What It Takes to Renovate a 39-Year Old Condo in the Gold Coast: 1230 N. State Parkway

1230 n state parkway #2

This 2-bedroom in State Tower at 1230 N. State Parkway in the Gold Coast recently came on the market.

Built in 1979, the building has 92 units with balconies and a heated parking garage along with a doorman.

It also has a rare Gold Coast feature: 9 outdoor parking spaces available on a first come, first served basis behind the building for guests.

This unit had a “luxury renovation” in 2016.

There is porcelain tile throughout the main living space.

The kitchen has a farmhouse sink, custom cabinets, luxury appliances by Wolf and Subzero and Italian Statuario marble.

There is a master suite where the bathroom features floor to ceiling marble and a double shower.

The unit has custom closets, designer lighting and plantation shutters throughout.

It has an east facing balcony with city views, central air, washer/dryer in the unit and parking is available for $55,000.

After the renovation, is this unit now able to compete with nearly new condos on the market at the same price point?

1230 n state parkway #1

Ashley Cox at d’aprile properties has the listing. See the pictures here.

Unit #21B: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 1995 for $225,000
  • Sold in January 2000 for $290,000
  • Sold in March 2000 for $370,000
  • Sold in January 2005 for $470,000
  • Sold in December 2013 for $422,500
  • Currently listed for $575,000 (plus $55,000 for parking)
  • Assessments of $951 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger and snow removal)
  • Taxes of $5911
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×13
  • Bedroom #2: 10×13

11 Responses to “What It Takes to Renovate a 39-Year Old Condo in the Gold Coast: 1230 N. State Parkway”

  1. Looking at about $4k/month for a balls-to-the-wall upgraded 2/2 in GC with a garage parking spot. Not the worst premium for ownership I’ve seen considering medium grade 2/2s in the area would rent for $2500-$3000 without parking.

    Short/intermediate term I would still rather rent, especially with everyone’s bubble-sense tingling and Chicago finally showing signs of saturation from the downtown construction glut. Supply exceeding demand has already been shown in a 15% decline of rent for luxury units in Q4; so it’s a great time to be a renter and take advantage of some great deals until developers can build some condo buildings and allow inventory to open up a bit so these absurd prices can be pulled back a bit.

    55k for parking? Is that the going rate these days in the GC or does it happen to be in a prime spot in the garage? It better be near an outlet if you ask me.

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  2. This place is all marbled out! LoL I kind of like the look, but the track lighting really looks tacky and does not fit in with the look of the condo.

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  3. This would not be a good place to raise a puppy.

    I like this place though. I’m not sure though if the furniture is just huge or the unit is really small.

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  4. I like this look as well, for a small 40 year okd 2/2 this is pretty nice. Parking is excessively priced.

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  5. 38 years old if built in 1979… not 39

    Anyone got a ‘guy’ that can do a slab marble backsplash like that? I looked around at some 1/2″ thick slabs but unsure if that would even work properly

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  6. “Looking at about $4k/month for a balls-to-the-wall upgraded 2/2 in GC with a garage parking spot. Not the worst premium for ownership I’ve seen considering medium grade 2/2s in the area would rent for $2500-$3000 without parking.”

    What do you think the decked out 2/2s in the new Sinclair going up about two blocks away on Division will rent for? Probably $3700 to $4500 depending on floor of the building.

    So buying this unit doesn’t seem like a bad deal compared with renting.

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  7. “55k for parking? Is that the going rate these days in the GC or does it happen to be in a prime spot in the garage? It better be near an outlet if you ask me.”

    Not every unit in this building owns a parking space. I believe there are only like 40 to 50 spots in the building (but someone else can correct me if that’s wrong.) So, you will pay a premium to get one.

    Or you can rent across the street for like $300 a month and you’re not in your own building.

    Parking in the Gold Coast north of Division is usually a premium because so few buildings have deeded parking. Everything is negotiable though!

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  8. anon you don’t have a marble slab guy? cmon man quit holding out on me

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  9. “Anyone got a ‘guy’ that can do a slab marble backsplash like that? I looked around at some 1/2? thick slabs but unsure if that would even work properly”

    I think you’re going to have to go with at least 2cm thickness (or about 3/4″) slab for the backsplash. Any stone fabricator should be able to do this. That being said, take a look at these guys…they installed everything in our home and pricing was better than anyone I spoke to in the city.

    http://www.precisionstonedesigns.com

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  10. “you don’t have a marble slab guy?”

    Not a sub, no. Marco’s suggestion looks good, but there are a ton of places.

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  11. Thanks marco I’ll have to ask around

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