The Rehabbed East Lincoln Park 1-Bedroom: 2700 N. Hampden
This 1-bedroom at 2700 N. Hampden in East Lincoln Park has been on the market since March 2011.
On the 23rd floor of a 1970 high rise, the corner unit has lake and city views.
The listing says it has been gut rehabbed.
There are hardwood floors throughout and the new kitchen has 42 inch cherry cabinets, granite counter tops, and stainless steel appliances.
This unit also has an in-unit washer/dryer (not every unit in the building does.)
However, the unit doesn’t have central air- only wall units.
Parking is also available for $30,000 extra.
This building has a rooftop deck with an outdoor pool and a doorman.
Is this a deal for someone who wants move-in ready near the Lake?
Michael Drommerhausen at Prudential Rubloff has the listing. See more pictures here.
Unit #23D: 1 bedroom, 1 bath, 900 square feet
- I couldn’t find a prior sales price
- Originally listed in April 2011 for $254,900 (plus $30k for parking)
- Reduced
- Currently listed for $229,900 (plus $30k for parking)
- Assessments of $448 a month (includes pool, doorman)
- Taxes of $3215
- No central air- wall units only
- In-unit washer/dryer
- Bedroom: 13×11
The exterior of this building makes me feel depressed. It also seems very expensive for such a small space.
Maybe see $230 *with* the parking.
Sad
and
Gross
lofl
A microwave above a sink. Yeah that’s a well thought out kitchen
A 1/1 just sold for 227 without parking.
Mind-boggling.
http://www.redfin.com/IL/Chicago/2700-N-Hampden-Ct-60614/unit-16A/home/13368597
why is that mind boggling? honestly, guys, you would be surprised at how much money people are willing to spend on housing. Not everyone is homeless, jobless, and penniless.
“why is that mind boggling? honestly, guys, you would be surprised at how much money people are willing to spend on housing. Not everyone is homeless, jobless, and penniless.”
And the mortgage was only $152k.
I just think there are a lot nicer places out there for the money.
“The exterior of this building makes me feel depressed. It also seems very expensive for such a small space.”
I have a feeling that the building looks even more depressing in-person than it does in that photo above.
Have had several friends in this building. The elevators are ridiculously slow. Not what I would want to come home to every day.
ooooo look at that “Beautiful chef’s kitchen”
gut rehab and that’s the best they could do for the bathroom?
it will probably appeal to somebody within 10% of ask including parking. that somebody just isn’t me though.
question though – i think this convo has been had, but if someone made an offer but didn’t want the parking, what is the seller going to do? just keep the stupid spot? i doubt it!
I hate the tactic of listing the parking separately. It makes me think that the agent/owners are going to be unreasonable and dishonest.
FHA rates are at 4.25%
thats why people are buying these… say it sells at $230k… you have $8k down
T&A of $715/mo
PMI of say $125/mo
Interest&Principle of $1092/mo
So basically $1932 a month for a building with a lake view & pool in LP where $300+ of that is going towards principle
can you find a similar rental for $1600 a month where you can deduct $9400 of that rent on taxes?
principal… sheesh
“FHA rates are at 4.25%
thats why people are buying these… say it sells at $230k… you have $8k down
T&A of $715/mo
PMI of say $125/mo
Interest&Principle of $1092/mo”
Or how about this…
Buy it at $220 with $8k down and a 15 year FHA at 3.75%
T&A of $715
PMI is 25 basis points on 212K, $44/mo
P&I is $1544/mo
Principal payment in first month is $880
Then you’re looking at $1423/month and your PMI is gone after 4 years
“I hate the tactic of listing the parking separately. It makes me think that the agent/owners are going to be unreasonable and dishonest.”
May well be that seller doesn’t own a spot.
“I hate the tactic of listing the parking separately. It makes me think that the agent/owners are going to be unreasonable and dishonest.”
What? If you include the parking price and own multiple spots you’re not going to be able to compete at first look with people that have none or just 1 spot. In the MLS it’ll just show up as inflated $/sqft. And yes, if it’s deeded separately these do get sold individually from time to time.
““I hate the tactic of listing the parking separately. It makes me think that the agent/owners are going to be unreasonable and dishonest.”
May well be that seller doesn’t own a spot.”
Okay, looks like they do, but not for sure.
We used to live around the block and once looked at an open house here. I concur about the slow elevators. That was 14 years ago. Sounds like the same situation prevails today. If that’s how much the association takes care of the building, it’s not a good sign.
Agree that the exterior is pretty awful looking and depressing. This is a second-rate building. The price needs to be lower. This is what I’d expect a 2-bedroom to list for in this place. Not a 1-bedroom.
Apartment grade finishes. I have a friend who bought a 2 bedroom/2bath here for approximately 275K. It needed work but this rehab could not have cost that much…poorly designed and cheap 12×12 (which is the cheapest cut) tile. A better investment is a 2 bedroom. Lots of young renters in this building so the high turnover may turn people off.
Such an exaggeration on the square footage. This place is not 900 sq ft. If you add up the areas of each room you will get 527. Any appraiser would be dishonest if they appraised at 900 sq ft.
Price high for this market but it might sell at the asking with the parking included. High-rise assessment are too much… would much rather go with a walk up. Not the same view but at least you fell like you own a home and not a office cube 🙂 Guess it’s just a preference.
Those assumptions do not include parking expense, they assume closing will be paid by seller, and they do not factor in special assessments (this is an older building) and the transfer expenses of real estate commission and closing costs when you sell. If you live there 5 years and sell at the same price, your commission of 6% would be $230/month. Plus, are real estate taxes going to stay the same over the years?
In this market, I think this place will sell for around $200,000, or at around list price with parking included. Personally I would rather live in that 1 bed room on Lasalle St. in Old Town/GC listed at $200,000 w/ parking (now under contract).
