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.

1450-n-dearborn.jpg

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

11 Responses to “Despite Renovation, Gold Coast 1-Bedroom Sells For Just $5K Over 2004 Price: 1450 N. Dearborn”

  1. Interesting…despite 100+ years between construction, facade looks just like the Lincoln Park property posted yesterday.

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  2. 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.

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  3. “Interesting…despite 100+ years between construction, facade looks just like the Lincoln Park property posted yesterday.”

    I had the same thought!

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  4. “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.

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  5. lets call it like it really is just take out the “G” in the hood name and go home

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  6. @GRoove, +1

    Like

    “lets call it like it really is just take out the “G” in the hood name and go home”

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  7. Wish I could still see some Photos,

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  8. James:
    http://www.redfin.com/IL/Chicago/1450-N-Dearborn-St-60610/unit-3A/home/12553905

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  9. “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.

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  10. 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.

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  11. and if it was renovated, how much do you think they spent? doesn’t seem that extensive to me.

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