You’ll Pay 59% More For Your Own Secret Atrium Deck in East Lakeview: 559 W. Surf
This penthouse 2-bedroom in the Green Brier at 559 W. Surf in East Lakeview just came on the market.
But if it looks familiar, it’s because we chattered about it for several years in the 2010-2011 period.
See our January 2011 chatter here.
Back in 2010-2011, many of you thought it was overpriced at $299,900 due to the $915 a month assessment.
It ended up selling for $257,500.
If you recall, the top floor unit has a unique interior atrium that is private to the unit and which leads, via a spiral staircase, to a private roof top deck.
The listing says it was meticulously renovated, but the finishes appear to be the same as the 2010-2011 listing.
The kitchen has custom cabinets, stainless steel appliances and granite counter tops.
The bathrooms are marble.
It has central air, washer/dryer in the unit and parking is available for $17,500.
It has come on the market at 59% more than the 2011 price which was not a distress sale.
Will this unit command the high premium just 2 years later?
Joe Benjamin at Coldwell Banker has the listing. See the pictures here.
Unit #900: 2 bedrooms, 2 baths, 1600 square feet
- Sold in March 1993 for $200,000
- Sold in May 2003 for $275,000
- Originally listed in September 2009
- Listed in April 2009 for $349,900
- Reduced
- Was listed in September 2010 for $299,900 (parking is $25,000 extra)
- Reduced
- Was listed in January 2011 for $249,999 (plus $20,000 for parking)
- Sold in May 2011 for $257,500
- Currently listed for $409,900 (parking is $17,500 extra)
- Assessments are now $814 a month (they were $915 a month in January 2011) (includes the doorman and cable)
- Taxes now $8376 (they were $7586 in January 2011)
- Central Air
- Wood burning fireplace
- Washer/Dryer in the unit
- Bedroom #1: 15×22
- Bedroom #2: 13×10
I like it just not the taxes and assessments price me out.
“The listing says it was meticulously renovated, but the finishes appear to be the same as the 2010-2011 listing.”
It’s the same exact photos in both links, which means either the MLS is goofed up, or the buyer bought the furniture. Either way, a $150k markup in two years is ambitious. That is if one of the alternative definitions of ambitious is arrogant.
It’s a nice balcony with a box attached to it.
“It’s the same exact photos in both links, which means either the MLS is goofed up, or the buyer bought the furniture.”
What??? It’s completely different from 2011 (at least on Redfin). They painted and it’s completely new furniture (even on the atrium deck.) I don’t know what set of pictures you’re looking at but it’s the wrong one.
I’m WAY jealous of the 2011 buyer. Great deal for $258 — less so at $410. Either way, that roof deck and patio are awesome.
“I’m WAY jealous of the 2011 buyer.”
It was featured on Cribchatter for what- like a year? It was actually on the market for 2 years the last time. Not many on CribChatter even thought it was worth $299k the last time. If it was such a “deal” why did it sit there for years?
I’m just saying.
There’s an open house this Sunday if anyone wants to go and check out the atrium deck for themselves.
‘What??? It’s completely different from 2011 (at least on Redfin). They painted and it’s completely new furniture (even on the atrium deck.) I don’t know what set of pictures you’re looking at but it’s the wrong one.”
the link on this post points to Joe Benjamin at Coldwell Banker page. the previous post points to redfin and it shows the same pictures.. I swear i haven’t started drinking yet 🙂
” If it was such a “deal” why did it sit there for years? ”
Because people are very myopic and listen to what the MSM tells them and never do any thinking for themselves. The MSM told them “real estate is horrible, don’t buy it, you’ll lose your ass! in 2010, 2011, 2012, while in 2005,6,7 they were all real estate is the greatest thing ever if you’re not buying you aren’t making money!”
“the link on this post points to Joe Benjamin at Coldwell Banker page. the previous post points to redfin and it shows the same pictures”
The link on the prior post points to the *new* listing on RF, for $409,9.
Old pix here: http://www.urbanrealestate.com/virtualtour/MRD07490466
Agree with the poster who said it’s a nice balcony with a box attached. There’s nothing attractive about the unit, which was a big surprise to me, considering the vintage building which is so great on the outside. Was this unit original to the building or added on in more modern times? I realize that’s unlikely, but from the interior, it’s very hard to tell you’re in a 19th century building.
‘Because people are very myopic and listen to what the MSM tells them and never do any thinking for themselves.’
Ain’t that the truth. Seriously, what has *really* changed in the last years? Suddenly everyone who’s buying just doubled their salary, the national debt has been wiped clean, Springfield is now full of honest politicians, gas/food/utilities/insurances/taxes are half of what they were? No, it’s just that the earth kept spinning.
A few years ago I read a piece written by a sociologist (he was not a RE spin doctor) who said there would be a type of housing shortage when the public starting buying again – he was ridiculed off the pages. It wasn’t that he crunched these secret magic housing formulas to come to his conclusion, but rather understood that people are herds of cattle who move en masse *especially* now because of the huge amounts of information available to everyone, saturated with information actually. In other words, few think for themselves anymore. I fully expect there to be another RE bust again, and I fully expect there to be another boom again, and on and on, because that’s what happens. But when the masses zig, smart individuals zag.
Never underestimate the optimism of Americans. We can only remain bearish for so long before the optimism creeps back.
I think you’re right, Jenny. And there’s actually a lot to be optimistic about. Sometimes rallying stocks and housing can be harbingers of better times to come, and I think that’s true now.
Of course the market fell 200 points after I wrote that note about optimism. Guess I jinxed things.