Missed Out on the Playboy Mansion Ballroom? Buy This 2-Bedroom at 550 W. Surf in Lakeview Instead
This 2-bedroom penthouse in The Commodore at 550 W. Surf in Lakeview comes with an illustrious past.
The prior listing said the living/dining room was the old ballroom and this tidbit from the Upper Bracket column in the Chicago Tribune from 2003 confirms it.
On the sixth and top floor of the Commodore building, 550 W. Surf St., which was built in 1898, the two-bedroom unit was partly created from a ballroom, which, according to legend, was used by Al Capone as a speakeasy during the 1920s, said co-listing agents Monique Crossan and Heather Bilandic of Sudler.
The ballroom has been converted into a living room and dining room combo, with 13-foot ceilings, three exposures, a recessed movie screen and a fireplace.
According to the Upper Bracket, the unit had been renovated by the 2001 buyer.
The kitchen has stainless steel appliances and granite counter tops with a skylight.
There are two bedroom suites and a large storage unit in the basement measuring 26×9.
The unit has the features that buyers look for including in-unit washer/dryer, central air and 2 car deeded covered parking.
The listing says the seller will pay the first year of assessments.
Originally listed in July 2011 for $975,000 it has been reduced $350,100.
It is now listed about 36% under the 2001 purchase price.
Is this now a deal for 3000 square feet with these features in this East Lakeview location?
Sheila Dietz at @Properties has the listing. See the pictures here.
Unit #609: 2 bedrooms, 2 baths, 3000 square feet, 2 deeded covered parking spots
- Sold in June 1993 for $223,000
- Sold in July 1997 for $340,000
- Sold in March 1999 for $425,000
- Sold in June 2001 for $975,000
- Sold in October 2006 for $999,000
- Originally listed in July 2011 for $975,000
- Reduced numerous times
- Currently listed at $624,900
- Assessments of $1151 a month (includes doorman and cable)
- Taxes of $10,009
- Central Air
- Washer/Dryer in the unit
- Gas fireplace
- Storage: 26×9 (in basement)
- Bedroom #1: 18×14
- Bedroom #2: 17×12
- Living room: 43×23
Although the market might be a little small for a buyer who would like this type of place, I think it is a great deal for buyers in this niche. Honestly, if I had just a little more money, this would make a GREAT in-town residence. Consider this – you can have the subject property as an in-town or you could get this other place without parking for the same price/assessments/taxes (taxes are probably close to 10k – not the 2k reflected in the listing):
http://www.redfin.com/IL/Chicago/919-N-Michigan-Ave-60611/unit-12E/home/12621295
clio … did u sell ur place at the palm?
BIt old fashioned and the kitchen looks a bit tough to work with but for the price this seems pretty nice. The 234sq ft basement would be awesome as well. I would let Bob live there for free if he allowed me to call him Boo Radley, which probably is not much of a stretch anyway.
Man this place is cool! What a conversation piece. You could also have some cool decorating that goes on to highlight its past (maybe a Scarface poster or something).
I think this place is impressive. I love the building and location. 3000 sq ft, with ample parking! Nice.
Assessments are high, and it needs some decorating. But it has pizazz, unlike so many of the cinder block dumps that sell for even money on the north side.
“Assessments are high, and it needs some decorating.”
ARE the assessments “high” for 3000 square feet? Doesn’t seem like it to me in a doorman building.
Some friends of mine rented here, and I don’t recall a doorman. But, I could be wrong, as we usually entered on Broadway.
And, this is Lakeview, not Gold Coast. I suspect a grand a month HOA may be a scare some people away.
I found this copy from an older Commodore listing. It appears the doorman is accross the street in the sister building. But again, I could be wrong:
“The association shares amenities with the Green Briar located directly across Surf Street. The Commodore has an illustrious history including alleged ties to Al Capone.Both the Commodore and the Green Briar were renovated in the 1980s and converted to condominium apartments. Both buildings are professionally managed. The Commodore has undergone substantial recent improvements including new windows and exterior repairs.There is a doorman stationed in the lobby of the Green Briar, with security cameras monitoring the lobby of the Commodore.”
I have friends who live there now and I recall one of those phone buzzer things where you dial the unit number or a code or something and it calls their phone and they buzz you in.
Seems like an awfully large amount of money to live in a courtyard building. When I lived in Chicago I paid $825 a month for my 2 bedroom in courtyard building. Small of course, but still a courtyard.
I’m surprised by this place. I don’t usually think of courtyard buildings as having “grand” units. Maybe $624k will get it sold. It’s just difficult to find people who want to spend that much to live in a building that is typically associated with lower middle class apartments.
I love this building and the location. I have a friend with a beautiful one bedroom in here. No doorman as others have mentioned. Seems this should move close to current ask. Not my taste at all, but wow I love the possibilities!
