443 W. Aldine in Lakeview: Expensive Units Sold, Cheaper Unit Is Reduced
This 4-unit building at 443 W. Aldine in East Lakeview was built in 1925 and was recently renovated into 4 condos.
We last chattered about the building in May 2010.
See our prior chatter and pictures here.
At that time, many of you thought these were beautiful and “elegant” units.
However, several of you thought the price tags on the bigger 5 bedroom, 3 bath units of $1.475 million each was still too pricey- even for the location.
Since that time 2 out of the 3 larger units have sold and the third one is pending.
- Unit #2: Listed for $1.475 million. Sold in November 2010 for $1.4 million.
- Unit #3: Listed for $1.475 million. Under contract.
- Unit #4: I don’t have an original list price. Sold in February 2011 for $1.45 million.
However, the first floor 3-bedroom unit is still on the market and has now been reduced $60,000.
The unit has been completely renovated and has central air and washer/dryer in the unit.
It has an open layout for the kitchen/dining/living room and a unique step up to a family room or third bedroom.
There is also a private 1-car garage.
Does this building reflect what is going on in the broader GZ market- that the upper bracket is recovering but the lower bracket has not?
Brad Lippitz at Prudential Rubloff still has the listing. See more pictures here.
Or see it in person at the Open House on Sunday April 17: 1- 3 PM.
Unit #1: 3 bedrooms, 2 baths, no square footage listed, one car garage included
- Listed in May 2010 for $475,000
- Reduced
- Currently listed at $419,000
- Assessments of $150 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×15
- Bedroom #2: 12×18
- Bedroom #3: 12×10
It’s really nice, except the third bedroom really isn’t a bedroom even it does have a closet and a window, and I’ve seen bigger kitchens in studio apartments.
It just seems sooo odd to have 3 units at $1.45 million and this unit, albeit a smaller one at a million dollars less.
How much smaller is it compared to the others?
Does anyone else see Ikea kitchen & bath fixtures? Mystery solved?
**disclaimer — Ikea kitchen & bathroom cabinets are an excellent value & surprisingly good quality (if installed correctly) . . . problem is, I believe, most people in the US would disagree with me perhaps explaining the glut of Home Depot purchased maple cabinets.
“How much smaller is it compared to the others?”
I’d peg it at ~half, with much lesser finishes and ground floor location between two driveways.
Why have those larger units sold? Don’t those buyers know that they can get an awesome SFH on the northwest side of the city or a mansion in the western burbs for that much money? I guess they didn’t get the memo that the smartest, nicest way to live is (i)in a SFH (ii) located at least a mile, and ideally at least two miles, from the lakefront. Idiots.
Imagine being the owner of that place when the other owners decide they want to do some maintenance/upgrade work that requires a special. They’ve all got the income to buy a $1.5m place, and a majority.
“Imagine being the owner of that place when the other owners decide they want to do some maintenance/upgrade work that requires a special. They’ve all got the income to buy a $1.5m place, and a majority.”
This is a potentially bad spot for that reason.
What would have been cool is three one bedroom units that went with each of the upstairs units as guest/inlaw/nanny quarters (or rentals).
I like this unit, but isnt more of a 2/2 with a dining room?
also: note that the floor is excavated below grade in at least some areas.
“What would have been cool is three one bedroom units that went with each of the upstairs units as guest/inlaw/nanny quarters (or rentals).”
It’s probably in the bylaws that whoever lives in this unit has to run errands for the other units as well as clean the lobby.
“Don’t those buyers know that they can get an awesome SFH on the northwest side of the city or a mansion in the western burbs for that much money? ”
Maybe the recent buyer of #2 did? Just kidding, it was most likely chump change for the buyer who obviously changed their mind since it was listed for resale last week for $1.475M.
“Brad Lippitz at Prudential Rubloff still has the listing.”
He is one of the developers, too.
Has anybody seen any comps for these units?
I’m glad I didn’t guess a price on the previous post because I would’ve never foreseen these selling for what they did. It appears for the right buildings ELV is hot, hot, hot.
OK – I am the biggest real estate cheerleader and actually own a condo a few blocks away from here …. that being said, who the HELL would pay over 1 million (or over 500k) for a CONDO in THIS LOCATION?!!! ARE THEY CRAZY?!!!
How has the 419k 2/2 not sold yet?
It’s the best unit for the price in the city hands down.
Wild.
Living quarters for the nanny – the other 3 places should get right on that. In fact they could just let the kids go down there every day, like their own private daycare!
Great location and building. I grew up in the building next door.
