525 Hawthorne Place was built in 1969 and converted to condos in 2002. The 30-story, 233-unit building has a solid Lakeview East location overlooking Belmont Harbor. It also has a decent amenities package, including a large pool / sundeck and a fitness room.
The developer reported spending millions of dollars in upgrades at the time of the conversion, including new thermopane bay windows, tuck-pointing and concrete work. In August of 2007 the association levied a $1.4 million special assessment (pdf) for elevator modernization and façade / window leak repairs. Owners had the option of making a lump sum payment or paying 60 monthly installments beginning 11/1/07.
At the time of conversion entire floors were purchased by investors. Approximately 36% of the units in the building are rented, according to the Association’s website.
The number of rentals may be one of the factors that’s depressed resale prices in the building. Some examples follow.
Unit 203, a 2-bedroom, 2-bath is under contract at a list price of $175,000, parking included. It previously sold for $351,500 plus $24,500 for parking in August of 2005. Bank of America filed to foreclose a mortgage on the property in November of 2010, and a judgment of foreclosure was entered on December 1, 2011.
Eighteen months after it hit the market, Unit 1607 is under contract at a list price of $161,000. The 2-bedroom, 1-bath unit sold for $251,500 in January of 2004. It’s also in foreclosure by Bank of America.
Unit 2602, a 2-bedroom, 1-bath that sold for $289,500 in April of 2004 is currently asking $199,000 after 7 months on the market.
Unit 103 sold for $290,000 in October of 2005, for $147,000 in July of 2006 and for $56,000 in February of this year, according to the Cook County Recorder of Deeds.
Unit 1604, a 2-bedroom, 2-bath, sold for $385,000 in August of 2007. It resold, after a foreclosure, for $193,000 in March of this year.