Vintage Look With All the Modern Amenities in East Lakeview: 522 W. Oakdale
Many buyers dream of living in East Lakeview in a unit like this 2-bedroom at 522 W. Oakdale.
This property has all the bells and whistles buyers look for: central air, in-unit washer/dryer and the highly coveted deeded parking space (not an easy find in this dense neighborhood.)
It also has 2 marble baths and the kitchen has granite counter tops, cherry cabinets and stainless steel appliances.
There is even a small deck.
The unit has just been reduced and is now listed for $39,600 under its 2006 purchase price.
Eric Rojas at Prudential Rubloff has the listing. See more pictures here.
Unit #2W: 2 bedrooms, 2 baths, no square footage listed, 1 parking space
- Sold in February 2006 for $409,500
- Originally listed in January 2010 for $374,900
- Reduced
- Currently listed for $369,900
- Assessments of $267 a month
- Taxes of $6336
- Central Air
- In-unit Washer/Dryer
- Bedroom #1: 11×13
- Bedroom #2: 10×9
- Living room: 22×24
- Kitchen: 12×14
My partner and I checked out this place about a month ago. The location is great for walking to everything, and the living/dining space is enormous for the price and location. However, as someone who loves to cook, the kitchen was a complete deal-breaker. The living/dining are in the front, with a single looooong hallway that connects to the kitchen in the back. It’s tiny, there’s little counter space, and the disconnected feel won’t work for those who enjoy cooking but want to still socialize with others while doing so.
To me, this is one of those places that someone will buy because it’s nicely outfitted (shiny! new-ish!) and in a good location…but let’s just hope they enjoy take-out.
The prior purchaser paid $410k for a smallish 2/2 condo thats not even on the top floor in 2006. And predictably they’re trying to use this condo as a stepping stone to something else.
As the location of this place and their realtor is pretty good this one will be interesting to follow.
2006 price was 100% financed.
Bank of America, thank you.
>>2006 price was 100% financed.
So short sale or bringing plenty of cash to closing, right? Doubt they paid down 40k + closing costs in 4 years.
Must be, its not listed as a short sale. Or it’s a preapproved short sale because there’s only one lender, no second mortgage which seriously complicates things. I’m just posting what CCRD says.
“jd on March 16th, 2010 at 10:41 am
>>2006 price was 100% financed.
So short sale or bringing plenty of cash to closing, right? Doubt they paid down 40k + closing costs in 4 years.”
I dont know brothers, If you could come in 7-10% of ask your getting a darn nice place with PARKING and kewl location.
Brian does point out the Kitchen is awkwardly placed/arranged a long narrow island with wheels will help counter top space.
“If you could come in 7-10% of ask”
Think the seller’s willing (and able) to put over 80-large into passing off the albatross?
I don’t know, but there was a $409,500 mortgage recorded, and then a correction recorded shortly thereafter with the correct spelling of the owner’s name, and it still listed a $409,500 mortgage.
“anon (tfo) on March 16th, 2010 at 10:54 am
“If you could come in 7-10% of ask”
Think the seller’s willing (and able) to put over 80-large into passing off the albatross?”
Nice living room but the rest is TINY! I would wager less than 900 sqft of total space. And how can you call that kitchen 12×14 when over 50% of that is hallway space….
Places like this gives me hope that my place will be able to resell for even money in the not so distant future
“I don’t know, but there was a $409,500 mortgage recorded, and then a correction recorded shortly thereafter with the correct spelling of the owner’s name, and it still listed a $409,500 mortgage.”
Huh? Just asking Groove if he thinks it’s actually possible that $335k (less closing costs) would even be possible, with that mortgage hanging out there.
“a long narrow island with wheels will help counter top space”
Wheels so they can move it when they need to use the hallway?
There may be enough people who don’t care about kitchen functionality.
Pretty condo. I am probably one of the few people who thinks of kitchens as a waste of space. I hate cooking, so this kitchen is perfect to me. That being said, I don’t like the wooden staircase/patio in the back. I don’t want people walking that close to my exterior door. Plus, I don’t want neighbors passing me while I’m reading a book outside.
Is there even space for a silverware drawer in that kitchen? I see refrigerator, dishwasher, sink, then stove with narrow cabinets on both sides. Add in pots, pans, plates and glasses and there’s no room for food. Even in my bachelor days I needed at least this much cabinet space for ramen and cereal.
“There may be enough people who don’t care about kitchen functionality.”
Oh there is. I know of people with shiny top of the line kitchens who just get take out or eat out and never cook. If you have the money for a nice place they come with matching kitchens. Some (a lot of) people just do not cook.
I cook almost every meal and have a terrible kitchen. Life’s not fair but I got used to it a long time ago. 🙂
Another one of Eric’s properties on the chatter (yawn).
I agree with Brian, the kitchen is horrible, more of a hallway than a kitchen. That being said, the location is great, walking distance to shopping, gym, lake, bars and multiple public trans options.
