Live on Famous Astor Street for Under $275,000: 1300 N. Astor in the Gold Coast
This 1-bedroom in Astor Tower at 1300 N. Astor in the Gold Coast came on the market in January 2019.
Astor Tower was built in 1963 and has 73 units and garage parking along with a common rooftop deck.
We have chattered about it several times in the past as it’s a popular building for design enthusiasts.
This unit has floor to ceiling windows with what the listing says is the “preferred” Northeast corner view.
The kitchen and bathroom have both been updated (and according to the photos from the 2014 sale, it was done by the prior owner.)
The kitchen has dark wood cabinets, stainless steel appliances, stone counter tops and backsplash and a farmhouse sink.
There’s central air but no washer/dryer in the unit.
There’s also rental parking available in the building.
Originally listed at $289,000 in January 2019, it has been reduced $20,000 to $269,000.
That’s just $9,000 above the 2014 selling price.
Is Gold Coast price appreciation lagging for the smaller units?
Jeff Bushaw at Main Street Real Estate Group has the listing. See the pictures here.
Unit #16B: 1 bedroom, 1 bath, 800 square feet
- Sold in September 1988 for $61,500
- Sold in April 1999 for $128,500
- Sold in June 2011 for $203,500
- Sold in September 2014 for $260,000
- Originally listed in January 2019 for $289,000
- Reduced
- Currently listed at $269,000
- Assessments of $903 a month (includes heat, doorman, cable, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $5235
- Central Air
- No in-unit washer/dryer (coin laundry in the building)
- No deeded parking (rental in the building)
- Bedroom: 14×11
- Living room: 21×14
- Kitchen: 8×9
Whether re-done or not, the kitchen cabinets look really ugly and dated. Not worth the price with $1,340/mo for HOA + taxes. 1 bedroom rentals for this caliber in this area probably go for around $1800/mo. So basically pay $270k for the chance to save $500/mo on rent and hope for future appreciation.
Not my cup of tea. Either go BIG or go home in this area.
“Is Gold Coast price appreciation lagging for the smaller units?”
Sold in September 1988 for $61,500 + cpi = $134.5k
Sold in April 1999 for $128,500 + cpi = $198k
Sold in June 2011 for $203,500 + cpi = $231k
Sold in September 2014 for $260,000 + cpi = $280k
I think the current seller overpaid a bit for the new condo smell. Even tho it wasn’t even really new–the 2011 listing pix show the kitchen and bath done. Even had the same $350 refrigerator in 2011, with the same stupid gap between it and the cabinets.
The obvious flaw with ALL the places in gold coast or the park adjacent Lincoln Park high rises have high HOA. Everyone knows this. The places won’t sell for free. I think this is a very nice condo with interesting views. As a financial decision, I would indeed rather rent though.
This is a favorite building of mine, and I’d consider a 1 BR here for a weekend condo. This one isn’t quite high enough to clear the nearby buildings, so I’d want to be up a few more floors. Also, the floor plan isn’t available here, but it does seem like the rooms are all kind of squashed. It’s probably just something you have to live with when you buy in a building from this era. I do love the floor to ceiling windows.
With a $900 HOA and $430 in taxes, plus probably $250 in parking, this gets to be an expensive proposition even if you pay cash and have no mortgage. Not surprising considering the location, I suppose.
In my opinion this place is similar to other 1BRs we’ve seen recently – that is to say, not any sort of killer deal, but a great unit to live in at a price that isn’t offensive. HOAs a bit high, but then again, the person buying this is probably pulling a decent salary. On balance, the unit is nice enough to overcome the HOA, assuming you’re making enough salary
I agree with others here who say renting in this building is a better decision.
By the way, for $14,000 more, you could be 7 floors higher with open views. See link below. I’d pay the extra for this one. Feels much less squashed. Not sure if it’s the layout or the views or both.
https://www.redfin.com/IL/Chicago/1300-N-Astor-St-60610/unit-23C/home/12681946
This (fabulous) building was built as an upscale suite hotel, so there is very limited closet space in most units and not a lot of room to add closets. The location and many of the views make this building fabulous for in-town or corporate apartments, but my impression is that the in-town market has kind of flattened out over the last couple years, I assume because of taxes.
Thanks Tsippi. And here is some background on the building.
http://bertrandgoldberg.org/projects/astor-tower/