Cheaper Than Renting? An East Lakeview 1-Bedroom for $200K: 433 W. Briar
This ground floor 1-bedroom at 433 W. Briar in East Lakeview just came on the market.
Built in 1929, this vintage high rise was converted to condos in 2007 just as the bust was hitting.
This unit has crown molding and hardwood floors throughout.
The kitchen has Jenn Air and Bosch appliances with wood cabinets and granite counter tops.
The half bath is marble.
It has an electric fireplace in the living room.
The unit has the features buyers look for including central air and washer/dryer in the unit. However, there’s no parking with the building.
At just $200,000, is this a deal compared to renting for this popular neighborhood?
Maura Vrabel at @Properties has the listing. See the pictures here.
Or you can see it on Saturday, April 29 from 12-2 PM.
Unit #1C: 1 bedroom, 1.5 bath, 885 square feet
- Sold in July 2007 for $250,000
- Sold in February 2010 for $257,500
- Lis pendens filed in October 2013
- Bank owned in 2015
- Sold in September 2015 for $176,500
- Currently listed for $200,000
- Unit being sold “as-is”
- Assessments of $371 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $3285
- Central Air
- Washer/Dryer in the unit
- No parking
- Electric fireplace
- Bedroom: 13×17
Here’s the thing – for square footage, finishes , and location, this is a good deal. However. Being on the ground floor and having iron bars on my window just kills it for me.
Maybe 625 SF? LOL.
Jan Terri couldn’t fit in here.
GO CUBBIES!!!!!
Looks like a garden unit? Not a deal!
I seem to recall there were some contractor shenanigans during the conversion, but don’t remember the exact nature of said shenanigans.
Odd that it is listed at $50K below the last sale price in this “hot” market.
“Odd that it is listed at $50K below the last sale price in this “hot” market.”
Umm…
Sold in September 2015 for $176,500
Currently listed for $200,000
Grr. Cribchattering and working don’t mix!
Original sale price!
Would this work as an Air BnB invesment?
Does anyone know if this building is on the exclusion list?
Is it a good idea to buy a condo with the intent to do Air BnB? It sounds risky given that a building could be added to the exclusion list with ease. My building was added to the exclusion list. We didn’t even have to change anything in the bylaws or rules since short term rentals were already banned.
Contingent
“Would this work as an Air BnB invesment?”
It doesn’t have anything to do with being on a “list.”
If the condo board decides that short term rentals (less than a month) aren’t allowed, then you’re not doing AirBnB, right? And many don’t allow anything under 6 months just to make sure that there are no shenanigans.
Sabrina, if the condo board decides it doesn’t want to allow rentals, Airbnb will not be allowed.
Every well-run condo association strictly restricts or altogether prohibits rentals, and having had my experience as an owner in an investor-dominated condo which is no longer a condo, I can see why. Nothing will wreck a condo building more thoroughly than too much investor ownership, and once investors dominate the place, it will not work as a condo for much longer, as I sadly discovered.