Tuesday, March 12, 2013

Sold: Buyer client closes Lincoln Park short-sale condo

One of our buyer clients just closed on 2133 N Southport #2. This was a short sale condo with two beds, two baths and garage parking built in 1998.  The final sale price was $270,000 which is a great value compared to most similar properties sold over the past year and under currently under contract.
2133 N Southport #2 in Lincoln Park is a good value buy for our client and great for a roommate situation (Photo Eric Rojas, Broker)
All our clients have different motivations.  This particular client was more investment minded.  He wanted a space good for roommates and that would afford a relatively low cost of living in Lincoln Park.  We helped the first-time buyer quickly evaluate the short-sale situation, his goals and potential rental income of the property.

It turns out our timing was great...the lender just verbally approved the short-sale price after a previous contract fell through.  Our client did not hesitate to write an offer after our first showing. The contract was accepted and the deal approved swiftly by the lender.

The 2100 Block of North Southport is pretty quiet to the north of the property.
The 2100 Block of North Southport is right between the action of Webster Street bars and restaurants and the North Clybourn retail stretch.  It's relatively quiet despite it's proximity to busy traffic and retail along Clybourn.  The price was well discounted for the bustle and short-sale however.  The rental income from the condo covers our client's mortgage payment AND his current location's rent with his roommates until he moves in!
Looking southeast down Clybourn from the Southport intersection on a gloomy Saturday...Trump Tower in the background (Photo, Eric Rojas)
The condo is at the foot of the Clybourn retail and restaurant corridor in Lincoln park.  Very easy shopping and access to downtown.  We congratulate our client on a great value and fun place to live!