This 2-Bedroom’s Price Has Fallen $155,000 in Just 2 Years: 431 W. Oakdale in Lakeview
This 2-bedroom vintage unit in Oakdale Towers at 431 W. Oakdale in Lakeview last sold in August 2009 for $455,000.
However, it came back on the market in May 2010 and in that time period has now been reduced $155,100 under the 2009 purchase price.
The unit has north and east views.
It has many of the vintage features found in buildings constructed in 1929 near the lakefront including a barreled gallery, crown and picture molding and a full size dining room.
The kitchen has Subzero and other stainless steel appliances and a butler’s pantry.
There is no central air, washer/dryer in the unit or deeded parking.
The unit is also now listed $5100 under the 1999 purchase price.
Has the market really changed that much in east Lakeview in just 2 years?
Kay Mastandrea at Coldwell Banker has the listing. See the pictures here.
Unit #6A: 2 bedrooms, 2 baths, 1800 square feet
- Sold in November 1999 for $305,000
- Sold in April 2002 for $347,000
- Sold in August 2009 for $455,000
- Originally listed in May 2010
- Was listed in February 2011 for $319,900
- Reduced
- Currently listed for $299,900
- Assessments of $780 a month (includes heat, gas)
- Taxes of $4788
- No central air (window units)
- No in-unit washer/dryer
- No deeded parking
- Bedroom #1: 17×13
- Bedroom #2: 15×13
- Dining room: 20×13
- Gallery: 6×15
I lived in a lower A unit of this building for years. It is the market that has fallen but more than that, this buyer clearly did NO homework and worked with a realtor who was either lazy or unethical or both. NO A unit had ever sold anywhere near the price this buyer paid so clearly, they nevver checked comps in the building. The building has new elevators and is well managed. This buyer just overpaid massively to begin with. It was an aberration.
“Has the market really changed that much in east Lakeview in just 2 years?”
Clearly. Commodity 2BRs are worth somewhere in the $200’s, as many of the bears on here have been correctly predicting for some time now.
Below the 1999 price. And the building is well-managed and has new elevators!
Ouch. Inflation has been what? 30% since 1999? Ouch again.
What was clio saying about being in real estate for 5-10 years?
“Sold in August 2009 for $455,000”
I just don’t understand how someone would pay that in August 2009. At the height of the bubble in 2006, I could maybe see it. But in 2009, I truly don’t get it. Was the buyer all cash? Assuming not, wouldn’t the appraiser for the mortgage company have told them the value was nowhere near $455k? And then the poor soul has to turn around just nine months later and try to sell …
’09 buyer an NYC transplant?
ha, yet another listing where the agent calls the place “stunning”…
there is absolutely nothing about the unit, or the location, that is remotely “stunning”
Maybe it was cash so there was no appraisal?
No idea how anyone paid 455k only two years ago!
clearly the price paid in 09 was crazily high. But I don’t see this as a “generic 2 BR”. yes–there are rather high assessments, but if this is truly 1800 square feet–as indicated–and in a very nice vintage building, I think it’s worth close to the current ask (even w/o AC, parking or w/d).
$410k mortgage, 10% down.
so does this building have a share laundry room or nothing at all? if the later, honestly i can never imagine living there.
“there is absolutely nothing about the unit, or the location, that is remotely “stunning””
I don’t know about that. I rather like the floors and moulding. And a 5 minute walk away from the Clark Street bus doesn’t seem like such a bad location, nor does living a couple blocks from the lakeshore path. That doesn’t mean they didn’t overpay, but I always have a hard time understanding people who think that anything east of the El in LP or LV could ever be a bad location.
Au contraire nwzimmer. Perhaps you are not a vintage lover, so be it. But these are very large apartments with two large bed and en suite baths, large kitchens, elegant original details and moldings, one block from lake and reasonable assessmwnts for vintage. This is a great price and yes, for vintage lovers these apartments are indeed stunning. And i sold my unit in 2004 so have no reason to try to talk them up.
Kate, how did you deal with no W/D?
Nice place, great location. But without parking, w/d or a/c (especially without parking), $455k in 09 (after the writing was unmistakably on the wall) was ridiculous. That said, the current ask doesn’t seem unreasonable (I’d bet that the $800/mo assessment is the biggest impediment; folks looking for 2/2’s with no amenities in the $300’s – even big, charming places in locations like this – aren’t eager to shell out $800/mo on fees).
I would love to see the financing on this deal…possible mortgage fraud? Buyer and seller, not an arms length transaction. No great view, okay unit (kitchen and bath are nothing special even if your a vintage lover), no W/D and no parking…..no where near the 400Ks.
Multi-Family Information
Bike Room/Bike Trails
Coin Laundry
“there is absolutely nothing about the unit, or the location, that is remotely “stunning””
I bet the current owner is feeling pretty stunned…
Could be a employer-forced move in which the owner is getting reimbursed for any loss; hence owner wants a quick sale at any price.
