Comments on: Rethinking the four-plus-one in Lake View http://yochicago.com/rethinking-the-four-plus-one-in-lake-view/12101/ New homes, apartments and condos for sale and rent in Chicago Sat, 20 Mar 2010 21:34:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Joe Zekas http://yochicago.com/rethinking-the-four-plus-one-in-lake-view/12101/comment-page-1/#comment-45958 Joe Zekas Thu, 22 Oct 2009 21:05:58 +0000 http://yochicago.com/?p=12101#comment-45958 I condo converted a very unusual 4+1 at 634-636 W. Webster, fronting Oz Park. The building had 16 residential units and an office space at ground level, with parking behind it underneath the building. The building had 8 studio units, and 8 2-story 2-bedroom 1 ½ bath units. There were two duplex units on the east side and two on the west side of the building, both front and back, with the single-floor studio units in the center, front and back. The rear units overlooked an alley while the front ones had great south-facing views of Oz Park. The architect compensated for the view differential by making the rear units larger than the front ones. In 1978 I sold the building out in about a month, with studios priced in the low $20s and 2-bedroom duplexes in the mid to high $70s. The most recent sales I could find were $170,000 for a studio and $342,500 for a 2-bedroom. One of my buyers (who shall mercifully go unnamed) bought 4 of the studio units, financing them with 90% individual owner-occupancy loans written by four different branches of the same savings and loan. I was holding 10% second mortgages on the units, and he walked away with cash at the closings from the prorations. I condo converted a very unusual 4+1 at 634-636 W. Webster, fronting Oz Park.

The building had 16 residential units and an office space at ground level, with parking behind it underneath the building.

The building had 8 studio units, and 8 2-story 2-bedroom 1 ½ bath units. There were two duplex units on the east side and two on the west side of the building, both front and back, with the single-floor studio units in the center, front and back. The rear units overlooked an alley while the front ones had great south-facing views of Oz Park. The architect compensated for the view differential by making the rear units larger than the front ones.

In 1978 I sold the building out in about a month, with studios priced in the low $20s and 2-bedroom duplexes in the mid to high $70s. The most recent sales I could find were $170,000 for a studio and $342,500 for a 2-bedroom.

One of my buyers (who shall mercifully go unnamed) bought 4 of the studio units, financing them with 90% individual owner-occupancy loans written by four different branches of the same savings and loan. I was holding 10% second mortgages on the units, and he walked away with cash at the closings from the prorations.

]]> By: Joseph Askins http://yochicago.com/rethinking-the-four-plus-one-in-lake-view/12101/comment-page-1/#comment-45954 Joseph Askins Thu, 22 Oct 2009 19:57:30 +0000 http://yochicago.com/?p=12101#comment-45954 Dan: That's actually the first link in the body of my post. :) Dan:

That’s actually the first link in the body of my post. :)

]]> By: Dan http://yochicago.com/rethinking-the-four-plus-one-in-lake-view/12101/comment-page-1/#comment-45951 Dan Thu, 22 Oct 2009 19:26:58 +0000 http://yochicago.com/?p=12101#comment-45951 For those that don't know what a four-plus-one is, below is a great site that provides explanation on this uniquely Chicago term. http://forgottenchicago.com/features/chicago-architecture/defining-the-four-plus-one/ For those that don’t know what a four-plus-one is, below is a great site that provides explanation on this uniquely Chicago term.

http://forgottenchicago.com/features/chicago-architecture/defining-the-four-plus-one/

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