Another Reduction in 30 W. Oak in the Gold Coast
Remember this 2-bedroom unit in 30 W. Oak, the new modern boutique building in the Gold Coast?
We’ve chattered about it twice now.
It’s been on the market since January 2008 and has been reduced $76,000 (plus the seller is now including a $65,000 parking space.)
Here’s the listing:
SPECTACULAR 2 BEDROOM plus STUDY IN EXCLUSIVE NEW GOLD COAST BUILDING. APPROX 2100 SQ FT OF EXTRAORDINARY ARCHITECTURE & EXCEPTIONAL QUALITY.
POGGENPOHL KITCHEN & BATHS. SUBZERO/ THERMADOR / MIELE APPLIANCES. 24’X12′ TERRACE. FLR TO CEILING WINDOWS, 10′ CEILING HEIGHT, 8′ DOORS. PARKING SPACE INCLUDED. FULL AMENITY BUILDING AT PRIME OAK ST LOCATION. WALK TO BEACH, SHOPPING, RESTAURANTS, PARKS.
Fee Simple Realty, Inc. has the listing. Check out the pictures and the virtual tour here (as I cannot post pictures on this unit).
Unit #4C: 2 bedrooms, 2 baths, study, 2057 square feet
- Sold in November 2006 for $1,009,900
- Sold in May 2007 for $1.115 million
- Was listed in January 2008 for $1.325 million plus $65k for parking
- Reduced
- Was listed in May 2008 for $1.299 million plus $65k for parking
- Reduced
- Currently listed at $1.249 million (parking included)
- Assessments of $1,063 a month
- Has a 24 x 12 terrace
They won’t let you post pictures? What idiots. And dickheads.
Pretty building and it looks nice (although the kitchen seems small for >$1MM and 2000+sqft). Maybe they figure that the people that buy these places don’t actually cook and so they don’t give them a lot of counter space. Although it does thankfully appear to have a double oven.
Now if we only took 20% off the 2006 price then maybe we could talk!
Anybody know what the original pricing from the developer was (perhaps that is the 2006 price)? That would seem to be a good place to start from (and then adjust down a bit) to get to a realistic valuation in this market.
Low floor with lackluster views is prolly why this isn’t selling.
They wanted well over $200,000 more than they paid for it just two years ago. Even if I had the money for a place like this, on principle alone I would not buy it. I would feel like I was being swindled.
Saw the unit and he put a lot into it after he bought it. Very nice, but a low floor.
I like the water garden outside. Pretty building even if the area is not my favorite. Too much homeless in the area here also.
im sorry the homeless people are inconveniencing you. im sure they are not inconvenienced by ..um …you know.. not having homes.
So basically the price has been reduced by about 1% from the original obscene bubble price. Hmm, I wonder why this isn’t making anyone rush to put in an offer. Even the original 2006 price would be too high today. This is what happens when you chase the market down.
I don’t really get what is wrong with not wanting to live in areas with a homeless issue (or Section 8, or near the projects for that matter).
I shouldn’t have to feel scared or worried if I decided to not charge a client for a taxi or car service if I am at work late.
“the price has been reduced by about 1%”
You mean 10%? Because the ask is still 20% over the true original obscene bubble price.
Homeless people = mentally ill people = I don’t want them near my kids.
Count da money.. count da money… or is that DEEE MOOONAAAYYY?? I know I should not be laughing… i just like how you phrased it… guess where I am gives me a very heightened sense of fear of the homeless. Where i am homeless people and extreme violence are ALWAYS part of the same equation. Yesterday I was getting my tile in a not so good area and was 4-5 blocks from 3 people getting shot. Got off the train and was near 4 more getting shot to death (well the 4 were shot by police).
Come down here and play Mr. liberal in the wrong place and you will get yourself killed. Watch what happens when they make police cuts in chicago and unemployment rises.
