23% Off the 2008 Price for This Gold Coast 2-Bedroom: 1427 N. Dearborn
This 2-bedroom in the Cordova at 1427 N. Dearborn in the Gold Coast has been on and off the market since July 2010.
It recently came back on the market significantly reduced from its prior list price.
The third floor vintage unit has 1700 square feet and some of its vintage features like a wood burning fireplace.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The listing says there are “upgraded bathrooms.”
It has central air and a washer/dryer in the unit but no deeded parking. Parking is available next door for $275 a month.
The unit is now priced about 23% under the 2008 purchase price at $485,000.
That’s nearly at the 2002 price of $463,000.
Is this a deal?
Lauren Leonardi at @Properties has the listing. See the pictures here.
Unit #3S: 2 bedrooms, 2 baths, 1700 square feet
- Sold in July 1999 for $390,000
- Sold in April 2002 for $463,000
- Sold in June 2005 for $617,500
- Sold in June 2008 for $635,000
- Originally listed in July 2010 for $659,000
- Reduced
- Was listed in June 2011 at $626,000
- Withdrawn
- Recently re-listed at $485,000
- Assessments of $400 a month
- Taxes of $8796
- Central Air
- Washer/Dryer in the unit
- No parking- rental available nearby for $275 a month
- Bedroom #1: 14×12
- Bedroom #2: 12×12
- Office: 15×9
can’t wait to hear what people who have to have parking will say…
Convert to SFH?
Nice looking place in a good looking building on a great street in a good location with the price now at more realistic levels. Could be a good purchase for someone.
Because of all of the food options and the grocery options and the bus and train options here? oh and the igo and zipcar lots. yeah…must have car!
I enjoy how badly the “local business reviews” recnognize the location of this place. It is “0 miles” from:
MK
Yojimbo’s Garage
Underground Wonder Bar
Chicago Water Tower
” the bus and train options here?”
There is no train stop within .25 miles. Why would you buy a place where you’d need to take the bus to the train, if you are going to use the train regularly?
This price seems reasonable and if the parking next door is a private lot for only monthly parkers (attached to a condo building), it would be acceptable. The assessments seem very low, but if the association/building are actually in good condition, then I think this would be a bargain.
Nice looking unit, although it feels very narrow in the living/dining room with all that furniture and nothing by the windows.
While I can understand not needing a car here, it is amazing to me that someone twice paid over $600k for a 2 bedroom without parking even if it is large and in the Gold Coast. The current price seems much more realistic.
Kind of basic, nothing to wow me. i dont think its a bad place or price, just nothing to make you want to open your check book.
Video from the unit:
http://www.youtube.com/watch?v=lF9teaH3rQg
It’s interesting St. Chrys nursery school gets a shout out in that video. The broker is right, it’s one of the best in the city. But its unlikely the buyer of a 2 bedroom condo is the target market (let alone Latin). Maybe the $3M home up the street though.
I dont get it. What exactly makes this ordinary looking (and cramped) unit worth a half a million dollars?
“It’s interesting St. Chrys nursery school gets a shout out in that video. The broker is right, it’s one of the best in the city. But its unlikely the buyer of a 2 bedroom condo is the target market (let alone Latin).”
Isn’t this place basically anonny’s price range and size? He’s dying to get his kid into latin or whatev.
“Isn’t this place basically anonny’s price range and size? He’s dying to get his kid into latin or whatev”
If it had a third bedroom, a powder room, and a garage (and didn’t have a unit above it), I’d be very interested. Not only are we shooting for L or P, but failing that, this place has Ogden going for it.
“Not only are we shooting for L or P, but failing that, this place has Ogden going for it.”
There is something incongruous about expecting to pay circa 30k for the better part of 12 years for an education that can basically be had for free (guaranteed in suburbs, possible in Chicago) yet not being able to afford much more than a 400k condo. I say screw the kid, as he/she will end up at another middling big 10 school regardless (like everyone else from the midwest), and buy a better place.
