You’ll Never Believe What This 2-Bedroom Duplex Penthouse Sold For: 435 W. Erie in River North
We last chattered about this 2-bedroom duplex penthouse at 435 W. Erie in July 2010.
See our prior chatter here.
It was a short sale.
Apparently listed for as high as $1.4 million, by the time we chattered about it last summer it had been reduced to $895,000.
Many of you were in love with the property.
It had a wraparound terrace with southeast facing views (which agent Jennifer Ames supplied stunning night city view pictures for in the listing.)
It had a 2-story living area with a lofted den.
The kitchen had upgraded appliances including Miele and SubZero.
Some of you thought it was a steal at $895,000.
Then prepare yourselves- because it actually sold for just $625,000 which included 2 car tandem parking.
Check out the pictures here.
Jennifer Ames at Coldwell Banker had the listing.
Unit #2201: 2 bedrooms, 2.5 baths, 2 car tandem parking, no square footage listed, duplex
- Sold in March 1999 for $340,500
- Originally listed in May 2009
- Withdrawn
- Lis pendens filed in May 2010
- Re-listed in June 2010 as a “short sale” for $995,000
- Reduced
- Was listed in July 2010 at $895,000
- Sold in April 2011 for $625,000
- Assessments of $1241 a month (includes heat, a/c, doorman)
- Taxes of $9633
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 11×13 (second floor)
- Family room: 15×11 (main level)
HS That’s what I am talking about.
pics:
http://www.urbanrealestate.com/property/435-W-Erie-Unit-2201-CHICAGO-IL-60654-5CRTTNAU3DNZC.html
At about $5,000/monthly payment, I believe it.
That does seem pretty incredible. It’s possible that the square footage just wasn’t there. Doesn’t seem that much bigger, based upon room dimensions, than 708 that sold for $475K. Throw in a floor premium and upgrade premium and take off a short sale discount…can you get much higher than what it went for? I’m speculating.
Interestingly, it was under contract in October and fell out.
One other data point…the assessment for 708 is about half of this unit. So at some point someone thought this unit was worth twice as much.
God DAMN IT!!!! I was so in love with this property and many on this site (WESTLOOP!!) said that he had previewed it and there was no way the bank would even consider anything under asking. This is a warning to people reading this site – don’t take anyone’s advice (except mine – I don’t lie). At 625k this is an absolute steal – there is very little (if anything) like this in the city at this price.
“This is a warning to people reading this site – don’t take anyone’s advice (except mind – I don’t lie).”
ROFL. Thanks for the laugh.
see this is why if you don’t try (offer) you’ll never get a deal
“At 625k this is an absolute steal – there is very little (if anything) like this in the city at this price.”
But of course this doesn’t count as a data point against your view that prices for desirable properties in prime neighborhoods are no longer falling — right?
@Clio
First rule of real estate. It costs nothing to write up an offer.
Your loss.
“see this is why if you don’t try (offer) you’ll never get a deal”
If you don’t ask, the answer is *already* “no”.
I’m assuming it was all cash?
Talk about a comp killer for the unit in the last post.
I also wonder if this sale was to a relative of friend of either the owner or REO banker
Given that the offer closed now (pre-peak buying season May-Jul), it looks like the bank doesn’t have much faith in the market?
Doesn’t make much sense that whatever-bank-this-was was in a rush to dump. If this property sold at this price between Dec-Feb, I’d understand. However now the fiscal year is well over, the sale probably closed after the quarter’s end.
Why the rush? Bank couldn’t wait a couple of more months? (though obviously the $100k more that the bank could’ve extracted is not even a rounding error) Scratching my head.
Would be interested in the backstory.
What’s more hard to believe to me is not that it sold for $625k but that at one point it was listed for over 1 million. It’s got some great unique features but it’s still only 2 bedrooms. I like the location but it’s not going to get Huron/Rush area pricing.
Incredible deal. I toured this place and wow I would’ve easily paid $650 or even $700k for it. Lesson learned – always make an offer…
At $800 this even was a pretty good deal. Please please get the backstory from the agent. Will be a good one to read.
Look out below!
Soon all these units will be ‘deals’. Today’s ‘deal’ is nothing more than a signpost on the way to a better ‘deal’ tomorrow. Sort of like the interstate signs that say “Disneyworld – 10 miles away!”
$1,064,000 face amount on the first mortgage.
Oh, and that low price on the purchase transaction is bc the owner was a principal with the developer of the building.
Anyone know who the bank was on this? Also what sites do you use to look up the mortgage info?
“One other data point…the assessment for 708 is about half of this unit. So at some point someone thought this unit was worth twice as much.”
Aren’t assessments typically based on square footage/percent of building? They are in my building and I though that was just the way it worked.
