Vintage Units Still Available at 433 W. Briar Place in Lakeview
433 W. Briar Place is a conversion of a 34 unit 1929 highrise in Lakeview. The developer started selling these over a year ago.
I last chattered about this building in October when the developer was trying a sealed bid sale to move some of the units. From the bid listing:
Fab. Vintage 11 story building at 433 Briar between Sheridan and Broadway. 2 & 3 Bedroom, 2.5 Bath units from 1,650 sf to over 2,600 sf. Developer elects to use Sealed Bid Sale – Bid Deadline Nov. 7. Buyers can pick their finishes on most units with 60 day delivery. Very Private & intimate property that must be seen. The developer will save over $1,000,000 by selling quickly and will pass those savings on to buyers who can move quickly. Originally pre-construction priced from $250,000 to $900,000.
From the public records, I can only find six units that have closed with the last closing occurring in November 2007.
The MLS is showing five units for sale.
- The most expensive is Unit #9A: 3 bedrooms, 2.5 baths listed for $880,000 (parking extra)
- The cheapest unit is Unit #1A: 2 bedrooms, 1 bath listed for $345,000
The units have all been rehabbed and have washer/dryer included. Parking is sold separately.
Unit #3C: 2 bedrooms, 2 baths, 1650 square feet
- Currently listed for $515,000
- Assessments of $315 a month
- Baird & Warner has the listing
Unit #4B: 2 bedrooms, 2.5 baths, 1650 square feet
- Currently listed for $530,000
- Assessments of $345 a month
- Baird & Warner has the listing
When these first went on the market, I thought they would sell fast. They are big, vintage units with everything new. They have washer/dryer and, most importantly, you could buy parking.
What went wrong?
Unit #6B sold in November 2007 for $505,000.
Don’t know–these are real beauties. How much is parking? And, do we really believe those assessments? Because a vintage building like that usually costs more to run.
These are cute but the kitchen/bathrooms are very standard. Eh, not sure about prices either
Hmmmmm…. Perhaps demand is sagging? No more no doc time bomb arms for developers to count on when buyers want cash to buy more house than they can afford.
What went wrong?
Unit #6B sold in November 2007 for $505,000
—
People don’t make that much money.
In the traditional model of 3x income, to qual for that loan would mean that your household income needs to be $168,333.33! At that price you will need a jumbo loan also. And 2% yearly property tax on that $505,000 sticker price. Add to that the assessments. Add the extra price for parking. All for dare I say, AN APRAPTMENT! 500 grand and you really don’t OWN anything.
Yes yes there are people that make that much money, but chances are they already have a home and might not want a condo in the middle of Lakeview where the school sys is awful.
People bought in before bec they were expecting a 20% return the next year. What is printed in fine print at the bottom of every mutual fund prospectus? Oh ya: “Past returns are not a guarantee of future results.”
I have always loved this building, but frankly, I thought it had more vintage beauty in its days as a rental.
It’s still quite beautiful, but it has been clean-walled half to death. The cove moldings are still there, but what happened to the beautiful millwork on the walls? Why was the place so compromised?
And why OH WHY always, ALWAYS the open kitchen? I’d pay extra to have the kitchen segregated from the formal dining room as it was before the rehab. Not everyone wants to stare at a messy kitchen while eating, and some folks DO still make a mess while cooking.
The “open kitchen” is one fad of the past twenty years I’d like to see the end of. I can see it in a tiny, claustrophobic apt but not in a large, dressy, formal old apartment like this.
I went to an open house here. The bones are awesome – really nice 1920’s scale to the units. A few things really stood out when i was there.
1) The interiors were not tastefully done.
2) From what i can recall based on my conversation with the realtor, the mechanical systems, plumbing, elevator, etc. are NOT entirely new – they basically did a cosmetic remodel leaving some of the crumbling, inefficient, nasty guts in place. The assessments might be cheap the day you buy it but you will learn quickly what a special assessment is.
3) The prices were too high – especially considering the bad taste and the lack of complete renovation.
Not surprised to see these sitting here at all. I would love to own a vintage apartment like that but this was all wrong.
Ah, the joys of vintage!
