Better than Renting? A Vintage 1-Bedroom at 559 W. Surf in East Lakeview
This 1-bedroom in the Greenbrier at 559 W. Surf in East Lakeview came on the market in July 2020.
Built in 1904, the building has 78 units and a doorman.
This one bedroom has many of its historic features including wood paneling, moldings, what looks like a built-in bookcase and boxed ceilings in the living room.
It has a “chef’s kitchen” with what look like custom wood cabinets that match the color of the historic woodwork in the living room. It also has luxury appliances including a Wolf range, Subzero refrigerator, Bosch dishwasher and soapstone counter tops.
There are hardwood floors throughout.
It has a marble bathroom with a walk-in shower.
The unit has the features buyers look for including central air and washer/dryer in the unit. There’s no parking, however rental parking is available in the neighborhood.
This property went under contract within 5 days when it first came on the market. It has been re-listed.
With mortgage rates at record lows, does it make sense to buy a 1-bedroom now?
Susan Morrow at Baird & Warner has the listing. See the pictures here.
Unit #406: 1 bedroom, 1 bath, 950 square feet
- Sold in November 1991 for $86,000
- Sold in October 1995 for $110,000
- Sold in October 2007 for $235,000
- Originally listed in July 2020 for $264,999
- Was under contract
- Re-listed at $264,999
- Assessments of $456 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
- Taxes of $4436
- Central Air
- Washer/dryer in the unit
- No parking
- Bedroom: 13×12
- Living room: 18×16
- Kitchen: 16×14
I like the finishes but this place isn’t anywhere near 950sf.
Could work as a pied-à-terre or as a rental to residents at the hospital (would need a significant price cut for the latter) Guessing that with the recent shenanigans, the p-a-t market has cratered.
For the monthly nugget of $1875 (30 year fixed mortgage), someone could rent a similar space in a full amenity building closer to downtown; invest the $50k downpayment and see it double in 5 years.
What’s the rental rate here? 1800-2400 is my guess. So after taxes and assessments you save about 1,000-1200 a month. About a 5% yield on 250k. Reasonable enough I guess.
“someone could rent a similar space in a full amenity building closer to downtown”
They could?
They could rent a 950 square foot 1/1 with central air and washer/dryer in the unit for $1875 somewhere “closer” to downtown?
Where?
“…someone could rent a similar space in a full amenity building closer to downtown…”
Whoever buys this vintage condo is likely not interested in either a full amenity building or living in River North. I also doubt that a high-rise rental would have either a Wolf range of a bathroom that looks like this one.
this place is actually very nice for the price. i’m a car person so i couldn’t live here, but i love the layout, finishes, and feel of this place for a single person.
I’d like to know which full amenity building downtown you can rent a 1br for $1800.
“I’d like to know which full amenity building downtown you can rent a 1br for $1800.”
Here are just a few!
https://hotpads.com/230-e-ontario-st-chicago-il-60611-sk89gu/2201/pad?amenities=swimmingPool&baths=1-8plus&beds=0-1&border=false&lat=41.8928&laundry=inUnit&listingTypes=rental-room-sublet&lon=-87.6292&price=1400-1900&z=15
https://hotpads.com/aston-chicago-chicago-il-60611-skmkrt/pad?amenities=swimmingPool&baths=1-8plus&beds=0-1&border=false&lat=41.8928&laundry=inUnit&listingTypes=rental-room-sublet&lon=-87.6292&price=1400-1900&z=15
https://hotpads.com/30-e-huron-st-chicago-il-60611-skr82q/3801/pad?amenities=swimmingPool&baths=1-8plus&beds=0-1&border=false&lat=41.8928&laundry=inUnit&listingTypes=rental-room-sublet&lon=-87.6292&price=1400-1900&z=15
I would like to know where you invest money to double in 5 years.
Cute place!
“I would like to know where you invest money to double in 5 years.”