No matter what HD says about deals coming down the road, this has not been seen. He is going to be saying that same shit until he dies. There is NOT going to be any huge deluge of deals or any sustained continued decrease in prices for places like this. If you guys continue to be influenced by people like him and G, you will lose out (like I have) on many properties that ARE deals.
“Anyone know who the bank was on this?”
Standard Bank made (most? all? I didn’t check everyone of the many loans over the years) the mortgage, with Citi the named party at F/C time.
“Also what sites do you use to look up the mortgage info?”
ccrd.info. Need the PIN, which Redfin has right ~90% of the time; otherwise use cookcountyassessor.com
“Oh, and that low price on the purchase transaction is bc the owner was a principal with the developer of the building.”
What is this referring to? The original price paid by the owner who just short sold? And, if so, if the purchase price was “low” why was there still a $1,000,000+ mortgage? Just curious.
clio: I asked you this before, maybe I missed your response. See this chart 60093 Winnetka: http://www.cdn-redfin.com/stingray/do/region-chart/2011_04_12/2/25822/MEDIAN_HOUSE_SQ_FT_BY_TIME.png
I wonder if this past winter was the bottom, when this condo sold as well!! Inflation will be kicking in bigtime soon and RE (in good locations) will be a beneficiary, over paper assets.
I always thought Redfin took the PIN from the MLS listing, and hence was wrong when the listing agent (willfully or mistakenly) inputted the wrong no. Is the PIN not an MLS field?
“Need the PIN, which Redfin has right ~90% of the time; otherwise use cookcountyassessor.com”
“What is this referring to? The original price paid by the owner who just short sold?”
Yes.
“And, if so, if the purchase price was “low” why was there still a $1,000,000+ mortgage? Just curious.”
Speculation, but probably to pay for the build out. I suspected the purchase price was for raw space, and the relationship makes that more likely.
“I always thought Redfin took the PIN from the MLS listing, and hence was wrong when the listing agent (willfully or mistakenly) inputted the wrong no. Is the PIN not an MLS field?”
No idea, but RF has it accessible and not-always-right, thus the reference and the note.
The penthouse units were sold as raw space. There were two I believe and went for about $800k if memory serves.
This one hurts. Bad.
Short sales are as big a racket as the funny money loans were.
I was wondering the same thing. Did anyone ever figure out why it was so cheap in 1999? was that just for raw space? even so, how the heck could you spend 700,000 on finishes? I must be missing something. Seems like a sweet unit though, and for $625 is a deal with 2 parking spots.
Maybe you’ll be able to pick this one up and 500k in a year
http://www.redfin.com/IL/Chicago/150-W-Superior-St-60654/unit-501/home/23031689
“Did anyone ever figure out why it was so cheap in 1999?”
As I noted above, the buyer is a principal at the developer, so it was *never* an arms-length transaction.
“As I noted above, the buyer is a principal at the developer, so it was *never* an arms-length transaction.”
but that same principal got screwed on the price it cost to finish the place? how in the world cold you spend 700k on upgraded on a 2 bed 2 bath. I’d have a tough time spending that much re-doing a 6000 sq ft home.
“but that same principal got screwed on the price it cost to finish the place? how in the world cold you spend 700k on upgraded on a 2 bed 2 bath. I’d have a tough time spending that much re-doing a 6000 sq ft home.”
I’d guess he didn’t pay market price for the space.
And is there a developer who *didn’t* cash out whatever they could as the bubble faltered to keep things afloat? Just b/c the last mortgage was $1mm+ doesn’t mean the first one was–I didn’t check them all, and there were many.
“how in the world cold you spend 700k on upgraded on a 2 bed 2 bath”
It could be done. We saw some genius spend a pretty penny on completely redoing a one bedroom 1.5 bath loft over at the Vetro which included attempting to install an outdoor kitchen on the terrace. Dude ran out of money halfway through but it was frickin’ hilarious.
http://cribchatter.com/?p=6413
Here is a video of aforementioned genius who spent more than a pretty penny on this:
http://www.chicagomag.com/Radar/Deal-Estate/April-2009/On-the-Market-Outdoor-Cooking-in-the-South-Loop/
The owner also owns unit 705 next door and lives there apparently. No record of unit 704 with it’s outdoor kitchen ever selling in the Chicago Tribune database.
now thats quality
“It could be done. We saw some genius spend a pretty penny on completely redoing a one bedroom 1.5 bath loft over at the Vetro which included attempting to install an outdoor kitchen on the terrace. Dude ran out of money halfway through but it was frickin’ hilarious.”
This is the same genius who managed to install a giant mirror that you directly faced while seated on the – probably gold plated – terlet.
As I recall, the unit went on the market with no actual kitchen inside the unit.
“As I recall, the unit went on the market with no actual kitchen inside the unit.”
If I were a betting man I’d bet he quit making payments on it or even both units and the bank hasn’t done squat.