Own a Piece of Astor Street for Under $220,000: 1350 N. Astor in the Gold Coast
This 2-bedroom co-op at 1350 N. Astor in the Gold Coast has been on the market 13 months.
In that time, it has been reduced $50,000.
The building was constructed in 1949 and has a parking garage.
The listing admits that the kitchen and bath need renovation however the kitchen does have granite counter tops.
The unit has parquet floors, built-in bookcases and a 15×4 balcony that overlooks Astor Street.
There is no in-unit washer/dryer and no central air, but there is a reserved parking space included in the price.
Is this a deal for the location?
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
Unit #3A: 2 bedrooms, 1 bath, no square footage listed
- I couldn’t find a prior sales price
- Originally listed in March 2010 for $269,000
- Reduced several times
- Reduced in January 2011 to $219,000
- Currently still listed at $219,000
- Assessments of $826 a month (includes nearly “everything” including heat, gas, cable, and real estate taxes)
- Taxes of $2676
- Not sure if there is a special assessment with this unit as Unit #10B which just came on the market mentions the special being paid
- Financing allowed up to 90%
- Bedroom #1: 14×11
- Bedroom #2: 14×11
There is no way to open up that tiny galley kitchen without losing a bedroom. That’s a deal breaker for many. Most people want an open kitchen if its that small.
wow i’m surprised, i thought it was going to be a total shitbox at this price point, but perhaps the $825 a month assessments are scaring people away
$220,000 is a deal in this neighborhood, the assessment needs to be disclosed as temporary or permanent. This building may be upgrading it’s windows and elevators like many others in the area and are simply building a reserve.
Very Dick Van Dyk-ish….this is obviously owned by a senior-citizen. The rest of the bldg. is likely full of seniors also, but this is something the new seniors (aka baby-boomers) probably won’t desire as it’s seen as their parents’-era layout, etc. I can’t see this being bought by a downtown swinging single either. Who is the target market for this??
PS I like that there’s no TV.
The assessments actually seem kind of low for a co-op? There must be a special or something.
Switching the fridge out for a counter depth would make a world of difference in that kitchen. I’d actually give it consideration if I were looking for a 2/2.
Sorry I meant 2/1.
I think after a bit of work this makes a nice in-town. You could go with more of a Euro-style kitchen with smaller appliances as you’re probably not cooking much here and don’t need a full size fridge for 1 or 2 people. Since the assessment includes taxes and heat/gas/cable I don’t think it’s too bad. If you can get this for under 200k and put 15k-20k back into it I think it’s a good buy.
I am surprised too. The unit looks pretty ok for the price point/hood and the assessments as Jennifer points out are not unreasonable for a 2/2 coop and in fact they include everything. I think the killer is no in-unit W/D. What is the approx. square footage of this place?
Adding up the room sizes, and from looking at the floor plan which doesn’t show much additional place, I have a hard time coming up with more than 900-1000 square feet.
Still – except for the kitchen/bath (yes I know, $$$) the unit seems to be in pretty good shape. The LR is a decent size and shape, with a nice balcony right off it. Rooms seem nice and bright. The entrance to the bedrooms/bath is a maze of doors, but closet space seems OK. The kitchen is indeed tiny, but might appeal to all those people who don’t cook and just want a place to crash in a nice neighborhood. I don’t think I’d try to break through the kitchen wall in this case – it wouldn’t gain you much, and would sort of conflict with the classic look of this particular unit. Lack of a W/D is a biggie, as is lack of A/C/. Every room, including the bath, has a window.
In terms of a special assessment – isn’t the owner required to deal with that prior to sale, or are the rules difference for co-ops vs. condos.
I don’t see this one lasting much longer.
I think the low floor is the bigger problem, the views don’t look very nice. It needs some cosmetic work, but looks reasonably well laid out. That fridge has to go, it make the kitchen look dinky.
I always get confused with taxes on coops. Are the $2676 taxes included in the $826 monthly or in addition to?
“PS I like that there’s no TV.”
No TV in the living room, but there’s an old CRT unit in the 2nd bedroom.
Jim – who pays the special assessment would depend on how the sales contract is negotiated. The new buyer would be taking over the assessment if it weren’t paid off via the sale.
JPS – normally in the monthly.
Includes “nearly everything” but not parking, electricity or internet?
Doesn’t sound like nearly everything to me.
oh yeah, it looks like you’re restricted to an electric range, no gas.
“Includes “nearly everything” but not parking, electricity or internet?
Doesn’t sound like nearly everything to me.”
uhhh – it IS nearly everything for most of the residents here (remember the average age is probably 80) so most don’t drive and probably don’t use the internet. They are also probably asleep by 6 and don’t use a lot of electricity.
According to the listing parking IS included. I’m confused about why the taxes are listed separately, since the listing also says they’re included in the Monthly Assessment. I note the building also has an exercize room – I can only imagine, line dancing at 3pm followed by cribbage??
Apparently this building doesn’t have a doorman?
I agree with the comment about low floor. The only “front” window (with the balcony) appears to be immediately above the driveway & garage entrance & also looking at the top of the low section of the highrise next door (roof of parking garage, or perhaps sundeck?). Unlike the other units in this tier, lacks a south window from the one bedroom & all the other windows are small & look west (not sure what that view is like, though the darkness of low floor is counterbalanced by strong sun from the west!)
One comment on the fridge: I have an identical unit; we bought it at Home Depot for our garage, for around 350 (with a vacuum cleaner thrown in!)
But, value does appear to be good (unless the views look over the trash bin or something!)
If the floor plan is accurate, it is 1,078 SF as measured to the inside face of finish around the perimeter of the apartment.
