22% Appreciation in 1 Year in Pearson on the Park?
Pearson on the Park was a conversion, begun last year, from an older apartment building into condos at 222 E. Pearson near the Magnificent Mile.
The location is excellent. Many of the units look out over the Museum of Contemporary Art and many have lake views across the park. Pearson is a quiet street which is surprising given its location right near the Mag Mile and numerous restaurants.
The building is older and needed a lot of work. But the developer smartly put washer/dryers in every unit, and re-did the hallways and lobby. Parking, which is key in Streeterville/Gold Coast, is available for $39,000.
One bedrooms originally sold for as low as $199,000 (with 700 or so square feet and no outdoor space) in what was a great deal for the neighborhood. Even the larger units were deals for the location. The building is almost completely sold out.
A resale of one of the larger units has just come on the market.
Unit #2402: 3 bedrooms, 2 baths, with no square footage listed but they weren’t large units so I would estimate about 1250-1300 square feet.
- Original sale price: $515,647 in July 2006
- Currently listed for: $629,000 plus $39,000 for parking
That is 22% appreciation in a little over one year (if the seller gets the asking price- not including the parking.)
Would you pay 22% more only a year later? Just wondering.
Excellent location and original pricing! The Developer also put in all new Windows, new mechanicals/elevators, and new hallways and lobby! Great conversion that could have benefited from better marketing.