Modern Style in a Gold Coast High Rise: 70 W. Burton
This 1-bedroom at 70 W. Burton in the Gold Coast has been renovated by a designer to reflect today’s modern style.
The corner unit has bamboo floors and an updated kitchen with european cabinets and stainless steel appliances.
The bathroom has Purist Kohler bath fixtures and limestone tiles.
While there is no central air or washer/dryer in the unit, parking is available to rent in the building.
Vik Wadhwa at Modern Chicago Homes has the listing. See more pictures here.
Unit #803: 1 bedroom, 1 bath, 750 square feet
- Sold in June 1989 for $78,000
- Sold in June 2004 for $182,500
- Was previously listed in 2008 for $259,000
- Recently re-listed for $242,900
- Assessments of $580 a month (includes heat, cable, doorman)
- Parking of $115 a month
- Taxes of $2389
- No washer/dryer in the unit
- No central air
- Bedroom: 17×13
- Living room: 18×16
- Kitchen: 12×8
There are 1brs for rent on C’list for $1175, 1300 (2), and 1350. Say that the reno gives a premium to $1500. Then apply Stevo’s over-valuing calculation:
(12*(1500-580)-2389)/.055/.08 = $196,613.
$50k (or, really, 25%) premium to own the place, based on a crazy overvaluation. At a $240k purchase, its a 3.6% cap rate, unless someone things I’m undervaluing the rent price.
Wow is it the picture or is that bathroom TIGHT?
To add: I do think it looks *very* nice and the BR (if the measurement is legit) is a really nice size and the staging is great.
Lack of in unit washer/dryer would be a big deal for me, either renting in that price range or buying. Maybe for someone who takes his/her laundry out it’s not as much of a problem
As a Jeffersons fan, I like these old school movin on up highrises. This unit is nice, except the price.
Also they failed to retain any of the original style of the (unspecified) era, though that probably helps them in most buyers eyes.
I thought today`s “modern style” included things like a w/d, c-AC & deeded prking. What a bad joke as my 770/mo has more modern amenities. 145k
those it look uber-cool, that extremely shallow bath sink is completely useless.
agreed, esp if the drain pipe gets slightly clogged.
re: sink. I don’t normally fill up the sink in the bathroom so I’m curious: why is it “completely useless”? Looks like it was needed to fit the vanity cupboard in.
cool place, idiot price. and the outside of the building looks like it’s straight out of Moscow (circa 1950).
wicker,
the questions of the sink being useless is due to the fact that sinks can be used for infants and toddlers’ pooping stations (aka toilet). having a sink of that stature greatly reduces the amount of feces that this particular sink can hold, which could also be classified as hearsay. in other words, i am a lawyer and its best u believe what i say, therefore wherein i pronounce these words of me assuming lawyer.
Someone is pesistent with a one-note joke.
re: anon… you’re implying that the unit should be sold for a $196k?? That translates to a 1.5% annualized appreciation.. in that case, no one in their right mind would ever buy a home & people would rather put their money in a crappy CD to get a better return. The gut rehab cost $50k.. yes at some point no one would be willing to ‘overpay’ for a condo even if your toilet is made of gold… The fixtures are lux first grade and not home depot crap.. u want home depot crap, there’s plenty of units out there so go buy one of those! It’s called appreciation! Everything appreciates.. stocks, wages, commodities etc.. welcome to the world! And yes, dimensions are legit!
re: Washer/Dryer… Building is old, pipes can’t take the load so no W/D allowed. Laundry facility in building. To the person with the $145k condo with his own W/D…good for you… but I’ll bet you anything your unit isn’t 3 blocks from lake, restaurants, shops, L-stop, grocery stores, schools and multi million dollar homes in the beautiful Gold Coast. You probably live in a neighborhood with a grey hound bus station or the I-90/94 next to you!
re: Sink, see the fixture on the sink? yeah.. that’s not a fire hydrant.. that’s residential grade faucet! Water doesn’t gush out at 100 cubic feet per second!! U cant tell by the pic but its actually concave and not flat so water drains just fine… all sinks clog whether they’re designer sinks or not! maintenance is required for everything if you want to keep it in good shape!
re: Pooping Sink??? Disgusting!!!! Exactly my point.. people live in filth!!!
re: Moscow Place.. yeah 60’s building… so if you can afford it move into a $400k one bedroom in a decent area! Yeah u can buy a $150k house in the burbs, but that’s the burbs and this is Chicago Hello???
