Tales of the Bust: From $612K in 2007 to $489K in 2012 in Lincoln Park: 2714 N. Lehmann Ct.
We last chattered about this 8-unit building at 2714 N. Lehmann in Lincoln Park in April 2011 when Unit #4N had been on the market for 2 years.
See our April 2011 chatter on Unit #4N here.
Unit #4N finally sold in December 2011 after 2 1/2 years on the market. Here are the details.
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)
- Sold in December 2011 for $473,000
- Assessments of $214 a month
- Taxes of $8853
- Central Air
- In-unit washer/dryer
- Bedroom #1: 16×14
- Bedroom #2: 12×11
Recently, the sister unit, Unit #4S, came on the market with a list price of $489,000.
It’s the same square footage, also has the private roof top deck and the parking is also included.
It also previously sold at $612,000 in 2007, which was when the building was built.
Will this unit sell relatively quickly given the comp on the other unit?
And is this now realistic pricing on the luxury 2/2s in this neighborhood?
Rachel Hamilton Mann at Conlon also has this listing. There are no pictures yet- so see the pictures of the sold unit, Unit #4N, here.
Unit #4S: 2 bedrooms, 2 baths, 1600 square feet
- Sold in January 2007 for $612,000
- Currently listed for $489,000 (parking included)
- Assessments of $214 a month
- Taxes of $9238
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×14
- Bedroom #2: 12×11
That is one ugly building.
The initial sales prices were absurd. But all things considered, I consider it a fairly positive indicator that 2/2’s are selling in the high(ish) $400’s. Sure, these are large units, with expensive appliances, a garage and outdoor space. But this is pretty undesirable street (not sure if this or Schubert right around the corner is worse; at least Schubert has some big McMansions now).
I love the comment from the sold listing that the unit was “priced below value”.
Nothing wrong with the exterior that a few well-designed AWNINGS on the windows won’t cure. That stark-looking outer wall makes it look like an office building or institution instead of residential.
“Nothing wrong with the exterior that a few well-designed AWNINGS on the windows won’t cure. ”
I didn’t realize the problem was that it isn’t ugly *enough*.
It doesn’t seem luxurious to me. It seems boring and plain. I’m surprised it sold for that price. I wonder if the buyer was a foreign investor. Also, the assessments seem artificially low.
It is condos like this that make me realize how crazy things were in 2006. Over $600k for a 2/2? Even $489k now seems like a lot to me…but the neighbor found a buyer at that price, so all it takes is a second person…
Obligatory “Lehmann is the Post Office alley” comment. Hasn’t that always been the biggest mark against every listing ever showcased here from this block?
groove luvs this place, iirc
““Nothing wrong with the exterior that a few well-designed AWNINGS on the windows won’t cure. ”
I didn’t realize the problem was that it isn’t ugly *enough*.”
that deserves a publishers clearing house ed mcmahon ‘ayeee ohhhhh” or a rodney dangerfield tie pull with a ‘no respect i tell ya’
good point CH,
“Groove77 (June 16, 2010, 8:45 am)
um did this start out as some government, insane asylum, or institution when they built the exterior and then said hey lets just do condo?
absolutely depressing street to walk down, i dont know if on a cold slushy winter i could walk home down this sad street to my wrist slitting front door and not just turn around and step infront of a bus.”
I find the name of the street ironic.
According to the Tribune’s Elite Street column, this unit was the one that was owned by a former Chicago Blackhawk.
Unit #4S that just came on the market (across the hall) was also owned by a Blackhawk (aw…how cute, they wanted to live across from each other). He put it on the market only after the other one sold so as to not compete with each other.
“He’s glad he finally sold it,” said Rachael Hamilton Mann of Conlon, the listing agent for both units. “It’s a tough market, but we got it sold. We got a good price, and it was a great buyer. Everybody’s happy in the end”
http://www.chicagotribune.com/classified/realestate/luxury/ct-mre-0122-elite-street-20120120,0,4144714.story