Looking for a 4-Bedroom Family Condo in the Gold Coast? 1411 N. State Parkway
This 4-bedroom vintage unit at 1411 N. State Parkway in the Gold Coast originally came on the market in August 2014.
It has crown molding and a wood burning fireplace in the living room.
The listing says the kitchen has been “renovated” and has white cabinets, stone counter tops and stainless steel appliances.
There’s a master suite which the listing says has a new bath, also with white cabinetry and tile. (white is in!)
There is a 31×20 family room on the second level with access to outdoor space.
It has the features buyers look for including an in-unit laundry room, central air and an attached garage space.
It’s also an elevator building.
At 3585 square feet, it’s as large as many single family homes.
Is this a good alternative for families that want the condo lifestyle instead of the maintenance of a house?
Brad Lippitz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #S3: 4 bedrooms, 3 baths, 3585 square feet
- Sold in February 2008 for $1.75 million
- Originally listed in August 2014 for $1.9 million
- De-listed in December 2014
- Re-listed at the end of May 2015 for $1.799 million
- Assessments of $1842 a month (includes snow removal)
- Taxes of $19182
- Central Air
- Washer/Dryer in the unit
- Attached garage parking included
Lovely home for a family
There’s something about seeing the tree tops but not having to take care of a single family home that is nice.
And let’s be frank, there really aren’t “views” in the Gold Coast- even in most of the high rises.
This is one of the rare mid-rises in the neighborhood that actually has parking.
By the way, US 10-year is now at 6 month highs at 2.33%. Let’s see if it closes this high.
I don’t think this level will do much to slow the housing market though. I think it has to rise to at least 2.5% or 2.6% to see any kind of impact.
If today’s level holds, this will have been the strongest 3-day sell off in bonds since May 2013- when everyone started freaking out about the taper.
Gorgeous place. It’s interesting to me though that you can get this rowhouse in the same price range: http://www.estately.com/listings/info/1308-north-astor-street–4
No assessments and 1.5 more baths.
indeed short term trend line in 10-yr rates is broken, heavy resistance at 3% if it even gets there, only going to take europe fucking more shit up (almost a guarantee these days) for rates to head south again
also, election year, like I said before there will be heavy pressure to not cause a recession, but are bond investors selling in anticipation of the fed NOT lowering? Or actual good numbers leading to inflation? Either way, looks good for the stock market doesn’t it? Unless of course the fed actually does whats right, right?
Whey would anyone buy this for that price and then pay assesments on top of that? wouldn’t it make more sense to buy a SFH in LV/LP?
I’ve always liked this building. Beautiful unit but children’s bedrooms look really small. Great location too.
This looked at this home in 2008 and said “Wow,looks like a great place to raise a family.” Now a few years in the place (and the earliest it could be listed without taking a large loss) they’re selling and moving, most likely to a SFH, and if I were a betting man, I’d guess the northern or north shore suburbs.
Because let’s face it: This isn’t exactly a kid friendly neighborhood where you can send your kids down the street to play at the local playground, which is more than a few blocks away and is basically on Michigan Ave.
A close friend of mine grew up in this area, in one of the row houses on Bellevue and it actually sounds like a great place to have kids. All of the cultural institutions are at your door step. They used to just run the neighborhood and explore. They would sometimes take their instruments and play for all of the tourists and make a good about of spending money.
I think it would be great to raise kids in this area. It’s a short stroll anywhere you want to go – the beach, museums, parks, etc.
“the local playground, which is more than a few blocks away and is basically on Michigan Ave.”
Whaaaa? Who is walking 4+ blocks south, rather than 1.5 north?
A close friend of mine grew up in this area, in one of the row houses on Bellevue. They hated it!! All of the cultural institutions attracted the usual parade of weirdo’s, including the sax-playing beggar and the so-called “street artists.” My kids nver would just run the neighborhood and explore, I was so scared that some freakazoid would accost them.
It would be horrendous to raise kids in this area, it’s meant for grown-up liberals who swallow thier pride while bragging about ther address It’s a short stroll to a mugging anywhere you want to go – the beach, museums, parks, etc.
