Love Vintage? A 2-Bedroom Co-op in East Lakeview for $425,000: 617 W. Addison
This 2-bedroom in 617 W. Addison in East Lakeview came on the market in July 2024.
Built in 1916, this courtyard building has 27 units. We know from prior listings that a few units have garage parking behind the building.
There is laundry in the basement, extra storage and a bike room.
It is a co-op building so taxes are including in the monthly assessment. The building does not allow pets unless they are service animals.
This unit has many vintage features including crown molding, wainscoting in the dining room, hardwood floors throughout, and a fireplace in the living room which appears to possibly have the original tile and mantle.
The dining room has a unique barrel vaulted ceiling.
The kitchen has wood cabinets, and stainless steel and white appliances.
There’s also a foyer and a bonus sun room with windows on three sides.
This unit has some of the features buyers look for including central air, which is rare in vintage units. But it doesn’t have washer/dryer in the unit or parking. The listing says transferable rental parking is available nearby.
This building is in the heart of East Lakeview, near restaurants and shops, Wrigley Field, the Red line at Addison and several bus lines.
Listed in July 2024 at $425,000, is this a good starter home for those who want to be in the middle of everything Lakeview has to offer?
Sharon Kay Rizzo and Alexander Grange at Compass have the listing. See the pictures here (sorry, no floor plan).
Unit #2: 2 bedrooms, 1.5 baths, 1400 square feet
- There are no prior sales as it’s a co-op
- Listed in July 2024 for $425,000
- Assessments of $842 a month (includes heat, gas, taxes, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are included in the assessments
- Central Air
- No washer/dryer in the unit (laundry in the basement)
- No parking but transferable rental parking is nearby
- Fireplace (wood burning or gas?)
- Bedroom #1: 13×13
- Bedroom #2: 9×11
- Living room: 20×13
- Dining room: 12×18
- Kitchen: 13×9
- Sunroom: 7×12
- Foyer: 6×12
- Pantry: 4×7
The “exceptionally low taxes” do appear to be ~half of what one would expect for a $425k condo. Unclear is that’s actually sustainable.
Also appears that the co-op get benefit of senior exemption and senior freeze for some of the units–obviously cannot tell if those savings are allocated 100% to the specific owners or what, or if turnover might affect the total AV in the future.
Like it don’t love it–kitchen is rough for the price, but nice range and dw replacement choices.
Having the 1/2 bath tucked away in the 2nd br isnt optimal.
No Pets/Parking/W&D are pretty serious negatives
Looks like a gas valve in pic #2
“The “exceptionally low taxes” do appear to be ~half of what one would expect for a $425k condo. Unclear is that’s actually sustainable.”
It’s building wide, right? You pay a percentage of the building in a co-op.
“No Pets/Parking/W&D are pretty serious negatives”
Co-op too. Usually means you have to get board approval to purchase.
I love the dining rooms in this building as many are barrel vaulted like this. Why can’t they build like this anymore?
“Why can’t they build like this anymore?”
Greed.
“Also appears that the co-op get benefit of senior exemption and senior freeze for some of the units–obviously cannot tell if those savings are allocated 100% to the specific owners or what, or if turnover might affect the total AV in the future.”
Goes to the specific shareholder with the freeze or exemption – they get issued a check from the corporation (assume the building is a corp. rather than trust – still works the same for that). I would assume that they also get the homestead exemption for the entire building.