Top Floor East Lincoln Park Vintage 3-Bedroom Sells For More Than 2009 Price: 448 W. Wrightwood
We last chattered about this top floor 3-bedroom at 448 W. Wrightwood in East Lincoln Park in July 2012.
See our chatter here.
The unit was originally listed in June 2012 for $699,000 which was $109,000 above the April 2009 purchase price.
Many of you thought it was overpriced (surprise!) and thought it would sell close to $600,000.
The unit recently closed in early November 2012 for $640,000 or $50,000 above the 2009 purchase price.
If you recall, it had many vintage features including original woodwork, french doors, coffered ceilings, and original built-ins.
It had two outdoor spaces, one overlooking the front of the building and a deck in the back.
The kitchen had white cabinets, granite and wood counter tops and stainless steel appliances.
The unit had all the other features that buyers look for including central air, washer/dryer in the unit and garage parking.
Is the sales price on this unit yet another indication that the market is recovering?
Kris Mork at Coldwell Banker had the listing. See the pictures here.
Unit #3E: 3 bedrooms, 2 baths, no square footage listed, garage
- Sold in December 1994 for $332,000
- Sold in August 2000 for $570,000
- Sold in November 2006 for $558,000
- Sold in April 2009 for $590,000
- Was listed in June 2012 for $699,000
- Reduced
- Was listed in July 2012 at $675,000
- Sold in November 2012 for $640,000
- Assessments of $375 a month
- Taxes of $9339
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 14×10
- Bedroom #3: 11×9
- Family room: 15×14
- Laundry room: 4×4
Congrats to the sellers and buyers. I’m a little surprised that it closed that much above $600k, but, if one wants a nice three bed (with w/d, ac, garage, outdoor space, top floor), with a family room, within a block of the park in LP, there’s very, very little in this price range. (Only one other place comes to mind in the high $500k – low $700k range; but it’s a 2 bed + family room, without a garage, on Belden.) Had we been (1) ready to buy now, (2) comfortable with leaving Lincoln elem attendance area, and (3) willing to go without a powder room, a $40k higher purchase price wouldn’t have stopped us either.
” a $40k higher purchase price wouldn’t have stopped us either.”
At current rates, money has never been cheaper to borrow. However, the way mortgage payments work, it takes that much longer to pay off the interest before hitting the principal.
“At current rates, money has never been cheaper to borrow. However, the way mortgage payments work, it takes that much longer to pay off the interest before hitting the principal.”
Not sure what you’re saying. As interest rates go down a higher and higher percentage of your payment goes towards principal reduction.
I walked through this one. The living room had a huge sloping in the ceiling and I could have sworn there is only ONE parking spot.
“Not sure what you’re saying.”
Hard to type on an iPad. Mortgage payments, regardless of interest rate, are weighted so that more interest is paid than principal at the start of the loan. So while tacking on an extra $40K at today’s rates doesn’t affect your monthly payment all that much, it does delay how long it takes to start reducing your principal. Probably one more of the little ways people got in trouble during the boom/bust.
“However, the way mortgage payments work, it takes that much longer to pay off the interest before hitting the principal.”
only if you either pay much more or have a higher rate
and actually if you pay more, more money is still going to principal at equal rates/terms
“So while tacking on an extra $40K at today’s rates doesn’t affect your monthly payment all that much, it does delay how long it takes to start reducing your principal.”
Wha?? I think you’re in the uncanny valley of personal finance advice, Icky.
” Mortgage payments, regardless of interest rate, are weighted so that more interest is paid than principal at the start of the loan.”
It depends upon the interest rate. At some point it crosses the 50% threshold. Not sure where but for instance if the interest rate was 0% your payment would be 100% principal.
Wow, it’s as though the Great Bubble never popped in East LP! This place is a money tree!
So, 3 years from now, when they sell, it’ll go for $690k? Wash, rinse, repeat every 3 years! I want in!!
“This place is a money tree!
So, 3 years from now, when they sell, it’ll go for $690k? Wash, rinse, repeat every 3 years! I want in!!”
A “money tree” produces less money 6 years into the greatest bull ever?
How many places (absent major damage) sold for *less* in 2006 than they did in 2000, like this one did?
My sense is many places in LV/LP traded flat in the peak bubble years, having peaked earlier, in the late 1990s.
I’ve lived in Lakeview (as an adult) since 1993, and I recall that Lincoln Park and Lakeview carried significant price premiums to other GZ areas in the pre-bubble days (1990s),
During the Great Bubble, surrounding areas like Bucktown, Wicker Park, Lincoln Square, etc., appreciated very rapidly, whereas LP/LV appreciated less, and seemingly digested the earlier gains.
