3-Bedroom Benjamin Marshall Maisonette Returns for $649,000: 1544 N. State Parkway in the Gold Coast
This 3-bedroom maisonette in 1544 N. State Parkway in the Gold Coast came on the market in August 2023.
Many of you will remember this maisonette from 2019 and 2020 as we chattered about it several times but it never sold.
1550 N. State Parkway was designed by Benjamin Marshall in 1912 and has just 32 units. It’s exterior is covered in limestone and it overlooks Lincoln Park.
The building has 24/7 door staff, bike storage, an exercise room, a common rooftop deck, a wine cellar, a guest apartment and walk-in storage units. There’s no parking.
But remember, this unit is in 1544 N. State Parkway, the shorter side building that is seen above in my poorly taken picture. There are 2 units in that building which share the courtyard in the front. These units have 2 separate entrances, either through the landscaped courtyard or through the building’s lobby.
This maisonette is the top floor, penthouse level, unit.
If you recall, the last time we chattered about it, the unit had sold in an auction from the bank in 2016. It was then renovated with a new kitchen and baths and put on the market. It doesn’t appear to have any of the original vintage features but there is crown molding in the living/dining/kitchen.
It has a bespoke kitchen with modern cabinets and a 10’4″ island with slabstone top. It has a 60″ Thermador, 48″ Wolf 6 burner range oven and Macauba stone countertops.
This kitchen has 2 islands with 2 separate sinks. The second island is a wet bar with a built-in wine chiller.
There are 7 inch wide plank hardwood floors throughout the main living areas.
The primary bedroom has an en suite bath with heated floors and a steam shower.
The second bathroom is “spa-like” with heated floors.
This unit has some of the features buyers look for including a side-by-side washer/dryer in the unit and space pac cooling. There’s no parking, however.
This building is adjacent to Lincoln Park and is near the shops and restaurants of Old Town and East Lincoln Park.
You may recall, the unit was originally listed in May 2019 at $1,049,999 but never sold and was withdrawn. It has come back on the market in August 2023 for $649,000.
Will this price get the sale done?
Amir Aouad at @properties Christie’s has the listing now. See the pictures and floor plan here.
Unit #A3: 3 bedrooms, 2 baths, 1800 square feet
- Sold in January 1988 for $289,000
- 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
- Lis pendens filed in May 2011
- Sold in March 2016 for $413,500
- Originally listed in May 2019 for $1,049,999
- Reduced several times
- Withdrawn in 2021
- Currently listed at $649,000
- Assessments are now $2764 a month (they were $2169 a month in April 2020 and $1947 a month in 2012) (includes heat, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are are now $23,773 (they were $21,887 in April 2020; $20,588 in December 2019 and $13,484 in July 2012)
- Space Pack air
- In-unit washer/dryer
- No parking – rental nearby
- Decorative fireplace
- Bedroom #1: 14×17
- Bedroom #2: 14×13
- Bedroom #3: 11×8
- Living room: 23×17
- Dining room: 17×11
- Kitchen: 16×22
Yes, the assessments are really high but the price of the unit for the space, the building and the location reinforces my opinion that real estate is a lousy investment in Chicago.
“You may recall, the unit was originally listed in May 2019 at $1,049,999 but never sold and was withdrawn. It has come back on the market in August 2023 for $649,000.”
Thats HAWT(tm). You would think that Millennial/Z’s thousandaires would be flocking here, especially as hip as it is (Or so I was told)
Design good from far but far from good. The lighting choices are really off-putting.
Looks like they were renting this for $6k/mo. $130k DP + $8500/mo Vs $6k
Tough decision.
bUy NoW oR Be PirCeD oUT ForEVeR. rEAl eSTaTe oNLy GoeS uP
“penthouse level”
“maisonette”
Aside from the absurdity of “penthouse” in a building with three identically sided levels, how is this a maisonette?
maisonette, per tehgoog’s Oxford Languages dictionary = (1) a set of rooms (2) for living in, typically on (3) two stories of (4) a larger building and with (5) its own entrance from outside.
It is #1 and #2, but is not any of the other parts.
This is simply a condo in the former staff annex, which is now just a staff floor (check the streetview of the alley), with two condos above.
Also (not bothering with 04&06):
Jan-88 + CPI = $762
Jun-97 + CPI = $637
Apr-99 + CPI = $811
Mar-16 + CPI = $529
“$130k DP + $8500/mo”
Can rent a 3 bed at the Sinclair for about the same, and not be responsible for maintenance (and have $160k available for whatever).
