How Quickly Should Properties Be Selling? A 2-Bedroom at 545 W. Aldine in East Lakeview

545-w-aldine-approved

This 2-bedroom at 545 W. Aldine in East Lakeview came on the market in September 2016.

The building has 34 units and was built in 2000.

It has two rare amenities for East Lakeview: an elevator and a heated garage.

The unit faces south and has hardwood floors.

The kitchen has granite counter tops and stainless steel appliances.

It was originally listed in September 2016 for $489,000 and was reduced in November to $479,000.

It has come back on the market at $459,000.

However, inventory is at multi-year lows. Even though it’s still the slower winter market, many properties are going under contract within days of listing.

Why isn’t this selling¬†with inventory is so tight?

Brad Lippitz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3F: 2 bedrooms, 2 baths, no square footage listed

  • The CCRD was down (again)- so I don’t know any of the prior sales prices (ever since the site moved to the new web address it’s been “down” about 80% of the time at night and on the weekends.)
  • Okay- it’s up again in the morning. Fantastic. Sold in October 1999 for $339,000
  • Originally listed in September 2016 for $489,000
  • Reduced in November 2016 for $479,000
  • Currently listed for $459,000 (includes garage parking)
  • Assessments of $461 a month (includes cable, exterior maintenance, lawn care, scavenger, and snow removal)
  • Taxes of $6790
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 16×11
  • Bedroom #2: 10×10

 

 

 

28 Responses to “How Quickly Should Properties Be Selling? A 2-Bedroom at 545 W. Aldine in East Lakeview”

  1. For once I actually agree with Sabrina in that there’s no obvious reason to point to for it not selling, given the market time. Perhaps it overlooks something loud and/or unpleasant or the finishes look worse in person… It does check a lot of “boxes” and the assessments aren’t too bad for an elevator building.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  2. Stain the floors (dark); paint the cabinets (white), stage the master bedroom, and it sells.

    VA:F [1.9.22_1171]
    Rating: 0 (from 6 votes)
  3. This brings up another topic that many condo owners don’t want to talk about.

    When do you need to update your finishes?

    The last sale of this unit was 18 years ago. It’s now considered an older property. Should it have a new kitchen and baths? Brand new appliances? Do you need to repaint it?

    How long can you go without updating?

    VN:F [1.9.22_1171]
    Rating: +4 (from 4 votes)
  4. Agreed. Put in cool Ikea kitchen and baths.

    VA:F [1.9.22_1171]
    Rating: -3 (from 9 votes)
  5. Turns out I know the developer of this building, which is neither here nor there.

    2 other similar units sold in the building very quickly in the last year at $462K and $450K so this seems to be priced about right. Like I always say…there is much more randomness to this business than realtors are willing to admit. It all depends on what buyers are in the market and what else is on the market at any given point in time. You also really have to listen to the showing feedback, which is why the listing agent should actually show the property instead of just putting it on a lockbox and then follow up every showing to get additional feedback.

    I’m always hesitant to recommend major renovations for the sole purpose of selling a property. It’s risky because potential buyers might not like exactly what you’ve done. Simple things are OK though. Like maybe you could paint the kitchen cabinets white and give it a more updated look.

    That’s why I think if you know you are going to sell in like 3 years maybe you make some improvements now so that you get some personal value out of them before you sell. Then if buyers don’t fully value your improvements at least you enjoyed them.

    VA:F [1.9.22_1171]
    Rating: +10 (from 12 votes)
  6. doesnt make a lot of sense to me that this hasnt sold. this unit just went under contract, it was asking $489k.

    https://www.redfin.com/IL/Chicago/436-W-Belmont-Ave-60657/unit-203/home/12742115

    the aldine unit is a better location, nice and quiet street, and in a better building, imo. with the $30k difference, you can freshen up the bathrooms and kitchens.

    VA:F [1.9.22_1171]
    Rating: +2 (from 2 votes)
  7. “How long can you go without updating?”

    as long as you like providing you reflect the lack of updates in your asking price.

    VA:F [1.9.22_1171]
    Rating: +6 (from 6 votes)
  8. “this unit just went under contract, it was asking $489k.”

    the Belmont condo seems much bigger. just based on the listing, the living area is 39×18 as compared to 16×23. huge difference.

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  9. This place looks like its 1100 sqft MAX

    the price is too damn high

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  10. This looks like the occupants are renters (they might not be, I am just saying it looks like they are – – check out the mis-matched bar stools). Their realtor didn’t remind them that personal effects have no business on bathroom counters during a photo shoot. Neither do dingy towels hanging from a hook on the wall. A little staging would help.

    Upgrading appliances – – particularly THESE appliances – – would be $4K tops and it would likely have a nice ROI. Agree with the other updates. Seriously – – Ikea has some nice vanities. That is an update one could do themselves and it would really help this place. What condition is the HVAC in after 18 years?

