How About a $350,000 Price Increase? 1550 N. State Parkway in the Gold Coast
We’ve chattered about this 3-bedroom at 1550 N. State Parkway in the Gold Coast twice before.
See our August 2011 chatter here.
The last time we chattered about it, it had become a short sale and had gone from a list price of $1.135 million to $675,000.
Many of you though it was a deal at $675,000 even though parking is rental next door.
It was reduced as low as $625,000 by November 2011 before it mysteriously came back on the market just a few days ago listed for $975,000 with no mention of a short sale.
There was a lis pendens filed in May of 2011 however.
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.
What will be the fate of this unit given its pricing history?
Julie Capps at Prudential Rubloff still 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
- Lis pendens filed in May 2011
- Reduced
- Was listed in August 2011 as a “short sale” for $675,000
- Reduced
- Was listed in November 2011 for $625,000
- Increased
- Currently listed at $975,000
- Assessments of $1947 a month (includes heat, doorman, cable)
- Taxes of $12200
- Central Air
- In-unit washer/dryer
- No parking – rental nearby (even though the listing says 2 parking spots)
- Bedroom #1: 17×14
- Bedroom #2: 14×13
- Bedroom #3: 11×8
Clio – Where are you for the comment about the economy heating up and things getting busier. If it did not sell at a lower price than this should do the trick!
I walked through this when it was a steal at $625k ! What an idiot I am, I should have jumped on it when I had the chance! The realtor is using flawed logic that by raising the price higher the buyers for this unit won’t be so blown away by the ridiculously high assessments.
I never liked this place at the lower price and I like it even less now that it costs more. Seems to me you’d never get any sunlight living here between high rises. Reminds me of the poor little house in that old children’s book that starts out on a hill in the country but ends up surrounded by skyscrapers.
See what I mean:
http://www.millvalleylibrary.net/blog/wp-content/uploads/2011/08/little-house-inside-2.jpg
somebody thinks they own a giffen good
Dan2, you might like this local example.
http://www.chicagoarchitecture.info/Building/997/Pickwick-Stable.php
It’s been for sale for a few years, as recently as last spring, for $439,900 then $399,900. It was listed as an office, but I thought I remember someone knowing someone that lived there for years. The link above says mixed use. I could live in the darkness just to have my own driveway in the Loop.
Here’s the assessor’s picture for another look:
http://www.cookcountyassessor.com/Property_Search/Property_Large_Image.aspx?transfer_string1=http://www.cookcountyassessor.com/Property_Search/Property_Large_images_Output/17151040180000_AA.JPG
G: I walk past there 3 days a week and have never noticed that place. What a funny little building. I’d love to see the inside…
panty dropper
Thanks, G. I never knew about that building. Fascinating!
I would have seriously considered making an offer on it if I could have cut our space needs enough last year at renewal time. And if rents weren’t so cheap. And if there was enough space for a 3rd floor pied-a-alley. Honestly, I covet that driveway with the iron gates at the sidewalk.
The more someone pays the more it’s worth!! (I saw a developer say this to a realtor on Selling New York, the $19 million penthouse in Brooklyn0
Be the market, set the market!
Wow that is really great on Pickwick Stable, never noticed it!
Is the alley part of the property? Did they sell air rights for the giant air conditioners?
That property was featured on wttw’s loop special…drool…
The plat map shows it as a flag shaped parcel. I know the drive was always with the bldg. However, the plat map seems to indicate that only the west 4.5′ of the 9′ alley belongs to the bldg. That’s interesting and I don’t know if there is an easement for other half, or if that only is at a certain elevation (which would still allow for the a/c units.)
“However, the plat map seems to indicate that only the west 4.5? of the 9? alley belongs to the bldg.”
Plat map? Plat map shows Lot 4 as 9′ wide x 50.28′ deep, with a 19′ x 25′ rectangle in the rear. 927.52 SF.
Assessor sez 388 sf for that pin. Which isn’t the full 19×25, nor 19×19 plus 4.5’x50.28′
GIS shows another pin (-025 ) for (part of?) the alley with 226 sf (half the alley!) per assessor.
ccrd shows the 226 sf of the alley pin conveyed with 28 E Jackson (Nov-10, f/c). But previously was conveyed together with the (-018) 22 E building and 28 E (Sep-06, $11.9m), having previously been conveyed as just the alley and building (Aug-04, $250k). The 22 E pin appears to be subject to a purchase agreement from Sep-11.
3818 Alta Vista is back on the market way higher too (this is on the good side of the street- with small yard and parking, that was an estate sale and needed a full rehab). Sold for 350 just this summer, back on the market at 485 in September, and now it’s $850K???? It has “plans” now and says “Price is a rough estimate.” HUH?
anon, Sidwell map. Plat and parcel map. But I didn’t see -0
didn’t see -025.
“Sidwell map”
Better than my easy interetubez stuff.
“didn’t see -025”
tis odd. GIS sez it exists, and, as noted, (i) has been deeded with the building in the past and (ii) assessor has it at SF matching 4.5 x 50.28.
Welp, it’s far better than that Dearborn property just on here.
I don’t understand the emphasis on the pretty weak inlay, but the kitchen appointment is great. Painted trim is ~so~ not my “thing” but que sera sera.
Ah well. Maybe the $1m price tag on the Our Lady of Perpetual Wishcasting Dearborn listing influenced this crazy price increase, too. ^_^
RANDOM SIDEBAR: what is with lazy brokers and just re-apportioning their twttr-esq lstngs lk intrnt ink is wrth big $ — even onto their own web sites where, uh, they can write whatever they want at whatever space they’d prefer? Paragraphs, people. Sell the damn place.
from CC:
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.
Location location lo………. relocation relocation relocation
its not a realtor hasnt been on the level before
but COME ON