We Love Modern Penthouses in the Gold Coast: 1300 N. Astor
This 2-bedroom penthouse at 1300 N. Astor in the Gold Coast has been on the market since April 2011.
The half-floor unit has east, south and west views, including views of the John Hancock and the downtown skyline.
The listing says the unit has been “completely gutted”.
If you like the custom furniture, you can apparently also purchase it.
Even though the listing doesn’t say, it appears that the kitchen and baths are done in marble.
I can’t tell what the floors are- but it doesn’t look like carpeting in the main living/dining area. Any guesses?
The unit has central air, in-unit washer/dryer and parking is included.
Since it was listed in April 2011, it has been reduced $35,000.
It is currently listed $125,000 under the 2007 purchase price.
Is this a deal given the renovation and the views?
Janet Owen at Prudential Rubloff has the listing. See the pictures here.
Unit #28A: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 1999 for $370,000
- Sold in January 2003 for $435,000
- Sold in April 2007 for $1 million
- Originally listed in April 2011 for $910,000
- Reduced
- Currently listed for $875,000 (parking included)
- Assessments of $1637 a month (includes heat, a/c, doorman)
- Taxes of $7672
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×12
- Bedroom #2: 16×10
- Living room: 14×14
- Dining room: 15×13
- Kitchen: 11×10
Looks like they opened up the second bedroom to create that seperate t.v./office sitting area. That’s nice, though the desk is just trying to do too much. I’d take the desk out, and install a full-sized t.v. on that wall (where there’s currently a small one). Once that’s done, this place becomes quite a nice (albeit smallish) home for empty nesters who sold the big house in the burbs or a high-earning professional/professional couple who’s certain to not have kids. $775-$800k.
this is hideous
I agree, jf! I feel sorry for whoever paid 1m in 2007 for essentially a one bedroom. Even at annonny’s price they are losing 20% and I think that price seems high. Maybe I’m just off as it is not at all to my taste!
This looks like an outdated lobby from the mid-50s. Doesn’t Riz live in this building?
nice unit. what is the square footage? if below 1400, it is overpriced. Oh and the assessments are a pain.
Marble is nice, but there it’s a bit overused here. Same goes for wood paneling. If you want to use wood paneling, then choose a style that is modern, not retro 70’s style.
I think those floors are either large stone tile, or terrazzo.
From the listing: “this is truly the coolest condominium in the city”
Hahahaha
Goooooood luck.
$499.
This is a fabulous unit, it’s not necessarily ‘modern’ (which in many cases is more Ikea or even Home Depot than anything else) but this is more mid-century modern. It’s gorgeous. It’s something out of mad men. If Don Draper wasn’t paying the mortgage on his ex-wifes home and 32% of his take home income to child support, Don would own a unit that looks exactly like this instead of living in that tiny run-down one bed in the village (i.e. cheap). It’s always difficult (and often impractical) to do an entire house mid-century modern (blue/pink bathrooms anyone?) and the owners have made some compromises like the sinks in teh bathroom and the not-so-attractive white marble in the kitchen, but other than that, this unit fits nearly perfectly in a 1963 building and I bet when it was first built the there was an original owner in the building who had unit with this sort of layout (albeit metal cabinets instead of wood, and probably that pink bathroom). Congrats to whomever buys this unit – they’re going to love love love it! By the way the owner of this unit appears to be a CEO who paid cash for this unit. If you want to buy it, you better pay up because penthouses like this in the city don’t come cheap – so if you have to ask how much it is – you can’t afford it. Price is irrelevant to this demographic. They can hold it for the next 30 years if they want. There is no mortgage.
Maybe Don Draper’s mausoleum?
Look at the fourth picture of the bunch
http://media.cdn-redfin.com/photo/68/bigphoto/710/07780710_3_8.jpg
You can’t tell me that that is not an AWESOME layout. I’m EXTRAORDINARILY envious of that layout. It’s awesome. That’s the pinnacle of classic style, classic taste. This would have looked great 20 years ago, just as today, just as it will look great in 20 years. Congrats to the designer, great place (but I do NOT Like the while marble). WOW
If I were the owner of this place, I would hold firm on the price. You can’t give this away, I know that’s cliche, but a special unit like this can’t be just sold cheap to unappreciative twits who don’t know classic style from a hole in the ground. It will sell to a special buyer who understands taste, class and sophistication.
I love the kitchen. And, I really like this building every time I pass it. I’m so glad to get a photo peak inside. This is an apartment I would be happy to love and call my own. Beautiful place.
What happened to you HD? Did you have a seizure?
We passed the bottom, I missed it – big time. And there are certain areas and units that are hot and it’s pointless and irritating to everyone here to spend my time guessing how low prices are going to go – when I’m nearly always TOTALLY WRONG and WAY OFF – when we in fact all know, that prices might hang around the bottom for a while, but they’ve got nowhere to go but up from here. That doesn’t change the fact that units like this are AWESOME and I’m jealous. I have to find a new job so I can make more money because in all honesty, i’m priced out of everywhere but Des Plaines, Portage Park and Maywood. Anybody hiring?
“steven on June 29th, 2011 at 7:14 am
What happened to you HD? Did you have a seizure?”
“Price is irrelevant to this demographic. They can hold it for the next 30 years if they want. There is no mortgage.”
If price is so irrelevant to this demographic, why would they bother holding it just to avoid losing a ‘mere pittance’ of just 400 or 500k?
Because, nwzimmer, the rich (this CEO had compensation of over $1,000,000 last year alone) don’t stay rich by losing money. Otherwise this CEO will be like MC Hammer and eventually have no money left.
“I can’t tell what the floors are- but it doesn’t look like carpeting in the main living/dining area. Any guesses?”
It looks like large tile.
I actually like the place but the asking price, assessments and taxes are all WAY too high.
HD – obviously you are mocking the real estate “bulls” on this site – but you, sir, are a complete moron. You are blindly being overly positive about everything – and that is NOT our stand. We understand that there are properties out there (like this one) that are VERY overpriced – but we also understand that the overall market in good areas is NOT going to go down much further (if, at all). So stop with the idiotic nonsensical posts –
“Because, nwzimmer, the rich (this CEO had compensation of over $1,000,000 last year alone) don’t stay rich by losing money. Otherwise this CEO will be like MC Hammer and eventually have no money left.”
I’ll agree with that, however you made it sounds like they’ll hold firm no matter what, even for 30 years (even if you were exaggerating a bit).
I think that a person that you’re describing would also be sensitive to the fact that $27,000 per year in taxes and assessments on a place that they don’t want or need will start adding up as well.
completely off topic, but does anyone know what kind of stone/color is in this fireplace surround?
http://www.dexknows.com/local/home_improvement/guides_and_videos/remodel-ideas-fireplaces-6179/
clio – I’m not a bull nor am I mocking you. I just have a different outlook. No more naysaying, nitpicking, I’ll call out a gorgeous unit when I see it. I’ve also been posting a lot less around here, only pointing out the good units, not commenting on price or ‘1999’ like I always do. The old HD is gone, the new HD is here – and most importantly – the new HD will be here *only in moderate amounts*, which most assuredly, is good for everyone involved.
ciao belle!
