The median price per square foot in Lincoln Park is around $329 for condos and $414 overall, according to Redfin‘s number-crunchers. At a familiar new-construction development at the bustling triangle of Fullerton, Ashland and Clybourn avenues, however, the highest prices per square foot don’t even reach $200.
Jameson Real Estate is now marketing the bank-owned Lincoln Park Lofts, located at 1610 W Fullerton Ave, according to agent Lindsey Delrahim. The 39-unit development, formerly known as Ashton Lofts, was hit with a foreclosure suit in the fall of 2007, and its developer, WMC Development IV, filed for bankruptcy protection in January 2008, according to Crain’s.
Bank of America, which now manages the property, has reduced prices on the development’s 24 unsold soft lofts by about 30 percent, Delrahim says. They now range from the high $150s (or about $168 per square foot) for a 950 square-foot one-bedroom / one-bath unit to the mid-$290s (or $178 a square foot) for a 1,650 square-foot two-bedroom / 2.5-bath home with a den. Heated garage parking spaces will sell for $30,000 apiece, she says.
The bank has ordered cabinets, carpet and bath tile for the units, leaving only the kitchen and bath countertops and hardwood floors open for customization, Delrahim says. Most units will be ready for immediate occupancy when they hit the MLS later this month. A model should also be ready for touring by March 21, she says.
NewHomeNotebook:
• Rate and review Lincoln Park Lofts
It is nice to see a bank pricing accordingly to get a project to sell out. Whoever massaged the bank to get to these prices did great work, and I believe these will be sold out before Summer Ends. Now who I would feel bad for is the CG development guys next door… Is there any idea of what is happening with the retail space?
When was the picture taken? I believe the exterior is in worse shape than indicated.
It’s an old pic, but it was the best I could track down from our archives. We’ll bring back some new ones when/if we take a look around this month.
I drove by a few weeks ago, it looked pretty bad, poor window treatments didn’t help either.
The exterior looks like it is unfinished, but I assume that it is going to remain that way? Not to mention, the last time I drove by, to throw salt on the wound a delivery truck must have taken out part of the soffit at the driveway overhang.
Yeah, Cg, that’s what I was referring to. It has been that way for awhile now! I don’t know if the exposed concrete was part of the plan, but I almost always prefer it to paint. (Unfortunately, concrete is almost always painted.)
Oh, yeah, I remember noticing truck damage to the soffit at the driveway entrance.
I wish they would have given the penthouse a little more thought too. I don’t think they were even shown in the original rendering. It looks like it was an after thought “oh, shoot we forgot to put the penthouse on”. It’s just too top heavy for me, among other flaws.
This place looks like a total dump from the outside. I live nearby and its an INSANELY busy intersection. I would hope the windows are very soundproof. Also, I feel bad for the 10 or so people that paid 400k+ for these.