3-Bedroom in the Gold Coast With Rooftop Oasis Sells 1 Year Later: 34 E. Elm
We last chattered about this 3-bedroom vintage unit in a 3-story walk-up at 34 E. Elm in the Gold Coast in July 2010.
See our prior chatter here.
Listed for $899,000, some of you thought the price was much too high (surprise!) and it should sell around $650,000.
However, westloopelo said it was much too nice of a property to sell for $650k and he would offer $825k and it would be accepted.
Too bad the seller didn’t get such an offer from westloopelo, because the unit recently closed with a sales price of just $715,000.
If you recall, the unit had a private roof deck, which is rare for the gold coast.
There was also a new deeded parking space attached with the building, central air and washer/dryer in the unit.
It had some of its vintage features intact including 10 foot ceilings, a wood burning fireplace, and crown molding.
Apparently, while it was listed as a 3-bedroom, the third bedroom was opened up to make more space in the living room area. The wall could be replaced, however. (The unit was listed as a 2-bedroom in the July 2010 listing.)
The kitchen was a custom-built in-eat kitchen with Dacor and Miele appliances and a SubZero refrigerator.
Did someone get a deal?
Emily Sachs Wong at Koenig & Strey Real Living had the listing at the time of the sale.
Unit #4: 3 bedrooms, 2 baths, no square footage listed
- Sold in February 1993 for $220,000
- Sold in March 2000 for $400,000
- Sold in July 2001 for $546,000
- Originally listed in May 2010
- Was listed in July 2010 for $899,000 (included the parking)
- Reduced several times
- Was last listed for $750,000
- Sold in May 2011 for $715,000 (included the parking)
- Assessments of $225 a month
- Taxes of $6233
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 13×10
- Bedroom #3: 12×8
- Living room: 15×15 (was 23×12 under the old listing)
- Dining room: 16×9 (was 17×12 under the old listing)
- Kitchen: 16×14
- Private rooftop terrace
Oh but in GC prices are not down : )
“Oh but in GC prices are not down : )”
This is still *well* ahead of C-S Index, even for top-tier. The sale price is at least +10% (didn’t check index for Jul-01) over most current C-S.
http://www.redfin.com/IL/Chicago/1240-N-Dearborn-St-60610/unit-1/home/14111984
Nice one jfmiii, but this property has a rental parking while the other one included one.
@ anon, that depends when the renovations were done. The bath and kitchen look pretty renovated to me.
“Nice one jfmiii, but this property has a rental parking while the other one included one.”
I thought the point was: “Sold for over 2006 price”.
I bet your are right anon, I didn’t catch that, still my point about renovations stands.
You know I see these properties at these prices and I doubt if we are making the right call going after condos : )
The things I love about condos though are the amenities and views.
“that depends when the renovations were done”
Yeah, forgotten the state of the kitchen. larger reno looks to be in that 15 month, 40% gain in 00/01. Guess the q is whether that kitchen/bath refresh gets picked up by the C-S methodology.
ps: the q is largely b/c new cabinets/appliances don’t require permits in most cases, so it would be easy to miss.
“Nice one jfmiii, but this property has a rental parking while the other one included one.”
I thought the point was: “Sold for over 2006 price”.
it was. i was pretty shocked as ive been watching this for about 2 years now and they relisted it a few months ago for the same price they had it on at it early 2010. they ended up getting their price by waiting an extra year.
Miumiu I think what you want will change when the baby is here and you are truly living the parent life. Am I right in thinking you plan for this to still only be an in town while you continue to live in your small town Monday-Friday? I don’t know how realistic that will continue to be as the child gets older, especially if you both still work full time.
Yes, Jennifer that is the idea. I see your point. I wonder how it will go too. Right now I am so tired all the time, I even forgo partying which is highly unusual for yours truly : ( And the little one is not showing any intent to come meet us…sigh
The longer that baby stays in the better, believe me. You might think it’s hard now but it’s much harder when they’re here! And they say late babies are more intelligent so…
I stand by my comments and with a few changes/repairs/updating the unit should have been able to receive the price I mentioned. The cost of doing the upgrades would have been minimal and pretty minor.
I’ve done exactly this to many higher end NYC ‘luxury’ units, added professional staging and was still able to receive a nice profit upon a quick resale.
Executed Recorded Document Type Amount
05/16/2011 06/10/2011 MORTGAGE $525,000.00
Buyers with money, and there are a lot of them, demand only the best. Congrats to the buyers.