“Seems like an awfully large amount of money to live in a courtyard building. When I lived in Chicago I paid $825 a month for my 2 bedroom in courtyard building. Small of course, but still a courtyard.”
I agree. I had no idea there were actually nicer condos in this type of courtyard building configuration. Every courtyard building I’ve ever seen was a lower-end ‘vintage’ apartment building. That’s all I can think of when I see these places from the exterior.
I’d think the association alone has that going against this place.
“ARE the assessments “high” for 3000 square feet?”
If $0.47 psf is “high” in the Donohue, with *heat* for a *loft* included, then $0.38 psf is high, too.
“There is a doorman stationed in the lobby of the Green Briar, with security cameras monitoring the lobby of the Commodore.”
Sounds like a time share of a Doorman to me.
“ARE the assessments “high” for 3000 square feet?”
Considering all you get is cable TV for $1115. YES.
This place is pretty awesome. It’s huge. It’s unique. It’s top floor. It’s got two covered parking spaces. W/d and a/c. In a great location. (I realize that many buyers of two beds in this range want to be in the GC/Sville, possiblly LP, and maybe even RN, but for this place, I’d think someone could be flexible. If it had even a small third bedroom and a powder room, at this price, I’d be very interested.)
I’m actually surprised that it hasn’t sold at this price. Then again, we live in a world where people who are both intelligent enough to be using a computer and who have an interest in Chicago real estate such that they’re reading a real estate blog would balk at the thought of $1k/mo assessments on a 3,000 sq ft place in an ELV vintage elevator building.
Sabrina – when you scroll down to “Property History” on the Redfin site, the numbers look quite different. Am I missing something?
Then again, we also live in a world where perpetual renters create fantasy unicorn lists of criteria that can’t be met, thusly justifying their inability to pull the trigger and write a check.
“Am I missing something?”
Error by Redfin.
“Then again, we also live in a world where perpetual renters create fantasy unicorn lists of criteria that can’t be met, thusly justifying their inability to pull the trigger and write a check.”
Like Sabrina?
“we also live in a world where perpetual renters create fantasy unicorn lists of criteria that can’t be met, thusly justifying their inability to pull the trigger and write a check”
anonny is not the pussycat that Bob is.
Love this place and the space, but I just can’t get past the decorating. it is a little too vintage for my taste. But I guess it wouldn’ t cost too much for some next fixtures and paint.
Ditto Russ.
For me perosnally, I would rather live some place less congested and more upscale than this location. However, I’m not a young 20 something partying it up anymore. Duffys anyone?!?!?
This building is no closer to Duffy’s than lots of fairly upscale places (e.g., 2520).
Probably we should evaluate the effect the closure of Trotter’s will have on this property.
“Probably we should evaluate the effect the closure of Trotter’s will have on this property.”
And the arrival of WalMart.
Nice place…..how does one get the association to lower the assessments?
This place is kind of awesome, and assessments seem OK.
“Nice place…..how does one get the association to lower the assessments?”
Ummm… demolish the entire building? It’s a vintage high-rise ffs. The assessments are NOT lowering, especially with the high-rise life safety ordinances and regulations.
I love this listing and have looked at it for quite some time. The buildings are just fabulous (though I prefer the Green Briar). For vintage, this is simply gorgeous.
Vintage has high HOA. It’s a fact of life.
Beautiful place. And it’s a real penthouse, not just a top floor apartment.
I never thought I’d see a real penthouse with this kind of space for sale in the Lakeview/Lincoln Park area for this price.
Seems priced right even when you consider the lack of parking, a situation most people in that area are used to. You can rent space around the corner at the Century City Mall.
Laura, it’s got two deeded spaces.
Didn’t see that , anonny.
2 deeded spaces makes it a very good deal.
The assessments are reasonable at the current rate (or in the realm of reasonable compared to other east lakeview properties). A few points- 1) the doorman is across the street, so you pay as if he is sitting in the lobby when in fact he isn’t….2) there is talk of a special assessment coming up that will likely raise the assessments for a period of years and not by a small amount and 3) its a lovely space but essentially a two bedroom with a ballroom. Would be a shame to modify the ballroom to add another bedroom so its somewhat limiting and a limited demographic would want it (read: no kids) but it certainly has a wow factor.
I lived in this Penthouse after buying it in 1999, I paid $394K. I owned a business nearby and after a major remodel lived in it during the week and through many very grand parties and charity events. For perspective at the Christmas party we checked 360 coats. It was a great home and an amazing place for entertaining. I sold it for $975 plus the buyer paid a special assessment of $160K in the spring of2002. Those owners covered the 120 year old hand cut Italian tile with cheap hardwood. Further “home owner” projects decimated the look and the value. This is a very grand period space, the decor has to be relevant to the architecture. If you like the old grand look and love to entertain and can afford to redo the decor it will be a million dollar plus property again.