Vintage Charm in the Heart of the Gold Coast: A Studio at 1255 N. State Parkway
This studio in The Churchill at 1255 N. State Parkway in the Gold Coast just came on the market.
The Churchill was built in 1926 and has 66 units.
This studio has southern exposure with high ceilings and moldings.
It has oak floors throughout, including the 8×8 dining room.
The kitchen has white cabinets, counter tops and appliances.
There’s no central air, just window a/c. There’s also no in-unit washer/dryer although some units in this building do have it in the unit.
There’s no parking with the building but there’s a rental lot across the street.
In the agent notes on Redfin, one agent wrote:
“Elevator modernization complete and completing roof deck project – major special assessment.”
If you have a budget under $200,000 but want a Gold Coast location, is this a good option?
Collin Wasiak at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #4G: studio, no square footage listed
- Sold in April 1997 for $55,000
- Sold in August 1998 for $85,000
- Sold in September 2002 for $140,000
- Sold in July 2005 for $165,000
- Sold in July 2008 for $182,000
- Currently listed for $169,000
- Assessments of $735 a month (includes heat, electric, gas, cable, doorman, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $2817
- No central air- window units only
- No in-unit washer/dryer
- No parking. Rental parking available across the street.
- Living room: 21×13
- Dining room: 8×8
- Kitchen: 8×7
That studio is larger and nicer than most 1 bedroom apartments I’ve lived in.
HD summed it up. Couldn’t agree more.
I think whether your budget is “under” 200k is irrelevant unless you’re really having trouble scraping together a down payment. I would be focusing on monthly payment.
You can buy a place for 60k more and even factoring in increase in property tax, if it has assessments that are half as much as this studio, the monthly payment is the same. Probably less when you factor in a more favorable mortgage interest tax deduction. However, if it *has* to be in the Gold Coast, then I’d say this is a great option. There don’t seem to be many (if any) buildings in Gold Coast with reasonable HOA fees.
This place is a lot nicer than I expected. I think it would be great for a grad student. Considering the assessment includes gas, electric, and cable, it’s not bad. Plus, it’s a full time doorman building, so it would be a safe building for woman. If I had a grad student daughter and a little money, I would love to buy this type of place for her.
$1900 a month with 5% down
I’m thinking a parent will pay cash and then leave it up to the student to pay the assessments and taxes. At least, that’s what I would do if I was a parent.
It looks pretty nice/roomy for a studio unit. But the monthly fixed costs of HOA + taxes is $970/mo. How much do studio apartments in the gold coast go for these days?
I’m thinking that for a regular visitor to Chicago this could be cheaper than a hotel room.
The current resident did a lot with this space. Great job. This would be a great family apartment to buy. Grad student kid, or pied a terre or visiting from out of town kid, all good.
I visited this unit and was ready to put an offer on it, until I found out there are $2.2-$4 million in upcoming projects! The special assessments will be insane! Too bad, it’s a gorgeous unit in a great location.
“I visited this unit and was ready to put an offer on it, until I found out there are $2.2-$4 million in upcoming projects!”
For what?
I think it’s for the roof deck project. The first special assessment was paid for but it’s the first of many to come, estimated cost between $2.2 -$4 million, paid for over time.