Photo: Dennis Rodkin
List Price: $200,000
The Property: The last unsold of seven condos in a thoroughly renovated Ukrainian Village building, this two-bedroom has decks on two sides, windows on three, and is just a few blocks’ walk from Division Street’s ever-more-popular array of al fresco dining venues.
The condo is big on finishes: nice stone in the kitchen and bath, surround sound speakers, and iPod docking stations, among other things. But it’s a bit small in the bedrooms. One is nine by ten feet, the other eight by ten. Really, this is more a one-bedroom with a den. But according to the listing agent, McKinze Casey, “I’ve looked at all the [comparable properties], and even the crummy one-bedrooms aren’t priced this well this close to Division.”
Beyond the bedrooms, the home lives large. Having windows on three sides (north, south and west) really opens it up, and the balconies extend the living space. High ceilings and an alcove that contains the in-unit laundry machines add to the openness.
The other units in the building sold for between $215,000 and $285,000 in 2010 through 2012, “arguably, at a lower point in the market,” Casey says. In other words, its asking price is lower at a time when sale prices are ticking higher. Condos in the building that were this size and floorplan were in the lower end of that range. The developer had this one priced at $214,900 in 2011, then had it occupied by family members for a while. It came back on the market July 11 at the present price. “It’s priced this way because he wants to get it sold and move on,” she says.
The developer gut-remodeled the handsomely detailed vintage orange brick building. This condo is tucked at the back, sharing with a few other condos a long, extra-wide entry walk that is a huge improvement over the slim, dark gangway that many old Chicago apartment buildings have. It’s on a quiet block that is nestled into an elbow between the St. Mary campus of Resurrection Health Care and Roberto Clemente Community Academy. Along with keeping the block secluded, the location out of sight of Division means there’s always on-street parking available. That’s good news, because the unit doesn’t come with a parking space.
For more details on the condo, see the listing.
Price Points: For an investor, the condo might do well as a rental. Casey estimates that the unit would rent for up to $1,500 a month. The mortgage payment on a loan of $180,000 (assuming ten percent down) would be about $1,125. Monthly assessments are an additional $112.