Your Atrium and Private Roof Deck Just Got $54K Cheaper: 559 W. Surf in Lakeview
We last chattered about this 2-bedroom in The Green Brier at 559 W. Surf in Lakeview in September 2010.
See our prior chatter here.
At that time, it had just been reduced $50,000.
One of you thought it would need to be reduced another $50,000 due to the higher assessments and taxes. Another thought it was a good deal at the list price.
Since September it has been reduced another $54,100.
The unit has a unique interior atrium that leads to a private roof top deck.
The kitchen has been updated with 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 $20,000.
The unit is now listed $5,001 under the 2003 purchase price.
Is this a deal?
Joe Zimmerman at @Properties 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
- Currently listed for $249,999 (plus $20,000 for parking)
- Assessments of $915 a month (includes the doorman)
- Taxes of $7586
- Central Air
- Woodburning fireplace
- Washer/Dryer in the unit
- Bedroom #1: 15×22
- Bedroom #2: 13×10
There is nothing worse than a newly updated kitchen that looks horrible. The seller wants to charge for the upgrade and the buyer feels bad getting rid of a brand new ugly kitchen. I mean what’s up with the Amish look in the city?!
WOW, but E. Lakeview is getting CHEAP. I’m seeing more great deals in this great nabe all the time.
Mind you, this unit is boring and sterile, and doesn’t have the vintage charm of the other units in this nice old building, but it DOES have ample space, a new kitchen (whether you like it or not) and its own outdoor space, which is very rare.
Looks like a good deal for the money.
Also what’s up with tiny windows? Looks like a ship cabin…hehe
But you are right about the space Laura.
•Assessments of $915 a month (includes the doorman)
•Taxes of $7586
Well, redfin has the taxes listed at $8,552. I’m guessing that the $7,586 was what the taxes used to be. A $1,000 increase in taxes is really not what this place – with its $915/mo. assessments – needed to sell. $1,627/month before any kind of mortgage isn’t such a deal…
the 275 price isnt really that bad for a nice place like this until…
…
…
…
you see you have to pay $1000 a month for ass fee’s which we all now wont be going down just up. add to that the $650 a month in taxes
OUCH
i know just for what you pay in ass fee’s and taxes can get a damn good rental in the city
“UNIQUE” is realtor speak for flawed. Those windows are horrid.
somewhate off topic, but has anyone ever worked with those “we buy ugly houses” people? I’m assuming they do something like pay you 10 cents on the dollar for your home based off their own generated CMA? Is there more to it than that?
“Is there more to it than that?”
Yes. They then find a rent-to-own “buyer” who will pay extra over comparable rent towards “purchasing” under terms that never result in an actual sale until the “buyer” gets a clue and moves out. Then its lather, rinse, repeat.
I’ll just third what Jon and Groove said. Combined taxes and assessments are awfully high for this place.
Likes:
Atrium
Rooftop Deck
List Price
Dislikes:
Windows
Taxes
Assessments
In summation Dislikes > Likes. I could drink a lot of beer in that atrium, but do to the high taxes and assessments I would be paying, it would likely be Milwaukee’s Beast and not something like Fat Tire. Plus I cannot sit outside all year long in Chicago and staring out those prison windows would make me sad.
G: I’m glad to see someone else agrees with me on the rent to own scam.
“I’m glad to see someone else agrees with me on the rent to own scam.”
but john madden and hulk hogan told me its ok.
but really the payday loan, title loan, HR Block, Jackson Hewit, rent a center, URB rehab, UG buys ugly houses are all raping the lower and poor communities. yet when our law makers are asked to stop them or real them in they cant cause their pockets are lined with cash from their “contributors” who are the wonderful people who own these scams, oops legit business.
google up a comment of our rep luis gutierrez said about the payday loan peoples
I would love to see the annual association budget for this building. I wonder how much longer doormen will be used at buildings like this. Is it really worth thousands of dollars a year for someone to sign for your packages? How much added security does it add over a key fob front door lock system?
The taxes seem high enough that you’d think they could be appealed down.
Yep, assessed at a value of 607,790! Owner must be a moron for not appealing.
Obviously former servants quarters/storage/laundry converted to living space with the conversion. That atrium seems really confined. Is there actually a doorman here? I don’t think the similar building across the street has one. Prices really are tanking.
