Want a Project? Lake and Lincoln Park Views for $250k: 2440 N. Lakeview
This 2-bedroom unit in 2440 N. Lakeview in Lincoln Park, a 1927 vintage co-op building, doesn’t try to be something it’s not. The listing lays it all out.
What kind of vision do you have?
RESTORE THIS GRAND APARTMENT! THIS ELEGANT, SPACIOUS 12TH FLR 2BR/2BA ON LINCOLN PARK OFFERS A BLANK SLATE FOR YOUR DESIGNER!
DONT PAY TWICE TO MAKE YOUR MARK-BRING THIS BEAUTY BACK TO LIFE. FEATURES: VAULTED FOYER,HDWD FLRS,9’CEILINGS, FRPL, BUILTINS, FULL SERVICE, INTIMATE BLDG W/GORGEOUS LOBBY
ASS.INC:HEAT,WTR,TV,TAX,CAP FUND.
UP TO 80%FINANCING. SUBLEASE PERMITTED. ASK FOR PURCHASE REQUIREMENTS.
@Properties has the listing. See more pictures here.
Unit #12D: 2 bedrooms, 2 baths, 1400 square feet
- I have no idea what this last sold for- as it’s a co-op and the public records are different
- Currently listed for $250,000 (parking space is included)
- Assessments are $1,970 a month (includes taxes)
With those assessments a better ask price would be around 125k tops.
125k? Try free.
Assessment is probably about what you could rent it for, so $0 is a good price.
Is there a good reason not to buy it at $0? Future expenses?
Did any of you read what the assessment covers??? it includes everything and taxes, so they are not all that high from that point of view. Plus, just like condo taxes, there is a way to write off COOP assessments that cover taxes.
for $250K the current price is about $178/sqft and it includes parking. For another $50K this place would be very nice. new kitchen is the biggest concern, but most of the improvements are cosmetic.
Some tidbits below.
Unit 9D recently sold for 297K.
Unit 14D is listed at 325K
Unit 6D sold in November at 365K
All these units look better than 12D and have 2 bedrooms. You would think the D units on other floors would be the same layout but it doesn’t appear to be the case on all floors. Maybe there have been some renovations along the way. Then again the assessments for these are listed as lower but claim to include taxes in some cases. Who knows.
Jason,
HOA fees for a condo this size are ~300/month (oh BTW those are for places with much better amenities). Taxes are around 400/month. Lets be generous and say heat is 150/month averaged out. Cable TV is what 130/month, water is 10/month.
Thats 990/month, a far cry from 1,970. Wheres the other 1,000/month going? To heat and cool a horribly energy inefficient older building and to build up massive co-op capital reserves that are needed for the expensive renovations this place will need ad infinitum. 2k/month assessmens are a joke. Anybody who buys this place for much more than 100k is an idiot with money to burn.
Cable for 130 a month? Are you getting all the PPV porn channels 24/7?
I was going to say…130 a month for cable? Just buy the porn dvd’s….save some money.
A,
I was padding the estimates. It could conceivably be as high as 130/month with a directv sports package and all the premium channels. Just as taxes might not be 400/month.
In any case this place’s assessments are at least 1k more expensive than even conservative estimates for what they include.
With assessments of $1900 a month, this place should be listed for $0. That’s right, $0.
I tend to agree but how do we account for the fact that people routinely sign up to pay these kinds of assessments?
In any case “this place’s assessments are at least 1k more expensive than even conservative estimates for what they include.”
I see debt, people.
Co-op buyers are a different breeed altogether. I don’t know how people get over those assessments, but they routinely do, although prices suffer in comparison to similar condo units. The units tend to be gorgeous luxury units from the 1920’s.
I reviewed one co-op budget and the item that stuck out was labor. Some of these are union buildings and are fully staffed (I don’t know about 2400). “Full service” is worth about $25 per month to me, but i guess for numerous people it’s worth $1,000 a month.
At least this buidling has parking and a primo location.
I never see high-rise buidlings with assessments for a two-bed unit at $300 per month. I lived in a 1970 building at 5733 sheirdan (2 bed, 2 bath, 1600 SF, 120 units) and the assessments were $700 per month plus parking, and i paid for my own heat).
Even the condo assessments amaze me. There must be huge inefficiencies in these high rises with elevators and external structure maintenance. I guess it’s all about location.
Have any of you people actually read a large condo or co-op association budget? $1,970 is definitely on the high end (at only 1400 sq ft I’d expect it to be maybe 20% lower) but not totally unreasonable for a vintage co-op. Of course the high assessment will commensurately lower the sale price, and since I’m not familiar with this building I can’t comment on whether $250K is too high – tough to beat the location, though.
Cable TV adds about $30/month to an assessment bill. Even the doorman expense isn’t too high depending on the size of the association. Maintenance, utilities (particularly heat, in a building like this), and reserve contributions eat up the bulk of the bill.
I would never buy a 1400 sq ft condo/co-op with high-rise amenities with a mere $300/month assessment: that’s a recipe for unmitigated disaster, at any sale price.
“I see debt, people.” Bwaahaa! Your plays on words are getting better, G. 🙂
I suspect the taxes on the building are overall very high; they have a lot of land in their garden, plus some of the units are from what I remember very expensive (around seven figures) which raises the taxes. I wonder if it also includes electricity? Though I agree with David (TFO) that they seem a bit on the high side, but this is a prestige building.
Considering how the retro 50’s look is very hot right now, one could potentially switch out some of the appliances and tweak the existing kitchen to look pretty darned chic. That dishwasher might be 40 years old, but knowing how my aging family members NEVER used their dishwashers… …I would bet that dishwasher has been used maybe 500 times max.