What Would You Pay For a Luxury 1-Bedroom in the Gold Coast? 30 W. Oak
This large 1-bedroom in 30 W. Oak in the Gold Coast came on the market in January 2012.
The listing says it is the “only one of its kind in the building.”
30 W. Oak is popular for its larger units with south facing views.
This one bedroom faces west and north.
But it has similar finishes to the bigger units in the building, including 10 foot ceilings and stone baths.
There are marble floors in the living/dining area.
The kitchen has Poggenpohl cabinets.
There is a washer/dryer in the unit and central air. Parking is available for $65,000.
The unit is listed $11,000 under the 2007 price.
What’s the going rate for these large one bedroom Gold Coast units?
Beth Wexner at @Properties has the listing. See the pictures here.
Unit #6F: 1 bedroom, 1.5 baths, 1257 square feet
- Sold in May 2007 for $600,000
- Originally listed in January 2012 for $589,000
- Currently still listed for $589,000
- Parking is extra at $65,000
- Assessments of $848 a month (includes heat, a/c, gas, doorman, cable)
- Taxes of $9359
- Central Air
- Washer/Dryer in the unit
- Bedroom: 15×14
Looks like a very nice unit in a nice building. Parking 65k? Ouch. That spot better be right next to the elevator.
Upwards facing toilet paper roll holders: minus 10 points.
350k
What would this rent for?
I agree with 350K. Including the parking.
That’s weird, based on the exterior, I was expecting to see much larger floor to ceiling windows in the interior, instead the interior looks like it could just be a rehabbed unit in a much older building.
Aside from the nice kitchen, this is a VERY plain condo, especially for the price. I don’t see why this should sell for even 350k, much less almost 600k, crazy! In fact something really doesn’t seem to add up, I’m wondering if these are the wrong interior photos for this place.
This seems crazy to me. Maybe 450 with parking? Also, the bathrooms look surprisingly cheap (though I’m sure the one vanity is a Duravit or something pricey).
^ I believe this unit is in the back of the building which does not have the huge glass facade – so I really don’t think there is any mistake. Not sure what to expect here, the unit is nice but not special, however the building always seems to fetch some pretty good prices. I very seriously doubt it will dip to 350K. I’d guess more like 475 W parking (though that’s not a figure I would every pay) – people like being in nice buildings and you can’t argue with the location.
Pluses: Spacious unit, nice finishes, parking, nice building and location
Minuses: It is a 1BR after all, no east views, high assessment for not that much amenities
I cannot see this place renting for more than $2500 so it is way overpriced IMHO
I am with the 350K crowd.
I’d love this kind of place. I’m not sure this is that different from a lot of 2 bedrooms as the sq. footage is similar and you can’t really live with kids in a lot of these 2 bedroom condos anyway. Personally I’d rather live in a large 1 bedroom than a small 2 bedroom. It seems like this price is way high but a couple blocks away a somewhat similar new construction sold for 675 in November. http://www.redfin.com/IL/Chicago/10-E-Delaware-Pl-60611/unit-15A/home/21844352 That one had a higher floor and a balcony but the sq. ft. is more on 30 W. Oak.
Bright unit, cool finishes, and great location… but no balcony? No thanks.
Saw a a program on HGTV where a unit in this building was purchased by LeAnn Rimes and redecorated. Maybe they should use that as a selling point 🙂
#6F (the subject) was leased 12/2010 for $3000 w/pkg
#1A, a furnished 1/1.5 “with possible 6 mo lease” leased 1/2012 for $3300 w/pkg.
I much prefer the 10 E Delaware unit over this one, but it is shocking to see that price. I want to be in the $350 camp, but I am sure there will be someone that is willing to buy this around $500.
Unfortunately, it won’t be me, but I’d take it with someone else’s money. 🙂
Ok, rent for $3000
HOA = 848
Taxes = 780
Insurance = 50
———————-
$1678
So you are looking at $1678 before financing costs. Interest on a 15 yr 360k loan at 3% = $900. Costs = $2578.
So, I’ll go with 450k selling price with 20% down.
Look on redfin at the sales history for units in this building. They have not lost value despite the housing downturn. Many have sold for more than the original pre-boom purchase price. Thus, comps in the neighborhood are not really comps. This is what many crib chatter folks don’t get. You can’t just compare a 2 bedroom around the corner. Building, building amenities, in building comps, neighbors, quality of finishings (real european kitchen as opposed to generic builder grade) matter.