Groove – H&R Block got hosed by the gubmint. No more usury loans. And what’s pathetic? People aren’t happy that they’re not getting the loans. They’d rather loose $3-400 to a data entry scam and get their money a few days sooner. Makes no freaking sense.
Did just what you said Groove: http://www.progressillinois.com/2009/4/6/gutierrez-payday-loan-ban-not-possible
assy’s kill this place.
sell for 220k w/parking…tops
You can lead a horse to water but you can’t make him drink.
So if you appealed the taxes and they dropped in half, would this be a good deal?
Also does anyone know if the extra high assessment is the result of a special?
I’d love this place at this price, but the taxes and assessments kill it for me too. The Redfin listing says they have $909K in reserves, surely they can afford to cut the monthly a little if they’ve got enough to brag about it?!
Assessments are a killer, location is absolutely IDEAL for a nice city 2/2. This building always trips me out though since I feel like Jack climbing the Beanstalk into giant land. Very nice place all-around, though.
It would be even better if somehow that small-scale grocer-Walmart pseudo-proposal ever happened right there at Surf/Broadway. SELV desperately needs an affordable grover, but c’est la vie.
I don’t remember there ever being a doorman in this building, or a concierge. Possibly a maintenance man is on the premises during the day hours.
I’d really like to see the budget breakdown for this building.
Speaking of grocery stores in E Lakeview, I wonder if Dominick’s will ever break ground for their new store they planned on the site of the old one that burned down a few years ago, at Broadway & Wellington. Thing is, it was planned as a multi-story, multi-use building with three stories of condos above, then parking, over the store, which was to occupy the entire footprint of the property. But then the market fell apart and it’s doubtful anyone will want to build $400K condos in Lakeview anytime soon.
“Speaking of grocery stores in E Lakeview, I wonder if Dominick’s will ever break ground for their new store they planned on the site of the old one that burned down a few years ago, at Broadway & Wellington. Thing is, it was planned as a multi-story, multi-use building with three stories of condos above, then parking, over the store, which was to occupy the entire footprint of the property.”
There’s always been such conspiracy theory about that. The deliberate arson theory is my favorite just because it sounds so… plausible?
The 3030 project was such a failure. There was Daley associated corruption, too (city pension fraud, iirc?) — quickly swept under the rug. They basically just don’t want to Lease the land to Dominick’s (they could have years ago, just like they did when it existed, if they wanted) unless they can make money off residential units or possibly sell them the mixed-use commercial as a commercial condo.
Even with Martino/Tunney constantly chirping about how it’s needed — and the LVCC, I might add — it won’t get done. They want more money on Re$$$$idential sales than what a Dominick’s land-lease could ever give. Once Dominick’s is in, it’s in forever. That’s why it just sits as a parking lot.
I can’t believe it was arson because that was surely the most profitable store Dominick’s had in the area on a per-square-foot-basis.
Looked like a DREAM to me, business-wise….. here was the fugliest, most cramped, run-down store with the smallest selection, in one of the wealthiest, highest density neighborhoods in the country in a location on street with great foot traffic, and a huge captive market of well-off people who had nowhere else to shop for many blocks. The grocery store on Diversey is so overpriced and understocked it hardly counts as competition.
This is another thing….. it disgusts me that politics plays such a part in the formation of a business. I mean, here you are a major chain store like Dominick’s or Aldi’s or TJ, and you want to place a store in a particular location. You are spending your own money and you’ve reached an agreement with the ownership of the property, or you own the property. The property is zoned for your use. So how can an alderman or mayor legally (let alone morally)block you from putting your business in place, given you meet the conditions listed?
Yet Joe Moore, 49th Ward Alderman, tried to block the Aldi’s at Granville & Broadway, which believe it or not is the very south tip of the 49th ward. I think you are looking at three different wards on that street corner. Were it not for Moore’s obstruction, we might have had an Aldi/Trader Joe’s like the one on Clybourn, which makes my ears smoke with envy.
The whole situation- politicians able to obstruct a business no matter how legal it is, plus our death duty taxes and the ordinary bureaucratic strangulation, make me very averse to every opening a bricks and mortar business in Cook County.
