We Love Terraces: $45K Reduction in 1255 N. State Parkway in the Gold Coast
We’ve actually chattered about this 1-bedroom terrace unit at The Churchill, at 1255 N. State Parkway, in the Gold Coast twice before.
The first chatter was in September 2007. The kitchen counters were blue tiles back then. It sold in November 2007.
See the prior post and pictures here.
We then chattered about it again in August 2008 when it reappeared on the market.
The kitchen counters were replaced and the bathroom completely renovated with a new marble shower and heated floors.
See the August 2008 chatter and pictures here.
The unit is still on the market and has now been reduced by $45,100.
In addition to the 12×4 terrace, it also has a balcony.
Patrick Lynch at Prudential Preferred still has the listing. See all of the pictures here.
Unit #2J: 1 bedroom, 1 bath, no square footage listed
- Sold in May 1988 for $99,000
- Sold in January 1995 for $91,500
- Sold in November 1998 for $174,000
- Sold in March 2001 for $240,000
- Sold in January 2004 for $278,000
- Sold in November 2007 for $330,500
- Was listed in August 2008 for $360,000
- Reduced
- Currently listed for $314,900
- Assessments of $861 a month (assessments include everything except phone)
- Taxes of $3,597
- No central air- window units
- No w/d in the unit
- No parking
- 12×4 private terrace
- Balcony
- Bedroom: 16×12
The reason it sold for under 100k in 1988 & 1995 is because of the ridiculous assessments. If I’m going to pay $1,160 to live someplace its going to be in lieu of a mortgage, not in addition to it.
These sellers need to understand that high assessments detract from the price of a unit. Its not our fault this maroon paid $330k for a unit with a 1,160/month liability.
Whats the rent equivalent on this one $1,600?
That’s a balcony, is it not? 12×4 isn’t exactly even large enough to put more than a grill and two chairs!
And WOW those assessments are insane! (even if they pay all your bills but phone)
“And WOW those assessments are insane! (even if they pay all your bills but phone)”
What do you expect? With “free” electric you’ll have people running their AC and heat at the same time and never turning off any lights. Nevermind facade maintenance, elevators, etc.
My wife and I lived in the Churchill for many years. We were just plain lucky to sell in 2005 and make good money when I got transferred out of Chicago, but the assessments in this building are nuts and really make it hard to sell. The mentality of “free” untilities is so right. Wasteful, and heat is radiator and uneven and noisy at best. This unit is on the 2nd floor- main balcony on alley and noisy as heck, with the extra deck in a narrow space between buildings. Special assessments were almost constant in all the years we lived there, but we both were stupid in love with vintage buildings and kept telling ourselves how classy the address was. The place we live in now is a lot less vintage and a lot more cost effective, and the joy of even water pressure makes up for the ordinary address.
Beautiful building, ouch on the assessments. Doesn’t look like a nice view either. I think this building had some large assessments due to the exterior work. Nice location
Considering how old that building is, I don’t think the dues are that bad; the building is in good shape. There are alot of builings in the area that charge insane HOA dues for the hell of it and it’s obviously not being used to maintain the building. IE. 1300 LSD looks as if it could fall over into the lake any day now and the dues in that building are just as high.
That photo of the terrace makes it look way bigger than 12×4.
No parking, no AC, no parking….yes old cabinets, yes nearly useless balcony, yes a terrace that overlooks an alley…
ME NO LIKEE……….
Grossly overpriced per usual.
*sigh*
Great location – but not great enough to warrant no parking, no a/c, spotty heat, poor water pressure, and assessments that should include butler service!