What $5.25 Million Gets You: A 3-Bedroom at 30 W. Oak in the Gold Coast

30 w oak #1 approved

This 3-bedroom duplex penthouse in 30 W. Oak in the Gold Coast just came on the market.

Built in 2007, it has 44 units and is considered one of the most popular luxury high rises in the Gold Coast.

The unit has a 60 foot wall of south facing windows with 10 foot ceilings.

There are Tiger-wood walls and built-ins with silk wall coverings.

The master suite has a 19×14 walk-in custom Poliform closet and a slate master bath.

The listing calls the kitchen “gourmet”. It has PoggenPohl light oak cabinets, 2 Subzero refrigerators along with 2 refrigerator and freezer drawers, a wine cooler and Brazilian granite counter tops.

There are two outdoor spaces including a 24×12 terrace on the main level.

A spiral staircase takes you to an enclosed, and heated, rooftop solarium, with a travertine floor and window shades, and a private rooftop deck with south views.

It has central air, washer/dryer in the unit and 3 garage spaces are included in the price.

According to Crain’s, in mid-June there were 7 condos on the market between $4 million and $5 million in the city. That is the upper echelon for condos in Chicago.

In the past 6 months, only 6 condos have sold in this price range.

At $5.25 million, this unit is slightly above even one of the highest echelons making it even rarer still.

This is the first time this unit has come on the market since its original sale in 2007.

Does that make it unique enough that it will get snapped up quickly?

Sharon Gillman at Baird & Warner has the listing. See the pictures here.

Unit #24B: 3 bedrooms, 3.5 baths, 3700 square feet

  • Sold in May 2007 for $2.425 million (doesn’t list any parking spaces)
  • Currently listed at $5.25 million (includes 3 garage spaces)
  • Assessments of $2826 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $52,053
  • Central Air
  • Washer/Dryer in the unit
  • 2 fireplaces
  • Wine cooler
  • Bedroom #1: 22×16
  • Bedroom #2: 15×15
  • Bedroom #3: 17×16
  • Solarium: 26×9 (second floor)
  • Terrace: 24×12 (main level)
  • Rooftop deck: 29×12 (second floor)

 

26 Responses to “What $5.25 Million Gets You: A 3-Bedroom at 30 W. Oak in the Gold Coast”

  1. On what rational planet is this worth over double what it was a decade ago? Not on earth. I predict a long market time for this one.

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  2. the price per square foot does not align with reality, what kind of crackpot realtor even puts up a listing at such a ridiculous price… probably one of those idiots that never answers the phone

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    Rating: +11 (from 11 votes)
  3. LET’S GET JAN TERRI A SUBSIDY STAT!!!! LOLZ!!
    GO CUBBIES!!!!!!!!!!!!!!!!

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    Rating: -2 (from 10 votes)
  4. You know you have some coin when you put in a Poliform closet.

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    Rating: +4 (from 4 votes)
  5. At this price point, you might as well get a new construction unit at 9 Walton.

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    Rating: +6 (from 6 votes)
  6. Is this a joke? For $1.4 million less, you can get a historic single family home on Astor street with more than double the square footage of this place.

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    Rating: +4 (from 8 votes)
  7. Ermagod I love that kitchen! This is actually a unique unit however this is so absurdly over priced. Looks like they want to find some sucker to fund their retirement.

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  8. With the additional property tax increase coming this year, the assessment and taxes will be $7576 a month for a sub 4K square foot home. This will sit for a long time at that rate.

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  9. “With the additional property tax increase coming this year, the assessment and taxes will be $7576 a month”

    And that’s with an assessed value of 284,064. Add another 50% to the tax bill, after the re-jiggering of assessments gets passed thru Springfield.

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  10. Beautiful unit but they must be looking for one of the NYC suckers at this price point…

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    Rating: +7 (from 7 votes)
  11. I’ll play contrarian here. To Jenny’s point, as others have discussed before, many people (particularly wealthy empty nesters) will prefer a large condo in an upscale building over a beautiful mansion. Much easier to live & entertain in one of these units; high level of service/little maintenance to worry about; easy to leave town & spend time at vacation homes.

    To everyone else, all it takes is one buyer that loves the decor, wants the penthouse, loves the roof space. They might not get the 5.25M but maybe 4.75? There seem to be plenty of people willing to plunk down $2 to $4 Million on units in 4 e. elm, wanda, vista, 2550.

    This building had a number of sales in the high 2 to mid 3 Million range several years ago, and one unit sold in 2013 for $4.7 million (article: http://www.chicagomag.com/real-estate/November-2013/This-Condo-Is-the-Most-Expensive-Sale-in-30-W-Oaks-History/

    The $4.7MM unit was 1000 square foot larger, but was a 2013 sale, not the top floor & without the roof terrace. To me that suggests the current unit could easily be worth over 5 to the right buyer.

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  12. $5.25 million and not even a lake view. Also, if I wanted a penthouse, I’d want it atop the tallest building in the area. There are lots of taller buildings in this area.

    This is not a rich person’s penthouse, but it’s priced like one.

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  13. “I’ll play contrarian here. To Jenny’s point, as others have discussed before, many people (particularly wealthy empty nesters) will prefer a large condo in an upscale building over a beautiful mansion. Much easier to live & entertain in one of these units; high level of service/little maintenance to worry about; easy to leave town & spend time at vacation homes.”

