Andrew Rebori Vintage Elegance Returns 6 Years Later in the Gold Coast: 40 W. Schiller
This 2-bedroom vintage duplex at 40 W. Schiller in the Gold Coast recently came on the market.
But if it looks familiar, that’s because we originally chattered about this unit all the way back on August 20, 2009 (and I’m just realizing that it is nearly 6 years later to the day). See our chatter here.
That prior chatter has some of the interior pictures. Go check it out to see what it looked like 2009.
This building is an Andrew Rebori built 19-unit courtyard building constructed in 1923.
It is a co-op.
For the long-timers on this site, you may recall that this unit has a 2-story atrium as well as a restored sweeping staircase and skylight.
It also has the original limestone fireplace.
The kitchen has Dacor appliances and white cabinets (in 2009 it didn’t have any appliances but it had the same cabinets.)
The bathrooms have white subway tiles.
The listing says there is a brand-new laundry room.
The unit has space pac cooling but no parking.
In 2009, the building allowed 70% financing.
In 2009, Sonies gave his assessment of this property:
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 spaceReasons why it will sell
1) Fantastic location
Will the hot market of 2015 produce a sale?
Jeff Lowe at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #D2: 2 bedrooms, 2 baths, no square footage listed but in 2009 it was 1400 square feet
- I couldn’t find an original sales price but it last sold in 2006 and was then renovated
- Originally listed in December 2008 for $775,000
- Redfin has it pending in December 2009 at $699,000 but no sale is recorded- did it sell?
- Assessments now $1915 a month (they were $1860 a month in 2009) includes taxes, heat, gas, exterior maintenance and snow removal
- Taxes now $5524 (they were $5937 in 2009)
- Wood burning fireplace
- Space Pac
- Washer/Dryer in the unit
- Leased parking nearby
- Bedroom #1: 12×10 (second floor)- in 2009 this was 14×11
- Bedroom #2: 12×10 (second floor) – in 2009 this was 10×10
Hey, I like the doors and the look of this place in general.
I also like the requirement of 30% down. It keeps out the riff raff and young people.
I think people move to these types of places in general so they don’t have to live around anyone except for established upper middle class people. The high assessments might be a draw to certain types of people.
I think this unit will end up appealing to a limited market, but the price doesn’t seem way off the mark.
The assessments include property taxes since it is co-op. The assessments are very reasonable. This place is nice. The lack of parking sucks, but leased parking is widely available in the neighborhood.
It appears that part of those high assessments are funding the low taxes. Imagine the unit with normal (non co-op) taxes. That could easily be $12-14K in this area. Deduct the $6K current tax and the extra $6K to $8K would reduce the assesment by $600 to $700 each month.
I love this place and wish I could afford it. However, you must a vintage devotee, as I am, what with the cost of running this place, as reflected in the monthly assessment. Reasons why it will sell:
1.It’s gorgeous. Fabulous architectural details front to back,
2. It’s unusual. There is no other courtyard building in the city arranged quite like this. The totally enclosed courtyard feels like a woodland refuge, and the whole building has a “storybook cottage” quality too it.
3. The location is great.
boy i was cranky that day!
I think the assessments are reasonable given the age and caliber of the place (assuming that proper maintenance is scheduled). It really is a unique building and great location.
The assessor, however, has been going after co-ops and raising the assessment/taxes quite a bit lately, so the historic lower taxes are becoming less so.
Nice place. Still the assessment seems high even factoring in the taxes (less than $500 a month) given there are no amenities here. Why is this the case?
Being on the 3rd floor is the only minus. Being an “older person”, I’m not sure how much longer I can handle so many stairs.
But who carries groceries? Have them delivered, like a sensible person. It’s usually cheaper than bringing them home in a cab,MUCH cheaper than running a car, and whoever lives here wouldn’t be troubled by the $10-$20 charge anyway.
Plus more stairs once you get in the unit. And not only are pedestal sinks awful without any storage, did you see the weird faucet set up in the bathroom? The courtyard is nice, but unusable most of the year. Lots of wealthy people around that neighborhood need a Chicago address for voting and other political reasons, this looks like one of those addresses.
Among the many reasons the assessments are so high, is the necessity of maintaining a large reserve against major repairs and replacements. These older buildings require a lot of maintenance, and when you’ve taken care of one major item, another is coming due. Tuckpointing those exterior walls with their fine stone work. The boiler and all its plumbing. The hot water heater. The courtyard. The roof. The common plumbing elements. It’s much better to keep the assessment elevated so that you have enough reserve to avoid hitting owners with large special assessments.
Beautifully decorated home. Take this decor, put it into the Nelson Street brick house, and maybe the house would sell for over $2 million.