HD –
I adore you and I’m grateful to you for what you’ve taught me, but I’m with Clio.
Why wait for the market to fall further? Use the current market to create your own opportunities. I know you would really love to own a SFH in the city. The rental market for SFHs is basically non-existent. You would like to get out of your apartment rental. The only way for you to have the space you want is to buy. You can’t rent what you want. So if there’s a house you like on the market for 400K and it’s just sitting there, why not offer 300K? Or 200K?
You don’t have anything to lose. I always say “don’t ask, don’t get.” You have nothing to lose by offering what you want to pay.
“The rental market for SFHs is basically non-existent.”
Not true. Much less liquid and maybe more word of mouth than apartments, but there are certainly SFHs for rent in locations HD would consider.
“You don’t have anything to lose. I always say “don’t ask, don’t get.” You have nothing to lose by offering what you want to pay.”
Agreed with this.
I bet this place looks a lot better in person, those pictures SUCK
HD, ciao is italian so you have to say Ciao bello or Ciao bella. Also in french the make version of belle is bel (as in bel ami the book and up coming movie). Ciao belle means buy beautiful women (not commonly used actually) which I doubt is what you intended to say to Clio. Unless of course he has gone through a sex change when you had the personality change and more over he has managed to pull a Voldemort and divide himself up : )
No, Milkster, I’ve accepted my fate, for now. Housing prices seem to be going up faster than I can save. I’m actually exploring opportunities in different professions, putting out feelers, maybe thinking of becoming a realtor. the bottom is in, volume is only going to go up from here. Things are looking good – gotta run out for the day, i’m going to enjoy the beautiful weather!
Now Milkster, HD was mine, stop adoring him ; )
“but we also understand that the overall market in good areas is NOT going to go down much further (if, at all).”
What’s a “good” area? What’s “down much further”?
1%? 2%? 5%? 10%?
It’s all about the tightening credit now. Fannie/Freddie standards are set to change on Oct 1. Banks are still keeping a tight squeeze on lending. Buyers have to come up with quite a chunk of change to buy now- which we have already discussed will take the first time homebuyer 5 to 7 years to save up.
I think the upper end of the market has recovered a bit- until we have another stock market correction. But for the “middle” tier of the market and the lower tier- the housing market is a still a complete disaster. Too much supply and no demand. Look around in the “good” areas.
ciao means both ‘hello’ and ‘good bye’ in italian, and belle is the plural of woman. So in a way it was a little jab at clio but more appropriate than ciao belli which is ‘good bye men and women’ but looks weird when you write it.
UGH, HD!!!!!!!!
You’ve just got to try. Just. TRY! Why are you so resistant? Afraid that you’ll actually get what you want???
One historic note: This place used to be a hotel, and it was in the penthouse here that the Beatles had their famous 1966 press conference in which John Lennon apologized for saying the group was “more popular than Jesus.”
“I bet this place looks a lot better in person, those pictures SUCK”
Yeah they’re pretty atrocious. Sabrina’s photo of this building is v nice (although somewhat offset by the photo of the Logan property).
jfmiii – There are some sandy-colored limestones out there. Given its apparent uniformity, it could also maybe be something like quartz.
“One historic note: This place used to be a hotel, and it was in the penthouse here that the Beatles had their famous 1966 press conference in which John Lennon apologized for saying the group was “more popular than Jesus.””
I googled the hell out of this and saw that Bertrand Goldberg designed the building.
This reminds me of an office building and is decorated like one. I was going to guess it was corporate owned. I wouldn’t want to feel like I was at work when I was at home.
in your context of departing ciao was “bye” obviously. Still ciao belle makes not much sense : )
Maybe HD is right:
http://finance.yahoo.com/news/Contracts-to-buy-homes-rose-apf-3093475583.html?x=0
DZ – thanks. That explains why I like it. I like all the Goldberg buildings I’ve seen so far. Thanks for googling what I was too lazy to. It’s nearly impossible to tell what those floors are. My guess is that they used travertine if they could somewhere, but I’m not sure I see it.
“but we also understand that the overall market in good areas is NOT going to go down much further (if, at all). So stop with the idiotic nonsensical posts -”
Here’s a place I’ve been keeping my eye on: http://www.redfin.com/IL/Chicago/1935-N-Lincoln-Ave-60614/home/13345253. I assume we can all agree that this is a true east Lincoln Park locations and one of the best area in the city. From it’s 2003 price (which I’ll admit seems unusually high) to being listed in May, it took a $455,000 haircut, or around 25%. Earlier this month, the owners reduced the price by another $100k.
Now, of course, one has to be careful about drawing conclusions from a single property, etc., but it sure looks like prices on favorable properties are going down. I also have alerts set up for Kenilworth and eastern Wilmette, and have continued to see a number of price reductions and fairly large spreads between asking and sale price.
I told you new contracts were set to POP! And they did. Calculated Risk is right on.
Is this the building on stilts that ruins my otherwise classic neighborhood? Reminds me of the Robert Moses era disasters in NYC. Yuck.
“I bet this place looks a lot better in person, those pictures SUCK”
At first I thought these were realtor homegrown, but it has the VHT logo and they usually have great photographers. This place is probably pretty bitchin in the flesh. Realtor needs to call up VHT and ask for someone else to come out.
“There are some sandy-colored limestones out there. Given its apparent uniformity, it could also maybe be something like quartz.”
My first guess would be manufactured limestone, but yeah.
Re: New HD
For all the grief I’ve given him, I’ve always read his comments–’til this week. I’ve started skipping past HD’s comments now.
Will someone please let me know when it’s safe to start reading them again? TIA!!
“Here’s a place I’ve been keeping my eye on: http://www.redfin.com/IL/Chicago/1935-N-Lincoln-Ave-60614/home/13345253.”
SAP4:
When I posted that in the SFH in Ukie thread, everyone hated it. The decorating *is* pretty miserable, and being *on* Lincoln–even here–isn’t great. Do think they should get some interest at teh current ask, barring hidden defects.
“When I posted that in the SFH in Ukie thread, everyone hated it.”
did i miss it, as looking now i love it!
well besides the suburban “country” kitchen which will take cash to change (unlike the other decor thats simple fixes)
“did i miss it, as looking now i love it!”
The Studio Dwell (or whatever) house. Suggested it as an alternative at a similar price.
Sad – here is a much better house (than the one you posted) for a couple of hundred thousand less (plus, you will be living near a couple of my rental houses).
http://www.redfin.com/IL/Hinsdale/18-E-8th-St-60521/home/18020669
“The Studio Dwell (or whatever) house. Suggested it as an alternative at a similar price.”
the nice looking but stupid arches make the place look so narrow. its a good price and that location has its positives and negatives but 5 beds a two car garage its a sweat place
Another 2/2 in the same building is for sale for 500K of course it is an inferior unit (check the crazy bathroom), but it is almost half the price. No way this will sell at ask:
http://www.redfin.com/IL/Chicago/1300-N-Astor-St-60610/unit-16A/home/12688898
I do not understand the negative comments regarding this unit. At all.
