Under Contract In Less Than 3 Weeks: A 3-Bedroom East Lakeview Penthouse at 540 W. Oakdale
This 3-bedroom penthouse at 540 W. Oakdale in East Lakeview came on the market the first week of March 2012 and it is already under contract.
I normally don’t like to chatter about properties that are under contract, but I thought this property was unique because:
- It is newer construction on a tree lined street in East Lakeview where you normally find vintage;
- It has all the bells and whistles buyers look for including central air, washer/dryer in the unit and garage parking;
- It has a private rooftop deck; and
- The building has an elevator.
I noticed that realtor Eric Rojas took some clients to see this unit and, similar to my thoughts, explained why this penthouse was a rare find on his blog:
We brought our clients to a rare penthouse condo in a small newer construction (circa 2000) elevator building located on the quiet residential 500 block of West Oakdale. The three beds, two baths home with garage is asking $599,000 (not my listing). Rare because most newer construction boutique elevator buildings are located on busy streets like Ashland and Halsted with mixed commercial and residential. This small building (only 10 units) affords this terrific location and rooftop deck view.
The kitchen has granite counter tops and stainless steel appliances.
The master bedroom has an ensuite bath.
It was priced $36,000 under the 2004 purchase price out of the gate, but is still listed above the 2002 price.
Is this property a sign of a hot real estate market or a sign that some properties will go under contract quickly simply due to their special features?
Meredith Manni at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #4W: 3 bedrooms, 2 baths, 2000 square feet, 1 car garage parking
- Sold in April 2000 for $507,000
- Sold in June 2002 for $560,000
- Sold in August 2004 for $635,000
- Originally listed on March 7, 2012 for $599,000
- Under contract in less than 3 weeks
- Assessments of $398 a month
- Taxes of $9712
- Central Air
- Washer/Dryer in the unit
- Listing says “no dogs”
- Bedroom #1: 16×14
- Bedroom #2: 12×11
- Bedroom #3: 12×11
Sorry, not what I am spending $600K on in that area. I hate hate hate the new construction in this area. For $600K I am going for something a little smaller but with some character. This is cookie cutter crap. Can’t tell from the pics but I am guessing that is brick veneer. That is just the worst.
I mean, either of these two places would be better for me and they’re less:
http://m.koenigstrey.com/PhotoGallery.aspx?RecordType=120&0110_exc=07960476
http://m.koenigstrey.com/PhotoGallery.aspx?RecordType=120&0110_exc=07990217
Well, that was a bit disappointing.
Buy now or be priced out forever!
Just kidding however I am a bit surprised that this went under contract so quickly at somewhere close to asking price. Nothing stands out here. Not my style however I suspect that the buyers will enjoy the place and location!
Having lived in this neighborhood until 3 years ago I can say that the homes they tore down had more character than this building as well as another “twin” on the block. The developer was successful but thses places are just lackluster. The brick is not veneer however but the buildings are beginning to age. This is however a great neighborhood with a great CPS school and people seem to support the the price asked
This is just a really bad buy. Congrats to the seller on getting an amazing price.
I would have gone north for this. $532 with similar size, much better finishes, nicer decks. http://www.redfin.com/IL/Chicago/3514-N-Fremont-St-60657/unit-4/home/12636514
Plenty of sales in the low $500s further south.
I will put my housing bear guarantee that this thing falls out of contract. reeks of an out of town buyer being pushed into buying it from a buy-side broker. This unit will be worth 100k less day after closing
I imagine it’s under contract for the low to mid $500’s. I realize it lacks the charm of vintage buildings in the hood, but some folks actully want something newer, and this place looks pretty nice for the construction era/price range. I would put up a wall between the living room and dining area (or maybe install 8-10 feet wide of floor to ceiling book cases, topped with molding that matches the living room). A fancier looking fridge would be nice, as would a powder room. And the third bed isn’t really a bed, given the doors. To echo westloopelo, it would look much better with dark wood floors. But it’s top floor with a Vader, garage parking, east of Broadway and south of Belmont, so $550k wouldn’t be entirely unreasonable. It’s certainly more appealing than the 2/2 at North/Cly.
