Nate Berkus Reduces His Vintage 3-Bedroom Again: 1325 N. Astor in the Gold Coast
We’ve chattered about Nate Berkus’ 3-bedroom at 1325 N. Astor in the Gold Coast several times since it came on the market 14 months ago.
See our October 2011 chatter here.
But the Tribune is now reporting that it has been reduced again, so I figure we’d chatter on it again (since some of you were posting about it in the comments of the old thread.)
The unit has now been reduced a total of $655,000 to $1.995 million.
In our last chatter, some of you thought this might move around $1.75 million.
If you recall, Berkus renovated it but kept the original St. Charles metal cabinets in the kitchen and the Samuel Marx paneling.
According to the listing, there are new hardwood floors, a rehabbed master bath with custom English tub and a reconfigured master suite.
It also has two-zone air conditioning and new electrical.
The unit has an in-unit washer/dryer and a coveted deeded parking spot.
It also has competition, not just within the neighborhood, but even in the same building.
As someone pointed out in October, Unit #7 is also on the market.
It is also a 3-bedroom with 4270 square feet. It also has a highly coveted parking space within the building.
It is still listed at $2.65 million. See the pictures here.
Is it a deal compared with the other unit on the market in the building?
Or will this go back to the 2003 price?
Katherine Chez at Coldwell Banker still has the listing. See the listing here.
Unit #8: 3 bedrooms, 4 baths, 3980 square feet, 1 car parking
- Sold in June 2003 for $1.5 million
- Originally listed in January 2011 for $2.65 million
- Reduced
- Was listed in March 2011 at $2.399 million
- Reduced
- Was listed in August 2011 at $2.15 million
- Reduced
- Currently listed at $1.995 million
- Assessments of $3816 a month (includes heat and doorman)
- Taxes of $30425
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×20
- Bedroom #2: 14×11
- Bedroom #3: 17×12
The other unit (not Nate’s) is nicer
Isn’t the TV supposed to go in front of the couch? Is there a mirror on the wall and they just watch the TV backwards?
“As someone pointed”
I’m always just “someone”.
“The other unit (not Nate’s) is nicer”
Better be–they’re asking $650k more.
I like everything but the windows. They are very bland or dated. I feel like this unit would be ordinary without all of Nate’s furnishings. So what are you paying for?
I think my desire to live in a full floor unit in a doorman building is nearly as great as the SFH wishes of many folks on here. For the general price range, I’d prefer one at 2120 LPW, but I could learn to live in the subject property.
Beautiful units, but this kind annual housing cost is crass.
What sounds terrible is that I wouldn’t take this unit even if it was for free – over 6k/month in maint and taxes?!!! are you kidding me? and you know that is only going to go up (unlike a mortgage payment).
Love this unit and location, but the assessments are absolutely nuts. $4k in assessments plus another $2500/month in property taxes. That is like having a $1.25 million mortgage into perpetuity. F’ that…
But hey, if I had Bruce Wayne swag I’d probably get this place….
” I wouldn’t take this unit even if it was for free”
What if you got a job affiliated with NW that paid so you netted the same over the next 10 years for the same amount of total work as now (ie, your commute is a 30 minute walk, or a sub-10 cab ride), and you could sell your OB house for *exactly* what you think its worth? Still no, just bc of taxes and assessments?
What’s your annual mulch and lightbulb cost again?
“What sounds terrible is that I wouldn’t take this unit even if it was for free – over 6k/month in maint and taxes?!!! are you kidding me? and you know that is only going to go up (unlike a mortgage payment).”
I was just reading about a penthouse in NYC in the WSJ that has 18 foot ceilings in the living room. 3000 square feet plus a 1900 square feet terrace. Maintenance fees were $8000 a month (not sure if that included the taxes or not.) LOL!
Ah, the “nice place, but oh man, those assessments!” comments never get old. How much do you think the assessments should be on a 4,000 sq ft place, in a fairly exclusive little full-floor-unit, full service building, of this building’s particular (i) vintage and (ii) location?
Plus how long does the “Nate Berkus” name really even have cachet?
