Pre-War Vintage Elegance In A 1-Bedroom In The Gold Coast: 73 E. Elm
This large 1-bedroom at 73 E. Elm in the Gold Coast came on the market in June 2012.
This isn’t a run of the mill white box 1-bedroom unit.
This pre-war apartment has a barrel vaulted entry which leads to a 12×5 gallery.
The living room has a fireplace with small bookcases built-in on either side.
There is a large library or dining space along with a galley kitchen with white cabinets, granite counter tops and stainless steel appliances.
The unit has a new slate bathroom.
It has central air but no washer/dryer in the unit. It also doesn’t have parking.
Originally listed at $419,000 it has been reduced $7,000 to $412,000.
There are two other similarly large 1-bedrooms in the building also on the market. Unit #14D is listed at $410,000 and Unit #4C at $390,000.
Is $400,000 the going price for large vintage 1-bedrooms in this location?
Thomas Gorman at Baird & Warner has the listing. See the pictures here.
Unit #8D: 1 bedroom, 1 bath, no square footage listed
- Sold in September 1989 for $149,000
- Sold in July 2004 for $254,000
- Originally listed in June 2012 for $419,000
- Reduced
- Currently listed at $412,000
- Assessments of $1064 a month (includes heat, doorman, cable)
- Taxes of $4668
- Central Air
- No in-unit washer/dryer
- No parking
- Bedroom: 15×12
- Library/Den: 17×12
- Gallery: 12×5
Nightmare on Elm Street? More like Wet Dream on Elm Street! I love it!
The place is very elegant (if you’re in to that style), but to pay $400k plus for a small 1 bedroom with ridiculous assessments and no in-unit laundry or parking is absolutely absurd. There’s just so much more you can get with 400k in this market. Maybe $250k list price would incite some interest. Reselling these types of units in high-assessment buildings has got to be extremely difficult now.
These places just make me (if I was an owner or buyer) realize how lame Chicago is compared to NYC when it comes to true urban living. If you’re going to live in Chicago, don’t try and buy a NYC knock-off lifestyle type place. It doesn’t work. Just move to NYC and do the real thing, or not at all. At least if you’re in an INVSCO unit you get laundry and a garage spot, so you can use your car. That’s more Chicago.
I can’t find any recent sales, but obviously they are all pricing off each other. However, unit 7D was listed today at $399k and looks the best of all four units. If any of them are going to sell around $400k, I think it will first and most likely around 4C’s list price or lower. I think that means 4C, 14D (which I like as it is top floor) and this one at 8D will have to lower their prices some.
Tough to have 4 very similar listings on the market in one building with a limited buyer base due to them being 1-bedrooms.
Actually, 7D sold in 2010 for $395k, so I think it really is the most realistically priced of the four although I wouldn’t be surprised if it sells for $385k or so.
Great place…love the lobby, very Mad Men’esque. Would be good place for a single person into more “sophisticated,” form of home entertaining (i.e. I don’t think kegs and drunk 20 somethings will fly in this building.) I see a bar set up with a lot of “brown drinks,” served throughout the years(as a matter of fact it kind of looks like Maureen Ohara’s apt in “Miracle on 34th Street.” I would’ve killed for that apt. since I was 7 years old…odd that my mom wouldnt think something was amiss.) Weird how the current owner uses that big ass dining room though.
Still, a lot of money for a one bedroom, with no parking, no washer/dryer and essentially no working fireplace (a real fireplace would turn this place into a stabbin’ cabin for real.) In my dream world as a single man with money to burn this will stay.
Beautiful unit, but it seems over-priced considering there’s no parking and only 1 BR. It could make someone a great in-town, as the ad says.
Pretty but completely non-functional. No parking, no W/D, purely ornamental kitchen, no private outdoor space = not worth it, IMHO, even given this location.
In towns typically have parking, especially in the gold coast… you think these rich folks are gonna slum it taking the metra or a taxi? pshaw!
don’t understand why anyone would pay this much money for a one bedroom without parking and laundry and not to mention the $1500/month of taxes and assessments. It only makes sense at the September 1989 price.
“It only makes sense at the September 1989 price.”
Oh, c’mon. That’s silly. It certainly makes sense at the ’04 price of $254k. At $149, one of the adjoining owners buys it and gets a bigger unit.
If you take the 89 to 04 annual gain and apply it forward, you get $337k. Which is about $2750/mo, with 10% down. Seems reasonable, if you somehow know you’ll hold for 15+ years. The ~$3200/mo at current ask (again w ~10%) seems steep, even if you have a long term view.
” At least if you’re in an INVSCO unit you get laundry and a garage spot, so you can use your car. That’s more Chicago.”
Love Invsco buildings. Great bang for your buck. Great finishes. Plus, as it says in the name of the company, it’s all about investing with these guys. Invsco is what city living is all about, imho.
http://www.redfin.com/IL/Chicago/73-E-Elm-St-60611/unit-6A/home/12572447
How much is a second bedroom and $500 more in assesments worth? (I didn’t look at the taxes but I’m sure it’s higher).
I like those googly eye statues on the table.
