3-Bedroom Corner Penthouse Reduces to $560,000: 1555 N. Sandburg Terrace in the Gold Coast
This top floor 3-bedroom in the Kilmer House at 1555 N. Sandburg Terrace in the Gold Coast (or Old Town) came on the market in June 2022.
Built in 1971, Kilmer House is part of Sandburg Village. It has 96 units and has a pool, sundeck, tennis courts and exercise room.
The building has a doorman and valet garage parking.
We last chattered about this unit 11 months ago, in July 2022. You can see our chatter here.
Last year, some of you were worried about the high HOAs.
It’s still available, although it was contingent in September 2022.
If you recall, this is a southeast corner, top floor, 3-bedroom with 1711 square feet and a recessed balcony. It has east facing picture windows from the living room, dining room and den.
The primary suite faces south and has a walk-in-closet and en suite bath with a separate shower and dual vanity.
The kitchen is “newer” with white cabinets, a white subway tile backsplash, silestone counter tops, stainless steel appliances and a dry bar with pantry cabinet storage.
The unit has the features that buyers look for including a walk-in mud room/laundry closet with a full size stackable washer/dryer and central air.
There’s valet parking available.
Kilmer House is located on the edge of the Gold Coast and Old Town with access to both neighborhoods and Lincoln Park.
Originally listed in June 2022 at $619,000, the unit has now been reduced by $59,000 to $560,000.
While the HOA has gone up since last year, the taxes have fallen.
Is this a deal for the square footage and location?
Megan Tirpak at @Properties Christie’s still has the listing. See the pictures and floor plan here.
Unit #602: 3 bedrooms, 2 baths, 1711 square feet
- Sold in August 1996 for $172,000
- Sold in March 2013 for $375,000
- Sold in November 2016 for $500,000
- Listed in June 2022 for $619,000
- Under contract in September 2022
- Re-listed in February 2023 for $619,000
- Reduced twice
- Currently listed at $560,000
- Taxes are now $8982 (they were $10,115 last year)
- Assessments are now $1525 a month (they were $1453 a month in July 2022)(includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Association includes doorman, pool, exercise room, tennis courts
- Valet Parking (cost?)
- Washer/dryer in the unit
- Central Air
- Bedroom #1: 13×15
- Bedroom #2: 12×10
- Bedroom #3: 10×11
- Living room: 22×15
- Dining room: 11×19
- Kitchen: 11×8
- Laundry room: 5×7
- Walk-in-closet: 10×11
- Foyer: 4×11
- Balcony
LOL at the sellers
This isnt anywhere near 1700sf – even including the balcony
The previous sale pictures show a lot better than the current. The second dining area looks really dumb
Powder room would be nice, and with little kids the playground is a bit far, but this place is arguably within the realm of Unicorn Criteria. The second dining area/desk area could work for a tv and sectional couch (not ideal, but would work).
Decent looking unit. I like the width. HOA is a killer though imho.
“Decent looking unit. I like the width. HOA is a killer though imho.”
I think this is a fantastic home. If I have to live in a non-view low rise, this one is great as you have treetops and a big balcony to enjoy it.
HOA is definitely a big part of it but it’s not much different from older 3-bedrooms in high rises with pools, doorman etc.
But if you were considering a townhouse or this type of unit, the townhouse is much cheaper because HOAs will be so much less.
“This isnt anywhere near 1700sf – even including the balcony”
Here’s the original 02 unit floor plan. These were 1400 square feet. But 602 has additional square footage in the form of an entire bedroom and walk-in-closet. Looks to be about 270 square feet. Plus some hallway. So, yeah, close to 1700 square feet.
https://www.dreamtown.com/buildings/kilmer-house
This building is getting to the age where significant building wide projects will need to be done to update the plumbing risers, elevators, windows. Assessments and possible specials will continue climbing.
I have a hard time understanding how people are able to invest in some of these older buildings that have no charm or million dollar views or other redeeming qualities.
Like ever increasing property taxes, the high HOAs seem to be draining the value of many of these older high rises. They just don’t seem to be a good value to me…
“the high HOAs seem to be draining the value of many of these older high rises. They just don’t seem to be a good value to me…”
Similar story with vintage 1920s-30s highrises. However, people are willing to pay premium HOAs as those buildings have a lot of charm and craftsmanship that is really not available elsewhere. Not sure what will happen with the generally plain (sometimes ugly) highrises from the 60s-70s as these buildings continue to age.
Not unattractive but calling it a “penthouse” is a real stretch. The one at 1500 N. LSD – that’s a penthouse!
Great point, KK, about ugly 60’s and 70’s buildings. We used to live (decades ago) at 2626 N. Lakeview, which was around 30 years old at the time. Now it’s over 50 and I hear isn’t aging well. It doesn’t have much charm compared to the pre-war buildings. I wonder if people will want to take care of it and others.
“This building is getting to the age where significant building wide projects will need to be done to update the plumbing risers, elevators, windows. Assessments and possible specials will continue climbing.”
Better check on the reserves no matter where you have bought. And, honestly, if they haven’t been maintaining the building for the last 50+ years, we would probably already have heard about it in Crain’s like several other buildings that had to be bought by developers who wanted to deconvert.
It only has 97 units. I’d rather move into one of these older buildings with management and decent HOAs to pay for things, than the 8 or 12 unit 50 year old building with no professional management and a board that rarely meets or does anything.
Management does matter. There are some 1960s/70s buildings downtown that have never had a special. Several have massive war chests with several million in reserves. They’ve been diligent at maintenance. Have already replaced the elevators. Take care of the roof and windows. Halls and doorways.
All buildings need maintenance. 100 year old buildings even more so. Takes dedication by residents and a good board.
This top floor Kilmer House 3-bedroom closed in June 2023 for $560,000.