How Much Are Prices Really Rising? A 3-Bedroom At 508 W. Melrose In Lakeview
This 3-bedroom at 508 W. Melrose in East Lakeview came on the market in early February 2013.
Some long time readers might recognize this building as we chattered about it several times in 2008 when distress sales were happening in the building.
Built in 2004, the units were originally sold at the height of the boom.
It has 22 units and an elevator.
This unit has a back deck with views of Wrigley Field.
It has a master suite, central air and washer/dryer in the unit.
The kitchen is a “chef’s kitchen” with granite counter tops and stainless steel appliances.
The unit has a 1-car garage with an option for a second spot.
This unit was originally listed on February 2 for $549,000 and then withdrawn two days later and re-listed for $575,000.
That is just $33,000 under the 2006 purchase price.
With the hotter market, will this unit get the higher price?
Laura Renaldo at TRD Property Group has the listing. See the pictures here.
Unit #6B: 3 bedrooms, 2 baths, 1732 square feet
- Sold in February 2006 for $609,000 (per Zillow- for some reason the ccrd couldn’t find the property)
- Sold in July 2008 for $485,000 (per Zillow)
- Originally listed on February 2, 2013 for $549,900
- Withdrawn on February 4
- Re-listed February 11, 2013 for $575,000
- Assessments of $400 a month
- Taxes of $6452
- Central Air
- Washer/Dryer in the unit
- Garage parking included (option for second space)
- Bedroom #1: 18×13
- Bedroom #2: 15×12
- Bedroom #3: 13×9
Terrible photos! Wow.
I love this location.
“for some reason the ccrd couldn’t find the property”
PIN changed in ’06. Was 14-21-312-054-1017. CCRD agrees with $609k, deed from BELMONT HARBOR HOME DEV LLC, in Feb-06.
Place seems pretty decent, but the pics make it look like a short/bank sale. Note to broker: after you take some new pics, also delete “chef’s” from the kitchen description (microwave above the stove).
Did anyone notice the hot air hand dry mounted on the bathroom wall as if it is being used to dry hair??
Yeah, that’s a pretty interesting idea.
I notice this is between two four-plus-one buildings. Is that why it was designed to also look like a four-plus-one? So it would fit in? Because otherwise, I can’t understand what the architect was thinking.
Also, the agent should get fired for having interior photos taken in the evening. I have no idea if this place gets any light.
I can’t put my finger on why this place seems cramped. At 1732 sf, a 3/2 shouldn’t be cramped.
finally a kitchen/dining/living room combo where you can actually fit all three!!!!!!!!!!
“I can’t put my finger on why this place seems cramped. At 1732 sf, a 3/2 shouldn’t be cramped.”
Bedroom #1: 18×13
Bedroom #2: 15×12
Bedroom #3: 13×9
oddly people in condos feel the need to have a king sized bed and a couch in thier sleeping rooms.
and really in a condo do you really need a master bedroom bigger than 14×12?
This building is depressing and makes me feel bad about life.
I agree, Jenny. This is among the many examples of lousy mid-rises that popped up in East Lakeview between roughly 1990 and 2005. Some were worse than others; nearly all fail architecturally and are offensive to the buildings around them and the basic feel of the neighborhood. It’s like the four-plus-ones all over again. I feel sad about all the old three-flats and courtyards that were torn down to build all this new crud since 1960. How much more abuse can this neighborhood take?
“and really in a condo do you really need a master bedroom bigger than 14×12?”
room for treadmill or elliptical
“How much more abuse can this neighborhood take?”
ask the Rickets
““and really in a condo do you really need a master bedroom bigger than 14×12?”
room for treadmill or elliptical”
why, why and why?
this is Lakeview and the reason you get a condo in a dense urban area is to have everything AT your doorstep in INSIDE your doorstep.
and really you could throw a rock randomly around here and hit a Gym
“I can’t put my finger on why this place seems cramped. At 1732 sf, a 3/2 shouldn’t be cramped.”
must be the proximity to the JCC is making you feel claustrophobic
“and really you could throw a rock randomly around here and hit a Gym”
More likely a Chad, a Ryan or an Ashley
Indeed – ask the Rickets. They’re trying to lift landmark restrictions to allow more ads at Wrigley. They want to further deface Wrigley to attract advertisers that will allow them to pay more to their crummy players so they can charge more for people to watch a crummy team. I’ll pass.
