A Little Slice of Europe is Still For Sale in the Gold Coast: 40 W. Schiller
Some buildings are simply unique.
Among those would include this 1923 Andrew Rebori building at 40 and 50 W. Schiller in the Gold Coast.
We last chattered about this completely renovated 2-bedroom duplex, Unit #D2, in May 2009.
See our prior chatter and pictures here.
It has since been reduced by $26,000.
The kitchen and bathrooms were renovated and the the original limestone woodburning fireplace in the living room was restored.
The co-op allows 70% financing. There is no parking with the building. It is leased nearby.
Pam Lynch at Jameson still has the listing. See more pictures and a virtual tour here (the virtual tour has 30 pictures of the property.)
Unit #D2: 2 bedrooms, 2 baths, 1400 square feet, duplex
- I couldn’t find an original sales price but it last sold 3 years ago and then was renovated
- Originally listed in December 2008 for $775,000
- Reduced
- Was listed in May 2009 for $725,000
- Reduced
- Currently listed at $699,000
- Assessments of $1860 a month (includes the taxes)
- Taxes of $5937
- Space Pac
- Washer/Dryer in the unit
- Leased parking nearby
- 70% financing allowed
- Bedroom #1: 14×11
- Bedroom #2: 10×10
Here’s the direct link to an interactive floorplan of this property:
http://www.smartfloorplan.com/il/v291735
Let me think. Monthly payments equivalent to a $1mm SFH and no parking…Pass.
Ahh, nothing like a place where the prior owners took the stove and refrigerator. Classy.
Oh, and the washer/dryer. Those must have been gold plated appliances.
Loved it then, love it now. The fact that the building only allows 70% financing shows that this building isn’t for the average chicago homebuyer.
This place probably isn’t selling because there isn’t any decent financing readily available. Not only are you still well into jumbo territory with a 30% down payment, you still need co-op specific financing which only a handful of banks will do in Chicago.
Lack of parking isn’t helping either. I am going to go out on a limb and say that this place should be around $575-$600.
Nothing says class like doors with rounded tops and a bay window in your living room.
the groove likey! the place is not my lifestyle or price point but likey alot.
anyone else disappointed in some of the renovation work? i am just looking at the pictures so it may be better in person.
I am very disappointed in the missing or bad details
*the cellings look half azzed done and not smooth (maybe its a bad paint job or light from the windows)
*the base boards, uggg, its the gold coast gold coast is about vintage DETAILS
*Look at the windows in the dining room, the set of three windows shows the wood unpainted, and right next to it on the single window they painted it.
*if you look at the stair you see the baseboard wood refinished and exposed but the rest of the house has painted baseboards.
i still likey and will dream of a court yard like that
Things wrong with this place and why it won’t sell ever
1) 30% down
2) redonkulous assessments
3) need co-op approval
4) no appliances (easy fix)
5) no parking except “leased nearby”
6) $500 a sqft WITH redonkulous assessments of $1860 a month.
7) Those awful domed doorways/doors, this isn’t Arizona, its not cool.
8) Bedroom #2: 10’×10′ and this place like most vintages have terrible closet space
9) 3rd & 4th floor of a non elevator building, so most old people aren’t going to want to hike up 3 flights of stairs with an armful of groceries
10) This place hasn’t been lived in, in years.
11) No view of anything
12) No private outdoor space
Reasons why it will sell
1) Fantastic location
With assessment (which I am aware in includes taxes), I would put this place in the low $500’s. What does that assessment include, there are no share amenities? ? ? ? ? ? ?
What is co-op specific financing?
I agree with you Lauren, totally love this place! Of all the places that have been featured in CC over the past year, this one (along with that fab duplex in S Chicago ?) remind me of the NYC apartments that I have used as inspiration for the renovation of many of my rehabs, my own residences in particular.
The only thing that would make this place even more spectacular would be perhaps another 700-1000 sq ft in size. For 1400 sq ft, it is a bit small for this level of duplex. Also I think that financing for it would not be a huge issue. People who shop for co-ops generally are not concerned with financing issues…in other words they are loaded already and have that lined up prior to starting their search.
There is nothing seriously wrong with this apartment. The small details that need to be addressed will be covered by the renovation that the new buyer will most likely do after closing. I know that in NYC, most buying into a co-op building of this type plan on doing a total overhaul of their new home.
