Rent or Own? A Remodeled 1-Bedroom with Views at 1030 N. State in the Gold Coast
This 1-bedroom in Newberry Plaza at 1030 N. State in the Gold Coast came on the market in December 2021.
Built in 1971, Newberry Plaza has 559 units and attached leased garage parking.
It’s a full amenity building with an outdoor pool, sundeck, exercise room, bike room, storage, door staff, an on-site engineer and management.
This unit is on the 41st floor and has south views of the city skyline.
The listing says it was “completely remodeled.”
It has silver/gray white oak floors throughout.
There’s a new “chef’s kitchen” with white Shaker cabinets, undercabinet lighting, quartz countertops that are also full height backsplash, GE stainless steel appliances including a stove with air fryer technology.
It has a breakfast bar with seating for 4.
There are two pantries, with one including the washer-dryer.
The bedroom has a walk-in-closet with custom organizers.
The bathroom has porcelain tile, a white floating double vanity, a dual flush toilet with soft close seat, and a walk-in shower.
It has central air and there is leased parking in the building.
The listing says there hasn’t been an assessment increase in the building in 12 years.
The higher floors in this building do not have balconies so there is no private outdoor space with this unit.
Redfin’s monthly payment calculator gives the following payment:
- Downpayment of 20%, or $79,980, with a 30-year fixed at 3.3%
- Mortgage payment of $1401 a month
- HOA of $539 a month
- Taxes of $534 a month
- Insurance of $163 a month
- Total monthly payment of $2637
There’s a new mid-rise luxury apartment building going up down the street at 1210 N. State Parkway called Gild Chicago.
You can see the Gild Chicago website here.
There are no 850 square foot 1-bedrooms in the building. The largest 1-bedroom is 657 square feet.
According to their website, the 657 square foot 1-bedrooms are renting for between $2890 and $3095 a month.
Will more Millennials buy renovated condos rather than rent as rent prices rise?
Robert Picciariello at Prello Realty has the listing. See the pictures here.
Unit #41K: 1 bedroom, 1 bath, 850 square feet
- Sold in February 1983 for $87,500 (per Redfin)
- Sold in July 2021 for $246,000
- Currently listed at $399,900
- Assessments of $539 a month (includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $6405
- Central Air
- Washer/dryer in the unit
- Leased garage parking in the building
- Bedroom: 16×12
- Living/dining room combo: 19×14
- Kitchen: 15×9
- Walk-in-closet: 7×12
657 sq feet? What is that? An apartment for ANTS?
“657 sq feet? What is that? An apartment for ANTS?”
Smallest in that building is 598 square feet. There is no island or breakfast bar. No dining room.
This is the common layouts for the 1-bedrooms now.
The older buildings are a deal for the square footage, in not just 1 bedrooms but also 2 bedrooms.
2687 a month and a $80k down payment. No thanks, I’d rent in the west loop for more square feet, more common area modern amenities, and live with people that are under 60 unlike this building. Plus the Gold Coast is dead compared to the west loop nightlife and walk to work ability.
“No thanks, I’d rent in the west loop for more square feet, more common area modern amenities, and live with people that are under 60 unlike this building.”
You get more square feet in the West Loop?
Yes, you can. But you’ll pay an even more outrageous price.
Here’s an 881 square foot 1-bedroom at the Parker Fulton Market. $2600 to $3700 a month.
Lol.
https://www.theparkerchicago.com/floorplans.aspx
Yep, rent in a brand new luxury rental for $2600 a month and then invest the $80k in small cap equities (my choice). Or use the pocket change as your summer yacht daddy, hooker, and coke money.
Great-looking unit in a good building and nice location.
Price looks about right, though lack of a balcony is disappointing. I could never understand why the balconies stop below this level at Newberry.
One thing I noticed is that despite being on 41, the view is mainly into other buildings. Not too sweeping and no lake view. I’d rather be on the other side of this building.
As far as square feet, this sounds about right. Our studio in the Hancock has a similar amount, but the Hancock is an odd building where units on lower floors like ours (50th) have huge footprints because the building goes from wide to narrow as it rises. Kind of an outlier.
People who say the area around Newberry is “dead” probably haven’t been by there lately. It was hopping all summer. The open plaza/park outside was always crowded with people, and most of the nearby restaurants have outdoor seating that as far as I could tell was always nearly full in the nice weather. This neighborhood remains walkable and charming.
“There is no island or breakfast bar.”
are you referring to this unit? there’s clearly a breakfast bar.
Should be $330K max. Nicely styled & functional. Most of the 1 beds in my building have the same basic layout (820-830 sqft) but also a pretty huge balcony (with equally good views). They rent for $2600 with the bigger corners (870-900 sqft) a bit more. Not sure if there’s 1 month off still though?
Building is old (as are most of the owners/renters). Amenities are weak too, e.g. you have to pay each time you use the pool. I hope it sells for ask though as that’ll be a sign that my place is up in value too.
“you have to pay each time you use the pool.” WTF?
I assume that is related to no assessment increase in 12 years.
