$5k Reduction in Gold Coast Coach House: 29 W. Chestnut
We last chattered about this coach house at 29 W. Chestnut in the Gold Coast in August 2008.
It is still on the market and has been reduced…but only by $5,000.
See the last chatter here.
Marlene Saint George at Baird and Warner still has the listing. Check out the listing and see more pictures here.
29 W. Chestnut Coach House: 3 bedrooms, 2.5 baths, 1 car garage
- Sold in June 1989 for $170,000
- Sold in January 1997 for $265,000
- Sold in November 2001 for $440,000
- Was listed in August 2008 for $849,000
- Reduced
- Currently listed for $844,000
- Assessments of $183 a month
- Taxes are $5,469
- Central air
- Fireplace
Wow that’s a really nice place, but not “almost a million dollars” nice. I wonder what the square footage in that place is?
OT, but does anyone know what happened to another Gold Coast coach house, 1234 N. Dearborn? It’s the one with broken chairs on the roof deck, discussed here: http://cribchatter.com/?p=3406#comments
IIRC, it was reduced to 407K, then the listing disappeared from Ziprealty. Did it finally sell?
1234 N Dearborn #CH was relisted 12/5/08 for $386,900.
Very old listings for 29 W. Chestnut Coach House indicated 1,700 SF.
Also, the current taxes are based on an assessed market value of $295,000.
“current taxes are based on an assessed market value of $295,000”
And what is current market value:assessed value? 1.8? 2? 1.5? Because MV has been unmoored from AV for a long, long time.
What a joke. What is a 5k reduction going to do? “I cant afford an 855k house but I sure can afford 850!”
I’m surprised the realtor didn’t put “$5k closing credit!!!” on there after the price reduction.
I went to see the unit after it was featured here. Please see my chatter in the earlier discussion. Very incomplete renovation, and only the MBR is a nice BR. Clearly not worth 400k more since 2001.
Sellers might not be too motivated; I hear that the condo association is run by two very difficult personalities who unfortunately regularly bully the remaining unit owners.
anon, according to sales ratio studies the legislated 16% AV:MV is actually 10%. Watch this become a big issue when people think their AV should decline in Chicago’s looming 2009 reassessment.
“legislated 16% AV:MV is actually 10%”
So about 1.6x of calculated AV, which means this is being taxed as if MV is ~$475k. Of course, some of the difference is likely b/c any improvements since the ’01 purchase were done w/o obtaining permits.
You are correct, anon.
That current, unofficial, 10% rate will likely rise to meet the official 16% rate as property values decline. In other words, they have a lot of margin built-in to justify not decreasing AV as MV decreases. Well, the first -37.5% anyway. There will be some disappointment on the part of homeowners as reassessment notices are sent later this year.
“There will be some disappointment on the part of homeowners as reassessment notices are sent later this year.”
But Joe Berrios will save us. Joe Berrios is for us!
“1234 N Dearborn #CH was relisted 12/5/08 for $386,900.”
Thanks, G!
The listing agent told me that the sellers are not at all motivated and have already declined 2 lowball offers. She gave me the strong impression that they won’t sell below $790K.
What a waste of time for a listing agent. If she is telling the truth..If I were an agent, I would drop listings like this (unless, of course, I had nothing better to do, which is always a possibility).
Not that I am crazy about either unit but I’d take the new place on Race street over this botched up rehab any time.