Unit 12E sold at the end of ’09 for $200 including parking and was a short sale. It’s strange though that there are higher priced comps since then, in 7/00 an A unit on the 24th floor sold for $224,000, can’t tell if parking was included.
“can you find a similar rental for $1600 a month where you can deduct $9400 of that rent on taxes?”
I hate bringing this up because it always evolves into a dumb debate – but the tax deduction isn’t taken by many homeowners.
Sonies- you always argue about the tax deduction. You know that a RENTER gets one too, right? It’s called the “standard deduction.” Everyone gets it.
So you’re not getting $9400 in a deduction. If you’re single- the best you’re getting it about $4500 (because you’re getting the standard deduction whether or not you buy or not). Sure- it’s something- but with the assessment rising every year and the 8% it will cost you to sell the unit when you go to do so in a few years- the tax deduction is meaningless (and NOT a reason to buy a property.)
If a married couple buys this unit- they don’t get a tax deduction at all (something that is overlooked by most home buyers.) They won’t be over the standard deduction limit in order to itemize unless they have some kind of crazy other deductions to get them over- which most don’t have.
The tax deduction is only taken by the upper middle class. A family buying a $200k house usually doesn’t get the deduction. Only someone buying, say, a $400k house gets it- and then they are only getting it over the marital standard deduction- which is quite high. So the actual “deduction” isn’t all that much in the end.
Buying a property to get a tax deduction makes no sense.
Sabrina I don’t always say that buying a property to get a tax deduction is a good thing, I think you are confusing me with clio or some other super real estate bull.
Also in addition to the 9400 in interest, add in the 3200 in taxes and the 1500 or so in PMI as something that you can use as a tax deduction. (which would put you quite a bit over the standard deduction even if married, but why would a married person be buying a 1br anyway)
I wasn’t saying its a great deal or a reason at all to buy a house but when you look at it like paying 1500 a month as non tax deductible rent or 1600 as a tax deductible housing payment, one is obviously better than the other*.
*of course only if you plan on staying in the same place for an extended period of time, regular rules of real estate purchasing apply, etc.
Sorry Sonies. Maybe I am confusing you with someone else. Someone always argues about the tax deduction. It’s not that big of a deal- and there’s a good possibility it will go away soon anyway.
heh fat chance the mortgage tax deduction is going away any time soon.
If you think about it, the mortgage tax deduction is basically a redistribution of taxpayer dollars directly into the banks pockets.
I disagree Sonies. It’s being talked about by BOTH parties now. It costs $100 billion a year and it’s really only the upper middle class that uses it. The middle class, for the most part, do NOT get it- as they don’t have enough deductions to itemize.
With everything on the table- it is no longer one of the sacred cows.
http://blogs.wsj.com/developments/2011/05/18/whats-the-future-of-the-mortgage-interest-deduction/
It’s the little lamb that will be offered for sacrifice. The citizens wish to see the rich suffer, and the real rich won’t suffer from it.
“The citizens wish to see the rich suffer, and the real rich won’t suffer from it.”
You don’t seem to understand. The “real rich” are an infinitesimal amount vs. the poseur rich who are taking advantage of this mortgage interest deduction.
I’d rather see a couple million with million dollar mortgages suffer than 25k people in the $25MM UNHW bracket. Most people don’t know anyone in the UNHW bracket anyway. But I know a bunch of DBs with seven figure mortgages.
err UHNW…bleh too many Hamms.
I’m not sure there is going to be enough political power to save the deduction. The uber rich are spending millions to make billions (by bribing I mean lobbying Congress). A freaking tax deduction on mortgage interest is chump change. And politicos don’t give a crap about pissing off the population, they control the process so how ever mad we get about we can’t do anything because both options are complete idiots.
The mortgage interest deduction should be phased out for between 60-120k of income and limited to mortgage balances of under 250k.
I’d prefer a total phase-out but I don’t see that happening. Far too many people and voters with lower mortgage balances in lower cost of living areas, EB, for them to p_ss off. Far too many lower middle class people dependent on it when they made their purchase. Ticked off farmland people losing their houses make great commercial fodder for opponents in elections.
If anything look for something similar with what happened with student loans: deductible interest (60k) for those with low incomes with a fast phase out (60-70k).
Bob most households that make that range of money barely pay any taxes anyway, now if you said phase it out after 100k single, 165k HH like the ROTH ira rules i’d be fine with that as it would make more sense
“Bob most households that make that range of money barely pay any taxes anyway, now if you said phase it out after 100k single, 165k HH like the ROTH ira rules i’d be fine with that as it would make more sense”
That works, too. I just don’t think it’s right that people in higher tax brackets with seven figure mortgages are avoiding taxes by going extra-long on real estate. These days 100k/165k HH is indeed middle class.
bob.. For the record, you stated exactly my point. The million dollar guy is the lamb. The 25 miliion guy gladly offers him to you with a little side of mint sauce..
I’ve seen a lot of units in this building and this is by far the best rehab I’ve seen. Views are great, neighborhood is great. This is typical 60’s architecture in east LP. Building is tired, buy isn’t as tired as it appears from the outside. And due to the location, it will only get better.
Here’s a stumper…. the 2/2 south east corner units in this building have amazing views of the lake, park and city. Not only from living room but both beds also. So who’s the dumb a$$ who would do such an extensive rehab on a 1 bed west view when the other side has the money shot? Rule of thumb… don’t get the bastard child unit just because you can’t afford the better one. Down size, change locations, whatever. Rule of thumb #2… if you do buy the bastard child unit because it’s all you can afford… don’t spend any money trying to make it better… to quote crazy bitch Sara Palin… that’s like puttin lipstick on a pig….LOL