“Whey would anyone buy this for that price and then pay assesments on top of that? wouldn’t it make more sense to buy a SFH in LV/LP?”
Not if your child (children) go to Latin it wouldn’t.
Besides, everyone is acting like the SFH wouldn’t be ANY maintenance, upkeep or cost. How much to maintain the small backyard? Paint the house? Tuckpoint the brick?
“indeed short term trend line in 10-yr rates is broken, heavy resistance at 3% if it even gets there, only going to take europe fucking more shit up (almost a guarantee these days) for rates to head south again”
If the 10 year goes back to 3% the housing market will be dead again as it died in the second half of 2013 and throughout almost all of 2014.
But prices are even higher now than 2 years ago. The affordability issue becomes an even BIGGER problem.
It’s inevitable that the housing market is going to get crushed down again by rising rates. When they will rise is the only question. Could be this year. Could be next. Could be in 10 years. Or 20 years. Some people think the Fed will NEVER raise rates.
Who knows?
But the higher prices go, the more danger of a housing crash when rates rise.
The “nearest playground” is at Astor and Goethe if my memory serves me right. A nice walking distance for a child or nanny-with-stroller.
And in addition to Latin, there’s -gasp – Ogden Public School, to which a few GC parents of my acquaintance sent their precious offspring.
It is gorgeous, and it looks to me like a great place to raise kids.. depending on how you want to raise them. Having the city and all its beauty and cultural amenities right at the doorstep of this great place might compensate for being able to send them to the park to play.
There’s nothing like these great old 20s buildings.
There aren’t many suburbs where you can just let your kids out to run, either… too many big collector roads with 40mph traffic to cross, and too many places with no sidewalks, and where you need to drive your kid everywhere. The prevalence of “play dates” speaks for itself- you have to arrange for your kids to meet other kids because there are few areas, like the tony traditional north shore burbs, left where they can go to parks a few blocks from home, and play with neighboring kids in a cozy, leafy neighborhood where most people know each other.
North Shore kids play outside and meet their friends at nearby parks. Kids in Glencoe and Winnetka (Wilmette has a more busy streets) bike around and to school beginning at around age 8. Different lifestyle, pros and cons to each. I think the point is that this unit is big enough for a family, a rare thing in these modern times where developers try to squeeze out one more two bedroom.
Wealthy families with children in Chicago want SFH, not condos or coops. This isn’t NYC.
Obviously this will sell, but it isn’t the type of place most higher-income families are looking for.
My friend and has brother ran this neighborhood as kids and walked to Ogden, where they went to school. His brother did get hit by a taxi though and spent a month in the hospital… I still think kids can get hit by cars in Glencoe.
I would much rather raise kids in this area than a random suburb despite the charms of the North Shore.
I would say it’s not green zone because of the subsidized housing. If they would ever get rid of it, the neighborhood would become a green zone area instantly.
Oops. Wrong property ^
““indeed short term trend line in 10-yr rates is broken, heavy resistance at 3% if it even gets there, only going to take europe fucking more shit up (almost a guarantee these days) for rates to head south again”
If the 10 year goes back to 3% the housing market will be dead again as it died in the second half of 2013 and throughout almost all of 2014.
But prices are even higher now than 2 years ago. The affordability issue becomes an even BIGGER problem.
It’s inevitable that the housing market is going to get crushed down again by rising rates. When they will rise is the only question. Could be this year. Could be next. Could be in 10 years. Or 20 years. Some people think the Fed will NEVER raise rates.
Who knows?
But the higher prices go, the more danger of a housing crash when rates rise.”
so what you are saying is that at sometime within the next 10, 20, 50, 100 years, there will be a real estate crash? should i stay out of stocks too bc there will be a “crash” at some point in the future?
take your head out of the sand.