The views are great, the location is huge, the quality of the rehab is def high end with great materials employed and the layout is fantastic! Factor in the price history, the $$ reduction and the fact it does include parking, AC and in unit W/D (for an older building) is a huge plus. It all makes sense….especially for a single executive person or a couple who does not plan on having kids. Or as clio often comments “an in-town” for an executive type.
The only high rise listings I consider are the top floor/penthouse levels and this is def one of the best I have seen in Chicago. I do consider myself quite ‘the expert’ on these types of units and can speak with some authority on the subject. I tend to go for either single family places or top floor unit(s) that have the possibility of combining multiples for a floor through homes, and based on the floorplan (kudos to the agent for providing it…as I have said many times before, it should be a requirement for ALL RE listings) this would be a fantastic place for that approach.
This place does have far more positives than negatives and remember it is move in ready. Personally I don’t think the furnishings are that spectacular. Given the fact that most ppl in the market for penthouses have their own design/decoration ideas, I highly doubt the place will sell furnished.
Put aside the tired CC rent vs own, market conditions or investment discussions and instead consider it as a unit that would be purchased for one’s own long term residence and that makes this one a great deal indeed.
One more positive is the ‘stararchitect’ involvment and the history of the place as noted above. As more and more new, boring ‘no big name architect’ construction high rise units come back on the market…usually in foreclosure status, finding one like this qualifies it as being worth serious consideration by those in the market for a long term personal residence.
Haters back off this is NOT the unit to bash…
oh yeah…would it be too much to ask posters to even attempt to stay on RE topics?
While going off topic does provide ‘some’ entertainment, it gets tedious trying to find conversations relating solely to the housing market.
Just saying….
westloopy, i agree with you on this unit, seems nice. that said, you were one of the all time off topic greats. you’ve toned down the nyc superiority complex though, so thumbs up
Greg Brady of “Brady Bunch” fame – one of the original reality tv shows – knew his tv career wouldn’t last forever, he eventually become a financial analyst. This is his unit. He took design cues from his childhood home, but added in that new style bathroom sink.
To say that “good” areas will not go down equivalent to saying “good” tech companies like CSCO/MSFT/INTC would not go down in 1999/2000. Sure they did not go down like pets.com but of course they all eventually went down, way down, despite the relentless touting from people who purported to be in the know.
In real terms we are still above all previous peaks. The only reason rents are going up is because 14% of units are being held off the market. Recall that in 1999/2000 the economy was absolutely booming and everyone breathing had a job. This came along with record new household formation and move-up purchases. Why would the current decline stop at a level where the economy was previously experiencing an economic boom?
westloopelo – the twits on cc are nothing more than reflections of my former self, negative, naysayers with no skin in the game. This is a great unit, I love it.
“westloopelo – the twits on cc are nothing more than reflections of my former self, negative, naysayers with no skin in the game. This is a great unit, I love it.”
so CC’ers would you rather have evil dan back or new homedelete.
i vote one for evil dan.
sorry westloop – this unit reminds me of my parent’s basement. It is way over priced – you can get much more for much less money in the neighborhood.
“so CC’ers would you rather have evil dan back or new homedelete.”
This is clearly a trick question. For what it’s worth, HD is free to change his mind…I’ve questioned a lot of my assumptions on real estate since I began reading/posting here. It’s just obvious from many of his comments that they are sarcastic and it gets tiresome to read those very quickly. I don’t mind reading bearish comments or bullish comments as long as they are sincere.
I agree with whoever posted on this building’s stilts. They definitely are out of place on this street and ruin the streetscape. They also make the building very unpleasant to approach on foot. You feel like you’re walking into a garage.
Goldberg may be a significant architect, but when he designed this one it’s obvious to me he was thinking of how great the building would look from three blocks away, not how it would be to live there and have to walk up to it. This was a major architectural mistake that was extremely frequent among many architects in the 1960s and 1970s. Things are a little better these days, but not much.
This is a real penthouse for real rich people. Yeah the price is steep, but this is Astor street in Gold Coast–there is enough money around here or moving to this area to buy it at/near ask.
“In real terms we are still above all previous peaks”
Um, no, we aren’t. At least not in Chicago metro. Depsnds a bit on how you want to define “previous peak”, but picking summer of ’89, and using CPI as the real-term adjuster, the C-S for Jul-89 to Apr-11 is 128 and change, while the actual index number is 113.61. So, in real terms, in Chicago, we’re 10% below the 1989 peak.
Comp-10 and -20 are different stories, but they’re driven by NY, DC, BOS and SoCal, not Chicago.
My comments are not being sarcastic, ironic or hipster-esque. This ‘sthick’ is not going to end, the old homedelete is gone. I truly love this unit. It’s great, I would buy this in a heartbeat if I didn’t have a one year old to worry about.
I feel differently about RE about and you can accept it and deal with it or I might just leave CC all together. Thank you. Have a nice day.
I actually prefer the unit in the same building that miumiu posted. The bathroom is a bit crazy, but I could live with it. I would just replace the carpet with nicer flooring and be set.
I’m not a bull either, i’ve never said prices are going to shoot up, i’ve said volume is going to shoot up (as we can see from today’s pop in pending home sales) and that’s all that matters. prices will do whatever they do – it’s much to tiresome and difficult to time the market anyways, in my humble opinion. I’m not a stoically perpetual bear either. I’m not a licentious bull like clio either. Nor are my intentions specious or suspect. I”ve been wrong on pricing way too many times and maybe, just maybe, I”ve been looking at things a little too bearishly over the years. ever think about that, homie?
“I feel differently about RE about and you can accept it and deal with it or I might just leave CC all together. Thank you. Have a nice day.”
OK, then I apologize for my skepticism. I’ll accept it and deal with it. And, as I’ve done in the past, I’ll offer my brokerage services along with a rebate for the 1/2 the commmission.
And I will echo Milkster’s “don’t ask, don’t get” policy. When looking to buy last year I routinely “low balled” REO and estate sale properties. I put quotes around low balled because I was just offering the intrinsic value of the properties, as I saw it. I didn’t waste my time on regular properties because those sellers don’t have the same motivation to sell as banks and the trustees of the estates. I would generally offer between 25-30% below asking price. And, eventually, it worked. So if one thinks rates are attractive now and doesn’t want to wait for prices to come down (which for many listing prices it is, albeit slowly) that is a strategy that can work.
i am with anon skipping HD’s posts at least the long ones : )
Oh, and to use this strategy you need a patient agent/broker that doesn’t mind writing and submitting a lot of offers. It’s not much work at all, but I don’t think most agents/brokers have the patience to do it. The strategy takes months, or in my case, years to work out.
“miumiu on June 29th, 2011 at 10:19 am
Another 2/2 in the same building is for sale for 500K of course it is an inferior unit (check the crazy bathroom), but it is almost half the price. No way this will sell at ask:
http://www.redfin.com/IL/Chicago/1300-N-Astor-St-60610/unit-16A/home/12688898”
I totally disagree. This unit in no way compares…the finishings of the cc unit are expensive and outstanding. I don’t think you could bring the cheaper unit up to this level for less than 300-350K. Even if you could, many buyers don’t have time, patience or the cash to do it. You could buy the 875K unit, which is nearly perfect, with a lot less cash than you could buy the 500K unit and renovate to the same degree. Most buyers don’t have that kind of cash in hand…this is why the already finished unit will probably sell very close to this price. The marble and wood finishings are superb for this type of style…even if you don’t love midcentury modern. Why buy the unit at 500, put 300 into, spending a year renting elsewhere, have the headache of dealing with the contractor, and having to put so much cash into one asset?