There’s lots of garbage condos out there, people live in filth!! Animal hair, mold, grease, dust etc.. this is an immaculate unit where anyone can just move into a clean beautiful environment!!!
I think it’s an odd sink but functional for typical bathroom sink type stuff, and a good fit for the space. Thus, I am interested to learn why others deem it as completely useless. I have one of those bowl type sinks in a bathroom which some people love or hate, but everyone agrees that it works. Now those big troughs I say is useless due to the lack of counterspace. They put some space here though to counteract that. Perhaps not enough for a woman and that’s why?
That said, fake HD, I’ve yet to meet a toddler that was willing to get hoisted and sit on top of a sink to defecate rather than just use their diaper or ‘big person potty’.
Gotta admit I had no idea I’d discuss that subject today. I also haven’t analyzed why I’m so intrigued by a sink.
very nice for the price. location is 9/10 in chicago’s best neighborhood.
wicker-
the basin is so shallow and the distance from the spot to the top of the basin is too far. When you put your hands, razor, toothbrush underit will splash out side of the bowl and on the counter, mirror, etc.
Unless you are super careful or move really, really slowly, you will splash all over the place.
Unforetunately with some of these modern fixtures, the cooler they look the less functional they are.
Tom – that makes sense. Just went back and looked at the photo and I get the splash radius argument.
“Someone is pesistent with a one-note joke”
I hate bucktown?
This is a very nicely done place in one of the best locations in the city. I don’t think the price is crazy. What makes it hard is the way people are rethinking time horizons for holding real estate. If one had comfort they could sell in three years, then this would be perfect for a 25ish single with a professional job in the loop. As is, it looks like a nice corporate apartment, or a nice city pad for a wealthy suburban couple.
“very nice for the price.”
Really? You should get it then. I was thinking that the consensus on here at least is that the improvements are nice but that is about all. Granted, if you like this neighborhood, you have that going for you as well. BUT — no A/C, no parking included, kind of an odd building (I looked up a few of the other listings in the building and they looked to be due for updates in about 1980), tiny bathroom, no washer/dryer, fairly low floor, eh view… I certainly wouldn’t make that many concessions for this price. But you go ahead.
is that a bidet next to the shallow sink ?
(A bidet is a low-mounted plumbing fixture or type of sink intended for washing the genitalia, inner buttocks, and anus -wikipedia)
People on this board are clueless about pricing!!! Why is it that a brand new one bedroom at 600 Lake Shore drive costs $475k and a very comprable new construction unit in the west loop costs $220k???? LOCATION LOCATION LOCATION!!!! If you put this building (70 Burton) on 53rd street.. you are correct, this unit will not be worth $242k!!! You’re paying for luxurious fixtures, clean environment, open view, and oh yeah.. LOCATION!!!! Lake, beach, L-stop, night life, shops, parks, schools, grocert stores, safety etc… PRICE IS RIGHT!!
“kind of an odd building”
I get the feeling that most people knocking this place have no idea where it is. To be clear: this is in the Gold Coast. For better or worse, unless you’re looking at vintage rowhouse, this is standard fare for the Gold Coast.
I live in a similar building a block away (they’re all part of a big group of condos). The top floor (30th), corner one bedroom in my building is going for $250K. Lower, but still high (20+) floors seem to be going for about $230K. These are all not remodeled. Unremodeled, high floor, corner one bedrooms (with SE views) in the neighborhood go for about $1400 to $1500 rent. Seems like a fair enough deal.
