Get a 2/2 in Lakeview for 38% Off the 2004 Price: 525 W. Hawthorne
This 2-bedroom unit at 525 W. Hawthorne in Lakeview just came on the market.
It is bank owned and listed for about 38% under the 2004 purchase price.
The high rise building was constructed in 1969 but was converted to condos in 2003/2004. There are about 230 units.
This is the cheapest 2-bedroom unit currently on the market in the building.
From the pictures, it appears to have the kitchen and bathrooms intact. The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
If you’re wondering what these units would rent for, look no further than #1503 which is currently on the rental market for $2050 a month plus $200 for parking. It has the same kitchen.
Check out the pictures of the rental unit here.
Compared to the rental price, is this unit a steal?
Rakesh Parikh at Keller Williams Lincoln Park has the listing. See the pictures here.
Unit #1803: 2 bedrooms, 2 baths
- Sold in June 2004 for $339,000
- Lis pendens in December 2008
- Bank owned in August 2010
- Currently listed for $209,900 (deeded parking available)
- Assessments of $617 a month (includes heat, a/c, doorman, pool)
- Taxes of $4482
- Central Air
- No washer/dryer in the unit
- Bedroom #1: 16×11
- Bedroom #2: 15×11
- Kitchen: 9×9
- Living room: 25×15
That’s a nice street (lots of big, beautiful houses). Considered renting a 2/2 in the building about 3 years ago (for $2,000, no parking). With the French doors, they’re really more like 1 beds with a big den/guest room.
Using a down payment of $43,000 (roughly 20%)and 4.25% 30-year-fixed with monthly payment of $772 , the HOA of $617, taxes $373, and insurance about $100, I come up with $1863 for the payment. Plus maybe a couple hundred a month for repairs and upgrades to the place.
This looks like a bargain price for this apartment, provided rents don’t drop or taxes don’t increase too much. But of course, the typical down payment will probably be a little lower and the interest rate higher, which changes things a bit.
Still, not badly priced.
Taxes are down to $3320–w/o HO exemption. Should make it an easier sale.
(Former) owner’s mailing addy for taxes is in Texas.
ps: In a 6 br, 4000 sf home worth about $350k.
Nice place. I’d agree that it’s well priced, but what’s REALLY goin on with the Lakeview violence lately. I mean really??? I guess I’m naive to hope that thuggish activity will stay within predictable confines. It’s truly unfortunate 🙁
My favorite street in all of Chicago! The homes are unbelievably gorgeous… we call it our lottery street:)
Laura those numbers look good to me. Actually we may be interested in this as an investment…
“Laura those numbers look good to me.”
Note that the taxes are actually $150/month *less* than Laura’s rundown.
I have heard that the management in this building is quite rude.
“I have heard that the management in this building is quite rude.”
I have a buddy that live in this building; it’s true, the staff in this building can be very rude. Apparently they need to be reminded (I don’t know how they could forget) that they work for the residents and that the residents pay thier salaries (quite literally)
“With the French doors, they’re really more like 1 beds with a big den/guest room.”
My (same) buddy’s place in this building is a 1+den, and the den has the french doors; the den can’t really be considered a second bedroom because, aside from the see-through french doors, there’s no closet at all, and a queen size bed would just barely fit, leaving almost no room to walk around in the room.
I know someone else in the building, and thier unit is a true 2-bedroom, the second bedroom is just bigger enough to be considered a true 2-bed, plus it has a closet.
Really nice outdoor patio with pool and 6 really nice big gas grills that and large cabanas that the most people there don’t seem to take advantage of much, so there’s always at least a few available…
No W/D in unit=NO GO in a building of this size
How should one interpret the CCRD’s info on this condo? Sabrina says it’s “bank owned”; CCRD suggests its FNMA-owned. If the latter is true, is that a distinction that makes a difference, for instance, with regard to negotiating final price?
When this condo’s numbers are plugged into the “buy/rent” calculator it looks to me like a push, unless one is bullish on real estate and/or rents. (But what leveraged purchase does not make sense when one is bullish on the underlying asset?)
So, compared to what is this condo “not badly priced” — the ’04 price?
And what’s up with the Blackhawks? Should I think they’re not playing badly — when compared to their ’04-’05 season?
Oh golly, not that “no in-unit laundry” whinefest so early in the morning (yawn)! A laundry in a condo usually comes at the expense of closet space, and I for one would rather have a decent-size coat closet than a cubbyhole with “stackable” w/d. As long as there’s a well-maintained laundromat on the premises, why hould this be such a potential deal-breaker? (Unless you have a bunch of kids or sick relative, which necessitates doint a couple loads of laundry every day instead of one every 7 to 14 days.)
In-unit laundry was not a dealbreaker for me when I was last looking, but now I don’t think I’d want to give it up. I love being able to throw in a load of laundry in the morning before I leave or at night before I go to bed. I would never do that in a communal laundry room because a) it’s rude to leave your stuff in the washer all day/night and b) I’ve had people steal my laundry before!
Did I miss another instance of Lakeview violence?
“Did I miss another instance of Lakeview violence?”
Yes. 3 people were recently shot at the 1100 block of West Addison (in front of the Taco Bell there.)
http://news.medill.northwestern.edu/chicago/news.aspx?id=172404
“In-unit laundry was not a dealbreaker for me when I was last looking, but now I don’t think I’d want to give it up.”
I agree, when I was renting, all of my places just happened to have in-unit w/d until I found a place in Old Town that didn’t; I liked the place, so told myself I’ll just do all my laundry at one time, once a week, no big deal…
It was a pain in the ass! three trips total, make sure you remember 45 minutes later to move the laundry from washer to dryer, basically you need to have a 3-hour block of time when you don’t leave your place. And then there are the instances when you totally get distracted and end up leaving it for many hours, or even over night.
The value of having in-unit w/d cannot be overstated, in my opinion.
This is where my mom lives after downsizing from a victorian two flat. She seems to like it a lot, her unit faces north and has bay-ish windows that at least give a bit of a lake view/belmont harbor.
I lived in this building from 99-02 prior to the condo conversion (I thought the asking prices were well above market, so elected to buy a condo elsewhere in lakeview). At the time (admittedly prior to the condo conversion), the building was very tired. The pool in the back was an extremely nice amenity, though even residents were charged an annual fee for a pool pass, and non-residents were able to purchase season passes, so the pool was always very crowded, and not necessarily limited to residents and their guests. Does anyone know if this changed after the conversion?