The subject (6F) has also been on/off the market previously.
Listed 1/15/2012 $589,000 + $65,000 pkg
Cancelled 12/14/2010 $539,000 + $85,000 pkg
Listed 11/10/2010 $539,000 + $85,000 pkg
Cancelled 11/10/2010 $539,000 + $85,000 pkg
Price Change 9/28/2010 $539,000 + $85,000 pkg
Price Change 9/21/2010 $589,000
Listed 7/29/2010 $624,900
Cancelled 11/23/2009 $624,900 + $40,000 pkg
Listed 9/23/2009 $624,900 + $40,000 pkg
I don’t see any 1BR resales in the building.
I’d much rather buy this one and I don’t like concrete:
http://www.redfin.com/IL/Chicago/600-N-Fairbanks-Ct-60611/unit-2102/home/39557847
Chuck, did you include the parking in the price?
benjamon9 is probably right. Likely closes for around $500k with parking, perhaps a bit more, perhaps a tiny bit less. urban mommy, I agree for the most part with your comments re: this building, but note that this unit is the oddball and doesn’t have the south-facing windows that set this building apart (if it did, I could see it going for mid to high $500k’s with parking).
“Chuck, did you include the parking in the price?”
I did since the rent I was comparing it to included parking. Maybe another 25k, but I can’t see much more than that. Can just rent it without the hassle. Then again, I wouldn’t rent this for 3k either. Just isn’t my market.
The other thing to consider is the type of person that buys a unit like this may not be as interested in the rent vs buy equation as some of us plebs. So, they may pay a premium just because they can.
Except for the neighborhood I do not think this unit in this building is the least bit interesting and certainly not worth the $ psf considering the finishes (cabinetry) which will look dated quite soon. That said, I hope they sell above 500K with parking included
“So you are looking at $1678 before financing costs. Interest on a 15 yr 360k loan at 3% = $900. Costs = $2578.
So, I’ll go with 450k selling price with 20% down.”
The Heitman formula sez $375k, including the parking.
$350K is absurd.
primo bar/restaraunt walking area in all the city. single dude who want the 1 or 2 bedroom spot in the best location will be looking at this unit.
and, while i really like that Fairbanks listing (save for the concrete everywhere) there is no comparing the locations even though they are just a few blocks away from each other.
this is THE primo area in Chicago. great day time spots for brunch. great shopping right out your door. great night life.
now, all that said, this place is overpriced. but i’d be surprised if it closes for less than $525K (with parking included).
$350 entry price for one of the most exclusive modern buildings in the city? ok…
What makes the building “exclusive?” Is there a coop that’s going to reject my bid b/c I don’t have an interesting job?
I believe this is the building that sent “Fast Eddy” Verdolyak to prison.
“What makes the building “exclusive?” Is there a coop that’s going to reject my bid b/c I don’t have an interesting job?”
Small unit count, very high end everything, rare for units to pop up on the market and mostly occupied by ballers. You are not going to rub shoulders with people making millions a year for just 350k. A coop is not going to reject your bid, however the market will.
I would take that place on Bellevue from a few days back for $299k than this place.
off topic, anyone have a good website to search high end luxury rentals? I.e near north 3br+, $4-5k a month type stuff? I know of a colleague that is interested in coming back to the city and wants to rent before owning but doesn’t want to work with a moronic rental agent just yet.
sonies, i think you can find condos for rent on urban real estate, and maybe rubloff. used to be some decent high end stuff on there. not sure any more
Yep, this is the deal that finally tripped up “Fast Eddie V” and for that reason alone I wouldn’t want to have anything to do with this place.
Seems grossly overpriced for what you get. And $65K for parking? I hate paying separately for parking instead of being deeded with the unit. Usually this means you get a separate tax bill AND a separate monthly assessment for your parking spot. I once asked an agent who explained the separate assessment to me if that meant they would repaint my stripes every month? Just got a nervous laugh for an answer. I would much rather pay rent for parking and invest the 65K.
“I would much rather pay rent for parking and invest the 65K.”
Parking isn’t free, you’ll pay one way or another. You’ll get two tax bills, but only one bill from the association that shows all your charges, who cares.
“Parking isn’t free, you’ll pay one way or another.”
True, but I live in a building east of Michigan Ave. behind the Hancock and pay $200/mo for valet parking and that includes 2 car washes a month. And when we go to our other home for a couple of months at a time we don’t pay rent. Beats spending money on a spot I’m not using.