“I can’t believe it was arson because that was surely the most profitable store Dominick’s had in the area on a per-square-foot-basis.”
Laura —
Dominick’s doesn’t own that land.
Dominick’s LEASED that land.
The land owner will not allow them to re-Lease it and build a new store.
They held out for mixed-use in a dream to make big payoff from a developer that would sell chintzy residential units on top of it.
It’s not Dominick’s decision on whether to build there or not again. They would have started reconstruction within months of the fire if they could. They have been denied the Lease.
boiztown, I didn’t know they’d been denied another lease.
That is a blow to the neighborhood.
I can’t imagine where else in E Lakeview they could build.
It seems like a very nice unit in a very nice area and it has all the must haves to make it an ‘under consideration’ unit…if I were looking for a place for myself (when I return for work…yes I will be returning in Spring for a few projects with my Bro’s company.
Re: the need for a doorman. Here in NYC, after the oh so dramatic strike last year, quite a number of associations (esp in the UES) decided to do away with them in favor of electronic doormen and an updated security system/method of entry.
Unless you reside in an exclusive co-op, of which there are nearly none in Chicago, the need for them is not an attractive amenity.
With nearly a mil in reserves, I don’t see that being increased that much in the near future barring a major repair being needed.
I don’t see much wrong with the kitchen…or the entire unit, that a creative type could not fix.
This brings us back to the importance of proper staging and upper level decorating…if only for the purposes of making a sale. A coat of color and new lighting would do wonders for the entire place…not an issue for most and at this price it should not be a deal breaker.
The odd windows could be overlooked with all of that outdoor space…again not an issue.
Another point, since parking is available for $20 (are prices for spaces declining too?) why bitch about the proximity to a Dominics or Whole Foods? Jump in your car and do your business instead of whine about the Politicos dragging their feet over such an issue.
We all know that will never change.
“Unless you reside in an exclusive co-op, of which there are nearly none in Chicago, the need for them is not an attractive amenity”
Ha ha ha ha ha – westloop – I know you talk the big talk but this statement is leading me to believe you have never lived in a building with a doorman.
Doormen are of SIGNIFICANT benefit and I wouldn’t consider living in a building without one.
Here are some of the things that they do which I find invaluable:
– sign and accept packages/deliveries when you are not there (probably the best feature of a doorman)
– get cabs for you (all you have to do is call down and they will get one – also, when the cab comes, they will call you)
– greet visitors/company – there is something nice about your guests being greeted by a person and directed to your unit instead of a buzzer.
– make sure nobody follows you in to your place late at night – great deterrent for criminals.
– serve as a “watchman” to make sure nothing suspicious is going on
– watch your car if you are unloading stuff (to make sure you don’t get a ticket/towed)
– mail things for you
– keep a set of keys for you so when you lose yours – a set is available
– gives a general sense of stability and safety
All of these things are invaluable – I couldn’t imagine living in a building without a doorman. I am sure I could get used to it – buy why?
Clio,
Now, for the first time, I am going to dramatically disagree with you-I changed my name btw, this is AndrewT.
Context is everything in real estate as you well know, so the comment you are making is nearing ridiculoso, per the piece of real estate we are talking here.
Your last paragraph makes sense only within a certain price point. At these price points, people are extremely price sensitive, therefore making the answer to your question a very obvious and easy one: because it adds %20 at min! to the cost of assessments, never mind the hassle of dealing with unions, etc.
All the other points you are bringing up are very much true, but irrelevant for this piece of real estate/or per the price point we are talking about.
spinoza – I was actually responding to westloop who was talking about coops and condos on the UES of New York – at that price point – minimum 1 million – most people value doormen. I totally agree with you about the subject property, though – the value of the doorman rapidly diminishes when it starts affecting sales.
Clio…clio…whatever you want to go by today.
I was raised in NYC ‘doormen buildings’ and know many who do still have them, although I do not live in one now. My grands still reside in their UES triplex and do truly value theirs. For me it is not something that is a must have.
The decision to not have a doorman is catching on quickly (in new construction buildings in NYC) in favor of high tech monitoring systems that do provide an extremely high level of security. Sure they might not provide other services, but in an era of cutbacks in high rises, coops included, many feel they can do without this amenity.
