Custom Built Home in the Sky Now Reduced By 60%: 200 N. Dearborn

We last chattered about these 2 units which were combined into one 3-bedroom custom built unit at 200 N. Dearborn in the Loop in October 2009.

See our prior chatter here.

Since then, the unit has been reduced by another $150,000.

It is now listed for 60% less than its original listing in August 2009.

It has a completely custom kitchen with cabinets made to look like antiques. It also has unique wide plank wood floors.

The unit has three exposures.

The listing now says: “Come on cash buyers, you need to see this!”

Kim Olson at Baird & Warner has the listing. See the pictures here.

Unit #3801: 3 bedrooms, 3 baths, 1800 square feet

  • I couldn’t find an original sales price but two units combined
  • Originally listed in August 2009 for $1.25 million
  • Reduced several times
  • Was listed in October 2009 for $649,000
  • Reduced
  • Currently listed for $499,000
  • Assessments of $1020 a month (includes heat, AC, doorman, pool, cable)
  • Taxes are “new”
  • Washer/Dryer in the unit
  • Central Air
  • 2 parking spaces available

41 Responses to “Custom Built Home in the Sky Now Reduced By 60%: 200 N. Dearborn”

  1. Oh, yeah. This one. “build out was $400/sf”. Only problem is that they built it out so no one else would like it. Whoever buys this has to undo the damage. The sellers are probably apoplectic as to why no one else likes their taste.

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  2. Very confused interior: from Robber Baron Victorian to French Country to Quasi-contemporary. I am not sure how much it would cost to un-do the mess but perhaps the price is getting closer to a buyer with energy.

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  3. lmao. design fail.

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  4. But the mirror’s so nice they had to snap three photos of it. Hope it comes with the place — that Victorian gilt really matches the Olde American of the kitchen.

    Sad when work is required solely to undo the “work” already done.

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  5. ..also one of the beds and one of the bath looks quite modern.

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  6. I know i am going to get slammed for this but i like the place. I love the doors especially the stained glass bedroom doors. (i am a huge door fan) when i bought my house it had, from what i can tell, original sold oak doors which i sanded and re-stained.

    for the life of me i still cant find the fridge in this place??????????

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  7. “for the life of me i still cant find the fridge in this place??????????”

    Who can eat after looking at that interior.

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  8. I’m with Grrove on this one – I like it. Especially the bathrooms (sans TVs of course). I think the scary part of this place is the management as people pointed out and the fact that this place is decked out in a rental/subpar building.

    But a 3/3 with nice finishes for $499K downtown is a pretty good deal. And it’s not at a delusional $1+ mil any more… I would like to be a fly on the wall for the seller/realtor price discussions.

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  9. If you want this style in the French countryside, more power to ya, but it looks completely retarded in a Chicago high rise.

    …not to mention the fact that it’s *WAY* too busy for such small spaces.

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  10. “But a 3/3 with nice finishes for $499K downtown is a pretty good deal. And it’s not at a delusional $1+ mil any more… I would like to be a fly on the wall for the seller/realtor price discussions.”

    No kidding! From $1million+ to sub $500K in only four months. Persuasive realtor? Desperate seller? Maybe a little of column A, a little of column B…

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  11. A TV in the john? Christ, a magazine is all I need. The poor bugger must really be bound up he if needs to watch a mini-series.

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  12. This looks like it was a “Designer showcase” unit– where a different designer overdid each room! That said, if you can tolerate the kitchen (and building management!), an 1800 sq. ft 3/3 with nice wood floors and some other relatively neutral upgrades (yes–there are some) is hard to come by at under 500K

    Most of the main living areas can be undecorated for very little money & you still have a great view, reasonable layout (from what I can tell) and tons of space. Other 3/3’s often have 1200 sq. ft and can cost this much–or far more if in newer or premium buildings.

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  13. not my personal taste, but if you take furnishings out, it isn’t as bad as some make it out to be. Bathrooms have nice finishes, with unique tile. It looks like they were “trying” to make unit look vintage, but didn’t work out quite as planned. Regardless, $499 for a 3 bedroom, 3 bath– 2 parking spaces… it will go. I would rather have those finishes than apartment finishes seen elsewhere for similar price tag.

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  14. An agent from American Invsco listed this prior to the current agent:
    listed 1/14/09 $2.1M reduced to $1.75M expired 7/14/09

    The public records are a mess for this bldg. I couldn’t find a prior sale or lis pendens on this unit, which ain’t saying they don’t exist. It appears that at least 7 lis pendens notices were filed by lenders since August on units here (2203, 2508, 3008, 3708, 4008, 4107, 4408.) Expect many, many more as the “2+2+2″ cash flow rebates from AI are spent feeding these very hungry alligators.

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  15. “Other 3/3’s often have 1200 sq. ft and can cost this much–or far more if in newer or premium buildings.”

    “I would rather have those finishes than apartment finishes seen elsewhere for similar price tag.”

    This only goes to show that everything is still overpriced.

    “This looks like it was a “Designer showcase” unit”

    I believe it is very possible this was a model unit, regardless of the inclusion of the following in the prior AI listing: “Unique and Elegant Design Concepts that reflect pride of ownership in this stunning corner unit.”

    The pics for the two listings are taken from different angles but show the same fake flowers, same teapot, same towels, etc.

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  16. Yeah, it might look like a deal. . . until you look at that assessment (and brace yourself for the “new” taxes).

    That assessment would be a dealbreaker for me, if the building itself were not (and, oh yes, it is).

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  17. So are there any AI buildings that aren’t total disasters?

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  18. I just will never understand why people will pay so much money to make their place look old or ‘antique’

    FFS, live in the now people, not like some nasty people from the 1920’s

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  19. @Tom(tfo): Not to my knowledge. Stay away.

