Looking for a 1-Bedroom Gold Coast Pied-a-Terre? 1 E. Scott
This 1-bedroom at 1 E. Scott in the Gold Coast just returned to the market after being listed in 2010.
It is a southwest corner unit with floor-to-ceiling windows.
It has hardwood floors in the main living area.
The listing says it has an upgraded kitchen and bath.
The kitchen has maple cabinets and a mixture of white/black appliances.
The unit has central air but no in-unit washer/dryer. There is rental parking in the building.
1 E. Scott is a full service building with a doorman and a rooftop pool.
This unit is listed $30,000 under the 2004 purchase price.
Is it priced to sell for this location?
Mark Miles at Dream Town has the listing. See the pictures here.
Unit #1509: 1 bedroom, 1 bath, no square footage listed
- Sold in November 1992 for $65,500
- Sold in June 2004 for $230,000
- Sold in October 2006 for $240,000
- Was listed in September 2010 for $234,000
- Withdrawn in January 2011
- Re-listed in February 2012 for $200,000
- Assessments of $500 a month (includes heat, a/c, gas, cable, pool, doorman)
- Taxes of $3270
- Parking is rental
- Central Air
- No in-unit washer/dryer
- Bedroom: 14×10
what’s the ownership premium supposed to be over rental cashflow breakeven? (can someone please repost the S. Heitman formula for cut/paste)
Assessments and RE Taxes are $800, and $160K loan at 5% is another $667…..total $1467 expenses/mo. It’s not going to be rental breakeven at this price, so it’s commanding a slight premium, which is normal, therefore it’s priced in the right ballpark.
The website has it listed for $239. 200 sounds possible given all the windows and the view. I think 239 is a pipe dream.
Just because a kitchen has been updated since 1968 when the building was built does NOT make it “upgraded.”
The windows definitely are nice. Price doesn’t seem too out of whack.
I’d rather go with the unit 2 floors up, even though the price is higher. They’ve been on the market since May without a price reduction though, so maybe they wouldn’t be willing to take a more reasonable offer than their list price.
http://www.redfin.com/IL/Chicago/1-E-Scott-St-60610/unit-1709/home/12574094
I think I even like 1903 more….
“(can someone please repost the S. Heitman formula for cut/paste)”
Heitman’s thumbnail was:
12*(Rent-Assessments)-taxes/.055(mtg rate)/.8(down payment) = value.
So, if rent here = 1400 (yeah, probably a little high) then:
12*(1400-500)-3270 = 7530/.055 = 136,909/.8 = $171k = too expensive!
or
12*(1400-500)-3270 = 7530/.04 = 188,250/.8 = $235k = it’s a deal!!
In most cases, the DP factor makes things overvalued, And, really, imo, using current mortgage rates instead of some fixed factor or rate+spread overvalues it, too.
“12*(1400-500)-3270 = 7530/.055 = 136,909/.8”
Serious abuse (really misuse) of notation.
“Serious abuse (really misuse) of notation.”
You can edit that page once the wiki is up.
“You can edit that page once the wiki is up.”
Icarus, code up a little interactive calculator thingy and explain the formula. All the minitrumps will come running to your site. A sure moneymaker. (Latest blog post is trending in a better direction, at least.)
The unit 2 floors up, even though it has the same tier number, is actually a 2BR, with a few hundred additional sq. ft.,, significantly higher assessments & taxes. It clearly shows the potential for what can be done to open the kitchen of this unit, but I don’t think its worth anywhere near double what this one is priced at, so by comparison this is a relatively good deal (even if 1709 ends up going for 20% less!)
benjamon9 (February 8, 2012, 2:30 pm)
I’d rather go with the unit 2 floors up, even though the price is higher. They’ve been on the market since May without a price reduction though, so maybe they wouldn’t be willing to take a more reasonable offer than their list price.
http://www.redfin.com/IL/Chicago/1-E-Scott-St-60610/unit-1709/home/12574094
Save it from wiki.. Formula is as weak as Heitman was.
” Formula is as weak as Heitman was.”
Now, to be fair, he did clarify that more as “the most you should spend on a place, bc that’s what you can expect to be able to cover by renting it out”, which isn’t very useful, really.
ps: are you implying that Heitman is another alterego, but not quite as strong of a character as WL?
“Now, to be fair, he did clarify that more as “the most you should spend on a place, bc that’s what you can expect to be able to cover by renting it out”, which isn’t very useful, really.”
