The Hottest Building in the Gold Coast? 30 W. Oak

30 W. Oak, the modern tower in the Gold Coast, was not the tallest or the most luxurious new building to be built during the boom.

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But 4 years later, the building continues to be a standout in the Rush Street corridor.

Built by Smithfield in 2006, the 46-unit boutique building has 22 floors (that construction in front of the building is for the new Ogden Elementary School.)

There has been one sale in 2010, Unit #16A, which closed for $3.875 million.

There were 3 sales in 2009, including Unit #3A for $2.9 million.

But Unit #4C has been on the market for 2 1/2 years.

We’ve chattered about Unit #4C several times in the past.

See our November 2008 chatter here.

The 2 bedroom unit has now been reduced by $156,000 since 2008 and is listed for just $54,000 over the 2007 purchase price.

It has a Poggenpohl kitchen and upgraded stainless appliances by Sub-Zero and Miele.

It also has a 24×12 terrace.

What will it take to finally sell this property?

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Scott Berg at Berg Properties has the listing. See the pictures here.

Unit #4C: 2 bedrooms, 2.5 baths, study, 2057 square feet

  • Sold in October 2006 for $1.01 million
  • Sold in May 2007 for $1.115 million
  • Was listed in January 2008 for $1.325 million plus $65k for parking
  • Reduced
  • Was listed in May 2008 for $1.299 million plus $65k for parking 
  • Reduced
  • Was listed in November 2008 at $1.249 million (parking included)
  • Reduced
  • Currently listed for $1.169 million (parking $30,000 extra)
  • Assessments of $1256 a month (includes heat, a/c, cable, doorman)
  • Taxes of $2844
  • Has a 24 x 12 terrace
  • Bedroom #1: 16×13
  • Bedroom #2: 14×12

45 Responses to “The Hottest Building in the Gold Coast? 30 W. Oak”

  1. Matt Garrison on July 7th, 2010 at 10:24 am

    Unit #5C closed for $946,750 in 2009, that is the comp for this unit. This building has fared better than almost any other building because it is unique, very well located and has a relatively small number if units. Supply and demand are well balanced in this building.

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  2. My left arm for that closet.

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  3. How tall is the new school going to be?

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  4. “My left arm for that closet.”

    I bid my left arm and the first two knuckles of my right pinkie and ring fingers. Sorry, Question.

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  5. Matt Garrison on July 7th, 2010 at 10:36 am

    Its only 3 stories.

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  6. I own a place at the Palmolive (159 E. Walton). The finishes in this condo are very similar. If someone could get this for around a million dollars, it would be a fair deal. Obviously, there is something screwy with the taxes (they should be between 15 and 20k). Assessments are reasonable for the price/location, etc. Overall, not a bad deal…..

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  7. The views from #4C are less than exciting. The kitchen isn’t up to par with the price IMO. I’d rather see a uber-nice Thomasville or Kraftmaid kitchen than to blow that much money on basic cabinetry just because it’s German. How were there no flippers in this building?

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  8. I’m guessing the awkwardly placed toilets are holding this place back from selling

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  9. If I can afford this place I’ll need my fingers and knuckles for my bling.

    “I bid my left arm and the first two knuckles of my right pinkie and ring fingers. Sorry, Question.”

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  10. I walk by this building almost every day and wish I had the dough to live here. What are all of the extra rooms listed? I think there should be some better pictures or a floorplan to give a better feel for what this place is like.

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  11. If you go to the Virtual Tour, there is a floor plan.

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  12. This building and the Montgomery are my favorite new-construction high-rise residential condo buildings. (Yes, I know that Montgomery is a office building conversion.)

    Anyone venture why the taxes are so ridiculously low? Anyone identify current owner – and if so, is that person an employee at the tax assessor’s office? (I’ve heard stories that employees and their relatives/friends get significant assessment concessions, but this is ridiculous.)

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  13. $30,000 extra for parking, give me an F’n break already. Like anyone paying over $1 million for a condo in this market will be forking over extra cash for a parking space.

    Price it at a flat $1 million with everything included and it might actually sell.

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  14. I have to admit that until yesterday I had never heard of Poggenpohl cabinets. I’m such a rube.

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  15. “Anyone identify current owner – and if so, is that person an employee at the tax assessor’s office? (I’ve heard stories that employees and their relatives/friends get significant assessment concessions, but this is ridiculous.)”

    I don’t think this is true. In fact, management-level employees are told not to appeal and I believe employees’ assessments get internally audited to make sure they are fair. The assessor doesn’t want any bad press on something that is easy enough for someone with time and internet access to investigate. Family member perhaps as it would be harder to audit that.

