East Lakeview Pre-War 3/3 With Parking Reduces Again: 504 W. Barry
We’ve been following this vintage 3-bedroom at 504 W. Barry in East Lakeview for over a year.
See our February 2012 chatter here.
Back in February when it was priced at $699,900, many of you liked the unit but thought it was overpriced (surprise!) and would sell in the low $600,000s due to the assessment (among other things.)
Looks like the Chatterati might have gotten this one right.
The property was recently reduced to $639,900.
If you recall, the 10-unit building was built in 1927. One of the old listings described it as a “gothic jewel.”
At 2200 square feet, the unit has some of its vintage features intact such as a woodburning fireplace and crown molding.
It also has the modern amenities buyers look for with space pac a/c and side-by-side in-unit washer/dryer.
Parking is a premium in the neighborhood, but the unit comes with parking as well as guest parking, a rare bonus.
The listing describes the kitchen as a “chef’s kitchen”. It has stainless steel appliances.
The property also comes with a large balcony- which is somewhat unusual for this type of vintage building.
With the price now in the low $600,000s, will this find a buyer soon?
Richard Cohn still has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 3 baths, 2200 square feet
- Sold in August 2000 for $427,500
- Sold in May 2007 for $750,000
- Was listed in April 2011 for $779,900
- Reduced
- Was listed in February 2012 at $699,900
- Reduced
- Currently listed at $639,900
- Assessments of $744 a month (includes heat)
- Taxes now $9877 (they were $9295 in prior listings)
- Space Pac A/C
- In-unit washer/dryer
- Parking included (the building also has guest parking- a valuable commodity in East Lakeview)
- Bedroom #1: 17×12
- Bedroom #2: 16×13
- Bedroom #3: 12×12
“Sold in August 2000 for $427,500”
boom. done.
Still too high. They grossly over paid in ’07. Wonder what their mortgage is. Ouch!
I’d say mid 500’s @ best…
Nice place, but i’m going to guess that it goes as low as 521k
A year ago I liked this place but the price was too high. Now the price is much more reasonable – though I’ve already bought another place. They should have started at the current price a year ago.
Goofy photo selection in this listing — 4 of living room, 3 of dining room, 3 of hallway — then a single photo of the “chef’s kitchen” and not one photo of the “brand new stone baths.”
” Glisser (August 3, 2012, 2:13 pm)
Still too high. They grossly over paid in ’07. Wonder what their mortgage is. Ouch!”
They took out 80+15 in two mortgages (5 down), haven’t refi-ed. If they’re both 30 years and no prepayment, they’d owe $650 now, but the 15% was probably a shorter term, so it’s probably less. The 640k they’re listed at is probably about what they owe (or maybe ~owe + closing so they don’t have to bring cash to the table), so this is a typical pricing based on amount owed rather than market.
Their initial list last year was simply insane. Who in their right mind thought last April that they could get more than peak?
“Who in their right mind thought last April that they could get more than peak?”
Who in their right mind RIGHT NOW thinks they can get more than peak?
But it’s happening every single day all over the GZ. Plenty of 2/2 condos coming on the market that are listed for more than 2005/2006/2007 prices. They all think they can get it (and the agents are all willing to take the listings at those prices.)
What is killing this place is an unlisted assessment that people are paying that puts the assessments over $900. Seems like a lot for a non-doorman building.
Actually I think at the current price this is a great value. Where do you find a vintage 3 bedroom 3 bath with parking and a real outdoor space for this price in east Lakeview? The equivalent unit in a doorman building on LSD in East Lakeview would have much higher assessments and would sell for at least $800-900K. For a comp off LSD check out 443 Aldine which has bigger units but has recent sales a 1.4 million.