Trying to Sell Three Years Later: 2048 N. Sheffield
We’ve been chattering about buyers who bought at the peak of the market in 2005 and 2006 who are now trying to sell for a profit.
How long do you have to own real estate before it becomes profitable? In the last few years- the answer has been “not very long.” But in a “normal” housing market, the calculation changes.
Take this unit at 2048 N. Sheffield in Lincoln Park. It is a gorgeous two bedroom condo built in 2005 with its own rooftop deck- complete with a hot tub- and parking.
Square footage isn’t given but from the room sizes it appears to be on the smaller side.
- Bedroom 1: 14 x 10
- Bedroom 2: 11 x 10
- Living/dining: 18 x 17
- Kitchen: 9 x 8
Unit #3: 2 bedrooms, 2 baths
- Sold in July 2005 for $630,000
- Currently listed for $660,000 (parking included)
- Assessments of $150 a month
- Keller Williams Gold Coast has the listing
That wouldn’t be much of a profit if you include closing costs, opportunity costs and all the other stuff.
Is this really worth the price? Granted, it’s nice (minus the heinous wallpaper in the bathroom), but I’ve seen much bigger places in the same area, just as nice (albeit without the hot tub), going for over $100k less.
Does anyone else think the asking price is ridiculous? I would be surprised if anyone paid more than 450k for this unit!
Extremely so, esp. when you compare to the Lincoln Park greystone profiled on this site a couple of weeks ago, which was asking $699,000, with more room, more outdoor spaces, and a better location.
It’s beautiful, but $400K is more like it. It is not huge.
A little further north, someone I know had a similar unit in Ravenswood, and had to reduce it to $300K to move it.
Its going to be interesting watching the multiple price reductions the owner decides on in the future if he wants to move it fast. If its rentable maybe no rush..but I don’t think DePaul kids will spring extra for the granites & marbles.
Hi Louie,
I think the wallpaper is beautiful! Very class. I guess it is personal preference.
The few places around town that I’ve looked at, I’ve noticed that some these sellers are trying to get more than they paid in 05/06. I think it’s not so much trying to turn a profit but simply trying to get out of the property without having to show up at closing with a check. A check they don’t have because the 80/20 lair loan has wiped them out.