Cannot wash my bras in the sink = completely useless.
But nothing $500 for a new sink/vanity wouldn’t cure.
jas87,
This particular building (Faulkner House?) doesn’t have balconies, so this unit should be traded with discount compared to corner units in other Sandburg Village highrises.
brad,
Actually Stalin-era Moscow was beautiful, all the crap was built during late 60s-70s.
I really like the feel of the rehab, even though the sink might not be as functional as one would like. No in-unit w/d, or balcony would kill this one for me if I was looking for a 1BR.
I just wanted to make a few comments because the seller is a friend of mine and I have been in the unit many times.
Anon
“and the staging is great”
This isn’t staged, this is how the guy lives. He is not a slob, every time I have been to the place this is how it looks.
” that extremely shallow bath sink is completely useless.”
how is that exactly? You turn on the water and the sink catches it. Its actually very large, and nothing splashes to the side. If all the people on this site can rip on is the sink than maybe its not such a bad place. For all the dumb design decisions that I have seen in places around this city, I can’t believe this sink is such an issue. If the buyer didn’t like it, I would personally come there, remove it, and swap it out with some traditional $50 pice of crap from home depot.
As far as the price goes, I think its a very reasonable deal. Granted you don’t have a washer / dryer and have to rent your parking spot( it is a reserved spot btw), but for something that has been completely reno’d in every room it would make a great place for a young single professional.
The house is staged, whether or not your buddy lives similar to that at other times. (For instance, the tall vase with greenery appears in two different locations. The table is shot once with the vase, and once with a low-profile dish that looks better in the shot.)
It’s no criticism to say the place is beautifully staged. It’s a credit to the real estate agent.
“I just wanted to make a few comments because the seller is a friend of mine and I have been in the unit many times….As far as the price goes, I think its a very reasonable deal.”
You should buy it from your friend for full asking price. Otherwise you aren’t a true friend!
What a terrible mismatch too between the modern interior rehab and the fugly 70’s-ish exterior.
Wow, how many of the comments on this post are from the owner/listing agent?
OMG- I called some people on this board clueless.. I should make a correction… some are just plain dumb!!!!
Kenelworthy- ‘the place is beautifully staged. It’s a credit to the real estate agent’ The place is NOT STAGED and the realtor has NOTHING to do with the way it looks… this is how the owner lives!! The vase in question Mr. Sherlock Holmes was too high to be in the camera’s shot so it was moved so as not to block the picture thus explaining why it appears twice in both pictures!!! STAGING dear sir/madam is the act of hiring a professional and renting furniture to fill an empty dwelling to appear as though it has been lived in. The owner is a designer and this is how he likes to live. this is his own furniture, he keeps the place clean, and yes HE OWNS THE VASE!
Jon- ‘You should buy it from your friend for full asking price. Otherwise you aren’t a true friend!’ … Here’s the issue in the city of Chicago… you have two options…you’ll either have to sacrifice lots of money for your precious central air, W/D and view, or you’re going to have to sacrifice the neighborhood to get you’re central air and W/D to not sacrifice money… for $242k… sure you can buy a new construction one bedroom with all the bells and whistles, but you’re going to have to live in the south loop, west loop, Edgewater etc.. So if you like those neighborhoods, good for you ..go buy a condo there! You want to live in the gold coast? Well then fork over $500k to live in a one bedroom in Walton on the Park, 30 W. Oak, the Elysian or whatever… So you’re argument has no merit!! If this ‘fugly’ building was knocked down and a brand new shiny and glassy building was erected instead of it, I can guarantee you that a new one bedroom with central air, W/D would not sell for less than $500k!!!
