Oh boy, we love when building politics muck up a sale. In the interesting case of 5000 S East End Ave in Kenwood, a controversial coop-to-condo conversion was undertaken by the board last year. It was, of course, passed by majority vote, but not without dissenters. Special assessments levied to cover the $8.5M cost of conversion were large enough to provoke a lawsuit by 10 homeowners against the co-op board. We're not sure of the case's status, but the conversions have gone through.
This 12th-floor unit, one of the larger ones at 1,800 sf with attractive vintage finishes and lake views, first listed for $319,900 in May 2011. It dropped dramatically to a sales price of just $200K. Had the unit fetched closer to $300K, it may not have been such a bummer for the seller. One hindrance had to be the naturally high assessment: $1,449/month on this unit. Though claiming to be a "full-amenity building", the only notable provisions are the doorman and exercise room, though it is a darn handsome building. According to Emporis, the 28-story neo-gothic structure was the South Side's tallest until 1965. This unit sports lake views along with proximity to transit and Hyde Park amenities.
·Listing: 5000 S East End Ave Unit 12A [@properties]
·From Co-op to condos for this Vintage Kenwood High-Rise [Crib Chatter]
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