    Plus I can’t see anyone on a cook county salary affording the nut to live here.

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  16. “If I can afford this place I’ll need my fingers and knuckles for my bling.”

    That’s what grills and chains are for.

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  17. Yawn. Wake me up when it’s below a million for a 4th floor unit…..sleepy time again..

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  18. agree. 4th floor and >1 mil dont mix…

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  19. Sabrina,

    Not sure where you got your data but the MLS shows 3 closings in this building in 2010.

    7A, 16A, and 21A

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  20. Here is what the MLS Shows-The first number is the sales price

    55 30 Oak 21A 9 06/24/2010 $3,040,000 $3,249,000
    53 30 Oak 7A 6 06/04/2010 $2,485,000 $2,699,000
    52 30 Oak 16A 10 03/03/2010 $3,875,000 $4,595,000

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  21. Might have been classified as vacant. I have heard that a property tax lawyer can use that status to petition for a tax reduction although that reduction might be limited to commercial spaces only.

    Why no photo of the impressive sized terrrace?

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  22. Matt Garrison on July 7th, 2010 at 3:20 pm

    This unit’s terrace looks right into a brick wall and power lines.

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  23. I think I had mentioned on a previous thread that I toured many of these units with my bro and dad shortly after completion of the building…the non contract ones anyway…and I really did like them. I recall a full floor unit and it was spectacular. To me it is very similar to 110 W Superior, other than the blue glass of course.
    BTW, I got an email about 110 W Superior telling of the ‘exclusive’, one of a kind duplex penthouse (that was never in the original plans) on the top floors on the North side. It was pretty nice with a large terrace and I believe a family room on the upper level.
    Anyway, back to this unit, if it has taken this long at this price and still no offers it is def time to do a price chop and include the parking.

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  24. This unit will sell for below 950k.

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  25. Lauren says “The kitchen isn’t up to par with the price IMO. I’d rather see a uber-nice Thomasville or Kraftmaid kitchen than to blow that much money on basic cabinetry just because it’s German.”

    Really, you think a Thomasville or Kraftmaid kitchen would be better? I am SO sick of seeing suburban kitchens in mod spaces (think 600 LSD). IMHO: If you want a suburban kitchen, live in the suburbs or a vintage building.

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  26. I think if the terrace was open air it would have a shot but these terraces look stacked to me with limited open air feel.

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  27. “Not sure where you got your data but the MLS shows 3 closings in this building in 2010.”

    I get my data from public sources since I’m not a realtor.

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  28. David just busted out a little G, there. Gotta miss G, but, nice!

    Gotta be amazed at these sale preices, too.

    (I was about to make fun of the March buyer of 16A, w/regard to sale price of 21A, but then I saw the listings. . . holy cow, 16A was a 4700 sqft 3/3.5! Interesting entry in the ongoing subplot of how valuable real / developers sqaure footage can be).

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  29. I have been in this unit. Beautiful at $990K. I see that the unit does not have a PIN yet so the taxes are not accurate. I also believe that this unit has never been occupied (Flipper?). The outside space is very generous, however Matt is right, there is a brick building to the east and not much to see to the south.

    You would NEVER put kraftmade cabinets in a unit like this, are you kidding me. the Poggenpohl are perfect for this unit. This is a great unit but I do not understand why some are paying 750-800/ft? NO VIEWS

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  30. “Gotta be amazed at these sale prices, too”

    It is funny how we forget that there a LOT of very wealthy people still out there. There are MANY people with millions of dollars in cash/liquid assets who can easily snatch up any good deals and have no problem paying cash for their real estate.

    When I was looking for a new place on east lake shore drive and just north of there, I was shocked at the requirements for MANY of the coop buildings. Not only do most coops require 75% cash down , but some buildings (1500 N. LSD) require documents proving 5million dollars in LIQUID assets to even apply to purchase a place. There are thousands of units like these – so do the math (many rich people).

    Then, I look around at my neighbors in the suburbs (Oak Brook/Hinsdale) and see these people living very comfortable in 4million plus houses, I realize that thre ARE a LOT of rich people out there.

    If you need more proof, just look at some of the foreclosures out there – any really good deal gets snatched up fast (for cash).

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  31. clio – uh oh. Be prepared for the backlash against the idea that the mythical wealthy class are not actually mythical in greater Chicagoland.

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  32. Unfortunately that wealth is concentrated in the first and second estates.

    “And exactly as the developers of the tropical wonderlands of Florida had learned that there were more land- speculators able and willing to gamble in houses intended for the polo- playing class than there were members of this class, so also those who carved out playgrounds for the rich in North Carolina or elsewhere learned to their ultimate sorrow that the rich could not play everywhere at once.”

