This 3-Bedroom Called “Paris in Lakeview” Reduces: 504 W. Barry
We last chattered about 504 W. Barry in Lakeview back in April 2011.
See our prior chatter here.
Back then, we chattered about Unit #3W, described as a “gothic jewel.”
But in May 2011, Unit #2W, right below it, came on the market.
The listing describes it as “Paris in Lakeview.”
Built in 1927, the unit has large room sizes and a wood burning fireplace.
It has side-by-side laundry and space pac cooling as well as 1 car parking and guest parking available (which can be vital in this very dense neighborhood.)
The listing describes the kitchen as a “chef’s kitchen” complete with stainless steel appliances.
It also has a back deck which is rare for a building of this era.
Originally listed at $749,900, this unit has been reduced $39,900 to $710,000.
Unit #3W, that we previously chattered about, is also still available. It has been reduced to $734,900.
Back in April 2011, several of you thought that #3W would sell in the $600,000s.
However, the list prices on these units aren’t that far off the most recent comp in the building.
Unit #4W sold in September 2010 for $727,500. It was also described as “paris in lakeview.” You can see those pictures here.
Has the market changed that much in a year for the units in this building?
Pearce Lashmett at Koenig & Strey Real Living has the listing. See the pictures here. (Koenig’s website isn’t working for some reason- so I’m linking to the pictures on Redfin.)
Unit #2W: 3 bedrooms, 3 baths, no square footage listed but #3W is 2200 square feet
- Sold in August 1994 for $292,500
- Sold in January 1999 for $341,000
- Sold in July 2001 for $485,000
- Sold in January 2004 for $495,000
- Originally listed in May 2011 for $749,900
- Reduced
- Currently listed at $710,000
- Assessments of $774 a month (includes heat and cable)
- Taxes of $7137
- Space pac cooling
- Washer/Dryer in the unit
- Parking included (plus guest parking available)
- Bedroom #1: 17×12
- Bedroom #2: 16×13
- Bedroom #3: 12×8
Why are there no pics of the bathrooms?
Seems like a lot of turnover in just a little time for such a small building. Could there be a special asessement driving people away?
I love the look of this unit and the location, but I agree there needs to be bathroom photos.
And does anyone really believe the place is worth 1.4 times what it sold for in 2004? That was 7 years ago. Has the seller paid attention to what the real estate market has done in the last 7 years? It isn’t pretty.
Although the assessment includes heat, it seems a bit high for a building with pretty much no amenities.
Get it down to the mid-6’s and maybe it becomes more realistic. And I want to know if the baths need work. I’m guessing they might since there are no photos.
I don’t think its a special assessment…maybe many or a serious long-term cash shortfall but one special assessment won’t cause this. Once its issued you pay for it as an owner or the buyer discounts it from his or her offer. Either way, you pay for it.
I think the assessments are fairly reasonable given this is vintage. I’ve been in a few units in this buildnig and they are lovely…true vintage gems. I also think that the cost of maintaining this facade is lower than many larger pre-war buildings on the lake. B/c its not a high rise there is less regulations to comply with for the city and the building is not as exposed to the wind and elments from the lake.
Does anyone know if there are any smaller units in this building 1-2 bedroom?
Interesting to compare this buildng and the Commonwealth building. They are a similiar building yet the one that has parking, air, washer/dryer and modern amenities keeps its value and the other does not. This should be a warning to all vintage Board Members. Renovate, modernize and find a way to have parking even if buying a floor of it in the highrise next door.
I love this building. Price for this great unit seems right, given what these places usually sell for.
There are no smaller units in the building except for a very plain basement 1 bed that I don’t believe the association rents out anymore.
“Seems like a lot of turnover in just a little time for such a small building. Could there be a special asessement driving people away?”
Perhaps there’s some sort of problem, but it may also just be that many of the buyers of these (somewhat expensive) units tend to move on to greener pastures. Many professional couples buy a nice $500-$700k unit while they’re making $200 – $400k jointly, and within a few years it doubles. (I know, that’s totally at odds with how many on here view the world in general and Chicago in particular.)
a local,
10 units total, 2 are 600 sf 1BR and 8 are 2200 sf like 2W. Only activity I see on a 1BR since 2007:
#1W closed 3/5/07 for $188,500.