Can This Midrise at 1155 W. Armitage in Lincoln Park Command Higher Prices? (And Why?)
There are 3 units currently on the market in this midrise building at 1155 W. Armitage in Lincoln Park.
They are all 2/2s and are priced basically the same: at $479,900 or $479,000.
The building was built in 1995 and is an elevator building with a garage. It has 42 units.
The 2-bedroom units aren’t exceptionally large.
They all have central air and washer/dryers in the units.
Here are some “recent” sales in the building:
- Unit #601: South facing 2/2 penthouse with 2 large, private terraces. Was listed for $580,000 in September 2011 and sold in February 2012 for $485,000
- Unit #304: 1345 square foot, 2/2, sold for $453,000 in August 2011
- Unit #403: 1253 square foot, 2/2 sold for $476,700 in June 2010
One of the currently listed units, a 2-bedroom, Unit #305, has been on the market since September 2011.
It has a double door entry and is 1331 square feet.
The listing also says it has a new kitchen with maple cabinets, 1 1/4 inch granite counter tops, stainless steel appliances and a wine fridge.
Why are the units in this building commanding such a premium for the square footage?
Is it because it is an elevator building (with garage parking)?
Christina Delgreco at Coldwell Banker has the listing. See the pictures here.
Unit #305: 2 bedrooms, 2 baths, 1331 square feet
- Sold in December 1996 for $270,000
- Sold in March 2000 for $380,000 (included the parking)
- Originally listed in September 2011
- Was listed in December 2011 for $484,900
- Reduced
- Currently listed at $479,900
- Assessments of $419 a month (includes cable)
- Taxes of $6143
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×13
- Bedroom #2: 10×10
Duh! This is home base for Chad!!! This location will facilitate his copulation with Trixie. Price is unimportant as the trust fund is strong despite the recession. Mom and Dad will be proud he is in this location (although they secretly wish he was back in the burbs of his native Midwestern city) and he isn’t squatting in a Wicker Park shanty and drinking PBR with 3 unshaven Vegan barista cyclists with sweaters featuring realistic paintings of various animals. So price is not an issue here.
I don’t know why? Maybe they like and are familiar living in a building that looks like a college dorm?
“Why are the units in this building commanding such a premium for the square footage? Is it because it is an elevator building (with garage parking)?”
I’d say it’s a combination of elevator and garage parking (with lowish assessments for those two amenities), w/d, central air, *some* outdoor space, and the fact that they’ve been recently updated (which I presume was the case with the three “recent” sales). Some people want all of those things, but have no interest in living in (let alone gambling on buying in) areas like the SL or WL, where such buildings are ubiquitous. And, while I’d personally prefer the location of, say, the building at Clark and Belden (the 2/2, with a garage, about which we’ve chattered, priced lower than these), a lot of buyers in this segment would prefer this unit/building over that one.
I realize that this sounds crazy to most CCers (or to “most” as some might say), but there are still lots of buyers who are willing and able to spend upwards of $3k/mo on a nice 2/2. It can be hard to find a nice place to rent for $3k/mo, it’s not that hard (for buyers in this segment) to come up with $40-50k for a down, and many in this segment (maybe even “most”!) would appreciate the tax benefits (for which they’re ineligible on their student loans due to income) associated with owning this type of place for…gasp…3-5 years. Not everybody in this city is hunting for the perfect SFH in the $4-600k range. Many (even if not “most”) people see a SFH as the place they’ll stay for 20 – 30 years. Many of the $900k – $1.5 mm SFHs in this city (or in the burbs) are purchased by professional singles or couples who first live in buildings such as the subject property. They’re not lining up to do so like they were 5 years ago, but they’re still out there.
I imagine 403 is a bit envious of 601’s good luck/good timing. $435-450k gets it done on the subject unit.
“Why are the units in this building commanding such a premium for the square footage?
I looked at this building back when it was being built & really liked it (was negotiating a contract on the largest unit in the building, until they decided to split it into 2 units). The building felt like very good construction compared to other things being built around that time, and was somewhat unique in that it wasn’t the usual 3 flat/6 flat, had some of aspects of a high rise, but without the density, assessment level, etc. (nor the amenities!). The balconies are very large & the upper floors had great skyline views. It’s also in a great location–adjacent to the Armitage corridor; just around the corner from Clybourn retail, but relatively quiet in the back of the building where it looks over Maud street, and it’s about 4 blocks from the expressway entrance, 4 blocks from the suburban train station on Elston, and also a short walk to the El.
great location. nice finishes. building looks to be in good shape. The foreclosure down the street just had a bidding war and sold for 441k (1124 w armitage). i think the asking price is reasonable.
Wow … at least 100K overpriced.
GG, either you’re wrong, or the three recent buyers and their lenders’ appraisers (who’ve hardly been generous these past couple of years) are wrong. I’m going to go out on a limb and say that you’re wrong.
Is Mancow’s unit up for sale?
I love the raging jealousy of the chadwick wannabe’s first post. Yep, this is green zone-with-the-GZ and a training wheels location for those annony says will later be buying: “$900k – $1.5 mm SFHs in this city (or in the burbs)” . People who make fun of the people in this building will never be able to afford this place (at the appropriate age) or the SFH’s these people will eventually buy. I’d venture to say the people in this building are STD-free, the same cannot be said of the Logan Sq., Pilsen, etc. crowd.
Again, this place sucks. Clybourn and Armitage?
Look, I still would bet on the lower end of $420-360, but there’s some chance an idiot gets swayed by the “LP” address and buys this. Again, that person is an idiot.