2-Bedroom Gold Coast Condo is Listed $290K Under 2007 Price: 270 E. Pearson
This 2-bedroom in The Belvedere at 270 E. Pearson in the Gold Coast came on the market in May 2025.
The Belvedere was built in 2005 and has just 40 units and attached garage parking. It’s a luxury boutique building.
However, the building has many of the amenities you would find in a larger building including 24/7 door staff, an on-site manager and engineer, a fitness center and dry cleaner.
The building is pet friendly.
The listing says this is “Gold Coast at its finest.”
It has an open layout and a split floor plan for the two bedrooms along with hardwood floors in the main living areas and carpet in the bedrooms.
The unit has floor-to-ceiling windows with southern views of Lake Shore Park.
There is a gas fireplace in the living room.
This unit has a split floor plan and both are en suite.
The primary bedroom has an oversized walk-in-closet and an en suite with dual sinks and a separate shower.
The second bedroom has a Murphy Bed.
It has a south facing private balcony off the living room.
The kitchen is a “chef’s dream” with custom wood cabinets and stainless steel appliances. It appears it has some kind of stone countertops (granite?)
The unit has all the features that buyers look for including central air, washer/dryer in the unit and a tandem deeded parking space is included.
This building is across from Lake Shore Park with its jogging track, tennis courts, and outdoor workout machines. It is also near the shops and restaurants of the Mag Mile.
Listed in May 2025 for $945,000, it has been reduced to $875,000.
That price is now $290,000 under the 2007 purchase price of $1.165 million. It is bank owned.
Is this a deal?
Grazyna Przybysz at Chicago Area Realty has the listing. See the pictures here.
Unit #602: 2 bedrooms, 2.5 baths, 1725 square feet
- Sold in November 2007 for $1.165 million
- Lis pendens foreclosure filed in February 2023
- Bank owned in February 2025
- Originally listed in May 2025 for $945,000
- Reduced several times
- Currently listed at $875,000
- Assessments of $1824 a month (includes parking, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $24047
- Central Air
- Washer/dryer in the unit
- 2-car tandem garage parking space included
- Gas fireplace
- Bedroom #1: 12×15
- Bedroom #2: 11×13
- Living room: 15×17
- Dining room: 11×14
- Kitchen: 12×13
- Laundry: 7×8
- Balcony
I want to like this because of the open park/lake views but cant get over the carry costs and inefficiency of a 40-unit building. In looking at some other non-REO units in the building, can make this a very nice unit with the right design choices.
“I want to like this because of the open park/lake views but cant get over the carry costs and inefficiency of a 40-unit building. In looking at some other non-REO units in the building, can make this a very nice unit with the right design choices.”
This building was built as a luxury building so buyers shouldn’t really care about the costs of living there. It’s truly for the rich.
But that being said, this is why it’s difficult to maintain these buildings over long time periods. Costs rise and you only have 40 owners to pay for it all. And now, there are a lot of newer buildings you could buy in.
This unit needs some updating. Who wants to do it? I think it will go much lower before they get a buyer.
Have no idea how the Lender thought they could do that much better than 1002, which sold for $840 in Jul-24:
https://www.redfin.com/IL/Chicago/270-E-Pearson-St-60611/unit-1002/home/12661630
Everything about 1002 appears to be in better condition–especially the floors–and the additional cabinets in the kitchen are a big plus. Don’t care for the kitchen granite, tho.
No question this one should have been listed initially with an 8. If they’d wanted a quick sale, should have been $850.
Now they’re very likely to accummulate $50,000 in carrying costs. Oh well.
btw, the former owners never refi’d their acquisition mortgage, and got f/c’d after 15 years. Brutal.
Closed for 880K bank owned