300K to put hardwood floors and rehab two bath and change the countertops and appliances in the kitchen (and possibly stain the cabinets)? No way, I think with 100K you can get it pretty close.
For instance you could use these pre-made consoles with some nice mirrors for rehabbing the bath:
http://www.potterybarn.com/products/covelo-double-sink-console/?pkey=cdouble-sink-consoles
“So if one thinks rates are attractive now and doesn’t want to wait for prices to come down (which for many listing prices it is, albeit slowly) that is a strategy that can work.”
But you are flexible on the place (or not living there as owner-occupant). As you’ll find on CC most are a very picky bunch. As the saying goes beggars can’t be choosers. But CCers want their cake and to eat it, too.
“I might just leave CC all together.”
Don’t let the door hit you on the way out. It would be one thing if your comments were value added–they aren’t.
Sorry miumiu, not even close.
This place closes at $800k, give or take $25k, by the end of the summer.
“So, in real terms, in Chicago, we’re 10% below the 1989 peak.”
The good question is in real terms how much are we above the trough?
“When I posted that in the SFH in Ukie thread, everyone hated it. The decorating *is* pretty miserable, and being *on* Lincoln–even here–isn’t great. Do think they should get some interest at teh current ask, barring hidden defects.”
Thanks; I went back and looked through the other thread. Certainly one of the most prominent features of CC is that whenever I like a house, commenters here are always able to point out all the negatives. Keeps me in my tiny, horribly underwater condo.
“to use this strategy you need a patient agent/broker that doesn’t mind writing and submitting a lot of offers.”
Chris M is right. This is key. You need a patient buyer’s agent who really wants you to be happy long-term with your home and the price you pay and they have to write a TON of offers for you.
Btw, Chris M, I looked up La Boulangerie thinking I would stop in this weekend for a coffee and croissant, but they have some sort of commie non-compete rule with New Wave Coffee that they can’t sell coffee at all and they can’t sell just one croissant, they have to sell 12!!! The last time I checked, this was America, home of free enterprise and capitalism! Grrrrrrrr!
“This place closes at $800k, give or take $25k, by the end of the summer.”
it might, I would not pay a dime over 700K. I would buy the 16th floor one instead and make it look like what I like. But it seems enough people like it at the ask so if one of you are actually serious about buying it, it might very well sell.
“Btw, Chris M, I looked up La Boulangerie thinking I would stop in this weekend for a coffee and croissant, but they have some sort of commie non-compete rule with New Wave Coffee that they can’t sell coffee at all and they can’t sell just one croissant, they have to sell 12!!! The last time I checked, this was America, home of free enterprise and capitalism! Grrrrrrrr!”
Yes, we’ve actually talked about this in connection with a prior Logan Square posting. I haven’t even one yet because of that. But bring along 11 of your friends and you’re set.
“Yes, we’ve actually talked about this in connection with a prior Logan Square posting. I haven’t even one yet because of that. But bring along 11 of your friends and you’re set.”
New Wave had the right to the non-compete and Boulangerie decided to move in there knowing it was in place. I like Boulangerie’s products much better but really not sure what why they did this. It’s a nice location, but there were others right around there.
We have a very unstructured practice of trading with other families. Buy a dozen and give most out to neighbors, and vice versa. People sometimes will form an impromptu buying group in the store. It’s a pain in the ass but they are very good. Also you can buy as you like at the farmer’s market where they have a stand. Caneles are decent.
And go to cafe mustache for coffee.
“For instance you could use these pre-made consoles with some nice mirrors for rehabbing the bath:”
Are you really trying to say that that is in the same ball park? You can certainly be savvy and cut some insignificant corners here and there… but come on…
For anyone looking to read more about the building, as well as seeing some vintage photos you can follow this link: http://www.bertrandgoldberg.org/works/astor_tower.html
For what its worth, I have been in a few units in this building and the CC one definitely tops the list. The only problems I have with this building are the low ceiling heights, the paved ground floor and the god awful 1996 renovation.
miumiu,
If you were not a new nursing mother I would accuse you of smoking a ton of crack if you think 100k would elevate that dump into what is featured here. The built ins, doors and wall treatments alone probably run that much. Sliding/pocket doors are ridiculously expensive…quality ones at least.
Have you been to any design stores or sites (other than pottery yawn) lately? 100k would barely cover the hardwood floors even if you used laminates!! Crazy.
Appliances/other kitchen finishes are outrageously expensive if you are seeking real quality as opposed to cheap ass junk.
“you were one of the all time off topic greats. you’ve toned down the nyc superiority complex”
When I did go off topic it was generally to further the comments/opinions I was attempting to get across.
Re: the NY superiority issue…merely stating a hard, solid fact.
“100k would barely cover the hardwood floors even if you used laminates!!”
You have been in New York way too long if you’re paying $60/sqft for installed laminate.
“i’ve said volume is going to shoot up (as we can see from today’s pop in pending home sales)”
Not in Chicago, according to the data.
City of Chicago SFH/condo/TH contracts
Year Jan Feb March April May Jun 1-28 Total
2007 2,562 2,868 3,708 3,629 3,113 2,769 20,656
2008 1,713 2,111 2,296 2,380 2,391 2,091 14,990
2009 1,178 1,361 1,847 2,107 2,102 2,204 12,808
2010 1,673 1,929 2,748 3,060 1,620 1,557 14,597
2011 1,628 1,764 2,211 2,244 2,335 2,141 14,334
Lincoln Park SFH/condo/TH contracts
Year Jan Feb March April May Jun 1-28 Total
2007 102 162 182 187 214 154 3,008
2008 72 111 143 121 132 127 2,714
2009 30 57 94 101 119 112 2,522
2010 68 83 125 142 89 81 2,598
2011 55 74 92 86 101 113 2,532
If this “pop” since May is based on a YOY comparison, it is bogus due to the end of dough4dumps contracts on 4/30/10. It sure does look like d4d only moved demand forward based on these contract numbers.
Having pocket doors and wall treatments (looks like generic wood paneling to me, despite the fact that I am sure it was insanely expensive) is not worth the nearly $400,000 premium over the other unit. Just because the re-model was expensive and used high end finishes, doesn’t mean it is any more appealing than Pottery Barn finishes to buyers who don’t like the tastes of the current owner.
Things popped in good areas, the other areas don’t matter. Contracts in LP are up 10% over last month. Ha! I’d bet most other GZ areas are up too. nobody cares about englewood or roseland or albany park.
“G on June 29th, 2011 at 12:49 pm
“i’ve said volume is going to shoot up (as we can see from today’s pop in pending home sales)”
Not in Chicago, according to the data.
