Saturday, January 25, 2014

First-time buyer nabs hot Lincoln Park two bedroom condo with parking, sales up

Our first-time buyer client recently went under contract on a Lincoln Park two bedroom condo.   Her 2001 built two bedroom, two bath unit with garage parking was listed at $369,000 and we jumped quickly. Another almost identical unit nearby listed at the same time and price also went under contract immediately.

 One of the better values we viewed was 2333 N Geneva Terrace listed by Grace Volk, Baird and Warner  (All photos Eric Rojas, Real Estate Broker Kale Realty)

One of the nicer condos we viewed but did not offer on is at 2333 N Geneva Terrace 6C asking $379,000 with a $335.00/ month assessment.  The condo features two sizable bedrooms, two baths, a master suite, two terraces and dedicated outdoor parking. Laundry is located on the same floor but not in the unit.  The block is quintessential Lincoln Park block amongst original brick and stone buildings.  I'm usually not a fan of 1970s built condo buildings but this place somehow blends into the block and is in great condition.  In other words, it's a nice looking building.

2333 N Geneva Terrace is a rare boutique elevator building with 20 units on a quiet residential street.  Most elevator buildings are located on busier mixed use throughways or in high-rise buildings.  The light and views in the condo are fantastic.  A real wow factor. The style wasn't quite right for our client but we all felt this is one of the best values considering price/ assessment and taxes for a unit under $400,000 in Lincoln Park.

Great views for this location looking north to south along the lakefront

The 2300 block of North Geneva and surrounding blocks feature attractive original buildings and well kept properties. There is an older "East Coast" feeling in this area.

Two bedroom, one bath condos with designated parking 2013
48 condos closed with exactly two bedrooms, one bathroom and a designated parking space. The median price was about $290,000.  36 units sold in 2012.  Several of these sales have parking listed but it's secured rental parking with a fee.

The lowest priced unit sold was a foreclosure at 2430 N Southport Unit #1F for $135,301 cash.  The small unit was in the back or a converted frame unit.  However, that's a great deal with instant cash flow for the investor or cheap living in a good location for the new owner.

The highest priced two bedroom, one bath with parking sold was 1872 N Clybourn #503 for $395,000.  This was a larger than average loft space near all the North/ Clybourn/ Halsted retail and restaurant action.

Two bedrooms, two bathroom condos with designated parking 2013
308 condos with exactly two bedrooms, two bathrooms and designated parking closed in 2013.  The median price was about $405,000 for the year.  Several of these sales are listed with dedicated or available rental parking with a fee.

The lowest priced sale was at 1850 N Clark Unit 1103 for $162,500.  The hi-rise unit has a $912.00 per month assessment  and parking is rental  at an additional fee in the building.

The highest two bedroom, two bathroom sale was at the all new luxury high-rise at Lincoln Park 2550 for over $1.3 million.  The 1500+ sq/ft unit located at 2550 N Lakeview Avenue features full amenities such as elevator, doorman, pool and exercise facilities.

Currently for sale:
Six two bedroom, one bath units with designated parking are currently listed from $299,000 to $485,000 (with a couple good deals in the mix).   64 two bedroom, two bath units with designated parking are listed for sale from $259,000 to $1,442,000.

It's getting tough to find a Lincoln Park condo with at least two bedrooms, a parking spot, outdoor space and assessment under $350.00 is getting tougher under the $350,000 budget. 

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