Peg Bundy – ‘Wow, how many of the comments on this post are from the owner/listing agent’ – could you blame me?? The comments on this board are like an episode out of Seinfeld.. its like Jerry, Elaine and George are arguing about ‘Pooping Sinks’, ‘Washing bras in sinks’, ‘Splash radios’, bogus ‘Fair Pricing Formulas’… people are just clueless… they want everything for nothing! People are obviously free to say whatever they want .. but you cant resist answering to these stupid comments…
Interior remodeling in a high rise is $100/sq ft and up, up, up.
This remodeling is well done and probably cost at least $100,000.
This unit should sell for more than the going rate for other units in the building.
BE–a 5 minute search on the MLS shows it is you who is the stupid one.
MLS#: 07417438. 1122 N Clark, 1/1 built in 1989. Central air, city view. Listed at 219k with parking an additional 29.5k, for a total of $248.5k.
Your straw man argument has just been toasted.
Bob- Nice find.. if you want to compare that dump to 70 W Burton #803 go right ahead dumbass.
Ok, so u got your central air, listing details mentions NOTHING about W/D.. it says ‘Laundry Room’…so it is you who is stupid! you can tack on $50k to the $248k price tag to fix the place.. I can guarantee you that still people will have a problem with a $300k price. Ok … so this place isn’t $500k .. but this building is NOT a 30 W Oak which is what people on this board demand!
If you want to live next to Dave and Busters, a bunch of car dealerships and public housing.. go right ahead! Call it ‘Gold Coast Living’ if YOU want to!
Oh.. and I’m pretty sure that although this place has central air… 99% of people will still call this building and this unit’s interior ‘Fugly’!!
Nice try scarecrow!
Be,
what you are saying is that this place with a bathroom the same size as an airplane pooper and one bedroom should trade at 250k?
Sorry doode/dudette appointments are very nice and the place is very classy (i dig the kitchen a lot) but to me its still a one bedroom with a dinky small bathroom in a older building it just equals a upgraded rental.
Be,
what you are saying is that this place with a bathroom the same size as an airplane pooper and one bedroom should trade at 250k?
Sorry doode/dudette appointments are very nice and the place is very classy (i dig the kitchen a lot) but to me its still a one bedroom with a dinky small bathroom in a older building it just equals a upgraded rental.
Go bret farve
Grove77 – the bathroom is 7×6… Sorry dude… U want a bathroom big enough to play indoor soccer in go buy one… I’ll take the ‘dinky’ bathroom over living in the south loop!
BE,
If you so love this place why don’t you go buy it? Or chances are you’re the owner and if thats the case and you’re so in love with it why are you trying to sell it?
You won’t be “movin’ on up” from this 1970s Jefferson’s highrise as the supply of greater fools is exhausted.
Bob – Love the place, sad to leave the place.. Pursuing MBA in another state.., And if YOU hate the place and think the place is grossly overpriced.. Why don’t u take your crib-takedown on another thread!!! But again you’re free to keep writing whatever u want and I’ll keep responding… It’s been s slow week 🙂
“It’s been s slow week”
Not many viewings then, eh? You sound pretty defensive. Sorry if you spent a bunch of cash on fixing this place up that you’re trying to recoup. Maybe you should take on board what people are saying and either drop your price or take it off the market and rent the place out for a couple of years while you wait for the market to recover.
Peg – everyone on this board is ‘defensive’ about their opinions.. I didn’t ask to have this place to be posted on this site.. People are just negative negative negative.. There’s always a problem with every place on this site… Why can’t I defend this place?
Slow week for me, busy for my realtor 🙂 we did have showings!!
Did you agree to the posting?
