Get a Vintage Gold Coast 2-Bedroom for $116K Under the 2005 Price: 104 W. Oak
This top floor 2-bedroom at 104 W. Oak in the Gold Coast recently returned to the market after being under contract since October.
Off and on the market nearly 3 years, it is now a short sale.
104 W. Oak was converted into condos at the height of the housing boom.
The elevator building kept some of its vintage features. This unit has 2 wood burning fireplaces, crown molding and stained glass.
The kitchen has been updated, with cherry cabinets, granite counter tops and stained glass.
The southeast corner unit also has easy access to the rooftop deck (but the listing doesn’t say if this is a private deck or is common to all the units.)
The unit has central air, washer/dryer in the unit and the listing says “deeded parking is available”- but I don’t think it is within the building.
At about $116,000 under the 2005 purchase price, is this an attractive property for buyers looking for a property outside of the standard high rise white box in this neighborhood?
Patricia Anderson at Weichert Realtors- Frankel & Giles has the listing. See the pictures here.
Unit #6E: 2 bedrooms, 2 baths, 1200 square feet
- Sold in March 2005 for $465,000
- Originally listed in February 2009 for $525,000
- Reduced many times
- Lis pendens filed in July 2008
- Was listed in March 2011 for $380,000
- Lis pendens foreclosure filed in May 2011
- Reduced and a “short sale” at $349,500
- Was under contract in October 2011
- Re-listed in December 2011 as a “short sale” at $349,500
- Taxes of $6067
- Central Air
- Washer/Dryer in the unit
- “Deeded parking available”- but unclear if it’s in the building or not
- Bedroom #1: 14×18
- Bedroom #2: 10×11
They listed at $525k in February 2009?!?!? Just prior to the lowest point in the financial markets (bottom was in march), everyone was freaking out, credit was frozen, and these dopes thought they’d make a big profit? I know RE has done worse since then, but jeez, wasn’t the writing on the wall by that point?
“They listed at $525k in February 2009?!?!? … these dopes thought they’d make a big profit?”
Even assuming that they spent not a nickel on the place, I don’t think that $60k less transaction costs = “big profit”–probably priced at $525 for some negotiating room above netting out at zero.
i like quite a bit about this place.
sure seems reasonable to me given the location/top floor/bay windows/good sized-master with wood burning fireplace/rooftop deck with reasonable assessments.
no parking but this is walkable heart of the city.
main thing this listing needs is some staging.
Has anything moved into the retail space yet? It’s been a couple months since I’ve been by (and paid attention)–hate to have vacant space both bc it’s vacant and fear of what might move in.
I think that price looks pretty reasonable, especially with the updates, reasonable assessments, bay windows, in unit w/d, etc. But isn’t that area by the Newberry Library/Washington Square Park a little sketchy though? I once saw a dude wearing a full faced ski mask in the dead of summer wandering around the park. Just sayin’.
There’s a lot to like about this place: Interesting old building, some vintage details, sunny, great location. Price seems to be in the right ballpark. I’d guess the roof deck is not private, but still a nice feature.
jbou:
That’s a valid point about the location. Washington Park has always attracted weirdos. But there are panhandlers and “weirdos” all over the North Side. It’s just a fact of life if you choose to live there.
Washington Square Park, I mean.
This seems like a decent price, but do you think it fell out of contract over the buyer not being able to get financing, the appraisal not coming in high enough or the bank not accepting an offer this low? If it is one of the second two, they aren’t going to have any better luck the second time.
Oh, and this:
“•“Deeded parking available”- but unclear if it’s in the building or not”
Do we suspect it is in the horrible Gold Coast Galleria garage?
Is this really vintage? It does not have a vintage feel to it.
A lot to like about this listing–reasonable price, location, lighting, and (my hot button) top floor unit. 4W sold in April 2011 for $365K, so pricing seems in line. Time to play chicken with the bank and see how much of a haircut they are willing to take? Anon–please do tell about the GC Galleria garage.
“Is this really vintage? It does not have a vintage feel to it.”
I’ll bet it feels vintage once you check the closet sizes and storage situation.
“Anon–please do tell about the GC Galleria garage.”
It’s a bear. Not the worst I’ve been in around town (think the worst I’ve driven in at all recently is Onterie Centre[er]), but definitely subpar. Shared entrance and exit with the public parking for D&Bs and the offices in the building, exit ramp is steep, narrow and blind on one side at the sidewalk (with the other side partial-restricted view next to the alley), most of the resident/owned parking is at least the 3d level up through the garage–so lots of switchbacks getting in and out, and the whole flow is single lane and a fairly narrow one at that.
Striped (diagonally, of course, given the rest of the description) so that if your parking neighbor is a shi…poor driver or drunk or (worst of all) on the phone when parking their Range Rover Sport, you may have trouble not merely with getting out of your FourTwo, but indeed with fitting it into your space without impinging on your other parking neighbor.
What an unfortunate confluence of red-flag conditions for me:
Vintage older mixed-use “storefront” building w/upstair “over-store” rental flats
Evidence of “quick” conversion (inexpensive finishes, fixtures, drywall, limited trim, etc.)
Small condo association, possibly self-managed, likely infused w/conflicts + money issues
Small vintage building w/vintage elevator installation, aging copper cornice and window bays
No security beyond locked common entry door and buzzer
At least one foreclosure/short-sale
Likely weak by-laws regarding live-work set-up, rental, retail:residential compatibility,etc.
Building has charming elevations, but I’d rather look at it all day than own a unit here.
I remember this conversion and always liked the area (Oak Club for the longest time), but wasn’t willing to
#1 pay the price at the time
#2 not have parking right there (also killed crilly court for me)
FWIW thank goodness I also didn’t buy at Walton on the Park – I DO like Washington Park
“FWIW thank goodness I also didn’t buy at Walton on the Park – I DO like Washington Park”
Washington Park has changed a lot since they built a bunch of new buildings nearby. Ever go there after work on a summer day? There are like 20 or 30 dogs and their owners hanging out.
Too bad Washington Square Park is no longer known to most Chicagoans as “Bughouse Square” except on the “debate weekend” sponsored by Newberry.
Back in the pre-1950s this was a lively center of “bughouse” delivered by speakers on soap boxes. You didn’t need no stinkin’ permit, just a cause (serious or frivolous) and enough stamina and lung power to attract an audience, however transient. Many of the famous poets, novelists and thinkers of the Nelson Algren/Richard Wright era honed their chops at Bughouse Square.
And now…dog-walkers lazing away on park benches, listening to “talk radio” and tapping on smart-phones, oblivious to their “neighbors” and preaching to their own personal choirs.
Sigh…there goes the neighborhood…
Architect,
Those are great observations.