1000 Square Foot Terrace Unit at the Vetro Reduces: 611 S. Wells
We last chattered about this 2-bedroom unit with a huge terrace at The Vetro, at 611 S. Wells, in the South Loop in June.
See our prior chatter and pictures here.
Since then, it’s had two reductions totaling $54,900 and is listed $45,500 under the 2007 purchase price.
The terrace is still described as a “blank canvas” so the buyer would have to landscape it.
The unit had some upgrades including marble and limestone in the master bathroom and fun features like a towel warmer.
Sara McMurray at Coldwell Banker still has the listing. See more pictures here.
Unit #706: 2 bedrooms, 2 baths, 1343 square feet, 1000 square foot terrace
- Sold in December 2007 for $524,500
- Was listed in June 2009 for $498,900 plus $35,000 for parking
- Reduced
- Currently listed for $449,000 plus $30,000 for parking
- Assessments of $450 a month
- Taxes are “new”
I love how in the last pic you can see the insane outdoor kitchen from the stuck flipper of the unit on the corner.
If i was a millionaire I’d buy the unit next door too and combine the two. That would be a pretty sweet pad for around a mil.
“If i was a millionaire I’d buy the unit next door too and combine the two. That would be a pretty sweet pad for around a mil.”
And you wouldn’t even have to tear out the 2d kitchen!
Another 10% reduction and this unit might actually move. I like it.
What’s the “auction” pricing for ’06 units? The blank slate terrace is “worth” what? $100k (tops)? They need someone who values the terrace much higher than that, no?
I actually really dig these terraces too. I am keeping my eye if a 1/1 terraced unit comes back on the market. Unfortunately theres only two..so some RE is unique.
Lots of space for the price. This should move soon.
Do the units above this one have balconies (wondering how much crap will get dropped on the terrace)?
All units in Vetro have balconies. There are twenty five stories above this terrace if I recall correctly.
You have some seriously white trash neighbors above you if you’re worried about people dropping crap from their balconies.
I toured this unit a month ago… the terrace is huge and nice but the unit is small. Where do you put your dining table? At the time, the developer was selling larger corner units for around 350k with parking. Over 100k premium for a terrace is too much for our climate.
$415k mortgage on a $524k unit. Today priced at $449k.
That’s a heck of a loss, Brownie. They could have done better if they gave ME the $100,000.
Interesting how losers like these just HAD to own*. They couldn’t rent, never ever ever ever, because renting is for losers.
And owners tell me that renting is like flushing money down the toilet.
Who is laughing now?
* They are losers because they’re losing money on this transactions.
“You have some seriously white trash neighbors above you if you’re worried about people dropping crap from their balconies.”
All it takes is one college aged drunk renter or uncourteous neighbor above. There are 25 units above–do these people comprise at least 4% of the population? Me thinks so.
“Who is laughing now? ”
The other sellers who had far less skin in the game who are going to default, using the banks money!
There are, indeed, balconies all the way up above these terraces.
I believe the topic of items dropped from balconies was discussed at the latest condo board meeting.
Here are the sales in tier ’06.’ The auction prices were in the $300-$325k range.
706 closed 11/12/2007 $524,500 p194
806 closed 11/1/2007 $459,500 p114
906 closed 11/30/2007 $449,500 p123
1006 closed 11/16/2007 $469,500 p133
1106 closed 4/14/2009 $300,000 p103
1306 closed 3/18/2009 $306,000 p79
1406 closed 11/19/2007 $488,500 p93
1506 closed 12/19/2007 $463,500 P67
1606 closed 3/18/2009 $317,000 p58
1706 closed 2/15/2008 $497,500 p238/p239
1806 closed 5/6/2009 $315,000 p41
1906 closed 8/28/2008 $370,000 p25
2106 closed 4/22/2009 $323,000 p140
2306 closed 3/10/2009 $322,000 p162
2406 closed 4/14/2009 $325,000 p173
2606 closed 3/10/2009 $322,000 p187
2706 closed 3/10/2009 $320,000 p163
“And owners tell me that renting is like flushing money down the toilet.
Who is laughing now?”
Do you suggest to whichever of your “friends” pissed you off so much that they read CC? Because if not, you spill a lot of bile in the wrong direction.
In my building the association will fine the hell out of you if you drop stuff off of your balcony.
