Will Third Time Be the Charm for This Top Floor 2-Bedroom? 2042 N. Clark in Lincoln Park
We’ve chattered about this top floor 2-bedroom unit in this Renaissance inspired mid-rise at 2042 N. Clark in East Lincoln Park twice before.
The first time was in April 2008.
See our April 2008 chatter and pictures here.
A few of you thought it wasn’t priced badly but it never did sell (and one of you later recanted on your belief that it was priced to sell.)
We chattered about it again in March 2009 when it came back on the market for $1,000 more than the prior list price.
See our March 2009 chatter here.
At that point Bob observed:
“This thing doesn’t sell for more than 440k is my guess. Given the stubbornness of the seller it will take a few years.”
It has now returned back to the market 21 months later and has been reduced $50,000. The parking is also now included in the listing (whereas before it was always extra.)
The listing says there is a “chef’s kitchen” with Subzero and Bosch appliances.
It also has 2 outdoor spaces including a 28×5 east facing deck and a 16×8 west facing one.
There are only 2 units per floor.
Will the third time be the charm for this unit?
John Lopez at Keller Williams Lincoln Square now has the listing. See the pictures here.
Unit #6N: 2 bedrooms, 2 baths, no square footage listed
- Sold in June 2002 for $582,500
- Was listed in April 2008 for $529,000 plus $70,000 for tandem parking
- Withdrawn
- Was listed in March 2009 for $550,000 plus $50,000 for tandem parking
- Withdrawn
- Currently listed for $549,900 (2-car tandem parking included)
- Assessments at $443 a month
- Taxes of $6975
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 14×11
Sure, it’s got Bosch and Subzero and all that… but it still has old lady curtains.
“Will the third time be the charm for this unit?”
Nope.
This realtor should be fired for taking 4 pictures of that tiny closet sized kitchen… come on…. its like he’s doing the opposite of trying to sell the place and not of the buying sort of opposite
I’m sure this is a nice place, but talk about an awful marketing job!
Crap like this makes me want to be a realtor to show these idiots how its done. Granted I probably don’t have the patience to deal with the 90% of incompitent idiots in the industry… whatever
“Crap like this makes me want to be a realtor to show these idiots how its done. Granted I probably don’t have the patience to deal with the 90% of incompitent idiots in the industry… whatever”
More like you don’t have the patience to deal with the idiots who think they can sell something like this for $550,000 in the current market. You’d tell them a realistic, marketable asking price and get sworn at and/or punched.
“You’d tell them a realistic, marketable asking price and get sworn at and/or punched.”
I think it would be hilarious. I’d bet the set that had the means to purchase this place for near 600k in 2002 probably thinks they’re financially savvy.
This is the market basically telling them that no, they aren’t that financially savvy. And they’re going to take such a net worth hit to unload this that they’re going to be a lot closer to the serf set they probably believe themselves above/apart from.
“You’d tell them a realistic, marketable asking price and get sworn at and/or punched.”
I’m a pretty big/tall guy… I doubt it
“You’d tell them a realistic, marketable asking price and get sworn at and/or punched.”
This is such BS. I used to live in a luxury townhouse development that had a “queen realtor” who was able to sell townhouses within that development within days. This was only because she underpriced all of the townhouses and the morons that hired her had no clue. I sold my place with another realtor and still hold the record for the highest sale in the development (and that was 9 years ago!!!). It ain’t that hard to sell a place – it IS mor challenging to sell it at a price that you want to get.
If I were marketing this place, the first thing I’d do is take those drapes down. Something about fusty, formal swag drapes in combo with an open kitchen that just doesn’t vibe, and those columns on either side of the kitchen portal are ridiculous.
All in all, an attempt at old fashioned formality combined with modern fads with ridiculous results. But removing the drapes would help.
I think it should be required that agents take a photography class so they can learn how to properly take pictures to portray the property.
Where are the bedrooms? Theres a bad picture of 1 outdoor space, where’s the 2nd? There are two almost identical pictures of the kitchen. Granted, this is by far not the worst pictures I’ve seen but come on people! This is not rocket science!
