Will 4-Bedroom Million Dollar Condos Be Hot in 2020? 2773 N. Hampden in Lincoln Park
This 4-bedroom penthouse in Hampden 73 at 2773 N. Hampden in East Lincoln Park came on the market in January 2018.
This is a new construction building with 30 units that fronts both Diversey and Hampden. It also has parking.
This building was constructed on the site of the old Market Place Foodstore, which had been in that location since 1927.
It’s a rare new construction mid-rise condo building in East Lincoln Park, although in 2019 we chattered about the building just to the south, 2753 N. Hampden, which is new construction at similar price points.
The listing says this is the only penthouse unit that remains available. Units have been closing so you can move right in.
The living space is all on one level with a top floor finished private roof top terrace measuring 1400 square feet.
The kitchen has Archicesto cabinets, Bosch appliances and a giant waterfall island.
In addition to the four bedrooms there is also a small office tucked into the 2053 square feet.
This building is in Alcott Elementary.
Are families buying these large units as a single family home replacement?
P. Corwin Robertson at Jameson Sotheby’s has the listing. See the pictures of the finishes in the building here.
Unit PH 2: 4 bedrooms, 3 baths, 2053 square feet
- New Construction
- Originally listed in January 2018
- Currently listed at $1.5 million
- 2 parking spaces available for $40,000 each
- Assessments of $375 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 15×16
- Bedroom #2: 11×11
- Bedroom #3: 12×11
- Bedroom #4: 11×11
- Office: 12×7
- Laundry room: 6×7
- Living/dining room combo: 23×17
- Kitchen: 10×13
- Rooftop terrace: 43×34
I think this place is too small square footage price to justify that price – 4 bedrooms in 2000 sq. feet must be cramped as heck. I imagine you’d need at least 2500 to justify the price tag, in my opinion.
thats weird, picture #13 is from basecamp lol
This place is laughably overpriced. Even 2500 square feet wouldn’t fix that.
I’m not reflexively anti-“progress,” but it’s sad to see a small neighborhood grocery store I used to walk to be destroyed for another bland condo project that’s over-priced and aesthetically challenged. Architecturally, MarketPlace was no daisy, but at least it served a purpose.
Is there a market for this type of property? I would assume that someone who needs space and qualifies for 1M property would want a duplex or townhouse in Lakeview.
Can’t find a plan for #2, but based on room counts and sf, it seems likely that 2 and 4 are pretty similar; can see 4 here:
https://www.movoto.com/home/2773-n-hampden-ct-apt-ph04-chicago-il-60614-461_09835141#popphotoview
Looks a lot like a quad ‘dorm’ apartment, but plus a master bath and closet, and nicer finishes.
Dan # 2 – I’m not sad about Marketplace at all. It was my grocery store, too, when I first moved to the neighborhood. However, to be blunt: it sucked. There are now many better options, including Mariano’s and Trader Joe’s, not to mention you can also buy groceries at the Walmart or Target.
“Is there a market for this type of property?”
Many other units in the building have already sold so the answer apparently appears to be “yes” there’s a market.
“Many other units in the building have already sold so the answer apparently appears to be “yes” there’s a market”
Not having sold for 2 years, might make the point at best it’s very limited.
I guess you could argue that it’s not less popular, just more selective…
Why would you spend $1.5M on this when you could get this for $1.25? Genuinely curious.
https://www.realtor.com/realestateandhomes-detail/2465-N-Geneva-Ter_Chicago_IL_60614_M83034-00404?view=qv
“Why would you spend $1.5M on this when you could get this for $1.25? Genuinely curious.”
While I like the place you linked to, there are plenty of reasons why someone would prefer this place over it. it’s not a great comp. it looks narrow as the lot is 18′ wide.
– old vs new – some are willing to pay a premium for a new build condo. also, some don’t want to deal with the maintenance of a 124 year old home.
– 4 bedroom vs 2 (basement acts as 3rd bedroom in row home)
– modern vs old/historic. while it’s beautiful, the buyer of this condo doesn’t want wood trim and ornate details.
– limited outdoor space, at least based off the pictures
– most people still want open concept – the kitchen in your comp looks cramped and closed off from the rest of the place. yes, it works for a 100+ year old home but not necessarily for the modern buyer.
I’m sure there’s plenty of other reasons as your comp has been on the market for 300+ days.
You’re forgetting that that unit is right up against an alley.
As a older millennial married to another millennial, it’s surprising how many people are willing to pass up a bit of location and actually owning a home vs condo in exchange for ‘new’ and ‘trendy’.
People spending this kind of money on homes want something they can show off to friends, put on Instagram or their blog or whatever. While I appreciate classic details and architecture as much as the next guy – that comp isn’t really ‘Instagram worthy’. Not unless you spend about 300k in ripping out all the ornate details and replacing it with crap from west elm or wherever.
