Looking for an East Lakeview Penthouse in an Elevator Building? 508 W. Melrose
This 3-bedroom penthouse at 508 W. Melrose in East Lakeview came on the market in July 2020.
Built in 2004, this boutique building has 22 units and a heated parking garage. It also has an elevator and a fitness room.
This penthouse has 3491 square feet, which makes it as large as many single family homes, which is all on one level.
It has hardwood floors throughout and 2 wood burning fireplaces.
There are 4 skylights.
The unit has a custom built entertainment center with speakers.
The kitchen is described as a “Chef’s kitchen” with a large island with seating for 4, Thermador appliances with a wine cooler and a tiled backsplash.
There’s a large library and a bonus room that could be a private office.
The master suite has an attached bath with a duel vanity and walk-in-shower.
The other two bedrooms also have en suite baths.
There’s 2 terraces and the large front terrace has a gas line.
It has all the features buyers look for including central air, side-by-side washer/dryer, and two heated garage parking spaces that are included.
This building is in the middle of all that East Lakeview has to offer and is in Nettlehorst school district.
Originally listed in July 2020 for $1.475 million, it has been reduced $90,000 to $1.385 million.
For the square footage and amenities, is this a deal?
Steven Sims at @Properties has the listing. See the pictures here.
Unit #7B: 3 bedrooms, 4 baths, 3491 square feet
- Sold in April 2005 for $1.466 million
- Sold in May 2011 for $1,011,500
- Looks like it sold in 2018 (I couldn’t find a price)
- Originally listed in July 2020 for $1.475 million
- Reduced
- Currently listed at $1.385 million
- Assessments aren’t listed (anyone know?)
- Taxes of $23,964
- Central Air
- Washer/dryer in the unit
- 2 car heated garage parking included
- 2 wood burning fireplaces
- 2 terraces
- Bedroom #1: 17×17
- Bedroom #2: 15×13
- Bedroom #3: 15×12
- Library: 15×12
- Office: 10×9
- Living room: 33×16
- Dining room: 14×11
- Kitchen: 22×14
- Laundry room: 7×5
Hideous decor, place is in dire need of staging.
Its nice but its not 1.4m nice imo
It’s dated. They could spend 5-10k updating the place and then it may look like a 1.4 million dollar place but at this point this looks like a 500k condo.
“They could spend 5-10k updating the place and then it may look like a 1.4 million dollar”
maybe 100k.
The realator really mailed it in on this one
Based on the photos, I would have guessed this place was 1800sf.
Other than the kitchen, Finishes are odd
The 2 fireplaces within line of sight
1980’s Barrington millwork
Contractor grade finishes in the non-MBR bathrooms
At $7,200/mo + assessments, I’d want to punch myself every time I walked into this place
The assessments on a 2 bed 2 bath that sold in June 2020 were $422.
https://www.redfin.com/IL/Chicago/508-W-Melrose-St-60657/unit-3A/home/18951418
And oops, I accidentally down voted JohnnyU’s first comments. Sorry Johnny,
strange how this is sandwiched between a 4+1 rental building to the west and another hideous rental building to the east
This is tacky and out of place on the block….and ooof, that lobby – – with JohnnyU on that one. Those hallways are super depressing too. Double loaded corridor at this price point in that location? GTFO.
I don’t love the building and it’s kind of a shame that it’s between two even uglier four-plus-ones.
The unit itself seems like a good deal considering what you get. Fantastic outdoor space, big rooms, nice views. Great neighborhood (or at least it was when I lived around the block in the 1970s and 1980s).
This might go slightly lower, but I doubt it will sell for much less considering the space and the neighborhood.