    “Then, I look around at my neighbors in the suburbs (Oak Brook/Hinsdale) and see these people living very comfortable in 4million plus houses, I realize that thre ARE a LOT of rich people out there.

    If you need more proof, just look at some of the foreclosures out there – any really good deal gets snatched up fast (for cash).”

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  33. Oh Wicker – the backlash is coming.

    Nobody doubts there rich people. It’s just that Hinsdale has 17,000 people, Oak Brook has 4,000 people …

    40,000 people live in Englewood,
    50,000 people live in Canaryville
    37,000 people live in west pullman
    etc….

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  34. HD – I should apologize to you, I don’t know why I trolled you this morning. Your general thesis – acknowledging that there are wealthy or doing well people, the general pool is less than it once was.

    Exaggerating this fact was that there were plenty of folks who shouldn’t have been given the amount of credit that they were and living beyond means – which you have repeatedly documented with the % of foreclosures & bankruptcies.

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  35. I should also not post while on a conference call (but at least I’m paying more attention to that!) My post was quite disjointed.

    I agree with your general thesis. I am also concerned with the erosion of the middle class and acknowledge that most of the population can’t afford the properties on here. I’m torn as a lot of folks I know can though; might be the self selecting nature of the net to a point.

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  36. I agree, there are A LOT of wealthy Chicago people.
    The midwestern sensibility does not allow conspicious consumption, so you never know who is and who isn’t.

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  37. I totally agree with all of you (with regard to the wealthy).

    I was just trying to represent a minority of people out there (for who these types of buildings – 30 W. Oak – were built). Basically if you have real estate in a desired location, you still can make a killing (even in this market).

    I see this happening everywhere. I own a lot in Hinsdale (not for sale). It is 0.25 acres on a somewhat busy corner – I get unsolicited offers for 400-600k every month!!! At the same time, I own a 15.3 acre parcel of beautiful land (horse country) with a 4000 square foot house, 3 car garage, and 15 stall barn in St. Charles (60175) – about 15 miles west of Hinsdale. Million dollar houses on postage stamp lots surround the farm on 3 sides. The land is R1 (40000 square foot lots), is subdividable and yet I have had no interest at 599,000!!!!

    It is unbelievable – but a great lesson .

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  38. St. Chaz is worlds away from Hindsdale for more than just geographic reasons

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  39. As a former resident of St. Charles (my folks still live there) , I agree with Sonies.

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  40. I will say this again and again, i think i may hang in the wrong circle of people and took a wrong career move somewhere, but i don’t see/know/come across many people that can prop up this much high priced inventory.

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  41. Wicker, its ok.

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  42. “I will say this again and again, i think i may hang in the wrong circle of people and took a wrong career move somewhere, but i don’t see/know/come across many people that can prop up this much high priced inventory”

    While there may not be tons and tons of people with that kind of money, there are definitely enough people out there who WILL buy if the deal is right or fits with their investment strategy. Right now there are a lot of people who are keeping a lot of their assets liquid because they are scared of the stock market and real estate market. If (of course this is a big “if”)a developer/seller could convince these people that a certain property would be beneficial to them in some way (financial, social, etc.), there is a market out there for these properties….. I guess this is where “salesmanship” and marketing skills really count.

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  43. So a couple of questions.

    Will this building maintain its value?

    Is the location of this building ANY better than say Newberry Plaza or Walton on the Park? I THINK in terms of location they are all comparable.

    In 20 years, will there be a price prem for Walton on the park over an even older Newberry Plaza?

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  44. I looked very hard at 5C. The finishes weren’t quite as good as 4C, but it will clear the school a little better. Regardless, 5C went for about $950. I think it could have even gone cheaper than this. These sellers are sticking to their guns on price and therefore can’t sell it. If they reduced it to $1mm, they’d get some $850 or $900 offers and end up selling it for $925-950. No way its worth more than 5C because the extra floor is pretty key re: the school.

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  45. I have seen this unit. First off, the lobby is considered floors 1 and 2, so this unit is only the second set of windows up. Second, after school construction is completed, the view look straight out at the school. Sure, you see buildings above the school in your background, but the school is the dominant feature out of the windows. Third, the terrace is ~40 feet above an alley, and 15 feet above power lines, it looks north up the alley, looks east straight into a brick wall 15 feet away, and south looks at the school with skyline above. If you were 5 stories higher, the terrace would look straight down oak to the lake to the east. I LOVE 30 W Oak and hope to buy in the building eventually, but this unit is simply missing 2 of the biggest perks of the building (amazing view and great terrace environment).

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