The $105,000 Lakeview 1-Bedroom Condo: 420 W. Belmont
This 1-bedroom condo at 420 W. Belmont in Lakeview has been on the market for 2 months and has been reduced by about $15,000
It is bank owned.
At 850 square feet, it does not have central air (only wall units) and no in-unit washer/dryer.
It does come with deeded parking.
From the pictures, the kitchen and bathroom look to be intact.
The building is a full amenity building with a doorman and an indoor swimming pool.
Unit #5D is under contract and is listed at $99,000.
At this reduced price, could this make a good in-town?
Anthony Disano at Parkvue Realty has the listing. See the pictures here.
Unit #21D: 1 bedroom, 1 bath, 850 square feet
- Sold in October 2006 for $180,000
- Lis pendens filed in October 2008
- Bank owned in December 2009
- Originally listed in July 2020 for $119,800
- Reduced
- Currently listed for $104,900 (includes parking)
- Assessments of $560 a month (includes heat, gas, doorman, cable, pool)
- Taxes of $2307
- No central air- wall units
- No in-unit washer/dryer
- Bedroom: 14×12
“At this reduced price, could this make a good in-town?”
No – not at all. Most people who have the money and lifestyle to afford an “in-town” would NOT select this unit or this building as a pied-a-terre. In addition, costs would be close to 1200/month – you could stay at a hotel for 200-250/night (3 weekend equivalent).
I think it’s a great location, and I’ve been looking at apts under 75K as an in-town, but there are a few things which disqualify this particular unit for me:
– I would like to keep my assessments under $300/mo including heat
– It looks like the kitchen and bath would have to be redone (based on that blue bathtub) which would add to the cost
– I find those small windows and in-wall AC units depressing. I’ve seen some condos on Sheridan Road with floor to ceiling windows which are much nicer and with lower monthly assessments.
You know how you know the market is *really f’d*? People are bi#%hing about the screamingest deal since the market tanked. This includes parking. This is the definition of rental parity. Look out below!
Milkster,
just out of curiosity, if you can (or want) only to spend 75k for an in-town, why wouldn’t you rent – it would be cheaper and you could move if/when your tastes change. Alternatively, you could stay in a hotel.
Not a good in town, very good for first time buyer though as long as building and assoc are in good health.
this unit just depresses me.
Hi Clio!
Btw, I would love to take a ride with you the next time I am in town.
I want to buy because I love Chicago. I love it! I’ve loved it since the first time I visited in 1993. You full-time Chicago residents are so lucky. Since then I’ve been visiting often, but staying in hotels gets old, plus there have been several times I’ve wanted to visit but hotels have either been sold out or super-pricey so I just didn’t come at all. For example, the last time I was in town was at the beginning of April. Since then, prices for 3 nights in a decent 3 star hotel downtown or out by O’Hare have been around $1,000 for 3 nights. I would spend a lot more time in Chicago if I had my own place there. For example I missed out on going to Lollapalooza this summer because I could not bring myself to spend that much on a hotel. And I’m planning to take vacation next week, but hotel prices have not budged, so again I’m unfortunately not coming.
I’m confident about making that large a commitment right now. I want to take more than a transient interest in the city I love. I think property owners put a great deal of time and care into their properties and neighborhoods. I want to be a part of that.
I’ve been following prices over the last 10 years and things have come down so much now I think it’s a GREAT time to buy. Originally I was looking at small places under 100K, but I’ve revised my ceiling down to 75K and under. At this end of the price scale, it’s like a 50% off sale. I agree that you have to enjoy life and do the things you love. At the same time, I would like to get a good deal. I am one of those people who sees real estate as a long-term investment. I know prices will go up eventually, and in the meantime I can have a place of my own with the freedom to come and go and enjoy it as I please. I don’t intend to flip anything. I’m looking to hold for a minimum of 20 years.
I meant to add, I think it’s completely possible in this market to have lower monthly carrying costs owning than renting even with assessments, taxes, insurance and repairs.
Milkster,
That makes a lot of sense. You have a LOT of choices out there. I wish you good luck. Keep us updated!!
No view to speak of. What’s the point of getting an in-town without a view? The spectacular urban landscape is one of the great things about Chicago. You also want a walk around neighborhood near everything. Plus we wanted a place that was move-in ready. We even bought the furniture from the sellers.
