Rarely Available Vintage 4-Bedroom With a Terrace: 545 W. Stratford Place in Lakeview
This 4-bedroom full floor condo at 545 W. Stratford Place in East Lakeview came on the market in October 2020.
Built in 1913, 545 W. Stratford has 4 units with a shared yard and common storage.
It’s a rare vintage boutique elevator building where the elevator opens directly into the foyer.
This unit has 4 exposures.
The living room has a marble gas fireplace and there’s a sunroom off the front of the unit that overlooks the street.
It has a formal dining room which appears to be one of the few rooms with hardwood floors.
Most of the other main living spaces have carpet.
The listing says the unit has a “newer” eat-in Chef’s kitchen with white cabinets, a farmhouse sink and porcelain floors along with stainless steel appliances and what look like stone counter tops.
It has 4 large bedrooms with two connected by a Jack and Jill bathroom.
The primary suite has a study and a private sunroom.
The listing says the fourth bedroom is used as a family room and it opens onto the 10×38 private, landscaped terrace.
The unit has the features that buyers look for including space pak cooling and washer/dryer in the unit in a large laundry room with built-ins.
The only thing it’s missing is parking but the listing says rental parking is available nearby.
This building is located in a prime East Lakeview location near shops, restaurants and the lake front.
From the CCRD and Redfin, it appears the last sale for this property was in 1986.
Originally listed in October 2020 at $1.075 million, it remains listed at $1.075 million.
What’s holding back a sale on this property?
Brad Lippitz at Compass has the listing. See the pictures here (sorry- no floor plan)
Unit #2: 4 bedrooms, 3.5 baths, 3650 square feet
- Sold in June 1986 for $257,500 (per Redfin as the CCRD doesn’t list a price)
- Originally listed in October 2020 for $1.075 million
- Currently still listed at $1.075 million
- Assessments of $1,025 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $14,341
- Space Pak cooling
- Washer/dryer in the unit
- Marble gas fireplace
- No parking- rental in the neighborhood
- Full floor
- Bedroom #1: 16×12
- Bedroom #2: 15×17
- Bedroom #3: 16×13
- Bedroom #4: 15×11
- Study: 7×12
- Sitting room: 13×10
- Foyer: 10×11
- Sunroom: 14×9
- Living room: 19×20
- Dining room: 16×20
- Kitchen: 12×16
- Laundry room: 17×10
- Landscaped terrace: 38×10
$1m+ with $1k in assessments with no parking in a unit that needs renovations. Sounds like a great deal…..right, this is a hard Pass. $600K will do it.
How delusional do you have to be to not reduce after 6 months on the market?
“with $1k in assessments”
But isn’t that the trade off with HOA ass-fee’s? Either it’s a low monthly fee and getting constantly hit with Special fee, or have a large monthly fee and a real good reserve?
Also this is a full floor unit, so fee will be higher.
“a unit that needs renovations”
I guess my standards are not as high, I don’t think it needs any reno, maybe one bathroom and the flooring (replace carpet areas only). Everything else looks perfect to me.
Electrical could be updated, maybe? I just looking at the outlet count in each room, looks to me low even to 15 years ago code, so a *guess assumption* is it hasn’t been updated in a while.
I think this is an amazing unit, so much space, bedrooms are huge for Chicago standards.
I think people on Cribchatter have unrealistic expectations on assessments, this is a huge unit so their biggest expense is fuel for heating and probably second biggest is the elevator service contract (probably in the range of 600/month or so). And in a small building with fewer units they don’t get split between lots of people.
It looks like it’s in pretty good shape, everything to change would be paint and taste specific things (and since it has C/AC I would assume the electric is newer).
“to not reduce after 6 months on the market”
This looks like a selling to downsize, and/or change the share of time in Chicago. There’s no mortgage on the place–why would they force the move?
“There’s no mortgage on the place–why would they force the move?”
No mortgage, but $2,200+/mo in carrying costs, plus utilities and in-unit maintenance. Also, a surprise special assessment would be of great concern in such an old building with few units.
In a building this size it’s unlikely there would be a “surprise” special assessment (probably the elevator would be the surprise element, since they often fail spectacularly, cost wise), since everybody is probably on the board or one would hope, informed. I would also hope that that level of assessment included a reserve for that and that they keep up with essential maint.
“In a building this size it’s unlikely there would be a “surprise” special assessment”
In a building over 100 years old, things frequently and unexpectedly break down. I am sure all owners are on the Board, but that doesn’t mean the Board (most likely self-managed) is effectively forecasting future needs.