Regardless, this unit just traded at a PREMIUM to once-in-a-lifetime Bubble pricing. That is astonishing. And, I personally believe that paying $640k for a walk-up apartment is pure folly.
“Paying $640k for a walk-up apartment is pure folly.”
Not sure I’d agree with such a blanket rule. As far as this place, it does seem like a lot. But what about the beautiful apartment on LPW that was profiled here a while back? I can’t recall the price, but in a building with that much style and character, right on Lincon Park, a price above $640k may be appropriate. Same with the full-floor unit on Aldine that I think was profiled on CC once, and is going for upward of $1 mln. Yes, a walk-up, but a huge one (I think close to 5,000 SF). In that case, a higher price may be justified.
“Regardless, this unit just traded at a PREMIUM to once-in-a-lifetime Bubble pricing. That is astonishing.”
A couple of thoughts.
First, do we know how much the bubble buyer put into the place?
Second, I don’t think that the bubble price is always some sort of absolute ceiling, against which post-bubble prices must necessary be reduced. As I noted above, if you can only spend up to the mid/high $600’s or so, and you really want a 3 bed in LP, you’ve got very few options. The subject property is much bigger and better than, say, the 3 beds in 2500, 2626 or 2650 N. Lakeview (which typically trade in the low/mid-$400’s-500’s, with fees triple that of the subject property); granted, those places have some ammenities, but they’re hardly lavish. There are a few places in the low $700’s at the Pointe (Armitage/Lincoln), which, based on a recent closing, should close in the mid-$600’s (not sure if that seller paid the massive special off or not). While *some* units at that development are attractive, most either face traffic or are cramped among neighborhing units; the location is also generally not as nice as Wrightwood/Lakeview Ave (elem school districts notwithstanding).
Here are “The Onion’s” tips on how to buy a home:
– The first step in buying a new home is having much more money than you do now.
– Under no circumstances should you buy a home that does not contain children. A house is not a home without them.
– Avoid purchasing a home that is on fire or underwater.
– Unless the deal is too good to be true and must happen right away, always have the house examined by a professional appraiser.
-Don’t limit your search to houses and apartments. Hovels, shacks, shanties, lean-tos, caves, wigwams, igloos, yurts, pup-tents, treehouses, and crawlspaces all sustain human life slightly longer than direct exposure to the elements.
-On any house purchase, be sure to save the receipt in case anything goes wrong.
-When looking at a house your wife doesn’t like, don’t let the real-estate agent pressure you with “whipping” sounds.
-Check the foundation of a house by playing AC/DC’s “Shake Your Foundations” as loud as possible. If the house isn’t rocked to the ground, it’s a solid house.
-Make sure the neighborhood has a good high school, one close enough to see with a telescope.
-After becoming a homeowner, be prepared to see your political ideology swing violently to the right.
-If you cannot afford the home of your dreams, perhaps you can afford the home of Barbie’s dreams.
-Just buy the first house you see. They’re all pretty good.
^ LOL! love it
‘I’ve lived in Lakeview (as an adult) since 1993, and I recall that Lincoln Park and Lakeview carried significant price premiums to other GZ areas in the pre-bubble days (1990s),
During the Great Bubble, surrounding areas like Bucktown, Wicker Park, Lincoln Square, etc., appreciated very rapidly, whereas LP/LV appreciated less, and seemingly digested the earlier gains.’
Spot on TB. I had this conversation with my LP neighbors *many* times during the bubble years, during which we would hear stories about houses/condos in those areas appreciating by astronomical amounts at each sell. LP (ELP in this case) had nice yearly gains (after the early 90’s crash) from about ’94 to ’02 and then it kinda leveled out – houses gained by a few percent a year, but generally that was about it.
-LP was not the hot neighborhood during the bubble years, solid yes, but not hot… actually a bit bland.
-The housing stock here is what it is. Most buildings can’t be torn down or heavily modified because of landmarking (mid-north or OT) or strong neighborhood opposition – landmarking Arlington/Deming/Geneva out of nowhere during the boom comes to mind.
-If you have $1M+ of shaky borrowed money burning a hole in your pocket, you’re probably not the type of person that will settle for a vintage house/apartment; predefined rooms, no space for a home theater, no gator deck, maybe no elevator, no chance for a basement hot tub grotto.
-Good public schools weren’t on the thought radar, as you could always sell your place and move to the burbs when your kids became of school age, or if you had ‘money’ you’d send them to private; I hear it’s much much easier to get into Parker lately, while LP ele is packed.
Exceptions to every rule naturally, but LP is kinda like an old-school blue chip stock… boring but kinda steady, certainly not for a bubble buyer.
” I hear it’s much much easier to get into Parker lately”
You made anonny’s T’giving, jay.
Enjoy smelling the garbage cans from your back porch!