$200k Reduction in Elm Tower: 1155 N. Dearborn
We are beginning to see cracks of stress in even the most prestigious areas of the city. Take this 2-bedroom unit at 1155 N. Dearborn, or Elm Tower, in the Gold Coast.
It has been on the market for over a year and has been reduced $200k. And still- no sale.
Elm Tower was built in 2002, with only 39 units, and doesn’t suffer from the same defects as some of the other buildings in the area (it has parking, central air, washer/dryers in the units and a lovely location.)
Here’s the listing:
BEAUTIFUL SPLIT 2BD/2BTH IN ELM TOWER. CORNER UNIT WITH GOURMET VIKING KITCHEN, CHERRY CABINETS & LARGE GRANITE BREAKFAST BAR.SPACIOUS MASTER SUITE WITH LIMESTONE/GRANITE BATH-SEP SHOWER/TUB,DOUBLE VANITY.
OPEN FLOORPLAN WITH HARDWOOD FLOORS AND FIREPLACE. 2 DEEDED GARAGE SPACES-$38,000 EACH. FULL AMMENITY BUILDING WITH STORAGE, 24 HR DRMN & FITNESS CENTER. UNDER MARKET VALUE. MUST SELL.
Premier Relocation Inc. has the listing. See more pictures here.
Unit #502: 2 bedrooms, 2 baths, 1487 square feet
- Sold in December 2002 for $621,000
- Originally listed in September 2007 for $699,000
- Reduced several times
- Currently listed for $499,000 (parking is $38,000 extra)
- Assessments are $910 a month
- Taxes of $9,175
Assessments seem high because of the small number of units and many amenities, such as 24 hr doorman.
It always amazes when someone spends a lot of $ (in my eyes) of $621K on a property, yet their bed stand in the master bedroom is basically a cardboard box and they can’t afford a bookshelf in the living room.
Love this location, we live across the street from the building and have always enjoyed this location.
***It always amazes when someone spends a lot of $ (in my eyes) of $621K on a property, yet their bed stand in the master bedroom is basically a cardboard box and they can’t afford a bookshelf in the living room.***
given the listing agent appears to be a relocation specialist, I’m assuming that the original owner has long moved on…
If the owner is high-up enough on the corporate totem pole any loss incurred on the sale of this unit will be covered by the company.
one problem with this location is the Harley’s starting up on division. A friend lived on the 31’s floor across the street from this place, and even up that high the Harleys were pretty loud.
The books *are* in a very minimal book shelf tower.
this unit looks so boring! And how did the RE agent mispell “AMMENITY”. Honestly, if I was in the RE business I’d think writing amenity would be second nature. That’s why many agents don’t deserve 3% commission, or even 1.5%.
Wow, it’s like living in a prison! This building is right next to seems like other buildings in all directions. And still the asking price is this high?
Sigh. I’ve said a few times that I was afraid there would be sellers who would chase the market down until they were insolvent (I think I said something to this effect 3+ months ago). In times like these (declining prices) you do NOT price way higher than the market and bring the price down slowly (however, this is a good practice when prices are increasing). You have to price close to market value and pray someone is dumb enough to take your offer. I’ll be curious to see how long sellers can be “patient” as prices continue to plummet.
It’s funny, but if the seller had priced at 600K at the start (in Sept ’07) this unit probably would’ve sold instantly. Now they’ll have to pray to get 500K. Greed + Fear + Stupidity is not a good combo. I just really hope that more realtors put common sense into their sellers before they go broke.
For that kind of money, I’d expect better views that the backside of a building 20 ft. away…
I can’t stop staring at the book piles. Seriously, they couldn’t even afford an Ikea bookcase?
The tall stacks of books are likely the Sapien Bookcase from Design Within Reach or a similar one that CB2 sells.
Let’s hope so Benjy, because otherwise that’s just awful.