On the Same Block But a Different Story: 2930 N. Sheridan
If you walk north up Sheridan, you can’t help but notice the sales signs at 2930 N. Sheridan in Lakeview.
The developer has been selling this conversion for a little over a year now.
This is a bigger building than 3033 N. Sheridan which just started marketing about two blocks to the north.
But the difference is palpable. No big crowds at this sales center.
The building is apparently about 50% sold. The units are similar sized to those at 3033 N. Sheridan.
There are no balconies. A washer/dryer is included in the units. Parking is available starting at $19,000 but goes up from there.
Again, because it’s a conversion, there are no square footages available.
In this building, the basic upgrade is included. The ad says “new restoration package @ $25,000 savings.”
What’s available:
One Bedroom, One Bath: these are normal sized one bedrooms
- Starting around $250,900
- Master Bedroom: 15 x 12
- Living/Dining: 17 x 14
- Kitchen: 11 x 10
- Assessments starting at $233 and up
Two Bedrooms, One Bath: Not corner units, second bedroom has no window
- Starting around $261,900
- Master Bedroom: 14 x 12
- Second Bedroom: 8 x 8
- Living/Dining: 15 x 13
- Kitchen: 9 x 8
- Assessments around $205 and up
Two Bedroom, Two Bath: Some of these are corner units with windows in both bedrooms
- Starting at $318,000 on the lowest floor up to $391,900
- Master Bedroom: 17 x 12
- Second Bedroom: 15 x 10
- Living/Dining: 21 x 15
- Kitchen: 9 x 8
- Assessments around $280 and up
This building has tiny bathrooms. They are all this size.
The developer has been giving $5,000 closing credit for the last six months. It can be cash back or used to upgrade the units (for instance, the sales agent told me that the cost to remove the popcorn ceilings is about $3,000.)
The developer, Robert Kroupa, is developing both 2930 N. Sheridan and 3033 N. Sheridan. He bought both buildings for $70 million in 2007. You can read more in Crain’s.
This is what he said in January 2007:
The slowdown in condo sales hasn’t been a problem for Mr. Kroupa in the trendy North Side neighborhood, he says, where his new units will be priced from about $220,000 to $290,000.
“I did a conversion in April last year that was 95% sold out in 10 days, and people were saying it was a bad market then,” says Mr. Kroupa, speaking on his cell phone while attending the Sundance festival in Park City, Utah. “Interest rates are low, gas prices are low and unemployment is down. There’s no reason for it to be slow.”
@Properties is handling the sales office.
2930 N. Sheridan [website]
The prices SOUND cheap, especially for the 2-bed, but nothing would surprize me less in this economic climate than a steep drop even from these levels. We are truly in uncharted waters as more and more resets hit, especially on HELOCS that there will be no kind of bailout for.
It’s hard to know just exactly what to expect because the country’s current housing and credit situations are in many respects unprecedented.
Yet, even so, I never expected to see a price like this ever again in the Belmont Harbor neighborhood. I mean, WOW, Lakeview is beginning to look AFFORDABLE.
It looks like the developer did the best it could with the mingy 1950s vintage apts with their low ceilings and tiny baths. The places you show look very good. The finishes and trim are nice- altogether very liveable and attractive units. When this building was rental, it bordered on being a dump.
All the more I have to say, is that if you can get a 2-bed of this size and amenity in this fine neighorhood, then sellers of unimproved (or badly improved) vintages, rehabs, AND even new construction in Edgewater and Rogers Park had better adjust their expectations somewhat, for no way will I pay as much or more for a 4-room 1000 sq ft 2 bed in either of those nabes than I would for something slightly superior in a truly great nabe like Lakeview.
We will see if developers in RP and Edgewater, sitting on top of nearly empty buildings, get the message embedded in the new prices we’re seeing in Downtown, Lincoln Park, and Lakeview.
Gas prices are low? What’s that guy smoking?
I looked at this building back in Jan, they have two types of units finished and unfinished. The finished units are really nice, but if you are looking to save a few bucks you can get one of the original units. Four of my biggest problems with the building were:
1) It is a new conversion, but still had window A/C units.
2) The advertised price is for the smallest one bed, without a view. In order to get a view, you need to go up to the $280,000 + range.
3) The assessments are in the $300 range and they do NOT include heat. Apparently, during the winter months the gas bill comes to the building and is then divided by the units based on sq footage. The sales center told me to estimate an additional $60-$70 for heat during the winter months.
4) Parking is cheap at $19,000…BUT the monthly assessment on parking is around $125.
It’s hard to know just exactly what to expect because the country’s current housing and credit situations are in many respects unprecedented.
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I have a theory: The Big Banks will cut a deal with Todd Stroger to not have to pay property taxes on the glut of REO’s they are holding. Todd will then face ANOTHER budget “doomsday” and hike the taxes on legit home owners.
Any ideas where I can find a 1br 1 ba for rent that includes parking and has in-unit washer/dryer? I also have a 60lb dog. Tired of debated the rent v. buy, I am just going to rent.
If Stroger gets re-elected its a testament to how dumb Cook cty taxpayers are and that they deserve it.
If voters had any sense his career as an elected or appointed official would be over.
Jason: What part of the city are you looking in? I saw some big dogs come out of 130 S. Canal as I walked by it a few days ago. That is a condo building but there are units for rent in there. They’re big and have in-unit w/d and parking.
I went to an open house for this building. The cosmetic rehabbing they’re doing is very nice, clean modern tasteful
In the elevator ride with the young agent i asked him if they developer was going to put in new elevator mechanicals. he said no.