How can one market this as “brand new” when it was “brand new” four years ago and renter occupied since? Is there no code of ethics in regards to realtor blabber? Not to mention the floor are looking like they received no love from said renter occupants and now need to be refinished.
It still sucks and is a shame. I stand by my prior commentary: zero context in the reno. not particularly delightful …definitely unrefined. Euro-trashed the heck outta this place. Wear your blue light blocking shades and apply skin cream before entering.
I naively thought $800K would get this done but seeing the property taxes and assessments I don’t see how they get more than $600 for this and only from some utter rube.
Setting aside the disrespect the interior dreckerator had for this particular interior, the bedrooms are right above the alley!! NO THANKS!
Love how the list includes pictures of the much grander main building exterior and lobby. Features that the owner of this “maisonette” would not actually be benefiting from but is paying for through the sky high assessments. Per the listing specs, this unit in the detached building is also paying for the doorman, which is crazy.
What was the original purpose of this smaller building? A workers’ cottage?
The amount of space dedicated to the preparation and consumption of food relative to the living space is obscene.
The living room portion of the living / dining combined room appears to be only about 9 x 17. Compared to the dining space of about 8 x 17 and kitchen a whopping 16 x 23.
For about the same monthly nugget, you could get an extra 700 square feet and a much more nicely finished unit with in tact vintage features, just a couple blocks down the street. Not to mention, you’d be paying down an asset worth 50% more, rather than wasting the difference in assessments.
https://www.redfin.com/IL/Chicago/1350-N-State-Pkwy-60610/unit-3S/home/40378487
Alternatively, could purchase a SFH in East Lincoln Park that includes 2 car parking, for just a few hundred more per month.
https://www.redfin.com/IL/Chicago/2237-N-Orchard-St-60614/home/12584711
https://www.redfin.com/IL/Chicago/511-W-Grant-Pl-60614/home/12793680
Come on everyone, stop complaining. It’s a “penthouse!” LOL.
JohnnyU – You can just tell us that you can’t afford to buy a nice place. All this projecting is making it painfully obvious where you stand financially.
“The amount of space dedicated to the preparation and consumption of food relative to the living space is obscene.”
Americans have kitchens that are way too big. It’s such a waste of space.
“Aside from the absurdity of “penthouse” in a building with three identically sided levels, how is this a maisonette?”
Current listing does NOT call it a maisonette, but since the prior one did, I kept the term for this chatter.
“Thats HAWT(tm). You would think that Millennial/Z’s thousandaires would be flocking here, especially as hip as it is (Or so I was told)”
How times do I have to say it?
Millennials/GenZers do NOT want to be in the Gold Coast. They haven’t wanted to be for about a decade. That’s why the neighborhood is struggling. Silent Generation and some Baby Boomers are passing on and/or retiring to Florida. But there is no one to sell to.
But everything goes in cycles. If something gets cheap enough, eventually the buyers will come. And if they start building some new buildings in the area, as they are doing on the south end near the Viagra triangle, that will attract younger people too.
“Yes, the assessments are really high but the price of the unit for the space, the building and the location reinforces my opinion that real estate is a lousy investment in Chicago.”
Based on one vintage condo building made completely of limestone and just 3 dozen units?
“How times do I have to say it?”
As long as it takes to tell the same story consistently
Knew a 30-40 year old that bought on Dearborn near Latin just in the last year or so
Single data point contradicting the above
– – –
I’d like a point scorecard linked to the sonríes wiki pls
“As long as it takes to tell the same story consistently”
I guess you don’t know how to read JohnnyU. Sad.
I have been nothing but consistent about the Gold Coast for years. Prices are still on the decline there. There are some good deals though but Millennials really want nothing to do with the neighborhood. That is going to slowly change. The new apartment building on State and Division, for example, is bringing in new blood. And if they ever DO build the new high rise on the B&N location, then that will help with the transformation too.
The Viagra Triangle has mostly died as we’ve seen new restaurants come in there. Hopefully Millennials and GenZ will start to consider the neighborhood again as the “scene” turns. And if there are a bunch of deals, maybe they will.
“There are some good deals though but Millennials really want nothing to do with the neighborhood. That is going to slowly change. The new apartment building on State and Division, for example, is bringing in new blood.”
