A 2/2 in the Heart of the Gold Coast Reduces $64,000: 1510 N. Dearborn Parkway
This 2-bedroom at 1510 N. Dearborn Parkway in Gold Coast came on the market in December 2019.
Built in 1900, this building actually has 18 units and an elevator.
While it has the vintage charm on the outside, the interior vintage character was stripped out of these units decades ago.
This unit, which appears to be on the second floor, does have a wood burning fireplace in the living room, however.
It has an east facing bay window in the living room.
There are hardwood floors in the living/dining and kitchen and carpet in the bedrooms.
The kitchen was put in after the last sale after a wall separating the kitchen from the living room was removed.
It has wood cabinets, what look like granite counter tops, a tile backsplash and stainless steel appliances.
The unit has the features buyers look for including central air and washer/dryer in the unit.
There’s no parking.
Originally listed in December 2019 for $589,000, it’s been reduced $64,000 to $525,000.
Will this lower price get the sale done?
Sara McCarthy at Keller Williams Chicago-Lakeview has the listing. You can see the pictures and floor plan here.
Unit #202: 2 bedrooms, 2 baths, no square footage listed
- Sold in February 1999 for $323,500
- Sold in June 2014 for $490,000
- Originally listed in December 2019 for $589,000
- Reduced several times
- Currently listed at $525,000
- Assessments of $367 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8291
- Central Air
- Washer/dryer in the unit
- No parking
- Wood burning fireplace
- Bedroom #1: 19×14
- Bedroom #2: 14×11
- Living/dining room: 22×12
- Kitchen: 18×12
Let’s take a vintage building, try for a minders living area and a cabin style kitchen. That will wow buyers. It’s going to take finding just the right cat lady to sell at this price
2014 sales price looks about right
This is prime gold coast. A unit in a low rise apartment with good light and modern lay out is very difficult to come by in this area, which for those reasons alone call for a bit of a premium. I’d challenge anyone to find a reasonable comp.
this place is pretty cool, I’d love to live in that location. If my partner and I had no (plans for) kids, or older and didn’t feel like shelling out for high rise HOA, love to get it. Price is high for a 2bd but seems warranted enough. At 450k I assume this place would sell same day?
Needs trim at the ceiling level.
You lock up a six figure downpayment, take on tax assessment risk and you are still shelling out $3K month with no parking, private outdoor space or amenities? Also, for me a non-negotiable going forward is separate sleeping / living and working from homes spaces. This place would only have that if the second bed were actually an office that accommodated the occasional overnight guest. I still think renting is a better deal
“and you are still shelling out $3K month with no parking, private outdoor space or amenities?”
The Cat, this will be an interesting question going forward.
With people stuck inside in the coronavirus shutdown for 2 months, will they demand homes with outdoor space?
Or will the bad memories fade pretty quickly?
Chicago already is a city that has a lot of balconies on apartments and condos. We already were demanding outdoor space. In other cities, not so much. In San Francisco, for example, they almost never added balconies onto any loft conversions. But Chicago does.
Same for NYC. Outdoor space isn’t a given there either.
“This is prime gold coast.”
Lovely street. Truly what most people think of as the “gold coast” when they think of it.
What do you think of the finishes KK?
I’m not sure that kitchen is what buyers want right now.
People may mock it, but the white cabinets, white countertops, black faucet and white subway tile works to sell properties.
On HGTV recently, the Property Brothers have been using a porcelain tile that looks just like marble but is more durable. Anyone know what it is? They are in love with it and have been using it on a bunch of properties. And these are new episodes so it’s fairly recent.
“porcelain tile that looks just like marble but is more durable”
lots of stuff out there…we got ours at Porcelanosa. I thought they had the most marble like product out there.
can’t imagine shelling out that much to live in that place during this lockdown… YUCK
“What do you think of the finishes KK?
I’m not sure that kitchen is what buyers want right now.
People may mock it, but the white cabinets, white countertops, black faucet and white subway tile works to sell properties.”
Sabrina, the finishes are dated for sure.
Fortunately everything looks to be of high quality, and nothing is “unlivable” for the short term.
In the kitchen — cabinets refaced, backsplash redone for $8kish could bring this into the 21st century.
Replacing or painting the vanities in the bathrooms would really bring them up to date, and perhaps re-tiling could even be avoided.
The fireplace needs updating too, I’d guess there has to be some DIY way to paint it black for a low cost.
“lots of stuff out there…we got ours at Porcelanosa. I thought they had the most marble like product out there.”
What’s the price like? Is it expensive?
Price seemed like no object as they were using it on Celebrity IOU where they were just doing the rehabs and never mentioned prices. It all looked very upscale but they used it on 2 kitchens so far.
“What’s the price like? Is it expensive?
Price seemed like no object as they were using it on Celebrity IOU where they were just doing the rehabs and never mentioned prices. It all looked very upscale but they used it on 2 kitchens so far.”
Porcelain tile, in general, isn’t very expensive. We used in on the floors in our bathroom. Tiles were 17×17. It was a few years ago but if I recall, it was about $10-14/sf. There’s obviously some much cheaper options at Home Depot, etc. but in my opinion they look very fake.