I can kind of understand payment to use pool. Though hopefully you can buy a card so you don’t have to pay each time. I’ve lived in our building almost a year and haven’t used pool yet. I keep meaning to. I assume the price of the pool upkeep is high.
“I assume that is related to no assessment increase in 12 years.”
Even if you strip out the pool costs, you still have extensive maintenance, front desk, engineers and management to pay for in a building this size.
Tells me it’s a very well run building that they haven’t raised assessments in that amount of time. I wonder how much longer they can keep that going with labor costs rising quickly?
“Building is old (as are most of the owners/renters).”
All buildings are turning over Rob. Long term owners are retiring and moving south. Two new apartment buildings going in within a few blocks of this location. Probably will be another one going in across the street at the Carmine’s location, which is on the market.
These will all attract younger renters.
Perhaps Foxtrot Market knows this and that’s why they just opened their largest market next door to this building.
The era of Viagra Triangle may be coming to an end this decade.
“I can kind of understand payment to use pool. Though hopefully you can buy a card so you don’t have to pay each time.”
Agreed Dan #2. Most residents will never use that pool. There are over 500 units. Why should they all have to pay for it?
I should hope they have some kind of payment system on the condo’s management portal. Does anyone know? Can you just charge your credit card whenever you want to use the pool?
“People who say the area around Newberry is “dead” probably haven’t been by there lately.”
Yep.
As I said in my other comment, Foxtrot has opened a big market next door to this building with indoor and outdoor seating.
Also, once the Borders parcel is built that will add a lot of new apartments and more retail in the base. And the Carmine’s property is on the market and will probably see another high rise.
There’s actually a lot happening in this neighborhood now in terms of restaurants, shopping etc. It’s not “dead” at all.
“I could never understand why the balconies stop below this level at Newberry.”
Dan #2, I’m assuming that people had the smarts in the 1960s to realize that you will NEVER go out there on the 41st+ floor anyway.
Look at all the buildings that actually do have outdoor space that are taller in Chicago. Do you ever see anyone out on those balconies?
Recessed balconies are better, at least, but still not that pleasant.
Also, the higher balconies have issues with winds and you have to keep your furniture battened down. Literally.
I think it’s smart that they didn’t put the balconies on the higher floors in this building.
“One thing I noticed is that despite being on 41, the view is mainly into other buildings.”
It’s city view. Pretty impressive from this location, actually.
Unlikely to get a 40 story high rise built anywhere near here in the future so you aren’t looking directly into anything, unlike if you’re in River North, for example.
“Yep, rent in a brand new luxury rental for $2600 a month and then invest the $80k in small cap equities (my choice). Or use the pocket change as your summer yacht daddy, hooker, and coke money.”
If you don’t care if you get 600 square feet and are paying $2800 to $3200, then sure.
Also, rents are expected to rise 5% to 7% in Chicago next year.
This is where buying can be an advantage.
Buying isn’t a good choice if you’re only going to stay a few years. Too many costs associated with owning (closing costs etc.) But the NYT has a great rent v own calculator that people can plug in all the costs and see if it makes sense.
As those rents continue to rise, for less square footage, lots of people are going to think twice about renting.
This has always been the cycle in Chicago. Apartments, to condos, to apartments and now, to condos again.
Speaking of renovations, I was about to crib on this 2/2 in Helmut Jahn’s 600 N. Fairbanks.
This is the first full redo I’ve seen in this building which was built in 2008.
It’s listed at $774,900 for just 1306 square feet. Just went under contract.
Bought in Dec 2020 for $600,000.
https://www.redfin.com/IL/Chicago/600-N-Fairbanks-Ct-60611/unit-1802/home/28433739
“If you don’t care if you get 600 square feet and are paying $2800 to $3200, then sure.
”
Wrong again. Can rent in Arkadia West Loop and easily walk to the loop or West loop offices and get 837 square feet for $2558. Check the website now. That saves you the $100 cta pass you’d have to get if you lived in Gold Coast.
Also, property tax and HOA’s only go up. Plus you get the benefit of living in a building that isn’t an old folks home. The pool and amenity center are way better too.
And unless you plan on living here for a decade plus, renting is clearly the winner here. Folks in their 20’s and 30’s should avoid this like the plague because their living circumstances will likely change and a 1 bedroom won’t be big enough. Will lose money in realtor closets if selling in 5 years.
“And unless you plan on living here for a decade plus, renting is clearly the winner here.”
Nationwide, Americans are owning for a record high 11 years right now. During the 1980s-until the housing bust in 2007, it was 5 years.
This is great news. People are making the commitment. They are paying down their mortgages and building equity. Also avoiding all the closing costs.
“Also, property tax and HOA’s only go up. Plus you get the benefit of living in a building that isn’t an old folks home. The pool and amenity center are way better too.”
Says Mike HG who lives in Florida, the oldest state in the nation.
Lol.
We aren’t talking about the West Loop with this building. We’re talking about the Gold Coast. New apartments nearby aren’t $2600 a month but you could get Class B apartments at that price. You still pay a premium to live in the Gold Coast, apparently.