Selling in a Luxury Tower 9 Months Later: 50 E. Chestnut
It seems as if the rich like to move on a moments notice along with the rest of us as this 3-bedroom unit at 50 E. Chestnut in the Gold Coast has come on the market only 9 months after it closed in May 2008.
Not only that- but it’s listed for $508,000 more than in May.
50 E. Chestnut, the 34 story high-rise, is so exclusive it only has 1-unit per floor. It also has all the traditional luxury upgrades: Subzero, Wolf, Dornbracht, Toto toilets and Kohler bathtubs.
Is the unit worth the premium only 9 months later? Stay tuned.
Tricia Fox at Keller Williams Gold Coast has the listing. See the pictures and listing here.
Unit #1001: 3 bedrooms, 3.5 baths, 2 car parking, 3904 square feet
- Sold in May 2008 for $2,692,000
- Currently listed for $3.2 million
- Assessments of $2,398 a month
- Taxes are “new”
LOL is the only thing to do or say here 🙂
Multi-million dollar places have views. And by that, I *don’t* mean into the windows of the buildings completely surrounding them.
This unit will sell in three weeks for 95% of listing price to an all cash buyer from the suburbs and/or foreign country purchasing his fourth home.
This guy clearly deserves to get an 18%+ return on his money (assuming he paid cash, which I doubt). I mean, what an awesome place, its on the 4th floor or something!
P.S. That realtor should be shot for being such a moron.
Where is the view? For that kind of money, you must have a view. The monthly assessment is a beast…
I don’t mean to make snotty comments about the decor in this unit, but if these folks seriously expect to fetch anything like $3.2M for this place, they had better get the place professionally staged. Out with that dining room set and get the bedroom dresser away from the windows.
We are now back to normal times, and $3.2M is once more A WHOPPING LOT OF MONEY. The finishes are nice enough, but somehow I would expect more in the way of real luxury for $900 a sq ft., even in Streeterville.
In fact, we might be back to a time in which you can’t get financing for places this expensive, but must pay cash, for the demographic cohort that has a job that can support a place like this is so small a fraction of the population that it is hard to find a buyer for a place like this in any economic climate. You have a lot of choice housing available to you if you have this kind of money to front. A veteran real estate agent who served mostly Lake Forest and surrounding burbs once told me, 20 years ago, that you had to bring 50% down at least for any property exceeding $500K, and I wouldn’t be surprised to see that requirement reinstated in the wake of so many high end foreclosures and so many bank failures.
For 2.4 million, I would expect a mirror in the 1/2 bath!
Its listed for 3.2 million though, you got to pay for your own mirror! And I certainly hope that Harlem Furniture furniture isn’t included.
I know that there are still several units available from the developer. Anyone know how this unit is priced compared to those from the developer?
“you had to bring 50% down at least for any property exceeding $500K, and I wouldn’t be surprised to see that requirement reinstated”
Won’t happen at $500k; probably will be v., v. hard to get a mortgage for over $1mm w/o pledging additional, non-RE assets.
I walk by this building just about everyday and most of the floors appear vacant (dark). I heard that most of the units have not closed.
MLS shows 18 as closed and 1 pending
I loved this building until I saw this unit. I have never seen a $3 million unit show so poorly (at least in pictures). The ceilings look like they ar 9′ and every room looks small. You would never guess this is a 4000 sq. ft home from the pictures. They will be lucky to get $2.5 million a year from now. And Laura, I thought this was Gold Coast, not Streeterville, as it is west of Michigan Avenue. I love this location though.
You guys are just jealous. Jealous, jealous, jealous.
I would call it Gold Coast for sure
“MLS shows 18 as closed and 1 pending”
so this would mean there are approx 14 units available which sounds about right. when they started construction i believe there were less then 50% sold. good luck to this seller…
I am amazed at how many snarky comments there are on this site…it never seems to end. I had a friend who wrote an entire PhD dissertation on schadenfreude, and I thought it was kind of stupid at the time. It seems to be all over these blogs.
First, I would LOVE to see pics of all of your homes posted up on the internet for anonymous people to comment. Their furniture isn’t that bad. Putting a mirror in the second bath would take 1 call to a mirror company, but they probably have 200 other things to do. If you actually own a home (and this is a very large home) you’d realize that you have a checklist of repairs / upgrades that NEVER gets done – assuming you work for a living. I’m guessing 90% of the people on here do not own and are just cheering that all home owners are getting screwed on a daily basis…as if the entire mortgage-led collapse of the economy is going to somehow insulate renters’ job security and investments too.
