Renovated Vintage 3-Bedroom for $498,220 in Hyde Park: 5718 S. Dorchester
This 3-bedroom in 5718 S. Dorchester in Hyde Park came on the market in June 2022.
Built in 1898, 5718 S. Dorchester has 6 units and a communal backyard with a garden.
It does not have parking.
The listing says this unit has been “completely renovated.”
It has vintage features like wainscoting, crown molding, and a wood burning fireplace.
There are hardwood floors throughout.
The unit has a separate dining room and a sunroom that overlooks the communal backyard.
The kitchen has “brand new” white kitchen cabinets, quartz counter tops and new stainless steel appliances.
The bathrooms also have current on trend finishes like gold and black light fixtures, mirrors and faucets.
The listing says there are new, high-quality windows.
It has washer/dryer in the unit but there’s no central air. It does have window units, however. It also doesn’t have parking.
The building is in the heart of Hyde Park, near the shops and restaurants on 57th, the University of Chicago and the Lab School.
Originally listed in June 2022 at $537,330, it was reduced to $498,220.
Buyers love “new.”
Does this vintage unit check all the boxes?
Yanfei Hu at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan.)
Unit #2: 3 bedrooms, 2 baths, 1800 square feet
- Sold in August 1990 for $130,000
- Sold in September 1999 for $150,000
- Originally listed in June 2022 for $537,330
- Reduced
- Currently listed at $498,220
- Assessments of $450 a month (includes heat, gas, exterior maintenance)
- Taxes of $6253
- No central air but window units
- Washer/dryer in the unit
- No parking
- Wood burning fireplace
- Bedroom #1: 11×11
- Bedroom #2: 11×11
- Bedroom #3: 11×7
- Living room: 16×11
- Dining room: 17×12
- Family room: 12×11
- Kitchen: 12×12
- Foyer: 13×6
- Laundry room: 6×5
“Does this vintage unit check all the boxes?”
I think you answered your own question. No parking and no A/c. Definitely what you want to drop a half million dollars on!
Not to mention that you are on the sandwich floor of the building and have power lines running through a shared backyard. Apparently there is no alley here because the whole street has their garbage out front. There is probably no floor plan because the third bedroom is 7′ wide and probably not really a bedroom.
It only took 11 days for the seller to realize that the market (and this condo) isn’t what they thought – price dropped by almost $40K.
“Apparently there is no alley here”
Alley was vacated in 1963.
This is the highest prior sale of any of the 6 units:
https://www.redfin.com/IL/Chicago/5716-S-Dorchester-Ave-60637/unit-3/home/13945497
$339k in 2013.
This unit is *clearly* nicer than #3 in the 2013 pix, but unless the other 4 units have been upgraded at least that much (seems unlikely), you’re buying the ‘nicest house on the block’, which is an evergreen nono.
Also: could maybe see it if they had put in central air, or minisplits–anything to not have the ugly window units.
“This unit is *clearly* nicer than #3 in the 2013 pix, but unless the other 4 units have been upgraded at least that much (seems unlikely), you’re buying the ‘nicest house on the block’, which is an evergreen nono.”
Have to look at comps in Hyde Park if there are none in the building. What are other 3-bedroom units selling for?
I don’t think most people realize how much Hyde Park has been booming in the last decade and how much home prices have risen there. It’s a VERY popular neighborhood with new shops, restaurants, hotels all going in.
“Have to look at comps in Hyde Park if there are none in the building.”
Don’t want to pay ‘market’ based on nice buildings to be in a dumpy** building. Don’t want to buy the best house on a crappy block (eg, Western Ave) for $XX, because that’s what houses sell for on the nice block a couple streets over (eg Hoyne or whatever)
If there are no ELSD comps, do you look at 910 or 1000 LSD? Nope.
**not necessarily saying this building is “dumpy”.
“Don’t want to pay ‘market’ based on nice buildings to be in a dumpy** building.”
Huh?
Location trumps everything. This is in a prime Hyde Park location. You look at nearby comps if there is nothing in the building, especially a vintage 6 unit like this. There are many other vintage 6 unit buildings in Hyde Park to compare. It’s not the John Hancock.
All the other available 3 bedrooms are on first floors or have old finishes so not comparable. But one at $379,000 does have parking at least, which gives it an edge.
I’m not arguing this price is correct. I have no idea. I’m not a realtor in that neighborhood and don’t have access to the comps. The market is slowing with higher rates so you have to price competitively this summer. We will see what Mr. Market says over the next few weeks.
Also, Cribchatter is wrong on pricing about 90% of the time (and I’m being generous giving the Chatterati even a 10% “win” rate.)
btw, wouldn’t that kitchen look noticeable sleeker with a slide-in range? I realize that they are often not available in the mid-tier appliance packages, but it’s like $700 more (LG to LG), and would sleakify the appearance.
“Huh?”
So, you’ve never heard “don’t buy the best house on the block”?
I don’t *know* that is the case with this building, but I also have no evidence that it is *not* the case.
And that’s the only point–if the 2d nicest unit is the one I linked, and the other 4 are somewhat less nice than that, this unit was probably over-improved for the building.
“I’m not arguing this price is correct. I have no idea.”
Truer words were never typed. How you’ve gone from all knowing to this in a day confounds the experts
Doubt this is 1800sf and its a 2+Den
Might be worth $500k if the AC units had sophisticated chips
Why the need for 2 dining rooms?
The back sunroom doesnt have a radiator (Compared to the one that TFO posted)
They took the buffet out and replaced it with the wall of glass cabinets? Why would any sane person do this?
IMO – The layout in unit 3 is better and paining the cabinets would help a ton
Think this one has some more hair cutting to do
Hard to look past the words “498,000,” “Hyde Park,” and “no parking” and actually bother to open the listing.
There’s insane demand for Hyde Park single family homes. Most don’t hit the market at all. I’m in a Hyde park group and hear the desperation daily.
*desperation to find something available to buy