Vintage Beauty in Old Town: 1814 N. Lincoln Park West
Old Town is a very desirable neighborhood but the inventory is limited if you are looking for a certain type of property- say, one with a parking space.
Unlike some vintage properties which have been gutted and stripped of the original features, this unit at 1814 N. Lincoln Park West still has the historic feel. 
Unit #4: 3 bedrooms, 2 baths, 1 car parking
- Sold in November 2000 for $595,000
- Sold in October 2004 for $710,000
- Currently listed for $799,000
- Assessments of $350 a month
- Rubloff has the listing
I love to see a rehab done with respect for the character and vintage details of a place. It might even be cheaper to do it that way.
This place is really beautiful. But I’m not sure it’s worth $799K today if it sold for $710K in 2004.
For one thing, you have very few buyers, as a percentage of the population, who could ever afford this on any terms. Now, it will be that much more difficult. It will still require a jumbo loan and most likely a larger down payment.
Additionally, this is a “move up” property, which means virtually anyone buying it would have another, lesser dwelling to unload. Good luck doing that! This property is very dependent upon the continuing affluence and liquidity of a very small subset of the population, that may be shrinking rapidly.
I’d peg the place at $600K.
May I add that I wonder why they are selling it.
Thanks for the analysis Laura. I wondered the same things you did- as basically you could buy a single family home in Lakeview, Andersonville, Lincoln Square etc. etc. for a similar price as this.
It will take a certain kind of buyer. It’s not likely a first time buyer would be buying something this pricey.
I’ll be monitoring it.
It will take a certain kind of buyer. It’s not likely a first time buyer would be buying something this pricey.
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YA! First-time lottery winner buyer that is. even then…