3514 is indeed a much nicer place. But it’s not just farther north…it’s farther east. The locations are materially different. It also doesn’t appear to have an elevator.
Almost $600k, and you still can’t have a dog?
“I would have gone north for this. $532 with similar size, much better finishes, nicer decks.”
No elevator, neighborhood very diff, esp. with kids.
I think this unit is worth $475K… max. This buyer must have really wanted to be in this exact location. Not a good purchase.
Just tried nutella in a capacino. Ze highly recommends trying the idea. Just lovely.
JP$: Please provide a link to just one single true comp that recently closed at $475k max. I don’t think that I’ll be the only one to be very surprised if you are able to do so.
Wow. Disappointing. I don’t see the appeal of this unit at all. A small roof deck and elevator?
Also don’t see the appeal, though I like the neighborhood (used to live a block from here, remember eating at Pars Cove). The kitchen is too small. Smaller than any of the bedrooms, in fact. An elevator and small rooftop deck (right next to another small rooftop deck) don’t make up for that.
I was also less than wow’ed by the place. Very vanilla box with colored paint.
wow, I wake up from a nap to find someone gave a negative vote to cappuccino and nutella, and I bet they never even tried it… Well time for breakfast.. lil Matzo Brie, in honor of the hoffer…
annony, whether or not there is a comp for this at $475K I wouldnt know… because I didnt check. I was just stating my opinion. Overall its a nice unit, but I think the square footage is overstated – its pretty much the same as most two bedrooms on the market right now, plus a den. It has a roof deck, which is great, but is an absolute necessity (again my opinion) because otherwise you are walking through your bedroom in order to grill out. So I ask myself, “JP$, what would you pay for a 2 BR in this area, with a roof deck, or at least two outdoor spaces in Lakeview?” My response is $375K. Do I think an extra bedroom is worth more than $100K? No. Now, some folks might think that a 2BR in lakeview with these finishes is worth more than $375K, but I highly doubt it. So the extra bedroom might be worth more than $100K to some, but not to me.
Small kitchen? Sure, why not? Something tells me that the residents of this nabe do very little “real” cooking, just like people in condos downtown. There are just too many other options – restaurants, carry-out/delivery, and frozen “gourmet” entrees in the upscale grocery stores, ready for the microwave.
Still doesn’t make sense to have three large bedrooms and one small kitchen. Something tells me the residents in this nabe won’t need three large bedrooms if they don’t want a large kitchen.
“Small kitchen? Sure, why not? Something tells me that the residents of this nabe do very little “real” cooking, just like people in condos downtown. There are just too many other options – restaurants, carry-out/delivery, and frozen “gourmet” entrees in the upscale grocery stores, ready for the microwave.”
I wrote a contract on this in June of 2004 for upper 500’s and the seller wanted over 600k, when I pressed for comps to support the asking price there were none to be found. So glad I walked on it and bought a 2/2 in East Lincoln Park. My 2/2 has as much room as this 3/2 and more space in the kitchen/living room/dining. Yes people in this neighbor really do cook, the small kitchen was one of the negatives.
As a matter of principle I would never buy into a building this ugly at any price. These developers should not be encouraged and neither should the tasteless morons who probably made the developers rich the first go-round. This garbage is seriously damaging the city.
Could be an out-of-town corporate-relo buyer under deadline to make purchase who wants specific area, from a more expensive housing market, and/or subsidized by firm. Just takes one buyer to sell a home, and not all buyers check comps nor care to do so. A Manhattan transplant would think this is a bargain. Do think this sale is overpriced for Lakeview.