After we bought in a condo in a supposedly-rehabbed 1891 three-flat greystone in Lincoln Park, we spent the next five years writing out special assessment checks — when we weren’t in the basement mopping up sewage or on the roof looking for leaks!
The real definition of rehab in this city is a new coat of drywall to cover up the problems. And as Laura pointed out, they manage to destroy the charm of the original finishes in the process.
Interestingly, last October when I chattered about this building it was supposedly 65% sold. Instead, only a handful of units have sold and the others are either rented or still available.
I agree that they put in kitchens that seem either too modern or just out of place in an older vintage building.
And the high prices clearly have something to do with the lack of sales.
It’s too bad they erased most of the great vintage features. Otherwise, what’s the point of living in vintage?
The electric at least looks new. If they really did leave in the old plumbing, boiler, elevator, roof, failed to tuckpoint (all “ifs”) then yes, completely appalling at these prices. As for getting rid of the old vintage detail, I didn’t know they did that. Other than the millwork, what else did they get rid of? The tiling in the second bath, anyway, looks original (though not the first, which I agree looks awful). As for the modern open kitchen, I actually like that a lot. But I do suspect at some point I MIGHT feel like Laura re: open kitchens. Then again, maybe not–maybe this is an aesthetic change that is here to stay. Why? Because unlike in the old days, when dinner parties were cooked and served by the help, nowadays a good deal of the socializing takes place in the kitchen, and guests frequently even help cook. I for one don’t want to be stuck back in an isolated kitchen; I want to be conversing and enjoying the party WHILE I cook, plate, refill drinks, etc. And I think that is what drove the open kitchen movement.
Neither of the baths is original. I remember looking at them as rentals, and the original baths were incredible. Some were in better condition than others.
Most of the vintage details are gone. Like bubbleboi says, why buy a vintage that lacks the vintage charm? Especially if the vintage problems are still there.
I went to an open house over the weekend. The units are spectacular. I love the idea of having a private elevator to take you to your unit or floor. My husband and I are actually talking to the realtor about combining two of the units. We’ve been looking for something elegant in a great location – this has just that for us.
GORGEOUS! I saw the ad for this building in Chicago Social and my husband and I immediately went to see them in person. GORGEOUS.
The appointments are truly stellar. Now that we’ve decided Chicago is our home, we’ve been looking to move from downtown to a neighborhood. Lakeview offers us everything we could want. And this building feels like something you’d find in SoHo of Greenwich Village (where we’re from).
The realtor told us that the prices are all coming down $30K so this is PERFECT. It now means that we can buy.
Once spring arrives (please, please, please arrive soon…) all of these units will be sold – I have no doubt.
I guess “Tracy” and “Annie Polo” should be able to advertise for free on this site – why not?
Ha! ha!
Yes- Bubbleboi- it seems that everyone is eager to buy in that building now that it has been on the market for over a year and has had a $30,000 price reduction.
Didn’t you know?
I’ve also never heard of “SoHo of Greenwich Village”- it’s either “SoHo” OR “Greenwich Village.”
My husband and I have been going back and forth with this place. Location is spectacular. We are totally urban (no car) and love the proximitely to public transport. The assessments, while comparatively low, seem high for including nothing but scavenger service. The elevators have not been “done.” We’ve been told the owner/developer is placing $5000 in the elevator “fund” with each closing to upgrade the elevators. The front sign shows 30% sold. Don’t know if this is exactly true as only 8 units have closed one of which belongs to the owner/developer. While the kitchens and baths don’t exactly conform to the vintage look, you can subway tile the place to death if you want. Those choices are yours to make upon closing. I’m more concerned about the guts/security of the building. There is no condo board in place because insufficient units have been sold. ARRRRRGGGGHHHH! This one is a tough call simply because the broker is really willing to negotiate as far as “upgrades” go.
Jill:
There are no good answers to your questions.
I believe that a developer has to turn a building over to the association within 3 years- units sold or not. (But the lawyers on here who know the exact rules can fill us in on how that works.)
We’ve also discussed the costs of the elevators and the “bones” of a building with some of these conversions before. Can people please provide your expertise again?