You do have to admit there aren’t that many in Chicago, right?
And while you to do LOVE to…LIVE to ‘talk big’, it seems as though it is only recently that you have been introduced to this type of arrangement.
You like it? Fine no one is attempting to deny you of this amenity. But at this price point, I see it as something that probably will be taken away and probably for the better. Let a Special Assessment be levied against the owners and I guarantee you it will be a thing of the past in no time.
So like so many other things you comment on here at CC, know a bit more of what you speak of before you send out your ‘my shit don’t stink’ type comments…
Just a suggestion…
westloop – I don’t want to pick a fight with anyone – but there are always two sides to a story. I actually have always had an in-town since boston (sf and chicago) and, at first questioned the utility of having a doorman. However, after having one for the past 15 years, I absolutely wouldn’t be in a building without one. I absolutely understand your point about the added expense – and realize that many buildings are doing away with doormen – and that is great – but don’t generalize and make it seem like it is going to be a thing of the past – it won’t because there will always be a contingent of people like me that value the benefits of a doorman.
I have to agree that for most average people (like me) having a doorman is not something crucial. Currently, I live in a building with reasonable assessments that has one, but for someone living in a unit like the one featured here which costs $250K, nearly $1K a month in assessment seems excessive specially if it is to cover a doorman. The advantages of the doorman you mention Clio are not that necessary to most people. That being said, of course someone who wants to live in an exclusive luxury building for sure should cough up the money for a doorman.
Know what would be very useful when interpreting/analyzing comments on Crib Chatter?
If the regular posters would submit photographs of THEIR homes along with the relevant financial data (price paid, assessments, taxes) and property details (location, air conditioning, parking, appliance brand names, room sizes, and view(s) [if any]).
This would be invaluable in assisting those of us trying to make informed purchase decisions to judge the utility of the commentary here.
okay so to sum up: if two buildings each had a unit available and everything else was equal, Clio would buy the one in the building with the doorman, while Westloopelo and others might choose the other one.
In that case Clio, you would be absolutely right. I think, in a truly high end building, it would be stupid not to have a doorman actually.
Westloop,you seem to be suggesting there are high end high rises without doormen in Chicago? Is this what I am understanding? If so, you are absolutely wrong. I don’t know a single highrise in the city, in the established neighborhoods, without a doorman, and not even breaking down by high-end here.
Spinoza, how about the Contemporaine?
Anyone have any info on the regatta at 420 waterside? Is it safe to purchase there? Good renter/owner ratio? Healthy reserves/condo board?
Hey aren’t they building a new Trader Joe’s on Diversey not far from here? I thought where the Barnes and Noble used to be…
“If the regular posters would submit photographs of THEIR homes along with the relevant financial data (price paid, assessments, taxes) and property details (location, air conditioning, parking, appliance brand names, room sizes, and view(s) [if any]).
This would be invaluable in assisting those of us trying to make informed purchase decisions to judge the utility of the commentary here.”
Send me a check, and I’ll get right on that. I’m sure some others would, too. At least 5 zeroes to the left of the decimal, if you don’t mind. Once my check clears, you can have all the details.
Perhaps I should put my last three W2’s online as well, would Facebook work for this information Angeleno? I’m with anon on the value, happy to do it.
I would think the utility of the commentary here is the diverse, anonymous opinions on the properties and neighborhoods rather than you self selecting into a similar group of peers.
The assessments are high because this is 2 units combined into 1. The building has a doorperson who serves this building and 550 across the street. Most people in the association pay about half this assessment.
“I would think the utility of the commentary here is the diverse, anonymous opinions on the properties and neighborhoods rather than you self selecting into a similar group of peers.”
1. It’s the [unnamed regular] school of thought on the relaibility of people’s opinions–if you aren’t [of a certain class] your comments aren’t valid. Standard comment-section bully tactic, really.
2. Everyone here gets what they pay for. I’m sure G would be happy to sell Angeleno some hard data, if s/he is willing to pay for it.
Kenworthey,
While Contemporaine is my favorite residential building in the city, from the stand point of its architecture-not very familiar about how well it’s constructed-CMK makes me a bit nervous; I have no idea on how it is run. I think though that a building of that size, which is rather very small, can handle the lack of doorman.