As someone in the marketplace, I can say that supply of good/great units are down. Good stuff goes quick in this market as most of the market consists of distressed sales that need a lot of work. If you don’t have time or patience (or cash) for a renovation/rehab, then there is not a lot of great stuff in the GZ. This is probably why this went quickly and for so much. If an out of town buyer, they might not have time to wait or rehab.
“Just takes one buyer to sell a home, and not all buyers check comps nor care to do so. A Manhattan transplant would think this is a bargain. Do think this sale is overpriced for Lakeview.”
Architect, saying so doesn’t make it so. My invite to JP$ to provide *just one* true comp for this place was not exclusive. If you’re saying that not all buyers check comps, then surely you must have at least one comp you might share with us. Let’s see it: a decent sized 3 bed (in no real need of any pre-move in updates), top floor, with an elevator, w/d and central air, with a garage space, south of Belmont and east of Broadway, listed for no more than $599k (or a recent closing in the low to mid $500’s, which is where these folks likely hope to close based on the current ask), with assessments under $500/mo. It doesn’t even need to have a private roof deck.
How many newer construction 3-bedroom units with private rooftop decks and garage parking in an elevator building are there in East Lakeview?
Many of you may not like new construction. But lots of people do. It has all the amenities that much of the vintage units in the neighborhood don’t have. It’s also a slightly bigger association (10 units) instead of 3 or 4 units you find in some vintage buildings.
It’s also all on one level- none of that duplex down stuff you normally find in this neighborhood.
Is it really surprising it went under contract quickly? Really?
All the examples of “comps” that were cheaper that other people cited to in this thread were outside of East Lakeview (and not a comparable location.) There really isn’t anything else like it on the market right now.
We own a 3/2.1 within four blocks, with 1 in and 1 outdoor parking. Newer building, similarly sized unit. I estimate the value of our unit in the $525 range, so this sale in the high $500s really surprised me.
“Is it really surprising it went under contract quickly? Really?”
Yes. Yes it really is. Ugly building, narrow unit, mundane finishes, no dining room, tiny/outdated kitchen, smallish 2nd and 3rd bedrooms, cheap roof deck… so what are people paying for here? Parking? …$100/month at a nearby garage. An Elevator? You’re on the 4th floor, not the 10th… go find a unit in a courtyard building without an elevator and save yourself the cost or buy in a midrise.
Dude – they need 3 bedrooms so they probably have kids including one in a stroller, so yeah an elevator is a big “plus.”
Yeah let’s see how much the new owners like the location in January in a year where we have a normal winter.
Price makes sense though, only because the supply of newer construction around this area with these amenities is infinitesimal.
For the record, I’m not anti- new construction. I’m anti- architecturally vapid crap.
The negativity here is kinda unbelievable. Personally, I don’t find the buidling to be ugly and I couldn’t care less if the unit seems to be to cookie cutter or too mundane.
And I doubt actual buyers care about that either.
Sabrina is absolutely right, this unit has a lot to offer that buyers actually care about, like an elevator, a roof deck, and a new construction w/o the need for a massive rehab, a relatively quiet location in the heart of East LV.
I’m not saying I’d pay $600k for the unit, not with the small kitchen and smallish bedrooms, but the price isn’t that unreasonable given the lack of competition in the area.
People who call neighborhoods “nabes” should be shackled hand and foot to people who call Chicago “the Chi” and then together they should be dropped off the Harlem Ave. bridge into the Sanitary Canal.
“We own a 3/2.1 within four blocks, with 1 in and 1 outdoor parking. Newer building, similarly sized unit. I estimate the value of our unit in the $525 range, so this sale in the high $500s really surprised me.”
Is it in East Lakeview in the good school district or is it four blocks west?
Does your building have an elevator (and yes- it does matter to MANY buyers.)
Also- we don’t know what the “sale” is going to be.
