How High Will Prices Rise in River North? A 3/3 in Contemporaine at 201 W. Grand

201 w grand approved

This 3-bedroom in Contemporaine at 201 W. Grand in River North just came on the market.

If it looks familiar to some of you, that’s because it was previously on the market in 2011 and 2012.

Contemporaine was built in 2004 and has just 28 units.

The building has won awards for its modern architecture and is included on architectural walking tours of the city.

This unit has South, West and North views.

It has luxury finishes in the kitchen and bathrooms including Subzero, Viking, Miele and Balthaup.

The unit has concrete ceilings and floor to ceiling windows.

A tandem parking spot is included in the price.

The listing says it is in the Ogden Elementary school district.

The unit last sold in 2012 in what appears to be a distress sale as a lis pendens foreclosure had been filed.

You can see pictures of that listing here.

It has come back on the market just three years later listed $505,000 over the 2005 sale price, which was when the building was new.

How high will prices rise in the GreenZone neighborhoods?

Will this unit get the premium over the 2005 sale price?

Akos Straub at Coldwell Banker has the listing. See the pictures here.

Unit #803: 3 bedrooms, 3 baths, 2221 square feet

  • Sold in April 2005 for $1,085,000
  • Lis pendens foreclosure filed in January 2011
  • Was listed in July 2012 for $750,000
  • Sold in June 2012 for $675,000 (included the parking)
  • Currently listed for $1.59 million (tandem parking space included)
  • Assessments of $1143 (includes water, cable, snow removal)
  • Taxes of $11509
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 15×17
  • Bedroom #2: 11×13
  • Bedroom #3: 12×12

32 Responses to “How High Will Prices Rise in River North? A 3/3 in Contemporaine at 201 W. Grand”

  1. the 2005 price seems about right, not any higher

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  2. Nornan Bates Mother on March 26th, 2015 at 7:36 am

    HAHAHA..the June 2012 price seems more accurate.

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    Rating: +5 (from 7 votes)
  3. Where are all the “knifecatcher” comments now?

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    Rating: +7 (from 9 votes)
  4. Yeah that dumbass troll G and his knifecatcher comments… what a tool.

    I would imagine that this place goes for 1.1-1.2 1.6 is a bit aggressive although the place looks real nice

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  5. Norman Bates Mother on March 26th, 2015 at 9:22 am

    OK, I’ll bite. Why would ANYONE think this is a $1MM crib? Those exposed masonry ceilings look like a prison, and the drywall covering the HVAC doesn’t look right. So, buy a concrete box in the sky, throw in some nice appliances and generic travertine in the john and it’s worth 7 figures?

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  6. I like it, but to me it is not a $1.5MM crib either. I think somewhere around $1MM makes more sense. BTW, I think we looked at this building at the time of the bust and I liked it quite a bit, but the better half did not like the location and he units too much.

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  7. Applause to the seller, it won’t sell for 1.6 but still a great return for a 2012 purchase.

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    Rating: +2 (from 6 votes)
  8. You could get a townhouse on Astor for only slightly more. http://www.estately.com/listings/info/1308-north-astor-street–3

    I guess I just don’t understand the ways of rich people.

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  9. “a townhouse on Astor for only slightly more”

    $300k? That’s ‘slight’?

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  10. It seems slight for someone already in this price range. Plus, with the place on Astor, you are not paying huge assessments each month.

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  11. “I guess I just don’t understand the ways of rich people.”
    +
    “It seems slight for someone already in this price range.”
    =
    Huh?

    You *imagine* it would seem slight to someone in that price range.

    Would 20% more for your condo have seemed like a ‘slight’ difference?

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  12. When I was purchasing, I did end up purchasing a place for about 15% over my initial budget.

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  13. You ducked the question:

    Did you consider that a “slight” increase?

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  14. Yes. Spending 20% above your initial budget sounds reasonable to me.

    The property in question seems overpriced. If I had 1.6 million to spend on a home, I would try to push upwards to get the Astor home. This is exactly what I did when I was buying on a lower scale. I saw a great place pop up that was above my initial budget, but thought it was worth it to get the nicer place. I lived very frugally the first year, but then received a raise and am able to live comfortably in the higher priced home.

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  15. “Spending 20% above your initial budget sounds reasonable to me.”

    “reasonable” /= “slight”

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  16. At this price point I don’t think having to mortgage another $1432 a month is going to kill anyone…

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  17. I also wound up buying a place for about 20% over my initial very conservative “limit” as it was perfect and exactly what I was looking for where places at lower prices were not.

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  18. In the City sonies?

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  19. “In the City sonies?”

    He’s totally moving to Hinsdale, V.

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  20. Yeah within 2 miles from city hall I think

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  21. Who wants to live on the 8th floor of a building on the corner of two busy streets breathing in car fumes 24 hours a day? Must be noisy as hell too.

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  22. “Steve on March 26th, 2015 at 2:10 pm

    Who wants to live on the 8th floor of a building on the corner of two busy streets breathing in car fumes 24 hours a day? Must be noisy as hell too.”

    Don’t forget the bums that frequent the area too.

    you get what you pay for!

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  23. The owners are probably selling because Sushi Samba closed down…

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  24. “homedelete on March 26th, 2015 at 2:38 pm

    Don’t forget the bums that frequent the area too.

    you get what you pay for!”

    It’s not a bug, its a feature! Maybe they can highlight the proximity to Binnys and the view of the I90/I94 ramp.

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  25. Benefits of living near the homeless:

    1. You can give them change and feel like you’re a good person.

    2. You can look at them smugly and feel superior.

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  26. gringozecarioca on March 26th, 2015 at 4:52 pm

    Homeless asked me to help him out. I handed him a roll of toilet paper.

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  27. not really a whole lot of homeless here, now a few blocks north and east near that catholic charities pos on lasalle and huron… my goodness

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  28. ” near that catholic charities pos on lasalle and huron”

    I didn’t realize that the Godfrey Hotel was a front for Catholic Charities.

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  29. I would pick the row-house on Astor for $1.9MM over this condo at $1.6MM The extra $1,300 or so in monthly mortgage payments is basically offset by the $1,100 in extra HOA fees for the condo each month.

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  30. I really like this place and I like the location. It’s walking distance to loop activities and public transportation, yet a bit out of the tourist traffic areas. I think it’s a great unit in a very nice building. HOA’s seem in line with homes of this square footage. I would be proud to call this place home.

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  31. “Why would ANYONE think this is a $1MM crib? Those exposed masonry ceilings look like a prison, and the drywall covering the HVAC doesn’t look right. So, buy a concrete box in the sky, throw in some nice appliances and generic travertine in the john and it’s worth 7 figures?”

    Ditto.

    Only thing I like is the kitchen table and chairs, anyone know what company makes or sells it? You could buy that alone and spiff up 2221 sf, save your self a million dollars. No way this should sell for more than $500 psf but maybe it will.

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  32. “Only thing I like is the kitchen table and chairs, anyone know what company makes or sells it? ”

    You’re joking right? I thought you hated modern. I don’t know the exact table but there are similar styles available at every major modern furniture store; room and board has a nice cherry wood table with a unique table top.

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