Despite Renovation, Gold Coast 1-Bedroom Sells For Just $5K Over 2004 Price: 1450 N. Dearborn
We chattered about this renovated 1-bedroom at 1450 N. Dearborn in the Gold Coast several times over the last 2 years.
See our February 2011 chatter here.
The kitchen and bathroom had been renovated since the 2004 sale.
Even with the renovations, the unit sold for just $5,000 over the 2004 purchase price at $305,000.
In our last chatter, some of you thought it would sell in the high $200,000s.
The kitchen had a Fisher Paykel dishwasher and refrigerator and a european style in-unit washer/dryer.
The bathroom was renovated with a Jado faucet and Duravit sink.
The unit was built in 1877 and had elegant vintage bones with high ceilings, moldings and a fireplace.
According to the listing, it had also been featured in the New York Times “Great Homes & Destinations” section.
However, there was no central air (window units only) and no parking (it was, however, available to rent in the neighborhood.)
Is the era of the $400,000 1-bedroom walk-up unit gone for good?
Emily Sachs Wong at Koenig & Strey had the listing.
Unit #3A: 1 bedroom, 1 bath, 1000 square feet
- Sold in April 1989 for $135,000
- Sold in September 1999 for $219,000
- Sold in October 2004 for $300,000
- Was listed in July 2009 for $399,000
- Reduced
- Was listed in April 2010 for $379,000
- Reduced
- Was listed in February 2011 for $339,900
- Sold in May 2011 for $305,000
- Assessments of $340 a month (includes heat and water)
- Taxes of $5039
- Washer/Dryer in the unit
- No central air- window units
- No parking (rental next door for $205 a month)
- Bedroom: 15×15
- Living room: 24×17
- Kitchen: 13×10
- Other: 10×7
Interesting…despite 100+ years between construction, facade looks just like the Lincoln Park property posted yesterday.
If I was a single “6-figure” professional woman working in North Michigan Ave/Downtown area, I would have been interested too. It’s a beautiful unit, renovated, cozy, and yet well-suited for business-related cocktail-hour entertaining too.
“Interesting…despite 100+ years between construction, facade looks just like the Lincoln Park property posted yesterday.”
I had the same thought!
“Is the era of the $400,000 1-bedroom walk-up unit gone for good?”
I sure hope so; that’s absurd…
And yes, I believe it is, at least until well into the future, when with inflation, 400k is 305k in today’s dollars.
lets call it like it really is just take out the “G” in the hood name and go home
@GRoove, +1
Like
“lets call it like it really is just take out the “G” in the hood name and go home”
Wish I could still see some Photos,
James:
http://www.redfin.com/IL/Chicago/1450-N-Dearborn-St-60610/unit-3A/home/12553905
“And yes, I believe it is, at least until well into the future, when with inflation, 400k is 305k in today’s dollars.”
Or more likely when it’s about $275k in 2011 dollars.
how did you find out that this place was renovated by the new owner? Im remember being in this unit just a couple monthes after it was puchased and those fixtures were there, and no mention of putting them in.
and if it was renovated, how much do you think they spent? doesn’t seem that extensive to me.