A “True” Dining Room in This Old Town Penthouse: 1444 N. Orleans
This 3-bedroom penthouse in the Royalton Towers at 1444 N. Orleans in Old Town just came on the market.
Royalton Towers was built in 2003 and has 55 units and a parking garage.
It was one of the first mid-rise buildings built in the gentrification period of this neighborhood over the last 20 years.
This unit is a south east corner unit with 33 foot ceilings.
The foyer has a checkerboard marble floor.
Looking for a property with space for your dining room? The listing says it has a “true” separate dining area.
The kitchen has cherry cabinets, granite counter tops and jenn-air stainless steel appliances.
The 3 bedrooms are en suite with one on the main level and two on the second floor. The bathrooms are “spa-caliber” with stone.
There’s also a third floor office.
There’s a laundry room with a side-by-side washer/dryer.
This penthouse also has a rare amenity: 3 heated garage spaces which are included in the price.
At 3,000 square feet, is this a single family home alternative?
Mario Greco at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #PH-K: 3 bedrooms, 4 baths, 3000 square feet, triplex (?)
- Sold in April 2004 for $928,000 (included 2 parking spaces)
- Sold in July 2010 for $810,000 (included 2 parking spaces)
- Currently listed for $799,500 (includes 3 garage parking spaces)
- Assessments of $1307 a month (includes parking, doorman, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $14018
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 25×17 (second floor)
- Bedroom #2: 17×11 (second floor)
- Bedroom #3: 13×11 (main floor)
- Office: 31×8 (third level)
OK—what am I missing? Looks like great space, a decent (if not high-end) building, appears to be in good shape w/ nothing hideous (finishes are middle tier at best). Nice skyline views, outdoor space (though not what you’d expect for a “penthouse”) & 3!!! garage spaces.
Other than being in the middle of a “transitional” area, seems like a nice place at a very reasonable price.
Is there a problem w/ this building? A big special assessment coming?
Other than being in the middle of a “transitional” area, seems like a nice place at a very reasonable price.
You are surrounded by Marshall Field and Evergreen Terrace Apartments. Lots of gang activity right outside your front door.
A ton of space for the money. Great city views. Just needs some paint and minor updating to bring it out of the early 2000s.
“OK—what am I missing?”
well the EL is extremely close, and those assessments of $1300 a month kind of put a damper on things, mix that with the nearby MF homes and this place is a “bargain”
Sold in April 2004 for $928,000 (included 2 parking spaces)
Sold in July 2010 for $810,000 (included 2 parking spaces)
Currently listed for $799,500 (includes 3 garage parking spaces)
So, 14 years later, it includes more (3 vs 2 parking spaces) and is listed for almost $130K less? There’s a story here.
Also, 2004 was 14 years ago. I am an old.
what a horribly boring place. its a bit depressing.
This would be a $2MM property if they had West views
Is the parking garage still part public?
““true” separate dining area”
What is it separate from?
Yes, *tons* of space for a full size dining table, but it’s not separate in any meaningful way.
Ok, so it’s next to the L, so it may have noise issues, and the base of the building / parking podium is hideous. That said, if the assessments include the parking assessment for 3 heated garage parking spots, this seems like a pretty good deal. I will note that the taxes seem a bit high for an 800k unit, but I know they have skyrocketed across the city since I last owned 2 years ago. Unless there is some other underlying issue, this is a buy.
“So, 14 years later, it includes more (3 vs 2 parking spaces) and is listed for almost $130K less? There’s a story here”
Here’s the story:
2004 – Hey everyone Cabrini is coming down and the neighborhood is gentrifying, the Chicago Renaissance is awesome get in now or be priced out forever!
2010 – Wow that was a pretty bad housing bubble, at least we only took a 10% hit, and this area is going to gentrify when all the new mixed income buildings fill up with young professionals and the Marshal Fieled Gardens low income mandate expires in 2016, no way they would ever re-up the contract to provide low income for another 30 years on such valuable land!
2018 – I cant believe Marshal Field was renewed to be low income for another 30 years. I cant believe there was a triple drive by shooting at the end of the block. I cant believe all these mixed use towers are filled up with shady people. I cant believe there’s open air drug markets at the end of the block. I cant believe it’s worse around here than when Cabrini was up and did you hear the alderman approved a new homeless shelter on Sedgewick…..
That neighborhood has always been a sucker’s bet, so tempting, so close to the Loop, Lake, but it’s a mirage.
“I cant believe Marshal Field was renewed to be low income for another 30 years. ”
I can, landlords love that guaranteed gubment money
This building is on the fringe of any sketchiness and is oriented away from said sketchiness. Plus it has a doorman. I actually do think this is tilting towards a pretty good deal especially for the views (which are not remotely depressing as someone else tried to claim)…and this high up I bet the train noise becomes ambient after a day or two.
Part of the re-upping of MF included a sale to Related. Part of it is that they actually want to provide affordable housing in communities. Part of it is banking favors. The biggest part however I am guessing is that it MFG really couldn’t be anything other than low income housing as it was land-marked and converting the units to modern open floor plans would have been absurdly expensive (if even possible), plus any change of use, say from it’s current use to student housing, would have required the new owner to make accessibility upgrades throughout the entire complex (you can be grandfathered in and not have to make the upgrades if the use doesn’t change.) Just not possible. That is why it stayed subsidized low income housing.