BE,
I too would take the small bathroom over living in the south loop. and i am not being negative just pointing out the obvious shortcoming of the place the bathroom that is 7×6 wall to wall (including tub area). and yes i would like to have a quick pick up soccer game in bathroom, havent you heard its the new thang.
i have a few questions;
why are you listing at a higher price than the other 3 1br in the building? and the other are 20 floors higher than your ground floor?
you do know the state of the market? most places that are not unique are trading at the 2003/2004 prices. i understand you upgraded/reno but at 100% recoup cost? and you should never over reno better than the average of the building if you expect ROI.
doing the reno did you think about making the generous sized bedroom a tad smaller to up the bathroom size?
i still think at 250k i can rent a 2br with central air, W/D, parking a normal sized bathroom cheaper in the area. i know a rental wont have as nice as finishes, but thats the trade off. (one more bedroom/den for leeser finishes)
I do wish you the best and hope you sell above list.
Peter B – Didn’t ‘agree’ nor consent to anything… don’t know how this condo ended up on this website (was alerted by friend that it was featured on cribchatter).. I guess placing a property on the MLS makes it a matter of ‘Public Record’.. So people can freely start threads about anything from the Chicago Spire to a condo like this…
Groove77 – ‘I was not being negative’ .. well when you call someone’s dwelling ‘dinky’ and compare it to a an ‘airplane pooper’.. excuse me… but that sounds negative… But you raise an excellent question!! Why is unit #803 priced higher than unit #2703 (listed for $235k) which is much higher and has an amazing view?? Well… look at the pictures and you tell me? The potential buyer has two options… buy a beautiful lower unit that is ‘move in ready’.. or… buy an 80’s style interior $235k unit with an amazing view! Well.. since this is a free market, capitalistic, laissez fair economy… that would be the buyer’s decision to spend that extra $7k! And I guarantee you that the buyer of #2703 will have to put in a MINIMUM of $25k to fix the place up if he/she wants to resell 5-10 years down the road for a little profit… and I’m talking home depot finishes here… if he/she wants luxury finishes.. you can double that number! In this market.. sure… no one can expect an offer for 100% asking price… that’s where ‘negotiations’ take place and that is what is expected! Nobody is being forced to buy unit 803… like u said.. they have other options in the same building.. so go buy the other options if you don’t like it!! Reconfiguring the bedroom/bathroom size would’ve easily added to the renovation cost… $5k-$7k.. youre talking demo, new walls, new electrical and plumbing and add on headaches with dealing with HOA…The buyer also has an $8k incentive (thank you President Obama). Btw.. the price is $242 not $250k… and again if you think u can get a two bedroom for that price… it’s a free country… go spend your money the way u want and live wherever u want!
I really didn’t know about the existence of this website… I never planned on engaging in a conversation with anybody.. but when people started using the words ‘stupid’.. ‘idiot’ .. ‘useless’.. you cant help but take offence and you’d be a compelled to set the record straight .. Again this site should be renamed ‘crib-takedown’ … everybody wants to throw in their ‘expert’ 2 cents.. but people get personal and offensive rather than being constructive.. I didn’t fire the first shot across the bow.. people are free to write what they want and I am free to respond!
And lastly… about the sink controversy which is really getting old… people should really go to the Kohler showroom in the Merchandise Mart and test the sink out.. seriously.. they have running water on all fixtures… people should take their tooth brushes/ razors/ bras (not sure about the pooping infants) and test out the sink and then judge the ‘Splash radios’.. LOL.. sorry.. still cant get over that!
I appreciate your ‘best wishes’ and best of luck to you as well with the indoor bathroom soccer league!
i think the small bathroom has a hidden feature. you no longer would have to jump out of the shower to go pee if that urge popped up or something i’m sure nobody here has done before.. pee in the shower! you can just open the shower door and let the yellow rainbow flow! just kidding! btw I’m never selling my condo just so it doesnt show up on cribchatter!
“Peter B – Didn’t ‘agree’ nor consent to anything… don’t know how this condo ended up on this website (was alerted by friend that it was featured on cribchatter).. I guess placing a property on the MLS makes it a matter of ‘Public Record’.. So people can freely start threads about anything from the Chicago Spire to a condo like this…”
BE: Maybe you should have a discussion with your agent. He gave Crib Chatter the approval to use the pictures.
