Façadectomy doesn’t forestall cashectomy at Metro on Melrose in Lakeview

When R.E.M. Homes gutted the 58-unit building at 519 W Melrose in 2006, it replaced the 4+1s original façade with a striking new red sandstone and glass curtain wall.

Nine years on the result, Metro on Melrose, looks great in comparison to nearby buildings of the same vintage and genre. The financial results for early buyers, however, have not been good.

Unit 413, a 1-bedroom, just came on the market at a list price of $230,000. It was purchased for $307,000 in October of 2006. The price included a deeded parking spot.

Unit 414, a 1-bedroom with a deeded parking space, was purchased for $305,000 in March of 2007. It’s been on the market for 45 days at a list price of $220,000 plus $20K for the parking space.

Unit 211 sold for $272,500 in September of 2006 and resold for $230,000 last month.

Unit 310 sold for $287,500 in December of 2006 and resold for $142,000 in August of 2012.

Unit 314 sold for $304,500 in November of 2006, $318,000 in May of 2007, $199,000 in March of 2011 and $220,000 in July of 2013.

Unit 404 was purchased for $293,500 in October of 2006 and resold for $237,500 in November of last year.

And so on …

COMMENTS

WORDPRESS: 5
  • Adam B. 2 years

    Hi Joe-Any particular reason why you call out this address? I imagine most condo’s in the area purchased around 2006 are in similar situations. What’s your point?

    • No particular reason other than that I was taking shots in the area recently and looked up our file photos of the property.

      There are many more similarly situated properties, as you note.

      I think my point is clearer than yours. What’s your point?

  • Adam B. 2 years

    I get it, just a random observation. Other than the timing of the remodel on this building, why do you think we didn’t see more of these 4+1 rehabs? Esthetically, the building is very attractive.

  • Adam B,

    I don’t think there’s much, if any, economic upside to redoing the exteriors. The 4+1s tend to be well-located, have good layouts and parking. Many of them have had apartment rehabs. They rent readily with as-is exteriors.

  • Adam B. 2 years

    That sir, is a good point.