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1516 N State Parkway
Chicago, IL 60610
$1,250,000
Conventional
Property
Bedroom
3
Bathroom
3
Property Type
Conventional
Square ft
2850
Property Description
Find the ultimate in luxury and privacy in this stunning one-of-a-kind custom penthouse, featuring a sprawling 2,850 square foot open floor plan with architecturally significant design features and high-end finishes around every corner. Remodeled down to the studs in 2016, this home was originally owned by the building's developer, who combined 2 units to create the home of their dreams. Today it offers a luxurious and serene oasis, with the hustle and bustle of historic State Parkway far below. This home's northern exposure offers unparalleled lake, city and lush green views complimented by luxurious brands including the Calcutta marble primary bath, white oak hardwood floors, high-end kitchen, Circa lighting throughout, and the added convenience of the only in-unit washer/dryer in the building. An arched entry from the marble foyer into the living, dining and media rooms welcomes and wows guests with immediate panoramic lake views streaming from massive floor-to-ceiling windows. All 3 areas are generously sized and tied together with in-ceiling A/V. A balcony off the dining area is the perfect space for grilling and additional seating. An endless list of high-end features set this gorgeous chef's kitchen apart from the rest including custom made inset to-the-ceiling cabinets with glass display and designer lighting; quartzite countertops with extra thick island countertop; marble mosaic full height backsplash; oversized sink with instant hot/cold; Sub-Zero refrigerator with 60-bottle wine storage; Wolf oven; induction cooktop; and designer lighting. Just off the kitchen is the family room with custom built-in and electric window treatments, plus the second balcony! A butler's pantry bridging the dining area and kitchen offers an additional full height mosaic marble backsplash and the ideal storage solution for everyday living/entertaining alike. This incredible home continues on into the living wing with the private primary suite boasting 2 custom ClosetWorks walk-in closets, dedicated shoe closet, custom window treatments, and the spa-like ensuite primary bath offering Calcutta Marble heated floors, soaking tub, separate shower with rain shower head and quartz vanity with plentiful storage. The second bedroom is also generous and offers designer lighting, custom window treatments and is perfected located across the hall from the second full bath with a beautiful custom inset wall tile design. The third bedroom is currently opened to the living room as a media room, but can easily be converted to a bedroom and has a designated closet. Residents of this full-service, pet-friendly building enjoy amenities including 24-hour door staff, outdoor pool with remodeled pool deck including outdoor kitchen, fire pit and planters, fitness room, sauna, and garage parking. Premier Gold Coast location with easy access to the lake, parks, Latin School, Old Town, shopping and dining!
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
1974
MLS Number
12012447
Location
Address
1516 N State Parkway
City
Chicago
State
IL
Zip Code
60610
County
COOK (NORTHEAST CHICAGO)
Listing
Provider
Compass Real Estate, original listing
Name
Compass Real Estate
Phone
Office Name
Compass
Office Phone
(773) 466-7150
Agent Name
Julie Busby

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.