Sterling Penthouse is in Short Sale: 345 N. La Salle in River North
We’ve chattered many times about the distressed sales in The Sterling, at 345 N. La Salle in River North.
Recently, a unique penthouse unit in the building came on the market as a short sale.
According to the listing, Unit #4705, a massive 2-bedroom unit, has never been lived in even though the building was converted in 2002.
At 3450 square feet, it is completely custom from the kitchen to the bathrooms. It also has an 892 square foot terrace with gas and water hook-ups.
The floors are inlaid limestone. There’s a wine cooler and the entire unit is wired.
Be sure to check out the pictures of the master bathroom. Now that’s a shower.
The listing says they will “consider all offers.” And that at the current price, it’s a “steal.”
Is it?
Kelly Rizzo-Parker at Koenig & Strey has the listing. See the pictures here.
Unit #4705: 2 bedrooms, 2.5 baths, 3450 square feet
- Sold in March 2003 for $582,000
- Originally listed at over $2 million in 2008
- Cancelled
- Lis pendens foreclosure filed in February 2009
- Re-listed in September 2009 as a short sale for $999,000
- Reduced
- Currently listed as a short sale for $899,000
- Assessments of $1353 a month
- Taxes of $12908
- No deeded parking- available for rent in the building
- Washer/Dryer in the unit? The listing doesn’t list it- but the rest of the units in the building have it so I’m assuming it’s an oversight.
- Central Air
- Bedroom #1: 14×21
- Bedroom #2: 15×9
- Living room: 22×25
- Dining room: 15×27
- Kitchen: 15×14
That shower looks like a conference room with a couple large sprinkler heads in it to me. Very antiseptic.
Do short sales ever work??
For a unit, it’s not bad… but the building doesn’t have the premium that the price is trying to bring in… I would probably say $500k-$600k is a more appropriate amount.
Why would I want to pay $900,000 to live in a building full of rentals and college grads? Not to mention it’s an American Invesco building.
I lived in this building for a year and would never, ever, EVER consider buying in it. You can find incredible rental deals (most of them month-to-month) on some of the short-sale and forclosure units. If I recall correctly, there were people renting 2 bedrooms on a 20+ floor for $1200 a month.
$500-600k for a 3400sf penthouse with these finishes in in River North?!?!
Pass the frickin’ pipe. Cribhater is hilarious…
Assoc & taxes are $2,428.66…..a month.
I toured this building in 2003 or 2004??? They tried to sell me a “penthouse unit” with a terrace facing west. In order to reach this terrace you had to climb out of a window that had been turned into a small makeshift door. This “door” was located in a small second bedroom. That unit had a terrible layout and standard builder finishes. Thankfully I passed. The agent told me that Chris Chellios had purchased one of the other Penthouse units.
I loved the terrace and views but I was shocked at the price and the lack of quality in the finishes. Add to that that there was no parking in the building. My understanding is that the Sterling was built to be a rental and should have never turned condo. Another AI nightmare. Didn’t Crains list this as the FOreclosure King of River North?
so obviously one would need to be very flush to live here. If you are, this is a great buy, if not, move on and look at something within your monthly budget.
someone should post a list of all “American Invesco” buildings to help buyers stay far away from them.
At the listed price I think its a “deal” plain and simple. The issue is whether the bank would accept that price.
I’m with Bradford, the 500k-600k figure tossed out above is out of touch even in this market.
The living room seems a little too Tony Montana for me. Other than that I like it. How hard would it be to get financing in a building that has been named “forclosure capital” of downtown chicago?
cool place. the building will probably crumble onto lasalle street by 2020 but I’ve always thought it was nice looking.
This place is way cool. If you can find things to criticize, think about this before you share them: Penthouse, 3400 SF, well-appointed, that shower… Now, have away at why you would NEVER live in a place like this… Then go home and wish you had it.
As much as the building sucks, who cares? Its the top floor! This is a steal of a deal at $260 a sqft. At 2 million this is obviously a rip off, as for the person who said this would sell for 500-600k… bahahaha you’re smoking somethin good dude.
The views from this place are incredible, the location is tough to beat and tell me would you rather live here or some 1000sqft place in the Trump next door?
“or some 1000sqft place in the Trump”
With (about) the same assessments.
If you don’t have anything good to say, don’t say it. Therefore, I’m not sayin’ nothin’. On second thought, it’s just too hard to keep my mouth shut. WTF, this place reminds me of a circa 1980s bachelor pad. I think Lauren stated it succinctly.
