Unique Gold Coast Coach House: 29 W. Chestnut
MMK asked:
“Sorry, off subject… Sabrina, can you review 29 W Chestnut, a townhouse listed at $850,000? A friend expected this listing to be priced at $450,000, and was surprised to see it listed so high even if the unit itself is impressive. I’m interested, but can’t find comps because it’s so unusual.”
29 W. Chestnut is hard to miss if you stroll down the tree-lined Chestnut Street just west of State Street.
What is the going rate for your own private coach house with a garage in this location?
The chatter yesterday was correct- as it doesn’t appear to have any outdoor space.
And there is no square footage with the listing. Here are the room sizes:
- Living room: 11×18
- Dining room: 10×12
- Kitchen: 10×9
- Bedroom #1: 13×18
- Bedroom #2: 11×10
- Bedroom #3: 10×10
Here is the listing:
Extraordinary Location In The Heart Of The Gold Coast. A 120 Year Old Unique Carriage House W/ 3 Br, 2.5 Baths, Washer/ Dryer, Fireplace, 12.5′ Ceilings. Private Attached Gar. 3 Blocks From Water Tower. Light & Open. Hardwood Floors, Thermopane Windows.
Newly Remodeled Kitchen Designed By Award-winning Architect: John Vinci. Built-in Bookcases In Mbr: All Closets Organized By Closet Works.
Marlene Saint George at Baird & Warner has the listing (see more pictures on her website.)
29 W. Chestnut Coach House: 3 bedrooms, 2.5 baths, 1 car garage
- Sold in June 1989 for $170,000
- Sold in January 1997 for $265,000
- Sold in November 2001 for $440,000
- Currently listed for $849,000
- Assessments of $183 a month
- Taxes are $5,469
- Central air
- Fireplace
My searches make it appear as though the current owners have no more than $325,000 in debt on this one, so there is plenty of room to negotiate downward. It’s hard to say how much something like this is worth. I don’t think it’s worth $850,000 though.
There is a large surface parking lot immediately to the south (according to Google maps). I have a hard time believing that such a large parcel of land will stay undeveloped, and when developed it will probably maximize the land use. So this unit is likely to lose a lot of sunshine in the next few years.
Maybe this is a stupid question… but if your purchasing the building why are there assessments?
It seems to me that the unit faces north (and due to size and the way it appears on the googlemaps views, it must be attached to another unit in the back, not only the side). Not sure how much sun there is to be lost…
*** Not sure how much sun there is to be lost..***
and depending on the season and hour, I’d assume one of the neighboring hi-rises casts a shadow right on top of that plot.
I don’t think the price is too crazy. People are paying way more than this a similar amount of space in nearby highrises, and I’d much rather have my own place with no one living above or below me. If only it was a dump that needed a rehab and was under 500K, I’d be very tempted. I loved that foreclosed coach house that was featured a while back, but it didn’t have parking.
Unless the home is under foreclosure, subject to a short sale, distressed, or the seller is flat out desperate, the seller’s debt level on a property has little to NOTHING to do with your ability to bargain on the price. When you use the “debt level angle” to negotiate a sale on a property like this, you only stand to compromise your bargaining power (that or the seller will just tell you to get lost).
The value I see in this FINE place (aside from the obvious factors):
* the interior design is truly high end, and fitting for Chicago (vs. the many Wisconsinesque remuddle jobs that people attempt; cherry cabs, suburban faux plant shelves and flowery valence shades everywhere).
* truly high end modern interiors are always in demand with certain high end buyers.
* the property is just flat out unique for the market.
The only downsides I can see are the lack of outdoor space and the possibility of dealing with people going through your trash on trash day (scattering everything on the sidewalk, etc). But then it looks like you might be able to do a roofdeck if you really wanted the outdoor space.
If the fireplace is woodburning, then add that to the niche value factors. The array of gas fireplaces out there (that look like cheap appliances) is just flat out disturbing. Even if this one is gas, it’s a very attractive one to say the least.
I slightly disagree that a debt level doesn’ matter for negotiations – someone way over their head just can’t lower the price if they are unable to bring cash to the table. What about that they apparently bought it for 440 in 12/01, or that it sold for 265 in 97? It screams bubble to me…How much is a kitchen/bath renovation truly worth (not sure what else was done, though)?
And don’t forget that the 9 e Goethe featured by Sabrina, with 4BR, much larger, a (possibility? for a) huge roof top deck, detached coach house with parking garage (albeit in an alley) sold recently for 975.
Here the roof top deck seems less plausible since you have a neighbor in the back – and I can’t see a roof separation on googlemaps?
At any rate, I agree it’s unique.
Tasteful remodeling. High quality finishes. If this was a dump for $500,000, you would spend at least $200,000 for a new interior.
“If this was a dump for $500,000, you would spend at least $200,000 for a new interior.”
And save $150k. $850k is (as you point out) at least $150k too much.
I’ve always admired this coach house. I use to live near it before buying in Streeterville. What little is shown of the interior does appear in the photos to look high-end. A look-see in person will determine true high-end materials and craftmanship. I wish they would have shown some bath rooms, especially the master-bath. Outfitting baths with high-end fixtures is NOT cheap (it could easily go another $30-$40K per bath). Plus, I think the exterior is in need of restoration— i.e., strip the blue paint to the brick; outfit the garage door to be in step with a coachhouse; slate the roof; and add some natural gas lanterns on each side of the garage entrance, etc.
Personally, the other major draw back to this home— besides the price being too high ad no backyard— is that a parking lot (prime for development) it is immediately behind this house to the South… which is attached to a a hideous YMCA high-rise (with all its residents hanging-out right around the corner on Dearborn at Chicago).
Parking lot is owned by Loyola University. Of course development will occur, and it doesn’t even need a prime housing market to begin. Unit shares outdoor courtyard w/adjoining unit. Condo war in progress as well.
I went to see the unit. My impressions: First floor (garage, 1 bath, 1 bedroom) very disappointing. Very dark BR, torn carpet, shower, tile in bathroom old.
Main floor nice – renovated kitchen, powder room. Top floor MBR nice, bathroom partially renovated (not visible on the pictures is the old tub/shower combo – very small). We did not get to see the outdoor space, but it is squeezed inbetween the unit and neighboring highrise, and as abc said, shared with a neighboring unit.
For the price, I would have expected a full renovation. Paint on house is already peeling btw. I was not able to find out much about the condo association…
I really don’t think development in the south parking lot will have much direct effect: There are several units in between this one and the parking lot, and with the unit facing north, it is already quite dark…