East Lakeview Vintage for a 2006 Price: 411 W. Briar
This huge 4-bedroom vintage unit at 411 W. Briar in East Lakeview is bigger than some single family homes.
At 2600 square feet, it has a dining room and a sunroom. It also has some of the vintage features of buildings of the 1920s like a separate entry hallway and a wood burning fireplace.
The unit also has the modern amenities of central air and a washer/dryer in the unit. It doesn’t, however, have deeded parking.
The unit is currently listed for the 2006 purchase price.
Will this sell quickly at this price?
Claire Sylvestre at Prudential Preferred has the listing. See more pictures, the virtual tour and the floor plan here.
Unit #3D: 4 bedrooms, 2 baths, 2600 square feet
- Sold in March 1995 for $267,500
- Sold in August 1997 for $265,000
- Sold in March 2006 for $535,000
- Currently listed for $535,000
- Assessments of $901 a month (includes heat, tv/cable, security system)
- Taxes of $5822
- Central Air
- Washer/Dryer in the unit
- No parking
I call $400k.
Not it will not sell quickly because this is not 2006. Just another seller doing the “Hellen Keller”/Ostrich routine.
$1400 monthly nut before the mortgage and no parking. Yeah do not pass go do not collect $200..
Nice place. Needs a new kitchen, and only 2BA and 1 parking though. (Not sure why it says “no parking” above – the listing says 1 garage parking. Assessments are rough too but at least heat is included.
$400k? LOL. Let me know when you find a place a block from the lake for $150 a square foot. *rolls eyes*
really bob? not looking at the 2006 sale, 500k for a 4 nice sized bedrooms, a booger flick to the lake, nice layout, not cookie cutter with the cheesey open floor plan, W/D in unit, did you see 4 bedrooms?
if i was looking in that area i would pay 500k for it.
bradford,
The $/sf on high assessment buildings like this can and should reflect much lower numbers than lower assessment buildings. The assessments are still a component of the cost of housing. Thats why its not good to view $/sf in a vacuum.
“if i was looking in that area i would pay 500k for it.”
Could you afford a 420-500k mortgage on top of $1,400 monthly taxes and assessments and another $200 to lease a parking space nearby if you needed that option? (street parking around here is like winning the lotto).
bradford – you can find places on the lake for that price on the south side; I know, I almost bought there.
“bradford – you can find places on the lake for that price on the south side; I know, I almost bought there.”
So you’re comparing properties in the ghetto to this one in Lakeview? Don’t be obtuse.
“Could you afford a 420-500k mortgage on top of $1,400 monthly taxes and assessments and another $200 to lease a parking space nearby if you needed that option? (street parking around here is like winning the lotto).”
if i were to be in that hood, i would sell both cars, there is no need for a car in that area (zipcar or gocar thing) now that takes both my car payments and insurance of the monthly nut.
and lets say hypothetically i am able to sell my house above the price i paid in 2002, yeah i could afford it easily. the ass seems high at $900 but i am assuming that it goes to build a reserve for the old building.
“Could you afford a 420-500k mortgage on top of $1,400 monthly taxes and assessments and another $200 to lease a parking space nearby if you needed that option? (street parking around here is like winning the lotto).”
PITI+A = roughly $3500/mo with 20% down at $500k PP?
Yes.
Again, parking is included, per the listing.
Parking is included for a fee, definitely not what I would considered “included.”
I get the feeling this has been listed before. The photos from the interior (not that first exterior shot) show that the trees have no leaves on them, yet it states that it has only been listed for 29 days.
Seriously, $901 for assessments? Where is all that money going? There must have been a wicked special assessment that they rolled into the monthly. Not a sign of good management.
Well I’ll say this is priced much better than some new construction 1300sqft crapbox condo in LP.
At least the assessments include heating, and cable and which in the wintertime could run you $500 a month easily.
bradford,
I’ll take “Rent this apartment for $2,800, Alex!”
http://chicago.craigslist.org/chc/apa/1305132244.html
And parking does not appear to be included in this rental or this condo. Even if you strip out the equity you’re building you’re still way ahead. Count the opportunity cost of your 100k down payment (earning interest at 2%) and you’re way ahead.
based on what i can tell from other listings in this building, there is no on-site parking available with this unit. This unit only has parking in the sense that every single unit in the city has parking – it can be rented somewhere not too from this building.
and you wonder how realtors get sleazy reputations.
Nice looking place. If parking is available right down the street, I can see someone buying this place. however, the assessments are a killer. That is a big nut to chew on top of a hefty mortgage.
Other than the installation of central air (and a security system), nothing appears to have been done to this unit between the 1997 and 2006 sales.
1) Contrary to the listing, there is no parking. Parking is “available,” as in it’s “available” for lease in the neighborhood.
2) Seller financing is available (10% down).
3) The place is huge…the pictures do not do justice to the size or the sprawling, full (top) floor layout. There are also lots of great details, built-ins, etc. that one would hope to see in a nice vintage home.
