Sold Above the 2005 Price: 30 E. Elm in the Gold Coast
We chattered about this renovated 1-bedroom unit in 30 E. Elm in the Gold Coast in December 2008.
In addition to being updated it also had an in-unit washer/dryer which was unusual for the building.
Back in December, many of you thought that the asking price was more like a wishing price and that it would certainly close below the 2005 price.
See our prior chatter and the pictures here.
It closed last week above the 2005 sales price.
It’s history again:
Unit #20G: 1 bedroom, 1 bath, no square footage listed
- Sold in June 1992 for $58,000
- Sold in June 1993 for $175,000
- Sold in July 2005 for $200,000
- Originally listed in November 2008 for $239,900
- Sold in March 2009 for $221,000
- Assessments of $429 a month
- Taxes of $2748
- Parking available for lease in the building but some other listings indicate there is a “short” wait-list
- No central air- window units
- In-unit washer/dryer
- Dogs are not allowed in the building
- Living room: 19×15
- Bedroom: 15×11
“many”? homedelete said that; (very) arguably sonies and anon(tfo) said that. I’d say the bulk of the comments on the listing were either neutral or positive.
I’d loved to know what happened between 92 & 93 that cause it to triple in price. Then it selld at the PEAK for only $25,000 more than it sold for 12 years earlier.
This is one of those buildings that should make you shake your head. The exterior has absolutely zero curb appeal, but the building does have views and a park nearby. This should still be an apartment building. The assessment looks high and it will most likely rise once the association finances get turned over to the residents.
Sorry, wrong building. I mixed this up with 222 E Pearson.
I didn’t say anything about this unit Kenworthey! Whatchoo talkin bout?
Does anyone have details on the funding of this deal? 20% down?? etc
The Gold Coast (the true Gold Coast, not the brokers definition) may be the only safe place to buy in Chicago at the moment.
Zejas,
It may have been two separate studios in ’92 that were combined and rehabbed. Not sure, just a guess.
As for the $25K bump at peak pricing, everyone was buying much larger places during the peak, this place is a shoebox.
you mean that random people on some blog don’t dictate Chicago real estate prices? weird!
No, brad, knifecatchers do.
Sorry, sonies, I meant sartre. Too many 6-letter names starting with “s”…
I’m surprised you broke wanksters aren’t shocked somebody out there can afford a whopping 240k!
> No, brad, knifecatchers do.
So, the knife catchers start buying places and then what? prices stop going down? are we saying that places are only worth what someone will pay?
“are we saying that places are only worth what someone will pay?”
Can you defend any other definition?
It sold because the building is solidly in the Gold Coast on a pretty block, close to everything, and it was a decent price. Not great but not outragously expensive either. OK, so it is a building that is obviously from a few decades ago, but it is a quiet building that does have indoor parking, and some of the units do have balconies, too. (I don’t remember if this one does or not) The only thing I don’t like about this building is if you ever want to lease your unit to someone else, you have to get condo board approval on your tenant.
This time you’re right brad, places are only worth what someone will pay….
Two years about it was all about what someone will pay….per month … on the howmuchamonth neg am option arm flip before the reset payment plan…
Nowadays it’s still about how much you can pay….income verified after a 15% or 20% down payment.
Lending standards have tightened, less buyers can pay higher prices. In the end I think this seller got lucky and found a qualified buyer with cash to burn, as opposed to this being a great value or whatever else people want to attribute. A market is comprised of people overpaying and underpaying to get an average price.
““are we saying that places are only worth what someone will pay?””