A half million $ plus taxes, assessments, and closing costs for an apartment ON clark at armitage?
I’d rather rent for life.
Any decent agent hires a professional photographer
Agree with curtains and columns and the unit needs to be staged.
Bad traditional fireplace with a suburban style tv mounted above; ill-fitted traditional draperies (drape is a verb Laura); ridiculosly angled flooring (traditional vs contemporary); agree on the bad columns too and a very cheap bathroom. Staging may help but not before taking off another 100K
Drape is also a noun.
drape
noun
Definition of DRAPE
1
: arrangement in or of folds
2
a : a drapery especially for a window : curtain b : a sterile covering used in an operating room —usually used in plural
from a very quick and unscientific perusal of the “recently sold” list on redfin this is laughable by *at least* a hundred grand. Holy Moses there is some lovely camp going on there. I agree to nix the drapes and maybe the chandelier too. if it is feasable those columns are awful take them out! And then you are left with a mccrapbox with a nice kitchen.
“a mccrapbox with a nice kitchen.”
ish. Nice-ish. It has a nice dishwasher and an expensive refrigerator.
Always thought the building was nice, but the units just scream boring to me. Kitchen is nice but seems kind of small for 550k.
This end of clark always seems kind of dead to me, caught in between old town and the area a bit north of fullerton, with not a lot in between.
I’d think lincoln park’s got quite a few better options in this price range.
i mean, i may be completely off here, as i know this isn’t nearly as close to the lake or park, but isn’t a place like this a better buy at this price point in LP? :
http://www.realtor.com/realestateandhomes-detail/1307-West-Wrightwood-Avenue-Unit-105_Chicago_IL_60614_M84858-43085
It’s got great vicinity to southport as well.
anyways, i’m not super savvy on the northside, but, yes, 3rd time is not the charm. not worth any more than 450k.
IF YOU GUYS WANT A CHEAP PLACE IN LINCOLN PARK, CHECK THIS OUT:
http://www.redfin.com/IL/Chicago/2740-N-Pine-Grove-Ave-60614/unit-9B/home/13368386
“IF YOU GUYS WANT A CHEAP PLACE IN LINCOLN PARK, CHECK THIS OUT:
http://www.redfin.com/IL/Chicago/2740-N-Pine-Grove-Ave-60614/unit-9B/home/13368386”
35k?
i’m guessing a place like that will probably get multiple bids? i wonder what the inside looks like though, haha
Thanks for the link clio! But it is a LOL because we know the bank isn’t going to accept 30k for that. Classic trick desperate realtors use to try to drum up interest.
“IF YOU GUYS WANT A CHEAP PLACE IN LINCOLN PARK, CHECK THIS OUT”
Great slip in the listing description:
“Perfect for that seller who wants convenience”
“i wonder what the inside looks like though, haha”
Unlikely to be too very different from this:
http://www.redfin.com/IL/Chicago/2740-N-Pine-Grove-Ave-60614/unit-17G/home/30723251
for $200k.
totally different beast, location-wise.
Better competitor is this one (tho I don’t really love the pointe):
http://www.redfin.com/IL/Chicago/2008-N-Sedgwick-St-60614/home/13349322
for $499.
I’m not a huge fan of the pointe either, but that is a nice unit.
Being a 25 year old who’s not going to make enough money to even come close to afford a 500k home until i’m 29, it’s nice to know 500k still means something in chicago. i was close to choosing new york for training but the prices there are ridic…hopefully the prices stay grounded for when i’m ready to buy…i’ve been renting for 7 years now and am getting tired of throwing money away.
Seems small for the money, even with the ELP location on the park. IIIRC, this building had an “italianate” name when it was marketed, something like the “Palazzo” or the “Venezia” or something. That probably explains the Ionic columns in the interior. Other than the kitchen granite the finishes are pretty timeless though, this having been built in 2002.