Wrigley is falling apart, they really need to tear that dump down and start over
It is falling apart. But more ads detract from the ballpark’s beauty. It needs an overhaul, and unfortunately that’s going to cost a lot, which means more ads, I guess.
“and really in a condo do you really need a master bedroom bigger than 14×12?”
It probably depends on the size of the closet. The more closet space, the less need for multiple dressers, etc. I think having a condo amplifies the need for larger bedrooms because you want to have places to put things where everyone coming to visit doesn’t see them. If you have open concept kitchen/living/dining room you have less places to put things that isn’t out in the open.
“It is falling apart. But more ads detract from the ballpark’s beauty. It needs an overhaul, and unfortunately that’s going to cost a lot, which means more ads, I guess.”
The problem is that people actually buy into this logic. When the Cubs have been bad the last couple years (and their payroll has been low because of ‘rebuilding’) they are making more money. That money can go toward the ballpark without “needing” extra revenue from ads. When they play bad they still have guaranteed money from their TV deal and see only slight drops in attendance/souvenir sales. They are still making money hand over fist. They just cry poor so that the Ricketts can make even more money from their investment. Personally, I’m glad Rahm told them no public funds, because they don’t need it.
They are crying poor and letting the stadium rot, as a standoff with the mayor, to try to bribe him to get funds from the city so he doesn’t have to pay out of his own pocket. It will get ugly, hopefully Rahmbo sticks to his guns and at least sticks around for a while
Old timers tell that Wrigleyville wasn’t much of anything in the 60s, 70s and even 80s and only acheived it’s current glory relatively recently. IF, and I know it’s a neve-gonna-see-the-light-of-day IF, the Cubs left Wrigley Field and went somewhere else, could the neighborhood still maintain it’s GZ status?
I know this building well. They are actually sueing the developer. Why? Not sure. But it’s been ongoing the past 5 years at least.
“IF, and I know it’s a neve-gonna-see-the-light-of-day IF, the Cubs left Wrigley Field and went somewhere else, could the neighborhood still maintain it’s GZ status?”
This may be an unpopular opinion, but I bet it would improve. A lot of people looking for homes in the upper brackets rule out Wrigleyville just because of the Cubs fans.
I would agree that a lot of wealthy folks wouldn’t live there because of the traffic and idiots running/pissing around 80+ days a year in the summer
Of all the posters on this site, I would have a drink with Jenny first. I think I would get along with her best in a platonic sort of way.
jenny (February 13, 2013, 12:09 pm)
This building is depressing and makes me feel bad about life.
I remember Wrigleyville in the 70s and early 80s, before it became “Wrigleyville” (I lived there back then). It was much quieter, and a lot grungier. The area right around the ballpark was mostly Hispanic and poor. Many of the buildings were in bad shape. Games at the ballpark often drew 5,000 or fewer fans, and crowds of more than 15,000 were rare except on Opening Day and holidays. Sometimes the upper deck would be closed for certain games. Things really changed starting with the Cubs becoming good (for one year) in 1984. The neighborhood all of a sudden became party central, the Cubs became cool, buildings became fixed up, Hispanics quickly left, gays and Yuppies moved in and it’s never been the same since.
This also has to do with the explosion of wealth and yuppies in the mid-1980’s. lots of LBOs, mergers, run up in stocks, remanants of the inflationary late 70’s and early 80’s. younger people making a ton of dough needed a place to live and it wasn’t going to be Schaumburg. Right place, right time.
” Dan #2 (February 13, 2013, 5:24 pm)
I remember Wrigleyville in the 70s and early 80s, before it became “Wrigleyville” (I lived there back then). It was much quieter, and a lot grungier. The area right around the ballpark was mostly Hispanic and poor. Many of the buildings were in bad shape. Games at the ballpark often drew 5,000 or fewer fans, and crowds of more than 15,000 were rare except on Opening Day and holidays. Sometimes the upper deck would be closed for certain games. Things really changed starting with the Cubs becoming good (for one year) in 1984. The neighborhood all of a sudden became party central, the Cubs became cool, buildings became fixed up, Hispanics quickly left, gays and Yuppies moved in and it’s never been the same since.”
“Say Say Say” is a pop single written and performed by Paul McCartney and Michael Jackson.
Didn’t they used to play that over the loudspeaker when Ron Cey used to come to bat, or am I just nuts?
