3-Bedroom River North Penthouse Reduces Another $50K: 200 N. Grand
We last chattered about this 3-bedroom penthouse in 200 W. Grand in River North in July 2012.
See our prior chatter here.
The pictures in the listing in July did not seem to be professionally taken which many of you discussed.
But I’m pleased to report that there appear to be new pictures on the listing (taken by VHT.)
Whew!
The unit is owned by a relocation company (we haven’t seen much of that in the past 5 years.)
It has 11 foot ceilings and 3 balconies.
The unit has north, east and west views.
There are cherry floors throughout and the kitchen has upgraded appliances like SubZero and Meile along with granite counter tops.
The current listing, however, does have another change to it compared to our last chatter.
It will now give a $17,616 “buyer incentive” to cover 1 year of assessments.
Do offers to cover a year (or two) of assessments sway you?
Pamela Sullivan at Coldwell Banker still has the listing. See the current listing pictures here.
Unit #2602: 3 bedrooms, 2 baths, 2200 square feet
- Sold in June 2007 for $1.265 million
- Originally listed in May 2012 for $1.035 million
- Reduced
- Now relo owned
- Was listed in July 2012 at $875,000 (includes 2 parking spaces)
- Reduced
- Currently listed at $825,000 (2 parking spaces included)
- Assessments of $1468 a month (includes doorman, cable)
- Taxes of $6992
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 19×12
- Bedroom #2: 13×13
- Bedroom #3: 12×8
Taxes seem nice!
Although when I looked at the Assessor’s website, all units in this building have an increase of over 90% in assessed value. Is that even possible??
2011 Assessed value was $ 42,974. 2012 first pass assessed value is $82,924. Increase of 93%.
How can they say that this is the “penthouse,” when you can see from the pics that there are other units above this one? Other then that, a great looking place at a good price.
There isn’t a blade of grass anywhere near this building.
This one seems like a poster child for the Sabrina theory of when certain types of properties should be rented instead of purchased.
“There isn’t a blade of grass anywhere near this building.”
Who cares! No bugs, snakes, vermin, or rodents either!
Great location in the center of it all, people who want to live here want a city experience, they could give two shits about grass.
“all units in this building have an increase of over 90% in assessed value. Is that even possible??
2011 Assessed value was $ 42,974. 2012 first pass assessed value is $82,924. Increase of 93%”
It sold in 2007 for $1.2mm. What *should* seem impossible is that it hass been assessed as if it were worth $429,740.
You know what would be a “fun” assessment system? Require everyone (including commercial/industrial owners) to self-report, but subject to *anyone* being able to purchase your property for your stated value + 10%, with fixed 60-day closing terms.
I like the cut of your jib anon
“I like the cut of your jib anon”
I agree. That’s a very interesting idea. Has it ever been seriously considered?
Also, I for one am shocked, SHOCKED I TELL YOU, that this listing calls it a penthouse even though there seem to be at least 1 or 2 floors above it, and neglects to mention that the property taxes on this place have approximately doubled in the 2012 assessment. I am sure that these are just honest oversights, approximations, we might call them. Also if those are 11 foot ceilings than I will eat my pizza-sized hat. SHOCKED I TELL YOU!
Taxes are wack on this place, (if it is able to stay constant) and with seller offering 2 years worth of assessments at ~1500*24, 36k in savings over 2 years. The place could easily be rented out at ~>6k in this market more than offsetting the costs of taxes / closing cost fees if you were looking to flip this place within 5 years. With the fed inflating house prices, it is conceivable by 2015 (fed reserve QE guarantee) the house could sell for 900+ making a nice tidy profit for the investor.
“There isn’t a blade of grass anywhere near this building.”
It’s Chicago.
“No … rodents either!”
hahahahahahahaha.
what are the cables around the windows in pics 5 and 6. couldn’t the hide these better.
regarding the penthouse, some buildings have penthouse levels where the top few floors have the same upgraded finishes. may be the case here but still not a true penthouse.
