3-Bedroom Lakeview Contemporary Reduces Again: 550 W. Wellington
We last chattered about this 3-bedroom at 550 W. Wellington in Lakeview in June 2011.
See our prior chatter here.
Back then, I asked if this unit, which has been on and off the market since 2007 would finally sell in 2011.
With just a few weeks left in the year, it’s not looking good.
Listed for $724,900 in June, it has been reduced to $674,900.
That is $135,100 under the 2006 purchase price.
The midrise building has only 2-units per floor.
The unit has upgraded finishes including Italian wood floors.
The kitchen has Bulthaup cabinets, granite counter tops and stainless steel appliances.
The 2002 square foot unit also has a balcony and a heated garage space.
It has all the other amenities buyers are looking for including central air and washer/dryer in the unit.
Is this finally getting closer to a realistic price?
Linda Lee at Century 21 McMullen still has the listing. See the pictures here.
Unit #4E: 3 bedrooms, 2 baths, 2002 square feet
- Sold in November 2006 for $800,000
- Originally listed in February 2007 for $864,900
- Reduced
- Was listed in June 2011 at $724,900
- Reduced
- Currently listed at $674,900
- Assessments of $475 a month
- Taxes of $11054
- Central Air
- Washer/Dryer in the unit
- Heated garage parking included
- Bedroom #1: 17×12
- Bedroom #2: 14×12
- Bedroom #3: 16×10
keep chasing the market down. Maybe someone will bite the bait and you’ll get lucky after all.
Did the PH ever sell?
(yeah, what about the PH, that was a memorable unit)
Last mls action for the PH was rented 7/22/10 for $4,400.
This building is quite an eyesore. The worst thing to happen to a side street in East Lakeview since the last time a four-plus-one was built.
Agree with Dan 2, especially since the building that used to stand on that lot was a great old 6 flat with super high ceilings, that only needed a complete rehab. I was appalled that this building could get approved by the local zoning committee, and I’m really sad at the loss of many lovely old Lakeview flats that were replaced by ugly, inferior buildings built clear to the lot line. I’m very surprised that the local zoning board didn’t at least insist that all new buildings have the same relationship with the street as the old flats they replaced.
But I’m glad to see that the mother and son who owned the old six-flat made out so well selling it to the developer. These were very nice people who didn’t own much beyond that flat, and the money they made surely did them good.
A pre-fab eyesore for sure. It belongs in the south loop. The neighborhood did try to prevent the construction but zoning along the Broadway corridor allows approx 20 story buildings and this was much less in scale. The oakdale/wellington neighborhood tried for an historic facade district as an alternative to re-zoning (quite difficult) since the neighborhood was quite intact but this too failed.
how big is that balcony? The photos are shrewdly taken so you can’t really get the size of it. My gut says it’s probably pretty tiny. In general, the staging makes the place seem cramped, even if they claim it’s 2000 sq. ft. Maybe from a perimeter measure?
It makes everything else in the South Loop look like an architectural gem compared. It looks like a 60s vintage B-class office building sitting on the outparcel of some faded shopping mall.
Sad.
I’ve got to disagree about this building. I’m not in love with the look. But comparing it to the crap painted concrete of the South Loop or Gold Coast. It isn’t even *close* to as bad. At least this building is honest with what it is. It doesn’t hide it’s concrete behind a layer of beige paint. It doesn’t plaster itself with faux French prefab (I’m looking at you Elysian). I like the treatment of the windows in the front and it has reasonable attractive massing and I think the “crown” styling around the penthouse floor pretty nice. The side is relatively “bleh”, but overall I like it. I guess I like the prior six flat a bit more, but it wasn’t anything special, especially in this neighborhood.
Not to mention it is a considerable addition in density to the neighborhood, which I’m personally in favor of.
Also: to say that Wellington, on this block, is a side street is a huge stretch. The streets between Broadway and Sheridan here are very dense and the 4+1s and three/six flats are outnumbered by large, mostly older, residential highrises and large multiunit buildings. Taking the dislike for this architecture out of the picture for a moment: do you really think this building is out of proportion with this neighborhood when you’ve got 431 W Oakdale, 441 W Oakdale and 533 W Barry within a block?
If you guys wanted to stop this trend in this neighborhood, you are at least a few decades late. And I haven’t even brought up the vintage highrises a bit closer to Sheridan…