The Moderately Priced 2-Bedroom Condo: 1250 W. Waveland in Lakeview
This 2-bedroom unit at 1250 W. Waveland in Lakeview could be considered by many buyers to be “moderately priced.”
Located within a short stroll of both the shops and restaurants of Southport and Wrigleyville, this unit has most of the modern amenities while maintaining its vintage charm.
The original woodwork is still intact, including a built-in hutch in the dining room.
The kitchen has been updated with maple cabinets, granite counter tops and black appliances. The bathroom has marble floors.
While the unit has central air and in-unit washer/dryer it doesn’t have parking (though in the listing it says it will offer a $1500 parking credit.)
Robert Picciariello at Prello Realty Group has the listing. See the pictures here.
Unit #2: 2 bedrooms, 1 bath, 1150 square feet, dining room
- Sold in October 2004 for $305,000
- Sold in January 2008 for $320,000
- Currently listed for $319,000
- Assessments of $174 a month
- Taxes of $4362
- Central Air
- In-unit Washer/Dryer
- No parking
- Bedroom #1: 13×12
- Bedroom #2: 12×9
Beautiful old place, but it’s NOT worth more than the beauty at 3300 N Lake Shore.
I would think they would both sell for about $299k, the ask price of 3300, but we will see.
It’s weird to think that success for this seller is escaping with only a $1000 depreciation in 2 years time.
“Beautiful old place, but it’s NOT worth more than the beauty at 3300 N Lake Shore.”
That is somewhat apples and oranges, considering you’re paying like $700/mo more in assessments. So yeah the price is similar, but your monthly outlay is much higher for the LSD condo (which I completely love).
I think it’s still pretty bubbly to call this moderately priced, even though that’s an ambiguous term. It’s not terribly priced, but I think $250k-$275k would be a bit more “moderately” priced.
The seller hasn’t escaped yet.
“danny (lower case D) on February 9th, 2010 at 1:45 pm
It’s weird to think that success for this seller is escaping with only a $1000 depreciation in 2 years time.
“
The $174 assessment could not possibly include heat, which is a pretty big item in this place.
Does this place have a reserve fund that owners contribute to monthly?
Of course, 3300 LSD is still a much more expensive building to run, what with at least two elevator tiers or maybe more. I’d want to see the budget to see how it is justified. But it most likely is, especially if the building maintains an appropriate reserve.
Yeah I’d imagine the heat isn’t very cheap, but you’re still looking at a good bit more in monthly assessments in 3300 N LSD either way. I was just saying it’s hard to compare two homes on list price alone.
Buildings with less than 8 units typically carry little to know reserve. Whenever I see a place like this, I think about budgeting in xxx dollars for replacing the windows. That said, I don’t mind this place. I think its decent.
How much does parking go for around here? And how hard is street parking. I am guessing that this street is zoned residential parking only?
Sure it’s zoned (LV2 or 383, I forget), but it’s still all but impossible to park there during the summer.
I used to live pretty close, drove to the burbs for work and didn’t have a parking spot. When it was summer, I usually put my bike in my car before work, drove until I was reasonably close and there were still spots and got out and biked the remaining mile or whatever. Not too fun by any means, but I knew what I was getting myself into. Not something I’d want for a permanent solution by any means.
Can I hijack this thread to talk about this Crilly Court (Wells Street) 3/2 that recently came on the market. They’re selling it as a 3BR, but it’s actually a 2BR and they converted the living room into a BR. The other identical units in the complex (1704 N. Wells #3, 1706 N. Wells #3, etc.) sold in the $460s in 2007. Not sure what this one went for when it was last sold. Appears to be fully upgraded, though.
http://www.redfin.com/IL/Chicago/1702-N-Wells-St-60614/unit-3/home/25710194
You can rent one of these for $1500-1700 a month
This condo unit is a very small apartment with very small rooms. Though it may have sold in the low 300s several years ago, that pricing reflected an overheated condo market where many units were very-overpriced and buyers gave little thought to resale.
The effective floor area isn’t 1150 SF, just add up the room sizes without adding the bathroom and pantry somehow included in the calculations. This is a six-flat constructed in a then working-class neighborhood. The exterior structure is a nice example of brick construction w/cast stone accents, but isn’t pertinent to unit itself.
Kitchen and bath look like standard Home Depot-quality cabinets. No parking and off-street enclosed rental parking less likely to be available here. Heating/cooling here could easily be $400/month if there’s no insulation in those exposed exterior walls.
This unit major feature is location, and its next buyer is likely to be another inexperienced homebuyer chosing location and appealing paint selections without considering resale, parking, and size. If it’s priced at $200,000 (where it belongs) then it will sell.
“This unit major feature is location, and its next buyer is likely to be another inexperienced homebuyer chosing location”
I wonder what age having your property constantly soaked in Cub’s fans **** goes from being in to not so in?
I bet even if they can’t sell at this ridiculous ask they could get decent rent though (1300-1400).
“I bet even if they can’t sell at this ridiculous ask they could get decent rent though (1300-1400).”
Which makes the place “worth”, what?, $225k, maybe?
I bet (w/o checking) it’s get w/in 10% of ask or go short sale.
Aren’t there other places nearby–maybe not quite as large or quite as nice–asking a lot less? [checking] Why yes. Yes, there are. Indeed, one block east on Waveland, there are 3 (three!) 2/1s listed for $259,900. Here is one: http://www.redfin.com/IL/Chicago/1214-W-Waveland-Ave-60613/unit-3/home/12683153
Also has C/A, W/D and low assessments ($215). Bonuses (aside from price) are taxes are under $3k and it appears to be top floor. Big minus is no separate dining room.
“and it appears to be top floor.”
Ahh even you should know if there are 3.5+ graded floors = first floor is 1, top floor 4. If it was top floor it would be all over the listing. I bet they have upstairs neighbors.
This place is “worth” what the market bears. Should be listed at $289-$299K, would get tons of action and would sell within 5% of list relatively quickly. Interest rates and buyer credit have a lot of people buying at a discount compared to the last few years.
Especially in this price-point.
No deck is a killer, but that dining room and “master” bedroom size are nice, A/C, washer/dryer all good… leg up on a lot of sub $300K places in the hood.
“Ahh even you should know if there are 3.5+ graded floors = first floor is 1, top floor 4.”
FO Bobbo. “even you”? Be serious, dude.
Anyway, I thought that might be the case, but one of the other for sale units in the complex is a #G unit, making it appear that #3 is a top floor unit.
Execute me over the trim. But I’d paint it all white,pick a neutral color for all the walls and stage the place.
The place is Fugly and Country looking. Not the “clean, modern” look buyers are looking for.