Why Isn’t This Selling? 626 W. Belden in Lincoln Park
Greystones are popular, especially ones with all of the trappings such as parking, central air and new kitchens and baths.
This 3-bedroom unit at 626 W. Belden in Lincoln Park has all of that. It even has a cozy balcony off the front of the unit where you could sip your morning coffee.
It’s been on the market since June with a few price reductions.
Why isn’t this selling?
Here’s the listing:
Lincoln Park at it’s finest! Beautiful tree-lined street invites you into this bright 3 Bdrm, 2 Bath unit in a gorgeous vintage greystone. Features include 10-ft ceilings, 2 wbfp, in-unit washer/dryer, 2 private decks, hardwood floors thruout.
Kitchen features cherry 42′ cabinets, granite counters & SS appliances. Two new upscale baths with steam shower and air bath. Storage. Garage parking included in the price!
Julie Dorger at Coldwell Banker has the listing. See more pictures and a virtual tour here.
Unit #2: 3 bedrooms, 2 baths, no square footage listed
- Sold in July 2003 for $445,000
- Sold in November 2006 for $533,500
- Originally listed in June 2008 for $585,000
- Reduced
- Currently listed for $550,000
- Assessments of $300 a month
- Taxes of $7073
- Central Air
- Two fireplaces
Isn’t this building in one of Vi Daley’s beloved landmarked districts? Anything needs to be done on the exterior, it will cost 5x as much to repair…even with 300/month assessments, you’re still talking special assessment.
Price. The answer is almost always price. Lower it 5-10k per week and I bet it sells.
In bear markets don’t wait for buyers – find them.
The mid-500s seems like a bad place for any house to be in this (mortgage) market — you need almost a 25% downpayment to buy this $550K place with a conforming loan. Price it closer to $521K, and you will open up a new market.
place looks great, although the small-looking “family” room might be a turnoff to a family with a couple of children. also maybe being by 2 hospitals and near the thick of lincoln ave bars?
Tim: This is part of the mid-North landmark district but that includes a huge portion of Lincoln Park stretching from Armitage to Fullerton in between Clark and Lincoln.
I’ve never heard of something not selling simply becuase it was in this district (especially a condo.)
And one other point, this district was landmarked in 1977.
I agree whole heartedly with IB. The reason its not selling is price. Take a step back and look at this objectively: This is one unit of three in a vintage 3-flat. My grandmother used to live in one of these unit she passed (god bless her soul). The asking price $550,000. HAHAHAHAHAHAAHAH!!! oh, its has a fancy steam shower. Maybe they should jack up the price another $100k. My grandmother would be rolling in her grave if she knew that the middle unit of a vintage three flat in LP was $550,000. I know it’s lincoln park but come on, this is way overpriced.
I was in this one a while ago. I remember it as showing well and I think the realtor is doing a good job of marketing it. Nicely done. It was not a gut rehab but the kitchen was updated. You can tell from the photo that the kitchen is really tiny – tight squeeze. Bathrooms were tiny as well. The 9 foot dimension on the bedrooms is a bit tight in my opinion – especially when you are dealing with the irregular shapes.
Perhaps in this price range buyers are thinking gut rehab or new construction.
$521K would be a very generous first offer at the $550K list. The problem is the down payment and/or verification of assets/income.
Any sellers would be wise to pay attention to IB’s advice about finding a buyer in this market.
$416 first mortgage + $57 second mortgage plus $60 downpayment.
= $533 sales price in Oct 2006
Also its interesting the 521k magic number was thrown out. Thats the price of a property that you would need to put 20% down and still have the max conforming loan limit available (417k). My guess on this is 465k-485k.
Does this area deserve such a high premium? An equivalent unit around WickerPark/Bucktown/UkiVillage is about 100K less.
It is overpriced. I looked at the unit a few months ago. Nice looking building but the unit has a goofy lay out (the kitchen is in the front of the unit near the windows).
I thought the condo at 2523 N Burling was a much nicer place (still priced a $575k – again, way too much).
I visited this place. The third bedroom is actually a den (used as office). The space is very convoluted as the whole apartment is organized in length. THe lounge is actually a widened corridor. The area is v. good, the house is nice, who knows who the other owners/tenants are, though. The back view is nice too.
Everything is pint-sized. IT is the functional equivalent of a small 2-BR with awkward volumes and circulations.
The couple in it (I assume) is moving on with their life or their family compositions, they overpaid in 06, they should slash the price rather than ratcheting it down.
“they overpaid in 06”
They bought it from someone who overpaid in ’03. Bob’s 465-485 is probably pretty fair, but still depends on the post-bubble environment. Without the bubble changing expectations (for buyers & sellers), this is more like sub-$425k (based on everyone saying it’s “quirky” and small-ish and not fully re-habbed).
Do you really have to ask. The property is aweful. The living room is tiny at 11′ wide. 2 of the 3 beds are less than 9′ wide. I walked through the unit and it is no larger than 1100 sq ft. Who is paying $500 per sq ft for undesirable space?
