Is It Hard to Sell A Middle Unit? A 2/2 at 1325 N. Dearborn Parkway in the Gold Coast

1325-n-dearborn

This 2-bedroom unit in 1325 N. Dearborn Parkway in the Gold Coast came on the market in May 2016.

It is on the second floor, which is the middle unit, of this vintage 3-flat building which was built in 1887.

The unit still has many of its vintage features including pocket doors, moldings, coffered ceilings and inlaid hardwood floors.

There is a wood burning fireplace.

The kitchen has cherry cabinets, granite counter tops and black appliances.

It is a rare vintage unit with all the modern features buyers look for including central air, washer/dryer in the unit and rare 2-car parking.

The unit has been reduced $46,000 since May to $729,000.

Is it difficult to sell a middle unit in a 3-flat building?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 bathrooms, 1700 square feet

  • Sold in March 2002 for $550,500
  • Sold in November 2007 for $725,000
  • Originally listed in May 2016 for $775,000
  • Reduced twice
  • Currently listed for $729,000 (includes 2-car parking)
  • Assessments of $450 a month (includes exterior maintenance, scavenger)
  • Taxes of $11,655
  • Central Air
  • Washer/Dryer in the unit
  • Wood burning fireplace
  • Bedroom #1: 23×14
  • Bedroom #2: 15×8
  • Office: 8×5

 

 

16 Responses to “Is It Hard to Sell A Middle Unit? A 2/2 at 1325 N. Dearborn Parkway in the Gold Coast”

  1. Screwed up painting over the woodwork

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    Rating: +4 (from 4 votes)
  2. Why are there bars on some of the windows?

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    Rating: -3 (from 3 votes)
  3. “Why are there bars on some of the windows?”

    they are next to the fire escape I think?

    I think a stainless steel upgrade to the kitchen appliances would work wonders for this type of asking price and location not sure why they upgraded everything else but that…

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    Rating: +2 (from 2 votes)
  4. This looks to be a good deal as it appears to be a duplexed unit. Can’t tell if its the 2nd + 3rd floors, or the 1st+2nd floor?

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    Rating: -1 (from 5 votes)
  5. “it appears to be a duplexed unit”

    bc of the stairs? Think that’s just an issue of the front door being at the bottom of the stairs.

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    Rating: +1 (from 1 vote)
  6. “This looks to be a good deal as it appears to be a duplexed unit. Can’t tell if its the 2nd + 3rd floors, or the 1st+2nd floor?”

    It’s a middle unit, meaning 2nd floor.

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    Rating: +2 (from 4 votes)
  7. We previously chattered about the top floor unit – which apparently never sold.

    http://cribchatter.com/?p=22124

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    Rating: +5 (from 5 votes)
  8. this building is absolutely hideous.

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    Rating: -10 (from 14 votes)
  9. This building is gorgeous. Truly unique. I have always admired it. Whomever painted over the woodwork should be shot….and whom do we thank for the adjacent barf-tastic high rise?

    It might be worth having the ceiling beams and mill work around the doors professionally stripped depending on what is underneath…Mahogany on the ceiling? Who cares to guess?

    Updating the kitchen appliances would help for sure and one of the bath’s clearly hasn’t been updated in some time. The lack of private outdoor space kinda stinks but maybe two parking spaces and a truly unique facade and stained glass make up for it. It is so close to the lake. Great location.

    I doubt the current owner is responsible for any of the “recent updates” however……so it seems the price should be negotiable if they want to sell any time soon.

    Current AV of $665K and the taxes of $12,184 seem a little out of wack. Taxes should be a bit higher, even at the assessed value, right? My home’s assessed value was lower than that yet my taxes last year were higher before I appealed…

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    Rating: +2 (from 2 votes)
  10. “My home’s assessed value was lower than that yet my taxes last year were higher”

    That’s un-possible, unless (1) you didn’t take your homeowner exemption, or (2) you are somehow billed for a SSA.

    For *all* Chicago real estate, the formula is:

    [(AV * Eq.Factor)-(exemptions)]*[base rate + (applicable special rates–ssa, mosquito abate) = Tax.

    $12,184 seems bang on for $665k AV

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  11. Anon: Trust me, not “un-possible.” I am on a first name basis with some of the advocates at the assessors office. Maybe mine is a special situation…I do have two pins but I am looking strictly at the pin the house is on…but this isn’t about my property taxes….anyways they did correct the problem and admitted that they *might* have made a mistake so I have nothing but praise for the employees in City Hall :)

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  12. I love this building. So whimsical. I love the inside too, except the hideous kitchen. I would put this black set of appliances on Craigslist for $500. A landlord will come get it. Then go get some used stainless appliances for $1000. As for the second floor location, I think that is the best spot, although I would never buy in a three unit place. I would probably get a couple of the freaks on cribchatter as neighbors and would have to move.

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    Rating: +4 (from 6 votes)
  13. “I would probably get a couple of the freaks on cribchatter as neighbors and would have to move.”

    oh the possibilities. who would be the two best and the two worst neighbors from the Chatarati?

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    Rating: +1 (from 1 vote)
  14. Speaking of middle units…. My son is looking at purchasing a middle unit in a three flat. From the title of this post, for resale purposes, how much of an issue is a middle unit? All three units in the building were for sale at one point and now only the middle unit is available. The top floor was tiny and the roof impacted the useability of the space, while the first floor was duplexed with the basement and was too much space.

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  15. “From the title of this post, for resale purposes, how much of an issue is a middle unit?”

    From a practical point of view, it’s the only unit in the building where you hear noise both above and below you. That’s what impacts value and desirability.

    Does anyone have any experience trying to sell the middle unit? Did it take longer than expected?

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  16. “they did correct the problem and admitted that they *might* have made a mistake”

    So, it was that there was an error, and, after getting it fixed (which was, I’m sure, an enormous PITA), then the corrected tax bill was:

    [(AV * Eq.Factor)-(exemptions)]*[base rate + (applicable special rates–ssa, mosquito abate) = Tax.

    Right?

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