The “Best Deal in Town”? A 3-Bedroom Pre-War at 2920 N. Commonwealth in Lakeview
This 3-bedroom vintage condo in Commonwealth Towers at 2920 N. Commonwealth in East Lakeview came on the market in February 2019.
Built in 1929, it has just 24 units and rental parking which I’m not sure if it’s attached to the building or not.
The listing says this is the preferred tier in the building which has south, east and west views.
At 3,000 square feet, it has some of its vintage features intact including crown moldings, arched doorways and a barrel vaulted gallery.
It also has the large room sizes of vintage units along with a formal dining room.
The unit also has a family room and a den, which the listing says could be used as a fourth bedroom.
The master bedroom has a renovated bath with a double vanity.
The kitchen has white cabinets and stone counter tops.
The unit has the features buyers look for including central air (but it also lists space pak), a “complete laundry station” and parking is available to rent for $235 a month.
Originally listed at $775,000 in February 2019 it has been reduced to $635,000.
That’s $395,000 below the 2004 sales price of $1,030,000.
Is this truly one of the best deals in the city?
Brad Lippitz at Compass has the listing. See the pictures here.
Unit #5A: 3 bedrooms, 3 baths, 3000 square feet
- Sold in July 1989 for $312,000
- Sold in February 1992 for $340,000
- Sold in April 1994 for $351,000
- Sold in May 1996 for $450,000
- Sold in August 1998 for $543,000
- Sold in December 2004 for $1,030,000
- Originally listed in February 2019 for $775,000
- Reduced
- Currently listed at $635,000
- Assessments of $1595 a month (includes heat, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $15,602
- Central Air (space pak?)
- Washer/dryer in the unit
- Parking is $235 a month (not sure it’s attached or not)
- Fireplace
- Bedroom #1: 18×13
- Bedroom #2: 19×12
- Bedroom #3: 11×10
- Den: 19×11
- Gallery: 9×18
- Living room: 28×16
- Dining room: 20×15
- Kitchen: 22×13
- Family room: 16×20
“The master bedroom has a renovated bath with a double vanity.”
looks like it was renovated 10-15 years ago.
$543,000 in 1998 is equivalent in purchasing power to about $857,293.73 in 2019
thats a big yikes from me, dog
With respect to the parking, as of 10 years ago, there was a rental garage in the building but it could only hold about 12 cars. If you lived there, you had to put your name on a waiting list. Unless something changed, I think new purchasers go to the end of the waiting list, so its a good chance the parking is not attached. Could be wrong, but I think it’s a reasonable guess.
If the “best deal in town” means paying more than $3,000 a month for taxes, assessment and parking before I pay even a dime of the mortgage check for a place on the fifth floor with no views, I think I’ll take a pass.
It goes without saying that whoever bought this for over $1 million in 2004 must have been totally divorced from reality. Did they think they could sell for $2 million in a decade? Kind of sad.
This is a steal. Gorgeous unit. Little if any work to be done and affordable for enough space to be very comfortable or raise a small family in the city.
Curious why the distinction between space pak and central air? Functionally they are the same and equally effective if installed right. Nothing negative about a space pak or unico system.
“Curious why the distinction between space pak and central air? ”
I love that this was posted by someone with the pseudonym “AC”.
Goodness – – what on earth was the 2004 buyer thinking?
Approaching good deal territory but with that HOA and those finishes, definitely not the best deal in town. One doesn’t really need parking in this location if they are going to ride share all day anyhow but the lack of parking is a “ding.” $575K is deal territory for this. Still cannot wrap my mind around the 2004 price!!!
Are people nuts? this is absolutely a great deal for the unit, the square footage and location. Yes, it’s a low floor without a view but this place has a ton of potential. I’d say with around 100k of upgrades it could be truly stunning.
I would buy it for 635 without a doubt if I wanted to live in this area.
I don’t know which is worse. The 1989 buyer who would have barely doubled his money if he held on and this sells at ask (30 years!) or the 2004 buyer who loses a cool half million.
“Are people nuts? this is absolutely a great deal for the unit, the square footage and location.”
Totally agree. My current house, which is less than half the size of this place and not nearly as nice, cost $100k more (granted, no assessments, and taxes are a third, with great public K-12, but still). Hell, our 2/2.5 condo in ELP sold for about a $100k less than this unit, but it too was half the size of this place and not as nice (though it had a garage space). Assuming there’s a viable parking solution, this is a killer place for a family of four, for the price.
“I love that this was posted by someone with the pseudonym “AC”.”
Between that and the Melania comment, I think MtC is giving Madelline a run for her money as best humor on CC.
I know a former owner of unit 5B. It’s a nice building.
“Curious why the distinction between space pak and central air? Functionally they are the same and equally effective if installed right. Nothing negative about a space pak or unico system.”
Is there space pak in the bathrooms?
I’m genuinely perplexed at the asking price..
what’s wrong with this place? I would imagine a ask in the 700-something range like last February would make a lot more sense.
“Is there space pak in the bathrooms?”
Fair enough, but I have Unico ports in my bathroom and everywhere else. If the system is installed well, it should work exactly like central air/heat, just with high pressure in smaller ducts v low pressure in big ducts. The rest of the equipment is the same either way.
AC is right. I have Unico ports in my bathrooms and everywhere else. It works exactly like central air, just with high pressure in smaller ducts. The ducts go best in ceilings and floors, not on walls. In some area,the high pressure air needs to be “splashed” against something, like a kitchen cabinet to spread it out. The system is well worth it to avoid the big ducts.
https://www.redfin.com/IL/Chicago/2753-N-Hampden-Ct-60614/unit-c/home/144232681
Can someone explain to me how this place is worth 2.8 million dollars and who is the fool that is going to pay that?
“Fair enough, but I have Unico ports in my bathroom and everywhere else. If the system is installed well, it should work exactly like central air/heat, just with high pressure in smaller ducts v low pressure in big ducts. The rest of the equipment is the same either way.”
Thanks for the info AC. I had no idea it stretched into the bathrooms.
Must be why it’s so expensive to put in.
“about $857,293.73”
Funny!