Seriously though, I love retro. Let me pull out my Tony Soprano approved gold bracelet, or Tony Montana’s (whatever your pleasure), and see if I can’t make a deal on this place. You’re all invited to my post closing orgy.
Geez, I haven’t seen granite tile in a bathroom since, let’s see, the 80s. Very sexy. It’s about time that look was resurrected. Actually, the bath kinda reminds me of the men’s room at the health club I used to belong to.
In the meantime, I’m going to see if I can’t get one of those Alpha Male real estate agents from Million Dollar Listing to represent me on the deal.
“who cares? Its the top floor!”
being on the top floor of a toxic building wont help when major repair happens then you and the three other non-forclosed or non-vacant units have to split the special assessment.
on the positive side, you get like a 1000 sq ft of openess and a huge wall of windows to a pimptastic view! even the bedroom view has a wall of windows. and you get a darn good blank slate for decorating!
“I’m going to see if I can’t get one of those Alpha Male real estate agents from Million Dollar Listing to represent me on the deal.”
Skip it dude. It’s not even a million – they won’t have you.
I think you can see the terrace on the virtual tour of the living room. Incredible. The only thing I will say is that if the penthouse is a short sale, that doesn’t bode well for the building. But I’m not saying anything else bad about it. If it were at the $2 million mark, then some of you might have some valid points, but the price for this space makes your criticisms sound a but petty and silly.
“get like a 1000 sq ft of openess”
Looking at an aerial, there doesn’t appear to be any openness; not that I’m doubting the size of the terrace, just think that it’s under cover–which probably makes it *more* usable in Chicago.
This place is awesome. Even though it’s in the Sterling. And if the bank approves this price, it’s a great deal–even for an American Invsco. The idea of future specials definitely makes me very nervous, as do all the renters/foreclosed units… but that’s why you’d be paying this little for a pad this cool/huge/well located.
Okay, my mistake–there’s genuine open outdoor space–facing west, but then this isn’t really a top floor unit, as there are *2* rows of windows above the windows for this unit.
“get like a 1000 sq ft of openess”
i was referring to the huge living room/dining room openness, sorry
“the huge living room/dining room openness”
But I prefer my rooms all chopped up! Who want’s to have to clear the dining table before retiring to the drawing room for apertifs? [/sarcasm]
Awesome place! Seriously awesome from a high-rise perspective and the amount of space and for this price.
errr…the building itself though is very scary
the exact opposite of 40 E Schiller and Carl Studios.
“But I prefer my rooms all chopped up!”
sarcasm aside i do like my rooms to be separate and have expressed this many times.
but a wall of windows to a good view then i will just need to learn to keep a bottle of sherry and a glass on a table every 10 feet
not exactly my tastes but this place is nice. if i was in the market i’d ask for a short term (
“this isn’t really a top floor unit, as there are *2* rows of windows above the windows for this unit.”
I think there’s elevator and building maintenance up there, and also the ginormous black CONDOS FOR SALE 312-555-5555 banner covering up those windows.
not sure if my comment got cutoff, but i’d look for a short-term lease, see how the building lives, and consider buying. even if the building has its risks there exists some price at which this would be a great deal. nice place, overall.
just to be clear, for all those measuring price per square foot . . . the realtor’s listing says 3400 sq. ft. INCLUDING the terrace. If the terrace is around 900 sq. ft., that means this is really a 2500 sq. ft. unit.
But, I think it’s a pretty good price for what it is. A 2600 sq. ft. with excellent views & a terrace like that would go for at least 50% more if it were in a “quality” building.
This place, by itself, is great and a good deal. Unfortunately, there are too many variables buying in this building and they would have to give it away for me to live there. If the building was solid, I would buy this place.
The finishes in the bathroom suck, other than that this place is cool – not many like it in Chicago for even close to the list price. I think its priced accordingly given the problems with the building.
Mondo cool unit. Mondo crappy building. I love that bathroom. For 900k this is the kind of unit I would expect.
“The listing says they will “consider all offers.””
so throw a 775k offer and see if the short sale will go through 🙂
i read on Crib chatter that short sales are hard to get and the waiting is the PITA cause the bank may refuse the offer after all the waiting
“You’re all invited to my post closing orgy.”
To commence shortly in that ginormous shower. Hot damn!
“cause the bank may refuse the offer after all the waiting”
Then come back later after some months with a lower offer. In fact attach documentation of your original offer with the followup one in case its a different banking bureaucrat making the call.
Also include some verbiage that do they think they understand the Chicago RE market and this unit specifically better than you because that appears to not be the case universally with the banks.
