Nearly 3 Years Later, 2-Bedroom From 1920s Paris Is Still On the Market: 50 W. Schiller in the Gold Coast
We last chattered about this 2-bedroom vintage duplex in the Andrew Roberi designed building at 50 W. Schiller in November 2008.
See our 2008 chatter here.
Listed in 2008 for $679,000, some of you thought it would sell for around $550,000.
Since then, it has been reduced $84,000 to $595,000.
Described back then as feeling like Paris in the 1920s, the listing now describes it as “upgraded but not mutilated original vintage.”
Built in 1923, it has 18-foot ceilings and the listing says a Ralph Lauren inspired kitchen with black cabinets and stainless steel appliances.
It has a wood burning fireplace and built-ins.
The unit has space pac cooling and a washer/dryer in the unit.
There is no deeded parking- but it is available next door for rent.
The assessments have gone up sharply since the last listing- but they DO include the taxes since it is a co-op.
Just a reminder, the furniture and artwork will not be there when you move in.
What will it take to finally sell this property?
Helen Beller at Koenig & Strey Real Living now has the listing. See the pictures here.
Unit #2H: 2 bedrooms, 2 baths, 1500 square feet, duplex
- I couldn’t locate a prior sales price
- Was listed in November 2008 for $679,000
- Reduced several times
- Currently listed for $595,000
- Assessments of $1711 a month (includes taxes, gas, cable)- they were $1172 a month in the 2008 listing
- Taxes of $6444 (but apparently included in the monthly assessements)
- Space Pac cooling
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 17×11 (second floor)
- Bedroom #2: 11×9 (second floor)
Someone call the HGTV producers and housing scouts. I think that this place could be a perfect candidate for that show called the Unsellables. The basis of the show is to tone down decorating and to de-clutter the messes that people have in their homes in an effort to get someone to actually purchase the property.
I dunno, I ususally don’t like this sort of crap but its unique and I think it looks pretty nice
I think it’s pretty damn cool.
50% jump in assessments generously offset by 12% price deduction
Cool place, but the decor is distractingly creepy (such as the elk head above the fireplace). It work be perfect for an evil mastermind. It’s definitely unique, but the price seems right if the taxes are included in the assessments.
(Side note: It’s odd the power lines aren’t buried in this area.)
Is the elk head welded to the place? People are dumb.
Can’t fathom putting a t.v. in that living room and, if not there, where?
“Is the elk head welded to the place?”
It’s not an elk head, it’s a whole elk, looking for its afternoon snack.
Ok, so is it plastered to the floor?
are you having a rough day vlajos
“Ok, so is it plastered to the floor?”
No, but it is very persistent about sticking its head through that hole and has amazing dexterity when using a sawzall and, if necessary, jackhammer. And its right of entry was made permanent by a prior owner, so you can’t even try to keep it out of the co-op, without getting an eviction notice from the board.
I can ignore bad paint and decoration that’s not to my taste (baby’s name over the crib), but when something as vile as a dead animal head is the focal point of a house, I can’t ignore it. Plus, I assume the owners enjoy killing for the fun of it and find it disturbing.
no area in the Midwest quite screams hunting lodge like the gold coast LMFAO
“Plus, I assume the owners enjoy killing for the fun of it and find it disturbing.”
the only thing that is disturbing is your post
Somebody needs to step in here and tell anon how awful and stupid (and totally, utterly serious) he’s being with his comments.
“looking for its afternoon snack”
Are you sure it’s the afternoon snack?
bob: “no area in the Midwest quite screams hunting lodge like the gold coast LMFAO”
Heh. I had the occasion to visit the condo of some silly person living in Trump who tried to pull off the “dead animals on the wall” look. Talk about out of place…
At least this place has dark wood and seemingly vintage details to accompany their decor.
“but when something as vile as a dead animal head is the focal point of a house, I can’t ignore it. Plus, I assume the owners enjoy killing for the fun of it and find it disturbing.”
Oh right, but when it’s in a Lady Gaga video, you love it (seriously, this looks like a place to film a gaga music video). Vlajos is right, jenny don’t comment on “decor”, comment on the real estate please. People probably don’t like your decor either.
vlajos animal heads are put up as trophies for the hunter. doesn’t imply they enjoy killing if they eat the animal. most do though. as there is no hunting near the GC and food isn’t quite scarce for GC residents I think its safe to assume they enjoy killing things in this instance.
But Tft, I’m such a moron that the criticism would prolly fly right over my head.
btw, I hear that the elk will only eat locally-sourced organic produce. And is an anti-TV snob, hence the absence of a screen in the room.
