From a List Price of $1.135 Million in 2009 to $675,000 in 2011: 1550 N. State Parkway
We last chattered about this 3-bedroom vintage unit in Benjamin Marshall’s 1550 N. State Parkway in the Gold Coast in May 2011.
See our prior chatter here.
Since that time, it has been reduced another $124,000 to $675,000.
It is now a short sale and is listed 29% below its 2006 purchase price.
If you recall, its address is 1550 N. State Parkway but it actually isn’t located in the high rise portion of the building, but in a two unit adjacent building with its own private courtyard facing State Parkway.
The 1800 square foot unit still has many of its vintage features including inlaid hardwood floors and crown and dentil molding.
It has a Christopher Peacock kitchen with granite counter tops and Subzero, Miele and Bosch appliances.
The baths are Waterworks.
It shares the courtyard with one other unit.
The building has a 24-hour doorman, a guest suite, and a wine cellar.
The unit has central air and in-unit washer/dryer but there is no attached parking. It is valet rental nearby.
The duplex unit below it, Unit A1, also is still on the market.
It is larger, at 2300 square feet, but it is listed for $1.275 million.
What price will it take to sell this property?
Julie Capps at Prudential Rubloff has the listing. See the pictures here.
Unit #A3: 3 bedrooms, 2 baths, 1800 square feet
- Sold in June 1997 for $335,000
- Sold in April 1999 for $442,000
- Sold in January 2004 for $865,000
- Sold in July 2006 for $950,000
- Originally listed in November 2009 for $1.135 million
- Reduced numerous times
- Was listed in May 2011 for $799,000
- Reduced
- Currently listed as a “short sale” for $675,000
- Assessments of $1947 a month (includes heat, doorman, cable)
- Taxes of $12200
- Central Air
- In-unit washer/dryer
- No parking – rental nearby
- Bedroom #1: 17×14
- Bedroom #2: 14×13
- Bedroom #3: 11×8
I did not know you could get a unit like this in an area like this for anything like $675K. It’s beautiful and has a lot of amenities that are really hard to get in the city, like the beautiful, private setting. I like the way it’s tucked behind the larger building.
It makes almost everything else I’ve seen in the same price range look grossly overpriced compared, even when you consider that cheap kitchen range. Stuff like that is easy to replace.
If this unit doesn’t move at this price, it would indicate to me that we’re in for another steep drop in housing prices.
So let me get this straight, parking is “valet rental nearby” but the agent has listed it according to Redfin, as “# of Cars: 2; # of Garage Spaces: 2; Garage Parking; Detached Garage; Garage On-Site.”
This is so contradictory and impossible that I believe the agent may be M.C Esher.
“So let me get this straight, parking is “valet rental nearby” but the agent has listed it according to Redfin, as “# of Cars: 2; # of Garage Spaces: 2; Garage Parking; Detached Garage; Garage On-Site.””
That’s damn misleading if only rental is nearby. 2 garage parking spots here would be worth around $60k, which is a material amount given the current price of the property.
This place is perfect for the someone that wants to pay for the building next door’s doorman!!!
well jon, he’ll probably sign for your packages if you want him to
nice place.
some divorced person should buy it.
$2k/mo assessment! for what?
This property would be more valuable if it wasn’t part of the association next door. Both units could be purchased at the same time and made into one very large, extra wide house.
I bet the parking is in the building next door…rented.
I love it and would buy it except I’m confused about the doorman situation. So he sits next door? Who opens my door? Do I have to do it myself? Then what am I paying for?
I love it. The privacy and spaciousness of a SFO (depending on who moves into the unit downstairs) with all the amenities of a high-rise right next door.
And BettyBoop, even if the doorman doesn’t open your door, he’s there to take packages and open the door whenever you wander over to the exercise room. Totally worth it.
Nice place. I like the idea of having a private entrance too, with a yard. It’s not clear though if the yard belongs just to those two units or if other people from the building get to use it too.