Putting aside that I’m not a fan, he’s a celeb due to the RE bubble, not for any other reason. Given that, and the subsequent bust, there could come a time years from now where not only would being associated with a RE-celeb be the causer of snickers, but perhaps even a liability.
Seriously do people still egregiously overpay for HGTV featured flipped homes anymore? I know I’d feel like a moron handing over that sort of cash to those rehabbing lemmings gunning for a quick buck.
“Plus how long does the “Nate Berkus” name really even have cachet?”
He is Jewish and openly gay, does that answer your question? Probably 70% or more of media hosts in America are either or, or are married to one. Berkus’ problem is, you can see it in this unit, he’s not really original in any way (his show canceled). Plus, he’s lost his patron in Oprah. In his favor, he’s got alot more nepotist advantages than a heterosexual 6′ 4″ methodist has.
“Plus, he’s lost his patron in Oprah”
Indeed. The cachet immediately went to zero with the overweight black woman no longer backing him.
Oprah–helping white housewives feel like they have a black friend since 1984.
“What if you got a job affiliated with NW that paid so you netted the same over the next 10 years for the same amount of total work as now (ie, your commute is a 30 minute walk, or a sub-10 cab ride), and you could sell your OB house for *exactly* what you think its worth? Still no, just bc of taxes and assessments?”
HAHAHAHA – anon, I know that you must be joking. 99% of doctors at universities make MUCH MUCH less than docs in private practice (they also hardly work at all) – so your scenario is not true. Anyway, I have a MUCH better deal – much closer to northwestern – an apt that costs much less. For God’s sake – look at this place (negotiated down to about 7500/month). This is MUCH MUCH nicer and in a MUCH better location:
http://215chestnutpenthouse.com/
oh – that is definitely NOT my apt – I would never be stupid enough to give out my address/identity.
“Ah, the “nice place, but oh man, those assessments!” comments never get old.”
I’m with you anonny. It makes me laugh every time someone complains about assessments over $500 a month (even on larger units.) Do they think operating a pool and an exercise room, a doorman and a heated garage comes cheaply? What about recarpeting the hallways every 3 years? (not this building, however, which does NOT have a pool.)
We’ve talked about this before. People simply don’t understand the costs included in maintaining a high rise. And as it ages, you have to pay more for maintenance (like you do on a house.)
Buyers in Chicago have also been lulled into the “new condo syndrome” where they think the assessments on the new high rises are “normal.” Those assessments are artifically kept low by the developers. They always go up after the condo board takes over- some more than others.
Cat is already out of the bag with the St. Charles farm
“oh – that is definitely NOT my apt – I would never be stupid enough to give out my address/identity.”
Bob, what on earth does Oprah’s weight have to do with this? Or her fan base? Nate’s cache was all the women and men who found him attractive, generous and kind. As for his pricing, he’s not unlike sellers in any price range who is in love with yesterday’s values, ,real or imagined. Oh,and I think we all know Oprah. is black
“HAHAHAHA – anon, I know that you must be joking.”
The very definition of fighting the hypo. You also said you wouldn’t take it for free, which is also a “scenario [which] is not true”, so we weren’t talking about facts.
I’ll have to conclude that you would take the apartment, for free, with only a “can’t sell for ten years” covenant, if you had a same-income job at/near NW.
“I think my desire to live in a full floor unit in a doorman building is nearly as great as the SFH wishes of many folks on here”
My preference to the full floor as well.
“I’ll have to conclude that you would take the apartment, for free, with only a “can’t sell for ten years” covenant, if you had a same-income job at/near NW.”
Absolutely – that place is AMAZING (and all utilities are included).
who the hell “highly covets” a parking spot?
Doesn’t Nate Berkus have a design/decorating show? Looks like an old woman decorated this place 25 years ago. I could have done a better job with my eyes closed.
It’s mostly the common insurance and maintenance costs on vintage(pre-steel) mid/high rises that causes the assessments to be usually high. But like anything else we buy, it’s worth it to you if you love it and want it. There are a lot of smartphones that work better and are cheaper than the iPhone but people want it. So they disregard the cost and performance limitations because they want it and can afford it. So they get it. Same here.