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433 West Briar in Lake View is a Chicago real estate
conversion project where developer Belgravia Group
recently purchased 17 of the 34 condos in the 11
story vintage brick structure. The mid-rise was built in
the 1920s and used to be an arts and crafts building.
Belgravia Group has expanded their business from
typical pre-construction sales projects to taking over
financially strapped developments and reselling
groups of empty condos in already converted older
buildings.
The Chicago condos in this mid-rise are spacious, as
are many units in older buildings. The marketing
catch words used by the developer include
enormous, gigantic, huge and massive. Those words
are used to describe both the size of the units and
the price cuts that Belgravia has made since taking
over the 17 unsold condos. Prices on the two to
three bedroom condos have been lowered by 20% to
39%, making them very appealing to many buyers
who want more space and appreciate renovated
vintage buildings.
The condos at 433 Briar are divided up into three
groups basically. All have either two or three
bedrooms, 2.5 baths and size up at either 1,600 or
2,300 square feet. Check all Chicago real estate listings, homes, condos, new & resales.
The Residence A plans have 2,300 square feet of
living space and have three bedrooms and 2.5 baths.
Those condos had been listed between $770,000
and $890,000 but Belgravia is marketing them now at
reduced rates for $539,900 to $599,900.
The Residence B plans measure 1,600 square feet
and have two bedrooms and 2.5 baths. These units
were previously priced from $520,000 to $650,000
but have since been cut to $349,900 to $419,900.
Residence C plans also have 1,600 square feet with
two bedrooms and 2.5 baths. The prices on these
condos used to range from $425,000 to $670,000
but Belgravia has lowered them to $339,900 to
$404,900.
Condo finishes at 433 Briar include hardwood
flooring, crown molding, forced air gas heat and
central AC, a laundry with washer and dryer hook-up,
stainless steel kitchen appliances, 1.25 inch granite
counter tops, under mount sink and custom wood
cabinets. The baths have marble tile and surround,
vanity with double bowl sink and Grohe fixtures and
faucets.
All floor plans include a foyer with stone tile, a large
living room with oversized windows for plenty of
natural light and a combination dining and family
room. Some of the condos feature a fireplace with
stone mantle, kitchen island for extra seating or food
prep and also have private access to the common
rooftop deck. The building has a fitness room, bike
storage room and allows cats and dogs.
Examples of some units currently on the market right
now are listed below.
Unit #10A / Price $599,900 / 3 Bedroom / 2.1 Bath
Unit #3A / Price $539,900 / 3 Bedroom / 2.1 Bath
Unit #11B / Price $499,000 / 2 Bedroom / 2.1 Bath
Unit #10B / Price $419,900 / 2 Bedroom / 2.1 Bath
Unit #9B / Price $414,900 / 2 Bedroom / 2.1 Bath
Unit #7C / Price: $394,900 / 2 Bedroom / 2.1 Bath
Most of the condos at 433 West Briar Place have
great views of the nearby park and Lake Michigan
and are also close to several restaurants, retailers
and public transportation. There is no parking garage
or even outdoor lot with these condos, which may be
a deal breaker for some potential condo buyers.
Parking options are available across the street from
the building though.
433 West Briar Place may not appeal to every buyer,
but if you're looking for vintage Lake View rehabs
with reduced prices, you may want to visit the sales
center and tour the model. Hours are 10am to 6pm
every day.
Not all, but quite a few older conversion buildings
have large units that sometimes seem to be priced
lower than new construction Chicago condos. In
some cases this is due to the fact that during the
renovation process, major overhauls of the water
pipes or electrical systems aren't on the punch list.
The buildings and units are certainly up to code, but
just due to the fact that it is older construction, the
potential for repairs down the road and special
assessments is a possibility. As with any Chicago real
estate purchase, be as informed as possible and do
your homework before buying.
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