Looking for a Project? A 2-Bedroom Vintage Penthouse at 5510 N. Sheridan in Edgewater
This 2-bedroom penthouse in The Renaissance at 5510 N. Sheridan in Edgewater came on the market in January 2015.
The Renaissance was built in 1927 and has 32 units with just 2 units per floor.
The listing for this unit says it is “ready to be restored to vintage elegance.”
The living room has hardwood floors, a wood burning fireplace, crown moldingĀ and views of the lake and the park.
Like a lot of vintage units, there’s a separate dining room.
The master suite has an ensuite bathroom.
There’s only a partial picture of the kitchen but it looks to have white cabinets and appliances.
The listing says there is an on-site engineer and that there have been “many capital improvements” to the building including the roof, heating, tuckpointing and the parking lot.
Parking is rental in the adjacent lot for between $75-$95.
There’s coin laundry in the building. I don’t know if you can put in in-unit laundry.
There’s no central air.
Is this a deal for someone who likes to do renovations?
Peter Tortorello at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #18B: 2 bedrooms, 2 baths, 2000 square feet
- Sold in June 1992 for $134,000
- Sold in July 1995 for $145,000
- Sold in August 1999 for $272,000
- Sold in June 2006 for $420,000
- Originally listed in January 2015
- Lis pendens foreclosure filed in October 2015
- Currently listed at $399,000
- Assessments of $1174 a month (includes heat, water, doorman, clubhouse, lawn, scavenger, snow removal)
- Taxes of $6655
- No central air
- No washer/dryer in the unit- coin laundry in the building
- Parking is on an outdoor lot for $75 to $95 a month
- Wood burning fireplace
- Bedroom #1: 16×20
- Bedroom #2: 12×16
- Dining room: 13×20
This top-floor unit has been on the market for a LONG time.. I first viewed photos of it furnished with the owner’s belongings nearly 2 years ago. The place was incredibly overstuffed.
The price has been only slightly reduced in that time, which tells you it is overpriced, and methinks that $399K is a little over the top for an Edgewater unit that needs as much work as this place does. While it is on the top floor, it does not have a penthouse feel to it because it has no terrace or any other outdoor space of its own. Some of the rooms have been compromised, and everything needs to be refurbished or replaced as you can see from the photos. It needs at least $150K in work if you manage your budget carefully, but still want to do the place justice. And I really don’t think it would get more than $400K fully restored, because the much larger units on the lower floors only get about $500K when they are in top condition. This is Edgewater after all, not Lakeview or Lincoln Park.
A little wrong on the price, but this unit:
https://www.redfin.com/IL/Chicago/5510-N-Sheridan-Rd-60640/unit-12B/home/13401879
the most recent sale in the building, sold for less PSF than this dump is asking. The other killer for this place is the $1700/mo in HOA and Tax–an amount that will exceed the P+I for the mortgage.
The right price for this cannot start with a 3 and probably should start with a 1.
“The right price for this cannot start with a 3 and probably should start with a 1.”
Or maybe even a –
tons of potential in this place but I doubt it would sell for 400k completely renovated… needs to be in the middle 100’s I’d say for it to work.
I think the rest of you are right about the proper price. Let’s say $150K. A much larger place, a huge 2700 sq ft on a lower floor, was in comparable condition and took forever to sell, which it did about a year ago, at about $250k if my memory is correct.
I actually cannot imagine who’d wanna live here? 400K and over a grand in assessments and coin laundry? Someone who can pay this much, has many other options, none of which would have the college dorm style arrangement.
I’d like it a lot if I could afford buy it for, oh, $150-$200K, and drop up to $200K into rehabbing it. The laundry situation can be corrected with the permission of the association to run the plumbing lines, and some rooms could be re-configured. This place would be a wonderful opportunity for someone at the right price, which $399K is not.
On the plus side, the views from the upper stories are spectacular- you can see the lovely grounds of the Edgewater Beach co-op, and the lake beyond. And it’s a nice building close to retail and the el, with a cheap parking space. The building itself has a nice, large garden, and the neighborhood is fairly well-behaved these days.
Laura,
No laundry allowed, sorry. But the rest of your assesment is spot on. This is a beautiful building with a great, diverse community. We have the terrace unit under 18B and love it here. Best views and outdoor space we could find. No, its not Lincoln Park but the neighborhood is fine. Also does not have the traffic nightmare that is LP. The values are rising in this building and most units are up to date. Several ungone complete renovations this past year and are drop dead gourgeous. It makes me sad people are dissing my building. š
I’ve always liked the building, too, Kathy. Very pretty building in one of my favorite areas. Congrats on your 17th floor terrace unit.. I’d love to have a terrace unit in that place. Is your place the same size, or larger?
And is there any chance of residents in the building obtaining pool privileges at the Edgewater Beach co-op?
I promise you, some lemming will probably show up and fall in love with the potential, the diverse neighborhood or any other idiotic reason and they will pay the full price. Or close to full price for it. There were some homes recently in my neighborhood and I thought “no one is going to pay 850K for that house” and sure enough someone paid 850K for a house when they could have gotten a much better house in the same neighborhood for 700K.
Down to $329k.