We Love Gold Coast 2-Bedrooms With Private Terraces: 1122 N. Dearborn
This 2-bedroom at 1122 N. Dearborn in the Gold Coast has been on the market since June 2011.
In that time it has been reduced $50,000.
It is now listed $26,000 under the 2007 purchase price.
The 6th floor corner unit has plenty of outdoor space in the form of a 12×36 private terrace that runs the length of the unit.
It also has crown molding and Brazilian wood floors.
The kitchen has granite counter tops and black appliances.
The unit has central air, a washer/dryer in the unit and parking.
How much of a premium do buyers put on a big terrace?
Jeremy Mash has the listing. See the pictures here.
Unit #6B: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 1999 for $285,000
- Sold in July 2007 for $625,000
- Originally listed in June 2011 for $649,000
- Reduced several times
- Currently listed for $599,000 (includes the parking)
- Assessments of $953 a month (includes heat, a/c, gas, cable, doorman)
- Taxes of $7595
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×17
- Bedroom #2: 12×12
For a moment I thought the rooftop deck was the terrace; and I was like this is cool; and then I saw a picture of the terrace and I must admit I was terribly disappointed.
Same here, HD.
20G and 26H, both 1750 sq ft. 3/2.5s, just sold for 680 and 685, respectively.
This place looks not very big to me, maybe 1100 square foot or so. There is no way this goes for over 500, no? It looks like the 3/2.5s originally sold for $470-500 in 2000. Keeping ratios of original to current price the same, this thing would only be worth like 370 or so.
Delusional seller.
Not saying that the current list isn’t crazy (I can’t fathom it closing above the low $400’s), but would you say that the recent buyers of 20G and 26H were delusional as well?
“would you say that the recent buyers of 20G and 26H were delusional as well?”
If you are correct about $400k, and Nat is correct that this unit is 1100 and the other 2 are 1750, then they are pretty close on a psf basis, with some premium for higher floor.
I think that Nat’s estimate leaves out some value for the private outdoor space.
The terrace should be such a plus, but the way the pictures are arranged, it is a let down as HD and Dan said. It is a nice unit though. $600k is tough for a 2/2 though. I’d guess around $500k since it is nice inside and has the big terrace.
I think the 07 price of $625k is going to put a mental block on anyone wanting to pay over $500k for this place – nobody is going to pay close to any 07 price anymore no matter how good a deal it may have been at the time.
It’s a nice enough place but most of the finishes with the exception of the floor feel kind of cheap.
the harley noise from division is pretty irritating on higher floors here. not sure about the 6th. those fat f—s luv to rev their engines forever before they pull away from the bar. must be some kind of mating ritual
Sold in October 1999 for $285,000
Sold in July 2007 for $625,000
Holy shit, a savvy owner made a cool $300,000 just for apt sitting and paying below market rent for a few years. WOW. Only an idiot would buy this now.
Amy: “Holy shit, a savvy owner made a cool $300,000 just for apt sitting and paying below market rent for a few years.”
It isn’t clear to me that they were paying “below market rent”. Given how many properties I look at still haven’t reached rental parity in this 5-
Sorry, hit submit too early…
It isn’t clear to me that they were paying “below market rent”. Given how many properties I look at still haven’t reached rental parity in this crap market, I never assume that a historical price point is automatically below rental rates at the time. Sure, this buyer *eventually* paid below market rent in the 8 years he/she lived there, but it’s hard to say what the average monthly loss/savings compared to renting was over the lifetime of ownership.
That said, the buyer clearly bought and sold at a nearly perfect times to take advantage of the RE boom. Given that the bust was foreseen by very few people (CC posters excluded), I’d call this buyer lucky more than savvy.
Keep selling that story line, though. Quite entertaining…
“Given that the bust was foreseen by very few people”
That’s well established horsesh!t. BUT the timing and extent of the bust were not well predicted. And that particular seller’s near-perfect timing was much more attributable to luck than accuracy.
A corollary to “Markets can remain irrational a lot longer than you and I can remain solvent” + the relative difficulty of shorting the resi market = hard to convert prediction of a coming bust to $$, so people were more apt to stay long or get longer.
Sorry, anon, should have said “minority” and “bust of 2006”. Sure, grumblings from analysts were forecasting trouble and there were prominent predictions of a collapse. But the vast majority of the public, mortgage lenders, financial institutions and our government were more than willing to stick there fingers in their ears and keep the gravy train flowing.
“But the vast majority of the public, mortgage lenders, financial institutions and our government were more than willing to stick there fingers in their ears and keep the gravy train flowing.”
Right. But even that doesn’t require not foreseeing the bust. It just requires ignorance of the risks, greed, isolation from the risks or some combination thereof. Pretty much everyone thought they were playing with OPM, so why not let it all ride, right?
One can be *precisely* aware of the risks at the craps table, and yet keep all the chips out there, so long as you believe that it won’t end up coming out of your pocket.
Just so we can’t say “no one saw it coming” (warning, put on tinfoil hat, zero hedge link coming…)
http://www.zerohedge.com/news/primex-time-next-subprime-trade-has-come
Fair enough. At the same time, how many times did you hear insanity like “RE never gies down” or “you are throwing your money away by renting”? Not just from RE insiders either. In 2003-2005, most people I encountered bought the hype and didn’t even consider risks or downside. Anecdotal, I know, but my impression was that there was a lot of willful ignorance on the subject of RE valuation and mortgage risks.
“Fair enough. At the same time, how many times did you hear insanity like “RE never gies down” or “you are throwing your money away by renting”? Not just from RE insiders either. In 2003-2005, most people I encountered bought the hype and didn’t even consider risks or downside. Anecdotal, I know, but my impression was that there was a lot of willful ignorance on the subject of RE valuation and mortgage risks.”
Absolutely standard bubble behavior, no? Wasn’t “everyone” similarly hyping their dotcom investments in 99-00 (Jan/Feb)?
I only wish all the parties involved had to eat their shit. The world would not have ended, only their world. That said, they sure did allow a poor and humble cash flow investor such as myself to consolidate a lifetime plan into ~15 years. That’s a lot of years of work I didn’t have to perform due to their malfeasance. Now, if there were only some perp walks, then I would call it a win/win.