The $500,000 2-Bedroom Lincoln Park Townhouse: 2357 N. Wayne
Townhouses seem to be hotter than condos right now, especially those priced in the $400,000s.
But what about townhouses like this 2-bedroom in the Lakewood Commons development at 2357 N. Wayne in Lincoln Park that is priced just slightly above that?
It’s been on the market since February 2011 and has been reduced $50,000.
It is now listed $20,000 under the 2005 purchase price.
The complex was built in 1987 so the townhouses tend to have slightly more generous layouts than townhouses built later.
Both bedrooms are on the third floor with the living/dining/kitchen on the second floor.
There is a family room and garage on the main level.
The kitchen has been renovated and has stainless steel appliances and granite counter tops.
The listing says the master bath has been renovated as well.
There is central air and a 1-car garage plus parking for a second car on the parking pad.
Is this a steal?
(This is a picture of the general complex- but not this particular townhouse.)
Elizabeth Ballis at Coldwell Banker has the listing. See the pictures and a virtual tour here.
2357 N. Wayne: 2 bedrooms, 2.5 baths, no square footage listed, 1 car garage
- Sold in November 1987
- Sold in April 1999 for $336,000
- Sold in May 2000 for $395,000
- Sold in July 2003 for $450,000
- Sold in November 2005 for $520,000
- Originally listed in February 2011 for $550,000
- Reduced
- Currently listed at $500,000
- Assessments of $282 a month (includes cable)
- Taxes of $6156
- Central Air
- Bedroom #1: 15×13 (third level)
- Bedroom #2: 15×11 (third level)
- Family room: 17×14 (main level)
Somewhere between the 2000 and 2003 price should move it. It shows well but there is not much to excite.
http://www.chicagotribune.com/business/breaking/chibrkbus-3year-supply-of-foreclosed-homes-hurts-home-prices-20110526,0,1821212.story
I know someone who sold one of the units in this development for $525 last year. It was decorated much nicer than this one though. These are pretty nice and as stated in the description are a little bigger than most 2 BR I have seen.
2005 was 20% down
2003 was 5% down
2000 was 15% down
1999 was 36% down
“I know someone who sold one of the units in this development for $525 last year.”
That was last year.
Still a $500k 2-bed.
That blue awning at the main entry really irks me. This is really a 2 bed plus den and has the same amount of space as a 3 bedroom. In my town home community some agents list the dens as bedrooms and others don’t and the ones that do always sell for more.
I wish they would have shown the outdoor space which is one of the most important features in a town home for me.
I can’t see who would pay anywhere near 500k for a 2-bed. that’s insane. I’ll give you 375k and not a penny more!
i would rather buy the ultimate bungalow in PP than this. but hey i am brain insane
“That blue awning at the main entry really irks me.”
ITA and that alone is would be a dealbreaker for me. Nothing screams “cheaply built after-thought” like a canvas awning on metal pipe poles. The complex is 24 years old, and the association couldn’t finance something more interesting and permanent for a common entryway? Run, run away.
“That blue awning at the main entry really irks me.” No doubt…it looks like a clinic entrance. Put a nice metal/modern overhang and improve the doors and lighting on the exterior..These would look so much better and it would not cost that much.
I believe this is the same development where friends of mine just had an offer accepted on last week. But they bought one that was apparently still in original condition and plan to gut the kitchen & baths before moving in…
was that the 3 bed/2.5 ba that was first listed at like 560k and then reduced?
I am with all anti awning camp. Reminds me of cheap on campus rentals. But the inside looks pretty nice and up dated, if the out door space is nice too, this will sell close to ask (and this comes from someone who does not like town homes). It has not been that long on the market.
Nice space and decent location. I think it’ll move for $450… bye bye downpayment 🙁
This is a great location since I just closed on a 3 bed 2.5 bath. I think this unit will sell for $440,00 based on what i paid for my unit.
another 3/2 just went into contract for 499,000 in the same complex. i’ve seen it personally.. interior needs some updates… but it’s bigger than this 2/2
@george
The 3/2 for $499,000 was a supposedly a short sale. I toured the unit and almost everything needed to be upgraded and the kitchen/dining room/living room has a horrible layout. I would be surprised if it was sold for more than $450k
The 3-bedroom that was mentioned here as being under contract at 2351 N. Wayne (in the same complex)- just closed for $460,000.
That’s NOT a nice comp for the sellers of the 2-bedroom units that are on the market- that’s for sure.
So we’re back to 2003 prices? That’s not terrible considering. And yes, I get that the owner put in $ to update, but as someone pointed out on another thread today, you should be updating a property to enjoy it and not count on getting your $ out of it.
I am not the biggest fan of this part of LP, but I know it appeals to many (when did Oscar Mayer become worthy of including in the agent’s remarks?). $460 for a slightly larger unit in need of an update is probably a good comp for this turn key unit.