Yes.. that makes it fairer… although still not very useful.
I like to think of WL as played by herself or Nathan Lane. Not even Harvey Firestein could write that character. Unless WL is Harvey Firestein.. come to think of it…that girl could write up a storm.
Clio is steve heitman after estrogen therapy
So is there a rule of thumb on ceiling heights?
like 70’s high rises are generally….
the 4 + 1s are generally…
the 80’s townhouses are generally…
properties are already going under contract like crazy this week – even I can’t believe it. I hope we don’t get ourselves into another bubble situation….
to paraphrase some other posters
Dooooooode, you have no credibility…UIClio just go away already
http://cribchatter.com/?p=13485
goto: chichow (January 24, 2012, 11:07 pm)
the sh(r)ill lies all the time
chichow, you don’t have to believe me – look at the data…..
You could put in some effort and actually provide your own (hopefully defensible) data and make a positive contribution to this site or you can continue to sh(r)ill and frankly drag down your Bollywood reputation.
“UIClio”
I like that one…
“properties are already going under contract like crazy this week – even I can’t believe it. I hope we don’t get ourselves into another bubble situation….”
Yes. All the properties featured this week on Crib Chatter are going under contract like crazy. It’s AMAZING! 3 years after they were first listed they are FINALLY selling for 40% under their last sale price in a short sale. OMG! The market is out of control.
Not.
whatever
“I’d rather go with the unit 2 floors up, even though the price is higher. They’ve been on the market since May without a price reduction though, so maybe they wouldn’t be willing to take a more reasonable offer than their list price.”
If someone is looking at 1-bedrooms for $200,000, they’re not going to say, “gee, let’s go look at the 2/2 on another floor for double the price.”
Just not going to happen.
“The website has it listed for $239. 200 sounds possible given all the windows and the view.”
The website is not correct. That is the original list price. They just haven’t updated it. I should have put that in the post.
The current list is $200,000.
I agree, I take the first comment back, but I still find #1903 to be better for marginally less. I’m sure you could get that unit for close to this price and just have to do the floors if you want the wood rather than deal with redoing the kitchen to open it up.
http://www.redfin.com/IL/Chicago/1-E-Scott-St-60610/unit-1903/home/14125028
“If someone is looking at 1-bedrooms for $200,000, they’re not going to say, “gee, let’s go look at the 2/2 on another floor for double the price.”
@ gringozecarioca
credit is due to “G”
(February 8, 2012, 8:59 pm)
“UIClio”
I like that one…
“properties are already going under contract like crazy this week – even I can’t believe it. I hope we don’t get ourselves into another bubble situation….”
Pulte stock is up 30% this year!
“Pulte stock is up 30% this year!”
No it is not. That would suggest there is still opportunity in the markets. No one can make 30% on anything in a year.
Bob told me so.. 🙂 Of course he grabbed his MBA degree and ran away with his cock in his mouth when I pointed this out.
while clio is definitely the optimist, i was shocked how many listings we were tracking as potentials went under contract this past weekend. not saying they will close and definitely anecdotal but very interesting
I look at all that single-pane window glazing in that corner livingroom, and just shiver. Another example of living in the equivalent of an uninsulated garage. Many of these high-rises were constructed in the era of cheap utility costs, and look at ComEd and Nicor/Peoples Gas charges now. Otherwise, this is a smallish and confined one-bedroom (like many, particularly in new construction). If I were single, and oblivious to utility and assessment costs, I’d convert it into a open plan loft, with a bedroom area rather than a enclosed room.
What was the justification for all these narrow windows in 1960s/70s era hirises? If I’m going to buy in a building like this, I want a picture window (in the living room at least) with an unobstructed view!
I looked at 1709 and thought briefly about making an offer until I came to my senses. That owner is drinking kool aid if she thinks that unit (1709) is worth 399k without an in unit washer dryer and all the single-pane glass. The agent tried to convince me that there was an in unit washer dryer hook up. But the “hook up” was weird looking plumbing knobs right in the middle of a cramped closet. I couldn’t imagine taking up most of that closet with a washer and dryer. Also, I read some condo docs that mentioned the “noise problem” with McFadden’s bar on Division. And I looked at that condo in the middle of the day (on the 17th floor) and heard noise – one of the consequences of single pane glass I guess.