Vintage Gold Coast Building Shows the Tale of the Housing Boom

Vintage buildings with parking are always prized, especially in the Gold Coast, where parking is a premium.  It is the parking and location which make The Chandler at 1429 N. Dearborn so popular.

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Built in 1890, the four story, 8 unit building usually sells quickly.  Units in the building have seen a steady rise in apprecation over the past 8 years.  Question now is: are prices simply too high?

One of the top floor units is currently on the market:

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Unit #4N: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in August 2003 for $575,000
  • Sold in January 2004 for $642,500
  • Currently listed for $725,000
  • One outdoor parking space included
  • Teresa Costantini at Koenig & Strey has the listing

Another similarly sized unit, located on the first floor, was recently on the market:

Unit #1N: 2 bedrooms, 2 baths, parking included

  • Sold in March 1999 for $369,400
  • Sold in March 2000 for $460,000
  • Listed in June for $679,900
  • Sold at the end of July 2007 for $657,500

Vintage is nice.  The Gold Coast is lovely.  But over $700,000 for a two bedroom, two bath?

We’ll see.

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