This is a good unit for a wealthy elderly person, but how many other people really could go without air conditioning, a parking spot, or a washer dryer. Elderly people are always cold, so they don’t need air conditioning. They don’t drive, so they don’t need a parking spot. They also send their clothes out to be washed/dried, so they don’t need a washer/dryer.
There is also a Special Assessment ongoing in the building on top of those HOAs. I do not know what for or the exact amount but the seller would typically pay it off at closing.
Anyone have the scoop on what’s going on in the building?
“These places just make me (if I was an owner or buyer) realize how lame Chicago is compared to NYC when it comes to true urban living.”
Lame? The NYC vs Chicago comparisons are even more lame. Two different cities. To start, the place above would be twice the cost.
Sonies – Rich people may scorn the CTA (except for the nearby 151 bus) but they may use the Metra for trips to the North Shore suburbs via the “private car” attached to some of the trains on that line.
And taxis? Absolutely – what, you’ve never seen all the “action” along the Mag Mile heading for the Inner Drive? Or maybe the upscale “livery” services.
The rich are different…they “think green” in their own fashion.
Trust me, north shore suburbanites (except for the 1 off 60’s artsy hippie or “designer”) would NEVER buy a place without parking.
Totally OT but this week I was reviewing a loan app/mortgage dating back to 2004. The apprisal was in the loan package. A tiny 1,200 sq ft bungalow in portage park was appraised at $297,000 and that was because the condition of the property had normal wear and tear! The mortgage brokers fee was $6,600 on a $220,000 loan! 3% fee! Wow, plus the broker got an additional yield spread premium YSP of $616.33 paid outside of closing. A $7,000 loan fee! Amazing stuff, the good ole’ days. How I miss the hustle and bustle, now i’m just cleaning up the mess 🙁
“Trust me, north shore suburbanites (except for the 1 off 60?s artsy hippie or “designer”) would NEVER buy a place without parking.”
I believe you 100% David. The Bredemann Lexus and Lexus of HP people don’t associate with diversity on mass transit, nor do they care if they pollute excessively. They’ll just “write a check” for some liberal or environmental charity, get their name on a donor list, to make themselves feel righteous. They love environmentally unfriendly car washes too! Gotta have a spotless car! who cares where the chemicals all end up….
Beautiful apartment that is almost worth the price. I feel that $385K would be about right.
One little thing, though. This apartment has obviously been extensively rehabbed, and a new, square portal cut into the living room at the point where the old, graceful arch is, which looks rather strange. Still, it is a beautiful, almost perfect apartment and I don’t think the lack of AC or parking will be problems for prospective buyers. While the building doesn’t have parking, rental parking is available nearby and you can install space pak if you hate using window units.
It has central AC per the description. FTR you can’t install space pak into a vintage unit like this without room for an outside condenser and like an attic to put the air handler in. They only are really practical in Single Family homes
For older buildings, AC condenser can be suspended outside the unit on a small support platform. Toured another vintage building nearby, and nearly every unit had a condenser unit installed outside of unit.
“They love environmentally unfriendly car washes too!”
Car wash is more ‘environmentally friendly’ than washing your car in your driveway/on the street. At least if it’s a proper car wash.
“For older buildings, AC condenser can be suspended outside the unit on a small support platform. ”
Assuming that’s allowed by the association. In my building you are not allowed to drill into the building facade for any reason. I’m sure there are other rules about just hanging stuff off the side of the building, too.
“Car wash is more ‘environmentally friendly’ than washing your car in your driveway/on the street. At least if it’s a proper car wash.”
yeah right. It takes alot of power to run those car washes, not to mention the increased carbon footprint produced by the illegal immigrants used as low-wage labor to dry the cars off with towels, that end up in a commercial washer and dryer facility, using even more electricity. Face it, the joan rivers and billy crystal wannabes that David is referring to from parts of the North Shore are not concerned about the environment when it applies to them or their cars.
“yeah right.”
Whatever. I’m done. Someone slap me next time I do that.
Architect (January 7, 2013, 7:54 am)
For older buildings, AC condenser can be suspended outside the unit on a small support platform. Toured another vintage building nearby, and nearly every unit had a condenser unit installed outside of unit.
How you going to literally hang a large condenser outside of a 10 story building? Then how will you service a condenser hanging off the side of a building? A condenser is big and heavy.
Lets be honest besides a Window Unit your not going to be able to retrofit this unit with a Space Pak like was mentioned.
7D claims Space Pak (http://www.zillow.com/homedetails/73-E-Elm-St-APT-7D-Chicago-IL-60611/3846537_zpid/). I’m sure others in this building have a/c as well.
“7D claims Space Pak ”
Building appears to have neither big RTUs to serve multiple units nor stuff hanging off the sides. Not that I doubt ac, but am curious how provided.
Condensers are often placed on the roof as well. Air handler in a closet. Space Pak is cooling/fan only and runs on electric. Perfect if you want to keep radiator heat. I installed it in huge vintage third floor condo I just rehabbed. They were able to position air handler in ‘attic’ space between my ceiling and roof. The building was only 6 units.