All the Bells and Whistles in the Gold Coast: 30 E. Elm
As we’ve chattered about many times, there are a lot of older buildings in the Gold Coast which don’t come with certain amenities today’s buyers demand such as parking, in-unit laundry and central air.
This renovated 1-bedroom unit at 30 E. Elm, a building constructed in 1960, is missing the central air, but somehow it has the in-unit laundry. (Most of the units do not have the in-unit laundry.)
Is this a deal compared to new construction pricing?
Current building stats (out of 126 units):
- 7 one-bedroom units for sale
- 3 one-bedroom units for rent
Some units may be both for sale AND for rent.
Here’s the listing:
High-floor, outstanding south view of city skyline. Unit has a balcony and washer/dryer. Completely rehabbed from the top to bottom in the last 3 years. Unit has wood and slate floors throughout. Lovely granite, stainless and maple kitchen with a large breakfast bar. Simply move in! No dogs. Parking in building.
Carol Collins at Baird and Warner has the listing. (If the link doesn’t work properly, see more pictures here.)
Unit #20G: 1 bedroom, 1 bath, no square footage listed
- Sold in June 1992 for $58,000
- Sold in June 1993 for $175,000
- Sold in July 2005 for $200,000
- Currently listed for $239,900
- Assessments of $429 a month
- Taxes of $2748
- Parking available for lease in the building but some other listings indicate there is a “short” wait-list
- No central air- window units
- In-unit washer/dryer
- Dogs are not allowed in the building
- Living room: 19×15
- Bedroom: 15×11
Finally, someone smart enough to realize one-bedrooms aren’t going to sell for $500,000+.
Sold in July 2005 for $200,000
Currently listed for $239,900
surely a 20% appreciation in 2 years must be a god given right…
“20% appreciation in 2 years”
Not that I disagree with the underlying point, but it’s 20% in 3 and 1/2 years. So it’s “only” 5.3%/year, rather than 9.3%/yr if a two year hold.
Also, isn’t that “1993” sale price actually a 2003 price? Otherwise, this was a seriously expensive condo in 1993.
These pictures show much better than the unit itself which seems to be rare these days. The views are subpar and the building is drab and boring. I just don’t understand why anybody would pay these assements for this building as it offers nothing.
Do they put a little train on that track at Christmastime?
I like this building and this block. I looked at one in the building about 2 weeks ago that was for sale/rent. The rent was $1500 dollars- a bit steep for me. But the unit was very nice-had great closet space and hardwood floors throughout.
“Do they put a little train on that track at Christmastime?”
haha. Yeah – I’ve never been a fan of that curvy-low-voltage-plastic track crap.
But the boom box stereo under the plasma tv might even be a greater design faux pas.
When I moved out of my approx. 900 sf, 1 bd. rental (condo), with no W/D, window A/C, at 1150 N. LSD in 1999, my landlord sold it for $145K.
It wasn’t upgraded though. Still had the original bathroom (with industrial flush toilet).
I suppose ripping out the carpet, new floor, putting in a new kitchen and bathroom, would cost $30K-$40K?
I think this price is not way out of whack.
“surely a 20% appreciation in 2 years must be a god given right…”
I don’t think anyone expects their place to sell for list price…
There was a similar one bedroom on a lower floor that sold for $210k in ’07. The way the market has been heading I’d bet that this unit is at or below the 2005 price of $200k. Therefore, $239K is a wishing price not a serious listing price. But you know, they can’t just give it away! Maybe they’ll get serious when a comp in the building sells for $199k.
Actually, my client and I saw this unit about 2 months ago. It is actually very nicely done. The view is actually very, very good. The agent didn’t take a very good photo of the view from the balcony. It has a very nice south facing view of Rush St and Mariano Park. I was very impressed…
The w/d was located in the closet which was very big. While the building is old, the assessments are on par with others of this age and condo size. The taxes are also very attractive. Much, much better than the 1.5 or 2% property taxes that are charged on new construction these days.
“Much, much better than the 1.5 or 2% property taxes”
This is currently 1.374% of the last sale price* and, in the somewhat unlikely event this sells for more than $200k, the taxes are somewhat likely to go up (apart from the general r.e. tax increase I think we will all face). I don’t think that 13% less–$252/year–is “much, much better”, altho $20/month is still $20/month.
*Yeah, yeah, they aren’t based on sale price, but that’s how MM is calculating the 1.5%.
Calling the A/C in these 60s-vintage buildings “window units” is somewhat misleading. They are built-in wall units: commercial grade (not the home depot special), not taking up any window space, nor causing air leaks with necessary duct tape patching.
New models of built-in wall A/C units often come with remote control thermostats that can be mounted on a wall, programmed, and so on, giving the practical effect of Central A/C albeit without the name.
David (tfo): agreed. I actually prefer wall units to central air–far more efficient. I only like a/c for about two weeks total in the summer, and then mostly in my bedroom.
This is good news. I am trying so hard to sell my GC studio. This is a stable area, right? I live in The Churchill and my association is 624. That is six hundren twenty four dollars a month. I feel as if I’m never going to be able to move.
No dogs? I would totally take it.
Susan, when you say you are “trying so hard” to sell your studio, what do you mean? Because no amount of marketing will make up for asking too much for the unit…