City of Chicago SFH/condo/TH contracts
Year Jan Feb March April May Jun 1-28 Total
2007 2,562 2,868 3,708 3,629 3,113 2,769 20,656
2008 1,713 2,111 2,296 2,380 2,391 2,091 14,990
2009 1,178 1,361 1,847 2,107 2,102 2,204 12,808
2010 1,673 1,929 2,748 3,060 1,620 1,557 14,597
2011 1,628 1,764 2,211 2,244 2,335 2,141 14,334
Lincoln Park SFH/condo/TH contracts
Year Jan Feb March April May Jun 1-28 Total
2007 102 162 182 187 214 154 3,008
2008 72 111 143 121 132 127 2,714
2009 30 57 94 101 119 112 2,522
2010 68 83 125 142 89 81 2,598
2011 55 74 92 86 101 113 2,532
If this “pop” since May is based on a YOY comparison, it is bogus due to the end of dough4dumps contracts on 4/30/10. It sure does look like d4d only moved demand forward based on these contract numbers.”
contractors have long been overcharging clients – you can absolutely have the same look as this unit for 150k. Anyone who tells you differently is either a con artist, contractor, interior decorator, interior designer, a complete idiot or all of the above.
Oh yeah, as of right now there have been 1,531 closed SFH/condo/TH units in the City of Chicago this month. Clio needs just under a thousand more to close by tomorrow in order to win our bet by topping the 2,526 closed last June.
“The good question is in real terms how much are we above the trough?”
Bob:
Define it, or pick a month, or even just a year, and I’ll give you the number.
“miumiu,
If you were not a new nursing mother I would accuse you of smoking a ton of crack if you think 100k would elevate that dump into what is featured here. The built ins, doors and wall treatments alone probably run that much. Sliding/pocket doors are ridiculously expensive…quality ones at least.
Have you been to any design stores or sites (other than pottery yawn) lately? 100k would barely cover the hardwood floors even if you used laminates!! Crazy.
Appliances/other kitchen finishes are outrageously expensive if you are seeking real quality as opposed to cheap ass junk.”
I couldn’t agree more….muimui with all due respect, your renovation sounds like a cheap suburban renovation appropriate for tract housing…not a penthouse in the gold coast. CEOs and people who want in towns know the difference between generic pottery barn crap for the masses and custom cabinets and merchandise mart quality…staining cabinets doesn’t help when they are cheap, not real wood, or sleek in any way does not in any way come close to the unit here….if you can’t appreciate the different, you should not buy at this price range. I don’t mean this as an insult, its just that many of us appreciate the difference, are willing to pay for it, and if you don’t then don’t waste your money.
“Ha! I’d bet most other GZ areas are up too.”
I’m not surprised by that bet offer.
Near North Side SFH/condo/TH contracts
Year May Jun 1-28
2011 236 192
Lake View SFH/condo/TH contracts
Year May Jun 1-28
2011 159 140
North Center SFH/condo/TH contracts
Year May Jun 1-28
2011 57 39
Englewood SFH/condo/TH contracts
Year May Jun 1-28
2011 9 5
Roseland SFH/condo/TH contracts
Year May Jun 1-28
2011 20 23
Albany Park SFH/condo/TH contracts
Year May Jun 1-28
2011 34 28
Not that anyone cares (since anon didn’t even correct it,) the total YTD contracts above should be:
City of Chicago SFH/condo/TH contracts
Year Jan 1- Jun 28 Total
2007 18,649
2008 12,982
2009 10,799
2010 12,587
2011 12,323
Lincoln Park SFH/condo/TH contracts
Year Jan 1- Jun 28 Total
2007 1,001
2008 706
2009 513
2010 588
2011 521
Sorry about the mistake.
So we are trolling along the bottom volume wise. exactly what I’ve started saying.
I have no idea how much those wood panels cost they might cost a ton, still the point remains that real estate in a building with similar views has the same ball park value (at least to me). Now you can put gold plated faucets in your bath and try to sell the unit for over a million and someone might fall in love with it and buy it, but to me choice of finishes does not justify a 40% premium and I surmise this is true for majority of buyers out there.
Oh and the wood paneling looks so admiral club old white male so will tick off a few people too.
“miumiu on June 29th, 2011 at 1:49 pm
I have no idea how much those wood panels cost they might cost a ton, still the point remains that real estate in a building with similar views has the same ball park value (at least to me). Now you can put gold plated faucets in your bath and try to sell the unit for over a million and someone might fall in love with it and buy it, but to me choice of finishes does not justify a 40% premium and I surmise this is true for majority of buyers out there.
Oh and the wood paneling looks so admiral club old white male so will tick off a few people too.”
Wood paneling is expensive, especially if you conceal cabinets and media and the other things hidden here. Also this unit has a better floorplan. I assume that when they redid the floorplan they replumbed and redid electric. This shower has multiple heads…a number of other changes that add value, that you don’t take account of. While you may not care about finishings, you can have the Moen developer faucet, I prefer my automated Kohler 2 rain head shower with 6 jets anyday… My point is, while you personally do not value these things, you cannot generalize your point of view, to the entire market and declare that the other unit has more value. It doesn’t. I guarantee that if you priced each piece and labor of this unit it totals more than 100K for your renovation….
Buy what you like, but you can’t declare that a reno getting almost the same thing can be done for 100K. Your reno is no where near this level.
surprised so many people like this place so much. Feels like a once very nice hotel room that is just about ready for a reno. Not a fan.
I repeat that over renovating will only limit the market for the product. Now they have to hope someone falls in love with this and it seems quite a few of you guys like it so hopefully it will sell. I talk for myself and I would buy 16A any day and remodel it to my liking and it for sure won’t look like Cathay Pacific Hong Kong lounge…lol
“So we are trolling along the bottom volume wise. exactly what I’ve started saying.”
No, that is what you’ve always said. Here’s an example from above of what you’ve started saying recently:
“i’ve said volume is going to shoot up (as we can see from today’s pop in pending home sales) and that’s all that matters.”
Do try harder.
“Buy what you like, but you can’t declare that a reno getting almost the same thing can be done for 100K. Your reno is no where near this level.”
miu:
gotta side with the others on this one; your way may be a reasonable knock-off, but it’s still a knock-off. Just like a Hermes bag from HK might look “close enough”, at least when new, it still ain’t the same and therefore isn’t worth as much.
