We Love Penthouses With Private Terraces and Lake Views for Under $340K: 5801 N. Sheridan in Edgewater
This 2-bedroom duplex penthouse at 5801 N. Sheridan in Edgewater just came on the market.
The unit is located in Beach Point Tower, which was built in 1956, and is, literally, located on the Edgewater/Osterman Beach.
The listing says the party room and patio garden for the building are right on the beach.
You’ll have 270 degree views of the lake, the beach and the city from this unit however. You may never need to go to the patio garden.
The 1800 square foot unit has a private 500 square foot terrace on the second floor, along with the second bedroom.
The listing says the kitchen is “new” and has white appliances and what looks to be granite counter tops.
There is central air but no in-unit washer/dryer. There is valet parking available.
Is this a deal for this unique space and views?
Anne Rossley at Prudential Rubloff has the listing. See more pictures and a virtual tour here.
Unit #20C: 2 bedrooms, 2 baths, 1800 square feet
- Sold in 1985
- Currently listed for $339,000
- Assessments of $741 a month (includes heat, a/c, gas, cable)
- Taxes of $2855
- Central Air
- No in-unit washer/dryer
- Valet parking for $180 a month available
- Bedroom #1: 17×12 (main floor)
- Bedroom #2: 15×14 (second floor)
- Living room: 31×25
- Dining room: 15×12
- Kitchen: 12×9
- Private Terrace: 25×15
beautiful unit!! somebody is going to be VERY lucky to live here.
No in-unit WD sucks, but WOW — that view! Seems like a good deal to me, even with the high assessments.
i like it; the view is awesome. not a bad value, good space; probably an established building. I also hate assessments but they do include all utilities. taxes are reasonable.
one neg is the spiral stair case.
nice, but does anyone really want to live in this location?
@jfmii,
yes, mainly those people who do not believe civilization ends once you leave Lakeview.
Edgewater is a strange hood. But for this price and type of space I’d make an exception… right on the beach? Days like today make me want to taket the day off and lounge around the beach thats for sure
Shame.
A beautiful unit with a spectacular view
with the kind of assessment is usually followed by at least 1 or 2 special assessments.
50s high rises expensive to maintain.
I wonder how slow the 1950s elevator is.
add parking and your over $1000 a month for a patio you can use 3 months a year
too bad its not in Santa Monica.
Seems like a deal to me, but I too would be concerned about an older building right on the lake WRT Special Assessments. $50M into that unit would go a long way.
“too bad its not in Santa Monica.”
And then it would be almost 10x as much.
James, I agree with you about most places in Chicago being hideous (from your post the other day) and agree that here’s a great unit. But someone has to pay to maintain the awesome (i.e., mostly what’s left of the vintange) buildings of Chicago. I sure wish the mayor would find a way to subsidize those people who have good taste by putting money toward maintaining all the vintage buildings that help Chicago keep its character. But it’s not going to happen!
High assessments do generally drive down property values, based on my observation only (others in RE may know more about this). In other words, think this place would cost more if the assessments were lower (i.e., if the building were newer).
Love it! Even for edgewater, that price seems a little generous IMO. Is there a reason that a lakefront property is that cheap?
Any way to figure out if a w/d is allowed?
A $340,000 place that will feel more like a $550,000 place
A condo that acts more like a Co-op
I have a weak spot for tasty units like this one
But with places like this there are always a laundry list of negatives.
ALT, Yes buildings need to be maintained.
However with a building like this I would want to see proof of a healthy, unified association (no senile members and no nut cases. its Edgewater so forget that one)
Crazy board members = financial disaster
A fiscally responsible yet sharp board with a keen knowledge of the mechanical implications of the property. A vendor and contractor list of the best available.
All I’m sure highly unlikely.
“a patio you can use 3 months a year”
Again, stop exaggerating… I use my balcony 8 months a year, EASY
Its only terribly cold in chicago late december-early march
Not that I’d want to eat outside or sunbathe in November or early april, but its still usable and possible
“Is there a reason that a lakefront property is that cheap?”
EXTREMELY DATED bordering on pitifully ugly.
The pedestrian traffic is somewhat…let’s just say they wouldn’t be comfortable on Michigan Avenue.
$340 for a penthouse level unit? OK.
The windows are very unattractive, the white appliances, the dated archways, faux granite, older ‘new’ cabinets, weird kitchen flooring (seems to be those Armstrong peel and press tiles), no laundry room, ‘valet parking’, the fact that you would not get direct city views because of the mechanical room on the roof.
I don’t like this at all and while I do like top floor units, I would not be interested in renovating it. Something about it just doesn’t feel right…perhaps the age of the building itself?
