Contemporaine Penthouse With Japanese Gardens Finally Sells 6 Years Later: 201 W. Grand in River North
We’ve chattered about this 2-bedroom penthouse in Contemporaine at 201 W. Grand in River North several times over the last 5 years.
See the June 2011 chatter here.
Two years ago, when it came back on the market at $3.4 million, most of you thought that was overpriced for a 2-bedroom, garden or not. Some of you guessed it would probably sell around $2 million.
This unit finally sold this month for $2.4 million.
If you recall, it was originally listed in September 2007 for $3.95 million, 2 years and one financial crisis later, it had been reduced by about a million dollars to $2.99 million before being withdrawn from the market.
It was also available to rent for $15,000 a month.
This unit was best known for the 3000 square foot patio landscaped as a Japanese garden with 12 foot tall Bonsai trees. The Chicago Tribune did an extensive story about the gardens in 2007. Check it out here.
It had 2-story windows in the living room overlooking the garden.
The kitchen had modern cabinetry with stainless steel appliances.
2 car parking was included.
This listing was among the first that I ever covered here at Crib Chatter.
Is this sale a sign that sellers are getting realistic about pricing, even in this hotter market?
Debra Dobbs at Koenig & Strey Real Living had the listing. You can still see the pictures here.
Unit PH2: 2 bedrooms, 2.5 baths, 2 parking spaces included, 3000 square foot terrace, no square footage of the interior listed
- Sold in April 2004 for $1,700,000
- Was listed in September 2007 for $3.95 million
- Withdrawn from the market
- Was listed in April 2008 for $3.79 million (2 parking spaces still included)
- Reduced
- Was listed in July 2008 for $3.59 million (2 parking spaces still included)
- Reduced
- Was listed in September 2009 for $2.999 million (2 parking spaces still included)
- Withdrawn
- Re-listed in April 2011 for $3.4 million
- Sold in May 2013 for $2.4 million
- Assessments of $2000 a month (includes cable and water)
- Taxes of $29,975
- Bedroom #1: 23×20
- Bedroom #2: 13×10
This is badass!
I love how they purchased right at the height of the market, then, as the market was on its way to stumbling, they thought “hey, I have an idea, it looks like the real estate market is going to slide, I know, let’s double our ask from what we paid, just a few years prior”. There’s just something about seeing reality slap the hell outta someone, that I really like.
But it’s a super cool space with that garden.
I think this is a sign that some (maybe even most) sellers are getting realistic. When everything else is selling quickly and yours is just sitting and sitting it is hard to justify the price you are asking. However, while I see many people reacting and lowering prices when they don’t get offers fairly quick there are still homes that have been on the market close to a year without a single price reduction. Some owners still (and always will) think it has nothing to do with thier price being too high but that the right person just hasn’t come along yet. Unfortunately, they miss out on all the buyers who were right for the home but were more realistic about the home’s value and are still stuck in the same place instead of moving on.
“let’s double our ask from what we paid”
Pretty certain that the whole outdoor garden was done by them after purchase–ie, the best thing about the place was not included in their purchase price.
Wish I were in that garden right now. It’s divine.
Yeah wish I was in that garden right about now
I adore that garden.
Pretty sure that whole outdoor garden was done by them after purchase”. Ok, I’ll agree to that. But let’s do some math shall we? The difference between what they paid and the initial ask is 2.25 million dollars. Really? Over TWO million dollars for some trees, shrubs, flowers, … Really? Didn’t realize outdoor space was so incredibly valuable in the city.
I prefer European inspired gardens to asian. What is this madame butterfly? miumiu or oilc in a kimono bringing me tea and my newspaper and some nice biscuits, I guess that would be OK.
“I prefer European inspired gardens to asian.”
This may be the first time I have agreed with HH.
Here are more pics, extolling the virtues of a hi-tech HVAC control systems?
Color me impressed.
http://www.kreski.com/butcher_residence.html
I’m confused by the mortgages. Are there two totaling $2.2m, or is there just one for $1.5m?
“Precious is the word I use to describe . . . .”
“I prefer European inspired gardens to asian. What is this madame butterfly? miumiu or oilc in a kimono bringing me tea and my newspaper and some nice biscuits, I guess that would be OK”
HH we all know what you really prefer http://kimonofromjapan.com/kimono-men/kabuki/red-img4j.jpg
Swannee (May 16, 2013, 12:12 pm)
Really? Over TWO million dollars for some trees, shrubs, flowers, … Really? Didn’t realize outdoor space was so incredibly valuable in the city.
Rating: +1 (from 1 vote)
Do you know how many times you need to reserve the freight elevator to get all that plant life up there, at $400 pop
wojo, that is one amazing backstory about Precious Moments and the seller! Now I understand the interest in a Japanese garden theme, but I wonder if the stager cleared out the figurines, because they totally don’t “match” this space.
The seller is the precious moments dude? If so, I would never buy this place.