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  20. Why do they need a cash buyer?

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  21. Why is this for “cash buyers”? What am I missing? I’m not sure what you couldn’t get traditional financing on a place like this. Maybe it is for deal certainty/quick closing for the sellers. They must be desperate.

    Don’t totally hate it – although I would be ripping a fair amount of the stuff out of the unit. Not crazy about the location either. But the price isn’t bad for the size of the unit.

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  22. Why is this for “cash buyers”? What am I missing? I’m not sure why you couldn’t get traditional financing on a place like this. Maybe it is for deal certainty/quick closing for the sellers. They must be desperate.

    Don’t totally hate it – although I would be ripping a fair amount of the stuff out of the unit. Not crazy about the location either. But the price isn’t bad for the size of the unit.

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  23. Groove, dude, I think I may have found the long lost fridge. There is a picture of the kitchen I swear did not exist before and shows that that bizzare area with the two columns is some kind of free-floating I don’t know what and the fridge is tucked almost out of the kitchen disguised as a HUGE black cabinet just hangin’ out in the middle of nowhere.

    Why do people do this? In a person’t kitchen I am not horrified to see appliances… when you have a huge wall of cabinets with massive handles on them you’re not fooling anyone. It is almost as distubins as those people with the TV armoire in their living room. Those pieces were originally designed as closets. So, either you are trying to disguise an unsightly television with an even larger abomination or your house does not have enough built in closet space so you feel the need to plant it right in the living room.

    RV rant end.

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  24. Needs a cash buyer because the owner-occupied rate is too low. No bank is going to lend money on this.

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  25. The kitchen sinks looks like a laundry room sink.

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  26. “as a HUGE black cabinet just hangin’ out in the middle of nowhere”

    I saw that too but dismissed the distressed black cabinet as just a cabinet cause its IN A WEIRD place for a fridge. I am a fan of the built in Fridge (i dont like SS appliances). but if this is a fridge built in, it in the wrong spot for functional.

    @G,
    for really the original listing was 2mil, hahahahahahahaha…great i need to go chang my undies cause i wet myself laughing

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  27. Price is lower I think because of its an American Invesco building and the fact that the building itself isn’t the nicest building…

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  28. People who buy sleek modern apartments and fill them up with tasteless fake antique columns and wainscotting ought to be condemned to live in a beautiful vintage house that somebody gutted out and filled with open ductwork and track lights and pipe rail and stainless cabinets. It will cost at least $200K to undo this stuff, if not more.

    This apt was a joke at over $1M. If the building is so filled with renters that it has to be a cash sale at $499K, then the glut of cookie cutter high rise apartments in the near north area is worse than we thought.

    Looks like we still have a ways to drop in prices.

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  29. “The kitchen sinks looks like a laundry room sink.”

    That’s called a “farmhouse sink”, and they’re tres chic. I hate them.

    “People who buy sleek modern apartments and fill them up with tasteless fake antique columns and wainscotting ought to be condemned to live in a beautiful vintage house that somebody gutted out and filled with open ductwork and track lights and pipe rail and stainless cabinets.”

    Seriously. If you want vintage, buy vintage. If you want modern, buy modern. It’s not like there’s a shortage of either.

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  30. “It’s not like there’s a shortage of either”

    there is a shortage of QUALITY

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  31. Sidelined Buyer on December 17th, 2009 at 2:54 pm

    I think some of you are too hard on this place. The floors are nice and the bathrooms are nice. I agree that the kitchen is a bit much but you could have the cabinets re-finished and it might look normal. I think this is a good price.

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  32. Not only is this place a joke, but this building is a joke. A $500,000+ property in 200 N Dearborn is like a $500,000 “luxury” condo in Uptown: pointless.

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  33. Yes roscoevillager you are correct. That black cabinet in the photo does represent the fridge in disguise. It is in an unusual spot but perhaps put there to maximize counter space in an otherwise cramped kitchen.

    The good news is that you really dont need the fridge that much. Y’all can mosey on down to the garage as it is still acting as the “barn.” Fortunately that the area is heated so their cows and chickens will last until the spring thaw. Nothin like fresh eggs and milk each morning Ellie May!

    My vote says that at $499 they will find a buyer at 85-92% of list. If I were the agent I would list this in “Barrington empty nesters magazine.” I think that this listing could command the centerfold spread!

    Giddy-up

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  34. I hope the American Invsco guys are rotting in hell right now. Please Santa, no Wii for me, this is my Xmas wish.

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  35. 350k all in cash including the 2 parking spots=offer i mite give

    plans with the property=keep it on rent for around 3k a month for say 5 years and then turn around and sell it for say 650k…please gimme some input…wat ya guys think?

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  36. Snap it up. You can do it, Suzannne researched it. You have to be in to win. They aren’t makin’ any more of ‘em. Buy now, or be priced out 4evah. Don’t wait to buy, buy to wait. The bottom is in. I’ve heard most of Tokyo is looking for such a deal, and they’re thirsty!

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  37. I think this place might sell if the listing agents uses a few more exclamation points in the listing.

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  38. apparently ai converted that old school building on east randolf that has the big balconies overlooking grant park.. many many years ago. and it is in sound financial order. this is all according to a poster here so take it fwiw

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  39. i cant differentiate if G is being sarcastic or if he really thinks i should go for it?

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  40. According to this blog post by GL:
    http://www.chicagonow.com/blogs/chicago-real-estate-getting-real/2010/07/how-to-throw-away-720000-redesigning-your-home.html

    this place has sold.

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  41. Wow, how did I miss this place?
    I LOVE the cabinets and a few other design ideas. That mirror is fantastic and the floor under it is a great idea.
    Have to print out a few of these pics for my project book.
    Thanks ? for reviving this thread. I took some great ideas away from it.

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