Can Older High Rises Compete? A 2-Bedroom in 1501 N. State Parkway in the Gold Coast
This 2-bedroom in The Warwick at 1501 N. State Parkway in the Gold Coast recently came on the market.
The Warwick was built in 1975. It has 55 units with balconies.
It’s a full service and amenity building with a doorman, a parking garage, with guest parking, a sun deck, an indoor pool and a live-in engineer.
This unit is a southeast corner unit with city and lake views.
It has an open kitchen with dark wood cabinets, granite counter tops and a wine fridge.
There’s a master suite with a new spa-like bath.
It has washer/dryer in the unit, central air and parking is included in the assessment.
With all of the new high rises that have been built over the last 15 years, is it hard for the older buildings to compete?
Stacey Grossman at Coldwell Banker has the listing. See the pictures here.
Unit #11C: 2 bedrooms, 2 baths, 1800 square feet
- Sold in August 2002 for $850,000
- Sold in September 2005 for $885,000
- Currently listed for $990,000
- Assessments of $1558 a month (includes cable and water and all of the amenities listed above in the post)
- Taxes of $11098
- Central Air
- Washer/Dryer in the unit
- Parking is included in the assessment along with guest parking
- Bedroom #1: 20×14
- Bedroom #2: 14×13
good luck with that, I don’t really see that happening at that price point
Problem here is not the unit, which actually is quite spacious, current-enough kitchen and baths, balcony, views, etc. The “force-of-personality” interior decoration, however, overwhelms its good features, making it seem dated. Many buyers at this price-point desire these spacious room sizes, good views, and well-maintained building features, but can’t see past the seller’s dated albeit expensive “decorating”. We’re dealing with same isse at our condo building, where owners are bemoaning stagnant resale prices bt fail to consider that their dated decor fails to ensue buyers who want 1) move-in-ready finishes; 2) existing on-trend design style to be able to visualize themselves living there as well. Like noted in an earlier listing’s post: paint it grey, stain floors dark, and get rid of the “old lady look”.
“ensnare buyer”…
They freshened this place up very well. I’m surprised the original master bathroom was big enough to get in that nice shower stall. Ultimately though, once the furniture etc. of this place is moved out, it’s commodity space. $550 psf seems too high, currently. PS Kitchen backsplash will have to go!
Looks like these sellers are empty nesters, and there’s a good chance their buyers will be too. I think the 60+ year olds from the N.S. who will buy this (for probably 900k) will look past the less-than-cutting-edge decor.
As for this “older” building competing with new buildings, which ones Sabrina, do you have in mind? Are they between the inner Drive and Clark, between North and Division?
I don’t find the decor to be that overwhelmingly personal or dated here. A few advantages of a slightly older building like this would be construction defects were long ago remedied and I find buildings of this vintage tend to have larger units though lower ceilings. In this case I suspect the building is well maintained judging from the pool (though I know nothing about it otherwise) so no big surprises for mechanical failures, etc.
A quick search shows lots of cheaper options. I don’t think this unit is substantially better than the cheaper units. This place is larger, less expensive, and the valet parking includes a weekly car wash: https://www.redfin.com/IL/Chicago/1410-N-State-Pkwy-60610/unit-9A/home/14114174
I don’t know enough about the prices in this area to comment on that, but I think the unit is pretty ok and a few cosmetic changes (paint, removing carpet, removing the back splash) would get the job done.
There is nothing substantively wrong with this place in terms of its appearance. If people can’t envision themselves living there despite the decor, then they just can’t be very bright. If they don’t want to do the work, that is an entirely different issue.
Had relatives that owned here for 15 years starting in the early 90’s after they became empty nesters. It had a well run Mgt team back in those days. The common area were very clean, place was detail oriented, and there was a long term high service staff. Assuming that’s still the case that is part of the draw. You are buying into a stable predictable building that caters to an older clientele.
The finishes are right up their alley. The likely buyer is downsizing from a traditional sprawling suburban home. Their furniture and style will be well suited toward this look. In fact the finishes almost help this building continue keeping it’s core demographic.
It will sell at close to ask to a wonderful empty nester couple from Long Grove. Annoy call your neighbors
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Oddly enough, I find the backsplash two tone colors refreshing and pleasant! Haha – I must be getting old!
Will someone tell me what is “in” in terms of backsplashes? I have white cabinets, marble counters, SS, and the “espresso” floors that Sabrina loves. What backsplash should I have? I’m honestly at a loss and hesitant to do anything with subway tile.
“A quick search shows lots of cheaper options. I don’t think this unit is substantially better than the cheaper units.”
Jenny- your example had higher HOAs when including the parking (but it was also slightly bigger) and that building doesn’t have an indoor pool.
“As for this “older” building competing with new buildings, which ones Sabrina, do you have in mind? Are they between the inner Drive and Clark, between North and Division?”
I’m not talking about location. I personally know many suburbanites who are moving downtown who won’t even consider a building this old. They want “new”. Many looked at, say, 630 N LSD (as they thought they wanted lake views.) They look at the new construction on Fairbanks and anything in Lakeshore East.
They all have higher ceilings and more amenities in the units. Many buildings in the Gold Coast still don’t even allow in-unit washer/dryer (although this building is not one of those.)
“As for this “older” building competing with new buildings, which ones Sabrina, do you have in mind? Are they between the inner Drive and Clark, between North and Division?”
By the way- Jenny Ames is involved in a new construction building at Clark and North Avenue that they are marketing for completion by Spring 2017. It will be 3 and 4 bedroom luxury condos. Just 33 units. So there is still a little bit of new construction in the Gold Coast area.
Although most of the new construction is now taking place just to the west nearer to Old Town. They are going to build 5 new high rises over there plus the Tower of Jewels at the old Jewel store at Division and Dearborn. Those will be rentals.
“the Tower of Jewels”
are you a south sider by chance? Maybe even a Berwyn resident?
are you a south sider by chance? Maybe even a Berwyn resident?
No and no.
But when I worked on the southwest side about 20 years ago everyone there called it “the jewels” instead of “jewel.” It’s like pop versus soda.
Must have been a slip of the finger when I wrote that. 🙂
It was always “the Jewel” in my hood. Never “the Dominicks” or “the Thompsons” (local one off family owned grocery store now a Walgreens) but always “the” when referencing Jewel.
My grandmother used to correct me every time!
Ha haaa…… Good memory Sabrina
south siders put unnecessary s’s at the end of words for no reason
its wierd
It was always “Jewel” and “Dominick’s” at my house.
Is it a south side thing or just some weird accent? My parents spent half of their childhoods on the south side and neither they or my grandparents added an “s” to random words.
Closed for 950K