Don’t confuse bile for schadenfreude. I’m in a great mood today. It’s just a matter of time before my 20% down buys me a decent piece of property thanks to the losses others who just had to own at the height of the bubble.
“706 closed 11/12/2007 $524,500 p194
806 closed 11/1/2007 $459,500 p114
906 closed 11/30/2007 $449,500 p123
1006 closed 11/16/2007 $469,500 p133”
So the terrace was originally priced at not more than ~$75k (906 less 706). Looks to me like ~$400k (including pkg) is the “right” price.
“homedelete on July 27th, 2009 at 11:53 am
Interesting how losers like these just HAD to own*. They couldn’t rent, never ever ever ever, because renting is for losers.
And owners tell me that renting is like flushing money down the toilet.
Who is laughing now? ”
Uhhhh, time to take your lithium.
That was prior to the 25+% price adjustment. No reason to think the terrace wasn’t originally overpriced by that amount, too.
~$375 seems to be more like it, based on recent sales.
This will sell for 400-425, easily. Being that close to the loop and having that huge terrace with awesome views will make it appealing to a lot of people.
What will be the next building to be Vetroed?
Sonies, if the terrace was only worth a $75k premium back when the vetro was massively overpriced, why do you believe it is worth $100k or more today?
Nothing great about these terraces since they have little to no privacy.
I don’t understand why people are so negative here and can’t share HD’s joy. They should call this place “crib haters.”
I mean, really, the return of affordability is a wonderful thing. Sure, it could happen more quickly, but why shouldn’t those with patience enjoy every minute in anticipation of the inevitable?
My money is on SONO and Emerald.
G, what makes you think that a 1300sqft 2/2 without a terrace will sell for under 300k? It will happen, but not less than a mile from the loop.
Well you aren’t going to get a terrace with privacy downtown.
The real issue with this building are the potential/incoming defaults from fellow owners. For instance that corner unit with the kitchen is a glaring example.
Also this building has been pushing FHA since back in March. FHA is kind of like giving mortgages to dummies. They can’t save the 10-20% down they have no emergency fund, if/once they lose their job they are likely candidates for foreclosure.
It doesn’t take unusual sloppiness (or drunkenness) on the part of other tenants for a lot of stuff to accumulate on a terrace that has 25 balconies above it. All it takes is people pushing debris off the edge as part of normal cleaning of their balconies.
Sonies,
Next door at Wells Street tower there are already 2/2s listed for under 300k*. One is around 295k and another at 275k. Check it out.
Theres no magical price floor for RE valuations, not even replacement cost. The market price will be whatever the aggregate of sellers and buyers agree upon and nothing is magical about 300k other than its a significant digit higher than 295k.
*Not sure if they are 1,300sf but if not they’re probably close.
It is impossible to clean my balcony without dropping dirt/dust/etc onto the terraces below me.
I try to do it at night when people aren’t outside but no matter what, significant debris falls down.
LOOK OUT BELOW
“It is impossible to clean my balcony without dropping dirt/dust/etc onto the terraces below me. ”
Ever hear of this crazy invention called a vacuum?
“G, what makes you think that a 1300sqft 2/2 without a terrace will sell for under 300k? It will happen, but not less than a mile from the loop.”
701 S Wells #2402. 2/2, 1,215 sf. Listed for 275k, with parking 305k.
You must be confident it sells within 5k of ask, Sonies?
Sonies, there’s an even crazier one called a “dustpan.”
Ever hear of this crazy invention called a vacuum?
Seriously David. Don’t be a dickhole.
Sonies, #1106 sold for $300,000 and #1306 for $306,000 (both w/pkg.) You could probably buy #1206 today for under $300k.
The terrace might be worth $55k today.
Kenworthey? Kenworthey! Glad to see you again.
“701 S Wells #2402. 2/2, 1,215 sf. Listed for 275k, with parking 305k.
You must be confident it sells within 5k of ask, Sonies?”
Well that’s 100sqft less, and the assessments there are $200 a month higher than Vetro, but compared to the other units in the building, I’d imagine that it sells very close to ask.
“The terrace might be worth $55k today.”
Well then we disagree, that terrace is 1000sqft, which is a large area of outdoor space that is very hard to find that close to the loop, which you can use probably 8-9 months out of the year. I’d say a 1000sqft terrace is worth at a minimum $75k, again, just my opinion and what kind of premium myself as a buyer would put on that type of thing. I would value that a hell of a lot more than say, a fireplace in every room.
