Sunday, March 25, 2012

Long journey for rare $3 million luxury single family home in East Lake View

We've been showing some $500,000-$600,000 condos on a fun and bustling street in East Lake View over the last couple weeks, which, reminded me of this single family home conversion pictured above.  We've also sold some condo listings on the 500 block of West Oakdale in East Lake View over the years.  For the past six years we've been watching the developments of this interesting property at 550 West Oakdale.

This attractive gray stone multi-unit building at 550 W Oakdale in East Lake View was bought in 2007 for $907,500.  It has been converted over time to a single family home for the purpose of speculative sale.  The home was last listed on the MLS in May 2010 for about $3 million and then eventually went off the market asking $3.7 million in March 2011.  There has been no other MLS listing in the past 12 months for the house, however, a Ring Realty "for sale sign" is in front of the house (Ring is also the name of the property owner according to public records).

The vintage facades of 550 W Oakdale and its neighbor
Single family home sales (and available homes) are pretty rare to come by in East Lake View ( a dense city area east of North Halsted to the lake and between West Diversey and West Sheridan). I only see three (3) single family home closings over the last 12 months in the East Lake View neighborhood.  The three homes sold respectively for $750,000, $930,000, and $980,000. All three were vintage buildings (built pre-1900) of various size lots and conditions.

Currently, there are only two MLS listings for true fee-simple single family homes on the market in this East Lake View area.  One is in the historic district at 579 West Hawthorne Place asking $2,995,500 (50x130 lot). The other listing is for a 9 home proposed new construction development with one listing offered on a 28 wide lot at 3022 N Lake Shore drive asking $3.9 million.

More Lake View posts HERE!

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