Same goes for the ‘missing’ appliances…not a big deal at all. Most of the people who are in this group prefer to bring in their own new appliances. Personally, I prefer all appliances be removed before purchase so I can see the space I will be working with. Of the four places I have purchased in the past for my own residences, all came without the basic appliances…they actually save me a few steps in removing them for me.
You can’t be serious Russ in suggesting this place be priced at 575-600? The age/history/condition of the building, the architect and the location all make this place worth, dare I say, the original price.
LOL at the interior bay window. I’m with Russ on this one..maybe it goes up to 850 if they’re lucky.
Love love love this place. too bad the assements are as much as my current mortgage. Maybe in my next life time.
Lauren:
co-ops are treated differently by banks, different underwriting guidelines, higher interest rates, different appraisals, etc. A co-op is like buying a share of a business. You aren’t really buying real property like with a condo or single family purchase. Therefore, the bank assumes a little more risk. THis is also why co-ops can demand larger down payments and also blatantly discriminate against potential owners. If they don’t like you for any reason, the co-op board can choose not to sell to you.
The vast majority of lenders will not finance co-ops in Chicago. Most of the major lenders will only lend on co-ops located in NY which is where 99% of the co-ops are anyway. This is also compounded by the fact it also needs to be a jumbo loan assuming the down payment is just 30%. Most of the decent jumbo financing available right now excludes condos too, so no way in hell it is going to happen on a co-op.
I have seen a number of co-op deals fall apart this year over financing. In fact, I believe one was on a place featured on this site. These aren’t call up lendingtree and let four banks compete type deals (no deals are really). Much more complicated.
Wait a second, I’m a little confused by this listing. It how can they claim SpacePak cooling when the two upstairs bedrooms have room air conditioners above the doors?
Love the place. Good deal at $699K for the right buyer, which is unfortunately not me. Maybe in another life!
A great thing about a co-op that requires 30% down is that you know your neighbors are financially qualified to own there. This goes in spades for high end co-ops because most of them not only want a big down payment, but want to know your whole financial situation before they approve you. They want to make sure that you can meet your communal obligations.
That means you won’t be mired in a building full of defaults, with heavy extra assessments you never bargained for just because a third of the units (or more) are in foreclosure with hundreds of thousands of dollars in unpaid assessments that the building can’t collect on because the developer or previous owners are in bankruptcy. Ask people bagged in South Loop hi-rises what this means for your financial situation, even if you are well-heeled and responsible. The potential liability for current owners is totally open-ended.
It would never have occurred to me that such a situation could set up before this bubble, but now we’re seeing a lot of it. Even a handful of foreclosures with months of delinquent assessments in a 40 or 50 unit building can create an intolerable financial burden for current paying owners, and one that they had no way to expect. You have the right to expect, when buying a condo or co-op, that you will not be burdened with other owners’ obligations, but that is happening a lot now, which means that co-ops are looking better every day because they are set up to protect themselves against this problem better than condos.
Co-ops make illiquid assets far more illiquid. Oh and they’re full of old cranky people. Pass!
I like this place, a lot. As I get older, I’m liking the idea of a co-op. I know, most of the folks that I’ve seen in them tend to be more mature (close to twice my age), but they’re so quiet. I like that. I’m so tired of breaking up boyfriend/girlfriend hallway arguments in the the vertical trailer park that I call home. If I had the means I’d definitely consider co-op living. Obviously it sucks if you need to get out quickly or rent it, but that’s why they typically don’t let you past the front door if you don’t have a net worth that’s clearly outside of my reach. Cest la vie.
Because the taxes are included, I think the assessments are in line for the price point, age and type of building. Nevertheless, from what I’ve seen, co-ops aren’t the easiest thing to unload. Nice place to live if it’s your cup o’ tea, but far from a flipper’s paradise.
“vertical trailer park that I call home”
dude thats some funny stuff, do you mind if i use it?
When I think of co-ops I think of old money, amenity-less (aside from doorman) dusty buildings with redonkulous assessments and the Drake hotel. Bleh!
beautiful courtyard and obviously a good neighborhood, but otherwise i see very little to be desired here. not sure why everyone’s drooling over it.
I can’t understand the love. 1,400 square feet!!!
