The Former Ballroom In The Commodore Sells For 39% Under The 2001 Price : 550 W. Surf In Lakeview
We last chattered about this 2-bedroom penthouse in The Commodore at 550 W. Surf in Lakeview in May 2012.
See our prior chatter here.
While many of you thought the decorating was a little dated, for the space and that it had 2 deeded parking spaces in that location, you all thought the list price of $624,900 seemed pretty reasonable.
The unit sold in September 2012 for $570,000.
If you recall, this building, and the unit, have quite a history.
The living/dining room was the old ballroom. Here’s a tidbit from the Upper Bracket column in the Chicago Tribune from 2003.
On the sixth and top floor of the Commodore building, 550 W. Surf St., which was built in 1898, the two-bedroom unit was partly created from a ballroom, which, according to legend, was used by Al Capone as a speakeasy during the 1920s, said co-listing agents Monique Crossan and Heather Bilandic of Sudler.
The ballroom has been converted into a living room and dining room combo, with 13-foot ceilings, three exposures, a recessed movie screen and a fireplace.
According to the Upper Bracket, the unit had been renovated by the 2001 buyer.
The kitchen had stainless steel appliances and granite counter tops with a skylight.
There were two bedroom suites and a large storage unit in the basement measuring 26×9.
The unit had the features that buyers looked for including in-unit washer/dryer, central air and 2 car deeded covered parking.
Did someone get a deal for the square footage?
Sheila Dietz at @Properties had the listing. You can still see the pictures here.
Unit #609: 2 bedrooms, 2 baths, 3000 square feet, 2 deeded covered parking spots
- Sold in June 1993 for $223,000
- Sold in July 1997 for $340,000
- Sold in March 1999 for $425,000
- Sold in June 2001 for $975,000
- Sold in October 2006 for $999,000
- Originally listed in July 2011 for $975,000
- Reduced numerous times
- Was listed in May 2012 at $624,900
- Sold in September 2012 for $570,000
- Assessments of $1151 a month (includes cable)
- Taxes of $10,009
- Central Air
- Washer/Dryer in the unit
- Gas fireplace
- Storage: 26×9 (in basement)
- Bedroom #1: 18×14
- Bedroom #2: 17×12
- Living room: 43×23
“Did someone get a deal for the square footage?”
Someone got an awesome deal. That place is the bee’s knees.
Nice place, smokin deal on a cool vintage unit
Is Sabrina mocking you?
Interesting to see this sell at $100,000 less than the listing price of the other featured unit on CC today – that concrete prison at 1601 S. State. In terms of location, curb appeal, interior and anything else you can think of, the Commodore unit is miles ahead of the State unit. I mean, is there seriously anyone who would take the State unit over this one and pay $100,000 more? Why?
Congrats to the buyer! I don’t have an opinon on the price, but the place looks fantastic.
“large storage unit in the basement measuring 26×9.”
My living room isn’t that big.
The location has alot of life. I think the Diversey, Clark, Broadway intersection may have the highest pedestrian counts in Chicago outside of downtown or RN.
Great place, great price (though I would always need an outdoor space.) The decorating however, is a bit, uh, “old lady,” in the living dining room. Would love to see this thing set up in 1920’s art deco (i.e. Capone’s speak easy) with some leather couches, lighting, dark paint. I love how it is so easy to decorate others homes (and spend their money) while I still have pictures I havent hung yet!
Why do they have curtains block the views of the windows..its doesnt seem to have any close neighbors looking in?
I visited this place a couple of times – lots of great features, but it was nowhere near 3000 sq. feet. Maybe closer to 2200? Thought the layout was very difficult to work with – very long entry hallway that is essentially wasted space, not particularly great storage in the unit, and a long narrow kitchen. Some of the renovations made by the previous owner were great (every room wired for sound), while others were terrible (black tile on the floors and walls of the bathrooms with televisions over the toilets). The assessments seemed pretty high for what you got – no doorman in your building, packages delivered to building across the street. Still, seems like a steal at 570K.
I am turning 50 shades of green. I haven’t been this envious since Ray Croc’s former penthouse at 1242 N Lake Shore Dr was on the market.
IMHO somebody got a royal deal on this exceptional, huge, beautiful apartment. What is not to love? The unit is really unusual and beautifully appointed in addition to having a wealth of lovely millwork, gobs of space, and is a true penthouse. Additionally, it’s in one of the finest neighborhoods in the city, and the HOA and taxes are reasonable for the kind of place it is.
Congratulations to the buyer! Please write and tell us how you scored this beautiful place for almost $400K under the ask price and about $300K less than it was worth.
Correct me…. I mean almost $400K under the 2011 list price, and more that $400K under the 2001 sales price.
I mean, that just floors me. Either this is the bargain of the century or the loan underwriting was worse than we ever thought in 2001, for such a huge difference to the downside in selling price.
“Some of the renovations made by the previous owner were great (every room wired for sound), while others were terrible (black tile on the floors and walls of the bathrooms with televisions over the toilets). The assessments seemed pretty high for what you got – no doorman in your building, packages delivered to building across the street. Still, seems like a steal at 570K.”
Thanks for checking in chryses and giving us your perspective since you actually were in the unit.
Its a two bedroom with a ballroom. Had a huge amount of charm but the fact of the matter is, limited pool of interested buyers (read: no families, etc.). No outdoor space, and the assessments are the reason this place sat empty for so long. They have a special coming up and they couldn’t tell us what the impact would be, but it was looking like a $2million project when I last heard about it. Possibly a sizeable increase for a period of time to already high assessments. This building will always have high assessments because its old and well maintained (which is a good thing)- this is one of the larger units. I can’t explain why folks paid $1 million twice for this place (other than just walking in and falling in love with how unique it is)- in terms of practicality I didn’t want to offer north of $550k.
All that said, it has great character and sticks with you after you see it.
It’s a great price for the space, location and building – and I like the “old lady” decoration in the living room. But, taxes and assessment are close to $2,000/month before you start paying P/I. Ouch.
I rather like that black tile in the bathroom. As for televisions in the bath, well, it’s amusing, even though I can’t think of a better to assure that your teenagers will tie up the baths for HOURS, as though they weren’t already good enough at it.
I bet one day some hip-hop “crib” dude or some sports-nut puts a TV above his bathtub, does it poorly, and it falls and electrocutes someone.
Dizzy is correct – the special was just formally announced for the Life Safety conversion. Based on the info I’ve seen this unit is probably looking at about $75,000. But the thing is they would have known all about it before offering on the unit and then been able to get all the details once under contract. That being said I wouldn’t be surprised if they got a very large cash credit at closing from seller for some of projected special so that purchase price didn’t go too low and hurt the building’s values any further. Which since they were going to be owner’s in said building, would be the smart way to go about it.