3-Bedroom Paradise in the Sky Reduces to $1.175 Million: 1030 N. State in the Gold Coast
This 3-bedroom in Newberry Plaza at 1030 N. State in the Gold Coast came on the market in September 2023.
Built in 1974, Newberry Plaza has 559 units and attached garage rental parking.
It’s a full amenity building with 24-hour door staff, an exercise room, an outdoor pool, and on-site maintenance and management.
This unit is a combined 2/2 and 1/1 unit into a 3/3 with South and West city views.
It is “custom designed” and has 7.5 inch Nordic Brazilian white oak flooring throughout, custom ambient lighting, and electric shades with blackout in the bedrooms.
The kitchen is a “chef’s dream” with European frameless cabinetry, high-end appliances including Subzero, a Wolf induction oven, a Bosch dishwasher, a Sharp microwave drawer, an Elkay sink and a wine fridge, along with custom quartz countertops and an island with 4 inch thick bevel edge and matching backsplash.
The primary suite is a “true retreat” with a custom built closet and a spa-like bath with heated floors, a floating vanity and toilet and a digitally controlled Kohler shower.
The other two bathrooms also have heated floors and Kohler fixtures.
This unit has the features buyers look for including a full-size washer/dryer, central air and leased garage parking is available.
It does not have a balcony or terrace but there are two storage units on the same floor.
Newberry Plaza is near the shops and restaurants of the Rush Street corridor and is just a few blocks from Michigan Avenue. There are several bus lines and the Red Line subway nearby.
Listed in September 2023 for $1.199 million, it has been reduced to $1.175 million.
Buyers love “new” but are the sharply higher rates now hitting this price point over $1 million?
Kimberly Bowman at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #41LM: 3 bedrooms, 3 baths, no square footage listed
- The two bedroom unit sold in May 1992 for $260,000
- The two bedroom unit sold in September 2022 for $595,000
- Originally listed in September 2023 for $1.199 million
- Reduced
- Currently listed at $1.175 million
- Assessments of $1278 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $13,156
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×16
- Bedroom #2: 13×11
- Bedroom #3: 11×15
- Living/dining room: 26×22
- Kitchen: 9×18
- Laundry: 5×5
What the fuck is Nordic Brazilian? I guess it impresses the same folks that are impressed by Chanel paper bags.
There another of these L & M combo units for sale
Flipping a GC condo at > $1MM takes more balls than brains
Dont think a $24k price cut does anything
“What the fuck is Nordic Brazilian?”
It’s a Lumber Liquidators (sorry, LL Flooring) engineered hardwood product.
Nordic is the stain/color. Brazilian oak is the surface wood.
HOA is pretty reasonable.
34LM also available for $100k less:
https://www.redfin.com/IL/Chicago/1030-N-State-St-60610/unit-34LM/home/184590643
Nice pad but the ceiling height would turn me off after awhile. If 2 parking spaces are included, thats a pretty nice perk.
“If 2 parking spaces are included”
Appears that the parking is leased. Not included in the deeds and no garage referenced in the condo dec for the residential units.
“Appears that the parking is leased. Not included in the deeds and no garage referenced in the condo dec for the residential units.”
The garage is separate from the building. It is a Standard Parking garage. Leasing only. Probably $250 to $300 a month.
“Nice pad but the ceiling height would turn me off after awhile.”
I love the lower ceilings. It’s so much more homey and welcoming. Humans don’t like 11 or 12 foot high ceilings. That’s why we invented the canopy bed. Used by aristocrats and royalty in Europe back in the middle ages and beyond because it was too cold having the high castle ceilings without central heat but canopies could be closed to keep the heat in.
“It’s a Lumber Liquidators (sorry, LL Flooring) engineered hardwood product.”
This is the trend right now. It’s the Swedish look with neutral colors and white walls. Dark stained floors (like the walnuts) are “out” now.
