Modern Interior Behind a Classic Facade Returns: 1224 N. Dearborn Parkway in the Gold Coast
This 2-bedroom in this vintage building at 1224 N. Dearborn Parkway in the Gold Coast came on the market in September 2014.
If it looks familiar, it’s because we last chattered about it back in July 2010. See that chatter here.
The unit never sold.
It has returned to the market with the same finishes and interior.
The building was built in 1900 and has 13 units. There is no parking, but it’s available for rent in the neighborhood.
For being in a vintage building, the unit has a distinctly modern interior.
The listing says it is architect designed.
The kitchen is unique with a massive island with Italian marble counter tops and Miele and Bosch appliances hidden behind sliding doors.
The bathrooms also sport the modern design with Duravit and Hansgrohe fittings.
There are ten foot ceilings.
The unit faces east, overlooking the parkway.
It has central air and washer/dryer in the unit.
The listing says the unit is in the Ogden Elementary and Lincoln Park High School districts.
Will the improved 2014 housing market be the charm for this property?
Peter Angelo at Jameson Sotheby’s has the listing again. See the pictures here.
Unit #2F: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 1997 for $190,500
- Sold in October 2007 for $390,000
- Was listed in July 2010 for $549,000
- Withdrawn
- Was listed in September 2014 for $475,000
- Reduced
- Currently listed at $459,000
- Assessments now are $336 a month (they were $305 a month in July 2014)- it includes snow removal
- Taxes are now $3994 (they were $3441 in July 2014)
- Central Air
- In-unit washer/dryer
- No parking – available for rent in the neighborhood
- Bedroom #1: 14×12
- Bedroom #2: 13×8
- Living room: 20×14
- Kitchen: 14×11
or you can rent it for 2600/month
It is cute but it is not for anyone who really wants to cook.
i looked at a unit in this building in 2009 or 2010. nice building, great location, amazing courtyard……but the units are all very very cramped. this one, which i remember from CC and actually see i have it saved on redfin, looks a bit more open. could be the pictures. the parking is also an issue but there is ample rental options from owners across the street at 1221. i think the buyer bought this place right at $390k in 2008. i think it will sell close to list given that its neighbor sold for $525k in 9/14 and that unit was at the back of the building and not facing Dearborn.
https://www.redfin.com/IL/Chicago/1224-N-Dearborn-St-60610/unit-2R/home/14111749
In the rent v. buy equation, the only way you’d want to rent this unit for $2600 a month instead of buying it is if you’re going to stay 2 years or less (according to the NYT rent v buy calculator.)
If you’re going to live there 3 years or more, it makes more sense to buy it.
This place looks to be about 700sqft max In NYC thats pretty acceptable, not sure if people want that here.
take away the furnishings and art work and it’s a white box with a nice kitchen island
Modified Heitman calculator sez:
12(2600-336) – 3994 / .05 = $463k
which indicates this is well priced. Original Heitman calculator would call it a steal.
“In NYC thats pretty acceptable”
In NYC, in a sorta comparable quality location, that 700 sf is well over twice as much, with likely higher assessments, but lower taxes.
In Philadelphia, it’s worth fifty bucks.
That is one very hard cold looking place, no warmth, not comfortable looking, just like a tomb…..