    Finally – – bedrooms look to be a little oddly shaped in terms of circulation and actual liveable space. As the listing photo clearly points out, the second bedroom barely fits a full sized bed. The lack of a clear space to put a dining table and a TV (TV in the bedroom is a personal pet peeve of mine!!), make this look more rental grade than owner grade.

    VA:F [1.9.22_1171]
    Rating: +2 (from 4 votes)
  11. Oh – – and all the stuff on the kitchen counters makes it look like there is no appropriate storage. I realize that reality is leaving stuff on the counter, but a prospective buyer doesn’t want the seller’s reality…they want to envision their own perfect, easy, uncluttered life.

    VA:F [1.9.22_1171]
    Rating: +2 (from 4 votes)
  12. I looked at a condo in this building in 2005 and came close to making an offer. It’s a great alternative to a 4-flat as it has the open concept layout without the daily stair climb and the hassles of a do-it-yourself building (I’m assuming professional management). No clue why this is lingering, especially in this location. Perhaps either the building or the unit has an issue that isn’t reflected in the price and needs to be.

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  13. @Keef17 – – the listing you posted a link to brags of a new furnace. That one is kind of a big deal. Given the state of the cheap / easily replaced items in the Subject unit, I will hazard a guess that the furnace and water heater are nearing the end…and this fact doesn’t seem to be priced in. Current owners haven’t put any money into this, they can come down on the price.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  14. It looks like this place faces an alley. No thanks.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  15. My wife and I actually went and saw this place – both the interior of the unit and the hallway from the elevator smelled like cigarettes/cigars. Agent said the tenant smoked but that it could be deep cleaned prior to closing to our satisfaction. That, plus the items noted above – appliances, finishes, looking dated – caused us to look elsewhere (this was when it was listed for $489k).

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  16. Nevermind the violent crime in the area. A purse snatching or car broken into here and there is one thing but having guns put up against your head or two bullets through your chest for a cell phone is another.

    VA:F [1.9.22_1171]
    Rating: 0 (from 4 votes)
  17. yeah the mean streets of East Lakeview… lol

    VA:F [1.9.22_1171]
    Rating: -2 (from 4 votes)
  18. http://www.cwbchicago.com/2017/01/3-women-robbed-by-gunman-on-same-block.html

    VA:F [1.9.22_1171]
    Rating: 0 (from 4 votes)
  19. The guy is in custody, I don’t think you have to worry about it anymore

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  20. also 900 W Fletcher is 3/4th of a mile away from this house

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  21. Because 3/4 mile south is the wrong side of the tracks. LOL. Well Aldine is closer to Center On Halsted so it’s a wash.

    VA:F [1.9.22_1171]
    Rating: +1 (from 5 votes)
  22. 2016/07/cops-armed-robbery-offender-was-caught.html

    I’ll bet this one was a block west so it doesn’t count either.

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  23. “It’s a shame when your gym in E. Lakeview opens at 5am but you don’t dare walk there from Lakeview East until the sun comes up. Yes, I realized all the perks of urban living along with the higher housing costs but it’s all been stripped away.

    Plain and simple, you’re paying a premium for many things you’re not getting nor able to enjoy. I’m am so relieved I was smart enough not to buy a home there. If I did, I’d be protesting on the streets right now.

    Hello from another state!”

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  24. http://www.cwbchicago.com/2016/12/3-shot-on-lakeview-party-bus-suspects.html?m=1

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  25. http://www.cwbchicago.com/2016/12/20-years-for-mugging-lakeview-senior-on.html?m=1

    VA:F [1.9.22_1171]
    Rating: -1 (from 5 votes)
  26. http://abc7chicago.com/archive/7539542/

    This one was really a hoot. It was my welcome to Lakeview East (not the less fancy side called just E. Lakeview mind you)….news cameras in your face while just trying to go to work in the morning…..yeah, these condo “owners” I was renting from gave me first right of refusal on that trash pit too (they always do). I fled the state instead.

    I can’t find the article about the senior in the 3500 block of NORTH Lake Shore Drive that was taken to the hospital in distress because a bullet flew his 35th floor apartment from the gang activity on Recreation Drive. “It’s a big city and these things just happen” though, so bid accordingly whether the countertops match your wardrobe or not.

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  27. Just went contingent.

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  28. The Center of Halsted is just an enabling center for habituated pervs to continue to wallow in their diseased and degenerate lifestyles. A healthy society wouldn’t enable disease and habitual perversions and drug use etc.

    NoDifferent: All these trayon obama-sons deliberately travel up to East LakeView to prey on the brainwashed sh!tlibs. It’s hard to fell sorry for the Libs who vote for this kind of society and then reap the consequences.

    VA:F [1.9.22_1171]
    Rating: -3 (from 7 votes)

Leave a Reply