“I would value that a hell of a lot more than say, a fireplace in every room.”
But a fireplace in every room in a highrise that close to the loop must be even more rare than a 1000 sf terrace.
Lol, you know what I mean anon!
Is $1700.00 to much to rent for this??
It’s in Museum Tower IV on the 31st floor of a 36 floor building. It is a one bedroom/one bath with dark hardwood floors, ss, western view, cherry cabinets, parking included, all utilites included, doorman, pool. I just want to know if $1700.00 is too much. Thanks for your help
Sonies, you apparently are overvaluing the unit, too.
“G, what makes you think that a 1300sqft 2/2 without a terrace will sell for under 300k? It will happen, but not less than a mile from the loop.”
Sonies, #1106 sold for $300,000 and #1306 for $306,000 (both w/pkg.) You could probably buy #1206 today for under $300k.
“the assessments there are $200 a month higher than Vetro”
Given both buildings are recent construction (within the past decade) and provide similar amenities, I have no reason to believe the Vetro assessments won’t be similar to or higher than Well Street tower once the HOA is turned over.
Unless your bunge your flower pots together and tie down your grill everyday,there is no way you can stop the wind from blowing things off your balcony.
I think most people are very conscientious of their items out on the balcony,but if a storm picks up and you are not around to bring your items inside,it is inevitable that some things are going to blow off your balcony and land somewhere,which is usually the terrace below you.
We’ve been having issues at my mid-rise with people throwing *lit* cigarette butts down from the higher levels. One of them actually burned a hole in a chair cushion cover which luckily didn’t catch fire. Stern notices have been sent to all of the tenants and posted in the hallways, but there will always be idiots who don’t even think about the consequences of throwing something off a balcony.
Hi G 🙂
I stop in from time to time, but since I’ve decided not to buy for the next couple of years, I don’t do it as often. There are also a few seriously angry, misanthropic posters who tend to bring me down so I often avoid reading the comments. Picking through to comments by you, anon (tfo), Kevin (tfo), and a few others is a lot of work!
But the Vetro, she still lures me… Just yesterday I picked up a spider from my bathtub using the promotional materials I got for it when it was still under construction, and opened them up for a bubbly blast from the past. If anyone wants to know pre-con pricing, just ask me! 🙂
It’s more fun when you’re around, K.
Kevin (tfo) is also missed. I had dreams of feeding him endless data for his expert statistical analyses.
Typical mistreatment of an excellent poster found here:
http://cribchatter.com/?p=5060#comment-13063
It’s too bad that Kevin(tfo) is gone, yet Burt & the DB still comment here (and insult others.)
I’m not vacuuming my balcony. I think sweeping it and dumping buckets of water over it is sufficient.
If you have a terrace with 20+ stories of balconies hanging over you, expect dirt etc being dropped down.
what about the buildings with staggered balconies? (instead of just one below another all the way down). I’ll just be sweeping the dirt directly onto the guy below me. Though, I guess that is good if there ever is a fire you can jump balcony to balcony. 😉
“If you have a terrace with 20+ stories of balconies hanging over you, expect dirt etc being dropped down.”
I have to agree with Dave. I also have to laugh at the idealistic posters on here who think calling someone names, or having your condo HOA board levy fines, is going to ameliorate the problem.
The condo HOA board (and consequently you) need to catch whomever is doing it, in the act. Thats highly unlikely as people flick cigarettes before heading in and won’t hang around if they do something more stupid (ie: bottle). No way to tell what floor its coming from.
I have no idea the scope of the problem as I don’t live there but to assume your terrace is going to remain uber clean is a bad assumption.
Do you think the HOA will have policies on camping outside? You could sent up a small tent city and charge by the night.
Does anyone actually live the Vetro building? Every time I’m on the brown line, I always see empty units on the the north side of the building (no curtains, wall color, furniture).
Jim,
I have commented several times in the past on the Vetro being a ghost town. However, since the auctions there has been a significant pick-up in occupancy. Lots of stuff on balconies compared to last summer when for all intents and purposes it could have passed for an abandoned building.
John
Jim, If you’re looking at the North side of the building you are only seeing one unit (’03 Tier) per floor (unless you can partially see a small portion of the ’04 tier that tucks in from the NW corner.). The ’03 Tiers were the hardest to sell, in my opinion because the assessments were dramatically higher in monthly assessments on a per $ of sales price comparison. Anyone who buys the ’03 Tier is paying approx. $60-100 more per month in assessments than what they should be based upon the original development documents which overvalued the N,E,W views of the units.