Instead of asking a question as you headline, why not say “$500 per sq ft for 11′ wide living room?”. During the boom people looked past a property’s negative attributes. Now they are paying the price as the buyers that are out there are very picky.
This unit should be priced around $440k.
“Does this area deserve such a high premium? An equivalent unit around WickerPark/Bucktown/UkiVillage is about 100K less.”
Yes it does. You are 2 blocks from the park, zoo, and lake. Belden is a highly popular street in the Lincoln School District. The fatc that someone would pay $100k less for a similar unit in Wicker Park is crazy. What are you near (as an attraction) in Wicker Park? The 2 areas are not even comparable.
This couple will pay a dear price to be ‘livin’ the dream DINKs’, I hope they really had a good time at their “look at my condo I am so cool” party.
Maybe in a few months time they can throw another party, but no vintage vino at this one, all PBR and Busch Ice and the theme should be: “look at my credit report I am so ruined”.
excuse my ignorance, but what does “DINK’s” mean?
No it doesn’t. You are 2 blocks from congestion and suburbanites at the park, zoo, and lake. Belden is also a highly congested street in the nasty School District. The fatc (sic) that someone would pay $100k less for a similar unit in Wicker Park is an example of smart buying. What are you near (as an attraction) in Wicker Park? (the blue line, easy highway access, easy access to downtown, great restaurants, clubs and bars) The 2 areas are not even comparable.
DINK – Double Income, No Kids. They used to be called yuppie couples but the the word yuppie lost cache during the late 80’s.
HD – It is the best school district in Chicago. Better test scores than most in the entire state. I guess if you don’t like congestion you should stick to the burbs. most people who live downtown actually enjoy being around a lot of people. I always knew you belong in Schaumburg! Now you have confirmed it!
“I always knew you belong in Schaumburg! ”
No, SH, a little north of Schaumburg is Inverness.
HD, FYI there is no traffic worse than going east or west on North or Division in Bucktown or Wicker Park. Both are basically parking lots throughout the day and early evening. Going north and south are almost as bad as your choices are interior one ways strewn with speed humps or taking Damen/Western (each mucho sucko). Also, how could you classify the blue line or the expressway as attractions? The low drone of XPressway traffic is annoying at best throughout much of both areas and the blue line is one of the worst el lines in town. The brown line sucks at times but is like riding in a limo compared to the slow zone laden antique cars of the Blue. No, I take it back… I’d much rather live near the Kennedy than a beautiful park overlooking the lake.
That being said, no one will buy a poorly laid out 1100sq ft. 2+den for $550k in this market regardless of the area.
JK
The Burling property has been cut $24,000 since Sabrina profiled it.
I’m just trying to get SH all riled up.
But in all seriousness, my job takes me all over the Chicagoland area and living near the expressway is a plus. The slow zones on the blue line have been repaired and it’s been as fast as ever lately. I’ve used the red, brown, blue and purple lines extensively and Ill take the blue line anyday over the other three.
LP is so isolated and difficult to get to from anywhere other than downtown or lakeview. granted, Wicker Park has it’s traffic too, but at least it’s easier access. In the end it’s just a personal preference but I think SH’s been drinking the kool-aid and spreading the myth about LP being the center of the universe. It’s not the center of the universe, it contains about 100,000 people in a city of 3,000,000 and despite some people’s assertions, not everyone wants to live there.
As an out-of-stater moving to Chicago my preference was River North
“the nasty School District”
HD–this is dumb and discredits the rest of your point. Lincoln Elem is one of the most desireable elementary schools in the state. (As always, it becomes a different issue at HS, but this is also in the LPHS attendance area, and thus is okay)
Want to point out that this is a stupid unit for a family? Fine. But trashing the school makes you sound, at best, ill-informed.
If this property is so great, why dont you buy it, Steve?
Also, to the extent one considers the neighborhood elementary school, Wicker Park/Bucktown/Ukie Village are about 3 steps behind Lincoln–although that may change. Those of you who dump on CPS should know that the West Town elems are (mostly) still the “bad” CPS, while Lincoln is up there with the best of the suburban schools. So it’s pretty much apples and rocks to compare the two.
I’d rather live in LP than WP any day of the week. WP is full of tattooed and pierced service sector 20-somethings who obviously love MTV2. Most think they are so cool/smart because they have some sense of irony about the world and believe they ‘get it’. Their collective hive-mind paradigm is far more repugnant than the more normal looking, acting, and generally happier denizens of LP.
I’d be willing to bet there are far more prescriptions for anti-depressant medication in WP than LP.
Sabrina, serious question: do you really have to ask “Why Isn’t this Selling?” It always comes down to price. This unit, like everyone has said, should be priced significantly below the 2006 bubble price. This seems like a useless generic condo to profile with the standard “trying not to take a loss”/delusional seller.
“If this property is so great, why dont you buy it, Steve?” Did I not just post how aweful or a property it is?