This used to be a rental building. The owners lived on the third floor and were an elderly couple.
The top three apartments are great but no way I’d live in what looks like a basement. It’s not in the same class.
Its a large, family sized unit and as big as many SFHs. I understand that some folks just don’t want a SFH b/c its too much maintance and they prefer services and amenities. What I don’t understand is why you buy a condo that doesn’t have the amenities of a larger condo building. I can see the merits of a condo over a SFH if it has a doorman, gym, and other amenities…but to by a condo that doesn’t have these benefits (or the views you get in a highrise on the lake, GC, or RN) doesn’t make that much sense to me. Moreover, if I bought in a condo, I would want to be in one large enough to afford a management company so that I don’t have to deal with neighbors trying to manage me. I have heard horror stories about infighting in smaller buildings.
I prefer to keep the $850 in my pocket each month and open my own door thanks! Assessments are a big part of why people don’t want the gym, pool and doorman. At least they are for me. Oh and the holiday bonus!
This is a garden unit and people have an aversion to them. Mario G has a nice 2/2 garden across the street from this unit and it was just reduced to 299k (+20 pkg) from 349 (I think) and it looks like a really nice unit.
Plus this unit has bars on the windows and who wants to feel like they are living in prison.
At this price point there are lots of nice options for 2/2 in ELV
“Imagine being the owner of that place when the other owners decide they want to do some maintenance/upgrade work that requires a special. They’ve all got the income to buy a $1.5m place, and a majority.”
That was my first thought as well; but I wonder, as long as the ‘percent ownership’ of each unit is appropriately proportionate, and obviously the special assessment would be spread among the owners according to that percent ownership, maybe it wouldn’t be bad; perhaps even a positive… I’m not sure.
” for a CONDO in THIS LOCATION?!!! ARE THEY CRAZY?!!!”
I’m not sure what’s so bad with this location; the only thing I can think of is perhaps the riff-raff of boystown. Have you been two blocks over to Hawthorne? Those places are incredible.
“That was my first thought as well; but I wonder, as long as the ‘percent ownership’ of each unit is appropriately proportionate, and obviously the special assessment would be spread among the owners according to that percent ownership, maybe it wouldn’t be bad; perhaps even a positive… I’m not sure.”
BUT, say they decide they want to (crazy, extreme example, for effect) redo the exterior in carrara marble–cuz they’re all rich and crazy–and the total bill is $1mm, 90% allocated to the other 3 units. $100k for something that does nothing for you is still a tough nut, even if you “only” pay for 10%.
Or, slightly (but only slightly) more realistically, they want a doorman. Who sits right outside your front door. And you get to pay for 10% of.
“I’m not sure what’s so bad with this location; the only thing I can think of is perhaps the riff-raff of boystown.”
Exactly – and that is enough to keep any high-end buyers away…. seriously, I have stayed in my condo a few times and everything there is geared towards people in their twenties. It IS a great neighborhood if you fit that demographic – but if you don’t then you stick out like a sore thumb!!!
” for a CONDO in THIS LOCATION?!!! ARE THEY CRAZY?!!!”
Clio- just a block away someone is most likely paying over a million dollars for this condo at 508 W. Melrose (which is under contract.)
http://www.bairdwarner.com/real-estate/il/chicago/07731518.cfm
“Maybe the recent buyer of #2 did? Just kidding, it was most likely chump change for the buyer who obviously changed their mind since it was listed for resale last week for $1.475M.’
G- thanks for pointing out that #2 is back on the market. I honestly didn’t see this listing last night (which is odd- since #1 and #3 were both listed.)
“someone is most likely paying over a million dollars for this condo at 508 W. Melrose”
Do the un-reno’d bathrooms feel inferior? If those are an example of “already top-end finishes”, I must be disconnected from what constitutes “top-end”, and I understand why they redid so much (tho I don’t care for their replacement finish choices in the kitchen or re-done bath).
I viewed all four units in this building. I cannot believe anyone paid what they did for the three larger units, and this ground floor unit is extremely overpriced.
The units all feature Ikea bathrooms and light fixtures. The kitchens don’t have self-closing drawers. For a $1 million + home, I’d expect quality finishes.
The ground floor unit is a 2-bedroom. If the “family room” were used as a bedroom, it would reduce the living space so greatly it would be a joke. This unit has unfortunate views (of the sidewalk and passersby in the front and of the driveway on the side of the building).
I can’t imagine it will go for more than $325k.
Take a look at the tax bill for the building when it was a rental. Taxes are listed as TBD per unit now, but it will be pricey…