“i’m guessing a place like that will probably get multiple bids? i wonder what the inside looks like though, haha”
Well- someone is actually renting it currently so it can’t be all THAT bad (standard 1970s construction probably.) It also isn’t quite as cheap as the $35k list because there is the special assessment ($20k) plus back assessments and whatever else as the listing states.
Still- this IS a 1-bedroom in Lincoln Park listed for $35,000. We haven’t seen that yet. I’ll post on it next week.
My client offered $530k for the property (with parking) and the seller would not budge. My understanding was they received multiple offers all around $530k – $540k. It will sell but not until spring.
To the grammar teacher here: drape is also a noun. Don’t challenge me on English usage, hon. You will lose.
About that apt on Pine Grove- as Sabrina mentions, there is money owed for assessment arrears, plus the cost of a total rehab, most likely. The place will probably cost the buyer about $125K at least, which is close to what it would have sold for in the late 90s, when a friend of mine looked there. The place he looked at was on the same tier and was very small. It LOOKS good deal for the money considering the neighborhood, and it is below rent-parity, but there might be very good reasons it is priced so low, and it might be something you wouldn’t even want as a gift.
But given that less than 5% of Cook County’s approximately 28,000 foreclosed houses and condos are visible on the market, and that 20% of all loans on houses that have NOT been foreclosed are in some sense impaired (underwater, or delinquent, or in some stage of foreclosure), we might be seeing many, many more non-prime condos available for “gift” prices that are really no bargain when you consider the hidden costs, such as the building’s liabilities, or condition, or the neighborhood involved.
“Being a 25 year old who’s not going to make enough money to even come close to afford a 500k home until i’m 29, it’s nice to know 500k still means something in chicago.”
Oh boy, to be young, optimistic and green eyed and full of wisdom. I hope you make the money you deserve in four years when you’re 29.
____________________________________________
“i was close to choosing new york for training but the prices there are ridic…hopefully the prices stay grounded for when i’m ready to buy…i’ve been renting for 7 years now and am getting tired of throwing money away.”
If renting is throwing money away then buying is like flushing equity down the toilet. Your equity will disappear faster than you can pay off the principal. And your mortgage payment will likely be substantially higher than a comparable rent.
Buy a $500k house at 29 and renting is throwing money away. Good luck buddy, good luck.
I doubt it Laura
Riz – timeframes and price fixes don’t help. It’s a great goal that you want a 500k house by 29 yrs, but a lot will change between 25 and 29, not to mention between 29 and 33. Also, that 500k might not go to far if you have 1000k assesments or similar. Moreover, what defines a 500k house varies from person to person. Lastly, are you going to put down 20%? You can make a pretty good life with 100k in the bank and 29…like investing portions of it.
“and that 20% of all loans on houses that have NOT been foreclosed are in some sense impaired (underwater, or delinquent, or in some stage of foreclosure),”
The number of underwater mortgages is signicantly higher than those mortgages that are in some sense impaired, I think I read somewhere like 50%.
“The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.”
Ahh fork. Okay only 21.5% are underwater. But this is not mutually inclusive of those delinquent or in some stage of foreclosure. So that figure you mentioned is likely a bit higher.
Homedelete,
“Oh boy, to be young, optimistic and green eyed and full of wisdom. I hope you make the money you deserve in four years when you’re 29.”
“If renting is throwing money away then buying is like flushing equity down the toilet. Your equity will disappear faster than you can pay off the principal. And your mortgage payment will likely be substantially higher than a comparable rent.”
i don’t think i’m very full of wisdom, but i’ll take young and optimistic..
i’ve been paying 1400-1700 a month every month for the past 7 years of my life, and more, depending on parking. that’s nearly 140 grand in rent…yes, if i was buying a million dollar house , i get your point.. given i’ll be looking at something 400-500k, it’s a bit different what i’ve spent plus what i’ll spend the next 4 years is already more than a down payment – that’s all i meant by throwing money away, dont want to do that for another 10 years , that’s all.