A bunch of these units were rented- but that is true in many of these conversion buildings where the developer can’t sell for the current prices.
I can’t speak for this developer but from what I’ve seen, and heard, around town- many are renting out units and “waiting” for the market (and prices) to improve by next year (or perhaps the year after that.) They’re unwilling to really lower prices to move units.
Thanks for that Sabrina. I’ve sent yet another enote to Barbara J. O’Connor (listing agent) re: actual work performed on the building. We’ll see if I can get a reply this time. Not sure if the units are being rented out because they are completely unfinished. We’ve checked out quite a few to confirm this. The owner/developer waits for a contract and then begins the 60-day finish. The price we have been quoted includes extreme kitchen/bath upgrades and $495K selling price. That price also includes an additional 9K credit. I’ll check for any legal replies that might filter in.
Updates on the units in post:
#1A lowered from $345,000 to $299,900 contract pending 5/12/08
#9A still on market for $880,000
#3C lowered from $515,000 to $485,000 still on market
#4B lowered from $530,000 to $500,000 contract pending 5/9/08
There has been another closing:
#1B listed 6/21/07 for $330,000 closed 4/1/08 for $295,000
There are three more on the market:
3A listed at $740,000
5B listed at $525,000
9C listed at $660,000
The developer’s listings included: “SPRING SPECIAL: $20K OFF LIST PRICE ON NEXT 2 EXECUTED CONTRACTS.” It’s not clear if the two pending contracts are the “beneficiaries” of the discount.
Interestingly, this past “Winter Special” was listed as 50K off. Sales failed to materialize. Hence, “Sping Special” offered at 20K off. This though after having lowered the prices by 30K. Winter/Spring/Winter/Spring…what the heck right? Sales just aren’t happening here. Period. BTW, initially sales included full “finished” closets (White Melamine) and W/D. These items are NOT included today. Perhaps the 50K discount paid for those 2 items! While the front and back doors have buzz-in type security systems, the back door has a plain glass pane way too easily broken. Trash is to be disposed of by each owner via the elevator. There are no trash shoots on each floor. Further, garbage disposals are not allowed. Minor details I know but details nonetheless.
would they have to re-do the plumbing to accomodate disposals?
does anyone know who the developer of this project is?
i wonder if they are running into financial trouble here, and/or on other projects? if the bank takes back this development, will they cut the prices to move the units? or rent them out?
i’d be nervous to buy into any new conversion that isn’t almost 100% sold out. Even then, because there are so many new owners, there’s a serious risk of foreclosures in any new conversion/development.
The developer is Nina Yefimov of Absolute Builders. This spring, we retracted our offer for a unit coming to the conclusion that, among other things, the building is really not a “secure” building. The developer is giving away the farm, so to speak, and willing to upgrade to the max. In the end and after much due diligence, we discovered many potential and eventual problems with the structural aspects of the buildling. Trust me, those relatively low assesments will sky rocket in a short period of time. The developer resides part-time in one of the top floor units but is rarely available. It often took the broker 2-3 days to reach her with our questions. I have a sneaking suspicion that 433 will become a rental. It has been sitting virtually empty for 3 years. Too risky for my blood.
Margo – Nice ot hear there are such smart buyers out there.
I personally would shy away from ANY new conversion/construction. if the building doesn’t sell out at the current prices (a very possible situation for any new development), then the prices will be reduced – either by the current developer, asumming he’s still in control of the project, or the bank. Even worse, the building could be converted to rentals.
What does it mean that one is supposed to dispose of trash via the elevators? Take the elevator down to dispose of it and then ride it back up? Or leave the trash in the elevators for workers to dispose of it? Either way, that sounds like a major inconvenience (I am guessing it’s the former).
Thanks for the compliment bubbleboi but money down the drain (or disposal)chaps me something fierce. Even when this developer tried the old “price reduction” trick they failed to sell one unit. I’m with you in that unless Ms.Yefimov has unlimited funds, it’s going down rental road.
Rachel, I checked into the trash situation and yes, one is to take the elevator downstairs, into the back hallway, and proceed to the alley where the assigned bins are located. We happened to be at the building one day when one of the unit owners was doing just that. I think that unsealed the done deal for us!