The biggest problem with kids raised in the burbs these days is they will spend an inordinate amount of time in front of the telewitz. The garbage and indoctrination of the worst kinds of values is all that the J-tube pumps out these days. Gay this, homo that. Commercials have the worst poison too, they completely reverse the gender and diversity roles in all their portrayals. Suburbs = TV watching. Bad. At least in the city you get to see the diversity as it really is, not faked like on TV and the commercials. PS The old suburbs from the Seventies and 1980’s that had all the kids playing and running around? They don’t really exist anymore unless you’re moving out to Randall Rd. area. I know a guy who told me the subdivisions in West Glenview and West Northbrook are completely dead on a summer Saturday, you hardly see any kids. I don’t think it’s like the days in the Seventies when all these subdivisions were built and kids everywhere.
Yeah the helicopter parenting generation won’t let their kids outside at all, its crazy! I have inlaws out in a far flung exurb and they live in one of those named subdivisions and all that and have a fenced yard and STILL don’t let their kids outside! Every time I go out there i never see ANY children playing, even in the driveways… They have their doors locked even when company is coming over, wtf is wrong with people, turn off your motherfuckin freakshow scare tactic news and look around, things aren’t that bad!
I still think kids can get hit by cars in Glencoe.
Sure, but on the North Shore people are accepting of young kids biking on the sidewalk and, unlike the city, there are miles of bike paths though the towns that are not too congested for kids. The North Avenue to Uptown bike path is too crowded, and going south is unsafe. There have been 4 bikers mauled by dogs in the past two years on the bike path on the south side. It remains to be seen if the 606 is bike friendly for kids.
” There have been 4 bikers mauled by dogs”
That is incredible. Truly. In Glencoe you don’t have to worry about a killer Labradoodle.
We raise our son here and Ogden is so fricking overcrowded because everyone wants to raise their kids in the Gold Coast. The playground at Astor and Goethe was just remodeled, the beaches are there, bike paths, cultural institutions, etc. The east campus used to begin at PreK-5 and for this year, they got rid of preK because they didn’t have the room. Next year, they will be sending 5th graders to the other campus. Next year’s kindergarten has 7 (seven!) incoming classes of about 30 kids each. Some people do in fact, raise their children there.
hhofer, or was it his/herr (j/k) alter ego “I’m not a dude” Norman Bates Mother whose pretend kids were very very scared by GC’s concentration of weirdos and ‘freakazoids”, shared his knowledge of child raising in suburbs which iirc he learned solely by watching TV. I disagree with hh’s assertions based on my experience raising real sub’n kids in a real & diverse suburb. Hh’s completely wrong again – sub’n kids may spend too much time watching monitors, notebook screens and texting but not much time watching tv ime. Kids leave home Saturdays & spend time playing basketball, riding bikes to nearby parks etc. with friends. I see kids on my block playing basketball in driveways, playing soccer in yards & riding bikes. In fall they wear grammar school football uniforms. Soccer moms aren’t driving kids to TV watch parties.
Man, some of you are really out of touch. You do realize there are prime suburbs outside of “north shore”, right? What about Hinsdale, Clarendon Hills, Western Springs and Elmhurst? Have you been to either lately? Many many kids running around the downtowns and parks a plenty. Easy access to Salt Creek Trail or the Prairie Path.
Also most of the people who claim to live on the “north shore”, probably live in fucking Glenview, Northbrook(or some other chain restaurant shit hole) and are up to their eyeballs in debt trying to maintain an image all the while one bad day away from being royally fucked.
“take your head out of the sand.”
Take yours out. Please. Wake up. We are in a emergency crisis situation. The Fed has never kept rates at this level for this long. EVER. It is unprecedented emergency funding.
So how does it end? NO ONE KNOWS. Not you. Not me. Not the Fed.
But the bubble is expanding again. It’s so obvious I would be laughing if it wasn’t so sad.
And that only ends one way: badly.
Another good job report. Bonds spiking again. 30-year mortgage rate up to 4.1% but I don’t think that’s high enough, yet, to put a damper on this hot housing market. Again, we didn’t see the 2013 market slow until the mortgage rates were over 4.5%.
Some talking heads this morning were already saying the Fed should be raising in June, not even September. Lol.
