Modern Gold Coast 1-Bedroom Reduced by $13,000: 70 W. Burton
We last chattered about this renovated 1-bedroom condo at 70 W. Burton in the Gold Coast in January 2010.
See our prior chatter and pictures here.
It has since been reduced by $13,000 but it still remains the most expensive unit available in the building.
It has bamboo floors in the main living area.
The kitchen has modern, European style cabinets with stainless steel.
The bathroom has limestone tiles alongside purist Kohler fixtures.
It doesn’t have central air, but does have wall units.
There is no washer/dryer in the unit and there is no deeded parking. Rental parking is available for $115 a month.
There are also no pets allowed.
Vik Wadhwa at Modern Chicago Homes still has the listing. See more pictures here.
Unit #803: 1 bedroom, 1 bath, 750 square feet
- Sold in June 1989 for $78,000
- Sold in June 2004 for $182,500
- Was previously listed in 2008 for $259,000
- Re-listed in January 2010 for $242,900
- Reduced
- Currently listed for $229,900
- Assessments of $580 a month (includes heat, cable, doorman)
- Parking of $115 a month
- Taxes of $2389
- No washer/dryer in the unit
- No central air
- Bedroom: 17×13
- Living room: 18×16
- Kitchen: 12×8
You left out the 2006 listing that G showed us in the last thread:
8/21/06 listed $285K reduced $255K cancelled 5/24/07
I’ve always thought this place has a cool look to it but its $300/sf with no laundry, no parking, no balcony, and a $580 assessment.
Looks like a great flip. Buy today for $225k and relist to flip in the $300’s. This is Chicago and it’s not like they’re making any more real estate.
God that building is ugly. 100k. Nice inside though. But still, 100k.
And to remember the abuse from the owner at my suggestion that it’s a sub-$200k rental replacement plus finishes premium.
I could get behind it at about the current ask, for those relatively few people who (a) know that a 1BR is right for them for 8-10 years, and (b) think the finishes are (almost) *exactly* what they want.
$40K over 2004 price. I assume all the upgrades came after the 2004 purchase – but probably still not $40K in upgrades in this place (I could be wrong, I mean – what do other units in this bldg look like – maybe they gutted it and did a full rehab).
Don’t get me wrong, this place looks great. But to do a little bit more digging:
$230K for a smallish one-br without parking: Add in parking and normalize the number for an average sized 1 BR (900 sq ft?) and it’s really like $300K.
Then you’ve got the assessment (very high for the price of the unit), no A/C, and no Central Air… and really this place is far more expensive than the $230K price tag – in my opinion at least…
“I assume all the upgrades came after the 2004 purchase – but probably still not $40K in upgrades in this place (I could be wrong, I mean – what do other units in this bldg look like – maybe they gutted it and did a full rehab)”
Owner said $50k last time and that seems about right to me. Of course, all of the stuff is ~4+ years old now, which makes it worth less (esp. the appliances) than if it were a brand new reno.
Parking + Taxes + Assessments = $894. If you include interest from the loan, you may want to consider renting, especially since parking, taxes, and assessments will only go up.
I hear that on the appliances age. Mine are all approaching 10 years old and I’m fearing the replacement process.
1. tiny 1/1
2. no a/c
3. no parking…rental expense added onto the monthly assessments, no
4. NO PETS? In a unit that you OWN? If a rental prohibits dogs, fine, but if one is expected to buy at this inflated price, and not be able to have a companion….absolutely not! In a co-op this rule might fly, but Chicago is simply not a co-op city
5. high assessments for the size of the unit. It makes no sense if you calculate it by sq ftage, which is the proper way of determining the assessment amount…something is not right here.
6. no w/d
7. appliances should be good for a minimum of 10 – 12 or even 15 years and it appears they are decent, esp for a 1/1
HD, your post was a sarcastic one, no? If it can’t sell for under the recent asking and no work has been completed on it, why would anyone expect to make it a successful flip?
no not at all a deal, aamof, it would end up being a huge liability for a person who would be looking to purchase a 1/1.
Think this is a realtor owned property?
“Think this is a realtor owned property?”
It’s not. The owner was *really* defensive in the last thread.
just read through the last thread; hilarious. Hope the owner chimes in again.
“It’s not. The owner was *really* defensive in the last thread.”
Wow just read the last thread. My jaw is on the floor. This guy is extremely disillusioned. The sound of his posts just reek of frustration. Unfortunately he will lose a lot of money on this deal.
he was an interesting poster, that BE.
“he was an interesting poster, that BE.”
I believe anyone who read of this property on CC and had any interest in it, closed the book on that thought immediately after reading these posts.
I mean, even the compliment he received regarding the staging (which he defined incorrectly) he blasted back against them for no reason. In looking at the pics, it does seem to be a well maintained unit…regardless of what he thought staging means.
There just had to be something more to this unit that sparked his need to be so obnoxiously defensive of it.
After all that was posted, I am beyond surprised the agent stuck with him. While times are hard in the RE market now, there has to be a limit of BS that agents will tolerate.
BE was clueless. I’ll bet he’s moving to Arizona to pursue his MBA at the University of Phoenix.
“BE was clueless. I’ll bet he’s moving to Arizona to pursue his MBA at the University of Phoenix”
HILARIOUS!!!
from the previous thread,
“EVERYTHING APPRECIATES”!
ha.
ha. ha. ha.
BE,
If you are reading the ISL (indoor soccer league) has been put on hold for safety reasons. I looks as though bobby broke a vase and blamed it on Tiger (the dog). there is still glass on the floor, add that to the homemade volcano science project that over flowed onto the floor the ISL is suspended until Alice ca clean it all up.
Now $219,000.