“I think people on Cribchatter have unrealistic expectations on assessments, this is a huge unit so their biggest expense is fuel for heating and probably second biggest is the elevator service contract (probably in the range of 600/month or so). And in a small building with fewer units they don’t get split between lots of people.”
Heat is at most $400/month for 3 months, unless your a Sabrina
Why would you have monthly elevator service? Get your yearly and call out when needed
I dont think this needs to be updated in and of itself, however for >$1MM, it should be
This unit has been updated. Are people confusing the people’s furnishings for updates? Yes, some furniture is indicative of a very long term occupancy. One of the couches screams 1980s to me, but a lot of high quality updates have already been made. I too love the unit but that new window on the facade has got to be replaced. That is a travesty and had this building been land-marked they never would have been able to install that garbage. It looks godawful to me.
“How delusional do you have to be to not reduce after 6 months on the market?”
I follow a unit that has been featured on here that keeps relisting with no discount at all whose monthly combined expenses are close to 5k. The mortgage principal is only one component of that but every month they refuse to budge on price is every month they cover the monthly nut. I think units like this are just one investment in a portfolio for the owner and they can ride the market out until they find the perfect buyer in their mind.
“I think units like this are just one investment in a portfolio for the owner and they can ride the market out until they find the perfect buyer in their mind.”
Plus, if they are going to retain a local residence of any sort, the monthly cost is basically a wash.
If someone comes along and offer $999k, do they take it? Maybe. But how many 3000+ sf single-floor condos in elevator buildings with meaningful private outdoor space are there? For ~$300 psf. If that’s remotely what I’m looking for, it seems a good deal at the ask.
also: per the garden unit listing, roof, tuckpointing and outdoor space all recently done:
https://www.redfin.com/IL/Chicago/545-W-Stratford-Pl-60657/unit-1/home/13375361
“Why would you have monthly elevator service? Get your yearly and call out when needed”
You pay monthly for the contract. It’s around 600/mo for vintage elevators. They come when you call, but it’s billed monthly.
“In a building over 100 years old, things frequently and unexpectedly break down.”
Other than the elevator there isn’t much to go wrong in a small building like this. Maybe boiler issues, but if maintained they are rarely an issue. No pumps for water, so one less thing.
I live in a building this vintage and have just been looking at our monthly expenses….
“Heat is at most $400/month for 3 months, unless your a Sabrina”
It’s not electric heat which would be much higher.
I just had a friend who has a 1600 square foot apartment and had three consecutive bills of around $575 because ComEd has been charging more for electricity this year versus normally around $300 a month during the height of the winter.
Yikes.
I wonder what the bills are going to be like when the A/C is turned on non-stop in the summer?
All these little things add up to big amounts and most people don’t even bat an eye because they just pay the separate bills on their single family house and don’t add up the costs of buying the lawn mower, the snow blower and whatnot which is the same as the assessments.
The Chatterati definitely have no idea what are realistic assessments in most buildings (unless they have lived in one themselves).
“No mortgage, but $2,200+/mo in carrying costs, plus utilities and in-unit maintenance.”
No offense KK, but you clearly haven’t ever owned any property yourself.
What do you think the maintenance is like if they owned a 100 year old single family home? How much are they paying to maintain that?
Come on.
People on this blog act like if you live in a single family home all you have is a mortgage and that there is NO maintenance or anything that EVER has to be done.
LOL.
Ever replace a garage? A roof? A deck? Windows? Siding? Tuckpoint? Get new landscaping?
And on and on.
“I wonder what the bills are going to be like when the A/C is turned on non-stop in the summer?”
Exelon wants another bailout for two more nuke plants. If JBP & the legislature don’t bail them out they are threatening to permanently offline two of Illinois’ nuclear plants (33%) and four of Illinois’ nuclear reactors (38%) over a three month period later this year.
These plants produce zero emissions, many jobs and ran at near full capacity during the last cold spell a few weeks ago. Meaning their rapid closure will make our grid much more unreliable next winter. So Exelon will get their bailout and utility bills will go higher.
https://www.chicagotribune.com/politics/ct-prem-comed-illinois-legislature-20210416-ijo3x6tjw5f7zfqsmn64ad5q2i-story.html
“What do you think the maintenance is like if they owned a 100 year old single family home? How much are they paying to maintain that?“
Home built in 1928, pretty minimal
But the again, I shovel snow & do landscaping
“ and don’t add up the costs of buying the lawn mower, the snow blower and whatnot which is the same as the assessments.”