On a more serious note, they seem married to the $620k that #1-I got in Dec-07, when #2-I at $477,500 in Apr-07 is prolly the better basis of comparison.
Or they f’n bought the head a garage sale. Who the hell cares about an animal that can be taken down?
anon they’re probably a banker then–would explain their mark-to-fantasy paradigm.
why don’t people mount the rump side… Nice big balled elk with a shorn scrotum. Might be rather impressive.
“Are you sure it’s the afternoon snack?”
I’m given to understand that he’s quite the elk-about-town, so I guess that’s a fair point–more like breakfast for him, tho it’s generally in the late-lunch/early-tea time frame.
I like this place but not at this price : )
Elsewhere in 2008 mounted-animal posts: http://cribchatter.com/?p=3261
Sailfish (not marlin) loft sold for $525 in ’08, and now again in June ’11 for $480 (“part of a multi-property sale”).
Loss of animal trophy would seem to pull about 9% of the value out of the property.
“Or they f’n bought the head a garage sale. Who the hell cares about an animal that can be taken down?”
Because those same people “care” about paint that can be changed, an orange chair that can be tossed out, a baby’s name above a crib — both of which can also be changed.
http://www.chicagotribune.com/classified/realestate/sc-cons-0901-umberger-home-stagers-20110902,0,4779359.column
Icarus, thanks for reminding me that people are stupid.
some people are stupid, yes. some are just set in their ways and cannot see the world for what it could be instead of what it is.
In a slow market, who can say that your home isn’t selling because you had too many candle sticks on the fireplace mantel. It’s not like you can go back in the Delorean and remove the candlesticks after the fact (okay, Sonies could).
I’d love for a talk show to film a realtor staging a place and then have another realtor come in and stage that place. You know each subsequent realtor would declutter until there was nothing left.
Who pays for assessments like this. People must be really rich or desperate.
“Cool place, but the decor is distractingly creepy (such as the elk head above the fireplace). It work be perfect for an evil mastermind”
I was looking at this place and TOTALLY love it. I would definitely buy it under 500k. It is worth a LOT more than the standard 2/2 because you won’t find anything else like it in the area.
I think it will sell at 500 (maybe up to 550 for somebody looking for something like this). 1200 month assm/taxes are actually a bit on the cheap side (comparatively – again at comps look before you attack me). If it goes to 499, it’s mine.
Besides the taxes and say $300-400 gas bill, can someone tell me what is the assessment for? Is there a doorman? manager on site? repairs personnel? workout room? I really don’t comprehend this.
replenishing a reserve fund is probably most of it
Holy mackerel. Maybe I was looking at a different listing with an animal head on the wall, because I can’t believe so many of you love it.
I don’t appreciate dead animal heads either, but that’s a Thomson’s Gazelle with near threatened status.
“Besides the taxes and say $300-400 gas bill, can someone tell me what is the assessment for? Is there a doorman? manager on site? repairs personnel? workout room? I really don’t comprehend this.”
This building was built in 1923. Old buildings (and homes) need a lot of maintenance. Things need to be fixed, tuck pointed, windows replaced, doors repaired, courtyard’s landscaped, interior hallways heated and airconditioned.
Although I am not fond of this type of decor, it works well with this unit. The decor reminds me of a movie set in its lavishness.
I don’t know there are so many old buildings in Italy and people who live in them make less than 2K a month often and I am sure they never pay such outrages fees to maintain the place. Something does not add up here. I really wish I could figure out if the expenses happen because cheaper materials are used in the construction or it is because the weather is more extreme here? The building looks robust and is made of brick. It is not like the roof or windows need maintenance every year.
The freaking assessments would be a deal killer for me.
$1700 are ridiculious for no parking! I better be getting a daily massage and parking to pay that kind of price.
It also says its a CO-OP so does the board have to approve the occupant?
It’s a co-op. In addition to the gas, taxes and upkeep on a fairly old building (and the fact that this is a decent sized unit), there’s the other expenses that are unique to most co-ops (e.g., land lease(s), different insurance considerations, etc.). The assessments on this place are thus totally reasonable. The list price, on the other hand, is a bit steep (co-ops are typically discounted a bit).
I don’t like it due to the assessments.
Plus its creepy. I can usually see myself living in most places but this place looks creepy.
Still can’t get over that assessment charge
“I don’t know there are so many old buildings in Italy and people who live in them make less than 2K a month often and I am sure they never pay such outrages fees to maintain the place. Something does not add up here. I really wish I could figure out if the expenses happen because cheaper materials are used in the construction or it is because the weather is more extreme here? The building looks robust and is made of brick. It is not like the roof or windows need maintenance every year.”