when i’m 29 i’ll be married and hopefully have a kid soon after. i’d like to buy at that point bc what i buy i’ll probably live in for a solid 8-10 years, i don’t see the point of renting , yes , the market is unstable, but i guess i’d like the satisfaction of being a homeowner.
thanks for the good luck, but i sense it isn’t genuine. I don’t see what’s wrong with a 500k home if it’s well within one’s means.
a-fed,
“Riz – timeframes and price fixes don’t help. It’s a great goal that you want a 500k house by 29 yrs, but a lot will change between 25 and 29, not to mention between 29 and 33. Also, that 500k might not go to far if you have 1000k assesments or similar. Moreover, what defines a 500k house varies from person to person. Lastly, are you going to put down 20%? You can make a pretty good life with 100k in the bank and 29…like investing portions of it”
you have a great point. I plan on investing very wisely, and i’ve been good about it so far. It’s not so much as a goal as just the plan. I’ll be finishing my fellowship when i’m 29 – the average anesthesia+pain management starting salary in chicago is ~ 350-400k. At that salary point i think i could probably run out and buy a house that’s 800 or 900k, ( which a lot of young docs do ), but i’d rather spend half that much and hold onto the rest…isn’t that being conservative?
“when i’m 29 i’ll be married and hopefully have a kid soon after. i’d like to buy at that point bc what i buy i’ll probably live in for a solid 8-10 years, i don’t see the point of renting , yes , the market is unstable, but i guess i’d like the satisfaction of being a homeowner.”
You seem to have figured it all out at 25 with this long-term master plan. Excellent contingency planning as well for any curveballs life may throw at you.
“I plan on investing very wisely,”
Its weird but most investors have this very same plan. Yet somehow most don’t beat the market. And some, would you believe, even with this awesome plan of yours to invest very wisely, actually lose a lot of money. I know its crazy!
Bob,
“You seem to have figured it all out at 25 with this long-term master plan. Excellent contingency planning as well for any curveballs life may throw at you.”
Well, why pay attention to exceptions when i’ve been the rule? i’m 25, i’m getting married next summer, i would like to have a child with my wife after i’m 28. i don’t see how this is an abnormal master plan of any sort. I’d like to stay in Chicago because my friends and family are all here. Curveballs? Divorce? maybe, shouldn’t really affect my professional career though. Getting fired? unlikely, it’s pretty tough to be kicked out of a medical residency. I’ll keep my eyes peeled for any curveballs or armageddon though. Thanks.
Riz,
Get the 350k salary first. Once there the 500k property will be a piece of cake. The key is getting that 350-400k salary first.
A lot of people talk about these sorts of salaries but very few actually make them.
“Its weird but most investors have this very same plan. Yet somehow most don’t beat the market. And some, would you believe, even with this awesome plan of yours to invest very wisely, actually lose a lot of money. I know its crazy!”
Oh wow, you’re totally right, I never even thought of that. I wish i had thought a bit harder about my awesome plan to invest and become filthy rich. thanks for opening my eyes!
Not. I don’t play the market and I dont invest in stocks. By investing wisely I simply meant investing in college plans for my kids and deciding on a ‘safe’ 401k/retirement portfolio, yes, i know those lose money too. probably still better than stuffing it in a mattress though. ( I will probably bury some of it in the backyard just to be safe )
Even after all that, i’ll probably lose my pants and be broke and homeless by the time i’m 30. Us 25 year olds are pretty stupid, and the last thing we should be thinking about is planning out a stable life.
“Curveballs? ”
As I said get the salary first. A 500k property is nothing on comp of 350k, plus potential spouse’s comp.
“Riz,
Get the 350k salary first. Once there the 500k property will be a piece of cake. The key is getting that 350-400k salary first.
A lot of people talk about these sorts of salaries but very few actually make them.”
I’m guessing youre not that familiar with Medicine. a “crazy” salary for an anesthesiologist would be 600k+. 350 is very conservative and pretty much any hospital in chicago will hire a anesthesiologist at that rate. I don’t foresee a complication there.
Anyways, i feel like a whiney child, everyone has a point to make.