It will we interesting what it closes at. I am in East Lincoln Park, elevator building, 2 parking 1 garage,1 gated outside common rooftop and private back desk, assessments under $400/month, professional management decent reserves. Our last penthouse went in the 540k range, so this would be an uptick.
This is such a rare unit…but now we have found two owners of “similar” units…hmmm….
“This is such a rare unit…but now we have found two owners of “similar” units…hmmm….”
Who? People are only posting, “I live nearby. There are similar units in my building. They haven’t been selling for this much.” But there’s no address and there are no comps provided. So what?
And none of them have all the things this one has (including the rooftop deck.) In both East Lincoln Park AND East Lakeview- it’s difficult to get all of the following features included:
1. Elevator
2. Central Air
3. In-unit W/D
4. Garage Parking
5. Private roof-top deck
6. Fairly new construction
I’m not saying you can’t find it. I’m just arguing that it is fairly rare. So if that’s what you’re looking to buy in those locations- you don’t have many options.
That’s why it went under contract so quickly. We won’t know the price, obviously, until it closes.
Ryan: Four blocks away? The subject property is already nearly *at* Broadway. If you’re four blocks west of there, then it’s not even remotely a comp. So, you must be four blocks north or south. To the north (remaining east of Broadway), I can’t picture a development that fits your description. To the south…are you on Hampden just south of Diversey?
ChicagoSherry states: “I am in East Lincoln Park, elevator building, 2 parking 1 garage,1 gated outside common rooftop and private back desk, assessments under $400/month, professional management decent reserves. Our last penthouse went in the 540k range, so this would be an uptick.” Either you’re (i) a CC regular commenting under a new name for the purposes of “getting a rise” out of the resident ELP cheerleader, (ii) living in a building of which I am wholly oblivious, or (iii) using a *very* broad definition of “East Lincoln Park.” If it’s (ii) or (iii), please give the address of the building, or at least the block.
I’d like more info re: particular elevator before I’d get excited about “elevator” here. Likely it’s undersized because it’s serving so few units (6? – 8 from garage-level?) and is more likely a “person conveyor” than a “baby-buggy plus four people” true elevator. Think London Bayswater B&B-sized elevator, not office tower elevator. Secondly, elevators require a fair amount of expensive servicing, which is why they’re not typically seen in small condominium associations, and why assessments are particularly high for 2-unit/floor elevator bank configurations. Plus, when elevator is being serviced or malfunctioning, then it’s out-of-service meaning you’re using the service stairs.
The building exterior isn’t ugly, relative to most new condo construction, but the half-floor units do seem cramped and the finishes seem on par w/spec condo developments. Most exciting element is the indoor attached garage, w/buyers perhaps entranced by the elevator service.
And before anyone tells me assessments are “low” here, I note that assessments are covering building common area insurance, common area maintenance, and lawn care, but not unit utilities. Once elevator ages, service costs may increase significantly depending on manufacturer, service company, and degree of residents’ careful use of elevator.
Architect – Wouldn’t fire codes require a “nice” public stairway in the front of the building as well as a less-nice “service” stairway in the rear?
Sabrina, annony: our unit is on Barry b/w Clark and Broadway, so 2 blocks north and one block west. Elevator, 10-yr old 16 unit building, 3/2.1, one garage one outdoor parking, no rooftop deck, but small deck. There are 4 to 5 similar newish 8 to 16 unit condo buildings on our block.
I was under the impression that East Lake View encompasses the area east of Halsted, not east of Broadway.
Fire code-mandated stairs don’t need to be wide or pretty, and don’t need to fit your 6′ sofa or armoire.
“I was under the impression that East Lake View encompasses the area east of Halsted, not east of Broadway.”
to most, but not anonny. your not “east” unless you are east of him.
“your not “east” unless you are east of him.”
If you live on a Houseboat in Belmont Harbor, does that qualify as “east”?
most likely. but docks P Q R and S are questionable
Anonny, look at Wrightwood Commons 626-632 W Wrightwood.