And how are you shooting for these schools? Did you go there yourself or do you have a wing at a major hospital named after your family? If not, you are in for a tough road.
JMM you knucklehead tea partier you. Like many of your brethren you know little of what you speak/ type, not that gets in the way of you posting bs advice here. When it comes to aiming high for their kids neither annony nor any real parent should ever say “screw the kid, as he/she will end up at another middling big 10 school regardless (like everyone else from the midwest)..and buy a better place..” The only interest that serves is you right wing nut jobs who want cheap compliant interchangeable worker bots like Bob. Unlike you we put our kids interest first & 4 / 5 kids graduated from top 15 US universities (5th followed girlfriend to a “middling school” and is happy & well employed). You should consider putting your kids up for adoption – you could invest what you could save on their upkeep into buying a better place, better wheels & better advice.
Southbound– you moved to the burbs, and then sent your kids to NSCD or LFA, rather than public school? If not, do you think your kids would have done *better* if you had? That’s JMM’s point– why spend 3/4 of a million on primary and secondary education when you can get essentially the same spending half that on a nicer house? The incremental benefit of the private school for *most* kids isnt likely to make a meaningful difference at the end of the day.
“That’s JMM’s point– why spend 3/4 of a million on primary and secondary education when you can get essentially the same spending half that on a nicer house? The incremental benefit of the private school for *most* kids isnt likely to make a meaningful difference at the end of the day.”
But what’s the “meaningful difference” here? I’m not looking at education as a means to an end, i.e., my calculus isn’t elem/high school success = college admission = decent job. Of course I hope my kids end up in rewarding careers. But I’ll feel like I’ve failed if, when sellecting colleges and majors, they say, “gee, what kind of job can I hope to land with this after graduation.” If for some reason they want to be engineers or accountants or whatever, fine. But I’d rather their college experience be dominated by literature and other arts, philosophy, history, etc., some travel, some activism/social contributions, etc. Not football games and summer internships at a Fortune 500. That’s why I’m unmoved by the stats reflecting the college destinations of L and P grads, relative to the test-in public HSs.
Granted, it’s a long shot to get into L or P (but attending Lincoln/Ogden elem wouldn’t be the end of the world). And paying for it will indeed be a huge burden. Some folks long for a big t.v. hanging in a “family room” in the basement and a gator deck on which to talk with friends about team sports that other people enjoy playing, under which the Japanese SUV and Euro sedan sit side by side. I wish them well on that quest. If we’re lucky enough to get two kids into private school, I’ll gladly find a way to write checks for $40k-$70k for 14 years.
In any event, I’m not planning the next couple of decades based upon the home I can afford today, as JMM would have me do. Does wanting/having a condo under $500k as a first purchase indicate that I plan to live in a $500k condo 8 or 12 or 15 years from now?
“But I’d rather their college experience be dominated by literature and other arts, philosophy, history, etc., some travel, some activism/social contributions, etc.”
Is L really the right place for your idealized child(ren)?
“it’s a long shot to get into L or P”
What proportion of students are not legacy or *really* wealthy? I realize the proportion could be high, while anonny’s chances may still be low as he may be competing with many, just curious about makeup of school I know just a few families with kids who got into L or P, and big fraction of those are not super special people. I realize the sample of L or P families that I know may be very biased.
“If we’re lucky enough to get two kids into private school, I’ll gladly find a way to write checks for $40k-$70k for 14 years.”
Is there really no better use for $1MM++ for your kids, or otherwise? Especially when it may not be pocket money to you?
“Is there really no better use for $1MM++ for your kids”
That’s the biggest point.
God, people with kids are boring!
Getting into those schools starts with a good preschool, which brings us full circle to the place across the street. As for personal choices, if you have millions to spend on your child, these are good options but there are far more cost effective ones. It just seems odd that the person who is scaping to buy a condo at a price that doesn’t exist has some work before concluding this is right for him.
“God, people with kids are boring!”
Yea, and people who complain about kids/parents are just soooo intrinsically interesting! Nevermind the scintillating complaints themselves with absolutely throw people into convulsions with the excitement!!!