“the property taxes on this place have approximately doubled in the 2012 assessment”
Bet the taxes will be 125% higher, if the AV doesn’t get reduced, given what is happening with other properties. Should expect it to be near $16k next year, w/o reduction in AV.
I expect, with a fair reduction in my AV, to end up with basically the same tax bill–it that’s true, then this place is topiing $15k for sure. If not, then I’m going to get a sweet (over 10%) reduction in my tax bill.
“You know what would be a “fun” assessment system? Require everyone (including commercial/industrial owners) to self-report, but subject to *anyone* being able to purchase your property for your stated value + 10%, with fixed 60-day closing terms.”
Awesome, a market enforced truth telling mechanism! That would be a great way to househunt. Let’s do it.
“Has it ever been seriously considered?”
I am going to bet no.
I agree that this would be an interesting approach. But totally unworkable. I’ll give just a few examples:
1) for commercial properties, a competitor might want to buy at “+10%” (assuming the self-reporting was accurate), just to force a relocation. Same could happen to a homeowner with a disgruntled ex-spouse or neighbor.
2) for condos–this could allow a developer to swoop in & buy out an entire building (including a past-its-prime 4+1) forcing a sale by condo owners who honestly appraised & have no desire to sell, but where the building as a whole is worth more than sum of individual units.
3) in a fast rising market (yeah, could happen), how long would the “buy period” apply? If for a year, you could see a lot of properties increase by pretty close to 10%, forcing people to sell who don’t want to!
4) would you have an auction, if more than one person wanted to buy a property at the “110% of assessed value” level.
Maybe a different way to achieve a similar result would be to offer a “bounty” for anyone who reports a significantly under-assessed property. Maybe the reporting person could post $500 to cover the cost of an assessment, and if the assessment showed the property was under-assessed by more than x%, the bounty hunter would get a percentage of the increased tax for several years (so their $500 could yield up to some limit, perhaps 4x)
OK—I guess that’s way too complicated!
“You know what would be a “fun” assessment system? Require everyone (including commercial/industrial owners) to self-report, but subject to *anyone* being able to purchase your property for your stated value + 10%, with fixed 60-day closing terms.”
“hahahahahahahaha.”
well not on the 26th floor, at street level and below thats another story 8)
“Maybe a different way to achieve a similar result would be to offer a “bounty” for anyone who reports a significantly under-assessed property. Maybe the reporting person could post $500 to cover the cost of an assessment, and if the assessment showed the property was under-assessed by more than x%, the bounty hunter would get a percentage of the increased tax for several years (so their $500 could yield up to some limit, perhaps 4x)
OK—I guess that’s way too complicated!”
That’d probably work better; I honestly hadn’t thought of the concept before I started typing that comment.
There’d have to be a penalty, too, levied against the under-reporter. So, if “challenger” posts $500, + pays for *two* appraisals, and the self-report is more than X% (5? 10?) off on the lowside, then Owner pays $1500 penalty to Challenger, PLUS challenger gets Y% (25, 33, 50?) of increased tax owed on higher assessment *for the whole assessment cycle* (whether 1 or 3 years), plus Owner gets hit with a one-time Z% penalty (10 or 20?) of the incremental tax due that first year.
Gotta make it (a) lucrative enough for Challengers to get involved, but expensive enough that it’s not just done to *everyone*, plus (b) painful enough for Owners that they have an incentive to be accurate, or slightly *overvalue* their property.
Appears that there is some sort of self-assessment system for property taxes in some regions of India. Which is likely a sign of some sort about either being a pretty decent idea or absolutely horrible.
“Great location in the center of it all, people who want to live here want a city experience, they could give two shits about grass.”
Make me go over this again?…it’s on the wrong side of LaSalle, it’s a no-man’s land, there’s nothing around it, no park, zilch. Walk to Binny’s and that’s about it. There’s even less to do now that the OTB on LaSalle closed. Walking distance to the Ohio Motel!
no we aren’t going to rehash that dumb argument again, but we can all agree that the rainforest cafe really needs to go
Can you see 125 S. Clark from here?
anon (tfo) (September 19, 2012, 3:57 pm)
“No … rodents either!”
hahahahahahahaha.
