Reduction on Vintage Beauty: 630 W. Oakdale in Lakeview
This vintage 2-bedroom at 630 W. Oakdale in Lakeview has been on the market since July 2008 and has been reduced by $39,000.
It seems to have it “all”- including central air, a fireplace, in-unit w/d and not just one, but two, parking spots. Who gets two parking spots in Lakeview?
The kitchen and baths are also remodeled.
Why isn’t this selling?
Here’s the listing:
Exquisite top floor unit of vintage rehab. No detail missed! Beautifully decorated with large room sizes to match. Surround system, sunroom & outdoor deck just to name a few perks. Top of the line stainless applcs, granite, marble throughout.
Two parking spaces included! Sundrenched unit in beautiful building. Hardwood floors, high ceilings. A must see!
Brian Loomis at Coldwell Banker has the listing. See more pictures here.
Unit #3E: 2 bedrooms, 2 baths, sunroom, 1600 square feet
- Sold in June 2000 for $370,000
- Sold in April 2003 for $455,000
- Originally listed for $599,000 in July 2008
- Reduced in August 2008 to $575,000
- Reduced again in late October 2008 to $560,000
- Currently listed at $560,000 (includes 2 car parking)
- Assessments of $150 a month
- Taxes of $5546
- Central air
- Fireplace
Bob… good morning.. this made me think of our convo yesterday. Like I said beware of 1 hit wonders… enough people play and the distribution curve alone will produce this. Nice timing on the article though.
http://www.marketwatch.com/news/story/Star-performer-relies-stars/story.aspx?guid={86972C29-CF1F-4527-87B8-FCF4D3FC86BC}
Hmmm. link not working.. here’s the headline from Marketwatch.
Star performer relies on the stars
Commentary: Crawford uses astrology to compile year’s best record to date
The central air, 2 parking spaces, fireplace and very open/decently finished kitchen are all pluses.
But the place is on the small side. Consider that the sun room takes up a good 110sq. ft. of that space and both bedrooms are pretty small (150 sq. ft.). And with the given dimensions of the other rooms, doesn’t look like there’s much room left for closet space. Plus, no pictures of the deck…I’m thinking it’s small.
I’d guess this would sell for below maybe 475-500K in this market. If they want to sell it, they need to come down.
Tiny . . . and is there an elevator?
Gorgeous… but yes, still $100K too expensive in this market.
There is surely no elevator–it’s only the third floor, and assessments are only $150/month.
Only two bedrooms at this price point makes it a tough sell. These types of units are usually pretty spacious, but not that spacious.
“Why isn’t this selling?”
Jumbo rates. What for places like this to sell at conforming limit prices–$430k (FHA–97%); $463k (10% dp); or $521k (20%–and that’s tough–$104k in cash).
Only 2 bedrooms. With the price pushing the 600k mark, buyers probably expect 3 bedrooms, especially with growing families. Assessments are amazing, considering the building’s age. i think it would sell for $489k. I’d be curious to know the improvements made from April of 2003 ($455k)…perhaps sellers could still potentially come out ahead depending on renovation costs.
Those assessments are unreal for a building of this vintage and must include absolutely no utilities (certainly not heat – though usually buildings like this are heated via gas furnace/radiators so heat is collective, I’m curious of the arrangement here). I lived in an ~1800sq ft condo in a 9-unit building of similar age during the 1990s and even then assessments were well over $300 to keep the reserves healthy and cover the heat expense. Maybe this building would just prefer to be nailed with a $30,000 repair bill due in 30 days than maintain reserves – or maybe the reserves are so plentiful and well endowed, gaining so much interest, that low token assessments are all that’s needed. But I doubt it.
David et al:
I’m a novice at Chicago market. We are looking for a weekend place. So how do you know if a condo has adequate reserves?
Steve, Illinois condominium law allows a buyer to request detailed financial information from the association. You and your attorney have something like 48 hours after receipt of the info to back out of the deal if things aren’t to your liking. But you have to ask (forcefully) – nobody is going to just offer the info up to you.
Thanks tipster, but an attorney? I have owned three houses in Washington DC, one in the Northern Virginia suburbs, and now a condo in Wisconsin and I have never had an attorney involved. Is that standard practice in Chicago?
A property inspection for small building such as this should also include all common elements. A large building should have an inspection report as part of the condominium association. The small assessment of this building indicates that there is probably a small reserve.
Steve.. Like a bad curse hearing DC.. Chicago is so much better… but I can say I did all mine Pro Se myself. Not hard. You have right to request. It must be provided. Just write into contract you have X days after Y received. The closing title company was a bit difficult when I told them I was closing myself and said EVERYONE uses lawyers but they dealt with it. Almost impossible to get a simple list of necessary docs since they are not allowed to provide it (told me something with Illinois lawyers and conflict of interest BS)
Actually get a copy of CHICAGO ASSOCIATION OF REALTORS/MLS
CONDOMINIUM REAL ESTATE SALE CONTRACT
see line 51 and 52
Ze:
Thanks I see. We were given these documents as after we put the offer in on our condo in Madison.
I don’t miss DC or NoVA for that matter. I’m glad to live in a city that has a Beltline and not a Beltway.
Additionally i would also ask the seller for board meeting minutes 1 or 2 years back. put that along with any other documents you want to review in the offer/contract when you first present it. a lot of potential issues that don’t make it into the financials are often discussed. at the very least you get some idea of how well the board functions. also u can hang out in the lobby or out front and ask poeple who live there what they think. can be very revealing, if not colorful. talk to the doormen if any.
Not having an atty for a RE transaction in IL is bad idea. Doing it yourself would be worse yet. having an atty that does not do a lot of deals is also bad. its one area where its worth the money and you want someone experienced. (not an atty here, for the record)
Agree with CountDeMonet, use an attorney experienced in Illinois condo closings. Also a very good idea to get as much information from tenants, doormen, and board minutes. Even the nicest condo is not worth it with if it the board is disfunctional. If the building is new, or a recent conversion, find out all you can about the reputation of the developer.
Thanks all