3-Bedroom Pre-War With Everything Reduces Again: 504 W. Barry in Lakeview
We last chattered about Unit #3W in 504 W. Barry in East Lakeview in April 2011.
See our chatter here.
The 10-unit building was built in 1927. The old listing described it as a “gothic jewel.”
Alas, those words have been removed from the listing.
At 2200 square feet, the unit has some of its vintage features intact such as a woodburning fireplace and crown molding.
It also has the modern amenities buyers look for with space pac a/c and side-by-side in-unit washer/dryer.
Parking is a premium in the neighborhood, but the unit comes with parking as well as guest parking, a rare bonus.
The listing describes the kitchen as a “chef’s kitchen”. It has stainless steel appliances.
The property also comes with a large balcony- which is somewhat unusual for this type of vintage building.
Last April, the unit was listed $29,900 over the prior purchase price.
Since then, it has been reduced several times and is now $50,100 under the 2007 price.
Back then, many of you thought this would sell in the low $600,000s given the assessments and taxes.
Do you stand by your price predictions?
Richard Cohn still has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 3 baths, 2200 square feet
- Sold in August 2000 for $427,500
- Sold in May 2007 for $750,000
- Was listed in April 2011 for $779,900
- Reduced
- Currently listed at $699,900
- Assessments of $744 a month (includes heat)
- Taxes of $9295
- Space Pac A/C
- In-unit washer/dryer
- Parking included
- Bedroom #1: 17×12
- Bedroom #2: 16×13
- Bedroom #3: 12×12
I’ll take 429 W Briar Pl #3 $498K
http://www.redfin.com/IL/Chicago/429-W-Briar-Pl-60657/unit-3/home/39579736
Around the block… bigger, cheaper assesments, no one above you.
How much is space pac and a new kitchen? I’d rather get exactly what I want in a kitchen anyway.
Ohhhh, maybe not. Just saw more pics in the virtual tour, very nice bathrooms as well and AMAZING floors! Still, priced too high.
Lovely, but why would a prospective buyer bid more than $450,000? A buyer paying more will face the spectre of lower prices yet, and it seems a lot of MLS inventory is now priced at 2000 prices. However, we’ve started looking for a downsizer’s 1/1, 2/1, or 2/2 in-town unit and not finding much selection at all for what we need: midsized dogs allowed, parking available, low assessments, good bones, and charm.
“I’ll take 429 W Briar Pl #3 $498K”
No central air and no parking. How much are people willing to pay to have all three amenities (parking, C/A and W/D)? A LOT. I’m not saying $200k more- but having your own garage parking spot on site AND guest parking in this very dense neighborhood certainly counts for something.
429 Briar — you’ll also have to park somewhere else—no parking on the property….
429 briar is a fail compared to this.
I love this place, a tad to bland but nothing a bit of paint and wallpaper cant spruce up.
the only thing is at 699k plus 800mo ass fee’s is a hard pill to swallow. if your going to pay high ass fee’s why not just get a vintage unit on LSD?
I love this place. But it isn’t cheap. I’m not sure I see 2200 sqf, but it is pretty big. It has 3 bedrooms (one is a closet) and 3 baths. It has washer/dryer, AC, parking and outdoor space in a vintage unit, which is incredibly rare. Given the market, how do you price it? I’d have a hard time buying it for any more than the mid-$500’s – not to say it will ever get that low (it could).
How much to convert this to a SFH?
If this thing can close down in the low $600’s, it looks like a pretty good buy.
Up where it was initially listed, you’re in a territory in which there are some very nice 2k/sq ft+ 3 beds (though in ELV parking’s not a sure thing even above $500k), such as the unique 3 bed on Belden with the ski lodge ceiling (recently on CC), as well as 2100 LPW #7AN (asking $799k but they’ve been there a long time and it needs a new kitchen and baths). If I had the cash, I’d try to get 2100 LPW for around the mid $600’s, then spend $100k updating. It would be like living in a 2700 sq ft 4 bed ranch, only with park and lake views, a doorman and a pool that someone else takes care of all summer.
no light in this unit. i would not pay over 450k for it
The Gothic Arsehole? Leather Daddy? Seriously, though, this is a pretty nice unit, but it’s not going to go for 65% above the 2000 price. No way it will get close, even if the 2007 sellers did a lot of work on it.
Nice place but the price tag is just unreal. I’d say 600K tops.
I’ve liked this unit ever since we first discussed it, and glad to see the price is down.
The question I’m mulling is whether it’s better to buy this place, with a price in the 600s and an assessment around $750, or to spend less than half as much on a nearby high rise condo of similar size which has twice the assessments and doesn’t include owned parking. (listing below).
I tend to favor high-rise living, but the assessments kind of scare me off. I’d also want to own a parking space, so I’d have to give up on that idea. But at around $300K, someone could potentially pay cash for the place and then pay around $2,300 a month for all property-related expenses (taxes, assessment, parking).
If you put the same amount of cash ($300K) into the Barry condo, assuming it eventually goes for $650K, and you had a 4% mortgage, someone needs to do the calculation…
http://www.redfin.com/IL/Chicago/3100-N-Sheridan-Rd-60657/unit-9B/home/13373319
“If you put the same amount of cash ($300K) into the Barry condo, assuming it eventually goes for $650K, and you had a 4% mortgage, someone needs to do the calculation…”
This place would be ~$300/mo more, exlcuding principal payments. Then the question would be the relatvie state of defered maintenance, and the likely size of future specials.
Did the Barry apt just sell for $339K? These were going for more than 500, and 12C was once on the marker for a million.
I think the Barry apartment (3100 N Sheridan) is listed for $339K. Not sure what its original price was. Hasn’t sold yet as far as I know.
Thanks, anon. So aside from special charges, which could occur in either building, it’s $300 a month more to live in the low rise.
In this case, I might take the low rise over the high rise if it’s just $300 more. 3100 N. Sheridan isn’t a full-service building, it doesn’t have a lake view, there’s no on-site parking. I like the idea of having a small yard and my own garage space. Considering that a garage space in this area can go for $35,000 (correct me if I’m out of date), it makes the low rise even more appealing.
If the high rise had a lake view, I might change my mind. I’m a sucker for lake views.
You guys are right, I Missed the lack of parking on Briar. Scratch that. I do think the featured property is gorgeous. Just priced too high!
Architect you can buy our place!
There’s definitely nothing to be found as an obviously better alternative to this place, but I’m still not sure it will sell at this price.