    I’ll give you that. Why not choose an East Lake Shore Drive address instead then? I took a quick look and see a bunch of beautiful units for far less than the one in this post. The assessments are higher, but usually include property taxes.

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  14. the only thing I can say with any certainty is that I will never be in the market for a home at this price point.

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    Rating: +5 (from 5 votes)
  15. Love it. Would kill to buy this at 07′ price. I don’t see it getting more than 3.4.

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  16. Remarkably, not everyone wants to live on East Lakeshore Drive. In the 70s maybe, but that was 40 years ago. If you’re under 60, East Lakeshore is yesterday’s news. People shopping for modern highrise condos are not comparing them to single family historic homes on Astor Street. It’s a totally different style and vibe. And who wants the work, stairs, and style of of a single family home built 100 years ago, even if its been rehabbed by someone else whose taste I dont like. I wouldnt live in one for free.
    A lake view? Have you looked at the lake in December after 5 pm? I have, when I lived on Lakeshore Drive. Its pitch black, great view. During the day there are plenty of ways to see the lake. Like from a boat. Or on the beach. I’m not suggesting this condo will go for ask, but at this price point the normal rules don’t apply. Projecting your own idiosynchosies or tastes on homes like this is ridiculous. “For this money you could get…the style of home I prefer” is a silly line to include in a post. And if you think anyone who bought a $2.7 million place 10 years ago needs to sell their house to fund their retirement today, you are the sort of person who is probably counting on your own home equity to fund yours. Which means you don’t know what people who can afford a home like this consider when shopping for real estate.

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  17. Pete you’re full of crap, you don’t know what people cross-shop. You’re not omniscient. This is a real estate chat site, precisely what we do here is to is to comment on the tradeoffs inherent in properties vs other properties and to judge value from our variously informed, or uninformed, perspectives. It’s all biased (though no more so than any seller or realtor) but that’s half the fun is parsing everyone’s unique opinions, be they wacky or discerning. Don’t like it, too bad.

    In terms of the price on properties like this one and saying the rules don’t apply, you’re basically saying the pricing model is irrational but we’re too poor to understand. We do understand it but we’d rather call it out as the BS it is than defend the indefensible like you.

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  18. At this price point, I would need the lake view. Sure, on December evenings the lake is dark, but most people at this price point aren’t in Chicago in December. And, I have a beautiful, expansive lake view and I get to enjoy it everyday without being on a boat or at a beach. But, the qualm I have with these pictures, I don’t understand why realtors don’t minimize the accessories/junk/superfluous items, as much as possible, in their photos. The bear rug, can be offensive to people, and it’s easily rolled up. The single shirt hanging outside the closet? Scoot out the furniture, at least for the photos. So distracting.

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  19. “Have you looked at the lake in December after 5 pm?” Yes. The lights from the city and the moon light up the ice in various stages of cracking and reforming and it’s still pretty amazing. Plus those stunning sunrises (I’m an early bird and we live near the lake, but no longer have a view, and I haven’t seen a sunrise since we moved).

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  20. “The bear rug”

    Definitely not a bear.

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  21. Pete9441,
    Did we hit a nerve? It seems we did! What is your affiliation with this condo? Are you the agent or the one trying to fund your retirement?

    Even the type of people who just buy a high end condo to park their money for awhile (with no intention of living there more than part time), would not be so dumb as to pay this. People don’t get that kind of money, generally speaking, by adhering to any philosophy that “…at this price point the normal rules don’t apply…” It is THAT kind of thinking that is indicative of a bubble. Kind of like the “new economy” nonsense that was bandied about right 1999-2000 and again around 2005-2006.

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  22. I think jenny was merely saying: don’t overpay for a fully loaded Ford Escape when there are better valued vehicles available.

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  23. The same people on this blog seem to say the same thing about every condo. I would only pay this amount for a lake view. I would only pay this amount to live in a SFH. I would only pay this amount to live in a certain area (or certain street). It’s all very predictable.

    And like it or not, it is much more difficult to guess the selling price for a place listed at $5 million than to guess the selling price for a place listed at $500,000. That is what I meant by the normal rules don’t apply…that was not to suggest that this owner will get anywhere near their asking price. It’s just much harder to predict than the experts here are predicting. I am neither an agent nor a stakeholder with any affiliation to this building, although I have been in it several times, love the building, love this unit and love the area. Guessing the selling price is kind of silly, although I concede it’s part of the fun/purpose of this blog. And not being able afford this place is no crime, and it’s certainly not meant as an insult (however salty my response seemed to be). I only meant that if you are not used to shopping for multi-million dollar homes (or perhaps selling them), then your guess is probably less educated than that of someone who is. Totally disagree about the cross-shopping for a place like this, though. Cheers.

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  24. For perspective, I have 2 kids and have looked at a lot single family homes in Lincoln Park & the Gold Coast but I just can’t picture myself living in one. I really think I would much prefer a large condo/coop in Streeterville. 3500-4000ft on one floor is pretty amazing! Finding one with expenses I can stomach of course is another story and something I have yet to figure out.

    Anyway, different strokes for different folks.

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  25. My original, incredibly articulate and compelling rebuttal didn’t make through, so I will just concur with AC.

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  26. Oops, wrong again.

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