2-Bedroom River North Penthouse Listed Under the 1999 Price: 100 E. Huron
This 2-bedroom penthouse at 100 E. Huron in River North came back on the market a few weeks ago.
The listing says it is “corporate owned- sold as is.”
It had been listed for over 3 years previously without selling.
The current listing has few pictures, but if you look at the previous listings you can see that the unit has hardwood floors throughout the main living areas.
The kitchen appears intact and has white cabinets, black appliances and a black marble floor.
It has a washer/dryer in the unit, central air and parking is available either through the garage or valet in the building.
In the prior listing, the city views looked pretty spectactular.
See the prior pictures here.
Now priced about $10,000 under the 1999 purchase price, is this a deal?
Kristyn Dunn at Coldwell Banker has the listing. See the pictures in the current listing here.
Unit #4904: 2 bedrooms, 2.5 baths, 1600 square feet
- Sold in October 1991 for $460,000
- Sold in June 1999 for $560,000
- Sold in August 1997 for $659,000
- Sold in April 2002 for $812,500
- Sold in August 2006 for $900,000
- Originally listed in April 2008 for $1.15 million
- Lis pendens foreclosure filed in August 2009
- Judgment in August 2010
- Reduced
- Was listed in May 2011 for $734,900
- Reduced
- Currently listed “as-is” for $649,900
- Assessments of $1204 a month (includes heat, a/c, doorman, cable, pool)
- Taxes of $9941
- Parking is in the garage or valet (not sure of the cost)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×18
- Bedroom #2: 16×17
Good building, good location, unit needs work. Nice space but everyone wants new new new new!
I would say 550 will get it done. Spend 100K on jazzing up the finishes and you have a great in town or full-time home.
Sab – those views aren’t “spectacular” – they are standard for that area. In fact, the views don’t appear spectacular for the area at all. Honestly, even if you look at 10 e ontario – some of the 1 beds costing 150k have much much much more spectacular views. This is par for the course in this area.
As per the unit, it is OK and I agree with David, it should sell between 550-600k.
I know we are talking half the size, but look at this place just a couple of blocks away – better views, large balcony at 25% the price:
http://www.redfin.com/IL/Chicago/10-E-Ontario-St-60611/unit-1505/home/22831846
49th floor view /=/ 15th floor view. maybe for 25% of the price.
No deeded parking and assessments are insane.
No way.
You can’t really compare 10 E. Ontario. The building is mostly rental now and many who buy on Michigan Avenue want more permanent neighbors. Also, 10 E. Ontario is an all cash purchase building. This means they units are selling at an even bigger discount b/c you can’t finance. Many rich do want to finance because they use the low interest rate as a hedge against inflation. Also, there are many cheap one bedrooms in 10 E. Ontario and that would make me nervous that many of the buyers can’t afford long term maintanence of the amenities. This Huron building is much, much more stable.
Views didn’t knock me out as I thought they would from this high up. I checked out some other units for sale a little lower down and on the other side of the building, and they were far better. Check 3505, for instance. It may be lower, but at least you can see the lake.
This unit does need a lot of work, but judging from the other units I saw, it’s possible to make an apartment in this building look pretty good. I’d say buy this place well under $600K and put $200K into it and maybe you have something.
good post alocal, exactly what I was going to say
This place has potential, great location, 2 large bedrooms, high floor, decently sized living room
I do hate diagonal wood floors, that is a fad I wish never existed
Faux “penthouse” units seem to have taken the hardest hit of any properties in River North. In my building, top floor units have sold for under 40% their prices during the 2005 conversion (viz., unit 5008 recently sold for $310k and sold for $813k originally).
Bad buy at this price. 1991 price here we come.
This building won’t be much different than 10 E Ontario in a few years anyway.
At least 10 E Ontario has huge balconies, deeded parking, an outdoor pool.
Oops. I forgot one recent negative about 10 E Ontario.
This year they started stricter rules at the pool. Something like 1-guest per unit, maybe even tags you’re required to put on your towel or suit? I’m not sure the details.
The high rental rate just meant that the pool scene was amazing. All the young hottie renters would invite their friends and the pool would turn into an amazing Sorority tanning party. This year a single renter can’t bring over 4 of her girlfriends.
The unit at 10 e ontario is definitely not as nice as this one, but remember, it costs 20% of what the subject property costs. The size is smaller (but only by 605 sq ft), it has a balcony and assessments and taxes are half. If someone bought 2 adjacent units at 10e ontario (at 150k each) and put in 200-300k to really pimp it out, you would have a much nicer unit in the same location.
“At least 10 E Ontario has huge balconies, deeded parking, an outdoor pool.”
and a Chili’s on the ground floor full of tourists
“and a Chili’s on the ground floor full of tourists”
But then you can eat and drink without going outside in the winter!
“But then you can eat and drink without going outside in the winter!”
Just like this place I referenced yesterday:
http://cribchatter.com/?p=7858
I got to see the plans for the bar/lounge/restaurant on the first floor (Grand Cru chicago) and it looks great! Click the link to the penthouse – it is on my last post of that thread.
Again, you could live in that penthouse for just a little more than living in the subject property on this link.
Sonies “I do hate diagonal wood floors, that is a fad I wish never existed.”
I couldn’t agree more…I’d have to rip these floors up…
10 E doesn’t allow in unit laundry. Enjoy sharing the laundry room with 450+ units….
You can’t compare the 2 buildings, sorry….
Those assessments seem insane for a newer highrise.
Is there a pool I’m missing? An on-site equestrian field?
“An on-site equestrian field?”
ha! trump should have put in one of those to move more units to millionaires from arabia