What Were Luxury Condos Like in the 1980s? 950 N. Michigan in the Gold Coast
This large 1-bedroom in the One Magnificent Mile Condos at 950 N. Michigan in the Gold Coast just came on the market.
This building is one of the original 1980s luxury condo buildings.
It was constructed in 1983 and has 181 units along with full service amenities like an indoor pool and sundecks.
There’s rental parking in the building.
This unit has 1570 square feet and south and west exposures from the 48th floor.
It has 10.5 foot floors and oak floors throughout.
The unit has a 27×5 foyer and a dining room.
There’s a master suite with 2 walk-in closets and a travertine bath.
The kitchen has white appliances. It looks like it may be the original kitchen.
It has the features buyers look for including central air and washer/dryer in the unit.
At just $630,000, is this unit a deal for the square footage, location and views?
Anna Pesce at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #4801: 1 bedroom, 1.5 baths, 1570 square feet
- Sold in October 1992 for $364,000
- Currently listed at $630,000
- Assessments of $1078 a month (includes doorman, cable, exercise room, indoor pool, exterior maintenance, scavenger, snow removal)
- Parking is rental for $348 a month
- Taxes of $11,484
- Central Air
- Washer/Dryer in the unit
- Bedroom: 20×13
- Living room: 21×18
- Dining room: 14×12
- Foyer: 27×5
- Kitchen: 14×9
Darien Taylor could do wonders with this place
ETERNAL SADNESS!!!! LOLZ!
Those kitchen cabinets!
You can see how 19 floors below and furnished looks.
https://www.redfin.com/IL/Chicago/950-N-Michigan-Ave-60611/unit-2901/home/14120320
$2400 a month just for taxes, parking, assessments (heat /ac isn’t even included) for a gut rehab needed unit in a tourist trapped location. I’ll take a HARD pass.
“just $630,000”
And to get this fully updated would be, what, $100k? “just” $750k for a one bedroom?
Wow, the last owner may have spent 25+ years in this place. Sure it could have turned into a rental but I’d like to think that they enjoyed living in this large one bedroom all those years. Not a great return on investment for that long a duration. Imagine that same $365K invested in other locations properties and the return that would have brought. Way better options.
While it is expensive to live here and a one bedroom limits upside the many amenities and services within a block make it a great empty nesters solution. In the sharing economy the next owner may choose to ditch their car and use Uber or a short term rental options like Zip.
Should they want to go on vacation perhaps they can lock up the personal stuff and do a rental swap for another city or post on VRBO (although that may be banned in this building) many more options than there were in 1992.
Worst views in the building, unfortunately. Not even a slice of the lake. Seems pricy, and needs a lot of work. Big assessments. Not for me, but generally a good building. I’ve been in a front unit here and it has some style and great views.
Two exact layouts, the one that is somewhat updated is less expensive than the dated one. I get the one is higher up, but usually the upper floors have stellar views. But both these units have stellar views of Newberry Plaza. I’d take the lead we’re floor just for the shorter elevator ride.
“Worst views in the building, unfortunately. Not even a slice of the lake.”
Not everyone wants the lake. Some consider west views to be the best in Chicago because it’s spectacular at night. From the 48th floor you’d see all the way out to O’Hare and beyond.
You also get better sunlight all day long in the summer time and can see the summer storms coming in.
And to get this fully updated would be, what, $100k? “just” $750k for a one bedroom?
You need to familiarize yourself with the market anon(tfo).
There are several 1-bedrooms with far smaller square footage within a 4-5 block radius of this building currently on the market for the $700,000-$900,000s.
I like west views, too. I work in the Sears Tower and my office gives great views south and west. But it also has a piece of the lake, and I like the contrast.
“Not everyone wants the lake”
Who lives on the lake but doesn’t want a lake view? If you don’t care about tha lake, there are millions of places to live all over Chicago without one.
I have lived in RN with a west view looking at the River. Hot as hell. The sun baking you in the summer was not a joke. My plants on my west facing balcony got scorched. And spare me with a view of Ohare. I have lived with a lakeview for years and it’s not just a lake, it’s a piece of art. If you live on the lake, you know that. If you never lived on the lake, you dont believe it so either way, no further discussion is required.
“There are several 1-bedrooms with far smaller square footage within a 4-5 block radius of this building currently on the market for the $700,000-$900,000s.”
And? There are also several 1-bedrooms in a 4-5 block radius for far less.
Indeed, in an area bounded by (about) Elm, Clark, Pearson and the Lake, this is the 3d most expensive 1 bed currently showing on RF. The 4th is the 29th floor unit also mentioned.
Not everyone wants the lake. Some consider west views to be the best in Chicago because it’s spectacular at night. From the 48th floor you’d see all the way out to O’Hare and beyond.
This is what people that can’t afford lake views tell themselves to take the sting away when questioned by their friends
Johnny, Yup.
One Mag Pile
and this is why I personally would not buy a newer luxury condo downtown. Because its just a matter of time before the monthly assessments become too burdensome…
Fwiw & speaking of pieces of __ I was reminded of Sabrina’s opinion vs cc’s ignoramus’s opinion when I read this :
“Without …. too much polling data — all of which, trust me, paints a uniformly gloomy picture for Trump and fellow Republicans when it comes to women voters — this nugget stood out: since Trump’s election, the percentage of Republican women who believe the country would’ve been better off with more women in high office has risen from 28 to 59 percent. Among Democrats and Independents, that number has also risen, but by a comparatively meager seven and nine points respectively. This ought to alarm GOP strategists as they head to the mid-term election in November when the President will not appear on the ballot. Why? It’s clear the #MeToo movement, far from contained to the “usual suspects”, is reaching deep inside their base of conservative women.
Bannon’s quoted as saying:
“I think it’s going to unfold like the Tea Party, only bigger. It’s not just sexual harassment. It’s an anti-patriarchy movement. Time’s up on 10,000 years of recorded history. This is coming. This is real.” Just a fwiw
“This is what people that can’t afford lake views tell themselves to take the sting away when questioned by their friends”
Dan 2 and Jonny U – I disagree (at least somewhat) with your comments.
At the end of the 90’s I lived in a really cool condo that had a 270 degree view. It had an east view of the lake, south view of Wrigley field, and sunset to O’Hare view west. There was a balcony facing the lake that had a cool view of the boats etc that was really cool.
But that aside most of the time that I had friends over they all gravitated to my city view. After the sun goes down the lake is mostly a dark wall of nothing. Even on a full moon night. But the city aka sunset view is incredible. And the bustle and energy of the city view to me is what high rise living is all about.
If it was a lake house property the view of the lake is critical. That is the argument at my house these days. I’d buy a home in Abbey Springs at Lake Geneva tomorrow. Amenities, boat slip, and short golf cart ride to the water. But the wife insists that the view of the lake is one of the cornerstones of having a second home that you call a lake house.
While a city condo to me is actually more about the “city” views. Having the lake Michigan view can also be great but that view is somewhat limited in change and focal points.
“I think it’s going to unfold like the Tea Party, only bigger. It’s not just sexual harassment. It’s an anti-patriarchy movement. Time’s up on 10,000 years of recorded history. This is coming. This is real.”
Steve Bannon and I agree on something?
Quelle horreur!
Lol.
“This is what people that can’t afford lake views tell themselves to take the sting away when questioned by their friends”
Nope, that’s what a lover of city lights and super cool weather will tell you.
If you watch the movie “What Women Want” with Mel Gibson that took place in Chicago- he has a high rise apartment (it’s fake, of course.) But what view do they show out of those windows?
The only one that matters in a movie.
The fantasy. And it’s NOT the Lake.
It is, of course, the city lights of the other high rises in the distance as well as the streets below. And boy do they put a LOT of buildings in the distance. You’d get the same if you lived in a building near the Mag Mile in Streeterville or River North.
It’s quite beautiful in the movie. That’s the point. You can feel the energy. Mel Gibson’s character is a player. And his apartment reflects that. It’s at the center of this great city.
You can have the real thing (not fake) in many Chicago buildings downtown.
Sorry you haven’t experienced it JohnnyU.
Here’s a short clip of a scene from the movie and you can clearly see the buildings etc. at night.
https://www.youtube.com/watch?v=wwkNLQ9MFk4
Using a bad movie to back up your misguided opinion is funny. If what you think was remotely true, lake views would sell at a discount.
You do realize that a condo with lake views doesn’t preclude one from also having skyline/street views as well?
It’s possible to live near the lake without paying beaucoup bucks. Just have to go further north or south. But it’s the same lake no matter where one lives along the shoreline. Saying only the wealthy can afford to have lake views is pure bougie.
I lived a block away from the lake for many years. Shoreline right at my toes. And all I have to say about the experience is meh. It’s great during the sunset or sunrise, but apart from that, it’s not that interesting. In fact, it downright sucked in the summer when everyone came to the beach and was the pits in winter when the snow buried the cars worse than a snowplow.
I will add that city views are amazing at night, the lake is an awesome view during the day. Thankfully my office has a nice lake view, its like an ever changing canvas during the day, never looks the same two days in a row, its pretty cool… but at night who cares, you can’t see it, thats where the city views really shine, once they get rid of the orange barf glow it will be even cooler
“You do realize that a condo with lake views doesn’t preclude one from also having skyline/street views as well?”
Sure. I’m 100% positive Ken Griffin has both lake and city views at one (or more) of his various condo homes.
But unless you have a full floor or half floor unit, it’s not really going to be possible to have both dead on west views and dead on east views. So most mere mortals don’t have both.
Your comment was just wrong JohnnyU. Like I said, many buyers prefer the west versus the lake views. And it’s not because they can’t afford lake views.
And Mel Gibson’s apartment in that movie is routinely cited as one of the best movie apartments by interior designers. You may hate the movie, but it’s a fantasy apartment with fantastic views for those who dream of living in a city with energy and skyscrapers. Doesn’t have to be Chicago. San Francisco or NY would do too.
Ken Griffin’s newest ridiculously expensive condo at 9 W Walton doesn’t have lake views…
I think Sabrina is confusing west views with city views.
When I think of a west view, I am thinking you are basically looking out over the flat expanse with very few high rises in the picture… not real exciting imho, especially during the day and at night just looks like a field of street lamps.
On the other hand, a city view can be nice where you have a true sky line view that lights up a night.
While you don’t really get it here in Chicago, some of my favorite views from high rises are just over the tree tops. In Atlanta, some of the high rises have these views where it is literally like look out over a sea of green. Unfortunately, Chicago is as lush with trees.
Some of my favorite city/lake views
https://www.lincolnparkcondos.com/common/images/2800-n-lake-shore/4.jpg
http://c8.alamy.com/comp/CTC94Y/view-over-oak-street-and-north-avenue-beaches-on-lake-michigan-from-CTC94Y.jpg
https://blog.lucidrealty.com/wp-content/uploads/2017/07/655-W-Irving-Park-Rd-Unit-4113-view.jpg
All have city and lake views!
“Ken Griffin’s newest ridiculously expensive condo at 9 W Walton doesn’t have lake views…”
He has multiple properties in the city.
“Some of my favorite city/lake views”
Sorry, you’ll never be a cool as Mel Gibson
You are correct. I’ll also never be as rich. But on the plus side I’ll also never be as short or politically incorrect either.