I happened to be on the board of my 1960’s condo building at the time and knew that each elevator (mechanocals only, not cab) was going to cost us $250,000. I don’t remember how many elevators there were, but i remember thinking it was gonna be a mess down the road cause all they were doing was making the building pretty without really addressing the mechanical and exterior issues.
Moving in to a development like this, in this market, seems fraught with peril. if the developer goes belly up then the bank will step in and either revert the remaining units to rental or slash the prices to move the units so they aren’t on the banks books any longer. Either way, the units will plummet in value.
I guess it may sell out on schedule to people with good credit who won’t be foreclosed on and everyone will be happy. Time will tell.
And what was the asbestos rumor i heard where the entire building was evacuated? what a nightmare.
That is not a rumor, it was evacuated because of asbestos. Of course, it is more likely that overconnected people in the building deaprtment just wanted to get people out of there so they could “fix” things.
I currently own a condo at 2930 N. Sheridan. It is a 2bd/2th with deeded parking. It has several of the offered updates. I live in St. Louis and am prepared to sell it well below the developers asking price. If anyone is interested please email me for details.
rkelley123@sbcglobal.net
Ryan:
Did you buy it as an investment? Just curious. Or did a job transfer etc. take you away from Chicago?
Did anyone else notice the “views” section on the sales website? They have pictures of the city skyline that could not possibly have been taken from anywhere on their premises. Like you’re really going to be able to see Navy Pier from that building. I can barely see it from mine and I’m about half the distance away.
I live across the street from 2930 at 2970 and we can easily see the Pier from our roof, so it’s completely plausible that upper-level condos on the 2930’s southeastern corner will have a clear view of it.
I am a former renter from 3033 (2 bed 2 bath on the 15th floor). I moved out 2 years ago when they first started offering the units for sale and the prices are the same now as they were then. Based on what my place looked like, the rehabbed units are nice, but still small for the price. The unit I rented is now listed as a 3 bed, 2 bath (the 3rd bedroom is 9X8 and was the dining room before). With the high assoc fees ($429 and the $125 for the parking) it is not worth the cost. Good views are expensive!
Donnie brings up some great points and I agree with them all. I also wanted to add… popcorn ceilings remaining in an updated building? And $3000 to have them removed? In a unit in Florida, I removed them from a 3/3 and it took all of a long weekend…but still, who has popcorn ceilings anymore?
Another thing I was curious about, what exactly is included in the $125/mo garage assessment? I can sort of understand it, but for the extra cash for a parking space, I sort of expected the garage areas to be included in the normal building upkeep. The apt I am currently leasing charges $25-35k for the space and without the extra assessment it is a FILTHY garage, so I assume that is what the fees are used for (since this building is not totally sold out, there is no association board and it is run rather poorly). It looks as though the developer never had the garage cleaned out after the conversion a year + ago…floors and walls are horribly dirty and I had to use a 5 gallon bucket of hot water to wash off all the construction dust and mud from my space as I was getting tired of the dirt accumulating in my car.
The elevator issues are a red flag as well. You know, I thought I would be able to find an acceptable unit to purchase within my first year here…5 months left and I am still out weekends looking for that ‘perfect place’ (with sufficient financial resources to not deal with a mortgage) but still no luck! Thanks to this place, I am extremely cautious in my search…so thanks all contributors for opening my eyes to these buildings and their ‘issues’!!
I looked at both buildings recently. I think it all depends on what you want. If size doesnt matter and updated kitchen, etc is what is important to you in a great location, these buildings probably fit the bill. At 2930 N if you do the math on the sq footage, you’re getting maybe 600 sq ft in a 1BR for 270k if you do all of the updates. right now they’re offering a discount (claiming it’s only temporary) so you can get the 270k for 240k–and that is on a higher floor too. The bathrooms are REALLY small though. At 3033 you get more sq footage but your options are a Jr 1 or a 2 BR. I dont know that the upgrades (SS appliances, granite, etc) are great enough to warrant the price. All in all, I would rather go a bit further north toward W Irving Park, pay $200k and get 800 sq ft. And the association fees are high considering heat is not included. not quite sure what you’re paying for – the “fitness center” looks to be about 10×10 (ok, may be an exaggeration, but it’s small)
The “rumors” of asbestos is TRUE. AND no it was not to get the people out, it was the real deal. Our new unit had it. With that and a termostat that never worked, freezing cold, we had to bail out of there. One problem after another. I hope many of those problems have been resolved, because the location is great. Remember the old saying “you get what you pay for!”.
I own and live at 2930 N. Sheridan. Just wanted to clear some things up:
1. Yes you can see Navy Pier from the roofdeck and you get views of the lake starting from somewhere on about floor 15 I believe.
2. The heat is included, it’s radiant heat, which means your floors throughout are warm all winter (i heart that!, this also explains why they cannot put in central air, you’d hit the water pipes for the heat). My assessments (on a 1BR) are never over $250 (all that and a night doorman, nice!). I must say my thermostat doesn’t seem to work – it is warm in my place all winter, sometimes i need to crack a window to cool it down a bit.
3. We did have to move out for asbestos a few years ago. The IDPH came through and tested and we were all okay to move in. A lot of buildings built prior to 1995 have asbestos (so tons of buildings in this area). It is not an issue unless it is disturbed at which time the area must be vacated and cleaned as ours was. Believe me, IDPH would not allow tenants to move back in if there was any hazard.
4. As for the elevators, yes they are old but elevators do last a long time and as there are 252 units, the special assessment to replace wouldn’t be astronomical.