Really, most people should just put in something very neutral so that when the trend ends, they aren’t on the wrong side of it.
Brazilian oak is supposed to be harder, apparently. ???
“Flipping a GC condo at > $1MM takes more balls than brains”
The renovations of the older, non-renovated units have been quite successful the last 2 years, actually. The Gold Coast is really turning over and I have recently discovered that the neighborhood is getting younger, as a result. (And new apartment buildings going in has helped that too.)
BUT- that wasn’t assuming 8% mortgage rates either. I recently saw a flipped house in the Bay Area on the market for $1.4 million after a complete interior renovation (new kitchen, baths, flooring, paint) and they can’t sell it with these rates. It’s on the market as a short sale now.
It’s going to take longer to sell some properties right now. But there is still low inventory at some price points downtown and this unit is completely renovated which is what buyers want.
Also, notice they bought it in Sep 2022 and listed at Sep 2023. It takes a long time to do high rise renovations. They’re just more difficult. But if you’re flipping it, your carrying costs come into play.
Looks like a decent renovation and space and location are good. SW corner isn’t the preferred one, but at least it’s high up. Too high to have a balcony, sadly, as those top out at 38 (someone should ask the architect why).
Assessments and taxes seem like what you’d expect, and I don’t know much about the amenities here. I’m guessing this goes for a bit less than current price but not much.
“Brazilian oak is supposed to be harder, apparently. ???”
Harder that what, apparently?
“Brazilian Oak” is a meaningless marketing term to give the typical rube some familiarity with the product. See Brazilian Cherry
“The renovations of the older, non-renovated units have been quite successful the last 2 years, actually. The Gold Coast is really turning over and I have recently discovered that the neighborhood is getting younger, as a result. (And new apartment buildings going in has helped that too.)”
Lie
“BUT- that wasn’t assuming 8% mortgage rates either. I recently saw a flipped house in the Bay Area on the market for $1.4 million after a complete interior renovation (new kitchen, baths, flooring, paint) and they can’t sell it with these rates. It’s on the market as a short sale now.”
What does that have to do with Chicago? Someone once said RE is all local
“It’s going to take longer to sell some properties right now. But there is still low inventory at some price points downtown and this unit is completely renovated which is what buyers want.”
I like turtles
“Also, notice they bought it in Sep 2022 and listed at Sep 2023. It takes a long time to do high rise renovations. They’re just more difficult. But if you’re flipping it, your carrying costs come into play.
So now you’ve sobered up and agree with me?
Yeah- there is a difference between the oaks.
“Brazilian Oak hardwood is more commonly known as Tauari in the Amazon Basin area of South America. This is not to be confused with Amendoim, which is sometimes referred to as Brazilian Oak. Tauari is a species of tropical hardwood that is resistant to insects and damage from moisture. It can grow to an impressive 120 feet and have a diameter of 4 feet.”
But it looks like it’s in the middle of the road in hardness so it doesn’t get you anywhere in that regard.
https://www.gohardwood.com/the-facts-on-brazilian-oak-hardwood-flooring
“The renovations of the older, non-renovated units have been quite successful the last 2 years, actually. The Gold Coast is really turning over and I have recently discovered that the neighborhood is getting younger, as a result. (And new apartment buildings going in has helped that too.)”
“Lie”
According to US census data for the Gold Coast tract, it is actually running younger than the City of Chicago. More people living there under the age of 35 than in the city overall. I was surprised by this because it’s just an “old” neighborhood but clearly the changeover from the Silent Generation/Baby Boomers is in full swing now. But, like I said, the building of a bunch of new apartment buildings is also changing the dynamics. It’s adding hundreds of units. Those are all young people.
I really encourage people to go look at that census data which gives Chicago’s population by age group. It has interesting tidbits like that East Lakeview actually has very few teenagers.
Also, it does have some areas you have to be careful about. DePaul really skews the 18-22 year old data in Lincoln Park, for instance.