Home Buying in Chicago>Question Details

Sophie Benne…, Home Buyer in London, OH

Lincoln park 2520 anybody bought there? Is the prices they are being sold for reasonable? 500,000

Asked by Sophie Bennett, London, OH Thu Mar 6, 2008

Lincoln park 2520 anybody bought there? Is the prices they are being sold for reasonable? 500,000-13,000,000?

Help the community by answering this question:

Answers

6
you can get alot more for your money elsewhere, wait a year prices still going down.
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Sophie,

The best way to determine whether prices are reasonable for new construction is to determine the cost per square foot of the unit and then compare it to the buildings in the Chicago area. In addition, as you may suspect, views are very important for future resale in determining the relative square foot price. The per square foot cost for 2520 currently is approximately $800 to $1,200 depending on the location, the floor plan and size of the unit.

Please note, the $1,200 is at the high end of the market and is similiar to Trump Tower, The Spire and the Ritz-Carlton. The unique thing about 2520 will be the concierge service, the private contained park only available to owners and the unique Lincoln Park location that will never be able to be duplicated in the city. In addition the ceiling heights in units will vary from 9.6 feet to 11.6 feet.

If you have been to New York ,consider this location similiar to living across the street from Central Park with its mesmerizing views. The views out of 2520 will be fantastic and panoramic. In addition, you will be able to sit out on a balcony which the other exclusive buildings in the city, the Spire, Trump Tower and the Ritz Carlton will not have.

It is my understanding that the building is already 50% sold. Should you want additional information as to which are the best tiers and specific floor plans in the building I can send them to you. I currently live in a Mies van der Rohe building just near this new construction project. In addition, if you want to understand the nuances of what to look for when purchasing luxury new construction such as the 2520 building, you may want to check out my website at http://www.SheldonChicago.com.
0 votes Thank Flag Link Fri Oct 10, 2008
Yes. For what they are doing and what it will be....if it ever will be. This market crash is slowing all construction in Chicago. But we are still looking forward to the views and the location. Jim
0 votes Thank Flag Link Fri Oct 10, 2008
I've visited the project and it's truly outstanding. This building is unique to the neighborhood and it's in a tremendous location. For that reason, I see more upside potential here than any of the Gold Coast buildings. Quite frankly, given the amenities and price, you can't compare it to anything in the Gold Coast, Lakeview, Wicker Park or Bucktown and there's certainly nothing like it in Lincoln Park. Lincoln Park 2520 has set a new standard in Chicago. I'm not a realtor and I don't work for the company, I am, however, a real estate junkie so I've seen a lot of buildings. Lincoln Park 2520 is a winner.
0 votes Thank Flag Link Sat May 10, 2008
2520 Lakeview is slated to be a premier building and the east views of the building will be the most spectacular in the city. The finishes are also awesome. With the dollar down to all time lows, this could be a great investment for a person living in London. I would however check out the ramifications of buying in this building as an investor if that is your intention.

Note, it is highly unlikely that your investment will be cash flow positive and that in three or four years the initial assessments will be the same as quoted. Also, keep in mind that you should anticipate 2% of the purchase price for real estate taxes. And do not forget, some newer buildings in the city have instituted rules that allow only a certain number of tenants. There are risks but if you want to live in the building, I believe this building will ultimately be a winner.

General Electirc, one of the premier United States conglomerates is providing financing for this building so you know there has been some real thought about developing and construction.
0 votes Thank Flag Link Sat Apr 12, 2008
Hello Sophie,

This property is in a good location but other opportunities exist throughout the city. The property is being heavily marketed in Europe particularly England and Ireland due to the strength of the Euro and Sterling versus the dollar. A number of these buyers will not be owner-occupiers which should be of concern to unit owners. If you plan on living in the unit and are relocating to Chicago it may be the right place for you to live. However, as an investor the expenses associated with owning the unit versus your rental income make it hard to consider this a good opportunity. Yes there's capital appreciation but when you factor in what's available in other buildings and areas you may find theres better opportunities and upside potential elsewhere such as the gold coast and streeterville right in the heart of the city or a 3 flat specifically geared to investors in Lincoln Park/Lakeview/Wicker Park/Bucktown to name a few.

Best of luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Fri Mar 7, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer