What It Takes to Renovate a 39-Year Old Condo in the Gold Coast: 1230 N. State Parkway
This 2-bedroom in State Tower at 1230 N. State Parkway in the Gold Coast recently came on the market.
Built in 1979, the building has 92 units with balconies and a heated parking garage along with a doorman.
It also has a rare Gold Coast feature: 9 outdoor parking spaces available on a first come, first served basis behind the building for guests.
This unit had a “luxury renovation” in 2016.
There is porcelain tile throughout the main living space.
The kitchen has a farmhouse sink, custom cabinets, luxury appliances by Wolf and Subzero and Italian Statuario marble.
There is a master suite where the bathroom features floor to ceiling marble and a double shower.
The unit has custom closets, designer lighting and plantation shutters throughout.
It has an east facing balcony with city views, central air, washer/dryer in the unit and parking is available for $55,000.
After the renovation, is this unit now able to compete with nearly new condos on the market at the same price point?
Ashley Cox at d’aprile properties has the listing. See the pictures here.
Unit #21B: 2 bedrooms, 2 baths, no square footage listed
- Sold in June 1995 for $225,000
- Sold in January 2000 for $290,000
- Sold in March 2000 for $370,000
- Sold in January 2005 for $470,000
- Sold in December 2013 for $422,500
- Currently listed for $575,000 (plus $55,000 for parking)
- Assessments of $951 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger and snow removal)
- Taxes of $5911
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 10×13
Looking at about $4k/month for a balls-to-the-wall upgraded 2/2 in GC with a garage parking spot. Not the worst premium for ownership I’ve seen considering medium grade 2/2s in the area would rent for $2500-$3000 without parking.
Short/intermediate term I would still rather rent, especially with everyone’s bubble-sense tingling and Chicago finally showing signs of saturation from the downtown construction glut. Supply exceeding demand has already been shown in a 15% decline of rent for luxury units in Q4; so it’s a great time to be a renter and take advantage of some great deals until developers can build some condo buildings and allow inventory to open up a bit so these absurd prices can be pulled back a bit.
55k for parking? Is that the going rate these days in the GC or does it happen to be in a prime spot in the garage? It better be near an outlet if you ask me.
This place is all marbled out! LoL I kind of like the look, but the track lighting really looks tacky and does not fit in with the look of the condo.
This would not be a good place to raise a puppy.
I like this place though. I’m not sure though if the furniture is just huge or the unit is really small.
I like this look as well, for a small 40 year okd 2/2 this is pretty nice. Parking is excessively priced.
38 years old if built in 1979… not 39
Anyone got a ‘guy’ that can do a slab marble backsplash like that? I looked around at some 1/2″ thick slabs but unsure if that would even work properly
“Looking at about $4k/month for a balls-to-the-wall upgraded 2/2 in GC with a garage parking spot. Not the worst premium for ownership I’ve seen considering medium grade 2/2s in the area would rent for $2500-$3000 without parking.”
What do you think the decked out 2/2s in the new Sinclair going up about two blocks away on Division will rent for? Probably $3700 to $4500 depending on floor of the building.
So buying this unit doesn’t seem like a bad deal compared with renting.
“55k for parking? Is that the going rate these days in the GC or does it happen to be in a prime spot in the garage? It better be near an outlet if you ask me.”
Not every unit in this building owns a parking space. I believe there are only like 40 to 50 spots in the building (but someone else can correct me if that’s wrong.) So, you will pay a premium to get one.
Or you can rent across the street for like $300 a month and you’re not in your own building.
Parking in the Gold Coast north of Division is usually a premium because so few buildings have deeded parking. Everything is negotiable though!
anon you don’t have a marble slab guy? cmon man quit holding out on me
“Anyone got a ‘guy’ that can do a slab marble backsplash like that? I looked around at some 1/2? thick slabs but unsure if that would even work properly”
I think you’re going to have to go with at least 2cm thickness (or about 3/4″) slab for the backsplash. Any stone fabricator should be able to do this. That being said, take a look at these guys…they installed everything in our home and pricing was better than anyone I spoke to in the city.
http://www.precisionstonedesigns.com
“you don’t have a marble slab guy?”
Not a sub, no. Marco’s suggestion looks good, but there are a ton of places.
Thanks marco I’ll have to ask around