Even in Popular Buildings, It’s Tough To Make Money: 250 E. Pearson
The Pearson, at 250 E. Pearson in Streeterville, closed in 2003 and has been a very popular building for re-sales. It has held its value well.
That part of Pearson is quiet, with the south facing units overlooking the park, the lake and Northwestern University Law School. Yet you are two blocks east of the Mag Mile.
But with sales in the upper bracket slowing, even Pearson owners are finding it tough to make money, even if they’ve owned in the building for nearly four years.
Unit #1007: 3 bedrooms, 3 baths, 2 car parking, 2122 square feet, some windows are south facing
- Sold in October 2004 for $939,000
- Currently listed for $1,035,000 includes one car parking
- Assessments of $947 a month
- Katherine Chez at Coldwell Banker has the listing
This was listed 7/6/07 for $1,225,000 with price reductions to $1,175,000 and now the current $1,035,000. The unit is also available for rent for $6,700 per month.
It looks like these will be under the initial pricing soon. Here are the sales of the other 3/3 units, (all indicate 1 car parking except #1407, which has 2.) All of the sales are from the developer, except for the resales listed.
Unit# sale date sale price
807 7/14/2003 $828,000
907 7/14/2003 $955,000
1007 9/14/2004 $939,000
1107 12/11/2003 $1,024,000
1207 7/29/2003 $895,000
1307 7/28/2003 $1,036,000
1407 8/5/2003 $812,000
1407 6/30/2004 $900,000
1407 5/5/2005 $1,155,000
1507 8/18/2003 $989,000
1607 7/28/2003 $915,000
1707 9/2/2003 $999,000
Hey G (or whomever),
How do you find these past sales? Also past prices? I have just been using the mls listings of various realtors I’m registered with (like Rubloff and UrbanSearch), and I can get past sales prices (sometimes) by checking zillow.com and nextag.com. But it isn’t very efficient (and is often spotty). Do you use some kind of paid service?
Also, what do you guys think of the “true values” offered by zillow and nextag?
As a non-real estate nonprofessional, I like the property sales database from Lexis-Nexis (which generally duplicates the info found downtown)…..available for free at some public libraries.
The smaller units, the one and two bedroom sellers, seem to have done quite well for themselves in this building. But as it ages, things slow down.
It’s a great location however.
G, Thanks for posting the prior sales of the other 07 tier units. It’s interesting to see the comparison.
Thanks, B.H.M. — I have access to Lexis and will try that. (But does it also keep track of listing prices, namely, when prices are reduced and properties relisted?)
P.S. Good luck in Texas and Ohio tonight!
that is a very narrow kitchen for 1 million dollars…
The Pearson is a nice building in a great location. The finishes are not over the top and many units have black/white appliances. You are paying for a fantastic location directly across from the park, with a tennis court, running track, the lake, baseball field, etc, at your doorstep!
I wonder if this unit would sell if they painted it neutral colors? I’m thinking the painted walls (especially without any furniture) are really hurting it with the upper income bracket buyers.