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 …