On another note, I am surprised that someone who owns over a million dollars in automobiles…(WTF would you park all of these things? a 7 car garage)…has anything positive to say about this busted down penthouse.
I would not say a person would be lucky to live here…Aqua’s penthouse or the new Ritz, maybe but not this place.
All that said, this will sell for the ask or very close to it.
Oh yeah, almost forgot to comment on the laughable positioning of the mirror in the LR which gives a first glance impression that it is a full floor unit with both S & N views. That alone to me would be a major red flag about the integrity of the RE agent.
“On another note, I am surprised that someone who owns over a million dollars in automobiles…(WTF would you park all of these things? a 7 car garage)…has anything positive to say about this busted down penthouse.”
I DO think someone would be lucky to live here for near 300k. Look at what is available in the G.C./L.P for 300 and you will see what I mean. Of course, the Ritz, Aqua, etc. are much nicer but you are spending over 1-2 million. We should compare apples w/apples.
PS – My main residence is in the suburbs where I keep all of my cars. My in-town is only for weekends.
I suspected you had a place out in the suburbs as the parking fees alone would run the cost of your truck.
I am well aware of the average cost of penthouses in the city and the only one I saw hovering around a mil was that beauty featured here a few weeks ago as a short sale. Aqua and the Ritz are WELL above the $1-2 mil mark for a space this size. Try $4-6 mil and that is for a starter home on a high floor.
‘Pied a terre’ would be the word you are looking for, eh?
“Aqua and the Ritz are WELL above the $1-2 mil mark for a space this size. ”
I was trying to be sensitive to the feelings of most of the people that read this……
“I was trying to be sensitive to the feelings of most of the people that read this……”
Your sensitivity was abandoned long ago. LOL
“Your sensitivity was abandoned long ago. LOL”
It comes and goes…..
I’m really enjoying the westloopelo-clio dynamic.
Someone needs to south beach this thing up… White flowing clean lines and focus all on the lake views. Mint be a nice project for someone that already lives in the good and appreciates the area. Could be a fun spot to live.
Sonies
if you’re using your patio 8 months a year, you’re the one who’s exaggerating – no make that lying, to yourself and to your 8 cats.
Um… whatever you say there hoss… I BBQ March through early December
And for the record I hate cats, I’m a dog person
“Um… whatever you say there hoss… I BBQ March through early December”
Agreed. Actually more likely to hide inside in August than November or March.
I probably use my balcony maybe 3 times a year, of course my dog uses it everyday.
James – don’t be a hater. I grill all-year round at least twice a week, including December – February. I’ll shovel a path on my deck in a over foot of snow to be able to fire up the weber in the winter.
“However with a building like this I would want to see proof of a healthy, unified association (no senile members and no nut cases. its Edgewater so forget that one)
Crazy board members = financial disaster”
This is such truth! But how does one assess these things before purchasing? Who will admit it?
Re: valasko letting his dog use the balcony… you are just trying to goad us.
WOW!! I love this place and what an amazing terrace!
“I probably use my balcony maybe 3 times a year, of course my dog uses it everyday.”
I always wondered why some balconies had yellow icicles on them… gross!
I used to easily drive my convertible with the top down on warm sunny days from March to November. Don’t recall a Dec-Feb day but that was because if the top is too cold it can get brittle. At that point you are risking damage to bring it down.
Terraces especially one with a window wall of glass like this one appears to have can be ok for way more than 3 or 4 months. Get a patio heater, throw on a fleece, and enjoy the fresh air! It sure beats watching another episode of sitcom or reality TV.
I have a balcony with an ipe deck and mexican beach pebbles, I would never let the dog pee on that……… Use the potty patch grass with a pee pad inner layer, actually works very well.
We’re really chasing the bottom today, huh?
So, all in with 2 parking spots: $3057 a month. You need to factor in the penthouse s. assesments though, those are probably going to be ~100k.
Some dinks who make $75k each should snap this up, right?
Any suckers out there?
James, I agree. How do you find out about the condo board, etc.?
“nice, but does anyone really want to live in this location?”
This is a pretty unique location. It’s a few buildings in from where LSD turns into Hollywood. So it’s really quiet (for the city). That section of Hollywood beach is nice. It’s massive and mostly empty. It’s also one of the few places in the city you can see some stars. If you’re into that stuff then I think it’s a pretty cool spot. What I’m not that into is the street side of the building and the general neighborhood right around there. I could be wrong, but I’ve always thought it was a pretty old crowd. And I don’t mean 30’s. I mean 80’s.