By the way, I believe about 60% of an incoming JK class is legacy / employee children (or fundraising admits — think folks who have their names on hospitals, etc). 40% is greenfield, common folk, though a big chunk of those are also affluent.
I’m a legacy and it made no sense to me to spend a combined $60K a year for 14 years for our children to attend.
Of course when I started there almost 40 years ago, tuition was $2,000 a year. Which my parents say seemed like a hell of a lot at the time.
“common folk”
We can just call them anonnys, though maybe anonny could figure out a way to borrow D#2’s unused legacy status.
“Of course when I started there almost 40 years ago, tuition was $2,000 a year.”
And ~$7K in 1989 per this:
http://articles.chicagotribune.com/1989-03-08/entertainment/8903250185_1_private-schools-latin-school-education
@fo, have your cpi spreadsheet handy?
“though maybe anonny could figure out a way to borrow D#2?s unused legacy status.”
If I could I would. Our fam’s are basically inversions of one another (northshore to eastside of city/(hopefully) L/P v. eastside/P to northshore).
“And ~$7K in 1989 per this”
$7k + cpi (89-12) = $13k
$2k + cpi (75-12) = $8.5k
$2k + cpi (75-89) = $4.6k
Actual FWP tuition + fees for 2012-13:
JK & SK $24,050
1 $25,790
2-4 $25,840
5 $26,270
6 $29,940
7 $30,680
8 $31,410
9 $31,040
10 $30,990
11 $30,790
12 $31,290
Not sure I follow this. Don’t most degrees dominated by art and literature end to gee what kind of job I can land after graduation. Also some of the most well read art savvy people I know have hardcore degrees.
You don’t need to study English literature to be well read. On the other hand, with the exception of geniuses ver few with an art degree understands sciences at even a basic level.
“But I’ll feel like I’ve failed if, when sellecting colleges and majors, they say, “gee, what kind of job can I hope to land with this after graduation.” If for some reason they want to be engineers or accountants or whatever, fine. But I’d rather their college experience be dominated by literature and other arts, philosophy, history, etc., some travel, some activism/social contributions, etc. Not football games and summer internships at a Fortune 500. “
Well some people with kids are really boring especially the ones who feel like sharing every boring detail about their kids.
Now as for kidless folks, I often find the ones who deliberately decided so on average more interesting than folks with kids. On the other hand, those of which ended up kidless because no one wanted to have kids with them, tend to be pretty boring, whiny, and out of touch with reality. After all there is a natural selection.
“Yea, and people who complain about kids/parents are just soooo intrinsically interesting! Nevermind the scintillating complaints themselves with absolutely throw people into convulsions with the excitement!!!”
“Now as for kidless folks, I often find the ones who deliberately decided so on average more interesting than folks with kids.”
Do you find their complaints about how boring you are interesting? Do they think that their complaints about how boring you are are more interesting than your boring-breeder-blather?
It wasn’t just $7,000 in 1989, I’m pretty sure. At least $10,000 and likely a bit more. Maybe $7,000 for kindergarten then.
Interesting research on tuition and CPI, anon. So it’s priced about twice as high now as it should be according to inflation. Same with colleges, for that matter. And now kids are graduating college and can’t afford to buy homes or have children. I’m not ready to spend $50,000 a year for my oldest to go to private college a few years from now. Huge waste of money. He may have to find a public university. Still expensive but maybe more in line with what it’s really worth.
OK Anon, I see where you went wrong finding it to be $7,000 a year in 1989. You took the article’s $98,000 for 14 years and did the division. But the prices in 1989 probably ranged from about $5K for kindergarten to say, 11K for 12th grade. So your CPI of 2,000 in 75 to 7,000 in 89 for kindergarten may be off slightly. And it means tuition in the 89-12 period for kindergarten has climbed even more steeply than you reckoned (from around 5K to 24K). Kind of reminds me of Wrigley Field bleacher ticket prices, which went from $1.50 in 1980 to over $50 now.