Then again, given what HD cable or satellite cost, maybe that is a reasonable monthly additional expense for the view for some people.
But, I’d rather just pay for it once in the purchase price.
Once the HOA is turned over to the homeowners they can split the assessments as they see fit. Those aren’t set in stone.
Still, if it means one tier will wind up paying less but all other tiers paying more, I don’t see that being too popular with the HOA even after the turnover.
Bob on July 28th, 2009 at 9:09 am
“Once the HOA is turned over to the homeowners they can split the assessments as they see fit. Those aren’t set in stone.”
Sorry. But, that’s not true. Assessments are based on the percentage of ownership set forth in the declaration and bylaws of the association. You would have to pass an amendment in order to change that.
assessment is usually (or possible always) based on percent ownership, which is based on unit sq ft-not sales price. A 2000 sqft unit should have assessments exactly double a 100 sqft unit. (of the total unit, parking is usually a seperate assmt per space)
So if the yearly budget is $100K and there are 20 500sqft units (10000 sq ft total), each units assessment would be $5000/year or
$100K * (500/10000)
The assessments at Wells Street Tower include high-speed internet and basic cable. I think the 2/2 units for sale there are around 1200sf.
It’s not like there haven’t been closings in the 03 tier:
703 closed 6/3/2009 $410,000 p166
803 closed 1/19/2009 $385,000 p151
1303 closed 1/14/2009 $425,000 p84
1803 closed 9/29/2008 $480,000 p205
2003 closed 6/3/2009 $425,000 p
2103 closed 6/10/2009 $415,000 p137
2203 closed 3/10/2009 $412,000 p145
2303 closed 3/10/2009 $419,000 p156
2403 closed 3/10/2009 $430,000 p170
2503 closed 3/10/2009 $421,000 p178
2603 closed 3/10/2009 $429,000 p49
2703 closed 9/11/2008 $513,000 p217
2803 closed 5/6/2009 $447,500 p141
2903 closed 3/18/2009 $432,000 p101
3003 closed 3/18/2009 $485,000 p99
3103 closed 3/10/2009 $495,000 p3
Priced raised to $539,000.
http://chicago.craigslist.org/chc/sub/1345338841.html
Looks like I didn’t buy in time and will be priced out forever! Note the crib in the one pic.
(said to the MadTV Lowered Expectations jingle)
Acts of desperaaaaaaaation!
Worst. Businesspeople. Ever.
Oh yeah and now its FSBO and not through an agent. Guess the agent got them mad talking them down in price so they’re going to use their RE expertise and charisma to drum up interest at a 60k higher pricepoint.
I hope this agent learned a lesson in futility in dealing with unrealistic sellers.
Is it really surprising the same people who overpaid during the bubble do idiotic things on CL?
They’re trying to rent it- not sell it (is what it looks like to me.) They’re just using the old sales listing to showcase the pictures. It’s no longer listed for sale (that I could find.)
They’re trying to rent it out for $3,900 per month whereas you can rent a penthouse unit with an extra bedroom for $3,500 per month.
http://chicago.craigslist.org/chc/apa/1346773543.html
Real genius some of these specuvestors continue to demonstrate time after time.
Price drop to $430k with parking for $25k. Total for 455k vs 479k. Yawn.
This has come back on the market then? It had been withdrawn.
Now listed for rent for $2,295/mo without parking.
http://chicago.craigslist.org/chc/apa/1687281988.html
The funniest part is in the pic of the terrace you can see the abomination half-completed outdoor kitchen unit (704) a few doors over.
Electric towel warmers and heated toilets? Sign me up.
2300 a mo is a damn fine rental deal for this
Price cut to $425k ($400k w/25k for parking). $54k off initial ask..
Unit 703 listed for 500k on 11/15/2011. I guess they believe the market has improved substantially from 2009 when they picked it up for 410k.
Or 703 made significant improvements. Have you ever tried to buy window coverings for a 40 ft. wall of windows that are 11 ft high? Not cheap. Awesome views from the deck.
You, or the owner, didn’t buy unit 703 to live there. You, or the owner, bought it to speculate.
Let’s see how well that works out for you, or the owner. This popcorn I’m eating is delicious.