2 Years Later, Benjamin Marshall Vintage Back on the Market: 1550 N. State in the Gold Coast
Two years ago, in the first month of Crib Chatter, we chattered about a large 1-bedroom unit in the Benjamin Marshall classic building at 1550 N. State Parkway in the Gold Coast that was asking over half a million dollars.
See our prior chatter and pictures here.
The unit finally sold after 9 months on the market for $10,000 under its September list price.
It’s back on the market again, just 14 months after the prior sale.
This time they’re asking $160,000 over the 2008 purchase price.
The listing says there has been a “total renovation sparing no expense.”
The unit still has no deeded parking nor in-unit washer/dryer. It does have vintage charm and a stellar location near Lincoln Park, Old Town and the beach.
Victoria Amoroso at Baird & Warner has the listing. See the pictures here.
Unit #504: 1 bedroom, 1 baths, 1100 square feet
- Sold in May 1989 for $100,000
- Sold in February 2006 for $255,000
- Sold in February 2007 for $490,000
- Listed in September 2007 for $525,000
- Sold in May 2008 for $515,000
- Currently listed for $675,000
- Assessments of $1084 a month (includes heat, gas, cable, doorman)
- Taxes of $3621
- No parking
- No in-unit washer/dryer
- Central Air
- Bedroom: 13×13
Beautiful place. And every unit gets space in the basement wine cellar.
Well, it is definitely pretty but no central air and no w/d kills it for me. Good luck at that price
So I guess now begins the display of the early knife catchers’ wounds…
I thought “sparing no expense” would mean they added a washer/dryer. But apparently it means “new paint, and overpaid for kitchen/bath reno” since floors and mouldings look original. I especially like the IKEA shelves in the bathroom. I have the same ones in my family room (I spare no expense either).
This unit is having its own personal bubble, in a separate universe where many dollars are competing for very few tiny spaces. I could better justify overpaying for the barn.
It’s amazing, isn’t it? This unit just keeps finding greater and greater fools. It’s a lovely unit, don’t get me wrong–but unless there is a unicorn hiding in the closet, there is no way something that was sold for 100K in 1989, 255K in 2006, 490K in 2007, and 515K in 2008, is worth anywhere close to $675K in 2009–no matter what the renovation, and no matter what the state it was in 20 years ago. I would hate to be the one holding the bag when the music stops here.
$145/sf on the renovation? LMAO
lets assume you are willing to pay $600 per sq ft for a top of the line new unit. that’s where you get the $675K price. personally i think that is too high. i would probably also want to discount for the way above average assessments. other places will go up too but you are already spending $6-7K above average. depending on your cap rate i says that’s a minus $100-140K. i don’t understand why people don’t value the liability of the assessments relative to comparable units. bottom line- lucky to get the 2007/2008 price if someone values all the renovations. personally, i would max out at around $400K for a bid and that is only if i really loved the renovations (i’d have to look closer).
maybe the price reflects the small number of units for sale in this building? is this a co-op?
but yeah, at least put one of those euro-clothes-washers in the kitchen.
How can you spare expense when you have “1100” square feet to work with??? Nobody in their right mind is going to pay this for a place where you have to put your guests up on the living room couch and ask them to take your laundry to the laundromat. Space in the basement wine cellar? Skewed priorities — I’ll take air conditioning so I’m not sweating my arse off while drinking that cellared pinot…
The reason I put 1100 in quotes is because when you add up the rooms (excluding the tiny bathroom of course) you get about 700 square feet… I know I’m the square footage police, but it looks like Victoria went to the Mario Greco school of measurement!
Now who is going to take advantage of this “rare opportunity.” Rare, but not in a good way – WhoTF cares that’s there’s only one other 1 bedroom in the building. It just means that one other person in the whole building is as poor as you are. (kidding)
Go take the guided tour on the B&W website. Sounds like David Sedaris at his most sarcastic. Apparently the kitchen has SS appliances AND wooden cabinets. No expense spared indeed!
Holy piss balls, that’s a very expensive place!
That location is fantastic. That is a reason for such a premium. However, this is still overpriced.
The lack of W/D is no problem. Clearly the buyer will have their socks and underwear dry cleaned anyway.
Nice, worth every penny to be at that location and in THAT building..
I think it looks very nice, however, I still feel it is priced way to high.
“Nice, worth every penny to be at that location and in THAT building”
Okay, I’m prepared to assume that the 06 sale was not arms-length (b/c really, unless the place had been used as a composter for 17 years, there’s just no way), but what did they do that’s worth $160k in a declining market?
Of course, if the 06 sale *was* a real market-price sale (as I say, not likely), then everyone since is truly, truly high.
Nice apartment, but BAD timing on the renovation and a poor choice of materials. This classic building does not need a modern bath and kitchen. And no way will the owner/bagholder get their money out of that renovation. There is virtually no market for a place like this in a market like this.
Everyone here is assuming they put $160k into reno becuase the asking price is $160k more right? Don’t you think it’s more likely they put $40k-$80k worth of reno in AND then just jacking up the price hoping to make a profit. Remember selling at a loss is out of the question. This is real estate.
“Everyone here is assuming they put $160k into reno becuase the asking price is $160k more right?”
No. I’m assuming that what they put into the reno should appear to be “worth” $160k. Or, really, $200k, given the erosion of the market.
anon –
I agree with you. It should reflect a 200k upgrade. But I think you’ve all correctly deduced that they haven’t put in $200k and as a result, they’re asking way too much.
Uh-oh, carrara marble counter tops. Don’t spill the wine or the coffee pot.
This place is the biggest joke ever shown on Cribchatter. No parking, central air, or w/d… and you get to pay $1,100 a month in assessments for no amenities. Awesome.
“you get to pay $1,100 a month in assessments for no amenities”
You get space in the wine celler. That’s an amenity. Must be worth 6 or 7 hundred a month, right?
But seriously, doorman, small building, probability that the %age allocation isn’t really equitable. It adds up.
Other Features: TV-Cable, CO detector.
CO detector WTF!
This is the biggest joke of a price on crib chatter. Even at $499K I’d think it was a mistake.
OK, maybe this is just me, but how can anyone justify spending $675K on a 1-bedroom condo that does NOT have in-unit laundry?
With no AC, laundry or parking at that price, that condo better overlook central park.
The listing says it does have central air, so what am I missing there? But with no laundry or parking in this oh so easy neighborhood to find parking, those are immediate losses.
I’d love to see the reserves on this building. I’m guessing it’s another LSD Co-Op wannabe with millions in reserves that no one will ever see any results from. I think one way these co-op buildings are going to get new owners in the future is giving them equity back in the building based on their assessments. Whereas if nothing is done over a couple years, which probably is the case, you get to leave with 75% of your invested assessments, since they weren’t needed.
I think the next generation of buyers in buildings like this aren’t going to exist, because most people won’t pay for assessments like this, especially when they include nothing.