Trader – I agree as I posted. This is not even ’06 bubble prices. This is someone buying a property that is flawed and basically only marketable at discounted prices. They failed to see this when they bought and no they will pay.
“It’s not the center of the universe, it contains about 100,000 people in a city of 3,000,000 and despite some people’s assertions, not everyone wants to live there.” From the price per sq ft, it is where everyone wants to live. This is the only reason why the pricing would be higher than other areas. Sorry, but if you have a family Lincoln Park is 10X more attrative than WP.
Bob, you really sound like an insecure DB who has been picked on for much of your life.
This is really a 2 bedroom condo.
Fair value is $300,000
Sabrina – I have a great idea to take away some of the negativity of your blog. Why don’t you take a property that is selling and ask a similar question.
Here is a sample –
“1864 N Fremont unit 2 – Under contract after 70 days on the market. This buyer did it right and purchased in 2005 and will now still profit in 2008” What did he do to beat the odds?
Why not mix it up a bit? It is not all doom and gloom. I will be happy to send you daily profitable sales data from the LP area. There is a lot of it.
IMO the property isn’t conductive to a family, however it would work for a couple w/o kids. The buying population for this is limited (couple w/o kids), but its not “flawed”.
Steve… He bought before the peak and sold before the fools ran out.
See that was no fun.
By “flawed” I mean flawed at the $450 per sq ft level. Small rooms in this price range are a flaw.
The SHill said, “Why not mix it up a bit? It is not all doom and gloom.”
What “gloom and doom?” The decline in prices are to be celebrated. The biggest cause for “gloom and doom” would be any sign of the continuation of the bubble, and that sure isn’t going to happen.
The SHill added, “I will be happy to send you daily profitable sales data from the LP area. There is a lot of it.”
Really? Lincoln Park is currently averaging about 2.5 sales per day (78 attached/condo/TH sales in last 30 days,) so where will the shill get “a lot” of “daily data” from?
What am I thinking? This is just the same old claim the SHill has made in the past and never actually comes up with the data. So now we have “daily profitable sales” to go along with “5 sold at profit for every 1 sold at a loss.” This is hilarious.
SH said “but if you have a family Lincoln Park is 10X more attractive than WP.”
And not every homebuyer has a family. But SH, you said you live downtown? If the LP is soooooooo great, why don’t you and your family live there?
We do HD – Just South of Armitage and east of Halsted
Let’s start with 1762 N Larrabee. Purchased in 2005 for $570k and sold on 10/17/2008 for $669k *asking price) after 10 days on the market.
Next we can take 345 w Fullerton unit 705- purchase din ’99 for $135k and sold on 10/15 for $275K.
want more in the past week?
“want more in the past week?”
Yep. 4 more, to meet your “daily” boast.
SH, I could have sworn a few days ago you said you lived in the Loop
“Next we can take 345 w Fullerton unit 705- purchase din ‘99 for $135k and sold on 10/15 for $275K.”
I can see the SHill was deceptive, as usual.
“you lived in the Loop”
I thought he said he might need to move to the loop if things don’t improve.
As much fun as it is to dump on Steve he does have a point. There are people profiting on past purchases. I don’t know these properties specifically but the question is whether or not these are cases of people buying right, or finding a greater fool today, or the market is still strong in LP. I suspect all 3 are going on. For some people LP is the end-all be-all. As long as it maintains the cachet it will have a price premium. Personally, I wouldn’t pay it.
On a separate note we should create a database of information on Steve and see if eventually we can figure out who he really is.
To be honest, even if I knew who SH is – I’d keep it to myself. I wouldn’t out him or anybody else. He’s an A$$hole for sure but unless he outted me or threatened my life I would never out anyone.
HD come on already and admit it, your in love with SH.
You two need to hookup.
Steve wrote:
“The fact that someone would pay $100k less for a similar unit in Wicker Park is crazy.”
Crazy how? If the same property was at, say, Wabansia and Winchester, what should it be priced? You said 440 was OK in LP, under 340 sounds pretty bearish.
If the building is maintained right, there should never be a special assessment for facade work.
How is this not a gut rehab? If it has forced air heating and c a/c and a kitchen in front I’d say it was gutted.
HD – If you don’t want to live in LP you do not have to. The FACTS are that LP is a highly desirable neighborhood, and for good reason. You don’t sound like someone who would be accepted anyway 🙂
When you own a house you will always have to do work EVERYWHERE. Houses are a giant pain in the rear.
I agree with all on the burling unit being much better- This one at the right price mid to low 400’s I think it is quirky- but would be great for a single person
Outside looks tired and depressing to me. This seems like the kind of place a a couple or small family would live for a short time and then move. It’s too expensive.
Some of the people who have visited this one can probably confirm, but my Realtor steered me away by pointing out that it is a very narrow property, if my memory serves, I believe the widest room is 11 feet?
Did anyone mention the view west? Looking out over a rooftop cutting your view as well as very small rooms and essentially really a 2 bedroom, Geeze get real!