Yet many on Wall Street think the Fed will NEVER raise. Such disconnect.
Just saw that when new rates come out this weekend the 30-year will be as high as 4.25%. Big difference from 3.8% just a few months ago.
“Man, some of you are really out of touch.”
~Yeah, we live on the North Shore, DUH!
“You do realize there are prime suburbs outside of “north shore”, right?”
~Unless you mean Long Grove, then ‘No’.
“What about Hinsdale, Clarendon Hills, Western Springs and Elmhurst?”
~You make me sick, those towns are ‘new’ money, and WASPY at that.
“Have you been to either lately?”
~Why in the world would I ever leave the North Shore other than to travel to the office downtown, or to OHare?
“Many many kids running around the downtowns and parks a plenty. Easy access to Salt Creek Trail or the Prairie Path.”
~Gross
“Also most of the people who claim to live on the “north shore”, probably live in fucking Glenview, Northbrook(or some other chain restaurant shit hole) and are up to their eyeballs in debt trying to maintain an image all the while one bad day away from being royally fucked.”
~Speak for yourself, you’re the DB who bought a 3/2 split level for too much money in Glenview in 2008. That’s not my problem, buddy.
Good jobs report would mean good for housing though so wouldn’t it just balance out?
3.8% 250k loan, $1,164
4.25% 250k loan, $1,229
not really THAT huge a difference for the average buyer 4.25% is still super low
Honestly I don’t think pain will hit until at least 5%, consumer confidence in the economy is almost more important that an interest rate in the middle tier of homebuying. If jobs are improving eventually wages will follow aggressively as employers won’t be able to continue to pay their workers shittily if they have other options
One of my coworkers said her son refuses to play outside in their back yard without someone watching because he is afraid of getting kidnapped. They live in Barrington.
Well I guess thats about as reasonable as this kid I know who’s afraid of mosquitoes… lol
I grew up in a suburb of Atlanta. My friends and I were like straight out of that Stand By Me movie. We’d explore woods and literally be miles away from home all the time. Leave the house in the morning and show back up at home right when street lights came on. Our parents had no clue where we were all day. No cell phones. Nothing.
We had BB Guns. Fireworks. No Helmets. No Pads. Go Carts. Motorcycles. My dad had me cutting grass with a Snapper lawnmower at 8 years old.
Some how we all made it to adulthood with a just a few minor injuries. No one lost an eye.
Kids these days are way too sheltered.
“”One of my coworkers said her son refuses to play outside in their back yard without someone watching because he is afraid of getting kidnapped. They live in Barrington.”‘
You should never leave your yard
See also:
http://abc7chicago.com/news/man-charged-in-attempted-child-abductions-in-west-suburbs/767143/
You probably have better odds of winning the lotto than your child getting abducted.
I have a friend who was abducted and managed to escape. She was 19, so not a kid, but I think it’s much more common that people think.
Jenny,
seems you and your friends have very frequent brushes with crime, being harassed, abducted, etc…
I wonder if you are more adventurous than most or just more imaginative?
coincidentally I know a guy who won the lottery
“”All of us in law enforcement got in to stop these types of people. That’s why we’re here. That’s why we got into this,” said Chief Dave Anderson, Lisle Police Dept.”
That scumbag Obama and the media are trying to get the US populace to hate cops, esp. white cops. They push all this gay marriage corruption and it emboldens all kinds of people to act out on their deviant urges, whether it’s disgusting gay sex acts or this kind of guy they busted.
“helmethofer on June 5th, 2015 at 12:00 pm
“”All of us in law enforcement got in to stop these types of people. That’s why we’re here. That’s why we got into this,” said Chief Dave Anderson, Lisle Police Dept.”
That scumbag Obama and the media are trying to get the US populace to hate cops, esp. white cops. They push all this gay marriage corruption and it emboldens all kinds of people to act out on their deviant urges, whether it’s disgusting gay sex acts or this kind of guy they busted.”