” You took the article’s $98,000 for 14 years and did the division.”
No, I took DZ’s supplied number.
[now JK 24,050]/368,030 = x/98,000, so then JK = $6,400.
6400 + cpi (89-12) = 11,800.
“Kind of reminds me of Wrigley Field bleacher ticket prices, which went from $1.50 in 1980 to over $50 now”
Weren’t they still “only” $20 10 years ago?
MLB average player salary has gone up 24x, and the minimum 16x, since 1980, so sort of tracking salary costs.
“I took DZ’s supplied number”
I see where you went wrong.
Miu: Fwiw a dean addressing parents and freshmen at one of our orientation days stated the most common major of their undergrads admitted to med school is Anthropology. This from a university with very strong science programs. Not sure why. But far better for kids to have a plan.
And thanks Anon & anonny but I see his real underlying point as his usual put down. I think he was born on third like C and upon discovering himself between third and home imo he mistakenly deludes himself into seeing a home run hitter in the mirror. Like C he believes he/ his ilk is far better, smarter and more worthy than us “greenfield, common folk”. And certainly admittance to the likes of L or P rightfully should belong to the kids of he/ his ilk. He belongs in England. I believe in our country anonny and every other parent should strive to do whatever they believe is in the best interest of positioning their kids. Where accomplishment, ability & willingness to outsmart & outwork the competition should matter more than who your grandfather was and what hospital wing he endowed. The inheritance tax needs to be brought back with a vengence (pierce those trusts)! I believe it irks him to know the likes of my kids were admitted to spots that he believes really should have been held as birthrights for kids of he/ his ilk (or at least kids of really really affluent common folk). I say good day to him and to all tools.
And on a positive note D#2 my experience was that colleges like car dealers have list prices but… And they know what the alternative cost of U of I is. And they deal (sometimes – when a friend asked U of C to match Tulane’s offer U of C wished his kid well in New Orleans!)
Interesting SS. I would love to see the stats. For some reason among my high earner friends and family, people mostly hold science, math, and engineering degrees so that must have biased me. They are currently PhDs at variety of positions, accountants, pharmacists, and doctors. I don’t know a single person out of the group that studied humanities.
I know a lot of people with journalism and literature degrees too, but they are mostly assistants to the above group. Again I have not seen stats or studied this scientifically so I can be very well wrong.
@anon, the deliberately childless folks I know don’t make these types of comments. It is usually the ones the ones let down by nature who seem to whine either out of spite or because they were just too whiny too start with for anyone to want to breed with them ; )
“Do you find their complaints about how boring you are interesting? Do they think that their complaints about how boring you are are more interesting than your boring-breeder-blather?”
“They are currently PhDs at variety of positions, accountants, pharmacists, and doctors. I don’t know a single person out of the group that studied humanities. I know a lot of people with journalism and literature degrees too, but they are mostly assistants to the above group. Again I have not seen stats or studied this scientifically so I can be very well wrong.”
Want to guess which group I’d rather spend time around?
@ annony, your choice of course, but I find conversation with smart, worldly people, most of which speak at least 3 languages, have lived in various parts of the world, have excellent taste in dining and wining, are well read quite nice. Oh and let me tell you they can party like rock stars : )
“They are currently PhDs at variety of positions, accountants, pharmacists, and doctors. I don’t know a single person out of the group that studied humanities”
ha, such BS. I have never met an accountant that i could have a interesting convo for longer than 10 minutes.
“but I find conversation with smart, worldly people, most of which speak at least 3 languages, have lived in various parts of the world, have excellent taste in dining and wining, are well read quite nice. Oh and let me tell you they can party like rock stars : )”
i bet you even typed that while your pinky was sticking out.
some of the best advice and some of the best convo’s i ever had have been with folk who didnt even graduate HS. most folk who “speak 3+ langauges and brag about” and have “excellent taste in food and wining” come off as pompous always. And what they have to say a talk about are never original or personal, just cold washed over quotes the rarely pertain to the topic at hand but used to show how “wordly and well read” they are.
