European Elegance Still Available in the Gold Coast: 40 W. Schiller
We last chattered about this vintage duplex 2-bedroom in the Andrew Rebori building at 40 W. Schiller in the Gold Coast in August 2009.
See our prior chatter and interior pictures here.
The building has a distinct european flavor to it. Built in 1923, no two units are alike.
Completely renovated, this duplex has a new kitchen, bathrooms, plumbing and electrical.
The original features, including the historic fireplace and the sweeping staircase, remain.
Since August, the unit has been reduced another $124,000.
Lissa Weinstein at Sudler Sotheby’s now has the listing. See the pictures here.
Unit #D2: 2 bedrooms, 2 baths, 1400 square feet, duplex
- I couldn’t find an original sales price but it last sold 3 years ago and then was renovated
- Originally listed in December 2008 for $775,000
- Reduced
- Was listed in May 2009 for $725,000
- Reduced
- Was listed in August 2009 at $699,000
- Reduced
- Currently listed at $575,000
- Assessments of $1860 a month (includes the taxes, heat, gas, cable)
- Taxes of $5937
- Space Pac
- Washer/Dryer in the unit
- Leased parking nearby
- 70% financing allowed
- Bedroom #1: 14×11
- Bedroom #2: 10×10
The low assessments should get this sold.
I’m confused. It says the assessment includes taxes. That would be true if this was a coop. But then taxes are listed separately. So which is it?!
OK, sorry, I looked at the listing and it IS a coop. So if the $1860 assessment INCLUDES the taxes, then the assessment isn’t quite as ridiculous (particularly given that it includes the heating). But then why are taxes shown separately?
Even with the taxes included, those assessments are a beast. Not to mention the $175 stacks needed for coop approval. And of course, the lack of solid parking. Lovely place though.
“But then why are taxes shown separately?”
Maybe because they are tax deductable? Kind of important to someone who can afford a 600k 2 bedroom in the gold coast.
It seems less sad to me when something like this sits on the market for a year when the seller listed it $200K higher than it is now. Just as they could have found a foolish buyer then (unlikely), they get to play the fool now. Aint Karma a B?
Pricing is now about right (some downside). Vintage co-ops without a lakeview are averaging about $375 per sq ft in my small sample set. I estimate a lakeview adds about $125-$150 per sq ft.
Totally unrelated but, unless I missed them, I’m not seeing any comments today on the Case Shiller index for Chicago, which is now up 8% from the low of April. I’m sticking with my story.
so if taxes are 6k/yr, you’re still paying ~$17k/yr on cable, heat, gas, and assessments? are there any other benefits to the co-op living, or this place in particular, besides not being relatively sure your neighbors aren’t total screwballs?
If the taxes of about $6000 are included, that means that $500 of your monthly assessment of $1800-plus goes to that, leaving over $1300 for heat, cable, common area maintenance, and whatever building amenities exists.
It is much too high. Is there a doorman? I never saw one here. I would surely want to see the budget for this place. I’ll bet the heat is supplied by an ancient 80-year-old coal boiler converted to gas that gets about 15% efficiency. I know of a number of old north side high rise co-ops and condos with such ancient heating plant, and the owner/residents just can’t figure out for their lives why their energy bills are so steep.
They balk at the up-front cost of getting a new boiler, which for a place like this would run about $130K. Sound expensive, doesn’t it?
well, and it would probably pay for itself 2X the first heating season, but people do not see this. And the residents here surely have the dough to ante up about $2000 apiece for a new furnace or they should not be living here.
What is a Space Pac?
http://www.spacepak.com
@Jason(TFO):
SpacePak is a brand of small-duct central air-conditioning that is used to retrofit central air in older buildings that were built before the days of central air and so have no plenum or chase in which to install the ductwork. I believe the ducts in newer models are made of a flexible material that can be bent or shaped to get into small, hard to reach areas.
“Totally unrelated but, unless I missed them, I’m not seeing any comments today on the Case Shiller index for Chicago, which is now up 8% from the low of April. I’m sticking with my story.”
Yeah I’ve actually made money on the property I bought in the last week of march based upon comps in my building 🙂 Good stuff! Hopefully it lasts
Laura:
After owning a condo, the one lesson I learned is communism doesn’t work. You cannot underestimate the value of a solid HOA and great like minded neighbors.
one of the biggest difference in condo v co-op is that co-ops can take mortages out for capital improvements. Which is usually a contributing factor to the high assessments. Your co-op fees could include your portion of the co-op mortgage. So at the end of the year you get a statement saying how much your portion of the co-op mortgage interest was paid and mow much was paid for your portion of the taxes: that way both are deductable to the individual
@Russ
‘After owning a condo, the one lesson I learned is communism doesn’t work. ‘
communism, like an HOA, only function with the help of a totalitarian leader.
“are there any other benefits to the co-op living” no renters and likely far fewer foreclosures due to stringent screening of prospective shareholders. I’m guessing this place has a large staff (janitor, cleaning, gardeners, professional management, etc) which adds to the assessments, and possibly a good maintenance schedule, since it looks very well taken care of externally. They may keep the assessments high to fund a large reserve to avoid specials. Tuckpointing, roofing and the like ain’t cheap.
