This 2-Bedroom Townhouse Wouldn’t Sell In 2011 But In 2013 It Will: 1732 N. Mohawk In Lincoln Park
Many of you will remember this 2-bedroom townhouse at 1732 N. Mohawk in Lincoln Park because we chattered about it several times in 2011.
We last asked if it would sell in 2011.
The answer was “no.”
See our December 2011 chatter here.
It was reduced down to $375,000 or $2,500 under the 2002 purchase price but then withdrawn.
Given that it was actually the back unit in this complex (and NOT the front one shown in the picture), some of you thought it would sell for closer to $325,000.
Some of you also theorized that the 2-bedroom market in the GZ was dead and wouldn’t recover for years.
But that was then and this is now.
The 1500 square foot townhouse came back on the market listed at $429,000, or $54,000 more, than 2 years ago.
The listing said, “won’t last long at this price.”
It went under contract nearly immediately.
You’ll recall that the townhouse has the living/kitchen area on the main floor, 2 bedrooms on the second level and then a den on the third level with skylights.
It also has a 300 square foot private rooftop deck on the third level.
There are hardwood floors on the main level and both bedrooms have new carpet.
The kitchen has maple cabinets, stainless steel appliances and granite counter tops.
Built in 1988, it has central air and 2-car tandem parking.
Is there really any doubt that all those accidental landlords should be listing their properties right now?
Long Barnes at Urban Domain now has the listing. See the pictures (again- as they’re the same pictures as the 2011 listing) here.
Unit #C: 2 bedrooms, 2.5 baths, den, 1500 square feet
- Sold in September 1992 for $208,500
- Sold in June 1994 for $218,500
- Sold in May 2000 for $306,000
- Sold in October 2002 for $377,500
- Sold in August 2005 for $499,000
- Sold in April 2006 for $499,000
- Originally listed in November 2009 for $519,000
- Reduced
- Was listed in April 2011 for $439,000
- Reduced
- Was listed in May 2011 for $435,000 (includes 2-car tandem parking)
- Reduced
- Was listed in August 2011 for $400,000 (includes 2-car tandem parking)
- Reduced
- Was listed in December 2011 for $375,000 (includes 2-car tandem parking)
- Withdrawn
- Recently re-listed at $429,000
- Under contract within days
- Assessments still $100 a month
- Taxes now $7321 (they were $6435 in December 2011)
- Central Air
- Private Roof Deck: 18×17
- Bedroom #1: 15×12 (second level)
- Bedroom #2: 11×10 (second level)
- Den: 11×10 (third level)
We need to watch for the actual closing price to see if KL (420-425) or JP$ (415) wins the prize. I am unsurprised it sold quickly now–even with the struggle in ’11–given what curent inventory is.
Also of note from one of the priors, Bobbo stated a Dec-12 to Dec-13 horizon for buying a place, so my curiosity is piqued.
Also, aon, I wonder how sick the realtor is of references to John Hughes movies.
what is that back of envelope equation that steveO used ? at least i think his name was steve. hasnt been around forever
Wow, crazy how much better the market has gotten. Got a renter in my place for 1 more year, hope it keeps up this way….
What happened c? What does the renter have to do with the for sale market?
“what is that back of envelope equation that steveO used ?”
To calculate ‘value’, based on rent? This:
[[12*(Rent-assessment)]-taxes]/(mortgage rate, rounded up a little (StevO used 5.5)/.8 (the assumed DP) = value
Can flip it around, of course:
[Value*(.8)*(.055)] + taxes + (12*ass) = annual rent
So: 425,000 * .8 * .055 + 7500 + 1200 = 27400 / 12 = 2285 monthly.
Seems to me you could get much more rent than that; say 2750; then, and using (as stevo would) a 3.75 rate now:
[[12*(2750-100)]-7500] = 24300 / .0375 = 648000 / .8 = $810,000
And WOW!!!! did this buyer ever get a deal!!!! (in StevO world)
I do think that this is, in the low $400s, a pretty good rentsaver at this point (unless I’m *way* high thinking something like it could rent for $2750).
“given what curent inventory is”
I’m a little mystified at lack of inventory. Small sample size issues aside, there were def more new listings by this time last year for waht we were looking at.
tried to sell but had some inspection issues and foreclosure in the building. so renting it for a year until somoene else moves in and shares the expenses. so not selling this year. hope the market stays strong for when we do sell….thats what the post meant
Lets see final sale… probably around $415K, which I think is a decent deal. It overlooks a low density section 8 deal.
“It overlooks a low density section 8 deal.”
From looking back–I figured out that those are *former* section 8 deals, now all condos owned by the former section 8/publiuc housing residents. Not really different, but more stable, I expect.
ah yes. steve heitman. he was entertaining sometimes.
Noooooooooooooooooooooooooooooo
It looks like this unit sold for only $125,000 on April 15, 2013. This seems very low. Anyone know what happened here?