Gold Coast Renovated 1-Bedroom Sells Quickly At the Asking Price: 1212 N. LaSalle
We last chattered about this 1-bedroom at 1212 N. LaSalle in the Gold Coast in May 2011.
See our prior chatter here.
Listed $10,000 under the 2003 price, it went under contract within a week.
The unit recently sold for the $200,000 list price.
If you recall, the unit had been renovated.
The kitchen had new granite counter tops and tile backsplash as well as stainless steel appliances.
The bathroom and the wood floors throughout were also new.
The unit boosted floor to ceiling windows with city views.
While there was central air there was no in-unit washer/dryer (though the building does allow it to be installed.)
There was no parking with the unit.
John Vossoughi at @Properties had the listing.
Unit #1702: 1 bedroom, 1 bath, 750 square feet
- Sold in May 2003 for $210,000
- Was listed in May 2011 for $200,000
- Sold in August 2011 for $200,000
- Assessments of $514 a month (includes heat, a/c, gas, cable)
- Taxes of $2451
- Central Air
- No in-unit washer/dryer
- Parking not included
- Bedroom: 12×17
- Kitchen: 9×11
- Living/Dining room: 14×17
The bottom is here. Sellers are finally getting realistic. Time to buy, Clio!
Seems like a good deal.
That’s not a bad ‘drop’, $10K. For someone who lives in GZ, it’s pocket change.
nice unit and god location at a realistic price = a sale
Net montly rental cost equivilant, including the $10k capital loss, (incorrectly) assuming level taxes and assessments for full 8 years, and 5% interest on $200k mortgage (i/o, to be simple) =~$1650. Little expensive, but not outrageous.
did the seller do the reno, that would make the monthly worse, no?
At least 6.5% of transaction costs need to be figured in, too.
Yes, CH, reno cost too. From listing “Brand New SS apps, grnte cntrtps, & bksplash in kitchen. The bathroom? Also brand new. The floors? You guessed it, brand new!”
Oh yeah, seeing as how it has been vacant for at least the past 3 months, those costs must be calculated into the equivalent rent for the occupied months, too.
Hey we have seen worse for more money.
Right by the abortion clinic. Whether you are pro or anti abortion, it would be crummy to think about that each time you come home. Plus there are the bead rollers there all the time praying for the aborted ones. I wouldn’t live there for free.
Why are assessments on the high side? older building?
“Right by the abortion clinic. Whether you are pro or anti abortion, it would be crummy to think about that each time you come home. Plus there are the bead rollers there all the time praying for the aborted ones. I wouldn’t live there for free.”
Good point, I would love to punch the bead rollers though.
“Oh yeah, seeing as how it has been vacant for at least the past 3 months, those costs must be calculated into the equivalent rent for the occupied months, too.”
to be fair G, they could have sublet or found a month to month renter (highly unlikely I know, just nitpicking anon style)
Well this new owner is a big idiot because listed today is unit 1001. A 2 bedroom 2 bath unit with garage parking included with an ask price of…..wait for it….200k!
MLS 07878140. The timing of this listing couldn’t be more perfect.
And it proves there will always be an ample supply of idiots ready to catch a falling knife so long as the only prerequisite to home ownership is a high FICO score and 3.5% down.
Vlajos your opinion obviously proves you aren’t in tune with the pulse of the market. At all.
Err 239k..but 39k more than this unit for an extra bedroom and bathroom.
Oh and a garaged parking spot. LOL. This hipster who dropped 200k on this 1/1 can bike to work.
And an extra parking spot. The 2/2 also has a dated kitchen (original 1989?), though it looks like the bathrooms got an update at some point.
http://www.redfin.com/IL/Chicago/1212-N-La-Salle-Dr-60610/unit-1001/home/14112732
Hi Everyone,
I listed this place. The buyer got a good deal relative to the rest of building. The seller was realistic, and felt pricing aggressively (potentially underpricing) would lead to a quick sale (it did), or multiple offers (it did not, but my clients accepted after only 3 days on market). The renovations were done at the owners expense, but without going into too much detail, he was able to get a deal on all the work he put in, so it did not end up being that expensive. If he did pay for all the renovations it would have been around 20-25k worth of work. Also, it was only vacant for about a month while the work was being done, then another 1.5 to 2 months while we waited for closing.
Bob – The unit is a good deal at $200,000, I wouldnt call the buyer an idiot, but you are obviously entitled to your opinion. We had about 7 calls/showings on the place in 3 days on the market, and several calls after it went under contract. That is usually a sign of being priced right on, and the full price offer also shows that. To get a place with all that work done, in that location (despite some of the negatives you all mention, PP) with floor to ceiling windows is not that easy to find.
Just because the new 2/2 came up does not mean this 1/1 is a bad buy. I would be shocked to see the 2/2 take longer than 2 weeks to sell, and I’d be they get 98% to ask price or more on it. Look at the assessment on that unit as well ($756), look at the work that needs to be done to make it look like the 1/1 , and I believe you can see that at around a 35K difference both are good deals at their respective prices. Just my opinion..
Also, hopefully Sabrina will post the SFH I will be listing next week. 2,800 square feet, 3 beds, 3 baths, in Lincoln Park. Listed at $500,000, and of course there is a catch: It’s on the “L”. Still an interesting property to track…Let me know if there are questions, Thanks!
John Vossoughi
@properties
773-678-7082
Jvossoughi@gmail.com
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