Why would you spend $1.5M on this when you could get this for $1.25? Genuinely curious.
https://www.realtor.com/realestateandhomes-detail/2465-N-Geneva-Ter_Chicago_IL_60614_M83034-00404?view=qv
While I really like the place who ever did the design work is a moron – this is a dead skunk in the middle of the road
Agree with Marco’s points and would add
Masterbath isn’t en suite as the 2nd bdr shares. Would have been better off adding a simple 2nd bath upstairs common the Mbath
MBR is a design abortion – lets paint all the wood work and add a cheezy fireplace. They should have left the waterbed with red and black satin sheets to really give prospective buyers how you could go full Navin R Johnson inspired design
Good answers! This is why CribChatter is awesome. I still think $1.5M for that particular condo is crazy.
“add a cheezy fireplace.”
Have been in one of the other units in this row–pretty sure the fp is not an add, but the marble is indeed a pretty bad look.
Looks like a nice place for a couple with infrequent (or unwelcome) guests. 2d bedroom is a perfect office/study. Mainfloor pretty nice. Basement for whatever nonsense each of them gets up to that the other dislikes.
Don’t love the double peninsula thing in the kitchen, but someone might.
They are *very* narrow feeling (bc, let’s face it, even 16’5″ is pretty narrow, and you get that in just 2 rooms). Especially the lower level with the built ins (12’8″!! in the “wide” part!!).
“Not having sold for 2 years, might make the point at best it’s very limited.”
New construction market times are different from a re-sale listing in a completed building.
Developers put the units on the market as soon as they start construction. Some units will sit there for 4 years in a building like the Vista.
That’s why this has a market time of 2 years. It’s when they started marketing the building.
It’s only been in the recent few months that the building completed and you can actually close and move in. Many buyers wait to buy once the building is built because most people have no vision and even with pictures and floor plans can’t get an idea as to how it will “look.”
As soon as a building allows walk-throughs, sales pick up. And once it is staged, even more so.
“New construction market times are different from a re-sale listing in a completed building.”
Yes they’ve also been doing pre-sales that long and were able to move at least 5 PH
“Developers put the units on the market as soon as they start construction. Some units will sit there for 4 years in a building like the Vista. ”
Developers losing his ass carrying that long and a unit sitting that long doesn’t lead one to the conclusion that the markets hot
“It’s only been in the recent few months that the building completed and you can actually close and move in. Many buyers wait to buy once the building is built because most people have no vision and even with pictures and floor plans can’t get an idea as to how it will “look.”
As soon as a building allows walk-throughs, sales pick up. And once it is staged, even more so.”
Yeah, I’m sure there wasn’t a showroom/model for this development so you know that people could see/touch and feel. 5 others PH units were able to move without having it finished. Additionally, you lose the opportunity to make any changes, color or otherwise to the unit in its finished state
The developers sitting on 6 units (20%), again I don’t think that leads one to believe that there’s a strong market for $1MM condos in LP.
But keep on letting your inner JoeZ shine thru
“5 others PH units were able to move without having it finished.”
Do you know that? The building has been “completed” for a few months now, hence all the closings. It could be several went under contract and then closed in the last few months.
The fact that they’ve sold 5 of them at this price point tells you, as I said originally, that yes, there is a market for these in Lincoln Park.
By your reasoning, there’s no market for million dollar condos in the West Loop either as many new buildings there have units sitting as well.
Don’t think you can close (Unless an all cash buyer) w/o a CoO
One site was showing 70% sold during construction and educated guess is they would have needed 50% presold before they broke ground (That includes any units bought by the developer/GC/etc). So to your first incorrect point people (likely not you) are able to buy housing with it being 100% complete.
“The fact that they’ve sold 5 of them at this price point tells you, as I said originally, that yes, there is a market for these in Lincoln Park.”
The fact that the developer is sitting on 20% (Plus potentially what ever “insiders” own) of his units after 2 years tells you like I said that yes the market is limited. This is contra to you incessant bleating that the market is HOT HOT HOT, else it would/should be 100% sold.
“By your reasoning, there’s no market for million dollar condos in the West Loop either as many new buildings there have units sitting as well.”
Don’t use tools you aren’t equipped to operate as you cant differentiate none from limited
Find a WL new condo development that’s 80% sold 2 years after and we can discuss
“Find a WL new condo development that’s 80% sold 2 years after and we can discuss”
We’ve chattered about them. And closings started early last year.
Here’s one that’s 85%.
https://millewestloop.com/
JohnnyU: Here’s another West Loop new construction building that hasn’t sold out.
The website won’t even say how many are available.
Three are still available on the MLS out of 22 units.
http://www.900washington.com/#availability
Both projects are $$$ > Hampden
So it would appear that there’s a limited market for $2.5MM condos in WL