-Apple : https://finance.yahoo.com/quote/AAPL?p=AAPL
-Amazon : https://finance.yahoo.com/quote/AMZN?p=AMZN&.tsrc=fin-srch
-Microsoft : https://finance.yahoo.com/quote/MSFT?p=MSFT&.tsrc=fin-srch
-Netflix : https://finance.yahoo.com/quote/NFLX?p=NFLX&.tsrc=fin-srch
-Google : https://finance.yahoo.com/quote/GOOGL?p=GOOGL&.tsrc=fin-srch
-Facebook : https://finance.yahoo.com/quote/FB?p=FB&.tsrc=fin-srch
“I’d like to know which full amenity building downtown you can rent a 1br for $1800.”
1 bedroom – $1,695+
Aston Chicago
200 E Illinois St
1 bedroom – $1,790+
west77
77 W Huron St
1 bedroom – $1650+
North Harbor Tower
175 N Harbor Dr
Source: Hotpads – 7/30/20
“I would like to know where you invest money to double in 5 years.”
The FAANG stocks – Facebook, Apple, Amazon, Netflix, Google
Each of these stocks have grown between 100% and 500%+ in 5 years.
Source: Historic stock charts Yahoo! Finance
“I’d like to know which full amenity building downtown you can rent a 1br for $1800.”
None of those are 950 square feet.
Aston Chicago, for example, only has a 695 sq foot junior 1-bedroom and its price ranges from $1691 to $1974. All other 1-bedrooms are over $2300 a month.
west77 has 1-bedrooms from 694 to 813 square feet priced from $1790 to $2610.
North Harbor Tower has a 940 square foot 1-bedroom but it won’t tell you the price (“call for details”). But given other prices, I’m assuming it’s at least $3,000 a month. They have an 830 square foot 1-bedroom between $1940 to $2675.
So, the answer is “there aren’t any” that are similar square footage as this one. And they won’t have Subzero and Wolf appliances either.
KK- none of those are 950 square feet.
Have to compare apple to apple. For 950 square feet, you’re paying at least $3,000. Probably $3,000 to $4,000 unless you rent a condo and then you may pay $2500.
So, no, you cannot get this downtown in a full amenity building for less than it costs to buy this.
KK- none of those are 950 square feet.
Neither is the subject property
“Neither is the subject property”
Sure Jan.
I’m sure anon(tfo) can find us the floor plan.
The Greenbrier has been around forever. The floor plans are pretty well known. But once a unit is called something, all the other realtors just use that.
Here’s #506. It’s also 950 square feet. These pictures are better and show the size of the unit a bit better.
https://www.redfin.com/IL/Chicago/559-W-Surf-St-60657/unit-506/home/13371193
Here’s #706 from 2017. It says it’s 900 square feet.
https://www.redfin.com/IL/Chicago/559-W-Surf-St-60657/unit-706/home/13370997
#806 refused to list the square footage (lol).
#306 said it was 1100 square feet (lol)
https://www.realtor.com/realestateandhomes-detail/559-W-Surf-St-Apt-306_Chicago_IL_60657_M77240-64062
#206 didn’t list the square footage either
So what can we conclude?
All the agents throughout the years believe this unit is anywhere from 900 to 1100 square feet.
None of the apartments KK linked to were anywhere close to this square footage. What she is comparing it to in downtown buildings are NOT the same thing.
Did someone really just downvote my response to: ““I would like to know where you invest money to double in 5 years.”
“The FAANG stocks – Facebook, Apple, Amazon, Netflix, Google
Each of these stocks have grown between 100% and 500%+ in 5 years.”
This is factual information and information that has boded well for investors. Not sure how you could find any negativity there and downvote the statement.
“This is factual information and information that has boded well for investors. Not sure how you could find any negativity there and downvote the statement.”
They’re just upset on this site because they don’t invest in stocks and missed out KK.
Don’t mind them.