Vintage With All the Bells and Whistles: A 3-Bedroom at 500 W. Barry in East Lakeview
This top floor 3-bedroom in 500 W. Barry in East Lakeview just came on the market.
Built in 1926, this is a 10-unit building with an elevator and rare, for buildings of this vintage, garage parking behind the building.
This unit has some of its original features including the original carved stone mantle and a wood burning fireplace with a gas starter.
The living room has a south facing bay window and built-in bookshelves.
The listing says the dining room can seat 12.
The unit has what the listing calls a custom chef’s kitchen with white cabinets, soap stone counter tops, a white farmhouse sink, antique glass cabinets, exposed brick, and high-end Thermador stainless steel appliances including a 6-burner stove top, double oven/microwave, a built in refrigerator and warming shelves.
There’s a coved hallway to the 3 bedrooms.
This is a rare vintage unit that has an actual master suite with 4 windows and an attached bath with double vanity, heated floors and a marble shower.
The second bedroom has 2 French doors, one which leads to the 13×10 balcony which has a natural gas hook-up for barbecues. With this being a top floor unit, there’s no other balcony above this one.
The third bedroom is also en suite.
The unit also has other unique features including all of the lights on dimmers and whole house stereo.
It has the features that buyers look for, that you can rarely get in vintage units, including central air, washer/dryer in the unit and garage parking.
Additionally, there’s parking for guests, private storage and common bike storage.
If you love vintage, but want modern updates and outdoor space, is this a unicorn unit?
Scott Curzio at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #5E: 3 bedrooms, 3 baths, no square footage listed, top floor
- Long time owner
- Sold in April 2017 for $550,000
- Currently listed at $839,900 (includes garage parking)
- Assessments of $1030 a month (includes heat, parking, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $10,956
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- Bedroom #1: 17×13
- Bedroom #2: 15×13
- Bedroom #3: 13×8
- Living room: 22×17
- Dining room: 17×15
- Kitchen: 15×9
- Foyer: 10×8
- Deck: 13×10
ssssssssssssshhhhxxxxxxxxxxxxxxxxxxxxxxxxxxt I like it.
What’s the catch?
“What’s the catch?”
$170k down and $5300 ongoing monthly payment? It’s not cheap for Lakeview…
I know somebody who got a 4 BR/2 BA place within three blocks of here for $300k less…similarly updated vintage (perhaps a bit smaller) but no parking or outdoor space. Laundry and A/C were included and HOAs were about half. So, you’re definitely paying for all the “bells and whistles.”
Pretty similar unit a couple blocks away that came on the market today for $300k less. Crazy good HOA fees of $359/mo.
https://www.redfin.com/IL/Chicago/2946-N-Pine-Grove-Ave-60657/unit-2/home/13372310
No parking or outdoor space unfortunately, but a modest amount of cash could upgrade it to be comparable to the feature.
“Pretty similar unit a couple blocks away that came on the market today for $300k less.”
Well, it is missing a bathroom and a dining room, along with the outdoor space, and it isn’t the top floor. But is a nice looking place.
“Pretty similar unit a couple blocks away that came on the market today for $300k less.”
I’d take the modern eat-in kitchen / family room & dining room combination over a formal dining room any day.
“I’d take the modern eat-in kitchen / family room & dining room combination over a formal dining room any day.”
sure, but it’s also an added 240sf that doesn’t come free.
“sure, but it’s also an added 240sf that doesn’t come free.”
It all depends on market reaction –it is a matter of perspective. If a boxed-in kitchen and separate formal dining room won’t work for a family (and I’d argue for most young families in Lakeview it wouldn’t), are they really willing to pay the incremental cost for it, just to have to go through a major renovation?
By your logic — a grand foyer also doesn’t come free. This is irrelevant as there are few buyers who see grand foyers as a necessary feature.
I like this place. Classy.
I prefer formal dining rooms. However, the nice thing is you don’t have to use it for a dining room. The dining room can easily be a media room or playroom for a family.
The living area is large enough for a real dining room table along with proper sized sofa anyway.
I find unless you are spending a lot, most developers use “open family concept” to really mean you don’t have enough space for both large size living room furniture and full sized dining room table. Call it open floor plan and people are so blinded by the glitz they are too stupid to realize they are getting short changed on square footage.
Sizable foyers like this seem like wasted space until you have a family and need room to store strollers, multiple pairs of shoes, bookbags, coats, etc.
“people are so blinded by the glitz they are too stupid to realize they are getting short changed on square footage.”
Well, add to it the lying realtors who call an 1800 sf condo 2750 sf, and claim it’s just a number.
Anon, you ain’t never going to let MG off the hook for that comment. LOL.
Nope. And he earned it.