A lawnmower nets out to about $20/a year if you take care of it, weed walker $15/year, yeah that’s really a major impact
Shovels are cheap
“The Chatterati definitely have no idea what are realistic assessments in most buildings ”
Some of the Chatterati won’t walk 0.25mi
“ No mortgage, but $2,200+/mo in carrying costs, plus utilities and in-unit maintenance.”
No offense KK, but you clearly haven’t ever owned any property yourself.”
That’s a strange, inaccurate, and condescending statement Sabrina. I made multiple points above about the extensive and unexpected costs that come with maintaining both the interior and common areas of a 100 year old condo building.
You then go on to compare owning this condo to owning a 100 year old SFH home. You really think the retiree couple that’s been living here for the past 35 years is seeking to upscale to a 100 year old home?
Absurd comment.
“What do you think the maintenance is like if they owned a 100 year old single family home? How much are they paying to maintain that?”
We owned one in Denver. The furnace and AC weren’t a century-year old, nor was the roof. Most old places have had updates (good and bad) over time.
Speaking of that house, relative to what constitutes “hot” market: We paid about $675k in 14, put about $35k into it ($20k of which was for a garage), and sold in 16 for about $750k. Wish we could have just rented it out and waited a while. The guy who bought it from us (30-year old, all cash) put in maybe $50k tops, and it just sold for $1.2.
“I just had a friend who has a 1600 square foot apartment and had three consecutive bills of around $575 because ComEd has been charging more for electricity this year versus normally around $300 a month during the height of the winter.”
This bill must split between 4 or more units or has electric heat? The average ComEd bill is $82 per month in the city. Unless your friend signed up with a 3rd party door knocker and was duped by the 6 or 12 month teaser rate promising lower bills I find $300 a month highly suspicious.
Heat and electric bill combined to $180 for February for me. Electric delivery rates are pretty low.
“So Exelon will get their bailout and utility bills will go higher.”
Rauner already provided a $235MM bailout per year a few years back which rate payers already pay. It says so in the article you cite.
JB just received 3rd party analysis to determine if these plants are truly losing money. The analysis came back that these plants should only receive $350MM total over 5 years or $70MM a year i.e. $165MM lower than what they currently get. So no this will not be the reason your electric bill goes higher.
It will go higher due to other factors i.e. delivery and transmission rate hikes filed by ComEd, changes to utility rate formulas, energy efficiency hikes, or other legislation that is currently being deabted – CEJA/CUJA.
“To anyone who’s making a proposal on this that says these numbers are too low, we’re going to want to see their math,” said Deputy Gov. Christian Mitchell, the governor’s point person on utility legislation.
“The governor is deeply committed to keeping these plants open. They’re 54% of our power in the state of Illinois. They are a massive percentage – like the lion’s share – of our clean power,” Mitchell said. “But we want to do it at the lowest possible cost to ratepayers.”
https://www.wbez.org/stories/study-urges-350-million-nuclear-bailout-for-exelon/6d432cb6-f7ce-4cf8-be54-cc543e1a6272
“Ever replace a garage?”
Yeah those structures last a long time, not a real need to replace often if at all.
“A roof?”
Like everyone else apparently, just wait until a hail storm comes and pay your insurance deductible of $1k. or ever 10-15 years pay $6,000
“A deck?”
A Chicago sized deck, unless you are going trex. what 2k to replace? (non 2021 wood price year) and stain every other year. pay a teen $150 to do it in one day.
“Windows?”
a once every 20 year thing on a SFH
“Siding?”
tack on with the hail storm, or don’t get a color that fades.
“Tuckpoint?”
legit expense, but once every 10 years and a Chicago sized house aint that expensive
“Get new landscaping?”
A Chicago sized lot you can do yourself in one weekend and can go as cheap as $300 or as my wife likes to do $3k each year.
I love this place, but I’m biased because I’m such a big fan of this era of huge low-rise condo you find all over Lakeview but seldom elsewhere in town.
Lack of parking is the obvious downside here, and the price will probably have to go down. Not many people want to pay $1 million and have no parking, even if it’s relatively easy to rent nearby. I wonder if the new development on Stratford and Broadway will have spaces to buy.
HOA looks pretty decent, considering the square footage. The other downside of a building like this is having just two other owners who may be jerks and who you have to get along with to make sure the upkeep is done.