2-Bedroom Resort Style Living With Views for $230,000: 655 W. Irving Park in Lakeview
This 2-bedroom in Park Place Tower at 655 W. Irving Park in Lakeview came on the market in July 2021.
Built in 1973, Park Place Tower is one of the tallest buildings on the north side of the city.
It has 901 units and garage parking.
It’s a full amenity building with “resort style living” with “24 hour concierge, package receiving, gym, yoga room, Olympic sized pool, sundeck with grills, outdoor basketball court, party room, movie theater, business center, bike storage, grocery store, on-site maintenance, and on-site laundry room.”
This unit is on the 41st floor and has northeast lake and harbor views.
The listing says it was “newly renovated” with 2018 and 2021 updates.
The kitchen has white cabinets that have been “refinished”, what looks like granite counter tops, stainless steel appliances and a breakfast bar.
The bedrooms have new hardwood floors.
The bathroom has a new vanity and faucet.
This unit has central air, but no in-unit washer/dryer. There’s a laundry room in the building.
It does including one deeded parking space.
Listed at $230,000 for 850 square feet, is this unit a good option for someone who is now working-from-home?
Nicole Kolkin at @Properties has the listing. See the pictures and floor plan here.
Unit #4104: 2 bedrooms, 1 bath, 850 square feet
- Sold in January 2005 for $258,000
- Sold in December 2018 for $208,000
- Currently listed at $230,000 (includes garage parking)
- Assessments of $777 a month (includes heat, A/C, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $4313
- Central Air
- No Washer/dryer in the unit. Laundry room in the building
- Bedroom #1: 17×12
- Bedroom #2: 8×12
- Living/dining: 12×21
- Kitchen: 7×11
- Foyer: 5×8
Anytime HOA approaches P, you’re going to struggle to see any appreciation. Finishes/appliances are/look low end.
If this is a WFH option, it’s a 1Br + Den. Gym looks decent, but would like to see it when it’s crowded.
Buying a place like this in a HAWT Market ™ is a good way to lose money (see 05 buyer)
We looked at a place here a couple years ago just for kicks (never planned to live in this building).
It’s not a building I’d recommend. Seems low quality and can’t say we were impressed. Various reasons. The big renovation a few years back appeared to be done on the cheap. Lots of rental tenants, too.
“Lots of rental tenants, too.”
It’s over 900 units!
Yeah- there is going to be a lot of rentals. Just like the Hancock and other massive buildings. Even if you have a rental cap of 20% that’s still over a 100 units rented.
I lived here a loong time ago, when they were converting the rentals to condos, the locals called it the homo hilton, and as a building it was ok, it had nice views and all the amenities you would expect in a high rise.
I think my rent was 1k… lol the good old days
A bland, boring building I never could love, and I just can’t get excited about an outdoor pool that’s usable 3 months, if even that.
HOA is about right, though,for a 48-year-old full-amenity high rise, especially if both heat AND A/C are included. $777 is about $0.91 a sq ft. It might even be too low- the buyer should make sure the building has an adequately funded reserve. If you don’t have fancy stone and terra-cotta, you have leaky curtain-wall to be recaulked, or replaced with double-pane glass, old heating plant, work to be done on pools and garages and roofs,to say nothing of upgrades to community amenities to keep them attractive and functional.
Can add that this place is a very, very good deal for the money, even if it’s not my style. It’s in good condition, and in a fairly decent and very convenient neighborhood.
Only rub is that it’s TOO good a deal for an investor. The unit is priced at rental parity, figuring on a 20% down payment, plus the HOA, insurance, and taxes. I’m guessing it would easily rent for $2,400 a month, if not more. I wouldn’t be surprised if the seller priced it at this level to start a bidding war.
“A bland, boring building I never could love, and I just can’t get excited about an outdoor pool that’s usable 3 months, if even that.”
People love their pools in the Midwest.
I wonder if it’s heated?
Many of the big Chicago buildings DO heat them.
Sabrina, it’s not that I don’t appreciate pools. But the only ones I’m willing to pay extra HOA for, are indoor pools, still sadly rather rare in Chicago, though we have more than most cities do. I’m lucky to be in a building that has one, and I love it.
ALL pools are heated. They have to be, or they’d induce hypothermia, otherwise. Nobody can tolerate 40F or 50F water without a wet suit. They’re usually heated to about 75F, which still feels pretty cold when you first step in. That still feels cold when you first step in, because it’s a lot cooler than the human body temp.Public pools might be kept colder, since they get crowded, and warm up quickly- and warm water fosters bacterial growth.
I’ve had a couple of friends who lived in this building – 1 rented, 1 owned. Both really liked it. The lobby/shared areas always seemed a little chaotic to me. I don’t recall the pool being cold, I think it was heated. This seems to be a good price.
“Sabrina, it’s not that I don’t appreciate pools. But the only ones I’m willing to pay extra HOA for, are indoor pools, still sadly rather rare in Chicago, though we have more than most cities do. I’m lucky to be in a building that has one, and I love it.”
In the 20s, 30s, and 40s, they used to build amazing indoor pools. They were like those in a palace.
And then, in the 60s and 70s, they built mostly sad indoor pools.
I was encouraged by the indoor pool in the Heritage in the Loop, built during the housing bubble. It rocks.
But they have mostly gone back to mostly outdoor pools again because many simply don’t use the indoor pools.
🙁
Sabrina, almost everything built in the 60s and 70s is rather sad, so the pools are, too. I look at them and think, nice bathtub.
My 20s vintage building’s indoor pool is huge, and the tile work is beautiful. I prefer indoor pools because I can swim all winter, and I’m pale-skinned and fry like bacon in the sun, so would rather swim indoors in summer as well.
The new buildings being built now really do have beautiful indoor pools, all very large, in attractive pool rooms.
“But they have mostly gone back to mostly outdoor pools again because many simply don’t use the indoor pools.”
Some do but they are much smaller like at Legacy or the place across the street. Like one lane each way for those who like to swim for exercise, but not big enough for a pool party/leisure.
But outdoor pools might be great for 4-5 months/year but for people that like to swim and not just party on a weekend that wouldn’t cut it.
Indoor pools are nice. I would not live in a building without one. Even if I only swim a few times a year, I like the idea that I could go swimming at any time.
My pool is heated too high. The chlorine level while high, is not as bad as a lot of hotel pools.
Used to live next door and looked down on that pool deck. They had really cool cabanas that you could rent/buy? Pick up this unit and rent one of those cabanas! That would be a really fun way to spend your summers if single and in your late 20’s and early 30’s.
Our building had a pool party almost every weekend! We had a much smaller pool but it was perfect. No laps just a short dip to cool off for a few minutes. I’d invite friends over and grill out on the deck darn near every weekend.
Sold my unit for more than this ask. But slightly different building and better layout.
Lauren, I swim several times a week, 45 minutes of laps, usually 4 or 5 days. I only take off to give my hair a rest. Swimming is one of the most beneficial and pleasurable forms of exercise there are, but it shreds the hair. After 4 days straight, my hair looks like straw, even with all the conditioners I use, and using a swim cap.