The 2/2 in the Heart of Lincoln Park: 845 W. Altgeld
This 2-bedroom unit at 845 W. Altgeld in Lincoln Park recently came on the market.
It has all the bells and whistles that buyers look for including central air, washer/dryer in the unit and indoor deeded parking.
The kitchen has granite counter tops and stainless steel appliances.
There is also a deck.
The building has an elevator, which is an attractive feature in Lincoln Park.
What’s the state of the market for the $400,000+ 2-bedroom in Lincoln Park?
Joel Holland at Homescout Realty has the listing. See more pictures here.
Unit #2A: 2 bedrooms, 2 baths, 1336 square feet
- Sold in July 1997 for $345,000
- Sold in September 2005 for $449,000
- Sold in September 2008 for $470,000
- Currently listed for $440,000 (plus $25,000 for parking)
- Assessments of $340 a month (includes security)
- Taxes of $5729
- Central Air
- In-unit washer/dryer
- Bedroom #1: 14×12
- Bedroom #2: 19×10
rooms have weird angles
The market for 2/2’s is between 375,000 and 400,000 in LP depending on location and condition (including parking).
This place is overpriced.
I really love that little “office” area off the second bedroom, but I agree, the angles/layout kind of suck.
I also think it’s probably a bit over market, even though it has most everything a 2/2 LP buyer wants.
I agree the room angles are pretty strange. Would really have to get creative with seating in that LR in order to maximize viewing angles. Also, I think the cabinets in the kitchen and the second bathroom are kind of blah for this amount of money.
I agree that it seems high, but it’s nice to see that the owner acknowledges that they won’t get close to what they paid for it.
Sounds like the current owners got a lil punchdrunk and way overpaid for this. You can now get a 2/2 townhome in LP for 325-350k (although with outdoor parking). 465k gives you much better options.
Bought in September 2008, talk about impeccable timing! Too bad the hot potato RE game is all but kaput. Good luck!
Great feedback so far. Angles look odd from pics, but in person, they create great space and a refreshing relief from the same long rectangular floor plan, and narrow living room of every other newer place in Lincoln Park. I just posted a floor plan on MLS for reference. And with the size and features and of the unit, and building, adjusted sold comps came to $461k, so with the stellar location, people viewing have all loved the price.
I can’t stand the TV above the (never used?) fireplace
The odd angles are a defense mechanism. If the rooms were not irregular, you would be in danger of dozing off from boredom whilst walking through this place.
“I agree that it seems high, but it’s nice to see that the owner acknowledges that they won’t get close to what they paid for it.”
What? Paid $470,000, asking $465,000 (when you add in parking).
The seller hasn’t acknowledged anything and is skipping through the fields of crazy on this one.
Who cares about the elevator when you are on the second floor? Unless you are Gilbert Grape’s mom, take the one flight of stairs.
I wonder how this was financed? I am guessing stretched to the hilt?
Also note the ‘vette in the space next door. It appears their neighbor is a db. Seriously a ‘vette? This ain’t some leafy suburb this is LP. Status symbol in Kentucky, surely. Schaumburg, perhaps. Lincoln Park? lol.
They’re _already_ trying to bail on their piece of the RE action? Two years of status symbol ownership of an upgraded apartment is already enough for them? I guess overpriced ownership fell out of favor with their social clique. Or maybe its those mortgage payments & taxes on a 470k place. Yeah that’s probably it.
Then again anon(tfo) knows hundreds of thousands of high-rollers just waiting in the wings and I’d bet these high-rollers don’t care about room dimensions, people living above them, or any other sort of considerations with regard to practical living!
Gilbert Grape’s mom
“Then again anon(tfo) knows hundreds of thousands of high-rollers just waiting in the wings and I’d bet these high-rollers don’t care about room dimensions, people living above them, or any other sort of considerations with regard to practical living!”
No, I don’t know anyone who would be interested in purchasing this place to live in. Maybe clio knows someone interested in a CF neg investment property, tho.
$365 is my market estimate.
Agree that the unit has weird angles and is nothing special.
I wonder why anyone would buy these right now (over renting) UNLESS you plan on staying longer than, say, 5-6 years. The commissions alone will make it a loss under many a scenario involving some price appreciation.
@ Jon,
I was under the impression that the parking would have been purchased separately in ’08 because it’s a separately deeded space. That’s why I thought the $440k list price being below the ’08 sales price displayed that. I could be wrong and they could have purchased them all in the same sale, I’m actually not that familiar with how they do the closings when you purchase a parking space with a unit. However, if they group them all in the price, then I stand corrected.
Damn Bob, who pissed in your cornflakes this morning?
This place. . . looks like a layout problem. Love that there are exactly 1336 sq ft. . . but no floorplan.
I don’t look at 2/2’s in LP really, so I clicked on the “show comparables” on the above trulia link.
Check out this place for an “inexpensive” way to get into Lincoln Elem:
http://www.redfin.com/IL/Chicago/2204-N-Burling-St-60614/home/13351151
“Damn Bob, who pissed in your cornflakes this morning?”
