Link showing 23 photos here: https://www.redfin.com/IL/Chicago/5450-S-East-View-Park-60615/unit-3/home/13945942
Posted on 09/12/2024 1:31:30 PM PDT by simpson96
The Hyde Park condo once owned by former President Barack Obama and Michelle Obama, the former first lady, is back on the market for the first time in nearly 20 years.
Sellers Kurt and Jennifer Elling have listed the four-bedroom condo at 5450 South East View Park for $550,000, almost double the $278,000 the Obamas purchased it for in July 1993, Crain’s reported. The property is being marketed by @properties Christie’s International Real Estate’s Maureen Murnane and India Whiteside.
In 2022, a four-bedroom unit across the hall sold for $578,000, while three-bedroom units in the area have sold for prices ranging from $410,000 to $469,000. The listing is expected to draw significant interest, as the unit’s history and vintage character add to its appeal.
After a decade-long stay and a rising political career, the Obamas sold the condo in 2005 and moved into a Kenwood mansion purchased for $1.65 million.
Kurt Elling, a Grammy-winning jazz vocalist, discovered the unit’s notable history when he and his wife attended an open house. They noticed a family photo and learned that Obama, who had just been elected to the U.S. Senate lived there.
After purchasing the condo, Barack Obama personally stopped by to share a few tips about the home’s quirks, such as a tricky doorknob and a drawer that needed a little extra care. The Ellings lived in the unit for a few years before relocating to New York and renting it out. Now back in Hyde Park, they’ve decided it’s time to sell.
The condo is situated in a gated block-long row of brick and limestone six-flats that run south from 53rd Street and face the lakefront park and Lake Shore Drive. The first-floor unit sits in a quiet, tree-lined enclave, and includes features like a green-tiled fireplace, wood trim, ceiling beams and a built-in dining room sideboard.
The property is one of the few four-bedroom units in East View Park, where sales are infrequent but highly sought after due to its proximity to Hyde Park’s shops, dining and the lakefront.
Link showing 23 photos here: https://www.redfin.com/IL/Chicago/5450-S-East-View-Park-60615/unit-3/home/13945942
Big job getting the stench of hatred out.
That’s a nice old building, and the apartment is decorated in much better taste that I expected after seeing another of their homes. (I wonder how much of the decor is digitally staged.)
Level it and put in a treehouse.
Did they get the stank out of it yet?
Doubling in value after 31 years, in this housing market? Not that impressive.
That is because the Os have not owned it since 2005...media is hard up for news....sheesh.
“After a decade-long stay and a rising political career, the Obamas sold the condo in 2005 and moved into a Kenwood mansion purchased for $1.65 million.”
“The condo is situated in a gated block-long row of brick and limestone six-flats that run south from 53rd Street and face the lakefront park and Lake Shore Drive.”
And a block or two away from slums and murder territory.
Property taxes shown on the listing are $5,450 per year, which seems low. According to standard Cook County Assessment and rates, which are about 1.5% of assessed property value, taxes would likely be around $8,125 per year
I imagine HOA fees are probably $400 per month also.
Chicago housing is cheap, but taxes and fees are crazy
Being a community organizer doesn't pay well, but it helps to have friends like Tony Rezko!
Does Mike come with it? Or is Michelle still at Martha’s vineyard.
Stank of hatred and gorilla cookies
“I imagine HOA fees are probably $400 per month also.”
Try $881. It accounts for the relatively low listing price. HOA fees on some of these older buildings can get very high.
“That’s a nice old building, and the apartment is decorated in much better taste that I expected after seeing another of their homes. (I wonder how much of the decor is digitally staged.)”
Obama sold in 2005. I am sure it has been redecorated since.
I caught that too. How is this even news?
I remember Tony Rezko, convicted felon and Obama friend, who made deals work in Chicago and got Obama a 1.5 dollar home for $300,000 under asking.
Then the deal got sweeter....
Real estate dealings
In 2005 Obama purchased a new home in the Kenwood District of Chicago for $1.65 million (which was $300,000 below the asking price but represented the highest offer on the property) on the same day that Rezko’s wife, Rita Rezko, purchased the adjoining empty lot from the same sellers for the full asking price.[36] Obama acknowledged bringing his interest in the property to Rezko’s attention,[37] but denied any coordination of offers. According to Obama, while the properties had originally been a single property, the previous owners decided to sell the land as two separate lots, but made it a condition of the sales that they be closed on the same date. Obama also stated that the properties had been on the market for months, that his offer was the better of two bids, and that Ms. Rezko’s bid was matched by another offer, also of $625,000, so that she could not have purchased the property for less.[38]
After it had been reported in 2006 that Rezko was under federal investigation for influence-peddling, Obama purchased a 10-foot-wide strip of Ms. Rezko’s property for $104,500, $60,000 above the assessed value.[7][36] According to Chicago Sun-Times columnist, Mark Brown, “Rezko definitely did Obama a favor by selling him the 10-foot strip of land, making his own parcel less attractive for development.”[39] Obama acknowledges that the exchange may have created the appearance of impropriety and stated “I consider this a mistake on my part and I regret it.”[38]
On December 28, 2006, Mrs. Rezko sold the property to a company owned by her husband’s former business attorney. That sale of $575,000, combined with the earlier $104,500 sale to the Obamas, amounted to a net profit of $54,500 over her original purchase, less $14,000 for a fence along the property line and other expenses.[40][41] In October 2007, the new owners put the still vacant land up for sale again, this time for $1.5 million.[42]
“Try $881.”
Add $8k/yr in taxes.
Was this their Chi-town house bought for them by a donor?
In my area, Condo HOA fees in old buildings often include utilities; those are always higher than in modern buildings.
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