Fair enough, HD. You make some good points about why the area changed.
“This also has to do with the explosion of wealth and yuppies in the mid-1980?s. lots of LBOs, mergers, run up in stocks, remanants of the inflationary late 70?s and early 80?s. younger people making a ton of dough needed a place to live and it wasn’t going to be Schaumburg. Right place, right time.”
Not really. Harry Caray and the Cubs playing better actually helped the area. A lot of the older neighbors were dying off as well.
Go rent About Last Night if you want to see what Wrigleyville really looked like in the early 1980s.
“They want to further deface Wrigley to attract advertisers that will allow them to pay more to their crummy players so they can charge more for people to watch a crummy team. I’ll pass.”
They dropped the idea of trying to get taxpayer money to pay for the renovations. So in order to pay for it, they have to get revenue somewhere else. This makes sense to me. Landmark or not- raising ticket prices and advertising (as well as opening a restaurant on site etc.) are the only ways to do it.
I love it that people want to go to Wrigley Field and enjoy it but they don’t want to pay the money to renovate an extremely old building that needs to be gutted. It’s a private entity that owns them. I think they should be able to do what they need to do to raise money. If you don’t like the increased ticket prices, don’t go to the games.
“If you don’t like the increased ticket prices, don’t go to the games.”
and thats the reason it became the most expensive bar in chicago and families rather take their kids out to schaumburger to watch a baseball game.
when a family of four needs to spend $500-$1000 to catch a cubs game then you know something is out of whack
If you want to know what going to Wrigley was like in the early 80’s, listen to Cub manager Lee Elia’s famous April 1983 rant to the media about how the fans were unemployed losers. Excerpt below (you can find the actual audio online and it’s funny as hell to listen to):
“I hope we get hotter than hell just to stuff it up them 5,000 fuckin’ people who show up every fuckin’ day. Cuz if they’re the real Chicago fans they can kiss my ass right downtown, and PRINT IT! The motherfuckers don’t even work. That’s why they come out here. They should get fuckin’ jobs and find out what it’s like to earn a fuckin’ living. Eighty-five percent of the fuckin’ people work. The other 15 come out here! A fuckin’ playground for the cocksuckers!”
This may be an unpopular opinion, but I bet it would improve. A lot of people looking for homes in the upper brackets rule out Wrigleyville just because of the Cubs fans.
Not necessarily “upper bracket” but we passed on a great condo because it was less than a block from Wrigley. (I’m sort of kicking myself now, though, because in the 6 months since, we haven’t seen anything that meets as many of our must have and nice to have criteria items.)
Another cultural artifact from the pre-sanitized Wrigley era: The play “Bleacher Bums”. http://www.fuzzymemories.tv/index.php?c=3631
I realize that in quoting Lee Elia from memory I left out a couple of F words and S words he used. Here’s the full actual transcript:
“I’ll tell you one fuckin’ thing, I hope we get fuckin’ hotter than shit, just to stuff it up them 3,000 fuckin’ people that show up every fuckin’ day. Because if they’re the real Chicago fuckin’ fans, they can kiss my fuckin’ ass right downtown and PRINT IT!
“They’re really, really behind you around here… my fuckin’ ass. What the fuck am I supposed to do, go out there and let my fuckin’ players get destroyed every day and be quiet about it? For the fuckin’ nickel-dime people who turn up? The motherfuckers don’t even work. That’s why they’re out at the fuckin’ game. They oughta go out and get a fuckin’ job and find out what it’s like to go out and earn a fuckin’ living. Eighty-five percent of the fuckin’ world is working. The other fifteen percent come out here. A fuckin’ playground for the cocksuckers.
Rip them motherfuckers! Rip them fuckin’ cocksuckers like the fuckin’ players! We got guys bustin’ their fuckin’ ass, and them fuckin’ people boo. And that’s the Cubs? They talk about the great fuckin’ support that the players get around here. I haven’t seen it this fuckin’ year.
“Alright, they don’t show because we’re 5 and 14… and unfortunately, that’s the criteria of them dumb 15 motherfuckin’ percent that come out to day baseball. The other 85 percent are earning a living. I tell you, it’ll take more than a 5 and 12 or 5 and 14 to destroy the makeup of this club. I guarantee you that.
