Is Renovated Vintage the Best of All Worlds? A 3-Bedroom at 5510 N. Sheridan in Edgewater
This 3-bedroom in The Renaissance at 5510 N. Sheridan in Edgewater came on the market in October 2016.
The Renaissance was built in 1927 and has 32 units along with extensive gardens and an outdoor parking lot with leased parking.
This unit has views of Lake Michigan from the 11th floor.
It still has many of its vintage features including barrel vaulted ceilings in the foyer and crown molding.
But the kitchen and bathrooms have been renovated to today’s standards.
The kitchen has wood cabinets and a large kitchen island with granite counter tops and luxury appliances, including a chef’s stove.
The master bathroom has a steam shower with double shower heads.
The unit has central air but there’s no washer/dryer in the unit. There’s coin laundry in the building.
This property last sold just 10 months ago, in February 2016. Back then, it took 10 months to sell from listing to close. It had the same renovated kitchen and baths.
How long will it take to sell this time?
Loren Connell at Baird & Warner has the listing. See the pictures here.
Unit #11B: 3 bedrooms, 2 baths, 2200 square feet
- Sold in September 1997 for $164,500
- Originally listed in May 2015 for $475,000
- Sold in February 2016 for $445,000
- Came back on the market in October 2016 for $498,000
- Still listed for $498,000
- Assessments are $1243 a month (includes heat, cable, scavenger and snow removal)
- Taxes of $6950
- Central Air
- No washer/dryer in the unit- coin laundry in the building
- Leased parking available for $75 to $110 a month
- Decorative fireplace
- Bedroom #1: 16×12
- Bedroom #2: 16×12
- Bedroom #3: 10×9
Gold Coast Assessments – Strike
Paid Parking – Strike
Shared Building Laundry – Strike
OUT
Priced rather aggressively, I would bet this sits quite a while.
Why install such modern vanities in an otherwise traditional condo.
same place in the gold coast at least double? seems like the trade off of being farther north is worth it at this price. would need to spend an hour in the lobby to see about the neighbors.
Wow the assessments of these old buildings never ceases to amazing. For $1250 you get… coin laundry, a lobby, leased parking, and a likely barren rooftop.
I also love the ‘stunning lake views’ opener, yet only 1 photo remotely shows a glimpse of this perk (likely its best selling point).
Yeah a doorman isn’t worth that… sorry
“a doorman isn’t worth that”
This building has a doorman??
Listing sez on-site manager/engineer, but doesn’t mention a doorman.
well, jeez that’s even worse!
“that’s even worse!”
I think that an on-call handyman/manager is more likely to be more worthwhile than a doorman. Especially with common heat.
Whether that is reasonable for a 32 unit association is a really good question, tho. As is whether the manager/engineer is actually handy, and able to serve as a true building engineer/handyman.
It won’t be long before this building’s assessments sink it’s value far enough to where a developer buys the whole building and converts it to apartments.
It’s really hard to keep up these smaller boutique buildings. A 100-year old building needs a LOT of maintenance. Imagine putting in new elevators with just 32 units?
Beautiful place in a nice part of the world. A bit of touching up and it’d be damned fine. My only questions are about the association and its management.
I’d like the value of my house to go up $54k every 8 months without doing anything. I’d be rich fast!!
Good luck at this price…
“I’d like the value of my house to go up $54k every 8 months without doing anything.”
That ask is driven by transaction costs and a tiny bit of wiggle room for negotiation. If they get close to ask, they’ll only barely break-even.
Mike HG posted “It won’t be long before this building’s assessments sink it’s value far enough to where a developer buys the whole building and converts it to apartments.”
Ime deconversion isn’t directly related to high assessments killing values. Imo it’s only possible to convince owners to de-convert when abt 1/2+ of owners are ‘investors’, typically b/c they went from being owner occupants to ‘accidental landlords’ when they discovered they could’t sell. It’s nearly impossible to convince typical condo owner occupants of the rational benefits of selling their unit in a bulk sale to a developer, even for an above market offer. But if a developer purchases a critical mass of units & effectively controls condo board decisions, it can begin approving capital projects which will help the building run efficiently in the future – ie assessments increase dramatically. Unless a buildings ownership comes to the consensus they should explore a group sale, assembling condo units is messier than making sausage in my experience.
That’s a gorgeous building and really catches your eye when you’re in that area. You can also view it from the lakefront at night and it’s quite striking being it’s on the west side of Sheridan. I was told they have rights to their view and nothing can be built across the street.
“I was told they have rights to their view”
I’m pretty sure, legally speaking, that’s not a thing.
You can’t tell me that that building has been there since 1927 and nothing has been built across the street from it since.
“You can’t tell me that that building has been there since 1927 and nothing has been built across the street from it since.”
The Pink Palace is across the street but not directly in front of this building. They own a bunch of the land there. The Edgewater Hotel might have been there at one point but that was torn down years ago.
Also, don’t forget, the lakefront looks different today than 90 years ago. There has been a lot of infill.
“I’m pretty sure, legally speaking, that’s not a thing.”
It sure *can* be. But it would be very rare, because it essentially capture the development value of the land subject to the “view ownership”.
The land across the street is the beautiful park for the Beach Club. They are not selling and it is protected. It is a perfect view. Building is 100% owner occupied except the ground floor apt. The building owns. People live here because they want a vintage building with a wonderful view. Two units per floor, each around 2600 sqft. Many families grew up in this building. Yes, assesments are high, but so are older homes. Active, vigilant BOD. Get information before you start making random comments.