That’s just nonsense, some of your stuff is out there, but this nonsense. R u trying to troll or do you really believe this stuff?
miumiu, maybe I just have more friends or know more people or go out in the world more often? I don’t think I know more crime victims than the average person.
For example, this morning a crazy guy walked in front of my car as I was parking in River North and started waving his arms about and saying something or another to which I didn’t respond. I waited in my car until he finally walked off and found someone else to bother. Seems like an average day to me. Doesn’t this stuff happen to everyone else?
http://www.chicagotribune.com/news/local/breaking/ct-2-stabbed-near-brown-line-cta-stop-in-ravenswood-20150604-story.html
Another day, another stabbing on the el. Welcome to Chicago!
“Doesn’t this stuff happen to everyone else?”
No.
“That scumbag Obama and the media are trying to get the US populace to hate cops, esp. white cops.”
I stand by this. What planet are you on? Ferguson, Soros is pumping money in there too to non-profits and NGOs trying to inflame the issue. Holder and the “justice department” fly in and file these idiotic “civil rights” cases even though they know ahead of time it’s a loser case, cannot be proven, but they get the media to report it nonetheless. You don’t think the Justice Dept. of the United States has better things to do than file frivolous cases they cannot win just so the media reports it? How dishonest. There’s a big campaign by anti-white racists to take down Sheriff Arpaio in AZ because he does his job. The biggest scam is how they are still trying to make the Freddy Gray case in Baltimore (that set off riots) into a “bad white cop” type of incident using the same playbook: Obama, media, followed Justice Dept. filing “civil rights” case, etc. even though Baltimore has a black mayor, black majority, black police chief and 3 out of the 6 “bad cops” in the incident were black. These isolated incidents are blown out of their statistical proportions will you at least admit to that? Jeez.
Or maybe the Republicans should stop arming every unstable person to the teeth so the cops are not so paranoid that they shoot everything that moves?
“maybe I just have more friends or know more people or go out in the world”
hmmm…I somehow doubt this given that you told us you don’t even like condos and high rises because you have to run into people and say hi to them in the elevator and how you prefer giant tortoises to people, and the list goes on.
“They push all this gay marriage corruption and it emboldens all kinds of people to act out on their deviant urges, whether it’s disgusting gay sex acts or this kind of guy they busted.”
I am surprised no one has commented on this pure gold. HH does the corruption makes you act on your deviant urges?….lol
“Honestly I don’t think pain will hit until at least 5%.”
I agree that 4.25% isn’t going to stop this housing market.
But in 2013, 4.5% and higher certainly ground it to a halt and prices were 10% or more lower. So what happens this time?
In 2013 we never saw 5%. The housing market will be dead as a doornail at these price levels if mortgage rates go to 5%. But after today’s jobs report, that seems inevitable. If the Fed even takes the rate back up to 4%, then mortgage rates are at 6% or higher. Then you’re talking some REAL pain. That $450,000 2/2 that has a payment of $2200? That’s going to be hard for someone to sell when the payment jumps hundreds of dollars.
Unless, of course, incomes also soar alongside mortgage rates.
“Good jobs report would mean good for housing though so wouldn’t it just balance out?”
With prices at all time highs?
Not unless workers suddenly get some big time pay raises. In which case, the Fed will be raising rates aggressively to counter inflationary tendencies.
I’ve been in one of these units and they are beautiful. Just as good as a SFH. Personally, I’d rather have a view if I were living in this neighborhood, but I certainly wouldn’t turn down an opportunity like this if I could afford it.
Laura,
I live on the North Shore, and I guess I’m lucky, because you just described my neighborhood. Tree-lined, walking friendly, close to park, kids walk everywhere on their own (to school, parks, friends’ homes). Not all suburbs have “collector roads.” And you can buy a nice 3BR SFH around here for under $500K.