I’ll try harder- here you go:
“Description
4 bedroom, 3 and 1 half bath in Chicago for $600,000.00. Every once in awhile a property comes on the market that is absolutely exquisite in both detail and design. This can only be done as a labor of love and this is a custom home designed by the owner. This gorgeous all brick 2 story with garden level has 4 bedrooms, 3 and a half baths, a 3 car detached garage and it all sits on an immaculately manicured completely fenced double Chicago lot. Curb appeal galore as you enter through the iron gate and past the outdoor lamps, follow the new brick sidewalk with lighted inlaid bricks to an amazing front porch with upper deck. Through the front door is a beautiful original wood staircase and banister and rich marble floors. Off the main hall is the living room in the front of the house with a bay window, the first of three gas fireplaces with an oak mantel and a lovely silver chandelier. Hardwood floors grace both the living and dining rooms. As with the living room, the formal dining room also has a bay window and a stunning crystal chandelier. Rich wood crown moldings, baseboards and window trim add elegance and detail. Toward the back of the house is the great room and kitchen that seem to be begging to entertain a crowd. The spacious great room has a marble gas fireplace and upgraded ceiling fan and light fixture and opens up to the granite breakfast bar and kitchen. Charcoal and iridescent Uba Tuba granite backsplash and countertops set the stage for this ultimate chefs kitchen. All stainless Bosch dishwasher, Thermadore cook top and hood, Wolf double oven, sub zero side b y side refrigerators, an additional wine refrigerator as well as refrigerated and freezer drawers from under the breakfast bar are perfect for soda and beer bottles. Custom built wood cabinets, recessed and custom lights, Koehler sink and faucet. Each bath starting with the powder room on the first floor, has marble floors and custom vanities, light and plumbing fixtures. The lower level boasts a complete living area with another custom full stainless steel kitchen, and side by side full size Kenmore Elite washer and dryer. The fifth bedroom has a full bath and marble shower and glass door as well as a separate entrance to the back yard. On the second floor you will find the third marble bath with an iron Kohler tub and the second set of Kenmore Elite washer and dryer in a separate laundry room off the hallway. The master suite greets you with a beautiful tray ceiling, rich custom wall colors, a gorgeous cherry walk in closet, a large private deck and a gas fireplace. There is an oversized Jacuzzi tub and 6 by 6 foot all marble and glass steam shower with a Kohler double head multi body spray shower head. The master bath also boasts dual undercounter marble vanity and custom lights and fixtures which comes standard throughout. There are three additional bedrooms on the second floor with one currently being used as an office. All have ample closet space and California closet organizers. A pull down stairway gives access to the attic for storage and one of the two furnaces and central AC units. There is one for the second floor and the basement houses the mechanicals for the first floor. All of the furniture including the plasma television are negotiable. There is surround sound wired for the great room and the master bedroom, ADT is wired throughout and activated. Not a stone unturned in this custom designer show piece. You must see this house to believe it, but please present your approval letter via fax or e-mail prior to setting an appointment as this home is for the discerning buyer. To take the virtual tour go to http://www.buyowner.com and enter C H I 9825. See this and more properties in Chicago for sale by owner at http://www.buyowner.com”
http://hotpads.com/real-estate/Chicago-IL-60641–31tn3kwwbnga9#lat=41.95852&lon=-87.73701&zoom=20&previewId=31tn3kwwbnga9&previewType=listing&detailsOpen=true&listingTypes=sale,newHome,foreclosure,auction&pricingFrequency=once&loan=30,0.0525,0
Ok, I’ll try harder:
Description
4 bedroom, 3 and 1 half bath in Chicago for $600,000.00. Every once in awhile a property comes on the market that is absolutely exquisite in both detail and design. This can only be done as a labor of love and this is a custom home designed by the owner. This gorgeous all brick 2 story with garden level has 4 bedrooms, 3 and a half baths, a 3 car detached garage and it all sits on an immaculately manicured completely fenced double Chicago lot. Curb appeal galore as you enter through the iron gate and past the outdoor lamps, follow the new brick sidewalk with lighted inlaid bricks to an amazing front porch with upper deck. Through the front door is a beautiful original wood staircase and banister and rich marble floors. Off the main hall is the living room in the front of the house with a bay window, the first of three gas fireplaces with an oak mantel and a lovely silver chandelier. Hardwood floors grace both the living and dining rooms. As with the living room, the formal dining room also has a bay window and a stunning crystal chandelier. Rich wood crown moldings, baseboards and window trim add elegance and detail. Toward the back of the house is the great room and kitchen that seem to be begging to entertain a crowd. The spacious great room has a marble gas fireplace and upgraded ceiling fan and light fixture and opens up to the granite breakfast bar and kitchen. Charcoal and iridescent Uba Tuba granite backsplash and countertops set the stage for this ultimate chefs kitchen. All stainless Bosch dishwasher, Thermadore cook top and hood, Wolf double oven, sub zero side b y side refrigerators, an additional wine refrigerator as well as refrigerated and freezer drawers from under the breakfast bar are perfect for soda and beer bottles. Custom built wood cabinets, recessed and custom lights, Koehler sink and faucet. Each bath starting with the powder room on the first floor, has marble floors and custom vanities, light and plumbing fixtures. The lower level boasts a complete living area with another custom full stainless steel kitchen, and side by side full size Kenmore Elite washer and dryer. The fifth bedroom has a full bath and marble shower and glass door as well as a separate entrance to the back yard. On the second floor you will find the third marble bath with an iron Kohler tub and the second set of Kenmore Elite washer and dryer in a separate laundry room off the hallway. The master suite greets you with a beautiful tray ceiling, rich custom wall colors, a gorgeous cherry walk in closet, a large private deck and a gas fireplace. There is an oversized Jacuzzi tub and 6 by 6 foot all marble and glass steam shower with a Kohler double head multi body spray shower head. The master bath also boasts dual undercounter marble vanity and custom lights and fixtures which comes standard throughout. There are three additional bedrooms on the second floor with one currently being used as an office. All have ample closet space and California closet organizers. A pull down stairway gives access to the attic for storage and one of the two furnaces and central AC units. There is one for the second floor and the basement houses the mechanicals for the first floor. All of the furniture including the plasma television are negotiable. There is surround sound wired for the great room and the master bedroom, ADT is wired throughout and activated. Not a stone unturned in this custom designer show piece. You must see this house to believe it, but please present your approval letter via fax or e-mail prior to setting an appointment as this home is for the discerning buyer. To take the virtual tour go to http://www.buyowner.com and enter C H I 9825. See this and more properties in Chicago for sale by owner at http://hotpads.com/real-estate/Chicago-IL-60641–31tn3kwwbnga9#lat=41.95852&lon=-87.73701&zoom=20&previewId=31tn3kwwbnga9&previewType=listing&detailsOpen=true&listingTypes=sale,newHome,foreclosure,auction&pricingFrequency=once&loan=30,0.0525,0
ps:
Also, that said, I’d do the same as you, miu, as I’m not interesting in paying the freight for high end stuff that isn’t *exactly* what I want.
I am with Ze on this one. I just don’t value the renovation enough to pay 40% more for it. It is too me nothing spectacular. Sure it might have cost a lot but that does not mean it is worth it. Now Hermes bag is the whole product on its own. It is not the right analogy. It is as if you were comparing a fabulous home in a wonderful neighborhood with some cheaply built home in another neighborhood which was trying to imitate the former. These two units are in the same building and same tier. 40% price difference would have made sense to me me if say a building was blocking the views of 16th floor one while the high floor unit had wonderful views because it was clearing the obstacle.
“Ok, I’ll try harder”
Could you have found a house *closer* to the freeway?
but it’s “absolutely exquisite in both detail and design.” and it has not one but two decks on the front of the house. Amazing place. I love it to death.
“It is as if you were comparing a fabulous home in a wonderful neighborhood with some cheaply built home in another neighborhood which was trying to imitate the former. ”
Nope. Comparing the *finishes* only, and using your knock-off reno as the basis.
The “land” (that is, the whitebox unit) is indeed worth essentially the same, with 28 having some premium as it does clear some of the neighbors. The question is what the build out is-worth/would-cost.
