Get Your 360 Views of the Lake and the City For Just $5.4 Million: 1555 N. Astor in the Gold Coast
This 4-bedroom full floor unit at 1555 N. Astor in the Gold Coast recently came on the market for $5.4 million.
It has 360 degree views of Lincoln Park, the Lake, the city and downtown.
At 6,000 square feet it has updated modern finishes in the kitchen and baths.
The building was constructed in 1976 and has an indoor pool and an outdoor tennis court.
There is no deeded parking but there is unlimited fee parking and free guest parking.
The unit has an in-unit washer/dryer but there is no central air- only wall units.
There were several $5 million+ condo units that sold in 2011.
Will there be several more in 2012?
Pamela Sage at Baird & Warner has the listing. See the listing here.
Unit #41EW: 4 bedrooms, 4 baths, 2 half baths, 6000 square feet
- Sold in December 2004 for $5.325 million
- Currently listed for $5.4 million
- Assessments of $4619 a month (includes doorman, cable, pool, tennis courts)
- Taxes of $18,688
- No central air- wall units
- In-unit washer/dryer
- Unlimited fee parking
- Free guest parking
- Bedroom #1: 21×15
- Bedroom #2: 12×12
- Bedroom #3: 21×12
- Bedroom #4: 12×12
- Family room: 27×17
Wow. There are A LOT of places I would prefer for 5 Million. The number one thing that does not make this a $5 Million dollar space to me is ceiling heights. It has been built out nicely though.
Very underwhelming for $5 million… I’d rather have a unit like 161 E. Chicago #58J3… sure it’s “only 4100 sq. feet, but it’s also half the price and much nicer.
http://www.redfin.com/IL/Chicago/161-E-Chicago-Ave-60611/unit-58J3/home/14098082
Hard to justify top-tier pricing for a generic 70’s building, even if the location is best-in-class. The price sounds absurd.
I was expecting something really nice… for 900p/sq.. no way!
Awesome. The ceiling height really isn’t that bad (it’s higher than the pics look, and higher than you’d expect for this type of building). The building is very well run, and the location is hard to beat. Much, much nicer buildings have obviously gone up recently (with higher ceilings, better curb appeal, etc.), but all of those locations are inferior to this building.
But I can’t see it going for more than $4(ish) mm right now.
Pre-reno and combination, the two units were bought in 1997 for $1m and $850k.
That tax bill is only for one of the teo units which were combined. The total taxes are ~2x that amount, or $3k+/month. So, almost $8k/mo, even if you pay cash (yes, the current owner does have a mortgage).
“So, almost $8k/mo”
How can that be? Rich people DO NOT pay taxes. Ask anyone!!
The unlimited fee parking sounds expensive. Wouldn’t have noticed that if Sabrina weren’t being so catty!
Rich people pay taxes, its just that they par far less taxes than ordinary plebs. This unit with its $36,000 in taxes for $5,000,000 house is just another example of the 1% paying a far lower marginal tax rate.
“This unit with its $36,000 in taxes for $5,000,000 house is just another example”
Yep. Should be ~$75k+.
HD.. see Anons previous comment. Maybe I am misinterpreting, but appears he is saying it is a total of 4 units? But I took it at 96k a yr.. and I agree with anonny.. 5 mil is not the correct divisor. Lucky if this thing fetches 4m.
btw.. anyone have an opinion on the 3D projectors that have recently come out?
“divisor”
dividend, unless you’re doing some wacky upside down southern hemisphere stuff.
“Yep. Should be ~$75k+.”
If you do e.g. a mostly cosmetic reno, there’s really no way given the assessor’s methodology to tell between a regular versus ultraluxe la cornue+ grade reno, right?
My husband wants to buy one. A complete waste of money if you ask me : )
“btw.. anyone have an opinion on the 3D projectors that have recently come out?”
“anyone have an opinion on the 3D projectors that have recently come out?”
I can get an assessment from someone in the biz whose judgment I trust. Hit my email with what you’re considering and I can get you recommendations.
“Maybe I am misinterpreting, but appears he is saying it is a total of 4 units?”
Nope, two units. The $8k/mo included the assessment. Tax bill is “only” ~$36k/year.
“If you do e.g. a mostly cosmetic reno, there’s really no way given the assessor’s methodology to tell between a regular versus ultraluxe la cornue+ grade reno, right?”
Sure, but it’s hard to miss the $5.4m sale in 2004, which supposedly is the basis.
I know a huge asshole that lives on the 39th floor of this building, i’d buy it just to stomp my feet if this was a unit on the 40th floor instead of 41
I’ve seen much cheaper condos in this very building (around $1 million) that are quite nice, though less than half the size of this one. I’m wondering who would need this much space.
How much do the sft homes/brownstones go for in this area? I would rather have one of those than this unit.
This place is also available for rent, at $20,000/month.
Yep, Jenny, for this price you could definitely buy a house of equal or greater size. For me, that would definitely be the way to go. Furthermore I feel like owning a house allows you to enjoy the quiet walkable Astor Street a lot more. If I’m going to be 40 Floors off the ground I might as well be closer to Michigan Ave, IMO.
For $5mil I would want my toilet to face one of those windows. Nothing says FU money like shitting on everyone below you.
” Nothing says FU money like shitting on everyone below you.”
Superseded, only, by not knowing those people even exist… 🙂
I feel so sorry for these owners. Really, I do…. Just think about it – had big dreams, big ideas – probably were SO excited. Took a chance and lost out big time. I hope they are able to recover…..
That being said, they really need to look at creative ways to market the property. Some ideas would be:
1. High end vacation rentals (of course I am sure the board would object – UNLESS the owners could assure the board there would be no rowdiness/undesireables, etc.)
2. Reconvert into 4 units.
3. Corporate rental – rent out for parties….etc.
I just don’t think there is any way in hell that an individual buyer is going to buy this place for anything more than 3 million – it just ain’t gonna happen.
“Reconvert into 4 units”
Was only ever 2 units.
….reading comprehension…..
“For $5mil I would want my toilet to face one of those windows. Nothing says FU money like shitting on everyone below you.”
even better, could you install a thing like the new *sears tower has, and put your toilet there?
for another Hybernia-type interior this one is pretty bland, they must have taken down the garishly colored abstract artwork for the realtor photos. I do like that big countertop in the kitchen, I would just love to sit there and cut my morning bagel.
“How can that be? Rich people DO NOT pay taxes. Ask anyone!!”
Nobody ever asks how much in taxes the rich paid along the way BEFORE they got to the point they could afford to schedule/pay 15%.
“I know a huge asshole that lives on the 39th floor of this building”
Oh, for sure. How come nobody on CC ever talks about the blockshopper website? At some point these types will have to resort to taking title in land trusts to hide their identities. If you google 1555 astor taxpayers and start looking around the blockshopper site, you can learn a great deal….of market info.
” they must have taken down the garishly colored abstract artwork for the realtor photos. I do like that big countertop in the kitchen, I would just love to sit there and cut my morning bagel.”
Mr Keating, would you like that with smoked salmon, cream cheese, tomato and onion?
“I would just love to sit there and cut my morning bagel.”
hahaha I figured you were more of a strudel kind of guy
I just can’t get past the low ceilings and ugly windows…very dated.
“Nobody ever asks how much in taxes the rich paid along the way BEFORE they got to the point they could afford to schedule/pay 15%.”
Um…the same as every other middle class person?