Oh god, the John side of me is coming out now. LOL
never was a true fan of that building. Yet another new creation that doesn’t fit in with the classic old buildings in that area.
and $65k for a parking space? gimme a break, this is not NYC
“I don’t really get what is wrong with not wanting to live in areas with a homeless issue (or Section 8, or near the projects for that matter).”
So what should we do with these homeless? Relocate them to some less fashionable neighborhood? Maybe we should just arrest them all for vagrancy? I know! Let’s just kill them!
Sheeze. What have you done to HELP a homeless person lately, anyway? There are homeless EVERYWHERE, in every neighborhood. Your kidding only yourself if you think some neighborhoods don’t have “those people” hanging around in it. They just hide a little better. Some come to better neighborhoods daily, because the panhandling is good, or there’s some yummy food given out at the local church or shelter.
I dunno about you, Ze, but the homeless I see around here are mostly all panhandling drunks or crazy guys. Not violent, not in posession of guns, much less ammo. It’s drug dealers, crackheads, and gang bangers that are the violent dangerous types to beware of, not the sad sack homeless bums.
I love this building……
Z it has your favorite cabinets!
$65K for parking in a high-end Gold Coast building seems to be the going number these days. We’re a long way from NYC; I’ve seen spaces go for $250K there.
Valasko… And the damn compressor blowing up if you don’t vacuum it Sub-Zero… In all fairness I do have a real preference to Thermador and Miele.
” I dunno about you, Ze, but the homeless I see around here are mostly all panhandling drunks or crazy guys. Not violent, not in posession of guns, much less ammo. It’s drug dealers, crackheads, and gang bangers that are the violent dangerous types to beware of, not the sad sack homeless bums. ”
off the top of my head I’m reminded of the lady in Wrigleyville. The tenants let her in on a cold night and she rewarded their hospitality by burning the joint down. The guy that burned down the historic Pullman building because history tee-ed him off. Not to mention the many personal attacks with no guns or knifes but a brick or a piece of glass. No morals , No values , Nothing to loose. Should some fear into you.
Ive lived in this area for a few years now. There are some homeless in the area but in Chicago the homeless are VERY rarely a problem. Its gangbangers or drunk suburban kids that cause most of the trouble here. And this area has none of the first and few of the latter so I wouldnt consider not buying here on that principle. That being said, as with most places on this site it is overpriced but looks like a nice unit.
Most homeless criminals are far more likely to break into your car or steal copper than anything else. That being said, venture off the beaten path at night, and they can get pushy. I haven’t spent too much time around this area lately, but I used to work by there, frequently walking to the train late at night.
Remember, plenty of the homeless on the streets at night don’t want to go to a shelter. Some simply worry about their things being stolen, but plenty of others don’t because alcohol and drug use aren’t permitted.
Sorry to me I see homeless as kinda being a gateway problem. It’s the reverse Giuliani. I agree they are rarely the problem themselves but they open up the area to the more dangerous element slowly infiltrating. They know they won’t be moved off the area since they know the homeless presence is tolerated. Next thing you get a good mugging or two… then like 2 blocks from me 2 cops get shot. Now their are no homeless allowed to sleep near my place and suddenly no more crime. They know they will be harassed for not belonging in the area.
Oh and 3 incidents…I was once literally attacked by one near where 110 superior is going up. Another time one just ran past me in front of The Embassy Suites on State Street and hit the back of my head (but he was more insane). Once on K st in Washington DC i had one get inches from my face demanding stuff, then i moved my hand and he began screaming at me not to shoot him.
I can take care of myself quite nicely but most girls I know with little dogs when I suggest they walk them near the Riverwalk at night tell me “there have been problems there” and to ask a cop about that spot.
Since I’ve lived in Chicago, I’ve been amazed by how well behaved most of the homeless are. Have you ever been to San Francisco? I’ve only been there 4 times and every time I end up getting yelled at or chased by the homeless. Really weird!
The homeless are pretty bad at the park across the street from this residence and the Y is a few blocks south. I’ve never had any issues, but i’m a 6’3″ guy. My wife unfortunately often has issues on her way to work.