The dispute arises b/c you wrote “No way, I think with 100K you can get it pretty close.” And people took that to mean (for good cause, imo) “pretty close” in appearance/quality.
Which is *exactly* on point of the HK Hermes v the real deal. You might be okay with–or even prefer, at least for the price difference–the “knock-off”, but that simply never makes it genuinely similar in quality.
“So we are trolling along the bottom volume wise. exactly what I’ve started saying.”
you’re trolling alright…
Perhaps bad wording on my part but seems you are doing selective reading too. I said “300K to put hardwood floors and rehab two bath and change the countertops and appliances in the kitchen (and possibly stain the cabinets)? No way, I think with 100K you can get it pretty close.” I specified the changes I was going to do and there was no mention of replicating 28A.
I agree with Chris M. Patience and persistence pays off. Someone just bought a completely renovated SFH in prime Gold Coast for $1.3mm.
“Define it, or pick a month, or even just a year, and I’ll give you the number”
1976 trough. Because yes in real terms I think we could go lower.
sorry anon your analogy is still off. You can talk about buying two pairs of Guess jeans and then putting Gucci buttons, zipper, and some fancy work on the pockets and on on and then having it priced much higher vs the original Guess jean. To me it is not worth the extra 40% price tag still : )
“You might be okay with–or even prefer, at least for the price difference–the “knock-off”, but that simply never makes it genuinely similar in quality.”
How long did you have that Chrysler 300? Remember the one on 22’s with the spinning rims.
“No way, I think with 100K you can get it pretty close.” I specified the changes I was going to do and there was no mention of replicating 28A.”
Okay, then, “pretty close to” … what? if not the unit being discussed that is $300k more?
Like I said, the most reasonable inference from what you wrote is “pretty close to 28A”.
“To me it is not worth the extra 40% price tag still ”
Because they are both the same denim. Now put some LV’s on just 1/4 of that denim and it has to be worth a good $1,600. Quality!!
lol ze…actually i would not pay that much for denim or a tshirt. now bags, shoes and coats are a different story : )
“How long did you have that Chrysler 300? Remember the one on 22’s with the spinning rims.”
Not long–left it on 65th and used the insurance money to get a real-deal ’61 Continental.
“get a real-deal ‘61 Continental.”
Would be a fun car to have. Black.
I remember dads MarkV. think we had a jacuzzi and a pool in the back seat, bbq area with teakwood table in the trunk. All that only added about 5% to the list weight.
“miumiu on June 29th, 2011 at 2:32 pm
Perhaps bad wording on my part but seems you are doing selective reading too. I said “300K to put hardwood floors and rehab two bath and change the countertops and appliances in the kitchen (and possibly stain the cabinets)? No way, I think with 100K you can get it pretty close.” I specified the changes I was going to do and there was no mention of replicating 28A.”
Then what you should have said is that you prefer cheaper units with some updates of standard builder upgrades…not it could be “prety close” meaning close to the unit profiled here. As for your jeans analogy, many people buy the gucci over the guess everday…so there is value there…otherwise they would not sell.
Stop generalizing your personal preferences to the value in this market…
“1976 trough. Because yes in real terms I think we could go lower.”
’75 close enough?
Using the data from here: http://www.wellesley.edu/Economics/case/PDFs/SingleFamilyHomes.septoct1987.pdf
the aggregate change in nominal prices in Chicago from ’75 to ’86 was +105.2174%. Back that out of the Jan-87 CSI number of 53.55, you get 26.09. Apply CPI from ’75 to ’11, you get 109.58. Which is pretty damn close to current, and I would bet will be right on for the average for ’11 (meaning we dip meaningfully below it for at least the last few months of the year).
Thought HD was joking. That ad is so over the top it’s rich!
Interesting to see that someone brought up 1975 to 1986 price changes. I know people who bought a 4-BR courtyard condo in E. Lakeview in 1975 for $45,000, and sold it in 1986 for $150,000. That’s a pretty good return above inflation.
“That’s a pretty good return above inflation.”
Matching CPI would have taken it to $91,672.86.
OT: if anyone has good recs for a contractor for gut rehab, please post here or email to dz_account at hotmail dot com.
@ local, did you read the jean analogy. they were both Guesses to start with. First read something then complain please. As for wearing Gucci I do actually wear them because they are no insanely expensive (for me) but I said I won’t pay over a $1000 for a pair of jeans. I am sure others do.
My point was not about preferring cheaper finishes, if are set on spinning it that way, feel free to do so. I was saying that the same tier in the same building upgraded t death (and not even tastefully IMHO) is not worth a 40% premium to me. I am sure some disagree. So shoot me now…lol
I like Chris Carey (contractor): chris@ccareyco.com.
“That’s a pretty good return above inflation.”
Of course you can recognize that they changed the inflation calculation in the 80’s away from home prices. By definition the old one would have been more closely linked to those rises in home prices, showing a higher inflation rate, and making the return.. so so.
“making the return.. so so”
Over 6% in real dollars, on the full $45, which was prolly levered from ~$10k (making it ~11% over cpi). Not that so so, given that it was also (likely) a living expense and the (likely) limited alternatives for that $10k.
more on the lines of problems anchoring to 1975…
DZ –
My contractor is David Wilczak, owner of Next Level Improvement:
nextlevelimprovement@gmail.com
I am very picky and I would not work with anyone but David. He is incredibly hardworking, detail-oriented and his prices are very reasonable. He has a whole team of good guys working for him, but he supervises everything and does most of the work himself. He is a perfectionist and I trust him completely. He just completed a job for me and this is the first time in my life where I’ve hired a contractor and now that the job is done, I am sad to say goodbye. He was such a pleasure to work with.
If you want more details, feel free to e-mail me at oakstbeachgrrl@yahoo.com
Thanks, nyc buyer and Milkster. Will send you an email, Milkster.
I’m still amazed that people like this unit so much. I was serious about this having a look/feel of the 1970’s Brady Bunch home (aside form the kitchen and bath). I realize that many people at this price point are over 40, but is there anyone on here under 39 who would say they like this interior style? The comment – hotel room in dire need of renovation is spot on. Beauty is in the eye of the beholder, but to me all of that gross wood takes away value. Seller obviously thinks highly of his personal taste. I expect this unit to sit indefinitely.
“this is a real penthouse”
Uhmmm, no it’s not. I don’t mind people calling top floor condos penthouses, it’s just common parlance. But don’t call something it a “real penthouse” when it’s not even a penthouse.
If I was going to buy a designer hang bag, I would want it to be perfectly suited to my taste. If I’m paying $5,000 for a purse, I want it to be exactly what I want. I wouldn’t want to buy any old Gucci hang bag, just for the sake of owning one. I would want one that I liked in particular.
The same goes for high end finishes. If I’m going to pay a premium for ultra high end finishes, I want them to be exactly to my taste. I wouldn’t pay a premium for someone else’s choice in high end finishes, just as I wouldn’t pay a premium for a used Gucci bag.
“If I’m paying $5,000 for a purse, I want it to be exactly what I want.”
Right, but you wouldn’t say that the $1000 bag is “pretty close” to the $5000 one, even if you like the $1000 one *better*
“I’m still amazed that people like this unit so much. I was serious about this having a look/feel of the 1970’s Brady Bunch home (aside form the kitchen and bath).”
