Is It Under The 2000 Price For This Vintage East Lakeview Short Sale? 518 W. Surf
This top floor 2-bedroom at 518 W. Surf in East Lakeview came on the market in February 2012.
It’s a short sale.
The building was constructed in 1917 so the unit has many vintage features including crown molding, a fireplace and a separate dining room.
There’s a Bosch washer/dryer in the kitchen, but no central air or parking (it is rental in the neighborhood.)
The kitchen has granite counter tops and stainless steel appliances.
The unit has been reduced $25,100 since it was first listed in February.
It is now about $50,000 under the 2006 purchase price.
At $349,900, it is only $9,900 above the 2000 price.
Compared to other similar properties we’ve chattered about in the neighborhood (some with parking and some without) is this even much of a deal?
JoEllen Davis at @Properties has the listing. See the pictures here.
Unit #3W: 2 bedrooms, 2 baths, 1750 square feet
- Sold in June 1989 for $190,000
- Sold in May 1992 for $200,000
- Sold in April 1996 for $180,000
- Sold in July 2000 for $340,000
- Sold in October 2002 for $402,000
- Sold in January 2006 for $400,500
- Lis pendens foreclosure filed in February 2011
- Originally listed in February 2011 for $375,000
- Reduced
- Currently listed as a short sale for $349,900
- Assessments of $435 a month (includes heat)
- Taxes of $5114
- No central air- window units only
- Washer/Dryer in the unit
- No parking- rental in the neighborhood
- Bedroom #1: 16×12
- Bedroom #2: 15×9
- Den: 12×6
Beautiful place, but seems expensive without parking or central air and the assessments while not sky high sure seem to be on the expensiver side.
I wonder how much work the 1996 buyer did. They sure made one nice profit!
This is an absolutely gorgeous, huge place on one of Lakeview’s finest blocks. Everything in this place is perfect or nearly perfect, window A/C units notwithstanding. It’s also beautifully staged. Bath could use a little upgrading but that is very minor. This really is a wonderful place even without parking. Lakeview people are accustomed to scrounging for parking, which most people know is going to be a hassle before they move there.
I will be very, very surprised if it lingers long on market at this price.
So much for the unit at 1116 W Columbia in Rogers Park for $385 that Sabrina featured a few weeks ago. Even though it is much larger, it doesn’t begin to compare with this unit or this location at this price. I believe most people would happily sacrifice the additional space to have a place like this on a street like Surf…. if they even want that much space to heat and maintain to begin with.
As for central a/c, the only way you could add it to this place without destroying the appearance with ducts, is to go with Space Pak, which most people flatly won’t pay for in units under $500K, or at least from what I hear.
I agree it’s a nice vintage place and very large for a 2/2. The price history tells an interesting story that always boggles my mind in the GZ. What is the point of buying a beautiful 2/2 in any neighborhood if you are selling the place 3-4 years later? Maybe this made sense before the bubble burst and it certainly worked out well for the buyers in ’96 and ’00 but nowadays it is just crazy and the profits those early buyers made arguably helped create the unsustainable bubble that later went POP! The transaction costs now make it a bad decision if your time horizon is only 3-4 years but I suppose this is what keeps the greasy wheel greased.
is what’s called the “den” in the listing just the sunroom? or it another room that could be an office or extra storage?
“This is absolutely gorgeous. Everything in this place is perfect or nearly perfect…..it’s also beautifully staged”
There’s a Bosch washer/dryer in the kitchen.
What’s wrong with the washer/dryer in the kitchen?
“is what’s called the “den” in the listing just the sunroom?”
Yes.