This is a case where schadenfreude is much deserved. This clueless wannabe flipper either hasn’t seen a single news report for the past 2 years or just thinks their home is “special” and thus immune from market trends.
What rational person would think they can realistically get this kind of price increase in this market?
“Putting a mirror in the second bath would take 1 call to a mirror company”
Or going to the store, buying a mirror and hanging it on the wall. 20 minute project. How do you have a bathroom w/o a mirror? Keep in mind, WTGO, that they are asking for a PROFIT, in 8 months, during a poor real estate market, which exceeds the cost of your condo.
I never said they are justified in getting a profit. They are out of their minds and they will learn the hard way IF they truly want to get out. They might just be testing this out and take it off the market. Everyone on here makes such grandiose assumptions (e.g. “This clueless wannabe flipper either hasn’t seen a single news report for the past 2 years…”) Really? Do you REALLY know it’s a clueless wannabe flipper? It can’t possibly be related to a job loss, relationship breakup, needing money for kids school since the market tanked, or a million other factors?
What I am trying to point out to all these obscenely critical people is that when you own a home (and mine is not only far cheaper but far smaller), you will have an enormous list of things that constantly have to be done. Since moving in to my little box, I have refinished the floors, painted, put in crown molding, put in mirrors, towel bars, new toilet, fixed humidifier, fixed dryer, backsplash, and much much more. Yes, they should put a mirror in there – but I am guessing that they have too many other things on their list and the developer isn’t being helpful given that 1/2 the place is unsold… If they’re reading: Call central glass guys…they would do this for like $300 in 1 trip. $300 is not the price I paid, but if you live in a 3m home, that’s probably the price you will pay.
Well they can’t just give it away!
WantToGetOut,
I think people on here are justifiably critical because many understand the maintenance expense and upkeep you referenced, and since these things cost time, effort and money they should be treated at a negative to the selling price of the property. As in: when comparing rents with ownership either these expenses should be added to the ownership side of the equation or they should be deducted from the price.
In the period we’re in now you not only pay more for the equivalent of owning vs. renting but you are also on the hook for the numerous expenses you mentioned that become your liability once you go from renter to owner. Maybe if they paid a low enough price to make the hassle of maintenance and upkeep worthwhile then it wouldn’t be an issue.
“you will have an enormous list of things that constantly have to be done. Since moving in to my little box, I have refinished the floors, painted, put in crown molding, put in mirrors, towel bars, new toilet, fixed humidifier, fixed dryer, backsplash, and much much more.”
i was inclined to agree a little with wanttogetout, but then i actually looked at the photos and i agree with the other posters that this place shows terribly.
the finishes look mediocre (as in, similar to my new construction $300K uptown condo in 2000 – seriously). they have crooked diagonal hardwood floors (my pet peeve), ceramic tile floors in the guest bath (home depot special), and are those 3/4″ granite counters? I know those seem like really petty things to pick on, but in this price range it needs to have at least the standard high-end finishes.
and wantogetout: if they want to sell (to get out) they have to WORK at it. nothing comes easily in this market.
“but I am guessing that they have too many other things on their list and the developer isn’t being helpful given that 1/2 the place is unsold… “
If you’re selling in this market for this kind of price hike, you’re an idiot. Regardless of circumstances. Nobody is going to pay this kind of premium for a place just because the owner needs the money. Buyers will pay as little as they can, and there are nicer places available for less.
Bob,
That is a GREAT point and exactly why I intend to rent once I can get out of my dumpy ass condo.
Btw, something is wrong with this realtor for allowing that pic to be posted of the powder room AND demanding a 500k increase… so my guess is that it’ll be off the market in a few mos or listed with another agent.
Bubble,
Have you sold a house? I’m guessing not, by your name. I have been preparing my place for sale for a month and it is still not adequately prepared. If it were posted on here, I am sure you would all nitpick at little details that I cannot fix. I cannot turn it into the Ritz Carlton Presidential Suite – and even if I did, people would criticize that for being too old school. My place is (was) 475k, and I cannot sink any more money (and time) into staging it (e.g. renting furniture) or fixing it. The floors were all refinished, the moldings have been caulked and repainted, the walls are repainted, the necessary plumbing has been replaced, and more. I still have a sliding door that has a huge crack in it which has been a nightmare to fix…. but that’s it. I have given every weekend up, and I have missed more work than I can possibly miss (in this economy) to baby sit the repairs and maintenance people for the condo so it is ready for sale. So if you saw that the 2 lights above the bar area in the kitchen were covered by plates and demanded I go purchase lighting because I have to “WORK” in this market to sell, then I’d say – eat me. There are bigger problems. At least I have a master bathroom toilet again…which was a 3 day ordeal to fix (and my place is not even old construction). Let the new buyer buy lighting if they are so upset by the plates. People are mostly looking for price, location, value, and layout. A missing mirror isn’t going to break any deal and I’m sure thats why their realtor left the picture in.