“They are currently PhDs at variety of positions, accountants, pharmacists, and doctors. I don’t know a single person out of the group that studied humanities. I know a lot of people with journalism and literature degrees too, but they are mostly assistants to the above group. Again I have not seen stats or studied this scientifically so I can be very well wrong.”
Miumiu’s crowd is a bunch of wannabes, always outsiders looking-in, and they will always be this way. That’s why they are always seeking the “authentic” Italian place to eat, then the “real” sushi place, etc. They aren’t anything. They may be smart enough to achieve a more than superficial level of knowledge, but that won’t make them real, or truly accepted by the real people when it gets down to it.
@ Groove, you are so wrong, I know 2 and they are both super interesting. Both women though, one is actually an accountancy Prof. and the other used to work for Ernst and Young but now is some sort of a tax expert for a company.
@ HH,lol… you never fail to amaze me with your comments. My husband an Italian who lived in Italy until he was in his mid twenties is the outsider looking for authentic Italian? Just go eat your deep dish and ask for “broo-SHE-tah” next time you are eating at Olive Garden…lmao
“@ Groove, you are so wrong, I know 2 and they are both super interesting. Both women though, one is actually an accountancy Prof. and the other used to work for Ernst and Young but now is some sort of a tax expert for a company.”
Interesting to YOU, maybe? Given one tax accountant i know is actually a cool guy, older guy in his 60’s. unfortunately a big cubs fan, so go to one game a year with him.
the rest of the accountants i deal with and have met are all odd boring souls. Public ones are worse as they have to be told to try and be personable to clients, and it comes off as awkward and still boring.
“@ Groove and the other used to work for Ernst and Young but now is some sort of a tax expert for a company.”
forgot to ask am i supposed to be in shock and awe by the name dropping of Ernst and Young? and was it even needed to be said?
as you can tell, names, titles, money, a graduate degree or two, dont impress me. a good person with passionate opinions no matter the education level or income level is what i look for in my circle of friends.
Is this a site to discuss housing or education? Stop already. I have seen this unit in person and have to say that I believe it is underpriced at this particular time in the market . It is immaculate with 2 beds plus a study, deck, elevator, parking next door, wood burning fireplace, and great location. And, no, I am not the listing agent.
“I have seen this unit in person and have to say that I believe it is underpriced at this particular time in the market.”
If you’ve seen it, you must be in the market. Why aren’t you buying it then?
“Why aren’t you buying it then?”
Its the current owner or their agent. That’s the only explanation for their excessive use of superlatives such as “immaculate” to describe it.
Ze thinks the place looks cheap, not as in underpriced, but cheap as in wouldn’t even get this for my “kept” woman.
No offense, miumiu, but when you say “but I find conversation with smart, worldly people, most of which speak at least 3 languages, have lived in various parts of the world, have excellent taste in dining and wining, are well read quite nice. Oh and let me tell you they can party like rock stars : )”
all I can think of is the db character PAUL in Midnight in Paris, watch the two minute clip to jog your memory…
http://www.youtube.com/watch?v=BYRWfS2s2v4
CAROL: Have you tasted the ‘61? It’sdivine – though Paul found it – what?
PAUL: Slightly more tannic than the ‘59.I prefer a smoky feeling to afruity feeling, don’t you agree?
” “but I find conversation with smart, worldly people, most of which speak at least 3 languages, have lived in various parts of the world, have excellent taste in dining and wining, are well read quite nice. Oh and let me tell you they can party like rock stars : )”
I can burp the alphabet in 3 different languages… that always seems to impress people. I’ll save explaining how I play the oboe for later.
“Now as for kidless folks, I often find the ones who deliberately decided so on average more interesting than folks with kids.”
bc they’ve probably been to Hedonism?
“Stop already. I have seen this unit in person and have to say that I believe it is underpriced at this particular time in the market . It is immaculate with 2 beds plus a study, deck, elevator, parking next door, wood burning fireplace, and great location. And, no, I am not the listing agent.”