There’s some fuckin’ pros out there that wanna win. But you’re stuck in a fuckin’ stigma of the fuckin’ Dodgers and the Phillies and the Cardinals and all that cheap shit. It’s unbelievable. It really is. It’s a disheartening fuckin’ situation that we’re in right now.
“Anybody who was associated with the Cub organization four or five years ago that came back and sees the multitude of progress that’s been made will understand that if they’re baseball people, that 5 and 14 doesn’t negate all that work. We got 143 fuckin’ games left.
“What I’m tryin’ to say is don’t rip them fuckin’ guys out there. Rip me. If you wanna rip somebody, rip my fuckin’ ass. But don’t rip them fuckin’ guys ’cause they’re givin’ everything they can give. And right now they’re tryin’ to do more than God gave ’em, and that’s why we make the simple mistakes. That’s exactly why.”
where’s the word “multi-fold” in that transcript?
You’re right. “Multi-fold” should be there. As in,
“The changes in the Cub organization are multi-fold! Only that don’t show because we’re 5-14. And unfortunately, that’s the criteria of the dumb mother-fuckin’ 15% who show up for day baseball. The other 85 are out earning a living!”
“If you want to know what going to Wrigley was like in the early 80?s, listen to Cub manager Lee Elia’s famous April 1983 rant to the media about how the fans were unemployed losers. Excerpt below (you can find the actual audio online and it’s funny as hell to listen to)”
This is hilarious Dan #2. Thanks for posting. It’s easy to forget that ALL of the Cubs home games were day games back then too. So, actually, you really DID have to be out of work or something to go to most of the games.
I just listed to it three times! It made me cry. That’s so great. Thanks!
“when a family of four needs to spend $500-$1000 to catch a cubs game then you know something is out of whack”
You really don’t need to spend that much, people just feel compelled to do so. You can get cheap seats (even nights/weekends) in the upper deck for ~$15-$20 each for some games. Bring in food with you and/or just buy a few hot dogs, pay your $20 to park and it can be done for ~$200 without too much trouble. Sure it’s not exactly cheap but you don’t have to throw money around either.
“You really don’t need to spend that much, people just feel compelled to do so. You can get cheap seats (even nights/weekends) in the upper deck for ~$15-$20 each for some games. Bring in food with you and/or just buy a few hot dogs, pay your $20 to park and it can be done for ~$200 without too much trouble. Sure it’s not exactly cheap but you don’t have to throw money around either”
If i am going to deal witht he nightmare before and after the game (driving or public trans) i am not going to buy the *cheap seats
if i am dragging my wife to a long boring game she will need a few beers and nachos
my kid and his brother/sister will need a hot dog and a pretzel each
wife will need to buy another pick tight cubs shirt and likely kids will follow with a hat bobble head or what not.
i will need something to easy the urge not to punch drunk Bethany, Chad and Ausitn from indiana university claiming cubs are their team and how chicagoan they are cuz they live in “gritty” uptown
and if i am doing this once a year i will not cheap out.
given my pops would take my mom, me, and 5-6 of my friends to a game on his wages and get good seats feed and hat all of us say a lot about either the cubs organization or wage inflation/deflation (you pick)
“If i am going to deal witht he nightmare before and after the game (driving or public trans)”
What if you could just ride your bike? Now, you begin to understand…
Me, I like wrigleyville, it does its part to keep at least some of the cub fans out of other areas of the city.
If you dislike it as much as it sounds, why even bother at that point?
Glad you liked it, Sabrina. It’s a favorite of mine. Amazing Elia wasn’t immediately fired for that. He actually lasted a few more months and was fired mid-season.
“If you dislike it as much as it sounds, why even bother at that point?”
I dislike what going to a cubs games has become.
“What if you could just ride your bike? Now, you begin to understand”
that only solves the parking problem
and only helps make a shytie house at a high price still seem like a shytie house at a high price now just with a arrogant out of touch RE agent
“Amazing Elia wasn’t immediately fired for that.”
Why would he be fired when most of what he said was true? ha! ha! Ever go to a day game in that era? There WAS like 3000 fans in the park. They weren’t working- how could you be? They used to boo and throw things. I don’t think management cared that he was swearing about them. This was in the era before ESPN and all of that. The only people caring about this press conference were the local media (whom he cursed out too.)
So classic. And people get all up in arms about a few tweets these days. Imagine if a rant like this happened today? ha! ha! Yeah- the guy would be fired.