These are the things that sold us on our place in River North.
Thanks, Clio!
I would love to meet you all in person sometime soon. I will make a special trip to Chicago anytime to attend a Cribchatter meet-up if you have one. You and Sabrina have all been so helpful to me in my search. I’ve learned a lot. This website has been invaluable and I am very grateful to the Cribchatterers.
Milkster-
Check out airbnb.com. If you trust social media, you could rent out your place on a night-by-night basis while you are not there (depending on the association rules). I’ve found that the people with good reviews are good people to have around.
Assessments of $560/mo. for a $105k 1 bdrm? That’s just nuts!
“Assessments of $560/mo. for a $105k 1 bdrm?”
It’s an older high-rise w/ a pool. The only places I see w/ assesmments under 300 are low rise/walkups w/ very little common space.
EJ – older building, pool, doorman….the assessments do include pretty much everything.
Question – isn’t Chicago planning on enforcing strict and expensive regulations on vacation rentals ala airbnb.com & vrbo.com? Does anyone know about this? I remember reading a something a while back…
The city did pass a new ordinance regulating the largely unregulated vacation rental market. The following stories detail the new restrictions and explore the impact it will have on the nightly rental market in chicago.
http://articles.chicagotribune.com/2010-06-28/business/ct-biz-0629-vacation-rental–20100628_1_vacation-rentals-chicago-city-council-city-hall
http://www.usatoday.com/travel/destinations/2010-08-05-vacation-rentals-ban_N.htm
I also heard about this – and, while I could see why they would want to regulate this, I think it would be very tough to enforce. I haven’t heard anything in the recent past
“It’s an older high-rise w/ a pool. The only places I see w/ assesmments under 300 are low rise/walkups w/ very little common space.”
“EJ – older building, pool, doorman….the assessments do include pretty much everything.”
Yeah… but… I still don’t see the sense of more than 1/3 (in this case close to 1/2) of your monthly payment going for assessment. You might as well rent. You have very little equity, and a lot of risk of increased assessments, specials, etc. Why lock yourself into that risk with so little to show for it when you get out?
EJ – Whatever condo you purchase is going to have assesments. I view this as a “pay off the mortgage quick and only have the assesments (and taxes) as carrying costs” type of deal – great for renting out or first time buying.
Though I completely understand your point in regards to the proportion of assesments to rent. But would you rather have a 300k+ loan AND assesments of 500/mo???
I read that too, but got the impression it was a proposed ordinance because the hospitality lobbyists were making a stink about guest houses being unsafe or some such thing. But, it is a good point. If someone wants to rent out their basement bedroom once and a while, no one is going to be the wiser. But, if it is an entire condo unit, it might attract more attention.
I just noticed that unit #16G, a studio, is for sale in the same building for just 69K.
Assessment: $333
Taxes: $1,459.73
MLS #07548570
PIN 14213140531059
I don’t really like the building, but in case someone out there really wants to be in that location, maybe you can bargain them down some more.
The listing notes say there is a special assessment, so I’m guessing the $560 monthly assessment for the 1 BR in this profile, #21D, includes the special. Once the special is paid off I assume the monthly rate will be more affordable.
That studio unit in the same building, unit #16G was just reduced today from 69K to 58.5K. That is pretty cheap. I would personally rather hold out for a more aesthetically pleasing apartment, but that’s a huge reduction and a fair price for a high-rise building in Lakeview with 24 hour security. There’s nothing too wrong with the unit. It’s just old and a little fugly.
I’d be interested to know what the story is exactly on the special assessment and whether the $333 monthly assessment includes the special or not. If not, I would pass on it because it does not include heat.
We looked at #16G a couple of weeks ago. It needs a full gut. Kitchen and bathroom are original. Plumbing fixtures are all shot and leaking; carpeting is in bad shape. Fridge has been closed and off and reeks of mildew. Closet doors are thick with old (lead?) paint. For a studio it’s got a decent layout, but with a gut needed, how long before you make your money back?
The building itself is in decent shape; it just looks dated.
We didn’t find out about the special assessment, but you can expect to pay six months of back assessments that the bank hasn’t paid.
Hi Joe T. –
Thanks for the feedback on the studio (Unit 16G)! I just noticed that it closed on 11/15/2010 for 55K.