I live in this area – – so close to the lake and downtown. The shootings are actually fewer and further between than my old neighborhood HOWEVER What is truly remarkable is how rampant & blatant the open air drug dealing – -particularly on Cleveland right behind the Jewel – – has gotten in the past two years. I also was never asked for money unless the person was pretty obviously NOT a resident of any of the nearby housing, but there must be a new property manager or a new mandate in one of the towers on cleveland or in MF as some panhandling has been re-occuring and I do recognize the people as actually being in the neighborhood quite a bit. Whether they are officially on a lease or not I don’t know. In an urban setting a few blocks is a different world – – this is heading towards being in a different world (a better one).
Did they every build that “Horse Stable” condos?
https://chicago.curbed.com/2017/6/23/15852518/chicago-demolition-photos-old-town-noble-horse-stables
I don’t like the location. Being pinched between the noisy train tracks and the occasional gunfire near the Marshall Field Homes would not be pleasant.
” MFG really couldn’t be anything other than low income housing as it was land-marked and converting the units to modern open floor plans would have been absurdly expensive”
Related is doing it with Lathrop right now. If that works out, they’ll do MFG next.
I don’t think you need true physical separation of the dining room, but enough legit space to place a table/chairs so that the space is clearly defined.
““Horse Stable” condos?”
Marketing site:
http://www.equisoldtown.com/
MLS listings say “ready to build”, so apparently don’t have enough contracts yet.
“Related is doing it with Lathrop right now. If that works out, they’ll do MFG nExt”
Doubt it. They finished rehabbing MFG only two years ago.
“true physical separation of the dining room”
to be fair, the listing sez “TRUE SEP DINING AREA”, and it is Sabrina who translated to “room”. Clearly a “dining area”, if not really a “dining room”.
But we know that the “3000+ SF” is “just a number” and probably has no relationship to reality.
“Doubt it.”
Ok, just checked a couple things. They get about $2.50 psf for the 2/1s. With little vacancy, and basically no risk of non-payment. That’s absurd! Never changing, unless the federal program changes.
I love old town…its a great buffer zone between cabrini and the RELATIVE safety of the gold coast.
this part of the street is horrible. I am sorry to bag on this listing. again this part of the street is horrible.
I looked at this building when it came up and also at some units later on.
I couldn’t get past everything. the street, the finishes, the EL
It’s discounted for a reason.
“I love old town…its a great buffer zone between cabrini and the RELATIVE safety of the gold coast.”
Does anyone think the new hotel on the north end and the huge apartment development on the south end will help improve this area?
I really like this space. Obviously some updates. But this is a 3 bedroom so may be good with kids but it’s in a bad public school zone so you would have to go private. The projects, the Brown line rolling by, gunfire, drugs, bad schools. $800k to live in a fringe area? I don’t know, I just bought a 4 bedroom in a fringe area of the west loop for $150k. This Orléans place will go to a transplant New Yorker who won’t understand the neighborhood and think it’s super cheap. I’ve seen this phenom often.
“ I just bought a 4 bedroom in a fringe area of the west loop for $150k“
That must have been very “fringe” area. What do you call it “West United Center manor” or “Eisenhower Gardens”?
” it’s in a bad public school zone so you would have to go private”
Yes, because exactly zero kids get into Skinner, Franklin or LaSalle, all of which are (technically) walkable with a kid from here.
Have to be west of Sedgwick to get into the T2 zone tho.
” I just bought a 4 bedroom in a fringe area of the west loop for $150k. ”
Lmao! there’s nothing like that East of California Ave for that kind of price… and thats way the hell worse than ‘fringe’ its straight up ghetto in DP or EGP… West loop? You’re a dumbass
“Have to be west of Sedgwick to get into the T2 zone tho.”
Whats the T2 zone?
“Whats the T2 zone?”
CPS selective enrollment tiers.
“Whats the T2 zone?”
CPS selective enrollment tiers.
Would being in “T2” be a selling point?!?!
“Would being in “T2” be a selling point?”
Not much. Being in Tier 2 would be a nice boost to a 7th grade CPS student trying to get into a selective enrollment high school. That’s a very narrow selling point.
I’m wrong. Tier 2 would also be a boost for a small kid trying to get into a gifted or classical program, like at Skinner. So it might have some attraction to a couple with a small kid which would help them avoid the cost of a private school.
While I enjoyed Marko’s story, I’m not sure it’s accurate, at least without more data points. In 2012 when I in the market, I looked at 340 West Evergreen 3W, which is right across from MFG and close to the OP. https://www.zillow.com/homedetails/340-W-Evergreen-Ave-APT-3W-Chicago-IL-60610/2141498542_zpid/. It sold for $575k at the end of 2012, and then sold again in the middle of 2017 for $982.5k, a 70% increase. So doesn’t seem like MFG’s renewal cratered all the prices of nearby residences. Indeed, seeing that appreciation makes me wish I would have bought it …
33 foot ceilings??? What is the heating bill like????
Sonies, I guess you don’t know the deals you can find east of California. Maybe get out of moms basement, shut down the computer, and go for a drive. You have to hustle and network to get a deal these days. It’s not going to come knocking at your door, dummy.
Closed $749,500