After 300 days, Eddystone condo nears 2006 price

Unit 2C at 421 W Melrose St, ChicagoOn May 19, the three-bedroom / three-bath Unit 2C at The Eddystone, 421 W Melrose St, entered the market at $579,000. Three hundred days and four reductions later, it stands at $499,000. Will anyone show some interest before it drops another $1,000 and reaches its June 2006 sale price?

Kathy Murphy of Baird & Warner says the 2,100 square-foot home offers “yesterday’s elegance for today’s lifestyle,” and features original moldings, herringbone floors throughout, a living room with a large bay window, and 9-foot ceiling heights. The kitchen has granite countertops, stainless steel appliances, and a pantry, a family room features built-in shelves, and all three bedrooms have en-suite baths.

The home has in-unit laundry, and has been upgraded with new windows, electric, and plumbing. Residents have access to a roof deck with city and lake views, and parking is available.

2009 taxes are $5,671, and monthly assessments are $1,295, covering heat, water, gas, common insurance, door staff, cable television, exercise facilities, exterior maintenance, and snow removal.

In Lakeview East, most condos with 2,000 to 2,250 square feet have three bedrooms and two or 2.5 baths and are listed from the $340s to $720s, with a median in the $500s, according to Redfin. In the past six months, just four homes of this size have sold, at prices ranging from the $370s to $690s.

Among three-bedrooms with three or more baths, most homes have at least 2,400 square feet, and range in price from the $490s to $1.7 million, with a median in the $690s. Just two three-bedrooms with three or more baths have sold in the past six months, one in the $720s and another at $1.38 million.

Unit 2C at 421 W Melrose St, Chicago Unit 2C at 421 W Melrose St, Chicago

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