Why Isn’t This Lincoln Park 2-Bedroom Selling? 1437 W. Diversey
This 2-bedroom at 1437 W. Diversey in Lincoln Park came on the market in June 2015.
The building was constructed in 2009 and has 5 units.
This unit has modern finishes including wide plank floors.
The kitchen has modern, European-style espresso cabinets and Jenn Air stainless steel appliances.
There are decks on the front and back of the unit along with motorized blinds.
It has central air, washer/dryer in the unit and garage parking is included.
Originally listed for $535,000, it has reduced $60,000 to $475,000.
Buyers like “new” and this building is less than 10 years old.
Why isn’t this selling in a low-inventory market?
Mark Miles at Dream Town has the listing. See the pictures here.
Unit #2E: 2 bedrooms, 2 baths, no square footage listed
- Sold in March 2009 for $475,000
- Originally listed in June 2015 for $535,000
- Reduced
- Currently listed at $475,000 (parking included)
- Assessments of $150 a month (includes water, scavenger)
- Taxes of $4628
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×14
- Bedroom #2: 12×11
Its not selling because its attempting to sell at its new construction price maybe?
Seems ok for your typical modern 1100sqft cookie cutter condo, not spectacular but its fine I guess, I’ve lived around there and its a nice area but I wouldn’t want to be on diversey, its jammed with traffic pretty much constantly
Not selling? I always think it’s as simple as you’re asking too much…, I’m open to other theories.
Personally I’m not a fan of that area, it’s a too far west, and a little too far to walk to the El.
Overall meh, maybe 375-400k.
External obsolescence 101 – don’t buy on a busy street. It’s a nice, fine area, but it’s a little too far west from the nicer Lincoln Park amenities so much that it doesn’t really feel like Lincoln Park anymore.
Busy street.
Small & narrow living room.
A little too far west.
The interior is pretty nice and the assessments are very low. I thought everyone wanted a LP address to send their kids to school in the hood.
“a LP address to send their kids to school in the hood”
What, you think this location gets you into the “best” LP school, or even the 2d best?? This place gets your kid into the *4th* (I’d argue, tho bumping up to 3d is reasonable) best elementary that serves some portion of 60614.
If your buying a $500k 2 bed to send kid(s) to LPHS, then you’re doing it wrong.
Am I the only one who thinks that kitchen layout is not the greatest – – also no separate dining area? Their small table is pushed up against the wall, alerting the viewer to how the space doesn’t really work…and I really hate it when you see a toilet in the master bath sorta snuggling up to the tub. Gross. For this kind of money I would demand a European style water closet. This is what you get when developers build stuff.
Thanks for the explanation anon. I am clueless about the schools. I thought whole of LP gets access to a good school 🙂
“This is what you get when developers build stuff.”
who else is going to do it?
Western part of LP is Prescott. The school seems odd, it’s surrounded by huge expensive homes, but apparently everyone there sends their kids to private school, the “friends of” group raises a lot less than Burley or Hamilton or Blaine to its north.
Redfin says the penthouse sold in 2009, but was relisted for sale 12 months later and then cancelled in 2011, so it may still be tradable, esp since CCRD’s info suggest it’s still owned by the developer.
https://www.redfin.com/IL/Chicago/1437-W-Diversey-Pkwy-60614/home/17127536
Small overall. Too far west and from the el by just a bit, but at least it’s not NoCoCo. Kitchen seems cramped. Feels kind of sterile to me, the front appears to be some sort of blockish material; but I can’t stand what passes for more or less modern these days so some may like it.
Like the dual decks though, really it’s a halfway decent property just needs to be a bit cheaper.
You said it, not me “buyers want new”. If buyers have the option of buying a new condo, townhouse or house for the price range of 400K to 800K but in other parts of the city then why not? There are plenty of good quality neighborhoods and some up and coming neighborhoods that offer excellent value. But if pride, privilege and prestige is what you value then stick to places closer to the lake and downtown area.
Sid V on November 6th, 2015 at 2:14 pm
“but at least it’s not NoCoCo.”
Heh?
“Heh?”
North CostCo.
Is this entire building made of cinder blocks?
Definitely looks “blockish” but is new enough construction that the material used shouldn’t, and doesn’t appear to, have anything in common with the split faced crap that was the scourge of the 90s and early 00s condos.
“Its not selling because its attempting to sell at its new construction price maybe?”
But prices have gone UP since the last sale, not down. So why shouldn’t the seller be trying to get “new construction” prices?
Here is an interesting estate sale:
http://www.redfin.com/IL/Chicago/1928-W-Newport-Ave-60657/home/13386702
“Here is an interesting estate sale:”
Thanks for the link MDJ. We’ve chattered about some of these row homes on Newport in the past. At least this one isn’t right next to the El like some of the others on this block.
My problem with this one is the price. It seems at least $150,000 to $200,000 overpriced. It’s just 1520 square feet and it needs to be completely renovated. Once you throw the money into it, how much will this ultimately sell for? $1 million? Because it’s STILL only 1520 square feet.
Two of those 4 bedrooms are really small. Someone will tear down some walls and will put in a master bathroom or something and have 3-bedrooms instead. But who wants to pay to do all of that? There aren’t many looking for expensive fixer-uppers in this market. But we’ll see. Inventory is low.
I think Sabrina’s assessment of this Newport property is pretty much dead on. Some owners have expanded to the back to add square footage but then you make center of the place darker than it already is and sacrifice the one thing that most sets a place like this apart, the private yard. At this price this place is a losing proposition, although for 500K Or less I think you could probably make a case for it.
Sold for $468,000, on 12-21.
The Newport place noted by MDJ closed at $665k.