This is my periodic friendly reminder that there are Millennials with kids starting middle school and even high school this year (and that’s among the UMC population who work in or adjacent to Chicago’s corporate and professional industries; lots of non-college grad and/or middle class Millennials elsewhere have kids finishing high school). Not sure that the new apartments at State and Division move the needle for them.
The Viagra Triangle has mostly died as we’ve seen new restaurants come in there. Hopefully Millennials and GenZ will start to consider the neighborhood again as the “scene” turns. And if there are a bunch of deals, maybe they will.
I thought there were deals already?
If the olds are moving out, X was never there and Millennials dont want to be there, who’s the target market for the B&N site?
There needs to be a major bloodletting before the area will redevelop. Easier to build new Vs rehabbing the existing stock
“This is my periodic friendly reminder that there are Millennials with kids starting middle school and even high school this year (and that’s among the UMC population who work in or adjacent to Chicago’s corporate and professional industries; lots of non-college grad and/or middle class Millennials elsewhere have kids finishing high school).”
As I have said many, many times on this blog: the oldest Millennials are now 43. So, yeah, they are unlikely to be living in the new luxury apartment building at State and Division. But the youngest are still in their 20s. And those in their early 30s are certainly expected to be living in the new buildings all over the city.
GenZ will soon be the biggest customers of the luxury buildings. So the restaurants and whatnot better appeal to them. What we know is that they all want to be in Lakeview or Fulton Market. Gold Coast? No. But the new buildings there may change a few minds. That’s the hope. The neighborhood is turning over (as I’ve also said many times before.) The Silent Generation and Baby Boomers are passing on or retiring to other states. The neighborhood is suffering as a result. Not a hip, cool neighborhood.
Also, the oldest Millennials say they think of themselves as GenX. They were the last of the “before phones.” Those who went to high school without a smartphone.
There’s a big difference in the generation of those before and those after smartphones.
“If the olds are moving out, X was never there and Millennials dont want to be there, who’s the target market for the B&N site?”
GenZ. By the time they build that building the oldest GenZers will be 28-29 years old.
“There needs to be a major bloodletting before the area will redevelop. Easier to build new Vs rehabbing the existing stock”
Selling at year 2000 price isn’t enough of a “bloodletting” for you JohnnyU?
“ Selling at year 2000 price isn’t enough of a “bloodletting” for you JohnnyU?”
Well for me and the market, the answer appears to be no
If they were renting for $6k/mo, what makes buying a deal at $8.5k/mo + DP?
If it’s such a deal and you are bullish on Zers moving here, why aren’t you buying this? Should be easy capital appreciation, right?
“the oldest Millennials say they think of themselves as GenX”
Cite, please. And not any of those trend pieces from 2015.
“Selling at year 2000 price”
I think this would sell quickly for a price starting with a 4.
“the oldest Millennials say they think of themselves as GenX”
I dont blame them, as Millennials have no culture.
But they arent GenX, nowhere near cynical enough.
“But they arent GenX, nowhere near cynical enough.”
Huh? If you’re 44 you’re a GenX. If you’re 43 you’re an “oldest Millennial.” In reality, there is no difference between the two experiences. This is why the oldest Millennials consider themselves GenX. At least those who finished school without smartphones. Like I said, there is a dividing line between “before” and “after” the smartphone.
Are you all just clueless? We’ve had this same conversation over and over and over again. Yes, the oldest Millennials consider themselves GenX. Also, there’s a big difference between the older Millennials who were adults and “lived through” the Great Recession, and the young Millennials who were children and did not. HUGE difference in experiences. Millennials should probably be separated into two groups: those who graduated into the worst job market in history and those who did not.
https://www.pewresearch.org/politics/2015/09/03/most-millennials-resist-the-millennial-label/
It’s a research firm anon(tfo).
Here’s a Xennial. Lol. That’s what I was arguing! It’s the oldest Millennials who never had smartphones and were thrown into adulthood during the Great Recession. They ARE different from the younger Millennials.
https://www.usatoday.com/story/news/nation/2018/12/20/xennials-millennials-generation-x-microgeneration/2369230002/
“If it’s such a deal and you are bullish on Zers moving here, why aren’t you buying this? Should be easy capital appreciation, right?”
I NEVER said this property was a deal. Never.
I said the Gold Coast is a deal and some properties are selling at 2000 prices. But it doesn’t matter to GenZ or Millennials, as they don’t want to live in that neighborhood. However, maybe dirt cheap prices along with new apartment towers, new restaurants and shopping WILL convince them. We’ll see.
