Love a Boutique Building? A 3-Bedroom in the Gold Coast: 875 N. LaSalle
This 3-bedroom in 875 N. LaSalle in the Gold Coast came on the market in July 2020.
This boutique building was constructed in either 1884, 1888 or 1891 (three different listings have different dates) and has 8 units. It’s an elevator building with outdoor assigned parking behind the building.
The unit has high ceilings and a wood burning fireplace but it doesn’t have any other original vintage features.
It has a separate dining room.
The kitchen has custom fruitwood cabinets with a black patina along with granite counter tops and stainless steel appliances.
It has custom cabinetry in several places including the bedrooms.
The master bedroom has its own en suite bath with a double vanity and a large walk-in-shower.
It has features buyers look for including central air, washer/dryer in the unit and one car outdoor parking.
It also has a sizable deck off the back of the unit.
There are 3 units currently on the market in the building. This unit along with Unit #2S which is under contract at $725,000 and Unit #1N listed at $699,000.
Originally listed in July 2020 for $715,000, this unit, #3S, has been reduced to $675,000.
Is this a good alternative to high rise living in the neighborhood?
Jonathan Self at Center Coast Realty has the listing. See the pictures and floor plan here.
Unit #3S: 3 bedrooms, 2 baths, 1750 square feet
- Sold in July 2004 for $439,000
- Sold in January 2007 for $645,000
- Sold in October 2017 for $675,000
- Originally listed for $715,000
- Reduced
- Currently listed at $675,000 (outdoor parking included)
- Assessments of $411 a month (includes parking, scavenger, water)
- Taxes of $13,021
- Central Air
- Side-by-Side washer/dryer in the unit
- Wood burning fireplace
- Bedroom #1: 18×11
- Bedroom #2: 16×11
- Bedroom #3: 13×8
- Living room: 23×15
- Dining room: 16×10
- Kitchen: 11×10
- Laundry Room: 6×6
- Deck: 15×17
“1750 square feet”
LOLOLOLOLOLOLOLOLOL!
It is *maybe* 1500. It’s about 75′ long, and average about 20′ wide.
For 1750 to be about right, it would have to be the maximum width for its entire length.
Shitty cheap doors and knobs. Laundry/utility room doesn’t have a real door. HATE the mirror backsplash.
Be a ok place to rent, but can’t imagine buying at that price in this condition.
Honest question:
Who is buying downtown these days? People must certainly see the likelihood of many white collar jobs leaving (going remote) and with that a complete transformation of the Loop and River North.
Are millennials really thinking “this will all return to normal once a vaccine is released”?
The lockdown hysteria has been a catalyst for a lot of other structural changes that make city living less appealing.
First, with companies now realizing face time isn’t as important, I suspect we are going to see some significant changes in commercial office space. Why rent all that uber expensive space in the loop if most people can just work at home and save the company money.
Second, since workers no longer have to worry about commuting, what is the point of needing a place “close to work” and all the associated space sacrifices since you aren’t going into the office anyway?
Third, because the lock down has destroyed the socialization factor and shutting down schools, restaurants, parks, and all the other amenities that attracted people to city living, you now really have to ask is it worth it to be in a big city with all the associate crime and taxes?
I think this situation is temporary. Of course we are all going back to the office eventually – – it is just going to be harder for your boss to deny requests to work from home part time. But in the office the chance interactions that lead to collaborative efforts and innovation just simply cannot be replicated virtually. Right now, I personally work twice as hard to do the same amount of work remotely and a big part of that is because my work is collaborative and some amount of communication is lost even over Zoom. Even if offices have to de-densify, that actually means MORE space not less. The trend towards less square footage per employee might reverse or employers will just accept that some positions don’t need to be in the office every day. Me personally, during the warmer months I may demand I get to work from home Thurs and Fri. Happy to be in the office three days a week if really needed.
Also, from here on our when you want to move out of state and you ask your boss to OK it and they say “no” – – you will have immediate feedback on whether you were ever considered promotable LOL. Office space will also be maintained for that reason – – to have a home base. There is a reason why Facebook wants the bulk of its workforce within a commutable distance to an actual office despite the fact they are a tech company – – nothing can replace human interaction. I cannot comment on kids. Was talking to a friend yesterday who is worried about her teenager not wanting to socialize IRL and being content to play Minecraft all the time….but kids going back to school is the very reason why I want to stay remote. Kids will bring the ‘Rona home and then the parents will bring it to the office.
To respond to KK – – I don’t know who is interested in units like this myself….There is just too much new construction rental. I would not be considering a purchase in the City if I didn’t already own unless it was something truly special. Right now the financial flexibility of renting is appealing. Before you spend anything on maintenance and assuming you lock up a hefty $135K, you are looking at a monthly cost of $3,900 for this and the assessments and taxes and insurance all generally follow an upward trend…..so this is the worst of renting and owning IMHO.This is also really a 2bed plus den given how tiny the “third” bed is. Surely one could find a similarly sized rental in the same general area for less…in fact a quick search of vintage units in the area indicates this is the case….but is the downtown going to be completely gutted? Seems unlikely.
“Are millennials really thinking “this will all return to normal once a vaccine is released”?”
The Millennials live there right now. They KNOW how the neighborhood has been in the lockdown and now in the reopen. They’re still going to the Trader Joe’s. They’re still eating out at the Shake Shack. They are still visiting their friends up in Southport and hanging out.
Are they all going to move north or to Bucktown or Logan Square? Will they abandon the high rises? We don’t know.
But unless they’re married and/or have kids, it’s unlikely they’ll suddenly say, “I’m moving to an apartment in Arlington Heights.”
“I’m moving to an apartment in Arlington Heights.”
I’m guessing a house in some place like St. Charles would be more likely.