This was perhaps my favorite condo in the city… too bad it was about $2 million over my budget. Maybe when the new buyer goes to sell in a few years, I’ll be a bit more flush with cash 🙂
“Do you know how many times you need to reserve the freight elevator to get all that plant life up there, at $400 pop”
I believe they actually had a crane lift the trees from the street.
Unique space, great views, lovely garden. I’m not crazy about the immediate neighborhood, but otherwise, I love it.
To fixate on the final sale price ignores that the seller likely over-extended themselves in 2004 and even if you include the taxes spent over the years still came out ahead nine years later after the biggest RE crash since the GD.
1.7MM purchase price.
30k x 11 years = 330k in taxes.
2k x 108 = 216k in assessments.
Total in for 2.216MM. Big surprise it sold for slightly above this to cover RE transaction costs? Because the (old & new) owners are obviously wealthy? LMAO.
This RE market is on stilts.
The first listing you covered is finally sold. Sabrina your work here is finally done!
Uh oh, does that mean it is time to shut down crib chatter?
Hope not.
“This RE market is on stilts.”
You should hope so, because like I told you years ago.. not owning is the same as being short… 🙂
“Total in for 2.216MM. Big surprise it sold for slightly above this to cover RE transaction costs? Because the (old & new) owners are obviously wealthy? LMAO.”
No Bob. You have the math all wrong. Do you know what they did to create that garden? I guess you didn’t click on the link. I’ll paste it in for you.
“Jon turned to Hoichi Kurisu, a specialist in Japanese gardens based in Portland, Ore, who designed the couple’s sprawling St. Charles garden. His landscape design firm, Kurisu International, provided the plant material, stones, pond and waterfalls.
Twelve-foot-tall pines trained for 35 years were shipped from the Portland nursery and lifted by crane to their beds, which are radiant-heated to protect them in the winter. Serviceberries, blue spruce, Japanese maples and azaleas fill out the rest of the shrubs, with some seasonal bulbs such as irises. All are watered with a built-in irrigation system that conforms with the building’s roof drainage.
The pond, actually an inches-shallow pool, looks deeper because of the inky river stones that line its metal base. A large catchment membrane beneath the garden allows water to recirculate.”
Any guesses as to how much it cost to actually DO the landscaping? I would assume several hundred thousands of dollars. Maybe more due to all the special heating/irrigation systems they had to create.
“Do you know how many times you need to reserve the freight elevator to get all that plant life up there, at $400 pop”
This is REAL landscaping people. These aren’t big flower pots stuck out on the deck. Obviously no one clicked on the link from the Chicago Tribune Magazine.
Please stop talking about the former owner of this unit. That’s a Cribchatter no-no (even though they DID put themselves out there with the property 6 years ago.) They’re not public figures.
You don’t know the former owner- don’t act like you do.
Thanks!
“No Bob. You have the math all wrong. Do you know what they did to create that garden? I guess you didn’t click on the link. I’ll paste it in for you.”
No I saw it. I was going to comment on it. Just some days I simply don’t feel like pointing out Bob’s consistent 3rd rate analysis which combined with a lack of initiative is the reason he will always be back office mid-management.
“Hundreds of thousands of dollars” is still a hell of a way off from 2.25 million dollars. Excluding the specially flown in trees, any of the other plants can be purchased at any nursery. Yes, a landscape architect was hired. Big deal. Any competent gardener and designer could also, put in a wicked cool space. Being featured in the media is great but still doesn’t justify the increase in price. Still, it was an outlandish inflated price above what they paid at the height of the market. Doesn’t matter that the garden is cool or whatever. It’s was the pricing that was insane.
As it sold for 2.4, nothing close to the original ask of 3.95, apparently, nobody else thought the garden in the sky was worth another couple million.
“Hundreds of thousands of dollars” is still a hell of a way off from 2.25 million dollars. Excluding the specially flown in trees, any of the other plants can be purchased at any nursery. Yes, a landscape architect was hired. Big deal. Any competent gardener and designer could also, put in a wicked cool space. Being featured in the media is great but still doesn’t justify the increase in price. Still, it was an outlandish inflated price above what they paid at the height of the market. Doesn’t matter that the garden is cool or whatever. It’s was the pricing that was insane.”
Bob was saying these sellers didn’t lose money. Of course they did. Have you ever had any landscaping done Swannee? Obviously not. It costs thousands just to plant trees in a normal yard. They had to heat the whole frickin roof here! You’re nuts. This was at least $500,000 to set up (maybe more.) There’s a reason there is NO other terrace in the city that looks like this. It’s too hard to do and costs too much.
I agree that this is way high end and I think it was probably well over $500k. I wouldn’t be surprised by seven figures. But, it does not cost “thousands just to plant trees in a normal yard.”
“But, it does not cost “thousands just to plant trees in a normal yard.””
Buying + installing 25-30′ mature trees (like they did here) sure can.
Sticking a bunch of 5 y.o. maples, oaks, etc in, of course not.