BE,
I feel for ya, Crib haters are an unruly bunch of arm chair monday morning QB’s commenting anonymously on the intertubez.
I know if my house was blogged here it would be torn apart.
Just take it for what its worth, take some comments for ideas, just dont take it too personal (it is hard to do).
I always forget about the HOA in condos and the pain in the a** i must be to do any remodeling. 5k-10k extra to move a wall with plumbing in it is not a fun expense either.
on a positive note i still think that is a pretty darn neato Kitchen for a 1br. And i am anti-Stainless Steel appliances, but for the color wood you picked it works very well 🙂
Some back of the envelope numbers
With 20% down, mortgage of 192k. Monthly payment of 1000
Lets say 200 for property tax.
580 for assessment
120 for parking.
so I’m in for 1900. Let me make it an even 2000 for this place (not unreasonable given that assessments in general go up a couple % a year, maybe small special assessments, Daley is re-valuing properties assessed values, etc.)
I’m thinking that I can get a pretty nice one bedroom as a rental in the Gold Coast area for about 1150-1200. Maybe with parking for 1300.
Is the buy premium of 700 or 50% more than I would rent worth it? Admittedly this percentage is skewed for smaller units.
As Groove said, don’t get me wrong. It looks to be a nice place. But the market is still bad. Perhaps if you have the $$$, you could just rent it out for a couple of years.
Oh I would say that I am of the belief that proper Lincoln Park / Old Town / Gold Coast will be more immune to price destruction in the long run vs. other parts of the city given the axiom of location location location. So I think if you don’t mind waiting that there will be someone to meet your price.
Then again as someone else has said: in the long run…we’re all dead.
Here’s some history on this place:
6/16/04 closed $182,500
Renovated prior to relisting
8/21/06 listed $285K reduced $255K cancelled 5/24/07 (277 days)
1/2/08 listed $259K cancelled 3/23/08 (82 days)
9/23/08 listed $259K reduced $249.9K cancelled 1/7/09 (107 days)
1/6/10 listed $242.9K active
So it’s your opinion that there will be a bifurcated market sort of like Manhattan where LP/OT/GC will be prohibitively expensive but a short distance in any direction will result in the same house being substantially cheaper? Are there really that many people ready willing and able to pay a substantial premium just to say that they live in LP/OT/GC? Of course these areas should be at a premium but how much of a premium? SHould they sell at a greater premium after the bubble popped than during the bubble? I’m confused.
“#chichow on January 18th, 2010 at 10:51 am
Oh I would say that I am of the belief that proper Lincoln Park / Old Town / Gold Coast will be more immune to price destruction in the long run vs. other parts of the city given the axiom of location location location. So I think if you don’t mind waiting that there will be someone to meet your price.
Then again as someone else has said: in the long run…we’re all dead.”
No what I am saying is that there was an extreme amount of overbuilding of condo’s in Chicago. And the effects of that oversupply are going to be to felt to a greater extent in areas like Edgewater and South Loop.
The most expensive RE in the city is Streeter followed by GC. This was true before the 2007 meltdown and I believe (perhaps wrongly) that it is still the same after the meltdown.
I do believe people will pay more to be in certain areas…perhaps not to say or brag that they live in that area, but because that area is desirable.
Yes those desirable areas will always be more expensive than outlying areas, however, i’m of the belief that the substantial premium that these areas have today is merely a lingering effect of the bubble, and prices will adjust accordingly.
So you think that the % of run up in terms of bubble pricing was higher in the GC/LP/desirable areas vs. in the outlying areas? and as such the correction will be greater in GC/LP/etc.?
