When Real Estate Doesn’t Always Go Up: 1209 N. State Parkway
For some reason, some buildings in Chicago just seem tainted. Even during what was, undoubtedly, one of the greatest real estate booms the Chicagoland area has ever seen, some buildings and homes just don’t appreciate.
Take the Fisher Studio Houses at 1209 N. State Parkway. This 12 unit building in the Gold Coast (nearly at the corner of State and Division) is unique once you go through the metal gate. Built in 1936, it was designated a landmark in 1996. From the Chicago Landmark website:
One of the city’s finest pre-World War II modern designs, this is an exceptional—and rare—example of the Art Moderne style of architecture, which was influenced by European modernism. The unique layout of the 12 units and their common courtyard–which, together, occupy an extremely narrow site running perpendicular to the street–has contributed to their desirability as residential apartments. Further distinguishing the building is its handcrafted ornamentation by prominent artist Edgar Miller. The building was commissioned by Frank Fisher, Jr., an executive of Marshall Field & Co.
Nine of the units are one bedroom duplexes, two are two bedroom units and one is a three bedroom unit. The building was renovated and the units gutted in 2000. There are only two or three parking spaces, deeded to the larger units, in the building. I’ve seen washer/dryers in the units- but not in all of them (but presumably you can put one in.)
These units are unique- with embedded stone staircases and glass block lighting. The one bedrooms probably range in size from 650 to 725 square feet (the kitchens are small.) Because they’re duplexed, they feel larger than they are.
The interior staircase for the building is pictured below:
But the condos have never sold well. Units that have come on the market since the original sale have sat for years. Here’s some price histories:
Unit #4: 1 bedroom, 1 bath
- Sold in March 2002 for $230,000
- Sold in December 2004 for $248,000
- Sold in June 2006 for $260,000
Unit #9: 1 bedroom, 1 bath
- Sold in August 2004 for $239,000
- Sold in June 2006 for $250,000
Unit #7: 2 bedroom, 2.5 baths
- Sold in October 2000 for $530,000
- Sold in April 2007 for $475,000
Unit #11 has mysteriously appeared on the foreclosure auction list for tomorrow. I say mysteriously, because it recently sold (or did it?)
Unit #11: 1 bedroom, 1 bath
- Sold in August 2000 for $259,000
- Sold in September 2007 for $246,000
- Auction price for $210,164 (????)
Perhaps there is a typo and it should read Unit #1, instead of #11. We’ll soon see.
But over 7 years, these owners are seeing very little gains and, some of them, are seeing losses. And all of this during the biggest boom ever in Chicago.
Fisher Studio Houses is a neat historic building but it’s been a bad investment.
I have been in these units numerous times and often considered buying one myself. They are very unique and in a great location for the price point. The building (all painted brick) requires a lot of upkeep and the condo association has had to do some specials to redo the wiring and roof. The developer did not completely redo everything during the conversion, just the basic interior finishes.
You can put in in unit laundry and the 2 story living room is great.
Streeterville Realtor:
I’ve been in these as well. They are unique for the area. They feel larger than they are because they’re duplexed. I’m always surprised that people aren’t buying them as pied-a-terres as they would seem perfect for that (there is a pay parking garage right next door to the building.)
Sabrina:
Most of my suburban clients prefer large highrises with a doorman and a nice lobby. It is a bit creepy to let yourself in through a metal gate, walk up an outside brick stairway, and down a corridor to get to your unit….similar to a cheap motel such as a Red Roof inn.
There are a plethora of similarly prices units, such as 1400 N State, in the area, that do have doormen, valet, dry cleaning, etc and not right on a rowdy strip of bars.
Yes, that makes sense. I could see how they’d want the doorman in the big, bad city (as they perceive it.)
Here’s an update. New Management. Almost .5 million in renovations.
Better turnover when on the market. First buyers are leaving. New buyers are putting tons of money into interior renovations. Unit 11 sold in Oct. 2007 and was not in foreclosure. Yes, it’s true- some visitors prefer high rises and the amenities. Other folks don’t want to get into an elevator just to get outside and breathe fresh air. The building is unique and attracts a certain type of buyer. And yes, they make perfect pied-a-terres because they were designed to be studios. The light streams in all day… and the second floor units have unobstructed, though not super great, views.
Unit 11 is in foreclosure.
“Unit 11 is in foreclosure.”
Thanks for the update John.
This chatter is from 2007. Here’s the history of Unit 11:
It sold in 2007 (but I can’t find a price)
Sold ten years later, in July 2017, for $290,000
Lis pendens filed in March 2020
Lis pendens foreclosure filed in May 2023
Not currently listed for sale.
I owned unit 11 – purchased it around 2007 from the bank and sold it in 2017 for a disappointing 20K profit. Loved it.