There’s something about The Belvedere
There is something about The Belvedere at 270 E. Pearson. Built in 2003, this non-descript mid-rise at the end of quiet East Pearson near Lake Shore Drive has been popular from the beginning. I’ve heard through the grapevine that it is especially popular with European buyers (and has been for several years.)
There are only 4 one bedroom condos in the building and recently two of them have been on the market.
Unit #502 was on the market for most of the summer but finally sold this fall.
Unit #502: 1 bedroom, 1.5 baths, 1100 square feet
- Sold in April 2005 for $616,375
- Sold in November 2007 for $775,000
- It had lovely custom built-in cabinetry in the living room/dining room
Unit #302 has been on the market for forever. It has tree-top views.
Unit #302: 1 bedroom, 1.5 bath, 1100 square feet
- Sold in June 2004 for $525,000
- Currently listed for $749,700 plus $50,000 for parking
- Craig Palmer at Baird and Warner has the listing
Larger units sell pretty quickly in the building. And currently, there are no other units available for sale in the building.
Yeah, I’d love a unit in this building, or better yet, the one next door on the Lake (even higher prices). I recently saw a refurb. unit in 222 E.Pearson–the refurb. in that building turned out awful, and the building itself is pretty ugly, in my opinion (it screams “I was built when LBJ was in office). And yet… a very small 3 BR/ 2 BA with parking was asking over $600,000. So I don’t think it’s something about the Belvedere, I think it’s something about E. Pearson St. And that, I CAN understand–beautiful little park below, Northwestern U building across from it, views of the Lake, quiet street yet right in the middle of it.
Kenworthy: You didn’t like Pearson on the Park (the 222 E. Pearson rehab?) Why did you think it was awful?
I haven’t seen it since they’ve redone the lobby or the hallways but I didn’t think the units were that bad.
I think they are asking too much for those 3 bedroom units (that are only about 1250 square feet) but they originally sold in the $400,000s only a year or so ago and that was a great price for that location (for a building with w/d and parking.) That’s much cheaper on a price per square foot basis than either 250 e Pearson (the pearson) or 270 e pearson (the belvedere).
It’s a great location- as you said.
I’m pretty surprised to hear they DID redo the lobby and hallways. They didn’t look redone to me! (The elevators, for instance, had this kind of wood-paneling that I think was laminate–in any rate, it was in bad condition. Also, it smelled heavily of cigarette smoke–which I suppose added to the 1960’s vibe.) I saw a model unit on the 18th floor, a 3BR/2BA. I thought the finishes looked very standard-issue. I may be remembering wrong but I don’t think the doors were solid core. Maybe it was just the unit I looked at, but the layout was awkward, and the BRs were tiny (it really should have been a 2BR, not a 3.) The balconies are kind of decaying-looking. It was one of the first places I looked at, so there’s a good chance I didn’t have a “sense” of what a good refurb. looks like–but I instantly decided that at $400K, I would have been interested, given the location–but at over $600K, NO WAY. That was before, of course, I knew that 250 Pearson had $600K 1BRs and 840 LSD had million dollar one bedrooms.
840 LSD is a curious building. No sales of any unit that I can see since 2005. And like I said, one bedrooms sold (in 2005) for around a million. Obviously, the prices get even more stratospheric as the units increase in size. I wonder why such light turnover in these buildings? Points to a lot of health in the Gold Coast area, I think (of which this is the far Southern/Eastern end).
I love the Belvedere also and agree with the comments about the great location. While having lunch at the Museum of Modern Art on numerous occasions, I find myself staring at the Penthouse in this building. It looks fantastic! Anyone know who owns it?
I have also taken the tour at 222 E. Pearson and must not have noticed the lobby, but I did notice the elevator and hallways which were depressing and ugly. I would rather have a low floor 1 bd. in the Belvedere than a 2 bd. upper floor at 222E.
Hi Morgan,
I really like the Belvedere as well. However, think Pearson on the Park 222 Pearson, was a great conversion. Yes, it is a late 1950’s-early 1960’s apartment building the original pricing was great. You could have bought a 3 bedrooms 2 bath unit with a balcony and parking for high 400’s. For that location, it was a great price. Also important to note, the developer spent the time/money to upgrade the plumbing/electrical and put in IN UNIT LAUNDRY….rare for a conversion.
Wow, I was not aware that you could get a 3bd in the 400’s. That does change the equation! This pricing must have been before I visited the property. I am not a big fan of valet parking also. I’m looking in the 500,000 to 800,000 range, and in this city there is so much to choose from it makes a decision difficult. In San Francisco, where I am from, I would only be looking at studios in this price range!
Morgan: The world is your oyster in Chicago (compared to San Francisco.) You’ll get a great property in that price range.
But I agree- there is a TON of product in that price range. You could literally look for months.
Have you narrowed down the neighborhood, at least? That would help.
No bidding wars here in Chicago either! You can be aggressive on price.