New Construction 3-Bedroom Lakeview Condo Reduces $175,000: 711 W. Buckingham
This 3-bedroom penthouse at 711 W. Buckingham in East Lakeview was originally listed in March 2018.
This is a new construction 8 unit building with garage parking. There doesn’t appear to be an elevator.
The listing says it’s “extra wide” and has custom mill work.
The kitchen has white cabinets, white quartzite counter tops, and Subzero, Wolf and Bosch stainless steel appliances.
The bathrooms has Grohe and Kohler finishes.
As a penthouse, this unit has a 1600 square foot private roof deck.
It has central air, washer/dryer in the unit and garage parking.
Originally listed in March 2018 for $999,999, it has been reduced by $175,000 to $825,000.
It was also put on the market as a rental in December 2019 for $3700 a month.
At it’s new reduced price, is this now a deal?
Felicia Marinescu at Berkshire Hathaway has the listing. See the pictures and floor plan here.
Unit #4W: 3 bedrooms, 2 baths, 1900 square feet
- New Construction
- Originally listed in March 2018 for $999,999
- Reduced
- Currently listed at $825,000 (garage parking included)
- Was listed for rent in December 2019 for $3700 a month
- Assessments of $127 a month (includes exterior maintenance and snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×17
- Bedroom #2: 11×10
- Bedroom #3: 11×10
- Living room: 17×14
- Dining room: 13×10
- Kitchen: 13×10
- Laundry room: 15×5
- Rooftop deck: 21×77
For $825K it demands an elevator. Nobody is paying that kind of money to walk up 4 floors in Chicago. I’m curious to see where the sale price lands for a 4 story new construction walk up building, there’s a buyer out there, but what price?
^^To clarify – it’s a nice unit, great finishes, looks like solid masonry construction. But those stairs up….
Standard boring layout with a long hallway of wasted space. 10×11 bedrooms are basically offices too…
The rooftop is nice, but honestly how often will you use it?
The stairs are the problem. Basically excludes most buyers over the age of 50-something ( lets be honest, it’s the midwest, most boomers have arthritis ) , and anyone with kids under 5 years old. (Imagine lugging a stroller and kids stuff up and down those stairs every day)..
So the market is basically a relatively lean couple with no kids or a teenager.
I think for 3700 it’s a really reasonable rental though.
These types of buildings are all over the west loop. I live in one on the 1st floor, but have lived in one on the 3rd with an infant. You get used to the stairs. My neighbors have been in the penthouse unit (4th floor walk up) with their small children for years.
We looked into buying one last year. $850K was probably going to be the selling price. Comps were around there, with a few higher.
Last, if the deck is done right, it’s fantastic. That neighbor with the kids uses theirs almost daily between April and October.
I like the look, though as always with modern units I decry the fact that LR/DR/kitchen is one big room. No way to escape that, I suppose.
I also with it had a back deck off the MBR. I’d be more likely to sit there then go up to the roof where there’s no shade. Guess I could buy some sort of umbrella.
Stairs are an issue, definitely. Imagine hiking up those with lots of groceries.
Other thing that concerns me with a building like this is who the neighbors might be. There’s just a few units and everyone has to work together to keep the building in good shape. What if they’re mostly SOBs? You never know. Could be a source of stress.
And another thing that might keep me away, especially at this price point, is street noise. Buckingham and Halsted is a very noisy area. I lived at Newport and Halsted in the early-90’s and I doubt much has changed.
I wish there was an edit function. I meant to say I “wish” there was a deck off the MBR, not “I with.” Hopefully that was clear.
I just did the virtual walkthrough. This place looks really small, except the MBR, where there’s lots of wasted space I wish was in the LR.
I can see why the price was lowered from $999,000. It’s still too expensive.
Maybe $650,000 would be the right price.
@Dan2 – This is be far enough off Halsted that noise wouldn’t be a problem with a few obvious exceptions (Market Days and Pride). I lived almost directly north of this on Roscoe for a bit about 10 years ago. Market Days was a mess of course, but your average weekend, there wasn’t anything.
That same place on Halsted was where my wife and I lived when our kid was born. Third floor walkup. It was pretty bad. She pretty much wouldn’t get groceries if I wasn’t going to be home to help get them up. It was just too much trying to get a baby and groceries upstairs and it’s not like you’re super comfortable taking your newborn up and then going back down for groceries.
And this is another floor up. No thank you.
We were farther west on Newport than this is on Buckingham and the noise on weekend nights was pretty bad. Drunk people walking up the street from bars on Halsted, mainly. And urinating on the side of our building.
Luckily we were living in an elevator building in 2000 when we had our first kid.
How can we see if it is cut face block on the side?
Or is cut face block not allowed anymore?
For mew construction and these roof decks. Are the roof decks modular? So that it can be taken apart for when you need to replace to the roof?
This place across the street sold for $960K a little over a year ago.
https://www.redfin.com/IL/Chicago/744-W-Buckingham-Pl-60657/unit-4/home/113382657
Better layout and a bit larger.
This place a block south sold a couple months ago for $890K
https://www.redfin.com/IL/Chicago/717-W-Aldine-Ave-60657/unit-4/home/64225751
This place 2 block south sold in August for $975K
https://www.redfin.com/IL/Chicago/736-W-Melrose-St-60657/unit-4E/home/165847848
I don’t think any of these three are in elevator buildings.