Park Place Towers (655 W irving park) Thoughts??? (Chicago: renting, buying)

[lincolnparker]

The average assessment in that building is $700. Chicago60614 gives a pretty good range. The fee includes basic utilites, but does not cover cable tv and internet, like other highrises do. Also you are not allowed to have gas stove in your unit. Everything is electric, which can be a turn off.

Originally Posted by Chicago60614

I know a lot of people were very interested in this building and very low prices, but were all turned off when they found out many of the monthly association dues are around $800. Even for lower floors I think it's around $650. That's a lot for a monthly due! Even if it does include utilities...

[chicubs]

The assessments I've seen listed on craigslist and other sites are in the 300-450 range, I haven't seen anything close to 700.

[lincolnparker]

For detailed assessment info, go to Park Place

[Avengerfire]

Originally Posted by Lookout Kid

...It's not my favorite part of Lakeview (Broadway sucks north of Cornelia in terms of dining and shopping options)...

HUH? Jewel and Walgreens are both north of Cornelia on Broadway! There is also like 12 bars and like 12 places (and also like 12 fast food places) to dine between Cornelia and Irving Park on Halsted and Broadway.

Why would you have to only go to Broadway when Halsted has more action and a plethora of places to go to?

[Avengerfire]

Originally Posted by CarolinaBredChicagoan

A friend of mine lived in the towers right by there (3950 N Lakeshore). His complaint was that it was a little far from the action (for a highrise, anyway). It doesn't seem like it would be, but there really aren't a whole lot of options for food and drinks right around there.

Well within 1 block or so that would be true, but within 4 blocks there are plenty of places. Although many of the bars are gay or bi.

[Avengerfire]

Originally Posted by chicubs

"the only people personally I know who live there are gay men or young women"

haha perfect, lots of girls and no competition.

Does anyone know how long of a walk to the Wrigleyville bars that would be? It looks like it might be a cab ride away (at least this time of year).

Need a wingman? I live very close to that building.

[andrew61]

Originally Posted by Lookout Kid

I thought the entire building was gutted by the developer who recently converted it to condos... How can there still be units with dated finishes and appliances?

I've been in two units in that building, and both were brand spankin' new gut rehabs.

For some of the units, buyers had the option of purchasing "as is" (no upgrades) for a discounted price, which is why there are still some unrenovated units.

[andrew61]

Originally Posted by lincolnparker

The average assessment in that building is $700. Chicago60614 gives a pretty good range. The fee includes basic utilites, but does not cover cable tv and internet, like other highrises do. Also you are not allowed to have gas stove in your unit. Everything is electric, which can be a turn off.

The assessments for 1-bedroom units are generally $300-$400, and that does include RCN Full Basic cable (RCN wired the building a couple years ago and offered a discounted bulk rate; unit owners had an extra $20 tacked on to their assessments for RCN cable which they had to pay whether they subscribed or not). If you want premium channels, that costs extra.

Assessments for 2-bedroom units are undoubtedly higher. I'm not sure what the specific price range is.

[andrew61]

Originally Posted by chicubs

Does anyone know how long of a walk to the Wrigleyville bars that would be? It looks like it might be a cab ride away (at least this time of year).

It's a good mile walk to, say, Clark and Addison. Quite doable when the weather is decent, but it can be brutal in the bitter cold wind chills.

BTW, the building is not "all gays and young women". Far from it.

[andrew61]

Originally Posted by chicubs

Looking online they seem to be pretty nice with a lot of great amentities. I am thinking about renting for a year and then possibly buying since they are reasonably priced. Does anyone have any opinions on this place or area in general?

I should mention that I live in the building, and have lived here since long before the condo conversion, so I've seen a lot of changes over the years. The building has never looked better than it does now, IMO.

The amenities are great, and the management staff and maintenance crew are friendly, helpful, and first-rate. As for the location, it's not the "best" part of Lakeview in the sense of being where the action is, but everything you want is still pretty accessible, and the upside is that you get more peace and quiet by not being right in the middle of things. Plus, it's a great location if you use public transportation: if you need to go downtown, you have several express bus routes that stop literally at the front door (rush hour service in particular is very good), plus the 151 Sheridan can be picked up a block away, and the Red Line is about 4-5 blocks away. And cabs are readily available anytime.

Keep in mind that although the building's been renovated and is considered "modern", it's not "new". The building is 35 years old, which means the infrastructure is old enough to have developed problems. The elevators are old and frequently need servicing... the plumbing is rather dated and worn out (although they are currently working on upgrading the water delivery system, which has meant frequent water shutoffs in recent weeks)... and the windows are original to the building and can sometimes be rather drafty and even leaky (although this varies unit to unit). Also check the entry door for the unit(s) you are considering; you'll want to see if there are large gaps by the doorframe or at the bottom, through which more drafts and wind can travel. Again, this varies from unit to unit. For some reason, wind seems to travel right through this building!

Rents for a standard-sized 1-bedroom (750-850 SF) currently average around $1500, which includes heat, A/C, water, and full basic cable. Keep in mind that the building controls the heat and A/C, they can run only one or the other at any given time, and it takes about 36-48 hours to switch from heat to A/C or vice versa, which means that at certain times in the Spring or Fall when the outside temps move up and down very quickly, your apartment can sometimes become too warm or too chilly for a brief period of time.

If you need on-site parking, that will run you another $200 a month or so, at least.

Units cost more to own than to rent, taking into account the mortgage, assessments, and taxes. A 1-bedroom that rents for $1500 per month inclusive, for example, might cost you $2000 per month if you buy (assuming 20 percent downpayment and a 30-year fixed mortgage at current rates).

Right now I'm seeing some good deals on craigslist: large-sized 1-bedrooms, totally renovated, where they're asking only about $1400 a month or so. So now might be the time to rent if you're thinking of doing that.

Hope this helps.