I love this building and unit. The thing I worry about is maintenance. Would someone want to risk moving into an elevator building with just 10 units? Elevators are expensive to repair and replace. It’s great to have an elevator until it breaks down.
Oh, I’m so glad I’m past the days of storing strollers in the foyer and having a dining room double as a play room! But yes, points taken.
I like this unit a lot, but share Dan #2’s view that an older elevator building with only 10 units seems like it would cost a lot to maintain. The current assessment seems great–until there is a need for a significant repair!
I like the unit KK posted, as well, but there is a LOT of different between these 2: in location, type/size of building, classiness, elevator bldg. vs. walk-up, size, etc., so don’t really see it as a basis for questioning the price of this place.
We looked at a unit in the building in ’13, and absolutely loved it. We ultimately passed, as it was a 2nd (possibly 3rd?) floor unit and we figured the bulk of the assessment was for an amenity that we would rarely use (the elevator). Everything else about it was basically perfect.
Regarding dining rooms – I love having a formal dining room for hosting family events and dinner parties. Ours doubles as a home office, so it’s in use nearly every day.
A formal dining room has always been very important to me. I grew up in a vintage Lakeview condo with a formal dining room that we only used on Friday nights. In our current home, we’ve started using the dining room more and more often, besides just for family events. My wife at one point suggested tearing down the wall to make a combined kitchen/DR, and I argued against it. We have an older house, so a combo wouldn’t go with the rest of the place.
Another concern with the elevator: Insurance. I imagine it’s costly, considering the publicity some elevator accidents had in NYC the last few years. Someone I went to college with was killed in an elevator accident there in 2011 – a horrible situation.
“I love this building and unit. The thing I worry about is maintenance. Would someone want to risk moving into an elevator building with just 10 units? Elevators are expensive to repair and replace. It’s great to have an elevator until it breaks down.”
Before purchasing, it would make sense to find out:
1. How much is in the reserves
2. When was the last time the elevator was replaced
3. When was the last time the roof was replaced
We know from pictures from other units that have been for sale in the building recently that the back decking is fairly recent.
Elevators can last 40 to 50 years. But yes, ultimately, they need to be replaced.
“similarly updated vintage”
Thermador appliances including a double oven? Soap stone counter tops?
Heated bathroom floors with a marble master bath shower?
I’m dubious that it was anything close to the finishes in this unit.
“Pretty similar unit a couple blocks away that came on the market today for $300k less. Crazy good HOA fees of $359/mo.”
It’s in a different category, in my opinion.
No parking or outdoor space is huge. Both of those features are what makes this building a bit of a unicorn because you usually don’t get either thing in vintage. The Barry building even has guest parking, storage and a common bike room. All a step above in terms of amenities.
Also, the finishes aren’t in the same league. I like the look of both units, but there’s a difference between a Thermador 6-burner oven and a GE Profile one. At least $5,000 of a difference.
Then add on the double oven which has a microwave, the warming shelves, the custom built in refrigerator ($10,000???) and then all the custom cabinets in a difficult layout.
There are “nice” finishes and there are “luxury” finishes.
I get annoyed when they put cheaper finishes into new construction and then try and get $800,000. But in this case, you are getting what you are paying for as this was an upscale renovation.
Other than accessing the deck from the 2nd BR, not much wrong with it. They get bonus points for not having the TV over the fireplace
Would be a great home for empty nesters, small BR becomes a den/guest BR, BR with deck access becomes TV room
I live in the building for seven years in the aughts before moving to a SFH Bucktown. It definitely ticks most boxes for people who want vintage charm and up-to date convenience. It makes a great impression on people who visit.. The building was very well run, had ample and growing reserves, and was generally ahead of the curve on maintenance issues. The elevator had major overhaul while we were there. The association owns a rental unit on the ground floor which is a nice subsidy for the owners. The thing I miss most about it is living on one level (oh, and the Bagel.). What I don’t miss about is the street being frequently blocked by double-parkers and trucks. People also felt free to just park in the driveway too, completely blocking access to the building. It was constant and infuriating. Walking a dog around there is a pain too as most of the parkways have been fenced off. There are two small condos off the lobby which, at times, created an awkward political dynamic with the 8 large-unit owners.
“Would be a great home for empty nesters, small BR becomes a den/guest BR, BR with deck access becomes TV room”
Yep. It has 3 “bedrooms”, but it ain’t a place to live with 3 beds occupied most days.
“a difference between a Thermador 6-burner oven and a GE Profile one. At least $5,000 of a difference.”
Only if someone would pay you $1,000 to take the GE Profile one:
https://www.abt.com/product/126064/Thermador-36-Professional-Series-Stainless-Steel-Gas-Rangetop-With-Grill-PCG364WL.html
(yes, that’s the most expensive one)
The GE one appears to be ‘regular’ rather than Profile, and is about $1,000.