I think the % of run up in terms of bubble pricing was probably pretty similar in GC vs the outlying areas, maybe slightly less because it was expensive to begin with, but, at the end of the day, the premium cannot continue to be as substantial as it is today. It’s simply a matter of hedonic regression. If one particular area of the city is too expensive relative to that class of people’s incomes they will simply move somewhere else more affordable to them. Many higher income earners choose to live in LV rather than OT or LP simply because they can get more for their money. Which then means that OT and LP will have to lower their prices to attract buyers. it’s like Aqua’s developer from the other day proclaiming that he will never lower prices in his building, he will stand up to the market and prevail. We all know how well that worked out. LP/OT/GC SFH sales are at generational lows, as frequently pointed out by G. There’s obviously a standoff between what sellers think their properties should sell for and what buyers are willing to pay. AGain, we all know who will win this standoff.
HD,
what % of premium do you think a LP, LV, GC should have on a similar place in say your area OIP?
Well, it also depends on the supply side too right?
I mean one of the reasons that the South Loop or River North is in such bad straits is that at some point in time there were 3k 4k condo units coming onto the market at one time all in that loop area.
So that’s where I think Aqua and Trump have issues. They have so many other cookie cutter investment bought units to compete with.
I think that in GC or OT, there simply wasn’t that sort of build up.
There were the 4 / 6 / 8 units to a lesser extent in LP/LV.
Of course you can get more for your money in LV just like we make fun /tease????/ those that go to Skokie for space.
As for the standoff, I don’t think you will see the carnage like you see at Vetro etc. The fact that those who could buy a SFH in Lincoln Park means that mostly they can wait and wait and wait and the curve down will be a slope vs. a dropping of the cliff.
“anon… you’re implying that the unit should be sold for a $196k?? ”
No. I’m saying that, as a rental replacement, it’s *worth* maybe $165k. Anything more than that is ownership/finishes premium. And I don’t think that a 50% premium is warranted for an 8th floor 1 bedroom apartment in Sandberg Village, no matter how nicely done the reno was (and it is v. nice). Hopefully for you there are people who disagree with me.
Also, with listing it in 2006 and using B-School as an excuse for selling now, I’m not sure what to think. Who let you defer for 4 years?
anon- ‘Also, with listing it in 2006 and using B-School as an excuse for selling now, I’m not sure what to think. Who let you defer for 4 years?’
I don’t have to explain my personal life to every moron that comes out of the woodwork like you. Everyone has a personal life and new issues come up in everyone’s day to day life. B-school wasn’t the reasoning for the previous listings and again, don’t have to explain anything to you. And actually, this 8th floor condo had a beautiful open lake view until the existing Latin School added a mechanical structure and the new Latin school addition completely blocked the lake view.. 2006 was the height of the bubble and there was still not as much supply of new condos then as is right now thus explaining the previous listing price… and do a little research as to what other one bedrooms were listed then in Sandburg village (I’m talking 300’s without central air nor W/D) so its not just me who thought that way… call it a Manhattan Effect if you want!
Chichow had an excellent breakdown of the monthly payment of $2000, but what he left out was two things:
1.) Sorry Chichow… you cant get a ‘nice’ one bedroom for 1100-1200.. maybe a ‘nice’ Jr. one bedroom, I’ve seen rentals anywhere between $1300-$1700.. but again the word ‘nice’ predicates on the eye of the beholder.. one guy on this blog scorned this condo for not ‘maintaining the Jefferson’s look’.. I guess some people are stuck in the 70’s! Maybe u would find a true one bedroom for 1100-1200 but that would be a dump in my humble opinion and I’ve shopped around in Sandburg and I’ve seen true dumps that require you to get immunizations just to walk into one!
