3-Bedroom at 1550 N. State Parkway in the Gold Coast Reduced $336K
This 3-bedroom at 1550 N. State Parkway, the Benjamin Marshall designed high rise in the Gold Coast, has been on and off the market since November 2009.
But interestingly, while its address is 1550 N. State Parkway, it actually isn’t located in the high rise portion of the building at all, but in a two unit adjacent building with its own private courtyard facing State Parkway.
The 1800 square foot unit still has many of its vintage features including inlaid hardwood floors and crown and dentil molding.
It has a Christopher Peacock kitchen with granite counter tops and Subzero, Miele and Bosch appliances.
The baths are Waterworks.
It shares the courtyard with one other unit.
The building has a 24-hour doorman, a guest suite, and a wine cellar.
The unit has central air and in-unit washer/dryer but there is no attached parking. It is rental nearby.
Since it was originally listed, it has been reduced $336,000.
It is now listed $66,000 under the 2004 purchase price.
Is this a deal?
Julie Capps at Prudential Rubloff has the listing. See the pictures here.
Unit #A3: 3 bedrooms, 2 baths, 1800 square feet
- Sold in June 1997 for $335,000
- Sold in April 1999 for $442,000
- Sold in January 2004 for $865,000
- Sold in July 2006 for $950,000
- Originally listed in November 2009 for $1.135 million
- Reduced numerous times
- Currently listed for $799,000
- Assessments of $1947 a month (includes heat, doorman, cable)
- Taxes of $12200
- Central Air
- In-unit washer/dryer
- No parking – rental nearby
- Bedroom #1: 17×14
- Bedroom #2: 14×13
- Bedroom #3: 11×8
$3k a month before the purchase price is steep, but I could live here–and deal pretty easily with the no parking issue.
Have to get a range that matches the expense of the CP cabinets, tho. That thing is a joke.
Interesting. That’s quite the location.
Are we sure there’s no parking? And I think the courtyard is on the west side of the building. Given its juxtaposition with one of the most ornate buildings in the city, this little building always struck me as a bit odd. Former staff quarters for the main building (which I believe was once full-floor residences)?
While I realize that the usual costs are rolled into that assessment, and this unit appears to enjoy the wine cellar perk of the main building, the assessments just don’t add up. It’s not like they’re getting any benefit from the door staff/lobby (other than them receiving packages). There’s got to be more to this story…
I don’t know what’s more bizarre, that they spent so much on that kitchen but installed that range, or that they placed a t.v. above the fireplace – in this sort of unit, and that particular location.
And yes, I realize that the oddness of its juxtaposition with its northern neighbor is mitigated by its juxtaposition with its southern neighbor (over which the city should exercise eminent domain or the Cardinal should call-in some divine intervention to have it removed), but still.
It’s a walk-up – I think that’s the main thing hurting this one. The unit itself is quite nice in my opinion, but little view also, and backs up on an alley in the back which I imagine would be quite loud.
The building has a parking garage next door.
I don’t know how this one works. That’s quite an assessment too, I’m assuming it’s a coop, or there’s significant issues with building repairs.
A walk-up with parking next door, no amenities except a doorman, stuck on an alley between the high walls of two adjacent buildings (one of which is an eyesore to say the least), and you have to pay $3,000 a month on top of the mortgage? And you have to redo part of the kitchen? And there’s no view? And they want $800,000? But there is a wine cellar.
I’m sold!
I love the the listing indicates that this is waterfront property. It’s close enough I guess.
“I’m assuming it’s a coop”
–NOT a co-op.
“And you have to redo part of the kitchen?”
–Buying a new range is not “redoing” any part of the kitchen. Yeah, prolly want to spend $6k on the damn thing, but all you have to do is write the check.
A-1 also for sale: http://www.redfin.com/IL/Chicago/1550-N-State-Pkwy-60610/unit-A1/home/14114210
anon, nice find, I very much like A1 bettef
“anon, nice find, I very much like A1 bettef”
But it’s been stripped of its vintage charm!!!!
Also, (again) for $575 psf, I expect better than the $1899 SS 4-piece kitchen package.
$3,000 a month? $2K with heat. That area costs to live.
Wow, talk about crazy pricing. This one just makes no sense?!
We looked at this unit in 1999 when it was for sale for
Archi, what would you have bid for this prop in April 99?
Would your bid for it today, adj for inflation, be anywhere close to your old bid?
The parking is next door (on North) and it’s valet for something around $350 a month. I have a friend who lived in the bottom unit of the maisonette and she said they really did use the doorman (who are wonderful) for their needs. But, you have to go through the “back way” to get from the maisonette to the main building and it’s not very glamorous. I think this is also a big issue for buyers. They have their guests come through the gorgeous main lobby and then they have to hustle through the ugly bowels of the building. Not ideally set up. If someone with mad money could make this into a single family residence, that would be pretty sweet.
I was thinking about the single family option also for this (not for me!) and the price wouldn’t be too unreasonable for the size of house & that VERY prime location . . . until I realized that on top of the two purchase prices & renovation to combine the units, you’d have assessments of $4700 per month for your house! Oh yeah–and the fact that you don’t actually own the land under your house, that you can’t make modifications to your house without association approval, etc., etc.
“Not ideally set up. If someone with mad money could make this into a single family residence, that would be pretty sweet.”
Well, it IS close to Lincoln Park and in an excellent school district, right?
Under contract, attorney review, current list price is $675,000.
Now $625,000 list, says it is a short sale.