Trying to Sell a 3-Bedroom Penthouse One Year Later in Southport: 1550 W. Cornelia
This 3-bedroom penthouse at 1550 W. Cornelia in the Southport neighborhood of Lakeview came on the market in early September 2014.
If it looks familiar, that’s because the unit was last on the market in the summer of 2013 and actually just sold a year ago, in September 2013.
This building was built in 2007.
It has 22-units and an elevator.
This unit is a true penthouse, complete with a private roof-top deck with a custom pergola and city views.
The kitchen has dark cabinets and Wolfe and Subzero stainless steel appliances.
It has a master bedroom suite with its own private bathroom.
This is a rare 3-bedroom that also has 3 baths.
The unit also comes with 2-heated garage parking spaces.
It sold for $730,000 last September.
This year, it came on the market at $755,000 but has now reduced to $719,000.
How much has the market slowed in the last year?
Lynn Clary at Coldwell Banker has the listing. See the pictures here.
You can also see it at the Open House, Sunday, October 5: 11:00 am – 1 pm.
Unit #501: 3 bedrooms, 3 baths, no square footage listed
- Sold in April 2008 for $721,500
- Sold in August 2009 for $710,000
- Sold in September 2013 for $730,000
- Originally listed in September 2014 for $755,000
- Reduced
- Currently listed at $719,000
- Assessments of $443 a month (includes water, snow removal)
- Taxes of $7761
- Central Air
- Washer/Dryer in the unit
- 2 car parking included
- Bedroom #1: 12×15
- Bedroom #2: 14×12
- Bedroom #3: 15×13
2013 seller was a Re-Lo company. Maybe same thing this time?
“How much has the market slowed in the last year?”
15.3% and counting?
A 3-BR penthouse on Ashland is still on Ashland. Ick.
“A 3-BR penthouse on Ashland is still on Ashland. Ick.”
It didn’t seem to stop the other sales.
Ashland is a hot street right now. Lots of new construction from United Center area all the way north to Andersonville.
“2013 seller was a Re-Lo company. Maybe same thing this time?”
I don’t know. Maybe.
It’s a good sign for the job market that the relocation companies are now active again. Those weren’t seen for 5 or 6 years. There was no reason to move an employee out of an area for a new position somewhere else.
Guess that “easy proximity to Wrigley Field” either by walking or bus, still isn’t working out too well for buyers hoping to get in on the action once the Cubs get into the playoffs next year…
Ashland is a dirty, nasty, noisy, street. The only reason it has become popular with new construction garbage is due to high B3-2/C1-2 etc. style zoning; where the builders can tweek out zoning/building codes to build higher/taller structures; and build out to lot/alley lines due to busy street variances. This bldg. at 1550 Cornelia took a hge hit after it was built. Most people who bought in 2007-08 got their a**es handed to them; and even now they still are! Duh!
DO NOT BUY busy street properties!
“This bldg. at 1550 Cornelia took a hge hit after it was built. Most people who bought in 2007-08 got their a**es handed to them; and even now they still are!”
Actually- this isn’t correct. But you can believe whatever you want to believe.
HOW ABOUT BELIEVING ACTUAL FACTS & STATS…?
UNIT #404 SOLD FOR $385,000…ON MARKET RIGHT NOW FOR $400,000; THEY WILL LOSE MONEY.
UNIT #206 SOLD FOR $400,000…ON MARKET RIGHT NOW FOR $420,000; THEY WILL LOSE MONEY.
UNIT #401 SOLD FOR $460,000…ON MARKET NOW FOR $425,000.
UNIT #501 SOLD FOR $730,000…ON MARKET NOW FOR $719,000.
WHATCHA TALKING ABOUT WILLIS????
..AND GET THIS. ONCE MCHUGH BREAKS GROUND AGAIN ON THE NEW BUILDINGS TO BE BUILT TO THE NORTH; VALUES WILL FALL AGAIN DUE TO OBSTRUCTED VIEWS & NASTY CONSTRUCTION NOISE & SETTLEMENT~
“HOW ABOUT BELIEVING ACTUAL FACTS & STATS…?”
Stop shouting.
You said they got their asses handed to them.
That’s NOT what this is. This is what has happened to EVERYONE in Lakeview over the last 6 years who bought at or near the peak (2006-2008). It has nothing to do with this particular building or that it’s on Ashland. It’s true of everyone.
These kind of “losses” are actually pretty standard (i.e. selling for close to what they paid at the peak but taking a loss due to transaction fees.)
And any construction that happens to the north will likely be welcomed. That open lot is a real eyesore. New units there will elevate the block and bring some life there.
That is NOT what this is? What is it then? You just supported what I stated with facts & stats. Of course the suckers who paid top dollar in 2006-08 got the biggest hit; but the recent stats show the same cycle. Look at MLS stats of ALL 60657 condos and I will bet u big $$$ what I showed you is on the mark for ALL busy street condos; esp. Ashland…and not just Lakeview in general! Ashland sucks for a reason. And once McHugh or some other half a**ed builder finishes to the north; 1550 values will fall again and the infill will look slightly better than a vacant auto lot.
I really miss the Ford Dealership & Burger King. Seriously they looked better than this mess of a building.
I’ll always passed by the dealership on my way home and continually took notice of the elderly car dealers (wasn’t one in a wheelchair?) dressed to the 9’s like it was the 1970’s. The place was like a time capsule except for the vehicles.
The dealership was just another piece of Lakeview/Wrigleyville Americana that has bitten the dust much like all the great buildings that have fallen in recent months. Honestly, there’s not too much to savor in the neighborhood these days.
The current pace of the building boom erecting McMansion type buildings in my area has almost surpassed the RE boom of years past and has only left the area with a mix of both bland and ostentatious buildings.
I used to live in the vicinity of this building when it was being built. Never understood the crazy prices paid for living on such a busy street that always has large trucks driving on it making tons of noise and cars traveling 40-50 miles per hour at all hours of the day making tons of racket. A couple of blocks east and a couple of blocks west are much nicer in my opinion. They should just bury Ashland underground and put a park over it….