James, I agree. How do you find out about the condo board, etc.?
Call the office and ask if you can meet with a board member? I bet the board would be very interested in answering questions to help get this “comp” for their building.
There is another unit for sale in this building, same tier, two floors lower, the listing says it needs a rehab, but the price is 160k.
alanon… I agree that Osterman Beach is one of the nicest in the city. It is just huge, and there is some nature (dune grasses) to be found.
It’s a really beautiful unit too. I wouldn’t put much furniture in it. I’d just slide around the hardwood floors in my socks.
Is this a “gay beach”?
clio, this is not a “gay” beach. The population on this beach is pretty general, and it is one of the most pleasant spots in the city to sit on a summer day.
The neighborhood is great, and very safe. Edgewater between Foster and Devon is now the 2nd-safest area in the city. The neighborhood is “boring” in that it doesn’t have as much boutique retail as others and has no hot night spots, but it’s attractive, has a fairly cosmopolitan population of mixed ethnicity made mostly of people in moderate-to-middle income brackets, and has all the necessities close at hand, including three major grocery stores, public transportation, and a number of good, moderate-priced restaurants. Andersonville is not far away. Streets like Winthrop and Kenmore that were once blighted and dangerous are now beautiful, especially Kenmore.
Having said all that, I will say this apartment is scarcely worth $340K. It’s basically ugly, has ordinary finishes, is in a dated building with no real charm, and has very high maintenance. A better deal would be 5733 N Sheridan, a few doors away, which is a superbly well-built 60s vintage unit with incredibly low heat bills for a building with electric heat, much better architecture, large terraces (though not this large), and about 1600 sq ft 3 bed 2 bath units, which usually sell in the $300k range to $340K range, which is on the high side for this area, by the way.
What they don’t tell you is that the building next door is a major eyesore. We looked at a unit in BPT a few weeks ago, and I couldn’t get past all the bizarre things I saw across the way in the units of the next building (directly south). One man was applying tinfoil sheets to his windows. Another had a hording problem with boxes stacked up to the ceiling. The “view” here certainly left something to be desired.
Thank you Lara Louzader. If this unit were in Lincoln Park people would be raving about it. They wouldn’t care that we live in Chicago where winters are long, or that the kitchen is out dated, or the architecture bland (come on, aren’t the majority of spaces on the market these days just nasty rehabs with no taste or tacky aesthetic value?)
If this were in Lincoln Park, people would be thinking it was a wonderful unit – you could take the slow poke 151 and brag about what a safe neighborhood it is despite the high crime rates, and oogle over the trixie bars, the shopping, the proximity to people who pass for classy in the midwest…
I walked on the beach yesterday in front of this building. I stopped and talked to people in their 30s through 80s. Usually the people in their 80s were the coolest. What’s with the age-ism here?
“the proximity to people who pass for classy in the midwest”
You’re using “classy” to denigrate Chicagoans? Are you for real?
Altho I would agree than many LPers are classy, but don’t think that’s a compliment.
“Edgewater between Foster and Devon is now the 2nd-safest area in the city.”
Not that I doubt you, but by what source/metric?
Ugly and outdated is ugly and outdated regardless of it’s location and this is one ugly and outdated unit….penthouse or not.
“come on, aren’t the majority of spaces on the market these days just nasty rehabs with no taste or tacky aesthetic value?”
In a word, NO. While you are defending this sad unit, how can you say the majority of other units are nasty rehabs? I don’t think it gets nastier than this.
I too question the safety of this area. I did spend a few weeks here and didn’t feel too ‘safe’. But then, I lived in the W Loop near the park and police training facility and many said that area was not at all safe. If I were forced to chose what area was a better location, the W Loop would win hands down…this based on my own impressions and the general mix of pedestrian traffic.
And I, like Barry would like a source of your statement…realizing you are a cheerleader of this area and Rogers Park next door.
“Is this a “gay beach”?”
If gay people make you nervous you might call this a gay beach. Gay guys definitely hang out here. I.e., it’s not uncommon to see a group of gay guys playing volleyball. But it’s a big beach and a lot of other people hang out here too.
“I walked on the beach yesterday in front of this building. I stopped and talked to people in their 30s through 80s. Usually the people in their 80s were the coolest. What’s with the age-ism here?”
My comment probably came off the wrong way. Nothing wrong with old people. But if there are a lot of old people in the neighborhood it will definitely change the feel. Could be a good thing for some people, but my guess is that for most people under 30 it would be seen as a minus.
You haven’t spent enough time in LP to know there are no beachfront buldings. And high crime rates in LP? Too funny.
