Bank Owned Vintage Duplex in the Gold Coast $200K Under 2005 Price: 1255 N. State Parkway
We’ve chattered about The Churchill, at 1255 N. State Parkway, in the Gold Coast before.
Built in 1924, it is a favorite amongst vintage fans for its authentic vintage units, some with hidden interior outdoor terraces.
This bank owned 2-bedroom duplex is one of those with a big private outdoor terrace.
It also is now listed for $200,000 under the 2005 purchase price.
It has white kitchen cabinets and white appliances.
There is no central air, no washer/dryer in the unit and no parking.
But it does appear to have french doors and hardwood floors on the first level.
Yes, there is the big monthly assessment. This includes everything except your phone.
Will this be going back to the 1997 price point before it finally sells?
Angel Anguilar at Re/Max Platinum has the listing. See the pictures here.
Unit 2E3E: 2 bedrooms, 2 baths, duplex, no square footage listed
- Sold in August 1997 for $209,000
- Sold in August 2005 for $510,000
- Lis pendens filed in October 2008
- Bank owned in September 2009
- Listed in March 2010 for $309,900
- Currently still listed at $309,900
- Assessments of $1350 a month (includes everything except phone)
- Taxes of $2663
- Terrace
- No central air- window units only
- No in-unit washer/dryer
- No parking
- Bedroom #1: 21×18
- Bedroom #2: 11×11
- Living room: 21×13
- Kitchen: 8×8
- Family room: 15×11
It blows my mind that people will pay $1350 in assessments. That’s someone’s rent.
Those assessments just go up until infinity. $16k/year and it’s not even a co-op. If you live there 20 years you pay more in assessments than you paid for your condo.
And no parking or A/C…
Good luck giving this place away.
$1350 for assessments is unbelievable, and like bull says, they will go nowhere but up. I would really like to see the budget breakdown for this building.
I wish I could see what the place really looks like. The photos are not encouraging- it’s as if the photographer was trying not to show too much,and what shows is disappointing. The staircase is nice, but if there are beautiful vintage details, the pictures sure don’t let on. Is that tiny room with the door to the terrace the living room? It is not a pretty room and it would be difficult to make it one. The awful kitchen needs to be gutted and reconfigured. God knows what the bath looks like.
This place is way down the list of vintage units I would pay $300K for, even with outdoor space.
this is sonies 1300 n michigan but the 1300 assessments blows the south loop places out of the water; you have to see the places to compare(sq ftage layout) but this place starts out at a significant price disadvantage, does the location really make up for it? over 1K a month.
Wow could they have made the terrace look any less appealing in that pic?
Makes me sad when banks take over cool / unique properties and make them look like junk.
And with 10 other units the building for sale right now, have to wonder about the viability of the building. . . only one is listed a a short sale now, but that’s over $100k of annual building revenue (assessments are $500-600/mo even on the studios!).
Sorry- this one was posted late on Friday due to a technical snafu.
I’ve watched this building for years and was surprised at the number of units for sale in it. I don’t recall the last time this many were for sale at the same time.
Welcome to my world. I have a unit for sale in the building. I have been trying to sell it since August 2008. Please do wish me luck. With a modest down payment, any buyer’s mortgage payment would be less than the monthly association.
Dollface: We are rooting for you. It’s tough once there are foreclosures in the building (for all the other sellers.)
this building truly is one of the gems of the goldcoast but the assessments are insane
What the @## is with these assessments. Even a “cheap” assessment in that area seems to be over $500 and that doesn’t even include a friggen pool. What are you getting?
Ugh. I would love to live in this area (don’t even need a view) but the assessments kill it for me. I’m sick of my hour commute to work. This would mean a 10 minute commute but still, not worth over $500 extra a month (plus $200+ in parking).
SCREW YOU GOLD COAST.