Will All the Older Condos Get Renovated? A 2/2 at 21 W. Chestnut in the Gold Coast
This 2-bedroom in Chestnut Place at 21 W. Chestnut in the Gold Coast just came on the market.
Built in 1999, the building has 124 units and a parking garage.
This unit sold less than a year ago and has now been renovated.
It has brand new wide plank quarter sawn white oak hardwood floors.
The kitchen is new with gray toned Shaker cabinets, stainless steel appliances and quartz counter tops with a breakfast bar.
The master bathroom has a quartz double vanity.
There’s a south facing balcony and a rare side-by-side washer/dryer.
The unit has central air and parking is included in the price.
The listing says this unit is “almost 1500 square feet” but the 2016 listing said it was 1384 square feet.
We’ve chattered about several of these 1990s condos that have been renovated recently.
This unit sold last year for $520,000. It has come on the market for $179,000 more, at $699,000.
That would make it among the most expensive 2 bedroom units to sell in the building over the last 2 years.
How much are you willing to pay to have the rehab done for you?
Mario Greco at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #1510: 2 bedrooms, 2 baths, no square footage listed but listing says it’s “almost 1500 square feet”
- Sold in July 1999 for $328,500 (included the parking)
- Sold in July 2000 for $454,000 (included the parking)
- Sold in August 2002 for $500,000 (included the parking)
- Sold in July 2009 for $504,000 (included the parking)
- Sold in June 2016 for $520,000 (included the parking)
- Currently listed for $699,000 (includes the parking)
- Assessments of $971 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger and snow removal)
- Taxes of $10,184
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 15×13
- Laundry room: 7×5
This building is in a great location but has too much of a suburban feel once you get inside – get rid of the awful red awning (reminds me of a senior living community) and upgrade the lobby/common areas and it will make a huge difference.
$700,000 for a run of the mill high rise 2/2? That’s $5,000 a month (with a 20% down payment) plus $1,000 for the HOA. Not cheap.
And interesting marketing too…first sentence of the listing says “OGDEN SCHOOL DISTRICT!” As if that is a priority for the potential buyers of this unit.
The flipper hung a lot of pictures. It’s going to be a pain for the next owner to repair all of those holes.
I’m also curious why agents don’t show more before and after pictures. The current pictures aren’t that impressive, but maybe if they showed some the before pictures, buyers might be more appreciative of the work that was done.
Ha – – that common area made me think “affordable senior living community in need of a refresh” and then I read duffer’s comment. đŸ˜‰
how mundane
“$700,000 for a run of the mill high rise 2/2? That’s $5,000 a month (with a 20% down payment) plus $1,000 for the HOA. Not cheap.”
Prices are rising quickly, HD, for the “standard” 2/2 in River North, Streeterville and Gold Coast. They used to be in the $500,000s. Now they’re in the $600,000s or even some $700,000s depending on the finishes/building.
They aren’t building any 2/2s anymore. None of the new luxury apartment towers are being converted (yet). So there is limited supply, especially of ones with almost all new finishes.
Limited supply but strong demand = rising prices.
That south view is going to be obstructed once the super high rise on the Holy Name parking lot parking lot goes up. And the YMCA parking lot is sure to be built over at some point as well. That was always the problem with the south-facing units in that building. It was only going to be a matter time before this parking lots were history!
“It’s going to be a pain for the next owner to repair all of those holes.”
Command strips??
“That was always the problem with the south-facing units in that building. It was only going to be a matter time before this parking lots were history!”
Well…it’s been there nearly 20 years and no buildings yet. The ones at Holy Name are across the street and won’t impact light or anything else. It will shift the view, sure, but it will probably enhance it.
The lot next to the YMCA has always been “the lot next to the YMCA.”
Anytime there is an open lot near a high rise, buyers should know that the odds of there being a building there eventually are high. In fact, unless a low rise building next to a building is landmarked, you can assume that a high rise might go in there. Buyer beware.
“$700,000 for a run of the mill high rise 2/2? That’s $5,000 a month (with a 20% down payment)”
This doesn’t quite seem right to me. I put 20% down on $750k and my mortgage+taxes come to roughly $4k? And that was after the huge increase. Before it’d probably be maybe $3600ish?
“mortgage+taxes come to roughly $4k? … maybe $3600ish?”
+$971 for assessments.
Reduced to 649,500 today
Reduced to 624,500
Closed for 625K