699,000 * 30%
209,700 downtown payment
_________
489,300 @ 30 years = 3,000 (around 6% interest rate for 30)
3,000 + 1860 (assesment) =
$4,860 to live in a co-op. Keep passing that crack pipe, I’ll pass on my hit.
westloopelo will buy it as he’s loaded and loves the place.
Run, westloopelo, before it gets “snapped up”. hah
in westloopelo’s defense,
he does bring some insight and knowledge to the site
yes he/she is pompous and very uppity and when he speaks(writes) you get an overwhelming urge to kick him/her in the ballz/ovaries.
i have gained knowledge from some stuff he has said, and from you to bob
You are correct on two points bobbi…i am ‘loaded’ (lol, all tied up right now, but still) and yes, I do love the place.
But I do already have more places to lay my head than I can count (too McCain of me?) so I will have to pass on this one. Besides, it is just not big enough.
I don’t think it will get ‘snapped up’ though as it is still here in cowtown and most people don’t understand the concept of co-op living here.
Thanks for the shout out Groove…good to get some love on occasion.
BTW, I am a guy…
Am I really that pompous and uppity? Really hadn’t thought of myself in those terms…
westloop has some knowledge. though he name drops NYC like you hate bucktown… and rambles on like he’s drunk most posts.
I don’t think he is pompous and uppity. But yeah as he said this is cow town and co-ops and places priced for the upper east side of manhattan belong in the upper east side of manhattan and not Chicago. Nobodys gonna buy this at anything close to ask. Nada. Crickets.
You have settled on being a guy, westloopelo? So let me get it straight: you are a male real estate impresario, whose multimillionaire family has been doing this for several generations. Check.
(Eliminating from my mental file card of you the fact that you used to be a “girl” who did at least “twelve loads of laundry” a week.)
Bobby, if this was on the upper east side of manhattan its value would be much, much more than 700k. 700k doesn’t buy you much on the Island. On a side note can you believe this market….just doesn’t want to go down.
Well if it makes you feel any better Kenworthey, I used to think you were a woman.
westloopelo,
“Am I really that pompous and uppity?”
yeah i kind of comes off that way with the whole NY and i own places everywhere. i.e. the whole speech a few weeks back about co-op’s and your granparents, I learned alot about co-op’s from that post but if you look back, well it came off “look at me, look at me i am better than you”
CH,
“though he name drops NYC like you hate bucktown”
touche bro, douche. i deserve that shot
bob,
i dont here crickets i see it selling for 3% of asking but not right away. i see this place for young empty nesters.
“(Eliminating from my mental file card of you the fact that you used to be a “girl” who did at least “twelve loads of laundry” a week.)”
K:
We’ve already covered this. You and I both (and WL, too) know guys who might say “a girl’s gotta do what a girl’s gotta do” about himself. Doesn’t mean he has an problem knowing he’s male. And WL hasn’t been shy about the fact that he has something in common with those men we know who might say that about himself (and makes your word choice rather amusing). This isn’t an issue of any note.
The rest of the stuff? Who knows. If real, whatever; If fake, well done on the consistency.
was meant as a joke, not a shot. to me repeatedly professing ones love for and the superiority of nyc is way worse than hating bucktown. and i like bucktown. only thing more grating than nyc superiority complex is notre dame football fans. (but i almost feel sorry for them after the shit they’ve fielded for a decade.)
How bout them Knicks loopelo.
“touche bro, douche.”
Typo? If not, please define “bro douche”.
My question for WestLoop if you love NYC soooo much, what the hell are you doing in Chicago?
ch,
i know it was a joke 🙂 its all love
anon,
it was a typo/joke…didnt think it through, trying to get actual work done while posting on cribchatter
people are nicer here.
Sonies, when did you decide I wasn’t?
If you guys covered all that anon(tfo), I must have been absent that day! My point, which I know you agree with, is people’s personas (personae?) on here are about as reliable as a match.com ad. I find westloopelo’s to be among the least plausible. Well, okay, ze’s is the least plausible, but westloopelo comes in second.
a lot of that was covered in the westloopelo mario greco disagreement, i believe. about whether westloop actually visited the big humbolt park home mario had listed. perhaps the most bizarre thread cc has seen.
