New East Village condos at hard to fathom prices

Today’s new listing alert included two units in a building nearing completion at 622 N Ashland Ave on the eastern edge of Chicago’s East Village neighborhood.

Unit 4 is a 2,200 square foot 3-bedroom, 3-bath priced at $629,000, which includes rights to the entire roof. Unit 2, also a 2,200 square foot 3/3 has rights to the roof of the parking garage pictured above and is priced at $569,000. Each unit includes 2 deeded garage spaces off the very narrow alley also pictured above.

The 4-story building, according to the listings, has 3 residential condo units, an indication that the first floor commercial space is legally a separate entity.

The price of the units is difficult to understand, given the location. Ashland is a busy, noisy, unsightly thoroughfare at this point. There’s a body shop directly across the street, which may be a necessity come winter in light of the narrow alley access to this property’s garage.

The units have high-style finishes and higher-end appliances, which partially justifies the pricing. Buyers, however, can pick and choose from many condos on the attractive side streets in the area at much lower price points, and can easily find a number of much larger single-family homes for substantially less money. A 3,000 square foot, 4-bedroom, 4 ½ bath with a 2-car garage and a roof deck at 535 N Wood St, for example, is asking $549,000.

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