^^^I live east of michigan by the hancock and i’m paying $325/month. where can i get your deal?!
I strongly considered buying a one bedroom pre-construction since I loved the building, but thought the small units were just too different than the other units in the building. For months I looked at the buiding’s promotional literature – well, it was a massive set of blueprints. I think one of the one bedrooms was 1500 sq ft for $600K back then. Some of the floor plans for the larger units were awesome, but not so much for these one bedrooms.
Very boring, big disappointment. Track lighting, kitchen cabinets just bolted to wall. Vanilla box-like.
Hardly any “panache” as the listing says.
“primo bar/restaraunt walking area in all the city. single dude who want the 1 or 2 bedroom spot in the best location will be looking at this unit.”
No, it’s a perfect place for some balding Jason Alexander-lookalike lawyer to house his shiksa. Problem might be there is likely somebody in the building that would know the suburban Highland Park wifey and spill the beans.
What’s the alternative way to put up kitchen cabinets??
helmethofer (February 28, 2012, 3:42 pm):
“kitchen cabinets just bolted to wall. “
$500,000+ one bedroom condos anywhere in Chicago are a relic of the housing bubble and do not exist in a normal market. In fact, they are just plain stupid.
“No, it’s a perfect place for some balding Jason Alexander-lookalike lawyer to house his shiksa. ”
I bet if someone put your sister up at 440 N. LaSalle she’d think she was Mary Queen of Scots. No way would you need this place. 440 N. would make it more convenient for some fund boy to cab up and throw your sis a nice lil’ lunch time schtupping.
Wonder when the “kitchen/livingroom” combo loses its appeal. Fry four sirloin burgers in this kitchen and you’ll be smelling the grease in the upholstery for a week. Great south elevation with views at this building, but how restricted are the north views – not shown, and likely overlooking some development sites still unbuilt.
Parking spot for $65,000 was also for sale in an older high-rise on Cedar recently. You can buy a house for that price, if you’re willing to move to Berwyn or Cicero. With many residential garages still offering spaces at $200/month, it would take 27 years to recoup purchase, more to recover its likely separate assessment and tax costs. That better be a very expensive car to require such an expensive garage spot.
This building has mostly full floor units for 2.5-3.5 million. Some big time Chicago personalities live here. If one of them doesn’t buy this as a guest suite than someone will pay 550k as an in-town. The buyer here isn’t looking at the 2/2 down the street at the same price, they want this building specifically.
what big time personalities?
“This building has mostly full floor units ”
Isn’t it mostly 2 units per floor, with a couple of full floor units and a few smaller ones like this?
Listing sez 44 units, yoChicago sez “originally planned for 46 units”, emporis sez 22 floors, so 21 with condos.
“but how restricted are the north views – not shown, and likely overlooking some development sites still unbuilt.”
6th floor might clear the building immediately north, which is same width and ~5 stories. Then may be obstructed by buildings at Dearborn/Maple, or have a bit of a view up the alley, depending on which side of the building.
Painting the bathroom door was a bad choice.
Only the southern half of the building has the nice windows see http://www.redfin.com/IL/Chicago/30-W-Oak-St-60610/unit-21A/home/18938820. This unit appears to occupy only the northern portion.
I guess they might get 400k, but even that seems like a stretch. This seller is not being realistic.
Why buy this when you can rent a 2 bedroom here for 8k a month? LOL
http://www.urbanrealestate.com/property/30-W-Oak-Unit-5C-CHICAGO-IL-60610-7N7QIO4RHAP7A.html
There are very few buildings in Chicago that can command such a price premium and this is one of them.
The building isn’t my style, but if I bought in this building I’d only buy one of the larger south facing units and besides – 500k one bedrooms are a tough sell nowadays.
what big time personalities?
People alot like Abe Froman the sausage king of Chicago
“what big time personalities?”
I know a high end rental agent who put a couple baseball players in this building, also a local TV anchor.
This will go for at least 550k. You guys be joking with this 350k stuff. The gold coast is one of the primo locations, and this product is unique in this location- there are barely any new construction buildings in this area so it will command a premium over some 60-70’s constructed unit that doesn’t allow a washer dryer. The unit at its list is around $500/ft which isnt rediculous. The only other building that has one bedrooms this big the I can think of is 340 OTP and those one beds have sold from $450k( looking right at blue cross blue shield) to the 700’s. Arguably 30 oak is a better location as well.
why would a person renting buy a unit as a guest suite?