Historic Lakewood Balmoral 2-Bedroom Condo Reduces $25K: 5203 N. Magnolia
We last chattered about this vintage 2-bedroom at 5203 N. Magnolia in the historic Lakewood Balmoral district of Andersonville in July 2011.
See our prior chatter here.
Most of you thought this was a cute unit in a good location but some questioned the stucco exterior.
I have since been told that it is a “real” stucco exterior.
Since our prior chatter it has been reduced $25,000 to $224,000.
Also in our prior chatter, the agent filled us in on more details of the unit:
There is a new roof, new water service to the street, new common area windows. The W/D is in a common area as is a bike room and storage. This unit has newly redone hardwood floors and a half bath that could be converted to an in unit laundry if someone didn’t want to walk down one flight of stairs. Also, the huge master bedroom used to be two rooms and could easily be changed back if someone wanted a 3 bedroom unit.
If you recall, the building is in the arts and crafts style.
The property still has many of its vintage features including crown moldings and built-ins.
The unit has a unique carved fireplace in the living room as well as stained glass.
The kitchen has a mixture of black and white appliances and 42 inch cabinets.
The unit has central air and we now know there is a washer/dryer in the building.
There is no deeded parking.
Is this unit now priced to sell?
Maureen Murnane at @Properties still has the listing. See more pictures here.
Or you can see it at the Open House on Sunday, September 11 from 1 – 3 PM.
Unit #2N: 2 bedrooms, 1.5 baths, 1250 square feet
- Sold in March 1993 for $124,000
- Originally listed in June 2011 for $249,000
- Reduced
- Currently listed for $224,000
- Assessments of $234 a month
- Taxes of $3065
- Central Air
- Washer/Dryer in the building
- No parking
- Bedroom #1: 19×10
- Bedroom #2: 10×10
- Sunroom: 9×8
Stucco is not an appropriate material for construction in this climate, so I very much doubt it is “real stucco.” I did not read the prior Chatter, but this is most likely EIFS, which is a little high-maintenance but is fine as long as it’s kept in good shape.
Actually surprised this hasn’t moved yet. I don’t think it is over priced. Nice space for the area considering what 2/2’s cost up there. Lack of parking is probably hurting it, but street parking is entirely doable at this location.
Probably suffering from lack of neighborhood awareness as many folks still think A’ville is too far north. I’d buy it at this price point versus some of the other crap in LP/LV at a similar price.
I am surpised too, things have been moving in Andersonville.
Oh, I know why it hasn’t sold. It has a common area washer/dryer which is common for many of the older conversions in A’ville (Pre-1999 or so). There are quite a few older condos converted in the early 90s (mostly 2/1s) with no w/d in the unit. I guess in unit w/d wasn’t a big deal then…
Combine that with lack of parking and it will be a tough sell for today’s spoiled buyers. Someone will pick it up, but no w/d in unit is a killer for most buyers these days.
“Probably suffering from lack of neighborhood awareness as many folks still think A’ville is too far north.”
Also suffering from being on the corner of Foster, and backing up on a mostly vacant block of Broadway. Other side of the street and 200 feet north, seems like a no-brainer.
“Also suffering from being on the corner of Foster, and backing up on a mostly vacant block of Broadway. Other side of the street and 200 feet north, seems like a no-brainer.”
That vacant (unoccupied funeral home) is the fault of the former alderman smith and NIMBYism. There was a proposal to build a large multi unit property on Broadway there a few years ago.
“There was a proposal to build a large multi unit property on Broadway there a few years ago.”
And had that property been built, would the existence of several additional new condo units help or hurt the sellers of this unit?
The location is what is holding this place back. This is on the very edge of Andersonville and 10 ft from Uptown. I think the area is fine but if it was just a little further northwest, it would be gone. I said 220-235 before and still think it goes around the lower range of that call.
Still like the unit and find the exterior ugly.
Yeah, the location sucks. I thought this was a little further north of Foster. Living right on Foster blows (noisy buses and always busy street) and being a hop, skip, and jump from corner of Broadway doesn’t help either. You can actually see the gas station on the corner in Google Street view.
I very much doubt this home has EIFS. There are many homes in Andersonville/Edgewater with portland cement stucco. A complete re-stucco is a $35K job. However, most homes only require about $10K of patching every 20 years.
“And had that property been built, would the existence of several additional new condo units help or hurt the sellers of this unit?”
I would say help. I would rather live in a unique old building than new construction.
Uptown across the street is one of the funniest things I’ve heard recently!
Flip this to the south side of Foster, list it as in Uptown instead of Historic Lakewood Balmoral Andersonville and you’d get nothing but the typical Uptown sucks. Perception is everything.
That said i’d take Winona and Glenwood or even Margate Park over the Foster/Broadway cluterfuck anyday.
It’s not on Broadway and most of Uptown is fine. I guess people are stupid.
“I would say help. I would rather live in a unique old building than new construction.”
I’d rather live in a unique, old place too. But while I’m happy that something positive is finally going to happen with the hospital buildings in LP (especially the grocery store), I’m less than thrilled at the prospect of dozens of brand new condos hitting the market in my neighborhood.
I like Uptown AND Broadway. I’m in that area all the time for groceries or restaurants. It’s nothing like the Uptown you’re thinking about over by Wilson.
