Vintage Beauty Has a Modern Renovation: 1320 N. State Parkway in the Gold Coast
This 2-bedroom at 1320 N. State Parkway in the Gold Coast most recently came on the market in July 2017 but has been on, and off, the market since 2005.
The building was designed by Eifler & Associates in 1927 and has 40 units with a doorman but no parking.
This unit has the vintage features from its era including ceiling millwork and a formal dining room.
The living room has a wood burning fireplace with an imported Francois & Co French limestone mantle and custom Kravet draperies.
The kitchen has imported black and white checkerboard limestone floors, custom Farrow & Ball painted white cabinets, London subway tile on the walls, thick stone counter tops and a breakfast area.
The third bedroom has been converted into a family room/den.
There’s a bonus maid room that could be an office but which also houses the in-unit washer/dryer.
The master suite has a marble bathroom.
The unit has space pak cooling, the in-unit washer/dryer but there is no deeded parking. It’s available to rent in the neighborhood.
The listing says its available furnished.
With it move-in ready, why isn’t this selling?
Nancy Tassone at Jameson Sotheby’s has the listing. See the pictures here.
Unit #11A: 2 bedrooms, 3 baths, 2700 square feet, co-op
- I don’t have a prior sales price because it’s a co-op
- Originally listed in 2005 and has been on and off the market since.
- Currently listed at $1.599 million
- Assessments of $4497 a month (includes taxes, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $16917
- No central air- space pak only
- In-unit washer/dryer
- No parking but it’s available for rent in the neighborhood
- Wood burning fireplace
- Bedroom #1: 14×18
- Bedroom #2: 12×21
- Den: 11×19
- Laundry room: 7×12
Why isn’t it selling? That’s pretty obvious-too expensive for what it is and too many conpromises. For around 13K a month all in, one should expect no compromise living in Chicago, and this does not deliver that. Sure the finishes are high end, albeit slightly sterile, but that only goes so far.
The unit is nice, but even at $500/sf x 2,700 sf this unit should be $1.35MM. $4,500/mo for just HOA (inclusive of taxes) is a bit high for a no amenity building. Also the bedrooms look small.
For approx $2M (plus updating costs, since the ones in the $1.5MM to $2.5MM range tend to look like they were last updated in the 70’s or 80’s or maybe early 90’s), you can find a single family home with 4,000-5,000 SF in the gold coast.
Wasn’t this property featured on this site just 3 weeks ago? I’m not surprised it has yet to sell.
“For around 13K a month all in”
Nah. RF is double counting the taxes and using that absurd insurance number. It’s ~$10k + parking.
Still too much, of course.
Are the upper floors 2 units per floor?
Hmm, I thought I saw this featured recently. Anyway, the 2010 sale price was $550k. $1.1M in renovations??? Farrow and Ball paint is like $100/gallon but still….if there are other units that need updating, I could do a full gut renovation for $300k. You won’t get Farrow and Ball paint but it will still be nice.
Unit 10A sold for $460,000 on July 21. The kitchen and bathrooms need to be redone, but the other rooms look nice. I could redo those rooms for a lot less than $1M and come out with something I might actually like. The kitchen in the unit featured here represents all I hate in the grey color trend. I especially dislike the dark grey grout on the tiles in the kitchen.
“With it move-in ready, why isn’t this selling?”
I’m starting to feel like a broken record.
$11k+/month and no deeded parking. That’s a big reason why. Is there even parking on-site? This is essentially the same incurable factor that the recently featured Pine Grove & Briar properties had. It’s a significant factor in this price range for which no amount of luxurious finishes, high-end designer name-drops, or absurdly priced paint can compensate. Am I really going to give a rat’s ass about some Jim Thompson guy who designed my wall coverings when I have to endure a walk through a brutal Chicago winter day just to get home after I park the car? Screw that.
Parking is also a big deal for guests. If there is a spot reserved for the unit, it can be left vacant for an expected guest.
In a co op, where the HOA include taxes, does that mean you can’t deduct the property tax? In a condo, you can’t deduct HOA (unless it’s rented out) but are you allowed to deduct your portion of the taxes?
“In a co op, where the HOA include taxes, does that mean you can’t deduct the property tax?”
No, they provide a statement that sets out your share.
I know someone who lived here in the 80’s. They parked across the street.