This Lincoln Park 3-Bedroom Sold Fast in 2010 But What About 3 Years Later? 1005 W. Webster
Long time Crib Chatter readers will remember this new construction building at 1005 W. Webster in Lincoln Park from 2010 and 2011.
We chattered about how quickly these 6 units would sell.
See our January 2011 chatter here.
Even amidst a very poor market in 2010, most of you were surprised to see these units sell quickly.
Now, a top floor 3-bedroom has come on the market.
If you recall, the kitchen has commercial grade appliances by Viking and granite counter tops and a granite backsplash.
The bathrooms are stone.
There is crown molding in the unit and it has a private roof deck.
It has central air, washer/dryer in the unit and garage parking.
Originally listed in March 2013, it has just reduced $25,000 but is still $55,000 over the 2010 purchase price.
This unit is no longer “new.”
Will it be able to get the same premium as it did in 2010?
Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.
Unit #4E: 3 bedrooms, 2 baths, 1800 square feet, 1 car garage
- Sold in July 2010 for $870,000
- Originally listed in March 2013 for $949,000
- Reduced
- Currently listed at $925,000
- Assessments of $280 a month (this is an elevator building)
- Taxes of $13380
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×18
- Bedroom #2: 10×17
- Bedroom #3: 11×14
There’s only going to be one post today because I’m bored with what’s out there. I’ll try to find something (anything) to write about over the weekend.
If that’s the best that’s out there, I can see why you’re bored. Why anyone would spend that much on a not-particularly-distinctive condo when you could get a SFH for the same price (or less) is beyond me.
Is it me or this place seems way over priced? Condos with 1800 sq ft in east Lincoln park are about 600K. The roof top is nice, but I don’t know if it’s worth the additional 300K+, is the school really good in this area or something? It’s not close to EL stations, yet it’s not far from EL tracks.
Here is an example of a place with 3br 2 bath sold around 629K, right by the park, 1700 sq ft, and I thought it’s already overpriced.
http://www.redfin.com/IL/Chicago/1926-N-Lincoln-Park-W-60614/unit-THF/home/21654513
Can someone enlighten me please?
Yes it does seem overpriced, maybe if this place was in the anonny zone of LP i could see it commanding such a price, but here? And only 1800 sqft? No way jose!
Rooftop Deck is awesome though
I rent (with roommates) in an 1800sq/ft 3bd/2bth “penthouse unit” (it’s a walkup building) about 2 blocks northwest from this condo, and ours has similar updates/features like the private rooftop deck, 2 parking spaces, 2 outdoor spaces, but none of the all-mighty viking appliances. Our landlord paid 490k for the unit when it was built in late 2010. I’m definitely no expert on doing CMAs and understand that this location is slightly better than where I live (more neighborhood feel+less DePaul douchebags), but on the surface it seems that an elevator, viking appliances, 2 year market appreciation and train noise account for extra $400k+ for this Webster condo.
Michael: I’m inclined to live in a building, but I do see the benefits of a SFH. Can you recommend any SFH listings in LP for $949k or less?
Eric: I would agree that this place is over priced, but only because of the size. If it were, say, 2,200 sq feet (thereby allowing for a family room or nice dining room), then given the quality of the finishes, the fact that it’s a top flloor (w/elevator) corner unit, with a great private outdoor space, and the location, $900k seems about right. As for the el, leaving aside its proximity to the tracks, it isn’t that far from the Armitage stop, no? That listing you linked to at 1926 LPW is interesting; hadn’t seen it. Not sure that I understand the configuraton of the unit (or the building), and I doubt the finishes compare to the subject property, but for the price and location, that’s a pretty compelling listing.
“Can you recommend any SFH listings in LP for $949k or less?”
Make it (1) $925k or less, and (2) east of Ashland, to make the “why would someone buy this instead of that” a plausible comparison.
“1926 LPW … the configuraton of the unit (or the building)”
Think it’s the Ranalli’s building, so you’d have a lovely view of the beer garden all summer.
Ah ha. I though maybe it was tucked away on the zombie cul-de-sac, at least a few lots from Renalli’s. Every time we eat outside there, I find myself looking up at the decks/balconies and windows of those places, imagining how the brokers might have showed them the unit when the beer garden wasn’t open.
It’s a nice, vanilla, newer condo in an excellent location. I agree it’s massively overpriced, in the hundreds of thousands of dollars overpriced. Why should this sell for even $750,000?
“Can you recommend any SFH listings in LP for $949k or less?”
http://www.trulia.com/property/3109623220-404-W-Webster-Ave-Chicago-IL-60614#photo-1
Looks like it’s pending, but maybe you can make a back-up offer. Prime LP location, close to the park (really close), great public school and Parker is one block away, renovated SFH, the 36/22 are a one minute walk. No parking, but *this* is what you get for under $1.4ish. Had you acted just a few years earlier, you could of had its neighbor that included parking http://cribchatter.com/?p=5467 for $738K. But… I don’t think your really serious(?),
School is Oscar Mayer, which is a good school, but I don’t think any school in the city would cause this kind of pricing.
anon – houses like that have sold in the last couple of months in lakeview, their market time is just measured in hours. It would be an older a-frame house, anything new is generally $1.2 and up, greystones tend to go for more as well.
My guess on 1926LPW is that the realtor sells it as “feel like you’re in the French Quarter!” I’ve had the same thought as annony while sitting in the beer garden, who the hell would want those balconies overlooking this noise every decent night?
“anon – houses like that have sold in the last couple of months in lakeview”
Where’s the wormhole from Lake View to Webster? Are the houses close to it selling at a premium?
I, too, as should be obvious, do not place the premium on “LP” that some do, but there are *clearly* people who do. So, it’s simply not relevant to this unit that one can find a SFH in LV for the same price (why buy in LV when one can get a bigger house for less in Evanston?). Now, if one could find an SFH, reno’d in the past decade, for under $1m, within 1/2 mile of this place, it’s relevant.
People pay a premium for new construction. This is no longer “new.” Why would someone pay a premium over the premium these sellers originally pay for new construction?
here is something you can get for nearly the same price. This one shows so much better than the pics and is HUGE.
http://www.zillow.com/homedetails/625-W-Buckingham-Pl-APT-1-Chicago-IL-60657/113954459_zpid/
Things I would expect, were I spending nearly a million dollars on a condo:
Separate dining room/large dining area
Entryway with a coat closet
Wall tile that goes all the way around the bathroom, not just in the tub/shower area
Unique architectural details
Above average finishes/fixtures
An abundance of windows
This place has 0 of those things.
I like posts like this: a high-end property that traded recently, like your Gold Coast post:
http://cribchatter.com/?p=16952
HD observed “Lots of larger, nicer and higher end properties [are] returning to the market.”
If high end, trophy properties trade below their recent acquisition cost despite today’s lower interest rates, then that suggests to me the possibility of still lower or even negative fed fund rates increases too.
Hope the buyer likes church bells.
“Hope the buyer likes church bells.”
Good idea actually. Look at the bright side, they work as repellent for all the wrong people!