As a matter of fact, I ate at Tank Noodles recently with my parents. It was their first trip to Chicago. They thought BYOB was like the best concept ever. We don’t have that in NY. We watched a middle aged couple knock back 6 bottles of wine over lunch. The “lady” was falling over drunk. Her boyfriend had to drag her out to the street and prop her up while they waited for a cab. My dad was like “I hope they don’t get a cab too quickly.” I was like “Why not?” And he goes “Chicago’s great! Where else can you have a superb, reasonably priced meal with free entertainment?”
“It’s nothing like the Uptown you’re thinking about over by Wilson.”
Exactly, Uptown is not what it used to be. Most of it is nice.
Yeah, I like the location of this condo, and for me it’s a plus being right by Foster because I can catch the Foster bus to Jefferson Park and then get the Blue Line to O’Hare. Plus you’re right by the Red Line at Berwyn or Argyle and you’re so close to everything on Clark. Being right by Broadway is a positive too. Plus the Dollar Tree is at Berwyn and Broadway! Got some oversized wine glasses there for $1 each, son!
There is Uptown and then there is Uptown. The Uptown that freaks people out is much further south around Wilson and Lawrence. Typically east of Broadway.
Andersonville neighborhood really runs down almost to Argyle and Clark. West to Ravenswood. North to Bryn Mawr. East of Broadway is a totally different neighborhood. The maps say Foster is the Southern border, but that really isn’t accurate.
No listing south of Foster and north of Argyle is going to claim Uptown directly if they are smart. Unfortunately, perception is reality.
I live in south of Foster north of Argyle part of Uptown and like it very much, all i’m saying is given the fringe location right on a busy street, this place should be priced closer to that level than prime Lakewood Balmoral. 250 was a little high, 220 should get it done.
great location for lesbians.
Most people probably think they can swoop into Uptown/Edgewater and bag some property bargains but in reality it’s not cheap and they’ll never afford it.
yes, imagine that… lakefront properties aren’t cheap
“prime Lakewood Balmoral”
What is prime Lakewood Balmoral? (Serious question, I’ve always wondered about it and never spent that much time walking block to block.) Is the west side of Magnolia prime, is east side prime if farther up from Foster (even though still backing onto Broadway)? I assume Glenwood is less preferred, but where do Lakewood and Wayne rank? Is being in Peirce important?
Oddly, the redfin border for “Edgewater” (which I sometimes look at) cuts off above Foster north of this place. We were driving by the other day when there was an open house. I was half tempted (thinking maybe it was SFH) but couldn’t remember having seen the listing.
Yeah! 5 minute walk to the beach. NORTHSIDE WALK IT OOOOOUT!
lakefront properties aren’t cheap
rogers park? southside?
What is prime Lakewood Balmoral?
I think you answered your own question.
What is prime Lakewood Balmoral?
Certainly not this corner on Foster with a gas station view. The areas major draw is the quiet tree lined streets, this location really doesn’t offer that.
The location doesn’t suck, it’s convenient to a lot and safe but it’s not ideal for a place billing itself as Lakewood Balmoral.
Lakewood and Wayne are great streets. Magnolia is pretty too but I wouldn’t want to be on the east side of the street backing up to Broadway. Glenwood is mostly apartments and condos but a pretty street tree lined street. I would say Farragut up to around Catalpa east of Glenwood and west of Magnolia is prime Lakewood Balmoral.
The houses aren’t quite as nice south of Foster and it gets a little more congested.
Thanks, Russ. I like the area a lot. It’s not ideal for us for a number of (pretty specific to us) reasons, but tempting.
Not really a fan of Andersonville or whatever they are calling it for a condo. Single family yeah, good hood.
You can do much better in Wrigleyville or the Southport area for $220 and change right now. Especially lack of laundry and parking.
189 Gets this sold
The people who would buy this probably wouldn’t enjoy living in Wrigleyville. I’d take an all things equal condo in Andersonville over Wrigleyville or Southport anyday.
Place seems pretty cheap. If it was in Uptown it would sell for $500,00.00.
“Place seems pretty cheap. If it was in Uptown it would sell for $500,00.00.”
Where in Uptown could you get this? BTW, I agree it’s a good enough price.
I bet any MLS listing that says ‘Uptown’ gets ignored right away, and some can’t lie since it’s an official Community Area. Maybe a name change by City Hall would help?
Most Andersonville listings say Andersonville, which is not an official community area. Are they lying?
“I bet any MLS listing that says ‘Uptown’ gets ignored right away, and some can’t lie since it’s an official Community Area.”
There is no such thing as “Andersonville” for the purposes of the MLS. The property would be listed in Uptown. You can put Andersonville in the listing description all you want.
Unfortunately for all of those properties that ARE listed in the more desireable areas of Uptown like Andersonville and Castlewood Terrace- they get lumped into the other areas. I’m sure there are some buyers who won’t even consider a listing in Uptown.
But then again- those looking ONLY in Andersonville- won’t have any issue.
Did this sell? The for sale signs are gone.
No.
http://www.redfin.com/IL/Chicago/5203-N-Magnolia-Ave-60640/unit-2/home/13402157
Ok, thanks