I can’t even begin to imagine how much it cost to install that garden with radiant heat and even getting everything set up to properly work with the building’s drainage and such. There is no other terrace like this in the city and I’m actually surprised it took this long to sell all things considered
“I’m actually surprised it took this long to sell all things considered”
Well, you can only use your terrace like 2 months out of the year, right?
” There’s a reason there is NO other terrace in the city that looks like this. It’s too hard to do and costs too much” ……and it’s quite taste specific…
Creating the heating system onthe front end is not that expensive. They just had to set up a loop of coils to run warmed fluid thru and hook that up to a heat pump. Construction cost on that part of the project is not insane. Many people have heated driveways and sidewalks in CO ski towns. The process is somewhat like creating an ice rink in reverse. The real expense must be in running the darned system all winter. Wonder what the utilities are like on this unt.
The drainage and pond system puzzles me more. That is out of my expertise!
“I’m actually surprised it took this long to sell all things considered”
I’d bet they had offers under 3 million more than nice since it was listed. They just did not appreciate those offers back then.
Well, you can only use your terrace like 2 months out of the year, right?
Wrong! Perhaps only two months for getting a tan.. Add some heat lamps and put on a sweatshirt and its good at least 8 months per year. Plus the terrace is staring at you every day thru all that glass. It is an integral part of the inside and outside of this home!
Rating: 0 (from 0 votes)
Make that “more than once”
“Buying + installing 25-30? mature trees (like they did here) sure can.”
Are you being deliberately obtuse and do you really not see the difference in what we’re saying? The difference is important for me to know whether I want to punch you in the ear or not.
“Are you being deliberately obtuse and do you really not see the difference in what we’re saying?”
Inartfully drafted, so my point was exceedingly unclear.
Do you have a guy who will acquire, deliver, and plant a tree similar to one of the larger trees on this terrace in my front yard for under $1,000? If so, I would love a referral.
If not, I’m saying that you were misunderstanding Sabrina’s point.
JJJ “But, it does not cost “thousands just to plant trees in a normal yard.””
Well said. I think that the comparisons were not clear. When you buy immature 3/4 inch trunk trees for the backyard at Home Depot and install them yourself it is clearly not expensive.
In this case they purchased specific 12 foot trees from a a guy in Portland that thinks that they were “trained.” I am sure that they all had names and were blessed by a Monk flown in from Thailand before shipping. It was a spiritual process for the owners to fly out and hand select the perfect trees.
That alone added to the cost. Protecting those special well trained trees as they were trucking them across country added another zero. Then hiring that union operated crane operator and getting a permit for the street closing added a few more $$$$’s. All told each tree planted was likely 5 to 10K in total costs. I’d bet that the former owners think that it was well worth the investment. The mature trees made the place what it was on day one.
“All told each tree planted was likely 5 to 10K in total costs. I’d bet that the former owners think that it was well worth the investment.”
Not even close, the nursery cost on those trees are in the range of +$15,000 plus shipping and installation.
“Not even close, the nursery cost on those trees are in the range of +$15,000 plus shipping and installation.”
All right, semi serious question. How much to buy and put in a mature say 25 foot tree in front of a house? Not a highly trained tree, just a good regular front of house shade providing tree?
You’re just making a different point than the one that I was making. I was pointing out that Sabrina’s statement is overly broad and inaccurate – the fact that you can spend thousands to acquire and plant expensive trees doesn’t mean that in general it costs more than several hundred to get a non-mature tree or tree or two and get it planted. Obviously if you are doing 10-15 trees or 20′ trees it’s expensive. You probably deserve more of a smack in the back of the head that a direct punch in the ear.
“Bob was saying these sellers didn’t lose money. Of course they did. ”
I was saying the sellers lost a lot less money than the otherwise should have because crazy financing continues.
“I was pointing out that Sabrina’s statement is overly broad and inaccurate”
I read it in the context of comparing doing this garden on this terrace, and doing a similar garden in someone’s backyard. I agree with you completely that your reading is correct on the plain meaning of what she wrote, and that your point cannot be overemphasized on your reading.
Maybe I was giving her too much credit, but that’s how I read it, even before your comment.
“Have I ever had any landscaping done?” I’m a Master Gardener. Hence, my pov on 2.25 million dollars on the terrace garden. Like I said before, no one else aka an actual buyer considered that value to be anything close to the ask. Not even close.
OLIC – I stand corrected and believe your numbers. This was not a cheap improvement!
jp3 as an fyi, I called a nursery in Washington State for an estimate.
swannee, besides landscaping there were interior finish and technology upgrades.
Oilc – wow you get some serious f’n extra credit for that investigative work! FYI i think that most of us on this site just write stuff off the top of our heads! Your posts will now get an extra benefit of the doubt in my book.
Truly impressive,
Jp3
BTW – congrats to whomever bought this place. If you are reading this send me an invite to the housewarming bash. Living there is going to be well worth the money you have spent!
Fwiw I noticed this article:
http://www.chicagomag.com/Radar/Deal-Estate/May-2013/Guy-with-The-Most-Perfect-Life-Sells-River-North-Penthouse/