Get a 3-Bedroom in an Elevator Building in East Lakeview for $739K: 540 W. Oakdale
This 3-bedroom at 540 W. Oakdale in East Lakeview came on the market in June 2022.
Built in 2000, 540 W. Oakdale has 10 units and an attached garage.
It has an elevator and a shared rooftop deck.
This unit has south, west and north exposures with 9 1/2 ceilings.
The listing says it “feels like new” and has “many recent improvements.”
The living and dining rooms, kitchen and hallway have all recently been painted.
There’s a gas fireplace in the living room.
It has a “sparkling” new kitchen with custom StyleLite Wired Mercury cabinetry, pull-out pantry, an island, Quartz countertops which are Silestone Ocean Jasper, appliances by Bertazonni, Fisher Paykel, Bosch, Graff fixtures and a Bianco Dolomite porcelain floor.
The primary suite has two walk-in-closets and a bath with double bowl marble vanity, separate shower and large jetted tube along with a new sliding glass door to a north facing balcon
The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is included. The listing says the garage is “fully enclosed.”
This building is in the Nettlehorst school district. The listing says the building allows support dogs.
This building is close to the shops and restaurants on Broadway, Clark and Diversey as well as the Trader Joe’s and the Mariano’s.
Originally listed in June 2022 for $739,000, it still remains priced at $739,000.
Does this unit have it all?
Mary Beth Smith at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #3W: 3 bedrooms, 2 baths, 1800 square feet
- Sold in May 2000 for $475,000
- Sold in June 2006 for $585,000
- Originally listed in June 2022 for $739,000
- Currently still listed at $739,000
- Assessments of $422 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9391
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Elevator building
- Gas fireplace
- Bedroom #1: 16×13
- Bedroom #2: 12×11
- Bedroom #3: 12×11
- Living/dining room: 20×20
- Kitchen: 13×12
- Balcony: 10×4
“May 2000 for $475,000” + CPI = $820k [+cpi to next sale = $562k]
“June 2006 for $585,000” + CPI = $854k
I think it’s really interesting that this place barely budged in the bubble–why is that?
Looks standard enough, in a nice location–how did this just barely beat inflation between 2000 and 2006?
Also interesting–a prior CC feature on the same block *still* hasn’t sold. So now it’s “10 Years Later, This Custom East Lakeview House Has Never Sold”
https://cribchatter.com/?p=25002
And the owner actually bought it in 2007.
Lakeview is sadly turning into a crime infested neighborhood so I expect to see a lot of inventory in the coming months. You can the horrible leadership in this city for that.
“Lakeview is sadly turning into a crime infested neighborhood so I expect to see a lot of inventory in the coming months.”
Really? I hate it when people make these blanket statements with NO context. What’s the crime rate this year compared with last year? Compared with 2019? What kind of “crimes” are we talking about? Burglaries? Sexual assault? Carjackings? Murder?
“I think it’s really interesting that this place barely budged in the bubble–why is that?”
It was built as “luxury” condos in 2000. My theory is that there was no way to flip a luxury condo just a few years later.
They could get a premium for this product in 2000 because there was so little “new” being built. Someone paid more for it because everything else was old and crappy. But by 2006, “new” was everywhere, mostly in the form of those 3 and 4 flats though and not a 10-flat. Everyone wanted “new” in 2006. Didn’t need to pay a premium for a 6-year old product anymore.
“by 2006, “new” was everywhere”
Yet C-S for Condos was up almost exactly 50% between the two sale dates. This went up less than half of that.
I guess that C-S Chicago paired sales may have been so awash in resales of pre-construction contracts that the index was mostly useless from ’02 to about ’12. Would be interesting to go back and strip out (more) sales that look like flips.
“Yet C-S for Condos was up almost exactly 50% between the two sale dates. This went up less than half of that.”
Right. It was already a luxury product in 2000. At the very top of the range. By 2006, other product was being built EVERYWHERE. No need to pay a premium for a 6 year old product that was already pricey to begin with.
So..support dogs are allowed…implies regular pets are not? No cats? No hamsters? No unsupportive doggos? That’s BS and that is a big part of why this isn’t selling. The fact that they have this policy makes me wonder what sound attenuation between units is like…maybe it is zero? Can you hear your downstairs neighbor’s dinner convo?
Interior is unremarkable at this price point. Balcony is in bedroom. Pass.
“pay a premium”
Matching C-S shouldn’t have been a “premium”. It was supposed to be indicative of the market.
This sold in 2006 at an 18% *discount* compared to market trend.