A Gold Coast 2-Bedroom Under $300,000: 111 W. Maple
111 W. Maple in the Gold Coast was built in 1991 and converted into condos in the late 1990s.
Some units have washer/dryers in the unit, others do not. This 2-bedroom has the washer/dryer and parking is available.
Do you have the vision to see beyond the 1990s interior?
Both bedrooms are decently sized and have windows.
Trilla Realty has the listing. See the pictures here.
Unit #1303: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 1999 for $262,000
- Sold in May 2005 for $304,000
- Lis pendens filed in June 2008
- Currently listed for $295,000 plus $25,000 for parking
- Listing says seller will pay the special assessment
- Assessments of $496 a month
- Taxes of $3838
- Central Air
- In-unit W/D
- Bedroom #1: 11×17
- Bedroom #2: 11×16
Well, it is a decent price for GC. The building was converted by Invesco, so not sure if there are issues.
What is the current Special for? I also heard of specials in the past for various issues..
That wouldn’t be costly to fix up at all. Well, except for getting the sink and toilet off the wall and onto the ground. 😉
Ivesco? Ok, then. Nevermind. Pass.
$239,000 w/ parking is fair value.
Assessments of $496 a month is ridiculous.
So that’s what one of those 750sqft 2/2’s look like!
$400 a sq ft for absolute crap.
Another seller trying to play games with the parking. I doubt the parking spot even has a separate PIN yet they’ll try anything these days.
Its like they all collectively thought they could suddenly start charging extra for parking around 2005 despite that it was included with their purchase.
The mass delusion of these sellers is pretty funny. They all have the same traits exemplifying their disconnect from reality.
“Assessments of $496 a month is ridiculous.”
Actually- John S.- that’s quite low for an older high rise for a 2/2. I’ve seen 1-bedroom units with around that assessment in buildings that are nearly 20 years old.
An adequate HOA is necessary to build the reserves.
Nice building with awful floorplans. The measurements aren’t accurate because the living and bedrooms are shaped like triangles and pentagons and by the corners being narrow, they are pretty much useless. The HOA dues are actually pretty decent for a Gold Coast building and residents get free use of the FFC club. My only issue with that price is that there are fully renovated units popping up for the same price in the same area with better floorplans. Take a look:
http://www.greatstreetproperties.com/listings.aspx?filename=defaultlistings.x&agent=false&Search=1&SearchZip=60610&SearchBeds=0&SearchMinPrice=0&SearchMaxPrice=0&SearchBaths=0&SearchSqFt=0&SearchFloors=0&SearchParking=0&SearchLotSize=0&SearchSingleFamily=0&SearchMobileHomes=0&SearchRentals=0&SearchCondo=0&SearchLand=0&SearchMultiFamily=0&SearchFarms=0
“My only issue with that price is that there are fully renovated units popping up for the same price in the same area with better floorplans.”
That’s right, and 1415 N. Dearborn is also located on quieter street and has a swimming pool.
I have been considering buying a 1 bedroom in this building, because I like the area.
Are there any other alternatives around this area I should be considering for around $330 per square foot?
Does 1415 Dearborn have in unit laundry and a balcony? That is key for many buyers
And the assessments at 1415 Dearborn are $800+
On 1415 Dearborn, I am not sure how anyone could get past the tiny bands of windows. Did this used to be a hospital or a nursing home?
This is the fugliset building in the world. Not a deal at any price.
The assessment isn’t bad at all. Unit looks like it may be about 1050 sf. Prices for this tier appear to be consistent over the past few years.
The assessments are reasonable if you want a 24 hour doorman/full service building downtown…that’s what you have to pay folks, it’s not “ridiculous”. Although- there are way better options than this building.
What about in unit laundry?
“Does 1415 Dearborn have in unit laundry and a balcony? That is key for many buyers”
There are no balconies, and I’m not sure about the laundry situation. But look at the price:
1415 N DEARBORN PKWY #7A, Near North Side, IL 60610**
Beds: 2 Type: CONDO/TH Sq. Ft.: 1,300 Lot Size: N/A MLS #: 07076915
Baths: 2/0 Built: 1973 $/Sq.Ft.: $226 List Date: 11/18/08 On Market: 104 days
no balcony. w/d? $839/month assessment. The assessments are double that of 111 W. Maple which reduces buying power. Not a deal!
a lot of time you list parking separately to get a lower unit price so you will show up in more searches etc etc etc. its not necessarily game playing, just doing the best to get your seller the most money. everyone knows $9.99 is 10 bucks just as every buyer totals costs for parking + unit when making purchase decision so im concerned with it.
It is also possible to have individually owned parking without having a PIN for each space. a handful of buildings have spaces set up as limited common elements for the benefit of single units. limits ownership of spaces to those who own a unit in the building and you have to be careful when transferring spaces between units or when buying a unit and space from separate owners to make sure its done correctly, in the right order and the condo decs are updated to reflect the new change in benefit of the limited common element, but that what your r.e. atty is for.
ooops.. should say “so im _not_ concerned with it.”
“a lot of time you list parking separately to get a lower unit price so you will show up in more searches etc etc etc.”
I count this up there with other RE tricks of taking down a listing for a short time only to relist at the same price so it doesn’t seem old/stale…*yawn*
I guess it must work on some potential buyers if they’re doing it, but I can’t believe a potential buyer would be that stupid. Now that downpayments are back I suspect the pool of buyers won’t be.
A quick question…since I am fairly new to Chicago, I see negative comments about Invesco frequently, can someone tell me why this is? I would not even consider this unit as it would take half the sales price to update it to a livable condition. Just a ‘nit picking’ comment, but is that mold around the bathtub?
Invesco:
http://cribchatter.com/?p=4101
The foreclosure rates have continued to balloon in Invesco properties since that article. The Sterling is literally selling for less than half of the price of the original sales.