As I said, I don’t any high-end buildings that are above a certain size, that do not have a doorman. There may be one or 2, but that would be an exception. Mainly, because, more than the convenience factor, above certain size, it becomes a logistics issue.
And since you bring up that building, I am going to go ahead and assume that you have good taste. I find so far that It’s always a pleasant surprise around here.
I kind of agree w/ angeleno – although I know that would never happen. It IS vital to know the source of information before judging it’s degree of importance in the discussion at hand (again, if you are 48y/o make 600k/year and are in the market for a 2 million dollar house in kenilworth, are you really going to listen to the advice of a 26y/o intern making 40k and renting a studio in LV?).
“again, if you are 48y/o make 600k/year and are in the market for a 2 million dollar house in kenilworth, are you really going to listen to the advice of a 26y/o intern making 40k and renting a studio in LV?”
and why is that? i would really like to know the thought process in this statement.
Spinoza,
I never stated there were NO doormen in Chicago. I know there are some, not disputing that fact.
Remember though, there are a number of different positions to hold in the upper level buildings, esp here in NYC. It is not that hard to differentiate between a doorman, a concerige, a front desk attendant, etc.
When I think of ‘doormen’, I picture those who work at my Grand’s UES building…men in tuxes who actually open the door and say a few kind words to you upon entering/leaving. Those are the doormen I am referring to.
“are you really going to listen to the advice of a 26y/o intern making 40k and renting a studio in LV?)”
Clio – listen??…of course you should listen. But wether to agree or follow the advice is a completely different question.
“…i would really like to know the thought process in this statement”
Me too. Who is he saying is a 26 yo intern? Clio?
“Me too. Who is he saying is a 26 yo intern?”
G, of course. Don’t we all know that G’s just some data monkey stealing some of his boss’s data to post here? And that’s why he’s so careful?
And, of course, the people who say “why should I listen to you” have demonstrated all *their* bona fides sufficiently to cast stones. There’s no need for *them* to post pix of where they live, since the walls wouldn’t show up very well anyway.
Clio is correct. Most comments here are too generic hence mostly irrelevant. Each buyer category has different motives, goals, needs, concerns in how they go about buying real estate.
So, between an intern who live in a studio and a family who is considering to buy a property in a decent neighborhood, in the city, distinctions are lost in the statistics and data offered in regards to the real estate market.
Yes, the market has affected all price ranges and all neighborhoods and all types of properties, but not with the same weight, at the same level.
“Yes, the market has affected all price ranges and all neighborhoods and all types of properties, but not with the same weight, at the same level.”
I don’t believe there has been even one single housing bear who has ever argued against this here. There have been many bulls who have tried.
“I don’t believe there has been even one single housing bear who has ever argued against this here. There have been many bulls who have tried.”
I need to see your bank statement before I can judge the veracity of your opinion. Please also send a pound of flesh, and proof that it is yours, not from someone else.
if after a couple of weeks around here you can’t figure out who offers smart posts and whose are mostly silly .. well you’re probably not making smart posts. and usually there is little correlation between intelligent post content and self proclaimed riches.
“if after a couple of weeks around here you can’t figure out who offers smart posts and whose are mostly silly”
so what your saying is if i post something like this;
#Groove77 on January 31st, 2011 at 9:32 am
Arguing how fast someone walks or how long it takes to walk from x to y is like dating a transgender person.
you can keep trying for a home run but there is always a man on third”
i should provide my W2, my mortgage statement, my wifes birthmark to prove that what i say should be valid?
no, I am arguing against w2s adding validity. the man on third is there regardless of groove’s age/wealth. if you are smart you realize this, if not you swing for the fences and find out for yourself.
“no, I am arguing against w2s adding validity. the man on third is there regardless of groove’s age/wealth. if you are smart you realize this, if not you swing for the fences and find out for yoursel”
oops CH, I copied and pasted the wrong quote, my bad. i really should proof what i post, maybe one day.
and now for a correct copy and paste of a quote;
“if not you swing for the fences and find out for yourself”
always easier to hit the ball when your swinging with two bats.
Unit finally sold, first things that the owner needs to do is appeal the property taxes and take a hard look at the monthly assessment.