The best restaurants in the city are within 5 mins walk. The hottest clubs – 5 mins walk. The river – 5 mins. All major public transportation lines are right here. Lot less tourist and crowding than a few blocks east. Plenty of sun light.
And helmethofer Erie Park and EBC and not too far either. When was the last time you were in this area – 2003?
“And helmethofer Erie Park and EBC and not too far either. When was the last time you were in this area”
when the original jordans restaurant was “happening”
Yeah helmet was probably a bathroom mopper at White Star
Rather have a SFH in Near West. Use the money you save on HOA to take a cab EVERYDAY to River North.
$1468/30 days = $48 a day for cabs!!!!
Have a wonderful house, in a neighborhood with grass 🙂 , rooftop deck with skyline views, etc. and enjoy the central city too.
“Yeah helmet was probably a bathroom mopper at White Star”
too many asians at that place, his head would have exploded the second day on the job.
What club *doesn’t* have ‘too many Asians’?
“Rather have a SFH in Near West. Use the money you save on HOA to take a cab EVERYDAY to River North.
$1468/30 days = $48 a day for cabs!!!!
Have a wonderful house, in a neighborhood with grass , rooftop deck with skyline views, etc. and enjoy the central city too.”
Until it rains/snows/strikes and you can’t get a cab. Youre either in “it” or out of ‘it”.
House and grass does not equal urban lifestyle. Your pocket protector approach is too lame.
“Rather have a SFH in Near West. Use the money you save on HOA to take a cab EVERYDAY to River North. $1468/30 days = $48 a day for cabs!!!! ”
having a SFH still means you need to pay HOA dues. its just to yourself and to reserves for repairs.
a quick break down to comapre HOA for a SFH
heat $130
Aircon $50
Water $25
Cable $150
gym membership $50
Lawn guy $60
kids to shovel snow $25
Reserves $150
TOTAL $ 640
Diff of $828 828/30= $27.60 a day for cabs
“EBC … not too far either”
teHof is offended by the Cobb Salad procedures at the restaurant. Proximity to EBC is a negative in his world.
“What club *doesn’t* have ‘too many Asians’?”
lol. im too old to go clubbing but glad to see it hasnt changed.
“gym membership $50”
Please. The person who buys this is a member of EBC anyway. Money down the hole for the in-building gym.
Wow – this far into the thread and nobody noticed that this should be WEST, not North, Grand?
I see this on MLS listings too – if you’re familiar with the hood it might be just a minor irritant, but if you don’t know the territory and drive around looking for “north” Grand or “east” Sheffield it’s a nightmare.
As for the building…yet another testament to the madness that was the “bubble decade.”
“Please. The person who buys this is a member of EBC anyway. Money down the hole for the in-building gym.”
how much is a EBC membership nowadays? it has to be insane now. I havent gone since i think it was 1999 or 2001 paid a arm and a leg back then.
“how much is a EBC membership nowadays?”
$175 indiv, 305 for a couple:
http://eastbankclub.com/club-info/become-a-member/membership-dues/
Yeah its pricey but includes most classes and you can shoot hoops with Dwyane Wade and lift weights with Richard Dent… (done both LOL)
“lift weights with Richard Dent”
hahaahaha he is still there I played a few pick up game with him there way back before I was a member.
“$175 indiv, 305 for a couple:”
i don’t know if its my perception of money is different now but that seems cheap considering what you get. I remember when i paid for it i thought i was getting robbed. I did have the laundry service (if they still do that) and the parking dont know if that added to the cost.
“$175 indiv, 305 for a couple:”
That’s the monthly fee after the one-time $500/700 initiation fee. Jeepers!
that hasnt gone up nearly as much as I expected. seems like it was close to 150 in late 90s
“that hasnt gone up nearly as much as I expected. seems like it was close to 150 in late 90s”
LOL we probably played racketball together at that time and dont even know it.
EBC membership is dirt cheap. Basically the same monthly OOP as your smartphone, or your daily latte. Hopefully they raise the price soon to keep some of the riff raff out.