Contemporary Lakeview Penthouse Returns to the Market: 550 W. Wellington

We last chattered about this 2-bedroom renovated unit at 550 W. Wellington in Lakeview in November 2009.

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See our November 2009 chatter and pictures here.

At that time, the unit was under contract 1 year after it was first listed.

Well, the unit has now come back on the market listed at the same price as November 2009.

This is a true penthouse unit with its own private rooftop deck.

The unit has 10 foot ceilings and luxury finishes including Bulthaup, Sub-Zero, Poliform and Dornbracht.

It also has an enormous walk-in closet.

Brian Loomis at Coldwell Banker now has the listing. See the pictures and the virtual tour here.

Unit #9W: 2 bedrooms, 2 baths, 2000 square feet

  • Sold in June 2005 for $995,000
  • Originally listed in November 2008 for $1.295 million
  • Reduced
  • Was listed in June 2009 at $1.095 million
  • Reduced
  • Currently listed for $1 million
  • Was Under Contract in November 2009
  • Recently re-listed for $1 million
  • Assessments of $537 a month
  • Taxes of $13,369
  • 1 heated garage parking space included
  • Central Air
  • Washer/Dryer in the unit

26 Responses to “Contemporary Lakeview Penthouse Returns to the Market: 550 W. Wellington”

  1. What a beautiful home. No idea where it sits in the relative scale of million dollar LV places, but I really like it.

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  2. I second Barry

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  3. here is an old vid where a dude looks at the place on some show. i posted it the time before the last time cc chattered about it.

    http://lxtv.com/openhousechicago/video/9423

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  4. Beautiful place in a bland, institutional-looking building. Oh well, if you live IN the building, you don’t have to look AT the building, unlike your sore-eyed neighbors.

    It really is very glamorous and attractive, with a feeling of space. I like it a lot, and I usually don’t like modern places.

    It’s hard to know if this place is really worth more than it was at the bubble peak. But my feeling is that if you couldn’t sell it last year for $1M, you surely can’t now. It is really difficult to get jumbo loans now, especially since our largest banks are now confronting some of their most catastrophic losses so far from these large loans. Even with 20% down, qualified buyers are hard to find in this price range.

    I am guessing that “upper bracket” properties, particularly condos, will take lose much more of their value than middle and lower bracket places, if only because there is such a relatively narrow market for these places and it has shrunk considerably due to tighter lending and contraction in incomes.

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  5. lol real estate “consultant”

    watching that video makes me laugh at the pitiful amount of work that real estate agents do for their huge commissions.

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  6. very nice. $500/sq ft is steep though.

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  7. I wonder what those assessments include. They seem pretty reasonable compared to similar condos, but I doubt they’ll be staying that low for long. Over $1000 per month in taxes is hard to swallow.

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  8. Lakeview is a fine area and all, but if I was going to spend $1M on a 2/2 I would much rather be in the Gold Coast or Streeterville.

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  9. The assessment are low because they include nothing, no doorman, no amenities, nothing. Taxes are too high, plus at this pricepoint, i need a full service building, this is a cheap building that isn’t keeping it’s value.

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  10. I agree with Yo. The apartment is over improved for the building. At that price point, I’d want to be in a much nicer building that at least has a doorman.

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  11. Why didn’t CC mention that its across from Bobtail ice cream???

    The building although not some architectural model, doesn’t look half-bad.

    Nice location.

    obviously I was tooling around the neighborhood.

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  12. Now $975k.

    2E is (supposedly) pending with a last list of $750k.

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  13. This is a really cool looking modern unit, this is an impressive place that is designed and fashioned to impress. I like it a lot. Its just that the price is so ridiculous, $500 a sq foot. Wow. Great looking place though, I could probably see myself in a place like this if my personal life circumstances were a bit different. I require a house and yard at this point in my life.

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  14. HD,

    there is insane stuff at $600 a sq. foot in Old Town.

    What are seller’s smoking.

    $600 a sq. ft is Trump and Palmolive pricing. I can’t see $600 a sq. ft in Lincoln Park Old Town

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  15. I see it in old town all the time :(

    I’d love to live there if everything weren’t so damn expensive. I guess a lot of others want to live there too

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  16. @Sonies:

    Seriously…lots of stuff at $600 in Old Town?

    I guess I’ve been looking at the wrong stuff. I’ve definitely seen $400/sqft not so much $600.

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  17. “Seriously…lots of stuff at $600 in Old Town?”

    How about 1414 N WELLS St #607 at $1.1mm?

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  18. “How about 1414 N WELLS St #607 at $1.1mm?”

    yeowza

    well if I had a million bucks to spend on real estate I’d buy MLS# 07616649
    (hopefully at about a 10% discount to that or at least include 2 parking spaces)

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  19. The wells property is nice but not worth anywhere near $1,000,000. He’s going to take a bath on that property.

    The Illinois property is nice too but 2,200 sq ft lofts aren’t worth $995,000 either.

    It’s amazing that when these people bought in 2004/2005/2006 they planned on holding the property for a few years and then selling for PROFIT$$$$

    The market crashed in 2008/2009 and yet here they are, a few years later, still playing out the second half of their game plan hoping for PROFIT$$$

    Same with the owner of the subject property. He refi’d in 2006 and HELOC’d in 2008 and probably thought, “I can refi or sell for PROFIT$ in a few years.”

    He tried to sell for $795,000 and that didn’t work.

    Now it’s a short sale for $395,000 and he’s still trying to walk away with a little cash.

    Give up, walk away, let the next smart owner pick it up for $250,000 in a foreclosure sale.

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  20. yeah HD- but for me that location can’t be beat, across the street from EBC, 15 minute walk to work, close to the 94 feeder to get the hell out of town, 10 minute bus ride to the beach, walk to the blue, brown or red line in 10 mins or less, its the “quiet” part of RN, not to mention an awesome south facing terrace, and who really needs more than 2200sqft? but again I dont’ have that kind of money anyway which can certainly buy a lot these days so my opinion on the matter is rather moot.

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  21. @anon (tfo)

    what is the sq. ft of that place.

    and im(small)o that particular building is over-priced.

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  22. @Sonies:

    Really? if you had the 1MM, you would buy that place in RN above all other places in the city?

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  23. For $1MM I’d buy a 3/2 luxury condo…in BERMUDA.

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  24. “what is the sq. ft of that place.

    and im(small)o that particular building is over-priced.”

    No idea. Looks to combine two units, but that’s just a guess.

    That building is *way* overpriced. They were sold for high-100s, low-200s when new in 94/95. Wells is nicer now, but not enough to justify that.

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  25. “Really? if you had the 1MM, you would buy that place in RN above all other places in the city?”

    Maybe, I’d have to obviously look for a long time… but I really like being close to EBC and work, and I really like timber lofts, and I really like terraces… those criteria are difficult to get in one property

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  26. @Sonies:

    Ah if not for EBC, then lots of lofts around the downtown area…

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