the 134, 151 and 156…which can be boarded just a couple blocks east of here.
The price is still ludicrous though.
OK, that’s 3 posts in a row. I’ll stop now.
The Britton Bud Apartments (at Surf and Pine Grove) are CHA housing for low-income seniors. The tenants were temporarily relocated for these renovations and then will be moved back in.
Britton Budd* sorry
I really don’t understand your obsession with parking – there are parkings for lease everywhere in the neighborhood, you can factor the price in. There are going to be less and less cars in the city for cost, taxes, fines, meters negative reasons and green, public transit improvements positive reasons. Leasing a parking may mean walking a block in slush, you can factor that inconvenience in. It also means that if you don’t like that parking, you can pick another.
You can factor aircon in. INcluding the hassle of getting it installed.
No one is going to plop down half a million and not get a covered secure parking spot. No one. In short:
#
homedelete on April 2nd, 2009 at 7:12 am
“Sold in August 2003 for $376,000?
That’s where the price is headed if it’s not already there.
No one is going to plop down half a million and not get a covered secure parking spot. No one. In short:
#
homedelete on April 2nd, 2009 at 7:12 am
“Sold in August 2003 for $376,000?
That’s where the price is headed if it’s not already there.
woah double post, the site gave me a weird error.
Again… keeps going back to the rules of thumb. Never buy places with huge flaws that can’t be fixed.
No Parking
No Central Air
Kiss of death for properties in this price range. It is only exacerbated by the lack of decent jumbo financing on top of it.
It is a gorgeous place, but I think it will wind up around $450k or less.
375k is about right. Also convenient street parking is a pipe dream in this part of the neighborhood.
This place is really nice but $500 asmts with no parking and no real A/C is a stretch
$375K is just right for this.
I love it. It’s beautiful. But the days of the $500K medium-small condo with no parking in a high-maintenance building are OVER, and are going to stay over for a long time.
$500 assessments are typical of vintage units, and they’re a deal killer for most people. So is the lack of parking.
The place is really most suitable for single person or “empty nest” couple that doesn’t own a car. Pretty limited market.
jr,
You seriously think the 1100 block of Diversey is a better location than the 2900 block of Pine Grove? Wow. Who knew that a view of a car dealership and bus exhaust was more desireable than huge trees and being steps from the lake. Also condos of the 1999 vintage aren’t exactly the best construction quality.
$500k is not unheard of for a large renovated vintage unit in this east Lakeview/Lincoln Park location, despite the lack of a/c and parking. Similar units of this size in a similar location that have parking and central air sell in the high 500’s-low 600s, even in this market.
Also, space-pak air will not cost 40k. Had a client get a quote recently for a 2300 sq ft unit similar to this one for 26k.
It’s .8 mile to the El – less than 10 mins would be some serious speedwalking esp with lights and congestion in that area – more than 15 mins is more like it, and crappy in the winter.
“The El is only less than a 10 minute walk away (anyone who can’t handle that walk should just leave the city)”
Maybe it’s just me, but buses suck compared to the El. Also, I lived on Pine Grove, one block from this place, for a year, and it took 40 mins door-to-door to get to work in the loop via bus. The express bus wasn’t any faster, either, b/c they are soooo crowded that when it does stop it takes twice as long. 8 months out of the year, I could ride my bike to work, and it was much faster than the bus or El.
“Today I got on the 134 bus, and was in the Loop in about 18 minutes.”
Also, it is ridiculous trying to get on 90/94 from this location – almost 30 mins – people would literally walk faster than I could drive. Don’t get me wrong, the location has some nice advantages – immediate location is tree-lined and quiet, but close to a lot of things on clark and diversey, lake access, lake shore trail, but it’s a pain to get places.
This is a nice place. For that kind of money one would/should be expecting parking and AC.
Fullhouse-
I lived right around the corner from this place on Oakdale for a year. It took no more than 20 minutes to get to and from the loop on the 134 bus. And in regards to 90/94. You can just jump on LSD and take that to lower wacker, take that to congress and you are right at the 90/94 ramp.
“And in regards to 90/94. You can just jump on LSD and take that to lower wacker, take that to congress and you are right at the 90/94 ramp.”
Not a good solution if you’re headed to O’Hare or Milwaukee or something.
“Don’t get me wrong, the location has some nice advantages – immediate location is tree-lined and quiet, but close to a lot of things on clark and diversey, lake access, lake shore trail, but it’s a pain to get places.”
I think that’s the point. Living in this area is like living in the suburbs in some respects because your commute sucks. All you’ve done is traded in cabs and the cute coffee shop for the yard and the 2 car garage. Oh, and a couple hundred $/sqft. Maybe it’s just me, but I don’t see a lot of value in living inconveniently close to the lake.
I too used to live very close to this condo. I really loved the neighborhood. I don’t think transit options to the Loop are bad at all, but will definitely agree that it’s horrendous to get to northbound 90/94 for O’Hare or Milwaukee. Southbound is no problem – just take Lake Shore Drive. I also believe that the delay in rebuilding the Dominick’s on Broadway is a negative for the neighborhood; I really hope that someone at Safeway Co. steps in and says enough with this Broadway 3030 project; just build the ******* grocery store.
Price for this particular unit is way too high. There’s another nearly identical 3BR unit in this complex that looks to be in nicer shape, claims to have central A/C, and has been sitting on the market for quite a while at more than $100,000 less than the asking price here.
“I really hope that someone at Safeway Co. steps in and says enough with this Broadway 3030 project; just build the ******* grocery store.”
The land is owned by an entity controlled by the family of the founders of Dominick’s. Safeway doesn’t have any real leverage.
Not having the Dominick’s is a huge negative.
I live just north of here off Broadway and love it, partly because Jewel, Whole Foods and Treasure Island are all a very quick walk for me.
I remember the day that Dominicks burned down, I watched it burn down from my crappy rental in the homo hilton.
I’ve heard some chatter that they’re planning to put in a Trader Joe’s where the Barnes and Noble used to be on Clark and Diversey. That would be an amazing additional to this ‘hood. Any one know if that’s true?
“I live just north of here off Broadway and love it, partly because Jewel, Whole Foods and Treasure Island are all a very quick walk for me.”
Not all of us want to hike to gayville to get our groceries.
Bottom line is that 3030 Broadway building probably won’t get built and all they did with the site was remove a parking lot so suburban trixies now can’t hang out on Broadway bars.
S –
RTA trip planner has the 134 as 32 mins from oakdale & sheridan to adams & lasalle, and buses definitely run slower on average than RTA trip planner says. Add on the walk on each end and waiting a few minutes, 40+ mins. Maybe you’re remembering some freakishly fast day not really during rush hour(s), but I used to time it and it drove me crazy.
“I lived right around the corner from this place on Oakdale for a year. It took no more than 20 minutes to get to and from the loop on the 134 bus.”
LJ,
I haven’t heard anything about a Trader Joe’s, but that would be a great addition to the neighborhood if true.
gratuitous gay-bashing aside, there is a trader joe’s planned for that site on diversey just west of Clark Street. However, prior to that a Rowndy’s grocery store had been planned on the site, so who knows if the Trader Joe’s will actually happen.
There is the Marketplace on Diversey east of Clark Street.
According to chicago real estate daily, the trader joe’s on diversey is probably a go (if they can get a loan). http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=33362
I’d actually prefer the Roundy’s (especially if the Dominick’s on Broadway doesn’t get off the ground), but i’m not about to start complaining about more grocers coming to the area.
Here in Madison Roundy’s is Copps. Not a bad supermarket, but not universally loved.