Actually MM has a very good point. It’s called the rich getting fleeced here because they can be and they aren’t in a majority position to instill fiscal discipline at the HOA board level.
“I don’t know there are so many old buildings in Italy and people who live in them make less than 2K a month often and I am sure they never pay such outrages fees to maintain the place.”
That’s why they’re falling down! I don’t remember which historic site it was in Florence Italy- but it was shut to tourists for the last 40 years because no one would pay for the repairs (which the young mayor just corrected.) 40 years!
The country is crumbling- in more ways than one.
Also- don’t forget- we have a different climate than Italy.
Heck- Chicago HOA’s are a steal compared to what you pay in Manhattan. You can’t compare the two cities- but I gag when my friends in small 1950s one bedrooms tell me they pay $800 a month.
yeah, NYC co-ops are a totally different world.
All Im saying is a buyer with $600K and flush with $1700 in cash each month to fork over for a HOA can do much better than this place.
Im very bearish on this place.
“The country is crumbling- in more ways than one.”
lol…you mean to say Berlu is not perfect? I mean the poor guy barely has time to manage the country and throwing parties with underage stripers ; )
But, in all seriousness I beg to differ. There are ton of amazing places there and they look great for how old they are. You cannot just use example of one site.
I would love to see the books for HOA of some of these coops. Even in our building a few times that my husband attended the board meeting was shocked how many bad decisions were made. They constantly replace junk they have installed before with new junk and just never go for the better more expensive stuff. Also they waste ton of money for really useless things IMHO.
Is anyone else seeing a spike in homes/condos going under contract in the past week or so? There are several properties I have been watching and have been languishing on the market for months/years and are now all of a sudden going under contract. What gives?
“Is anyone else seeing a spike in homes/condos going under contract in the past week or so?”
No. Not in the areas I watch. There are properties under contract but it is taking forever for them to close (if they even are.) I haven’t suddenly seen things going under contract in the last week. If anything, the Labor Day weekend was a real drag on the market.
I will say that inventory is SO LOW that anyone looking right now really doesn’t have many good choices. So if they MUST buy- they’re buying whatever crumbs are out there.
Is anyone else seeing a spike in homes/condos going under contract in the past week or so? There are several properties I have been watching and have been languishing on the market for months/years and are now all of a sudden going under contract. What gives?
I think that was a copy – paste post from Aprils ‘ol panties in a bunch routine.
Going off the market as we type. The crumbs buyer doesn’t want my place, (it’s not 50% off the 2008 price), but it is one of the “nicer” places on the market, if you need a place to live and like the hood (west town). There are folks like me who would move 10 blocks east to enable the kid to walk home from the selective enrollment school, that we were pretty sure the kid would get into but didn’t know for sure. But alas, no takers.
Skipping off into the sunset and enjoying the new butcher shop in the hood.
I am seeing more price reductions and sellers pulling their properties off market, but I am only looking at 2/2s and some 3BRs in SL and the loop so it is a small segment of the market.
Valbie, you’re not alone. I’ve heard from a lot of people who are simply not seeing ANY traffic on their properties. Many people are taking the listing off and are going to wait until next spring again. Some are moving and renting out the place (if it’s a condo.)
There are a lot of price reductions suddenly. These are the people who MUST sell (for whatever reason.) They know that they have a limited window in the fall to still find a buyer and then it will really dry up for the next 4 months.
Surely it’s emotional but I’d rather just see this place gone/sold. I was negotiating to buy a TH in the 400’s and not really getting anywhere with overpriced list compared to comps.
Shaking my head still.
Miu you are talking about licensed unionised labor and permits in the city vs the cousin who owes you a favor using some materials he got in a trade in the Italian countryside – of course
It’s not costing them $$$ (or €€€!) to do it.
Labor costs can definitely be a factor, but I still would guess there is a lot of waste going on with associations.
“Surely it’s emotional but I’d rather just see this place gone/sold. I was negotiating to buy a TH in the 400’s and not really getting anywhere with overpriced list compared to comps.”
Those pots and kettles are always ar odds.
G: Those pots and kettles are always ar odds.
Why would you assume I’m not fairly priced? I’m pretty realistic about it.
clio (September 7, 2011, 4:14 pm)
….I was looking at this place and TOTALLY love it. I would definitely buy it under 500k. It is worth a LOT more than the standard 2/2 because you won’t find anything else like it in the area.
I think it will sell at 500 (maybe up to 550 for somebody looking for something like this). 1200 month assm/taxes are actually a bit on the cheap side (comparatively – again at comps look before you attack me). If it goes to 499, it’s mine.
http://www.redfin.com/IL/Chicago/50-W-Schiller-St-60610/unit-2H/home/21995644