The Thermador panel ready fridge is $8k at Abt. And the combo wall oven (single oven + built in microwave–not a true double oven, accurately noted in the listing) is $5,500 from Yale or AJMadison–or, probably about the same as the GE package in the Pine Grove unit.
There is a *1,000%* huuuuuge difference between the appliances, especially in perception, so there’s no reason to exaggerate.
In a lot of ways this place is my dream place for being an empty nester.
What do people think of the price? Is $840,000 too much? About right?
“What do people think of the price? Is $840,000 too much?”
imo, depends a bit on association reserves and where they stand in the life cycle of replaceables that hoa would cover. If the roof and windows and elevator and boiler are all pretty new, and reserves are decent, so the assessment is likely to be stable for a while, might be a pretty reasonable ask.
if everything is old, and there are minimal reserves, feels a little rich.
AND is all relies on one caring about the nice kitchen–that’s probably about 10% of the value of this place, compared to a similar place with a kitchen like KK’s alternative (ie, nice and functional and newish, but not lux in any finishes).
Lots of variables, I guess. Good summary, Anon. Thanks.
I’m guessing based on comps that it’s going to go for less than $800,000, but I’ve been wrong before.
“In a lot of ways this place is my dream place for being an empty nester.
What do people think of the price? Is $840,000 too much? About right?“
Agreed on the place being pretty awesome
Personally, I think the price is pretty good (w/ ATFO’s caveats). Especially if you don’t want a vintage building that’s been hacked to create an “open” concept.
I think the prop taxes will see a significant jump pushing this to a rental equivalent to near $6k/mo. Depending on what you want, $6k/mo can put you into a pretty swanky 2/2.
It would be well under $6l/mo for me, Johnny. We’d sell our place now (which we own in full) and use the proceeds from that and savings to pay cash for this unit. Costs would just be property tax/assessment each month. About $2k/mo.
The economic decision to pay in full, is yours and I won’t go into the opportunity costs
Like I said earlier I’d expect the property taxes to jump significantly but it would still be a very manageable $2600/mo nut.
If this goes for <$800k w/ parking & guest parking it’s a steal IMO and reflects a lack of demand for higher end updated Vintage properties
So Johnny, you’re saying better to just take a mortgage for say, half the price and keep the rest of my money, but pay $1,000 more a month in mortgage costs?
I definitely get the idea of not having too much savings tied up in a home. That makes sense. But for some people more than others. It depends on how liquid you are, otherwise.
Would love to hear more about how you see it.
Thanks.
“In a lot of ways this place is my dream place for being an empty nester.
What do people think of the price? Is $840,000 too much? About right?“
It’s a lovely property. It’s rare to find one with all the bells and whistles, as you know. You’d have to see the other comps in the building and anything else that even comes close nearby.
But given that duplex downs are selling $800,000 to $950,000 in this neighborhood, also with parking, it doesn’t seem that outrageous to me.
“I live in the building for seven years in the aughts before moving to a SFH Bucktown. It definitely ticks most boxes for people who want vintage charm and up-to date convenience.”
Thanks for checking in “ex Barry” with some insights in what it’s actually like to live in the building.
D2
Like I mentioned, I don’t know your situation but here’s a few random thoughts
I’m a big believer of being debt free. It affords a lot more freedom. So in general, I’d want my home paid off ASAP
are planning on staying for the long term (>10+ years) and including retirement. I think there’s significant risk in Chicago RE ranging form increased property taxes and negative appreciation.
On retirement, is there anything keeping you in Chicago? Family, you like it and it fits your lifestyle?
It might be worthwhile to pick a lower income tax state as your main domicile and send 49% of your time in Chicago
FWIW, were in the predicament I noted above – love a location but can’t fully commit due to the kleptocracy where the risk>reward. .Gov there are a dumber version of Chicago pols
“Gov there are a dumber version of Chicago pols”
Hmmm. Orleans Parish, most of New Jersey and parts of Rhode Island come immediately to mind.
“Hmmm. Orleans Parish, most of New Jersey and parts of Rhode Island come immediately to mind.”
Sad to say, even dumber and more corrupt – USVI
It took decades of poor leadership from both parties in Illinois to make the state practically bankrupt. Remember, Republicans were governors for the majority of the last four decades. They don’t get a pass.
I’d like to find a state less poorly managed, of course, but family and job reasons keep me in Chicago for many years to come. The 49% idea would be nice if it weren’t for being tied to jobs here, one of which (my wife’s) is not one she can do from long distance,.
Still, those are great points you make about possible rising p-taxes. We might wait 10 years and see which way the wind is blowing.