Price Reduction at 708 W. Barry in Lakeview
Remember these units from March? Unit #4F has the rooftop deck. But Unit #1R has two car parking.
Unit #4F has now reduced $10,000.
Both are still on the market.
Unit #4F: 2 bedrooms, 2 baths
- Sold in September 2005 for $494,000
- Was listed in March 2008 at $499,900 (parking included)
- Currently listed for $489,900
- Assessments of $190 a month
- @Properties has the listing
Unit #1R: 2 bedrooms, 2 baths, 1200 square feet
- Sold in November 2005 for $454,500
- Still listed for $489,900 which includes two parking spaces that are NOT tandem
- Assessments of $149 a month
- Select Properties, Inc. GMAC Re has the listing
The two parking spaces will surely help, but I still don’t think this place will get the ask price. $400K seems to be the top end on most 2-bed condos in Lakeview these days.
These flippers are going to take a hit. I don’t think it will be too big of one, but I see 4F closing for around 460k, 1R 410-430k.
The private rooftop deck will help 4F out a bit. As for the parking, 2 spots are par for the course for luxury 2br/2bas in this area, but a rooftop deck isn’t as common–especially at this size.
I was thinking between the two of you: basically, 15% below 2005 prices. So, 4F would be worth about $440, 1R maybe $390-400K.
These might sell to a knife catcher at the estimates above, but the market value of these type of units will go more than 15% below the 2005 prices by the time the bottom is reached.
I hope you’re right, G, because I wouldn’t mind buying one! 😉 But I honestly could never see myself paying more than $400K for a 2 BR, no matter how nice, unless it was SF or NYC. But that’s just me.
Bob – I think the private roof deck is a HUGE plus and a very rare amenity that adds a ton of value. The second parking space is also very nice and not very common at all, based on my experience.
This doesn’t mean i think it’s necessarily a great deal, but i think outdoor space, especially big, private outdoor space, which this appears to be, really helps sell a unit, expecially if it’s cookie-cutter new cosntruction.
I have a major rooftop deck obsession…I really want to have some oasis with a skyline view and a hot tub. Of course, I have no idea how you’d get a hot tub on the roof of a building like this or how you’d know whether or not the roof could support it. I wonder if my insurance would cover me if my hot tub fell through my roof. In any event, I think it’s a great part of Lakeview and I’d definitely pay in the mid 400s for it (if I was looking right now).
Danny- I like terraces and rooftop decks as well (as anyone who has been reading this site for awhile knows. ha!)
I know I had at least one property, I think it was in Lincoln Park, that had a hot tub on the rooftop deck. You should search the site and see if you can find it.
I’m not sure why places with big rooftop decks don’t command more of a premium than they do. Is it because this is Chicago and no one wants to be outside four months out of the year? Is it because there are maintenance issues or because it’s a nightmare fixing the roof if there’s a leak? (I’ve often wondered if the whole deck is usually removed and rebuilt every time the roof has to be replaced.) Personally, I look at it like having your own private yard with a view. You can do so many things with it…turn it into a green rooftop with grass, do a potted garden, put a small greenhouse up there, have a hot tub, throw big parties. It seems like the ultimate urban real estate indulgence to me, but many of my friends don’t seem to share my sentiment.
Danny: I think part of the problem is people like the concept of having a big rooftop deck, but when push comes to shove, the cost of it is prohibitive to many people.
It costs a lot of money to outfit one of the decks that is the entire roof (not to mention time and effort.)
The decks that I’ve actually seen utilized more are those that are smaller and therefore not as overwhelming to landscape and/or buy outdoor furniture for.
The price of this is not that hard to caclulate given that the unit right below just sold (at a loss from 2005) for 429,000. When these originally went on the market, the developer charged $22,000 more for floor 4 (for the deck and to be on the top floor). Now, post bubble, that value is probably around 17,5000. So, add 429,000 (selling price of unit below) + 17,500 for deck & top floor = 446,500.
Also another Barry (663) on the top floor w/ an elevator is listed at $439,000. Assume you can buy that at $429. 708 has some upgrades and about 50 more usable square feet. So, add $429+17,5000 for the upgrades + 50 more square feet and you get $446,500…again. 🙂
The people in 1R are out of their minds for two reasons: First, this unit is not 1200 sf. It’s 945 SF – do not count the balcony in SF measurements! Second, if the 4th floor is already listed at a lower price, they have to do some serious thinking to do. A 2nd car garage is not necessarily equivalent to the price of the first car in the garage. It depends where you are. In stroller-ville Hermitage street w/ no bus or car access – it’s valuable. Over here, not sure. I think that going from 0 to 1 cars = 30 or 40k. Going from 1 to 2 cars = 15-30k. Many couples I know move in together and end up sharing a car & life is still liveable. Most importantly, these units are easily walkable to the EL so the premium for more and more parking goes down (yes I know it’s east lakeview where you can’t park to save your life – but it’s not a single family home that needs parking either).
The people in 3F left for personal reasons and that was essentially a fire sale, not a comp. If you look at the rest of the street, numerous properties closed for over 470 that didn’t even have roof decks, elevators, or indoor attached parking.
645 W Briar Pl #4 is slightly bigger and top floor – but no elevator (have fun walking up and down 4 flights every day). Closed for $515. No roof deck and parking is not attached.
640 W Barry Ave., #401 has an elevator and is exactly the same square footage. It closed for 470 but does not have a roof deck.
708 W Barry across the street has a top floor unit w/ elevator listed for $530.
There were issues with the a/c, toilet, and a few other things in this property that lowered the value. The seller never lived here & didn’t really repair anything so he closed for $465 & the buyer had to fix all of the problems that the seller neglected. The seller never even took off the stickers on the new windows and doors from 3 years ago!