2.) The principal that you pay down as part of your monthly mortgage payment is money saved.. in my case it is a little over $300. Also, add in the deductible you receive on your tax return which is also in my case a little under $300.. add those two and its $600 in your pocket. so $2000-$600 = $1400 to own your own place … which is pretty comparable to renting and its your own place while building your credit history. A place like this is not for a sophomore in college, its for a young single professional or young couple or empty nesters. People like you would think someone who buys this place is a ‘fool’… but some people out there do like to live in nice, immaculate, modern environments and would be willing to pay a premium… a Toyota Camry is half the price of a BMW 5 series… both cars can reliably take you from point A to B and yet people buy the luxury car.. why? People live in Sandburg and CONTINUE to BUY in Sandburg.. why is that? People buy here not to ‘Brag’ that they live in the Gold Coast but because this area is beyond desirable to live in!! 5 minutes to Old Town, 15 minutes to lincoln park, 15 minutes to Rush and Michigan Avenue, 10 minutes to I90/94, 5 minutes to LSD, gyms, pools & tennis courts (part of Sandburg), North Avenue Beach, Schools, Buses, L-train, grocery stores, beautiful neighborhood etc.. etc.. So some people out there are willing to sacrifice the central air and W/D to live here.. it’s a matter of personal preference.. it’s a free country… sure people get more bang for their buck elsewhere and that’s why they buy in the south loop or west loop or LV… Even with Sandburg’s lack of central air and W/D people come here in droves to buy.
Its like what Groove77 said: ‘Crib haters are an unruly bunch of arm chair monday morning QB’s commenting anonymously on the intertubez.’ … so in closing… people like u on this website who read and watch for every entry like a hawk and have nothing better to do with their lives and want to have the last word and apply their two cent zingers! That bogus ‘Fair Pricing Formula’ that you gave is original… if you’re formula is so correct Einstein why doesn’t the whole world use it for real estate valuation and take it as a matter of fact? Its not that I’m taking comments personally.. its just that I don’t know how much this website is followed by people out there.. if a potential buyer who is a ‘less informed buyer’ were to read these threads and take what is said here as a matter of ‘expert opinion’.. that’s an issue… And sorry.. after reading quite a few threads, its obvious that there is a dozen or so avid followers of this site who spend all day long bitching and mocking…. but again it’s a free country!
BE,
Your tax break seems rather generous to someone buying their first home (aka not itemizing currently). My fiancee and I are probably your typical young professional couple, probably the target demographic for this place. Assuming we paid list and put 20% down at 5.2% interest our principal would be $230/mo (not 300) and annual interest plus taxes would be $12,428. State income tax becomes deductible so let’s assume your typical couple like us makes $120,000, our deductible state tax becomes $3600. So we itemize and receive a tax deduction of $16,028. Subtract out the $11,400 we give up for the standard deduction and multiply by our 25% tax rate and your tax savings becomes $96/mo.
So 2000-230-96 = $1674 to own your place.
We have been looking at 1 beds to rent in the Gold Coast and find “nice” places on clist for $1150-$1250. Not quite as nice as this place but still nice.
“That bogus ‘Fair Pricing Formula’ that you gave is original… if you’re formula is so correct Einstein why doesn’t the whole world use it for real estate valuation and take it as a matter of fact?”
Nah, it’s not a “fair pricing formula”, it’s “Stevo Heitman’s Back of the Envelope Value Calculator”*. Mostly, it justifies overvaluing places based on rental rate.
But whatever dude. Like I said, hopefully for you, there are people (beyond you and your realtor) who disagree with me. No ill will here.
*tm pending
Not sure if it’s just me, but $580 per month association fee seems very high for a place of this size.
Gotta think even with all the bashing and hating that accompanies many (tho certainly not all) listings here, having your crib chattered is definitely beneficial for selling it–it’s just so much exposure to so many more potential buyers. You only need 1, and this just increases the odds that they will find you.
It MAY be helpful to have your agent “defend, inform, and enlighten the masses” re: the property rather than take on that task yourself.
Now, as to the argument about changes in GC premium relative to other areas, seems like we could gather some historical data that might suggest what happened to this during the bubble: Gary, this seems like a job for you!
Now $235,000. BE, Much Activity?
Now at $229,900. I guess I’m doing this seller a favor by updating everyone on the price.