I don’t like the unit that much. But during the boom people forgot one of the three tenets of real estate: location. 😀
Seriously in the GC things should cost more. It was only with easy credit that the poseurs who didn’t want to look snooty but still wanted to overpay were allowed to to drive up other parts of the city in the GZ to GC valuations.
It has been a gigantic mystery to me ever since 2007ish why Wicker Park PPSF approximates that of the gold coast. At least until I found this blog and realized there are far more idiots with credit than there were people with actual steady income or wealth to back it up.
I now eat popcorn and watch these middle class people basically flame out. But even if a middle class poseur bought this place they at least have a decent shot of selling it to someone not at a loss and moving on. Because guess what? There are a lot of millionaires and multi-millionaires who live in the GC and aspire to! I hate the ‘hood myself but this is the reality. Middle class poseurs using easy credit (MCPUEC) were never able to separate their preferences using easy credit from reality and THAT is why most other ‘hoods are F’d.
Tell me where these hipsters or middle class office drones work in any other neighborhood that should justify their valuations relative to the GC where actual rich people like to live to be close to their demanding jobs?
Basically I hate to tell the CC peanut gallery but location matters, tremendously. It did before the credit floodgates were opened and it does again.
No that POS house in Wicker near the highway isn’t worth 500k and won’t sell for that either today or in a few years, but the GC is unpredictable. Lots of big income and wealth transplants move there.
“I’m still amazed that people like this unit so much. ”
i think it is the ceo envy syndrome. they think a ceo lives here so they just like it as it makes them feel they could be one too…lol…or maybe they have stayed so long in airport lounges due to O’Hare’s ever present delays that they have grown an affinity for the look : )
Get a grip, folks. Bob just drove it home: it’s STILL all about location, a fact which got fuzzy during the boom (and is also complicated by the midwestern lust for the almighty SFH). There are plenty of people trying to sell (and some trying to buy) luxury 2 beds (or expanded 1 beds like this one) in this general price range in the Chicago…some are new buildings, some have lots of building ammenities. Very few are on Astor.
So since i live in this building, i’ll throw in my .02
First of all, those of you throwing around 400 or 500k estimates are crazy. Again, this unit may not be tailored to everyones style, but the views and location of this building are phenomenal. This will sell 700k+, i promise.
Pros :
– Residents are amazing, all educated and intelligent, friendly people. Mostly affluent older folks who use it as a ‘in town’ or younger professionals. Occasional neurosurgeon/ banker here and there.
– There are at most 4 units per floor, some have 2 depending on if units were combined.
– Cool history. Was the astor hotel back in the day , beatles had a press conference in my unit. The toilet in my bathroom is the original lime green. john lennon pooped on it. pretty neat.
– Doormen rock.
– Rooftop deck has killer views
– maintenance staff is fast and efficient
Cons:
– Lobby is boring and small, but the building is super small , again, only 4 units per floor, classic bertrand: elevator in the middle with units all around.
– The garage is a PAIN IN THE A**. you have to get out of your car, use a key to open the garage door, and go down in a lift elevator. spots are cramped.
– Assessments are high, as they are with any old old coast building
– No pool, No gym
– Not all units have in unit laundry
Another fun fact : an upcoming movie, ‘contagium’ with matt damon, jude law, and a few others was filmed a few floors below me. I got to meet them in the lobby this past fall. Cool guys, the director ( steven sandersomething ) was really cool as well.
Great building, can’t beat the views and you can’t beat astor street. It’s a classy neighborhood.
Also, another reason i’m not sure anything near 500 will work, is that my owner is wanting to drop my 1 bed for the mid to high 200’s, which i don’t feel is unreasonable. this place is certainly worth more than twice what mine is. A pic of mine for comparison:
http://www.flickr.com/photos/40035500@N00/5010239535/in/photostream/
“it might, I would not pay a dime over 700K. I would buy the 16th floor one instead and make it look like what I like. But it seems enough people like it at the ask so if one of you are actually serious about buying it, it might very well sell.”
miu miu, big difference between 16th floor and anything over 20 in terms of view in this building. there are only 28 floors.
You are right Riz. I checked the photos. This is what actually justifies the high ask price on 28th. There is a building blocking chunk of the 16th floor’s view.
Oh you saw Jude Law!!! Lucky you. I think seeing him was worth all the high assessments! He is one of my favorite male actors of all time.
Lack of gym/pool sucks though.
Miu miu,
your’e spot on. many of the units below 22 have obstructions on one side or another from local buildings.
Jude law was really nice, as was matt damon. i was so surprised at how bald jude law was though, i mean, super super bald. they were spraying his hair with gunk for hours before his scene. dude needs a hair transplant stat.
Matt damon was a lot cooler though, hung out, talked to everyone , very social, very ‘normal guy’ type personality. didn’t have the movie star shine i expected.
agreed on the pool/gym.
“Jude law was really nice … Matt damon was a lot cooler though”
Jude heard there were nannies nearby, so he was a little preoccupied.
as long as the nanny doesn’t look like the one arnold schwarzenegger was getting it on with.
Not like Schwarzenegger’s anything to write home about.
If this comes down to 400 or 500k I will try to buy it myself.
News flash Bob…this won’t come down to 400 or 500K. Anyone who pays cash is not going to take a 50% loss. He or she can afford to hold…they could always rent it out temporarily.
yeah. as a side note, the owner is super loaded and this isn’t his primary residence. has a sick vintage benz convertible that is always parked outside.
Looks like his other home is on the market as well.
The internet makes e-stalking so freaking easy.
“News flash Bob…this won’t come down to 400 or 500K. ”
Not a news flash to me my comment was directed at those above who thought it could get this low. Please read the whole thread.
no one thought it will go bellow 700K. i was the low baller on it. given all the interest others had and the view difference, i think it will sell for more.
oh poor bald jude. i heard he said in an interview he is not as handsome as he used to be hence RPatz gets all the roles for a hottie these days : (
man, arnold is not hot nor is his wife, but that nanny is scary…lol…wonder if Arnold had a thing for Danny DeVito and was happy when he found a female look alike ; )
wtf?
maybe sleep deprivation
ok I am sleep deprived what was arnold’s excuse?
Y chromosome
For most of you, you are unable to really “get” this sort of design. This is an inherent risk of doing chic things in the Midwest where people tend to eat pizza with sauce dripping down their shirts.
Too, Wicker Park and Gold Coast are such different objects. Gcoasters are on ventilators and W.Parkers are huffing their own arrogance – but at least the latter ar younger, more creative, dynamic, and more artistic. No art broker would give credence to any artist who lives in the Gold Coast. No Booker Prize winner under 74 would are be caught in Viagra Triangle. The Gold Coast is beautiful, established, relatively safe, boring (but appropriately so). However, the problem is that it is devoid of culture- the sort that make a city a city. A similar dynamic exists, perhaps, in a comparison of the Upper East Side and Soho. UES parties are nice, but noone has read a book in years.
Still listed for $875k:
http://www.redfin.com/IL/Chicago/1300-N-Astor-St-60610/unit-28AS/home/12681945