But the place to go for “deals” in Chicago is clearly still downtown. Inventory still too high and some neighborhoods still out of favor. Everywhere else? Forget it.
So pew from 2015 (basically ancient history) and a trend piece for godawful USA Today from 2018.
IMO, the X/Millennial dividing line is somewhere between actual memory of Challenger blowing up and actual memory of the Berlin Wall coming down. If you were alive then, and remember neither, you’re 100% a Millennial (or had a TBI).
“Huh? If you’re 44 you’re a GenX. If you’re 43 you’re an “oldest Millennial.” In reality, there is no difference between the two experiences. This is why the oldest Millennials consider themselves GenX. At least those who finished school without smartphones. Like I said, there is a dividing line between “before” and “after” the smartphone. Are you all just clueless?”
So, under that rationale, 44-year-olds, as the “youngest GenX,” are probably considering themselves Millennials as often as 43 year-olds consider themselves GenX? Hmm – I have not seen much of that.
The point here is that older GenX and younger boomers need to stop referring to Millennials whenever the topic of the younger generation comes up. The utility for using it peaked (or ended?) like a decade ago.
How many prospective buyers in their mid-30s care whether or not the Gold Coast “scene” is vibrant enough to merit buying there? Or the scene anywhere? We just had new people move in next door to us over the weekend. I think the woman is around 38 (based on college grad year she mentioned), and I’d bet the guy is a year or so older. They moved out of what was probably a nicer house (100 year old stock, vs our late 60s junk), which was probably closer to a trailhead (a block or two vs a half mile or so), located in a hood that’s walkable (as opposed to a being a longish bike ride like ours, and thus we typically drive it) to downtown/Pearl St, so that they could live in a hood that is almost entirely school-age families (there being too many college kids and post-college 20-somethings in their old hood). They’re both originally from major cities in other countries and don’t strike me as born-for-the-burbs types. I just don’t see their age cohort/generation as being a useful shorthand when discussing what “the younger crowd of buyers” wants.
“Are you all just clueless? We’ve had this same conversation over and over and over again. Yes, the oldest Millennials consider themselves GenX. Also, there’s a big difference between the older Millennials who were adults and “lived through” the Great Recession, and the young Millennials who were children and did not. HUGE difference in experiences. Millennials should probably be separated into two groups: those who graduated into the worst job market in history and those who did not.”
You consider yourself intelligent, doesnt make it so
“The point here is that older GenX and younger boomers need to stop referring to Millennials whenever the topic of the younger generation comes up. The utility for using it peaked (or ended?) like a decade ago.”
We’ll stop when Millennials stop glomming/taking credit for any cultural phenomenon that isnt theirs.
“How many prospective buyers in their mid-30s care whether or not the Gold Coast “scene” is vibrant enough to merit buying there? Or the scene anywhere? We just had new people move in next door to us over the weekend. I think the woman is around 38 (based on college grad year she mentioned), and I’d bet the guy is a year or so older. They moved out of what was probably a nicer house (100 year old stock, vs our late 60s junk), which was probably closer to a trailhead (a block or two vs a half mile or so), located in a hood that’s walkable (as opposed to a being a longish bike ride like ours, and thus we typically drive it) to downtown/Pearl St, so that they could live in a hood that is almost entirely school-age families (there being too many college kids and post-college 20-somethings in their old hood). They’re both originally from major cities in other countries and don’t strike me as born-for-the-burbs types. I just don’t see their age cohort/generation as being a useful shorthand when discussing what “the younger crowd of buyers” wants.”
Please dont fall into the Sabrina trap where N=1 means anything other than N=1. We have to talk in generalities to make any sense of the data. There’s a ton of FOMO types in the < 35 crowd
Preferences change. Based on data/experience, the couple you described is starting to be more common – leaving the Urban core for a more suburban setting.
“So, under that rationale, 44-year-olds, as the “youngest GenX,” are probably considering themselves Millennials as often as 43 year-olds consider themselves GenX? Hmm – I have not seen much of that.”
Nope. GenX is pretty much “no smart phones in school.” Also no social media while in school. The youngest GenXers had this so they pretty much consider themselves GenXers – NOT Millennials. The generations are really determined by cultural markers, in my opinion. That’s why the Millennials get kind of messed up. Older ones had no smart phones. They also endured the Great Recession. Younger ones had TikTok and a great job market.