Tom(tfo): Right. Unfortunately, the HOA President can’t legally send his uncooperative neighbors to the gulag.
Beautiful place, reminds me a lot of the inner courtyards that are so common in the historic neighborhoods in Philadelphia. Way out of my price range, but I would think with a 200k drop since original listing, this will move now. Would obviously be best for a retirees or DINKs due to # beds.
I’m kind of surprised this hasn’t moved. It is a beautiful building on a beautiful block. It’s expensive, but if you’re the kind of person that really wants to live in the Gold Coast you’re also likely the kind of person that doesn’t think that’s a lot of money.
“if you’re the kind of person that really wants to live in the Gold Coast you’re also likely the kind of person that doesn’t think that’s a lot of money”
I think you got the link sort of backward–I’m the kind of person who really wants to live in Maui/Apsen/Gstaad/wherever and I think the prices of homes there are a lot of money.
The people who DO own homes in those places generally don’t view the prices as a lot of money.
From the pictures, that’s not a high velocity system (aka Space Pack or the like) but a split ductless system (i.e. mitsubishi Mr. Slim etc) unless it’s upstairs only, but there are no registers in the photos, just a split unit.
We lived for 20 years in a home built in 1916 (hot water system, no A/C), and after 10 years we installed Space Pak. Although it worked fairly well to cool things down, it was somewhat noisy and annoying, and the circular duct blow holes were not attractive. We installed it upstairs only. Our neighbors installed theirs throughout the house, and it whistled loudly at times. Avoid it if you can.
desteve:
If your neighbor’s Spacepack whistles loudly, it needs adjustment or there may be a blockage. Spacepak is a high velocity system that needs adequate planning and maintenance for optimal operation. I love the system and the unobtrusive vents.
Russ, I’m getting kind of queasy about this condo ownership thing, I’ll have to say.
Every building I like might as well have a sign on it that says 80 YEAR OLD MAINTENANCE NIGHTMARE MANAGED BY CRAZY PEOPLE. I have looked at buildings with ancient heating plant, no reserve fund, and about 100 people squabbling over what color to paint the halls while letting some people get 6 months in arrears on their assessments- guess what, if somebody owes the building $14,000 in back assessments and specials, and is also behind on the mortgage, the association is just plain out the money. Guess who picks up the slack?
I like apartment living for the convenience and security, the second consideration being really major. And I like ownership at the right price. But I’m not sure condo ownership is really sensible, especially with the financial risk involved.
So Laura, move into a recently constructed full building… problem solved.
“a recently constructed full building”
Full of o/o units. If it’s full of renters, that’s another red flag.
Small condo associations are easier to work with. In my old 6 unit building, everyone had separate heat and a/c. Centrally controlled heat seems like a nightmare for many reasons – ever been in one of those old apartment buildings where half the people have space heaters and the other half keep their windows open in January?
“Full of o/o units. If it’s full of renters, that’s another red flag.”
Good point. While renters are certainly better than delinquent o/o’s they still aren’t ideal.
“while letting some people get 6 months in arrears on their assessments- guess what, if somebody owes the building $14,000 in back assessments and specials, and is also behind on the mortgage, the association is just plain out the money. Guess who picks up the slack?”
I’ve heard horror stories in Condo’s about it being more expensive to go after the deadbeats than eat their assessments. It’s also harder to get rid of them. That’s why I prefer co-ops, since you are technically a tenant and can be evicted for non-payment and the proceeds of the sale would go to the corporation. I know everyone says that “oh, a co-op can go bankrupt” but so can a condo – there was a case when a huge condo building had to be vacated due to poor management and bankruptcy (can’t find the link).
This unit is actually listed for very close to what the owner paid for several years ago. It was purchased in very poor condition and then gut-rehabbed, including all new plaster walls & ceilings, new hardwood floors, all new bathrooms, new kitchen with custom cabinets overlaid to the ceiling, 4 a/c units, wiring for wi-fi and sound, reworked and restored original staircase, woodburning fireplace and a row of windows looking out over Dearborn Street.
The owner has put several hundred thousand into this renovation — and its current list price is a major bargain.
Financing for coops is available through Chicago Bankcorp and other lenders who are nationwide. The downstroke must be 30% and the buyer must be approved by the board. They don’t allow units to be rented out and are very strong fiscally.
This builidng has a full-time engineer who does things such as remove the trash that you place outside your back door and leave kindling and firewood for your fireplace. Pets (any size) are allowed. The central courtyard has tables set up during good weather and you can read the Sunday paper / coffe and pretend you’re in Paris or have a romantic candelit dinner in the courtyard. The architect, Andrew Rebori, a student of Louis Sullivan, is quite famous in Chicago.
Current photos:
http://tours5.vht.com/SSI/T1210794
In the News:
http://www.chicagohomemag.com/Chicago-Home/Domestica/November-2009/Willow-rsquos-Return-Zella-Brown-Sale-Object-Design-League/