4) The place needs a total renovation…the pictures do not do justice to the work that is needed. The kitchen (which is gigantic) needs a gut renovaton, as do the bathrooms (which also happen to have somewhat unforunate locations). The windows (of which there are many) need to be replaced (though not immediately). It needs a new paintjob throughout. The floors need to be sanded/re-sealed.
5) Though the place is huge (it’s an honest 2600 sq ft), one wonders what merits the $900 assessments. The common areas – a foyer, stairwell serving three units, and a storage room (in which each unit has a very large space) – are in pretty poor shape (i.e., they need new paint/new wallpaper and carpet, and the foyer and stairwell appear to receive only minimal/rare cleanings).
In sum, if you can (1) afford to complete the needed renovations (at least the kitchen and baths) and (2) reach a deal with the seller in which he or she recognizes (i.e., lowers the price to reflect) (i) the need for the occupants of such a place to have at least one deeded space, (ii) the fact the assessments are vastly excessive given the lack of ammenities and management care, and (iii) the required renovation costs, then this place could be a real score for the right buyer.
Does anyone know the fate of 522 W. Briar, which appeared last fall? Was smaller though similar to this unit (also lacked parking).
bradford – who says it is the ‘ghetto’? Everything south of east lakeview ‘ghetto’ to you? Don’t be so judgmental, and so racist.
Maybe not everything south of East Lakeview but South Shore definitely qualifies as ghetto. Or rather its very closely surrounded by it, and yes that area is indeed ‘demographically challenged’.
Know the robberies striking LP/LV these days? Thats no whitbread group running around doing those. Thats the Pookie Jenkins entourage.
Comparing East LV to SS is hilarious indeed. They’re only a few miles apart but worlds away.
Callebaut,
I had the same thought. 522 W. Briar (also w/ no pkg) sold for $540K (see http://cribchatter.com/?p=7089). I think it amazed a lot of us. Compared with the unit @ 411, 522 had a swanky kitchen and nicer baths.
“bradford,
I’ll take “Rent this apartment for $2,800, Alex!”
http://chicago.craigslist.org/chc/apa/1305132244.html”
Based on the single pic in the ad, that’s not an equivalent property. I’m sure you think it’s palatial though…
“ChiTown on August 4th, 2009 at 11:25 am
bradford – who says it is the ‘ghetto’? Everything south of east lakeview ‘ghetto’ to you? Don’t be so judgmental, and so racist.”
You said “South Side”. The South Side sucks, period.
@Bob: “Know the robberies striking LP/LV these days? Thats no whitbread group running around doing those. Thats the Pookie Jenkins entourage.”
Excuse me? Want to discuss real estate, instead of your not-so-concealed racist views? What the hell…
The topic of two neighborhoods came up and I was chiming in on how they aren’t comparable.
The question is do YOU have anything substantive to discuss regarding real estate or are you just a politically correct wannabe rent-a-cop? Raciss? You done be raciss!
Matt the Coffeeman, good catch. This was listed 4/27/09 for $560,000 and subsequently reduced to $535,000 before the listing was cancelled 7/6/09.
It was relisted with another agent 7/6/09 for $535,000. That reset market time in the mls. The MT of 30 days is, in fact, 101 days.
“What the hell…”
It’s a good question.
about the assessments $901 it does seem high, but try and heat a 2600sq ft place in chicago’s 8 month winters!
Bob’s about as cracker as crackers come. I wonder how he can see the keyboard from under that white sheet.
“about the assessments $901 it does seem high, but try and heat a 2600sq ft place in chicago’s 8 month winters!”
I’d bet on either an *old* boiler (with maybe some $$ being saved for a new one) or a more recent boiler that they are paying off.
I’m calling $510K. No real basis for that number, but just seems right.
“Bob’s about as cracker as crackers come. I wonder how he can see the keyboard from under that white sheet.”
hheeheheehheehehehee i laughed so hard i pee’d a little
You all really believe $900 in assessments is high for a top level, entire floor unit? Really? It does seem to be a good price for such a large place. I don’t think you can call this a 4 bdrm as the one room is tiny. Would make a good office though.
I do have to say, the stager should be reprimanded for doing such a poor job considering the ‘nicer’ furniture they have to work with. Staging at this price point is very important.
annony have you actually done a walk through to back up your observations and call for a gut rehab? I know the exterior looks a bit rough, but I don’t see (only from the pics) how the other items you call problems need to be addressed.
who is pookie jenkins?
Yes, I was just in this place a few days ago. It is empty now – no furniture at all. I was surprised at just how big it is (and thus how much potential, in terms of both living and resale), but also nearly as surprised at its condition.
Obviously, if the place were in pristine shape, it would be running at another price point entirely. But there’s no getting around the fact that a buyer will have a big renovation project to contend with, albeit one that is realistic (again, provided that the closing price reflects the circumstances).
The fourth bedroom is indeed tiny, but it is nonetheless an actual fourth bedroom, though it might be a bit gloomy for an office. Perhaps it could be an exercise room or a “stuff” or crafts room…personally, I would make it a grand closet (which makes sense as the w/d are right off the room)…I forgot to mention that there is scant closet space, relative to the dimensions of the place.