Due to location alone, I imagine that the price is pretty close to what it will sell for.
“Huh? Just asking Groove if he thinks it’s actually possible that $335k (less closing costs) would even be possible, with that mortgage hanging out there”
Wow didnt see it being 100% financed 4 years ago. but a quick calc at a 15 year fixed at 6% balance as of today would be around 330k
“Wheels so they can move it when they need to use the hallway? ”
hey not a perfect idea but a solution to something 🙂
“Add in pots, pans, plates and glasses and there’s no room for food.”
Pots and pans as decoration, hang from the ceiling over the narrow island with wheels. (i would hang my pots and pans over the stove at some places i rented)
“Plus, I don’t want neighbors passing me while I’m reading a book outside.”
Jenney it also look like the stairs are DIRECTLY in front of sliding glass doors!!!!!! so much for natural light there or privacy
“Wow didnt see it being 100% financed 4 years ago. but a quick calc at a 15 year fixed at 6% balance as of today would be around 330k”
C’mon Groove. You know I’m not one to think every 100% borrower is a grifter-in-waiting, but there’s no way he got a 15-year mortgage. With a 5% rate (below the avg rate for the time), 30-yr-am, he’d be at ~$379k today.
Sorry, but there are about a half dozen vintage units available for $289K – $299K in 60657 that blow this place away.
This is a nice unit, and I guess parking is a major plus, but it is still ordinary, looks like about 1000 other vintage rehabs I’ve viewed in Lakeview and further north.
Meanwhile, at 421 W Melrose, two lovely 2 bed 2 bath units are listed at $289K.
And 3300 N LakeShore, the beautiful vintage Sabrina featured on this site a few weeks back, is still there. It makes this place look sad.
Now, these lovely old highrises have really high ownership costs- huge assessments. But don’t let the relatively low assessment on a place like this, whose assessment doesn’t include heat, make you think you are getting off much cheaper. Also, the old high rises offer a really high level of service that a place like this never will.
“C’mon Groove. You know I’m not one to think every 100% borrower is a grifter-in-waiting, but there’s no way he got a 15-year mortgage. With a 5% rate (below the avg rate for the time), 30-yr-am, he’d be at ~$379k today”
ok i know that there would be like .5% of the population that would/could do a loan as the one i threw out there. But its is POSSIBLE 🙂
it is more 90% likely this guy did an ARM and is some how selling below what is owed. (maybe he works for a bank and is using his Bonus money to bring to the table).
“Meanwhile, at 421 W Melrose, two lovely 2 bed 2 bath units are listed at $289K.”
Not a good comparison. Vintage or not, many people don’t like high rises. Even if the mortgage/assessment/taxes are the same, more of that is going to assessments so less of a tax deduction and you need to factor in parking. No central a/c, no washer/dryer. And let’s not forget those holiday tips and the super who tells you too much about your neighbor.
Finally, the only thing vintage about this place (Oakdale) is the layout — living/dining in front and small kitchen in the back.
# Bedroom #1: 11×13
# Bedroom #2: 10×9
Hah, this is at best a 1BD + den. Maybe even a 0BD + 2 dens
Dan,
Thanks for the back-handed compliment/support (yawn). But seriously, thanks for noticing.
Not a short sale people. Either we’ll sell or rent. We had the unit rented for a couple years.
Bob,
Thanks for the real compliment.
The condo gets major taffic and second showings so “price” can’t be that bad cuz everyone and their grandma looks at this place… even with those 100s of better two bedroom, two bath condos in 60657 Laura points out… but doesn’t point out.
Whatever. The kitchen and second bedroom have been the issue… Ding! However, the unit has a very flexible and attractive living room/dining room, bay area, nice finishes, huge storage in the basement and parking… Great, hopping location steps to lake. You can store all your bikes, outdoor gear, canoe, golf clubs, whatever you want. It’s a nice, attractive small building and the unit has sunny southern exposure.
No dice yet and this has surprised me…but I’m a gambler.
“Now, these lovely old highrises have really high ownership costs- huge assessments. But don’t let the relatively low assessment on a place like this, whose assessment doesn’t include heat, make you think you are getting off much cheaper.”
Laura I have a friend in a big highrise (not vintage but same principle applies). Those highrises have significantly more downside risk, IMO, as you’re tied at the hip financially with the willingness to spend of your neighbors. In his building there are a bunch of old folks who are retired and they have no reservations about spending more of the condo’s money on things that are unnecessary. Nor are they incentivized to cut costs or make sure their costs are in-line for what they’re actually receiving.
Yes they do have landscapers come out and they’re paid the equivalent of $35+/hr (union). Yes the old folks do want the hallway redone to the rooftop to the tune of 60k. And if you don’t agree but the condo board wants to spend it you’re on the hook for it!
