What’s Happening in North Center? A 3-Bedroom at 2400 W. Warner
This 3-bedroom at 2400 W. Warner in North Center came on the market in March 2018.
This building was constructed in 2005 and has 7 units, a parking garage and an elevator.
It’s on the corner of Warner and Western Avenue.
This unit is a corner unit with Juliet balconies, crown molding and a unique arched doorway into the kitchen.
The kitchen has wood cabinets, stainless steel appliances, granite counter tops and a breakfast bar.
There’s a master suite with Juliet balconies and a walk-in closet.
The unit has central air, washer/dryer in the unit and a garage parking spot is included.
The listing says its in the Coonley Elementary school district.
Originally listed in March 2018, it has been on and off the market for 6 months.
During the housing boom, North Center was a hot neighborhood.
Has the hotness vanished?
Leigh Marcus at @Properties has the listing. See the pictures here.
Unit #3E: 3 bedrooms, 2.5 baths, 1800 square feet
- Sold in February 2009 for $276,000 (per Redfin)
- Sold in March 2014 for $403,000 (per Redfin)
- Originally listed in March 2018 (I don’t have a price)
- Currently listed at $439,900 (parking included)
- Assessments of $391 a month (exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $6935
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 17×15
- Bedroom #2: 16×11
- Bedroom #3: 12×10
Inconveniently located, overpriced properties are never hot. The 09 buyer got a nice deal but the appreciation since seems overzealous to me.
west of western on western… ew!
Notice that they switched realtors because obviously it’s the realtors fault. But then they also lowered the price a tad. So maybe they know it’s not the realtor’s fault?????
If you look at months of supply in North Center the condo inventory is still pretty low – only 3 months. If you smooth out the data it’s as low as it’s ever been with the data I have access to. And the market times are pretty low too. In July condos that closed sold in only 36 days, though the average is more like 60 days and it is gradually drifting up.
I have graphs on the area here: https://lucidrealty.com/north_center.php
“the appreciation since seems overzealous”
Current owner overpaid a bit, and is (now) trying to get out approximately break-even, after transaction costs. As gets aid often, you make your money on the buy side.
At 13 years old, buyer will need to consider mechanicals reaching end of useful life, in addition to the more obvious cosmetic datedness that exists. I do think that’s priced in, looking at the recent sales of 3/2s in Coonley–most similar buy size and location is this (and another like it next door): https://www.redfin.com/IL/Chicago/4038-N-Western-Ave-60618/unit-1S/home/40456309 which certianly shows 10-year-newer finishes. The single floor layout is probably preferable for the typical buyer here, tho, so it is a contrast, too.
I think North Center is still hot, but as the posts above have indicated the specific location matters, and the age of the building matters. You see huge variability for 3/2s from $750K for newer construction near Damen/Lincoln with a roof deck to several around Western in the mid $400s. Vintage loft at 3900 N Claremont that’s somewhat bigger sold last month for $585K.
In addition to not wanting to be right on Western and preferring what’s available closer to Damen/Lincoln, this location isn’t close to the Brown Line particularly, unlike where many of the higher priced places seem to be located.
Seems like a good price for a 3 BR in this location, but exterior design is unpleasant and there’s no outdoor space. Probably cheaply built, seeing as it’s from 2005. Not sure about the finishes. Hate those interior columns – so phony.
Hope you like being one of the poor families at the school the way houses are in Coonley these days.
I have noticed many decent 3/2’s priced in the low to mid 400s in NW Lincoln Square that feed into the Budlong Elementary School (northwest of Lawrence and Western) going a little slower too.
Big difference between Budlong and Coonley. Nothing wrong with Budlng, but Coonley is a truly amazing school. Whatever you can do to get in, even buy a dated place on Western, do it.
Yeah, comparing real estate in Budlong to Coonley isn’t really relevant. Waters maybe, but not Budlong.
If memory serves me well, this building was a major recession victim some 7-8 years ago. Most of the units were in foreclosure or close to it. So it’s a good thing if anything is now being sold at a near-market value to families who are willing to settle in for a while.