My original point is simply that for a conservative investor who wants to stay local and raise a family, spending 500k on a home is not the worst idea. that’s all.
“This end of clark always seems kind of dead to me, caught in between old town and the area a bit north of fullerton, with not a lot in between.
I’d think lincoln park’s got quite a few better options in this price range.
i mean, i may be completely off here, as i know this isn’t nearly as close to the lake or park, but isn’t a place like this a better buy at this price point in LP? :
http://www.realtor.com/realestateandhomes-detail/1307-West-Wrightwood-Avenue-Unit-105_Chicago_IL_60614_M84858-43085
It’s got great vicinity to southport as well.
anyways, i’m not super savvy on the northside, but, yes, 3rd time is not the charm. not worth any more than 450k.”
Good grief, I’m away for a couple of days, and comments like that one are allowed to stand.
First off, the area “caught in between old town and the area a bit north of fullerton” includes some of the nicest, most expensive properties in the entire city. But if you’re looking to go bar hopping, perhaps this stretch isn’t for you (maybe you could go in on a place with the guy from the other day, who was speculating what a River North place would cost with a room mate).
Second, are you seriously posting a link for a property in the 1300 West block of ANY street as a comp to this particular location? And “great vicinity to southport as well,” ah, well, on this blustery day, I just can’t muster the bluster to fully address that one. Somebody else take that one, please.
Now, to this place. Yes, the pictures merit a call to the state RE licensing board. And yes, the drapes are a bit absurd (as is having a tv above the fireplace anywhere, let alone a room with columns). The kitchen is pretty nice (I’m having serious fridge envy). The outdoor space seems pretty neat, though that particular stretch of Clark can be a real wind tunnel. There’s also a half-way house or something like one pretty much right next door. And in weather like this, it should be abundantly clear that one garage space is vastly superior to two outdoor tandems.
Anyways, on the one hand, given the other options out there, this is overpriced. On the other hand, it’s a top floor, elevator serviced, smallish building, with ac/wd, (some type of) parking, a nice kitchen, in true ELP (albeit on Clark and at a somewhat seedy, and windy and often dark, intersection). I could see it closing at $475k; I’d do it at $450k, were I still in the market. Were I a renter, I’d feel o.k. about paying $2,500/mo, for whatever that’s worth.
Time to get bundled up and go across the street for another stroll through the zoo lights. It lacks the wonders and charms of SoPo, to be sure, but it’s not all bad.
Riz –
Don’t get it twisted, sensible diversity when investing *always* yields positive results. You should invest in stocks – a vairety of companies from low risk to extremely risky – as well as bonds, and commodities (gold!). Cover your investments through your 401k tackling mutual funds (basically let other people manage your long term nest egg to an extent) since you are young, the componding interest on a function of the company match + your donation will be huge after 20 years.
Regarding houses though, you right in the fact that you should start with something managible, ~500k, but SO YOU CAN PAY IT OFF quickly. Don’t jump into the 800k house right away. Enjoy that additional, no longer fixed income. Just think every year you live in that *paid off* off house, you aren’t spending 25k +. Pull that off for a few years and shoot for the $1.5M house that you can live in for the next 25 years. Also, time is only on your side when selling a house right now…just my two cents…
Anonny,
“Second, are you seriously posting a link for a property in the 1300 West block of ANY street as a comp to this particular location? And “great vicinity to southport as well,” ah, well, on this blustery day, I just can’t muster the bluster to fully address that one. Somebody else take that one, please.”
well to that I say , ‘ the writer who breeds more words than he needs, is making a chore for the reader who reads’
Sorry, you just reminded me of Dr. Seuss. I can’t muster the bluster on this blustery day either. Self important much?
As i stated in the post, i’m not that savvy with the northside, I was posting a link to get some feedback and learn more about the neighborhood and why some areas are pricier than others. I’ve always liked lincoln park and was curious. I simply stated that within lincoln park, for the price they are asking, there are some other great options in various areas, including the link i posted. I have limited knowledge on the west side of lincoln park and property values, but the condo itself just seemed nicer to me, that’s all. I also stated that for a lower price, IE, 440-450, this will probably sell.
