Still Waiting for a Buyer for this 2/2 in Lincoln Park: 2714 N. Lehmann
We last chattered about this 2-bedroom at 2714 N. Lehmann in East Lincoln Park in January 2011.
At that time, it had just been reduced to $499,000, and was listed 18% under its 2006 purchase price.
See our prior chatter here.
Back in January, some of you thought it would sell in the $300,000s.
It’s a top floor unit with a private roof deck.
It also has upscale kitchen appliances, including Subzero, Wolf and Bosch.
Unit #3S, also on the market in the building, is under contract. It is listed at $475,000.
What will it take to finally sell this unit?
Rachel Hamilton Mann at Conlon still has the listing. See the pictures here.
Unit #4N: 2 bedrooms, 2 baths, 1600 square feet
- Sold in December 2006 for $612,000
- Originally listed in April 2009 for $579,900
- Reduced
- Was listed in June 2010 for $539,000 (parking included)
- Reduced
- Was listed in January 2011 for $499,000 (parking included)
- Still listed for $499,000 (parking included)
- Assessments of $214 a month
- Taxes of $8853
- Central Air
- In-unit washer/dryer
- Bedroom #1: 16×14
- Bedroom #2: 12×11
I have been in these units…a good friend lives there. They feel much larger in person. They are wider than most 2bd/2ba. Some may not like the fact that its on a small street that is much like an alley. On the other hand, it is walkable to restaurants, the Clark street bus and the lake. I’ve always liked these units.
another place with the only deck to be found is through the master bedroom
lame
I think the exterior of this place nearly rivals the Sheridan townhouse. I am sensing a theme forming…
Great area. Crummy street. Ugly building.
Yawn.
Two handle sink faucets are a plague and that flea market ceiling fan isn’t doing anybody any favors.
I love how the ad says, “priced below value.” I didn’t take much economics in college, but isn’t the value whatever price the buyer and seller agree on?
I suppose if it’s a foreclosure, maybe one could argue the bank is desperate to sell so it cuts the price significantly below similar units in the area. But on a normal sale, I don’t buy this type of wording.
It is less than what these sold for in 2006-09, which ranged from 535K-600K.
I think it was purchased with cash. No mortgage that I can see. Being a professional athlete will make that happen.
Building facade reminds me of a WPA-era school in an older Chicago neighborhood; don’t think that’s what the developer intended here. It looks like the general contractor-developer also was the nominal architect, because the building design is overtly simplistic.
These 3-flat/6-flat block construction condo buildings are likely to face construction problems past and future.
A Local:
535K to 600K was the value between 2006 and 2009. The value now is significantly lower. So it’s not below value. It’s below past value, I suppose.
not only is lehmann basically an alley, the post office trucks use it heavily in the morning and afternoon, so lots of early morning noise.
Architect – “These 3-flat/6-flat block construction condo buildings are likely to face construction problems past and future.”
Please explain why or how? While you may not like the style, I see no reason why these buildings will face construction problems… there have been none in the past. You seem bitter that most contractors don’t use architects b/c of cost. But this doesn’t mean that they will have construction problems. If your going to bash something at least explain your reasoning.
Dan – “535K to 600K was the value between 2006 and 2009. The value now is significantly lower. So it’s not below value. It’s below past value, I suppose.”
I don’t disagree necessarily. I was just passing along info in case there is someone interested in these units. It seems that crib chatter has gone from being helpful to just plain negative. Such ruminating isn’t really helpful to buyers in the market.
“a local on April 30th, 2011 at 9:01 am
Architect – “These 3-flat/6-flat block construction condo buildings are likely to face construction problems past and future.”
Please explain why or how? While you may not like the style, I see no reason why these buildings will face construction problems… there have been none in the past. You seem bitter that most contractors don’t use architects b/c of cost. But this doesn’t mean that they will have construction problems. If your going to bash something at least explain your reasoning.”
My experiences with bubble constructed buildings have left me with the impression that they were put up fast and/or cheap. That being said, it’s not like some contractors haven’t cheated and half-assed things for centuries, it’s just that less attention gets paid when large numbers of people think, “I’ll just live in it for a few years and then flip it!”
A Local,
Sorry. I started to get on my soapbox a bit there on something that wasn’t too relevant. I reserve my right to say negative things if I have useful criticisms of a unit, but in this case, I probably wasn’t being helpful.
Dan
“I think it was purchased with cash. No mortgage that I can see. Being a professional athlete will make that happen.”
I toured this on an open house a while back and after guessing a few Blackhawks players (mainly due to salary as NFL, MLB, and NBAers all make far too much to live in a 2/2) the agent [not Rachael Mann] revealed that it was Tuomo Ruutu.
Ruutu was traded to the Carolina Hurricanes just before the trade deadline of that year. Not sure if he’s rented it out over the past few years or just sat on it considering he paid cash and didn’t want to lose his a$$ on selling in a down market.
A side note: I was at the very tail end of the open house. I believe it was around 3pm. Being a hockey nut, the agent told me I could hang ’til Tuomo got there, but I split not wanting to be “that guy.” I did also spot a yellow convertible Lamborghini parked on Lehmann as I walked away. Meh.