Well the building, as we all know, is terrible. But for this price, I love this unit. I have already called some investor clients about this unit the other day, and will be showing it soon. At the very least, this would be a great unit to buy and rent out. When the market turns down the line, if you get it at the right price, this is going to sell high. (that is, if the building is still standing!)
This place would cost 5 million in Manhattan
“When the market turns down the line, if you get it at the right price, this is going to sell high”
hmmmm i am smelling a new bubble brewing!!!!!!!
regarding the square footage, I did the math. The rooms listed add up to less than 1600 sq. ft. It doesn’t seem likely that hallways and bathrooms (even with the huge shower) more than double the size. For a 2 BR to come anywhere close to 3400 sq. ft., it would need a number of extra rooms (family room, study, breakfast room) or a really humongous main loft-like living space. Most 4 BR’s in the city are in the 2000 sq. ft range.
Groove, that’s actually a sign that the last bubble isn’t over yet.
Interesting, the owner of this unit appears to be Nicholas V Gouletas.
I somehow doubt that this is as noble as a captain going down with his ship.
…and an investor buying this property as a RENTAL is little more than rearranging deck chairs on the Titanic…
Not my taste, but those are some spectacular views.
How is this a short sale if it’s listed for $300K over the last sale price? Multiple mortgages? Does that mean multiple approvals of the short sale?
Interesting, the owner of this unit appears to be Nicholas V Gouletas.”
WOW that’s some good digging there G
this “deal seems even more fishy”
Like some other posters have said, this is a nice unit but a bad building. It is simply not a million dollar condo kind of building. It would be like selling a nice house in Englewood for $500k. I don’t see it ever being worth $1 million or even $800,000 just because of the building.
Imagine what your share of the inevitable special assessments would be if you owned this place.
there was a 2400 sqr ft condo with 80ft of flr to ceiling windows looking at the lake that went for under 700k in sept an lake shore and walton. it needed some minor reno but not much. I bet this goes a good bit lower before selling.
“How is this a short sale if it’s listed for $300K over the last sale price?”
Last sale was, almost certainly, for the raw space, and/or was not an arms-length transaction. The apparent current owner is the son of the owner of Invsco, the condo “developer”.
“It would be like selling a nice house in Englewood for $500k. ”
Um…. not so much because you don’t have to worry about getting shot, mugged, or broken into, and the location of this building is one of the best in the entire city.
Perhaps financially shot, if the association crumbles, but its probably not going to get a whole lot worse than it has been. I mean this place isn’t like that 33 ontario building, this building has been around (converted at least) and full for quite a while.
Also who cares if renters are here, do they have AIDS or something? Its better than forclosures and short sales!
“who cares if renters are here, do they have AIDS or something”
Better that they have AIDS than the flu, or even a cold. I’m not going to catch AIDS from someone in the elevator.
And, of course, the “problem” is related to: current difficulty financing, possible problems renting *your* unit if you need to, paying for common area damage from renters who don’t care, higher turnover of neighbors (always “strangers” around), etc.
“paying for common area damage from renters who don’t care,”
Yeah because owners never act carelessly in common areas… that won’t add much to your assessments.
“higher turnover of neighbors (always “strangers” around), etc.”
Yeah I’m sure the penthouses are on 6 month leases! You don’t like people wandering around on your floor, get a dog or shotgun.
“current difficulty financing, possible problems renting *your* unit if you need to”
well if I could afford this place (someday! i will!) I wouldn’t mortgage it like crazy, and its not like its 2 mills, 800k isn’t very much considering that friggin house in west wicker park sold for 700k+ with the same sqft in 6 days! (yes i do realize that they are entirely different properties, but at least they’re the same size!)
Dude, I put quotes around “problem” advisedly. That’s the stuff that people cite. Personally, I find the “problem” to be living under a shared roof, whether those who share it with me are renters or owners.
Saw this place. Numerous, numerous problems that are not easily ascertained from the photos.
These include:
– Terrible layout of master bedroom + bath (the bath is so poorly designed that it is quite laughable)
– Significant wear and tear (cracks, etc.) throughout unit (even though it’s never been lived in?)
– Outdated finishes throughout
– The building itself is worse off than when I last visited a couple years ago. All those foreclosures have really seemed to hurt.
The only real positive: The balcony & view are absolutely gorgeous.
I’m really unsure what this will go for, but based on what I saw, I will not bid on this, even at this price point.
Also confirmed what G was able to find out about the owner.
Addendum: they are counting 1000+ for the balcony in their sqft count so unit is closer to 2400.
“they are counting 1000+ [sqft] for the balcony so unit is closer to 2400. ”
Lame & Shady!
