Gold Coast Remodeled Duplex Sells at 1221 N. Dearborn Parkway
We chattered about this 2-bedroom duplex at 1221 N. Dearborn in the Gold Coast in July 2009.
See our prior chatter and pictures here.
It sold for under the 2003 purchase price but above the 2001 price.
It had been upgraded with hardwood floors and marble baths. It also had a washer/dryer in the unit but no central air.
At 2000 square feet, it seemed to offer a lot of bang for the buck in a Gold Coast location.
Ricardo Jimenez at Prudential Rubloff had the listing.
Unit #809N: 2 bedrooms, den, 2.5 baths, duplex, 2000 square feet
- Sold in January 1992 for $145,000
- Sold in March 2001 for $370,000
- Sold in December 2003 for $426,000
- Originally listed in May 2009 for $499,000 plus $35,000 for parking
- Reduced twice
- Was listed in July 2009 for $419,000 plus $35,000 for parking
- Sold in October 2009 for $410,000 (included one parking space- and the seller sold a second spot for $30,000.)
- Assessments of $931 a month (includes cable/tv, doorman, pool)
- Taxes of $6188
- No central air
- In-unit washer/dryer
- Bedroom #1: 17×13
- Bedroom #2: 27×14
The no central A/C would have been a deal-breaker for me, but this seems like a pretty decent price for a place in a nice area. Personally, I think 2.5 baths is excessive for a 2 bedroom, but that’s just my opinion. The bedroom sizes are decent which is nice.
I just hope whoever got this place insisted on keeping the feaux palm tree in the corner.
“I think 2.5 baths is excessive for a 2 bedroom”
If the two full baths are both en suite (which seems reasonably likely, given the prior discussion), then I think you’d change your view.
That will be a horrible comp for nearby owners. Looks like good value to me too. It’s hard to find a duplex condo, but those assesments are pretty brutal.
This building does have A/C. There are built in units beneath each window that supplies the A/C….not window units.
I consider this to be A/C but I guess Central A/C implies it comes through the heat vents.
I would call them Wall Units but not central A/C.
I prefer them over window units that block views/lights
Given the a/c situation being decent and taking into account the 2 en suite full baths to justify a 3rd half bath, I’d say this was a pretty good deal for the buyer. I wonder how the seller felt about dropping about $100K? Came out ahead of the 2003 price (410 + 30), so can’t be too upset.
Congrats to the buyer.
This is a one bedrm and studio unit combination, and its total SF area is generous. Assessments are within reason, given the two unit original footprint.
Over 3k a month to live here. hmmmmmmmm
I’m actually the buyer. It was a two bedroom combined with a one bedroom. The actual living space was measured out to 1936ft. We’re getting work done that will increase closet space without changing the floor plan. The actual cost per month including assessments is 2600K we put down 25%. While the assessments are high they are less than comparable sized units in the neighborhood. The fact that the place is two blocks from The Ogden School means we won’t have to worry about private schools and their tuition costs.
That is why I continue to rent. This place sure as hell wouldn’t rent for anywhere near $3000/mo.
i rent a 2/1.5 in this building for 1800/mo plus parking for 250/mo. i think 410k with parking is a pretty good deal even if assessments are a bit steep.
Quick correction we’ll pay 2900 a month. Pete the unit would rent for 3K a month there is another combined unit (which isn’t as nice)that rents out for that much in the building. As for the per month costs they clearly they will be lowered as time goes on. We are planning on having the mortgage paid off in about 5 years which will lover our monthly costs to about 1500. Not too bad for a huge place in the Gold Coast.
On the surface it appears to be a good deal for the location and the fact that buyer benefits from that location because their child will attend the Ogden school. However,$951/mth assessments which do not include heat/air is very steep(even with doorman, fit rm & pool). And considering both the heat/air are electric and it’s a duplex, that could be quite a bill each month.
I’m also confused to why the ‘cost per month’ is an argument for or against the value of this unit in most of these comments. Especially the buyers where he/she speaks of paying down the mortgage (‘$1,500 a month is not bad for a huge place in the gold coast’). That has nothing to do with the ‘value’ of the property. If that would be the case anyone who paid cash for a property could say they pay -0- per month, which is not to shabby an amount for their big home in the Gold Coast. Well free minus the 2.3 million they had to pay to buy it.
The value is the amount paid vs. the market value at the time of the sale. Period. Which from a cost per sq foot and quality of unit this seems to be a very good purchase price. But I’m thinking that when the assessments + utility costs are factored in, it’s probably less of a good deal and more like a decent/fair deal for unit/area.
I agree, Jeff. Cost per month has to include lost opportunity cost on cash invested in order for it to approach something meaningful.
However, I would add “for the moment in a declining market” to your last sentence.
Lost opportunity cost would be around 2.3% (highest yielding savings/MM fund with FDIC backing) before taxes. After taxes around 1.6%. On their 25% down that would be $1,650 per year. While something not that significant.
Its refreshing to hear of people putting their money where there mouth is with real estate transactions. I’d trust this buyer knows a lot more about the intrinsic value of their domicile than some bozo given a high LTV loan (ie: Julie from “SoPo”?).
I agree G ‘for the moment in a declining market’ would fit well into my last sentence. And to that point, in 6 months from now the price paid may appear to be a little high for the unit. However, given that the buyer indicated that there is a child going to school, we can assume that their intention is to live there for a while. So when the market starts to recover, which it will, the gold coast will be one of the first to take effect.
Hopefully for the buyer, this down market will cause others to grab up some of the non-rehabbed units in 1221 and fix them up. That building has so much potential and with all the new buildings on Dearborn just south of Division, I can see that block of Dearborn becoming a lot more prime than it’s been in the past.
but the real question asked here by Jon wasnt answered.
CTO, will you be keeping that faux palm tree in the corner?
Alas, when we went on the final walk through it was gone. I wanted to raise issue of the loss of a great fixture at the closing but my wife said we’ll just get another for Christmas:-)