I’m very familiar with the area between old town and fullerton, it’s not far from where i rent. I live right off astor and goethe, so i’m not impressed by big , expensive, houses, and i don’t think that necessarily makes a neighborhood particularly worthwhile. Proximity to the park and lake is fantastic though, i’ll give you that , other than that, sorry, the area seems blah.
Enjoy the Zoo. I’d make another Dr. seuss comment here but it would be overkill, right?
Afed,
“Don’t get it twisted, sensible diversity when investing *always* yields positive results. You should invest in stocks – a vairety of companies from low risk to extremely risky – as well as bonds, and commodities (gold!). Cover your investments through your 401k tackling mutual funds (basically let other people manage your long term nest egg to an extent) since you are young, the componding interest on a function of the company match + your donation will be huge after 20 years.
Regarding houses though, you right in the fact that you should start with something managible, ~500k, but SO YOU CAN PAY IT OFF quickly. Don’t jump into the 800k house right away. Enjoy that additional, no longer fixed income. Just think every year you live in that *paid off* off house, you aren’t spending 25k +. Pull that off for a few years and shoot for the $1.5M house that you can live in for the next 25 years. Also, time is only on your side when selling a house right now…just my two cents…”
I’m not going to pretend like i fully understood your fist paragraph, I’ve always been very conservative with investing so i’m not booksmart on a lot of the stuff you’ve mentioned, but I think we’re on the same page.
You read my mind though, the reason i want to buy a cheaper place is so i can pay it off quickly and own it. Later in life when i get a more expensive home I don’t want to have a significant, if at all, a mortgage. Again, this may not be the most financially aggressive and savvy strategy, but i guess i’ve always been slow and steady. That’s why i chose to put people to sleep for a living, and not investment banking. haha.
“Don’t get it twisted, sensible diversity when investing *always* yields positive results.”
BZZZZZZT WRONG! That statement reminds me of my finance professor admitting he was missing much of the US equities bull run of the 1990s due to diversifying internationally.
Did it yield positive results for him? No. Remember positive results to investors mean absolute rate of return, not the Sharpe ratio.
Riz – Good Dr. Suess zing!
“Later in life when i get a more expensive home I don’t want to have a significant, if at all, a mortgage. ”
The government is definitely encouraging you to take out a big mortgage via the mortgage interest deduction. It lowers your cost of borrowing and means that $1MM mortgage will only cost you 30k/year in interest.
Anonny,
Thanks, as ridiculous as it may sound, i did my senior thesis on green eggs and ham, i love Dr. Seuss, haha.
Bob,
Again, i’m not experienced enough to understand a lot of the different theories and methods of loans and investments, but borrowing just makes me uneasy. The government already took over my school loans, i’m hesitant to let them have a hand in my mortgage, or anything else fiscally related, for that matter.
Even if you are a bull, you still cya via other equities or securities, always. The 90’s was a recovery/expansion from the 80’s and included the tech boom, an exception. The world is much more communicated now thus Riz should take 3 pointers at alot of tech stocks and green stocks, cover them through blue chips and house hold names, and pick up some gold and gold etf’s, sliver. Bonds are iffy but you need em ~ arguably. And definitely keep some cash in that 500k house.
This way, all his egg’s aren’t in one basket if – something – happened, like a crash or a crash, maybe an unexpected crash, ahem 2008….best part is he stays liquid and will draw dividends!
“Again, i’m not experienced enough to understand a lot of the different theories and methods of loans and investments, but borrowing just makes me uneasy. The government already took over my school loans, i’m hesitant to let them have a hand in my mortgage, or anything else fiscally related, for that matter.”
If you wind up earning what you stated, you’d be better off with a financial adviser/tax accountant who knows these things.*
I’ll put it bluntly: the tax code in our country can be legally “gamed” to a large extent.
*Bob is not a financial adviser nor tax accountant.
But if bob was a financial adviser or tax accountant I get the impression he’d be really good at it.