In a co-op you are technically a tenant/owner, so I assume that area is calculated per BOMA. Condo’s, on the other hand, are usually measured to mid-point of common walls and outside face of exterior and corridor walls.
I’m relatively new to Chicago, someone please correct me if areas are calculated differently here.
“I’m relatively new to Chicago, someone please correct me if areas are calculated differently here.”
Largely they are just a guess, because it’s “just a number”.
@JPS, IINM, they’re included in the assessment, but then listed separately so that you know how much you can deduct on your taxes.
Wonder if a stacked W/D could be installed in one of the bathroom closets? The in-unit plumbing looks doable, don’t know if the building would permit it though.
I know this building intimately. It’s not all seniors by any stretch, I’d say average age is 50. Building is solid, good board, and nice garage parking. Engineer is solid as well. There is a laundry room on the ground floor. And this location cannot be beat. Taxes are listed separately because you can deduct your share – but they are included in the assessment.
I think it will sell near ask if there is no special and taxes are included. I didn’t see the included parking spot earlier.
And the building just had a bunch of tuckpointing and balcony work done so I think you’re safe from specials for a while
If taxes are included as Joe says seems like a great price for this.
Unit 10B in the same building is listed at $245K. It is a 2/2 but appears to be only marginally larger than #3A — but assessment is a lot higher at $1367.
…and a listing that is still online for unit 11C, which is only a 1/1, indicates assessments of $994/mo when it sold in 2009.
I doubt assessments have decreased since 2009, so either something is fishy with the assessment listed for 3A or higher floors get significantly higher assessments.
1450 N DEARBORN Unit 3A under contract
Clearly something is wrong with this place (be it assessments or otherwise) because it’s been on the market for 13 months!
“1450 N DEARBORN Unit 3A under contract”
After nearly 2 years on the market? It’s about time.
But it just goes to show you- if you don’t price right in this market you will be waiting a LONG time. Unfortunately for that seller- they did all of that beautiful renovation and they aren’t going to see any reward for it.
The market for the $400k 1-bedroom (even in the Gold Coast) is small.
“Unfortunately for that seller- they did all of that beautiful renovation and they aren’t going to see any reward for it.’
Sabrina, what renovation did they do? I was in the unit in 2005 and it looks exactly the same.
“1450 N DEARBORN Unit 3A under contract”
They bought for 300k, no? and the price they sold for I don’t know, but the owner lived there for 6 years. There was no renovation, fyi. When we figure out the closing price, would someone figure out the monthly total expense for someone that bought at the absolute worst time.
Flo- I assumed that they renovated the unit given the newer look of the kitchen and baths (which I wouldn’t have pegged as 2003.) The unit last sold in October 2004 which wasn’t quite the peak of the market in Chicago.
So if they didn’t do the renovation in the last 7 years on the kitchen and bath- then it was a renovation ahead of its time earlier in the last decade as you don’t see many that looked like this done that long ago.
Well- if they didn’t do the renovation- then I don’t feel quite as badly for them. Either way- they are still going to sell for a loss with the realtors fees, closing costs etc. thrown in. They simply came out of the gate too high on this unit and didn’t adjust fast enough for the falling market.
“They simply came out of the gate too high on this unit and didn’t adjust fast enough for the falling market.”
Yeah, I couldn’t agree more. I thought that it was listed way too high to start, considering nothing had been done to it. But, they made you believe it was renovated recently, which is something that can be learned from. I remember when I was younger telling someone that I really liked the wooden floors, and they pointed out it was laminate, and I was the exact “sucker” they were looking for. I honesty had no clue
Paging Clio/WLoop/Renovators:
4 month flip. Under contract immediately!
http://www.redfin.com/IL/Chicago/1503-W-Highland-Ave-60660/home/13414883
“Well- if they didn’t do the renovation- then I don’t feel quite as badly for them. Either way- they are still going to sell for a loss with the realtors fees, closing costs etc. thrown in. They simply came out of the gate too high on this unit and didn’t adjust fast enough for the falling market.’
In that case they live there 7 years. When it closes, lets figure out of much it cost them per month
Roma, thanks for the listings, it got me thinking. So, I bought my first place recently well under my means, but still a place I can grow into for the next 10 years. The way I look at it, if prices keep going down, I might be “forced” to double down and buy another property similar to mine, as an investment. Its not like real state is going to zero, is it? Doesn’t the whole leverage game start over again when deals come on the market? I would be willing to leverage myself if price come down say another 20%.
Roma- thanks for the link on that Edgewater flip. People want new, new, new and are willing to pay more money for it so the flippers are doing well for themselves.
This was re-sold after only 4 months though. The renovation must be mainly cosmetic, I would think.
Buyers want stainless steel, granite and nicely painted walls. If you give it to them- they will buy the property.
Anyone have any sense of the difficulty of getting a mortgage for a co-op these days? It was never easy in Chicago as there are few co-ops… in the current environment I’m guessing it must be even worse?
“Anyone have any sense of the difficulty of getting a mortgage for a co-op these days?”
It has always been hard to get a mortgage for a coop – my friends on ELSD said that it really hasn’t gotten much harder at all – it is just that people don’t want to put down 50-100%.
“it is just that people don’t want to put down 50-100%”
Supposedly this building has 90% financing available, presumably via an arrangement with a specific bank. But since qualification ratios for co-op mortgages are considerably tougher than condos, 90% financing doesn’t help potential buyers that could qualify to borrow $200K on a condo but not a co-op.
JPS – I read that as you are required to have a 10% down payment by the corporation, not that they are sponsoring any financing. Some co-ops don’t allow financing and some don’t have any down payment requirements with most in between.