Trying to Sell a 2 Bedroom 3-Years Later in Lincoln Park: 1847 N. Cleveland
We chattered about a 3-bedroom duplex down in this building at 1847 N. Cleveland in Lincoln Park previously but a 2-bedroom unit in the same building also came on the market in the spring.
It was last purchased in April of 2008.
Originally listed in April of 2011 for $46,000 over the 2008 purchase price, it has since been reduced $22,000.
However, the unit is still listed $24,000 over the 2008 price.
It has 10 foot ceilings, oak hardwood floors and some crown molding in the living/dining area.
The kitchen is open to the living area and has granite counter tops and stainless steel appliances.
The master bathroom is marble with a double sink vanity.
It has central air, washer/dryer in the unit and secured parking.
Will this unit be able to command a premium over the 2008 price?
Penny Bagherpour at Prudential Rubloff has the listing. See the pictures here.
Unit #2S: 2 bedrooms, 2 baths, no square footage listed
- Sold in February 2001 for $449,000
- Sold in May 2003 for $462,000
- Sold in April 2008 for $475,000
- Originally listed in April 2011 for $521,000
- Reduced
- Currently listed at $499,000
- Assessments of $264 a month
- Taxes of $7155
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 17×12
- Bedroom #2: 12×11
“Will this unit be able to command a premium over the 2008 price?”
No.
Surprising that this property did not appreciate more from 2001 to 2008 during the boom.
Overall, the unit looks fine and is in a great area, but I’m still bearish on 2/2’s. I think it sells for the 2001 price or slightly lower, so between 440 and 450k.
“Will this unit be able to command a premium over the 2008 price?”
Well, they can ask for a premium, but I’ll go out on a limb and say that they will be lucky to close at the 2008 price and, if it doesn’t sell in the next couple of weeks, they should hope to get the 2003 price. I’d say it’s about a $450-460k place, and I’m only ballparking it that high because of the special premium a lot of folks place on being in or near the OTT.
p.s. Love that there’s not one, but two, pics of the nearby playground.
Looks like you can rent 3S for $2400/mo.
4S had a pretty nice roof deck and sold for $528K in 4/10 — but don’t ask me. I probably place too high of a premium on living on the top floor.
430k
Rent a place like this; don’t buy it!
I’ll guess $450K in late September.
Nothing about this place says 500K. Average Kitchen, Average Bath, Old School Steam Heat. Money could be better spent elsewhere.