For you voyeurs out there it can’t be hard to cross-reference blockshopper/linkedin/etc. to see if this hypothesis holds water.
what is the difference between a pantry and a butler’s pantry?
Miumiu
It was a pain but yes, i had to share the common laundry room. Saturday morning was my preferred time. However, there were enough machinnes that i never waited. It does not have parking but unlike a lot of vintage in the area has a driveway you can pull in and unload grocereies, etc and yes, there is parking nearby though not on site. I did not own a car so it was a moot point. The building also has new windows and tuckpointing recently, and does allow space paks. I think this is an amazingly good price but reiterate it was never, ever worth $455 or anything close thereto. I was lucky to sell at $374 and breakeven. The buyer of my unit subsequently sold for 355 so 299 is really a deal. But only vintage lovers are ok with those assessments of course.
“Au contraire nwzimmer. Perhaps you are not a vintage lover, so be it.”
Ok so if you like vintage, maybe this is a decent unit, or maybe even ‘pretty nice’… but stunning?? come on…
“chukdotcom on June 13th, 2011 at 2:21 pm
I bet the current owner is feeling pretty stunned…”
No love for chuk’s comment? It made me laugh.
“what is the difference between a pantry and a butler’s pantry?”
My thoughts are that a panty would primarily be a closet with shelves for food and cooking supplies. A butler pantry is often a small room or large hallway that connects the kitchen and dining room, has built-in cabinets with countertops, maybe a sink, other small appliances (wine fridge, microwave, etc). It can be used to stage food for serving. I envision storing serving dishes, extra glassware, and all the other things a butler might need to bring me in the cabinets, but not primarily food items.
I’m curious to hear others thoughts as I’ve never had either a pantry or butlers pantry in any house I’ve lived in.
Why did they pay $455,000 for this after Lehman Brothers???
ok a coin laundry is annoying but doable at least.
New Yorkers do get relocated to Chicago, often gravitate to LSD views/proximity, and do find resulting real estate market for vintage renovated units with lakeviews to be stunningly affordable. We’ve friends who rented a $3000 unit a decade ago who thought their rent was peanuts, and for them, coming from Met Museum area, it was.
It appears to be a beautiful vintage unit, from the pictures.
I love this building and this apartment, right down to the great antique bath.
I’m surprised the price has dropped so low on a 3-2 in this building. Everything in this place is over-scaled- huge baths and ample kitchens in addition to spacious room.
HOA, which includes heat, is reasonable and typical for a vintage apt with this much space. Taxes aren’t bad, either.
Let us know when it sells and for how much.
“I think this is an amazingly good price but reiterate it was never, ever worth $455 or anything close thereto.”
While not all in 2009 and none at the $455k, there are several A unit sales on redfin that support around $400k at different points. Perhaps they were basing it on 14A, and figuring this place was nicer somehow? I bet 11A thought they were getting a deal…$45k less than 5 floors below them.
5A-4/20/2005-$432k
3A-6/30/2008-$358k
14A-1/23/2008-$430k
11A-7/15/2010-$410k
7A-1/12/2007-$385k
“(I’d bet that the $800/mo assessment is the biggest impediment; folks looking for 2/2’s with no amenities in the $300’s – even big, charming places in locations like this – aren’t eager to shell out $800/mo on fees)”
Totally.
I think this will go fast though, it’s a great price.
This’ll go fast?
It’s been on the market for years. I think buyers have got time and plenty of it…
Jun 03, 2011 Price Changed $299,900 — MRED #07812285
May 20, 2011 Listed (New) $319,900 — MRED #07812285
May 17, 2011 – Delisted (Expired) — — Inactive MRED #2
Mar 22, 2011 – Price Changed * — Inactive MRED #2
Oct 04, 2010 – Price Changed * — Inactive MRED #2
Aug 09, 2010 – Price Changed * — Inactive MRED #2
Jul 19, 2010 – Price Changed * — Inactive MRED #2
Jun 07, 2010 – Price Changed * — Inactive MRED #2
May 17, 2010 – Delisted (Cancelled) — — Inactive MRED #1
May 17, 2010 – Listed (New) * — Inactive MRED #2
May 14, 2010 – Listed (New) * — Inactive MRED #1
Sep 01, 2009 Sold (Public Records) $455,000 3.8%/yr Public Records
Ok years is an exaggeration; but it’s been on the market over a year.
Executed Recorded Document Type Amount
08/27/2009 09/01/2009 MORTGAGE $409,500.00
10% down in 2009.
while there is no doubt the market has changed – buyers expectations have certainly changed as well. In 1999 it was probably common enough for units not to have washer/dryers, A/C and parking. 2011 – Those are must-haves for most buyers, IMO.
I LOVE this building. It’s so impressive on Oakdale; the entryway on the east of the building is fantastic.
$800/mo in assessments though — ouch.