Your outdated notions of LP completed their move to Lakeview about 5 years ago.
“If this were in Lincoln Park, people would be thinking it was a wonderful unit – you could take the slow poke 151 and brag about what a safe neighborhood it is despite the high crime rates, and oogle over the trixie bars, the shopping, the proximity to people who pass for classy in the midwest…”
Its bascially a 1 bedroom with a terrace for 340K in Edgewater. Possibly good for bachelors who don’t plan on having a family or moving anywhere in the next 5 years or so, but I would hate to be on the hook for a special assesment in that place or have to resell it in the next 5-6 yrs. Money could be better spent elsewhere.
There is a big difference between a building directly on the beach and one separated from the water by LSD. Living in this unit, you can leave barefoot and jump right in. I can almost pretend that it is Miami Beach.
There is a strip of mid rise condos on Wilmette’s northern border with Kenilworth that also have a similar “on the beach” feel.
“There is a strip of mid rise condos on Wilmette’s northern border with Kenilworth that also have a similar “on the beach” feel.”
the beach is actually to the south of it and the litte strip in front is more of a walk way.
and that i thought the rules were to keep that big secret so it can stay a peaceful place to chill!!!
“and that i thought the rules were to keep that big secret so it can stay a peaceful place to chill!!!”
Check out zillow (or whatever real-estate sites you use) for this strip of buildings. A while ago there was a 1 bedroom on the ground floor with a private back patio facing the lake for well under $200k. A whole bunch of other units also for sale.
If I ever had kids and felt the need to give them a New Trier education, I’d definitely consider buying (or renting) in one of these buildings.
I dunno… I REALLy like this place, if it weren’t for those assessments. C’mon you haters, it’s ON THE BEACH. And, it’s on the east side of Sheridan Road. And, it’s the penthouse.
Damned assessments and lack of parking is the killer, but the unit itself, while bland, has the makings of spectacular.
oh, and is this a Helen Shiller ward or no?
I’m thinking every job-holding resident of her ward is rejoicing with the news of her “retirement”… Maybe that ward could finally turn around?
Do the penthouses differ from other, lower floor plans or have any unique characteristics (taller ceiling?). I ask because if not, then the words “top floor” are a much more accurate description than “Penthouse.”
I agree with Logansquarean. Its a really beautiful unit for a great price.
I was riding my bike from Lollapalooza back to Evanston late last night, and spent some time at Ostermann beach looking at this building. I could easily live here.
This is NOT Helen Schiller’s ward,THANK GOD. This is the 48th Ward, and the alderman is Mary Ann Smith, who has done a wonderful job of cleaning up the crime and social problems in Edgewater during her tenure. Mary Ann has her notable faults, such as being a little tyrannical with small businesses, but she has overall done such a salutary job of ridding this ward of crime, I’ll put up with her faults.
When I moved up to Rogers Park from Lakeview in the late 90’s, Edgewater was a cesspool. There was still the notorious Winthrop Corridor of blight, crime, and drugs all the way up Winthrop and Kenmore, and Sheridan was the only decent street, and a very nervous one, too.
By year 2K, the ward was substantially cleaned up from Foster clear up to Devon. Smith’s office really rides herd on bad landlords, to the point of maintaining a website dedicated to “problem buildings”. That is a very short list now. Kenmore is now a beautiful street from Foster to Devon, with only a couple of “marginal” rental buildings that are working very hard to improve. Winthrop is now coming along pretty well, too, though it has a few more raffish buildings left.
If you have a problem building, you will be served notice that you better improve, because if there are more problems associated with your building, you will be in housing court and be forced by the court to sell or vacate your building.
It is because of this vigilance that Edgewater can have a substantial number of “low income” people and be a low-crime neighborhoods. The cheap rentals are mostly very well maintained and the tenants screened, because their ownership knows that the local authorities will be down their throats if they let their buildings become slums.
I wonder if there is a problem building list of any south side wards and how many phone books thick it is if so.
I found bigger photos on Flickr by googling the address. It looks like the glass wall on the terrace is actually a chain link fence. That sort of killed my love.
washers and dryers are not allowed (bummer)
but
the chain link fence is coming down soon!
The unit’s even better looking in person!
Thanks for the info on the property Anne. We appreciate getting accurate information from someone who knows the scoop.
The photos really are quite stunning. I love seeing a listing that is empty of furnishings. Just those smooth reflective wood floors.
If this were my place, I wouldn’t furnish it with anything other than a grand piano and an Eames Chaise for staring out the window.
I like this area, and the thought of living on the beach, but what about the public schools?