However, if you have a 3m home, get a freaking mirror.
WTGO,
I’m guessing you’ve lived there what, three years? Think of it this way: at 2400 in rent, you’d have paid $86,4000 over those three years if you’d bought a similar place. Given what you’ve put into it, list it for $410,000, accept $400,000, and you are essentially no worse off than you would have been had you never bought it (ignoring aggravation).
“essentially no worse off than you would have been had you never bought it (ignoring aggravation).”
And ignoring the “rent” he did pay, by way of PITI.
I worded it wrong, but: he/she paid about $85K in PITI and improvements, and avoided paying about the same in rent. So it’s awfully rough, but if h/she can think of it that way, it might avoid a certain amount of insomnia and anger.
Kent and Anon I also spent 10k in redecoration and 10k in repairs… neither of which I would have called an “investment” – just maing the place my own since i thought id be here much longer. So, I calculated it out somewhere…and i think it was like renting for $3300 a month…roughly. That is if I sell at a 30k loss + realtor fees. That’s why i am so bitter on these sites. People are cheering for my financial decimation.
Few on here are cheering YOUR financial decimation. Its rather like being at the craps table and doing a don’t pass bet. Its nothing personal against the shooter its just that real estate, like options, craps, etc unfortunately is a zero sum game. Well okay craps actually favors the house but you can minimize this.
I was very fortunate in a sense: due to my life situation I had minimal losses in this downturn. I have had much more substantial losses in previous downturns. Still being a renter means I am solidly a ‘Don’t Pass’ hopeful as almost all renters on here are. Don’t worry I’m probably not looking in your ‘hood and theres nothing gleeful about my outlook. Opportunistic in a few years yes but gleeful no.
Damn I always thought Pass and Don’t Pass bets were equally idiotic. It was (I never gamble anymore) so much fun watching how personally the roller takes it when you bet don’t pass. People are funny.
Amazing pricing- nice building outrageous assesments and the developer just had to refinance. This one will be interesting to watch I would think the seller may be looking at a 500k loss.
Throw in the furniture and I’m sure you’ll seal the deal.
I still don’t get why deflation is bad.. I get to buy cheaper shit. Thought that was a good thing. Sucks if you have debt I guess?
Deflation is bad for banks, that way they can’t railroad us as badly on our debts.
Fuck banks!
Ze Carioca,
No matter what the state of your personal finances, I assure you, you have debt. Lots of it. Several trillion dollars’ worth, in fact. Deflation is horrifying for everyone in this country.
Sonies & K:
I believe Ze was (mostly) joking.
Ze might have been kidding, but I am amazed how many people genuinely don’t get it.
Ken…
“I assure you, you have debt. Lots of it. ”
Actually that’s another part of why me and my assets left the U.S. I am not going to pay for that shit!!! I have assets that got whacked this year but anything I would buy with them got whacked equally so in my mind net neutral. I hate inflation, inflation is evil. No problem with deflation. I really sincerely honestly just don’t get it. It’s like something programmed into you to think. Like searing meat to keep in juices, heard it a million times, from chefs even, and not true. When the price of a TV, gasoline, clothes go down we are all happy. Most here are rooting for lower housing prices isn’t that hardcore deflation??? It so rarely happens that i never spent much time pondering deflation but the more i think about it it sounds and feels good to me.
I guess to go further. Deflation means people are using less, consuming fewer resources, wasting less. Even environmentally deflation seems to be good. Too bad I am out of weed. I bet I could have this all figured out shortly if I was high. Damn it! Damn state of memory learning!!
“Like searing meat to keep in juices, heard it a million times, from chefs even, and not true.”
Um ok if you say so, but please don’t ever have me over for a barbeque 🙂
I think KW is an alarmist who is scared of something he doesn’t fully understand. What is so “horrible” about deflation?
Sure the puppet-masters at the Fed won’t be able to manipulate the economy to their liking as precisely. Sure employers won’t be able to slowly lower the real wages of employees via giving nominal wages not commensurate with inflation.
So what?