On the flip side, this is my favorite building in chicago. Everytime I walk passed it I wished I lived here. I love those balcony’s.
I agree with the other poster. Even if i had the money, I wouldn’t pay > ’06 prices based on principles alone.
That closet makes me wet.
meh, still not paying $65k for a parking space, and I think he’d be hard pressed to get anyone to pick it up for that price. And why are the assessment $1k+/month??
I still think assessments and co-op fees will be the downfall of all real estate in the gold coast eventually. I found a 2,500 flat on LSD for $350k. Now it probably needed $150k of work, but the fees were $2k/month with rental parking? It’s been on the market for almost 3 years.
I think “equity” buildings would be something great for the city, and would move high end, high fee units faster, then at least you know the money is not lost over the time that you live there.
T2.. If it’s in San Fran those actually might not be homeless people. 🙂
“Sheeze. What have you done to HELP a homeless person lately, anyway? ”
How about paying the 10.25% sales tax, highest in the nation? Where’s that money going, again?
I don’t like to be bugged, yelled at, or have a dirty smelly person run in front of me and open the door to the fast food place I’m going to, so they can “earn” a tip.
If this unit is floor 6 or below (and it looks like it is), then the developer’s original price was around $970,000 with parking an additional $50,000. I looked at this building in 2004 and loved it (when the Dr. Scholl’s building was still on the site). I have a friend who would buy one of the bigger units on a high floor here in a heartbeat, and he may go knocking on doors there to see if anyone wants to sell.
Is this area really that bad? I used to rent at State/Delaware and never had concerns. I would have thought it would have gotten better since then. I’m a little interested in the 55 W Delaware building. Saw a really interesting penthouse unit with a huge private rooftop terrace/deck a while ago, which seems to have sold/gone off the market.
I had thought Washington Sq Park was okay. Not great but okay. Am I wrong? Is that what people are complaining about with respect to 30 W Oak?
DZ.. no it’s actually a great very high end area with Viagra Triangle just a few blocks away. It’s as you move towards the Jewel that it gets crappy.
I only feel bad for homeless people who are trying to get their lives back together. The vast majority seem content to be leeches on society. When the same guy is shaking a cup in front of the same Walgreens every day for 5 years or more, me putting money into that cup isn’t going to help him one bit. I donate to shelters and food banks, but I don’t subsidize drug habits.
Ze Carioca,
It’s not just the Jewel, it’s also the Dunkin Donuts that lets the homeless guys relax in the nice warmth during winter time, and the lat remaining transient hotels including the YMCA, Mark Twain… the Cedar has thankfully closed, though there are still several “Hotels for Men” still around. Eventually Gold Coast will go the route of Manhattan, and these will gradually be converted into boutiqe hotels, as is happening at the Cedar and the former Hotel Wacker.
The homeless aren’t all bad. Theres this homeless guy who lives near my apt building, he’s a drinker alright but he sometimes offers me free weed when others give it to him, its tough to turn down. One time he offered me free opium which I politely declined (afterall don’t want to wind up like him).
Don’t understand all the chatter about the homeless on a real estate website unless we are going to give them all the repos to live in. The problem with this unit is the low floor and the price I think it would sell at 850k which is probably the developer price when built. It is a very nice unit and this flipper is either going to take the loss now or wait for the bank to take it from him
The building is very nice. Very quiet, large scale everything…but this is one of the worst units. I checked it out. It is too low for real views and the terrace overlooks the power lines, line equipment, and a brick wall. The views and terrace are what make this building special and this unit has neither. It should sell for ~ 1M parking included. It is worth 450 a square foot at a minimum though just given the great finishing, location, and still gorgeous windows.
Another tit bit of information on why people might not be buying this unit. The Ogden school is constructing a 3 story building by replacing the existing school that sits infront of this building. That would block the view altogether till the 6th floor. Too bad the flipper did not know…ouch.