“But in 2013, 4.5% and higher certainly ground it to a halt and prices were 10% or more lower. So what happens this time?”
well in 2013 when mtg rates first crossed 4.5% was in july 2013
The unemployment rate was 7.3%
The Dow Jones was at 15,500
Consumer confidence index @ 80.3
Home Prices have just bottomed the year before so they were still repressed
Now compare that to today
Unemployment rate @ 5.4%
Dow Jones at 18,000
Consumer confidence index @ 108.1
Home prices still nowhere near peak but rising (at least in chicago)
I think we can handle 4.5% rates today but we still aren’t even close as FHLMC is @ 3.87% right now
Sonies is right. I think the economy is ready to resume a normal interest rate environment again. There will certainly be pain in doing that (note the current inability of stocks to gain any traction). But I think the pain will be short lived, because really, a Fed decsion to finally raise rates is a vote of confidence in the economy. It will also strengthen the dollar, which will lower oil prices, putting more money in peoples’ pockets.
Sabrina, I think pay raises will come. The number of job listings is at a multi-year high. The unemployment rate is at a multi-year low. That spells higher pay (except for freelance writers like me).
When interest rates rise so will the government’s debt service. They’ll need more taxes, which will suppress growth. How can there be bona fide investment for growth if all cash is going to service debt? this also applies to business and personal debt service.
“well in 2013 when mtg rates first crossed 4.5% was in july 2013”
The taper tantrum began in May 2013. That’s when rates spiked at their quickest pace in 30 years. They only went higher from there. The housing market died that summer as everyone who was NOT LOCKED IN ALREADY had to then have the higher rates. So the May 2013 closings weren’t impacted (gosh- just like this year!). You can lock in for a considerable period. It takes awhile to work through the system.
But the mortgage applications already dropped considerably last week year over year (and last year was a LOW bar.) So we’ll see what they do going forward. Because the applications don’t lie. In 2014, they were at 19 year lows for most of the year. Are we going to see them go back to that with higher rates? I don’t know.
Remember- May’s great 12% year over year gain is good- but 2014 wasn’t a good year for housing. The rates rose in 2013 and the housing market died for about 18 months. 2015 had BETTER be better or else the housing market is really screwed. So with the bar so low last year- I would expect it to be better.
But it has been hotter than everyone imagined. That’s where I think the Fed is losing control. When people are overbidding in Chicago by $50,000 or $100,000 appraisal be damned- then the Fed has lost control.
And prices ARE peak in many, many areas. In fact, well above peak. I never said everything was. As I’ve said over and over and over again- it can vary by different buildings on the same block. Some buildings are hot, some are not. Some will be 30% above peak and the other one still has foreclosures. One block can have every single house selling above peak and one block over, they are not.
But if you can’t make money right now- you are a MORON. This is the hottest market in 8 years (or WAS – we won’t know what the rising rates will do for a few weeks yet or how high the rates will go. Maybe this is the worst of it- and then it won’t have that big of an impact?)
But with the best employment numbers in 15 years- the Fed is a fool if it thinks it can keep rates low much longer without even more serious consequences. Look at all the fast food restaurants. Even they are raising wages now because the job market is tightening. Tight at the bottom for the least skilled jobs means it’s REALLY tight at the top, where the most skill is needed.
I think we’re back to the summer of 2013 if mortgage rates go back over 4.5%.
You can’t get blood from a stone. Incomes aren’t rising fast enough to counter both rising rates and record high prices. Something has to give. We had the same scenario in 2013 and the choice was a housing market where sales fell off a cliff.
What will happen this time?
Here’s what’s going on out there.
Mortgage applications jumped 8.4% week over week as the rates rose. Last week, they were still running 15% over last year (which was a “dead” year- so they SHOULD be higher.)
Last week’s data doesn’t include the larger jump in bond yields at the end of the week. But clearly some buyers who haven’t yet locked in were probably taken by surprise by the sudden move in rates and rushed out to lock it in.
http://www.cnbc.com/id/
“The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.17 percent, its highest level since November, from 4.02 percent, with points increasing to 0.38 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio loans, according to the association.”
Good point, HH. If interest rates rise, so does the cost of servicing the debt. That’s one reason I suspect the Fed has left rates so low for so long. Conversely, if the economy is performing better, the government will collect more tax revenue, allowing it to service the higher interest payments on the debt.