KW you sound like a Keynesian economist-parrot. Let me fill you in: deflation is only horrible to businesses. Its not nearly as harmful to consumers.
Sonies.. that would be one hell of a long trip for a steak. I do have an awesome stone bbq-pizza pit upstairs though I would gladly fire up for you… long slow cooking. Research it and see what i mean you will find out it is not true.
If you are into things like science of food you must have On Food and Cooking – Harold McGee it is the authoritative source.
Did it for you…. actually even worse. It reduces moisture.
http://www.cookthink.com/reference/7/Does_searing_meat_really_seal_in_moisture
Bob.. Iwouldnt say alarmist. It is just programmed into us from 1 paragraph in an econ textbook and taken as a given. Since we very rarely have deflation it’s something one lends little thought to for lack of necessity. So what if I took a 40% hit on a beach house this year. I would just sell it and buy the condo in Miami down 50%. If I owned nothing and had cash I just get the condo or beach house now.. even better. Only scenario it sucks for is those with debt. I need to spend some time on this. I’m intrigued thinking about this…
Inflation, disinflation, deflation, stagflation: I can kind of understand there are possibilities for each to occur.
But this?
“Too bad I am out of weed.” – Ze Carioca
The world is truly effed.
G..ROFLMAO… you made my day!!! I just have to make it to Sunday and all will be right in the world once again!
Ze,
(ab)using then contemplating economics is about the last thing I would waste my buzz on. Too many colors of paint to watch dry first.
Interesting Ze, while it does remove moisture, it creates more contrast, which might be why I prefer seared meat greatly over slow cooked since I like my steaks medium rare.
Anyways lets get back to this POS apartment for 3.2 mills. There’s probably 1,000 places in the city i’d rather live in for 3.2 million than this place.
Ze, thank the almighty for that. Keep me informed since I will stay in hiding until your assurance that armageddon is not upon us.
BTW, I heard once that you might want to try that artist’s market in Copa on Saturdays. As long as things haven’t changed much in 20 years, that is. At least that is what I remember. I mean what a friend told me. Or something like that.
The aptly named Hippy Fair in Ipanema. Nah I got friends. All shit down here though. I am studying growing solutions 🙂
Bob.. I like finance and playing on excel while under the influence. And alos my paint is boring. I have a thing for white and various shades of white. Kind of a Robert Rauschenburg thing (if you ever completely wasted a day at the incredibly overated Pompidou Center you will get that one)
G the almighty statue is looking directly over my place here so I am in good hands. I wanted to make a young Jesus comic book. You know since he had a Jewish mom it had to be funny. “Jesus if you don’t start paying more attention in school you will never grow up to be anything, why can’t you be more like that Steven Schwartz boy you were friends with in Bethlehem, I heard he is going to be a doctor and married a nice Jewish girl from a rich family”
Ze,
Finance and Excel are completely different than Economics.
People have been known to get rich off of mastering financial calculations and excel. People have been known to lead boring professions in academia putting students to sleep in economics.
Whats the old joke about the physicist, the chemist and the economist stranded on an island with nothing but canned goods. The physicist says “we can use a rock to bash the cans to open them”, the chemist says “I know, we can put the cans out in the sun until they heat up enough to fizzure the packaging”, the economist says “assuming we had a can opener..”
Oh thanks, now I’m picturing churches full of statues that look like Renee Taylor.
Bob… You and G both gave me a good laugh tonight. Thanks!!
nd… it goes on and on.. like the episode where he gets in trouble for turning all the kids in schools milk into wine…
You should make a claymation show like that. I’d watch it since Morel Orel isn’t on TV anymore 🙁
A Nice Jewish Boy wouldn’t do something like that, there must be something wrong in their home! His homelife is making him do that.
Seriously, when is this coming out? Do you think they would bring back the Magic Door to show it on?
It’s sad what happened here (well, everywhere…but I’ll tell you my issue here). To me, this is one of those “dream buildings” where you get an entire floor with your own elevator lobby… very unusual and just the kind of thing a home-fetishist like me is way into. This kind of place is the reason I lived with my parents for 3 years after college while saving up for a down payment (to buy my current disaster underwater condo). I don’t know if I’ll ever be in the financial stratosphere to afford this kind of property (i doubt I can spend another 10 years with the parents) but the fact that 1/2 the place is unsold and NOBODY can afford it is kinda sad…but then again I look at these homes like I do animals in the pound.
Wonderful analogy, WTGO.
The oversupply is similar, but will demand destruction hit dog lovers as hard?
Screw housing, I want a doggie bailout.