The bedrooom with floor-to-ceiling/wall-to-wall built-in shelves and a stained glass window would make a nice library/office…plus that’s the room through which your visitors would walk to get to the common bathroom (as noted earlier, the place has somewhat unfortunate bathroom locations…the master bath opens to both the bedroom and the hallway; what I gather to be the common bath is accessible via two bedrooms – one of which has the shelves/stained glass). (But note that, since the baths need to be gut renovated anyway, I bet it would be possible to wind up with a smaller master bath, a full bath to serve two of the other bedrooms, and a half bath accessed from the hall for visitors.)
Thanks for your response anonny!
It is common for these vintage apartments to be short on both closet and bathroom space. On the upside, the common rooms are mostly large and well lit from massive windows.
I recently purchased a unit in NY that is very close to this in way of age and available space. While it offers 5 bedrooms/2 baths, my plans are to go to a 3/3.5 for just the rationale you offered in your response. Other than the price difference of both units (+$450k for the NY unit), they are remarkably similar. Windows, refinishing original floors and a new kitchen are on my list in order for a friend’s parents to purchase it.
I wonder what the price point would be if the renovations you mentioned would take place? In the reno I plan on doing during the fall, I estimate $125k for materials and around a month of solid labor. I know I will be getting a 100% + on this place as the sale has already been discussed with my friends. Hopefully this one will end up in the same place as mine!
Once rehabbed, these places are gorgeous and will retain their value.
“a top level, entire floor unit”
Is it actually the entire top floor?
anon (tfo): Yes, it’s the entire top floor, at least of that wing of the property (I think the other units are accessed from a door to the east, and around the corner on the Sheridan side). It feels more like a 3-flat (though a bit taller). I got the sense that there would be no real noise from any neighbors (and Sheridan didn’t seem too audible either, within reason).
westloopelo: Where in NY did you find such a place at such a price? Is it a co-op?
While the two cities really shouldn’t be compared (having lived in both, I used to make the frustrating mistake of trying), I suppose the NYC equivalent of Briar at Sheridan would be the western part of the East Village, say, between 1st and 3rd Avenue and from around 3rd Street up 12th Street or so (Briar at Sheridan is not quite Gramercy Park, but given its proximity to the park, it merits comparison to the nicer, leafy streets in the East Village, such as 10th, between 2nd and 3rd Ave, if memory serves).
anonny: You must have missed the regular morning pronouncment of “the 151 to Union…Station…the 145 to the LoOp…” it’s like 2 hours of clssic voicetracks…lol
assuming the 1997 price was right and a non bubble appreciation pattern wouldnt the right proce be around $425K. and thne start downward for the cost of such major renovations
thoughts…
The hallway closet could probably be turned into a small half bath. No biggie losing this closet if the small rear bedroom is used as a closet…
“Yes, it’s the entire top floor, at least of that wing of the property ”
Huh. From the aerial, it looks like a continuous roof, except for a L-shaped light/air well in the middle.
anonny….If I found a place like this, at this price in NYC, I would have purchased the entire building for my own use!
I was referring to Albany, NY not Manhattan…sorry for the confusion. While I do own several properties in Manhattan, one of which is my permanent residence, I have investment props in several locations outside the city in the Eastern portion of the state. Albany has some amazing neighborhoods that are ‘frozen in time’ and house some of the state’s politicos. This particular apartment, which I will be renovating in the fall, is in such a ‘hood. Street after street of beautiful old vintage apartment buildings that have been remarkably preserved many needing only cosmetic updating.
But I still don’t like the place or location!
Nice bones. My ears would perk up a bit if it feel about 85k or so.
Thank you for all the wonderful comments! It is indeed an exceptional property in a sense that it is over 2600 sqft on one level and the entire top floor of that side of the building. The assessments have been a big point of discussion and I can adress that part, the new board has been building up the reserve which is very healthy, the boiler is only 10 years new and there is a separate reserve for the roof which has been maintained regularly as needed. The heat for a unit that size could easily run $500 a month. The building is well managed. When this building was sold mainly older folks leaved there and little by little things are changing and improving. There has been two major projects and no special assessments were demanded: tuck pointing and back staircase and decks. The hallway and indoor staircase will be refreshed in few months.
There is also a huge storage space on the main level and a bike room. Parking is additional rental and there are few for sale across the street as well. The unit is vintage and has not received any major update as new bath or kitchen but the hardwood floors are beautiful, there is amazing sunlight in the living room and it is very spacious. The closet space is good, the master closet is organised, not a walk in and the three other bedroom have large closets plus a build in linencloset in the hallway, not counting the storage on the main level. This property needs someone who loves older homes. It is not updated as per today’s standard but it is in move in condition.The unit does not face Sheridan, therefore you do not here the bus or the traffic, it is very quiet even with open windows. This unit also hascentral air which very rare in those buildings!