I’d never expect anything less from someone selling an invescrap property.
I have not seen the unit. Looks like they have some kind of stone flooring. Can easily crack because of the building settling/shifting. You really need to buy a few cases of the tiles for replacement purposes. It’s going to happen.
Hi Everyone- I am the co-lister on this property. Just to be clear, it is a combo unit of 4705 and 4704 so the purchase price was around $950,000. Then the owner put in approx 600k of remodeling and upgrades. This is NOT the unit where you had to crawl out a “window” to access the terrace. This has a huge sliding door off the living area. It is unique and definitely not everyones taste. The building has definitely had it’s issues, however it is structurally sound an has $1.9 million in reserves which is a huge surplus, so it’s surprising healthy. Basically for the outdoor and indoor space it has, it’s a good deal. And yes, I’m sure it will sell for less than the list price. We have a very strong offer in, and should put it together. So there’s an update from the inside, thanks!!
Also, no one is being “shady” there is 2700 interior sf and 900 outdoor. No one is hiding that. If people have questions, they should contact the listing agent and not speculate or accuse. If you don’t like the property, then don’t buy it. The owner had financial issues and needed to list it and chose my firm, and we are doing our best with the listing at hand. Thank you
I’ve been in this unit. Clearly the majority of the commentors have no clue about the real estate market. The upgrades in this unit alone are at about $750k. It’s a custom floor plan that combined the 04 and the 05 units together. Yes, the pictures are horrible, but do yourself a favor and go into the condo…if you can. Here’s a link to a video of the unit that a friend sent me: http://www.youtube.com/watch?v=w5oivDaL4Hg
YES short sales work. Most people that work with short sales have no clue what they’re doing and therefore give people the wrong impression on how they work.
And Keith (TRADER) – incorrect on all accounts. Yes there are settling cracks, but if you know anything about new construction high rises, this is the norm. The finishes are anything but outdated – they’re just clearly not your taste.
And to answer everyone’s question about the health of the building – please know what you’re talking about before you make comments to the contrary. This building had a ton of foreclosures in the building because there was a shady investor group that bought about 30 units in the building and never paid their mortgages. Therefore, about 30 units came on the market as foreclosures and started the downturn in the building. When the investor program that AI offered to their investor clients expired, the significant price drop in the building now affected the investors ability to pull any equity out of their property to cover any negative cash flow, since rents don’t cover all of the payments. Many investors saw it as a smart business move to dump the property and decided to short sell their property. Now that the majority of those properties have been cleared out the building now has more owner occupied units than investor units and the association has about $2million dollars in reserves which is about 6x as much as a building of this age should have. Therefore, the building is extremely well maintained.
As far as the current owner goes – short selling this property is an extremely smart business move for them. Again, if people know anything about the real estate market, they would recognize this. So do your research.
If you don’t like the building or this condo, that’s fine. But know what you’re talking about before you make blanket statements. This is one of the best deals in Chicago that you will ever see.
Thanks for the information on this unit and the building, in general. Lots of people are interested in the bank owned units in this building (which continue to come on the market.) You can get a 2/2 on a high floor for $250,000 now.
Thanks Kelly and SJT for the info. It is nice to see facts posted instead of pontifications of people who clearly are not owners or buyers…just haters. It is a down market, lots of people are losing, and there are good deals to be had. But facts, not unsupported comments, are far more informative. I wish those who comment would spend time discussing pros/cons or facts…not just bashing. Real buyers/sellers want info and facts…those who bash…are just bitter.
So the rumors that this bldg is 70% renter are untrue?
Very untrue. It’s more like 40% at most.
All I can say about the number of rentals is that 206 different units have been offered for rent on the MLS. The building has 389 units at most (some have been combined.) Sure, some may have been sold to owner-occupants, but I know that investors have also been “snapping up” foreclosures as well. Keep in mind that all rentals do not appear in the MLS, but at least 53% of all units have appeared there as available rentals.
The condo association should have the exact number. I have no idea why those who claim to have “specific knowledge” and “deal in facts only” have not set this record straight with precise numbers.
G – Where do you think I’m getting my facts from?? I’m getting those EXACT ratios from the management office who HAS to have that on file. Get your facts straight. The building is currently functioning close to a 60% owner occupied ratio and 40% rental or second home. That is a FACT.
Deal Estate reporting that this unit finally did close as a short sale
http://www.chicagomag.com/Radar/Deal-Estate/July-2010/Gouletas-Son-Short-Sells-Sterling-Penthouse/
I’m jealous, this deal was a good one for the buyer, pimptastic place!