CH, sorry I missed it…
Someone please find that old thread, its a hoot
i have to agree with Anon on consistency, as for a town of about 3 mill I am sure there is at least (room for) one WL.
As far as the place, even as expensive as it is, its better than many places featured here (GS, Streeterville), it will go for above 600K.
It might take a year.
started here http://cribchatter.com/?p=6527
ended here http://cribchatter.com/?p=6983
“Someone please find that old thread, its a hoot”
Almost all deleted, so the thrill is gone.
yeah i would like to see that thread too, or if it’s been deleted perhaps a nice play-by-play from someone with a good memory will suffice
sabrina, please come back. we’re clearly at a loss of actual content to discuss.
No, most of it is still here: http://cribchatter.com/?p=6983#comments
“sabrina, please come back. we’re clearly at a loss of actual content to discuss.”
its rough, what am i supposed to do between 8am and 5pm now?
Pipe down DC…I’m lookin’ forwarding to getting loaded at least once this week and coming home from a night of heavy drinking and going on a blitzkrieg against someone.
“most of it is still here”
That’s down at least a dozen posts.
I wish I knew what those missing posts said. Looks entertaining!
“Pipe down DC…I’m lookin’ forwarding to getting loaded at least once this week and coming home from a night of heavy drinking and going on a blitzkrieg against someone.”
or some ethnic community
Wow and here I was thinking women gossipped?? You all aren’t women are you? Jeesus louiseus…
I too thought Kenunworthey was a girl….maybe the feminization of the Kenworthy truck by adding the e is causing the confusion?
Where oh where to begin on these trivial points?
G, I see your endless obsession with written matter goes far beyond RE facts and figures…perhaps you could wring out that thread where I said…what was it Kenni, something about Boystown to which I replied “A girls gotta do….” If you remember correctly in that thread, I also outted myself as a gay dude.
What else…
Thanks anon(tfo) for chiming in with the correct info and for your take on my persona, which is all true. even the part of my ADHA/OCD which you mention whenever I forget my meds. Talk about consistency.
CH, I do mention NYC as it is my hometown and my permanent home. Most of the time I think I am there until I go outside and see this dismal skyline you all are so proud of.
I unfortunately listened to a sibling about the ‘endless RE possibilities’ in Chicago, hence my being in your beloved city. Not to worry though, I will be returning to NYC in a few months once all is done here…then I will be terrorizing Curbed NYC much as I do here.
And yes, $700k doesn’t even get you an outhouse in Queens never mind a place on the UES.
And finally, yes, I did visit that horrid, unfab, as is, fixer upper” which went undefended until I mentioned my visit. Hurry kenunworthey, give MG a ring…
BTW, what are those ‘Knicks’ you speak of?
Forget it DC, other than what you see courtesy of the fact checker himself, we are not revisiting the contents of that thread again.
Next???….
Oh yeah Bob, thanks for not considering me uppity and pompous. You’re pretty cool yourself, esp on hangover day when you go on your rampages.
For the rest of you, I do not exaggerate any aspect of myself. What you read is what you get. Don’t hate me for being beau…ooppss, rich…errr… property rich with a few extra $$$$ to play with.
Are you a ‘J. Peterman’ type?
revassal,
I’ll give you a hint: its not roving bands of whites, latinos or asians who are engaging in these muggings or ‘wildings’ in Lincoln Park and Lakeview. ‘Wildings’ are when they beat the crap out of their intended victim without even bothering to rob–its about power for the pathetic sub-humans.
Sorry if you’re impression of their nuclear inner city family comes from the Jeffersons or the Cosbys. Reality is a bit different where Mr. Cosby is replaced with Link card and Claire Huxtable encourages their paradigm and behavior as she, too, resents society and her lot in life.
“westloopelo on August 20th, 2009 at 4:59 pm
Wow and here I was thinking women gossipped??….
….
…. Next???….”
looks like someone’s drunk again
“Most of the time I think I am there until I go outside and see this dismal skyline you all are so proud of.
I unfortunately listened to a sibling about the ‘endless RE possibilities’ in Chicago, hence my being in your beloved city.”
Not cool, westloopelo.
LOL just kidding Madfly….you all know I adore, simply adore your city. I really do, it’s just not NYC. What can I say.
And DC, I really don’t drink.