Felt I had to post after that comment. Not on Vintage Tour 2011 (we were looking mostly at SFH) but a friend looking for a vintage GC condo saw this. I specifically recall it bc she said these sellers had my old Dacor range (circa mid-1990s, Dacor used to make an entry level model that I was very fond of, although it was blown away by the Dacor Epicure that we ultimately got to replace it when mine started to have use-related ignition issues). She thought the kitchen was extremely small, IRRC, and the unit felt very narrow. I don’t know what she’d think about this price, but at the time, she thought the pricing was totally unrealistic. It appears that at least one unit in the building is rented, http://www.urbanrealestate.com/property/1427-N-Dearborn-Unit-2S-CHICAGO-IL-60610-JKMCDVKQA5EP6.html, which could be an issue for financing in a small building, esp if there are other rentals now or in the future. I wonder what kind of rental restrictions these folks have. Small assns can be good, bad, or anywhere inbetween and change at any time, so love of vintage must be balanced against the inherent risk. With at least some owners who bought around the bad time and not that many units overall to balance things out, I also wonder how motivated the majority is to spend on the building. Good luck to these sellers. Looking at the pricing history, it appears they are chasing the market down. This recent comp (first floor unit with family room/full bath duplex down) can’t be helping, either–
http://www.urbanrealestate.com/property/1427-N-Dearborn-Unit-1S-CHICAGO-IL-60610-QHDUMRJK2UVUW.html
Shoot! Forgot about the 2-link rule. Sabrina, please ignore my first effort, I’ll divide up my links.
“Stop already. I have seen this unit in person and have to say that I believe it is underpriced at this particular time in the market . It is immaculate with 2 beds plus a study, deck, elevator, parking next door, wood burning fireplace, and great location. And, no, I am not the listing agent.”
Felt I had to post after that comment. Not on Vintage Tour 2011 (we were looking mostly at SFH) but a friend looking for a vintage GC condo saw this. I specifically recall it bc she said these sellers had my old Dacor range (circa mid-1990s, Dacor used to make an entry level model that I was very fond of, although it was blown away by the Dacor Epicure that we ultimately got to replace it when mine started to have use-related ignition issues). She thought the kitchen was extremely small, IRRC, and the unit felt very narrow. I don’t know what she’d think about this price, but at the time, she thought the pricing was totally unrealistic. It appears that at least one unit in the building is rented, http://www.urbanrealestate.com/property/1427-N-Dearborn-Unit-2S-CHICAGO-IL-60610-JKMCDVKQA5EP6.html, which could be an issue for financing in a small building, esp if there are other rentals now or in the future. I wonder what kind of rental restrictions these folks have. Small assns can be good, bad, or anywhere inbetween and change at any time, so love of vintage must be balanced against the inherent risk. With at least some owners who bought around the bad time and not that many units overall to balance things out, I also wonder how motivated the majority is to spend on the building. Good luck to these sellers. Looking at the pricing history, it appears they are chasing the market down.
This recent comp (first floor unit with family room/full bath duplex down) can’t be helping, either–
http://www.urbanrealestate.com/property/1427-N-Dearborn-Unit-1S-CHICAGO-IL-60610-QHDUMRJK2UVUW.html
“Why aren’t you buying it then?” Looked at this place with a friend who is looking for “immaculate” GC vintage after seeing it posted on your site. Not so easy to find at a lower price-right? And was unaware that I had to buy any unit I made a positive comment on.
“Looked at this place with a friend who is looking for “immaculate” GC vintage after seeing it posted on your site. Not so easy to find at a lower price-right? And was unaware that I had to buy any unit I made a positive comment on.”
You went were going on and on about how great the property is and how it’s listed below market. If it’s such a great deal (and you, yourself aren’t in the market) then why didn’t your friend buy it who is apparently the one looking?
I don’t understand the point of pumping the property as being so great if none of you are interested in buying it (unless you already own it- that is.)