If this can close for the current list price (and that’s a big “if,” being a short sale), this unit might be a pretty solid deal, provided that there are no looming specials at the association. The main building next door has been undergoing some exterior improvements (some of which appear to be pretty extensive, particularly outside of one unit about ten floors up). And for the past five or so years that I’ve been regularly looking at the building (from a building to the east), I’d say that no more than a quarter of the building seems to be occupied (and in the winter, less than that). It’s a gorgeous building, but my sense is that extensive diligence should be done first (i.e., beyond the norm).
Annoy– maybe, but a lot of GC residents have Florida homes for the winter.
We looked at this in the fall, when it was still over $1mm, I believe. Yes, you can enter through the doorman side of the building on North Ave, but if you take this route, you have to take a creepy maintenance-type hallway to get to your side of the building. That said, it is much more convenient going to the non-doorman side, which was quite pretty nonetheless. The yard is shared. It was a bit too small for us (especially at that previous price), and we ended up buying a foreclosed SFH a couple of blocks away. Had this been $675k, we may have very well bought it.
“The yard is shared.”
The other unit for sale (that anon linked to on prior thread) looked really nice with yard in background, but not if anyone can just lollygag around outside. And that unit is still v v pricey.
Bugs, all my packages are delivered to my office mailroom and they deliver to my desk. And I don’t excercise where I live–gives my neighbors too much information!
I feel this and lot of other buildings in gold coast may be reasonably priced, but i am not crazy about these assessment.
“And for the past five or so years that I’ve been regularly looking at the building (from a building to the east)”
having beers with the cardinal?
Here is something you don’t see often – a house that sold OVER list price:
http://www.redfin.com/IL/Oak-Brook/1001-Midwest-Club-Pkwy-60523/home/18082918
Who the hell cares about a house in new-money Oak Brook?
I do
And I hate to break it to you, Clio…You are the only one!!!! Go start OakBrookChatter and leave us city dwellers to riding the el and our “miserable” lives.
“Who the hell cares about a house in new-money Oak Brook?”
I agree.
Clio, if you’re going to do the “look at this example” game- at least keep it within the City of Chicago limits.
Its also considered not proper Netiquette to crosspost:
http://en.wikipedia.org/wiki/Cross-posting
This is a great deal for an extremely unique property.
“Clio, if you’re going to do the “look at this example” game- at least keep it within the City of Chicago limits.”
Sabrina, while a lot of real estate is “local”, you cannot put blinders on and NOT look at what is happening in the suburbs. The suburban real estate market affects the city market and vice versa. It would be the same as someone saying, “don’t give examples of short sales and foreclosures, keep it to non-distressed sales”. Honestly, if you want to have a legitimate site, you need all opinions. If not, just say so and I’m gone.
Oh – and Sabrina, how is a discussion on Aziz Ansari (which you actively encouraged on another thread at the same time) pertinent to real estate at all? Come on – don’t be a hypocrite. Your comments and properties that you pice are heavily skewed toward lifelong renters and real estate bears.
clio you are like watching the ball during a tennis match. Unfortunately, one being played without one of the eastern euro hot chicks.
Oh yeah, ze, and your non-sensical posts about (insert nonsense subject here) are so informative. I’m not here for your entertainment – go back to your drugs, alcohol and “beautiful life” in brazil – yeah, whatever fantasy you want to create…..
Oak Brook is total cheese, sorry, Clio. When I first moved here from NYC I couldn’t believe that this area was considered desirable; I found it to be the epitome of nouveau riche doldrums.
Go back to New York, asshole.
Clio now you went ahead and got that Ace of Base ‘beautiful life’ song stuck in my head for probably all day…
Take a walk in the park when you feel down
There’s so many things there
that’s gonna lift you up
See the nature in bloom a laughing child
Such a dream!!!!!!!!!
Try it sometime!
“This is so contradictory and impossible that I believe the agent may be M.C Esher.”
funny!
“If not, just say so and I’m gone”
Sabrina — please say so