How is this different than any other day?
@ Bob, its an older corvette (newest it could possibly be is a 2004 based on the body) with a market value probably somewhere in the high teens, low 20’s so I wouldn’t say its a status symbol anywhere. Since when did owning a reasonably priced, american built, sports car make you a DB? If I had to guess, you would be the exact type of person I would not want to live near. And no, I don’t own a vette, although I am a fan.
http://www.kbb.com/used-cars/chevrolet/corvette/2004/private-party-value/pricing-report?condition=good&id=2063&mileage=60000
What a shitty layout! Looking at it makes me feel like I’m drunk.
“This place. . . looks like a layout problem. Love that there are exactly 1336 sq ft. . . but no floorplan.”
Layout is actually great in person, it is posted on MLS, and trulia/redfin haven’t updated it yet. In the meantime, it is at the following link: https://www.chicagocondosonline.com/floorplanwindow.aspx?PropertyID=c5e91d79-7034-4c77-8b6a-3c2bb1a9e870&UnitTypeID=290f8a14-7523-4b52-86f9-7634e12217d1
“The market for 2/2’s is between 375,000 and 400,000 in LP depending on location and condition (including parking).”
In last 6 months, median closed price for 2/2s with garage parking (advertised garage parking, many times it’s really rental not owned) is $395K in 85 closings. Yes, the median to lower end of the market is $375K-$400K for mostly smaller, and/or “vintage”, high assessment and/or garden 2/2s, many with rental parking not owned on site… WAY west in Lincoln Park, on the train tarcks, busy street etc… There’s always a catch. This place is better located, nicer and more livable than the vast majority at median price $395K and lower in Lincoln Park.
IF anyone has actually been in this place, it’s pretty cool IMO. Showed it to clients when it was listed in 2008 and for too much. This seller was really holding on until the bitter end and finally “let it got” at $470. Agent was WAY late on both showings we had there… I digress.
For that time in the market, $470K was not bad for loaction, size, condition etc… This place was really immaculate and had a totally new master bath.
I liked the angles and layout, split bedrooms (rare large second bedroom)…kitchen is a little separate from the living room. It’s bright for a second floor unit and feels spacious.
My client was a young guy, but he even had issue with living directly across from bars on Lincoln (ended up in Old Town side street, more his speed).
“My client was a young guy, but he even had issue with living directly across from bars on Lincoln (ended up in Old Town”
Sure he was. But was he looking to be & act young on Lincoln Ave (renting) or ‘old’ in OT (owning)?
Yeah you shot yourself in the foot on that one as both scenes are worlds apart. Seriously dude I’m accused of acting young for my age but even I know that the OT scene ain’t my thing.
Something seems wrong about this:
“For that time in the market, $470K was not bad for loaction [sic], size, condition etc…”
So, at one point, people [Realtors TM] were encouraging other people to buy places like this for this kinda of money, but NOW they’re saying it’s not worth it…? That sounds pretty effed up.
$470K for THAT crappy condo will ALWAYS be bad.
Bob,
What are you talking about?
My buyer client (about 26 at the time) wanted a condo easy to his north Loop office, garage parking and one that had a larger second bedroom for a room mate. He rented in Wrigleyville for a couple years and didn’t like living there or the commute to work. We looked in Lincoln Park and Old Town (south of North Ave). What is crazy about looking at a lot of stuff to know what your want?
This client also made a great offer on a Belgravia built condo building near Webster and Lincoln (elevator, garage, large second bedroom, huge terrace) that was much quieter but the sellers rejected (they wanted too much), so we moved on.
I commented on this because I actually viewed the home seriously twice. He did not like the proximity to the bars. My guy ended up in Old Town on Cleveland which he preferred and jogs to work near 900 N Michigan. Yeah, I know it sucks to be in your upper 20s, have some money and hang at The Fireplace Inn patio on Wells (LOL!).
Josef K, people buy what they want in real time markets with little influence from their Realtors. Many bought FULL price in the boom without Realtors. I know because I have resold these places the last year and they took a lot bigger hit than they would have had I or someone decent represented them four, five years ago. Many buyers wanted to keep up with friends or be “real estate investors” just like dot.com investors et. al. Many just wanted to own in a great neighborhood, have a room mate help pay their mortgage and not rent with post-college partiers (like my guy).
The actual market easily bore $470K for this place post bank crash. Just like above, we look at a cross section of many closed and pending transactions, buyer’s income and desires and then present options in the current market. If more clients actually went with my “instincts” of buying on purchase decisions, some would be in better position today. It’s not up to me.
My career is to make sure buyer’s know what they are getting into (costs involved, maintenance, lifestyle, association issues etc..) and help them make good choices. I won’t claim to have known there was a global meltdown coming. I will claim that I was an advocate for buying re-sale values rather than crazy priced new construction at a premium during the boom (and now) and I pointed out old blog posts on this subject.