“Whatever. The kitchen and second bedroom have been the issue… Ding!”
why second bedroom problem, its a nice sized 10×9. my master is 10×9 and with a radiator hogging some space. I guess i dont get the new home buyer that needs a 20×14 master with sitting room and a 14×12 second with en-suite.
i saw this place months ago, i don’t mind the kitchen in the back but the hallway connecting from the front to the kitchen in the back was long and bends, i did not like that hallway. rest of the place was pretty standard. i felt it was overpriced and street parking around there is hard if anyone’s been there. have just 1 car…
421 W Melrose doesn’t have big assessments. It has HUGE assessments. There is a one bedroom listed for sale with monthly assessments over a grand. And of course it is an amenity-free building with the exception of doormen. I can respect having to pay extra to maintain a vintage building but that is just too much.
nox on March 16th, 2010 at 6:50 pm
“i felt it was overpriced and street parking around there is hard if anyone’s been there. have just 1 car…”
I was $399K months ago… why didn’t you tell me I was over-priced?! I keeed. Ahem, parking is a bitc…er a bit hard around here. That’s why the PARKING SPACE included with the condo on site is so freakin’ awesome.
Groove,,
I hear you man. Everyone crys about room sizes etc.. which is valid if the price of comps was much better. But I don’t see a lot of “better” stuff selling for cheaper in East Lakeview. There are ancient places in larger buildings with higher assessments etc… but a handful of new conversions like this place selling at or less than this price. This is prime East Lakeview and close to the Lincoln Park Diversey/Clark retail, bars and restaurants etc… Oh well, I get that some people don’t like it, but they ain’t doing much better for less. They’re compromising something. I know a few buyers that came through liked some kitchen/living room combo layouts on condos without a parking space… for what we are asking with parking.
I agree with Eric that a parking space is necessary around here and included in this listing.
How many other places have we seen around here that try to pretend that parking is easy on the street or the old BS that “you don’t need a car around here”. Sorry hipsters but if you can afford a 300k+ place you undoubtedly need a parking spot. You d1psh1ts taking the bus at the end of the day are just d1psh1ts taking the bus.
“I hear you man. Everyone crys about room sizes etc.. which is valid if the price of comps was much better”
Now if you were trying to sell me a 700k no parking two bedroom with the same room sizes then i can understand the complaints.
I would trade the second bath for a bigger kitchen here, but hey thats another thing in the millennium every bedroom needs a separate bath. I grew up sharing a bathroom and always did, except in college, i just see these extra baths as more cleaning and wasted space.
I took a long, hard look at this place (even put it in my favoties on Redfin), but the kitchen location is a deal breaker. It was apparent even in the online listing that it was downn a long hall at the back of the building.
I know a lot of people on here complain about open kitchens, but I currently live in an older apartment that has this same layout (kitchen down the hall in the back) and it is a pain. If not open, it has to at least be close. It’s just not a fun way to live if you are completely separated from the living area if you are in the kitchen.
Good price, great location, adequate outdoor space, parking… but just couldn’t handle that kitchen.
Let me just say that I live on this block and street park my car. 95% of the time, it’s as easy as can be. I hardly ever park anywhere other than directly on the block and typically, right in front of my building. The only issue is trying to park between 8pm – 1am on Fridays and Saturdays. At that time, you’re out of luck. HOWEVER, with all that said, we do have a parking spot and I would never ever buy a place that didn’t have one, even though parking is easy and public transportation is fantastic.
“If not open, it has to at least be close.”
or at least have a breakfast area or room to put a table and chairs for 4
Maybe I’ll build an addition to the kitchen on the back of the building for my seller and ask $500K.
Eric,
I don’t know who your comment was addressing, but to me it’s not so much the size of the kitchen but the placement. Going to that kitchen is like going to the servant’s quarters.
RE,
I suppose I was addressing the Groove and the Internet…and kidding.
“Going to that kitchen is like going to the servant’s quarters’
or look at it as this is a perfect place for people who dine out!
“Maybe I’ll build an addition to the kitchen on the back of the building for my seller and ask $500K…..I suppose I was addressing the Groove and the Internet…and kidding”
Eric best yet, three words……Rooftop Kitchen!!!!!!!
A challenge to you;
get your clients to build that and you sell it as the new trend. If you can do that there is no doubt you are the best agent EVER!!!!!!!!!!
ATTENTION ALL CHICAGO RE AGENTS:
Post a floorplan on ALL of your listings! In a city this size there is no reasom whatsoever for NOT having them. Come on guys, work for your 3% commission!
For a 12×14 kitchen, there should be a possibility of adding counterspace along that wall. The hallway seems to be wide enough to do so. If not, one could always go with a foldable counter top, something that has been gaining popularity in small studios and 1 bdrms in NY. I know I have installed many to maximize prep space without losing any floor space.
Westloopelo
I usually have a floor-plan for all my listings (with full service brokerage). Not sure why we did not get one measured for this place at the time of photos. A decent floor plan (with pdf and jpg formats) by a third party vendor is about $130.00.