Bob, you really do sound like a closet racist sometimes. Let me guess, you aren’t one and you actually have “one black friend”.
“BTW, what are those ‘Knicks’ you speak of?”
you are awesome westloop. way more far out than J Peterman. how’s the infinity and the native american significant other? and how do you do 12 loads of laundry a week?
O.k., back to the topic guys. Altough $1860/mo assessment including taxes would been out of line for most vintage buildings that are well maintained, it is high when you consider that the taxes stated are $6000/yr, which means the maintenance is approaching $1400 mo. That’s a bit hard to swallow when there is no doorman or other service available. I can’t imagine what all that $ is going for, unless the structure is crumbling or under duress, but it doesn’t appear to be.
I agree let’s put this thread back on topic. I am interesting, but not THAT interesting!! LOL
But just one more reply? Infinity? You mean Infiniti? It’s fine I guess? NA SO is also doing well, thanks for asking, but that was in the past. Laundry…think about it, doesn’t everyone go through 12 loads a week? Towels (2-3) work clothes (2-3) whites (1) sheets (2 changes= 2 loads (socks and work out clothes (2) jeans/cas clothes and shorts (1).
OK now seriously, let’s stop this talk about me it is getting real uncomfortable. Although I must say, I am more than impressed that you all remember and hang on every word I say. I wish you all were around me 24/7 to keep my sometimes feeble mind on track!
Too funny.
de,
co-op assessments are generally around 25% or so higher than a non co-op buildings, always have been in my experience. I am sure most, if not all of your monthly expenses are included…that huge landscaping maintenance bill must eat up a great deal of it.
It is challenging to maintain a building that is 86 yo to the level this one is taken care of. While it doesn’t have a door man, I am sure there are a number of full time maintenance personnel that are fairly well paid.
“even the part of my ADHA/OCD which you mention whenever I forget my meds. Talk about consistency.”
Whacho talkin’ ’bout WL(is)? Was that supposed to be a haha?
he must have ocd doing that much laundry. or the tiniest washing machine available.
http://www.needmoregifts.com/washinmachine.htm
Lovely building and unit, but very limited market. Older individuals are knocked out for all the top units, which are on the 3rd and 4th floors. Younger individuals tend not to have the required down payments and may not have the cash flow for the assessments. There are also a number of similar units from this building on the market currently. I see a very significant downward price adjustment on these units in the future. If my memory is correct, prices on these units had a large increase in the last few years. Current pricing seems to reflect the increases.
yeah bob what up with that, some of the comments you make kind of sound like that.
Russ on August 20th, 2009 at 7:21 pm
“Bob, you really do sound like a closet racist sometimes. Let me guess, you aren’t one and you actually have “one black friend”.”
“Older individuals are knocked out for all the top units”
i will have to differ with you on that my grandma in-law is on a third floor walk up, flies around the city on the CTA.
not all old people are broken and on a hover round
“i will have to differ with you on that my grandma in-law is on a third floor walk up, flies around the city on the CTA.
not all old people are broken and on a hover round”
Groove77;
Agreed, but your grandma in-law probably lives where she has lived for many years and does not want to move. Would you grandma in-law want to spend almost $5,000 a month on a third/fourth floor walk-up that is highly illiquid, at this stage of her life?
I’m not a grandma/grandpa and I wouldn’t want to spend that much money on this situation.
“Would you grandma in-law want to spend almost $5,000 a month on a third/fourth floor walk-up that is highly illiquid, at this stage of her life?”
good question, i cant answer for her. but if she had the cash that court yard would have her ticket (she grew up in Europe).
Bob’s true love left him for a black hipster.
” but if she had the cash that court yard would have her ticket (she grew up in Europe).”
Moving to europe would be a hell of a lot cheaper and would be much better weather…
“Moving to europe would be a hell of a lot cheaper and would be much better weather”
good point sonies! but come on she would be to far from her great grandson 🙂 she has never been back and tells me she never will (grew up in Communism)
The point of my previous posts is not that this is a bad building, as the first/second floor duplexes are great, but that the prices on the third/fourth floor units are much, much too high, as they are highly impractical and have a very limited market. The third/fourth floor units seem to be priced about the same as the first/second floor units. I love the building and am far from disabled, but would never consider this unit, unless the price was greatly reduced.