Friday, February 02, 2018

Sold! Clients buy vintage co-op at Edgewater Beach Apartments

You've seen it!  You love it! Edgewater Beach Apartments (EBA) building at 5555 N Sheridan Road, Chicago IL 60640 (all photos Eric Rojas, Broker, Kale Realty unless otherwise noted).
Congrats to our buyer clients on their purchase of 5555 N Sheridan Road Unit #1608 in iconic Edgewater Beach Apartments  co-op on Thursday The large two bedrooms, one bath vintage unit was a steal at $125,000.  Our out-of-state buyers intend to use the home as an "in town".  This bright home will shine after floors are refinished and a good paint job. The assessment is $949/ month which includes everything (Heat, Water, Gas, Property Tax, Common Insurance, Security, Doorman, TV/Cable, Exercise Facilities, Pool). The lakeside grounds, on-site maintenance, retail offerings and building amenities have you covered!

The bright living room and dining rooms need some love. The huge apartment has formal rooms and many original details.  Photo Eldorrado Chicago Real Estate
The co-op purchase is much different than buying a condo in many ways. Namely you are buying shares of the cooperative. Applications must be submitted and co-op board may interview and reject potential purchasers.  Prospective purchaser's finances are greatly scrutinized and minimum down payments (or cash deals) can be required.  Here's a basic comparison of condo vs co-op.

Great west views from the unit (lake views will cost you more!)
The Bryn Mawr Historic District and surrounding blocks offer dozens of shops, cafes and restaurants like Starbucks, Francesca's Bryn Mawr outside your door. Mariano's grocery store is a few blocks down on North Sheridan and the building is adjacent to lakefront paths and the beach. The CTA Red Line stop at Bryn Mawr is a couple blocks from the Edgewater Beach Apartments. The buyers will "car-less" when visiting their city home!

EBA's huge swimming pool and room built for a Wes Anderson movie! The pool restrooms, shower and locker room area have been renovated not too long ago.
Client Mark with real estate attorney Kent Novit.
18 apartments have sold in the last 12 months at Edgewater Beach Apartments. Prices range from $82,500 for a studio apartment to $425,000 for an updated 2000 sq/ft three beds, two and one-half baths home. The design of the building, views and various updates make each apartment home truly unique!

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