3-Bedroom Short Sale in Contemporaine Now 24% Off the 2004 Price: 201 W. Grand
We last chattered about this 3-bedroom in Contemporaine at 201 W. Grand in River North in March 2011.
See our prior chatter here.
At that time, it was a short sale and was listed at $899,000 or $181,000 under the 2005 price.
In that time, it has been reduced another $149,000 and is now listed $239,500 under even the 2004 purchase price of $989,500.
If you recall, the 2221 square foot unit has floor to ceiling windows, hardwood floors throughout and concrete ceilings.
There are 3 balconies and the unit has south, west and north exposures.
It has a modern kitchen with Subzero, Viking and Miele appliances and a huge island with granite counter tops.
The bathrooms are travertine and limestone.
2 car tandem parking is included.
Given the price of similar modern units in 600 N. Fairbanks and 110 W. Superior, among other buildings, is this now a steal?
Salvatore Manzella at @Properties still has the listing. See the pictures here.
Unit #803: 3 bedrooms, 3 baths, 2221 square feet, 2 car tandem parking included
- Sold in February 2004 for $989,500
- Sold in April 2005 for $1.085 million
- Originally listed in April 2008 at $1.235 million
- Reduced
- Withdrawn in June 2010 at $1.15 million
- Lis pendens foreclosure filed in January 2011
- Currently listed as a “short sale” for $899,000
- Reduced several times
- Currently listed at $750,000
- Assessments of $982 a month (includes cable)
- Taxes of $12,780
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×17
- Bedroom #2: 11×13
- Bedroom #3: 12×12
I love this place. Amazing … I think it should sell quickly.
A lot of noise from the Brown Line I think. And not the best corner.
I don’t know what this unit’s fair value is but this area/ neighborhood continues to improve dramatically. At least 20 cool restaurants/ bars opened within 3 blocks of this building – GT Fish, XOCO, Paris Club, Hubbard Inn, Epic, Gilt Bar, Hub 51… Also w/i 3 blocks is EBC, Ontario/Ohio ramps, Merchandise Mart, el stop & river…
southbound it sounds…UBER AWESOME! Whenever I’m about to invest three quarters of a mill in anything I want to be close to the action. I’m gonna buy this and invite my two brau’s over and we’re going to be so into the trendster scene it will be like night at the roxbury every night brau! you can be the one wingman who ensures my collar stays popped at all times, brau.
I think this is a deal and it should sell at the current price. I like the building and the unit. The finishes are great.
‘A lot of noise from the Brown Line I think. And not the best corner.”
every time sabrina posts on here someone rags on the location, its one of the best locations in the city, what are you smoking?
brown line is well over a block away and isn’t noisy for this particular unit
I know it is a great location. What is the problem with this location now?
Previous thread is… interesting.
Neat unit and the price is right. Brown line not a problem here.
I’m not the biggest fan of River North, but there’s really no reason not to love this location. It’s walk to everywhere. I just happen to like being closer to the lake, but for many, that’s not an issue.
“Previous thread is… interesting.”
LOT (**LOT**) of deleted comments in that thread.
At $750K I think that a tandem parking spot is a slight letdown. At $1.235 it was completely ridiculous.
And I also hate the unpainted concrete ceilings. It is an interesting look to some but to me it is not historic, full of character, or interesting. It is just unfinished and ugly.
To each his own. I don’t like painted concrete ceilings, love the raw look of unpainted and think it adds a ton of character. I love the floor to ceiling windows of this place. Very cool building.
This is at Wells and Grand, right? So it’s kitty-corner from the old building where Studs Terkel grew up, with his family who ran that building as a boarding-house for factory workers and various colorful “characters.” It was the genesis for Terkel’s career as a “good listener” and chronicler of the common people.
Wonder how he’d feel about the way “the old neighborhood changed.”
Great deal. It should go fast. I would not be surprised if it goes over ask.
Is the bank being retarded with the short sale? Surprised this hasn’t been sold yet. Fantastic space.
I don’t know it has a 1K assessment which I am not sure includes a pool or a a fab. gym (please correct me if I am wrong). I wonder what is the heating system. If it is electric that will cost a fortune too. So sure it is nice and all but I am not convinced it is the deal of the year. Also I like to see the place in person. One never knows from only looking at the photos.
I have been in this unit. I doubt that it is anywhere near 2200 ft2. The balconies are large enough to step out onto and that’s about it. The third bedroom is more like the size of a nice walk-in closet. Because it has all windows you can hear the brown line, but i’m told you get used to that noise.
The floors are unimpressive. The kitchen is beautiful as are the baths, but somehow the rest of the space seems cheap.
The location is OK. You will walk to everything, all the time. There really is not too much very close.
There are ZERO views.
Let me clarify I do not like painted concrete ceilings either!
I echo Reinzi’s comments. I’ve seen this unit as a prospective purchaser and the unit just isn’t that great. The living room is tiny because the owners erected a wall in the middle of it for a tv but this could be pulled down. Bedrooms 2 & 3 were very small as well. I’ve been looking for a unit in Contemporaine for a while but this was a HUGE disappointment because this seems like a great buy but, quite frankly, it’s nothing of the sort.
“I don’t know it has a 1K assessment which I am not sure includes a pool or a a fab. gym (please correct me if I am wrong).”
Contemporaine is a small building without many units. You pay more for assessments in such buildings (fewer home owners to pass the costs along to.)
There is no pool or other amenities (not sure about an exercise room, however.) I don’t think there is even a doorman (but someone can correct me if I’m wrong on that.)
I like the unit, but this isn’t the type of building I’d buy in at this price. I’d want a doorman, exercise room, etc.
No doorman, no pool, no gym
28 units equal high assessments for any building of that size with interior parking to heat it, maintain it, etc
I’ve been in this building…no doorman, no pool, no gym, no community space…
Then it is not for me.
miumiu- a lot of the smaller buildings do not have the big building amenities. It just costs too much money when divided amongst so many fewer homeowners.
you are right. 110 W. Superior was similar too. Although if I recall they had a small workout room and a doorman.
Same developer as 235 Van Buren and 1620 South Michigan. Those buildings don’t have any amenities either and there are hundreds of units in those building.
I guess I’m in the minority here because this place depresses me.
It has the asthetic of a parking garage.
1000/mo. assessments for a newish building and no doorman, pool or workout room? How many units in the building? That number seems crazy high for what you don’t get…
I see I missed the answer to my question in an earlier post.
So let’s assume all 28 units are paying the same in assessments (I’m guessing this is a very conservative estimate). That’s roughly 28K a month or 336K a year in assessments for the whole building. Assuming they are squirreling away a third of that for the sake of their future finances, that’s still 200K+ a year for maintenance of the building. Is that really what it takes to keep a building like this running?
window cleaning
sidewalk clearing
heat for parking
common electric
elevator inspection and maintenance
cable
Am I missing anything?
I like it but for $1900+ a month before you start a mortgage its still a pretty hefty monthly nut.
“Am I missing anything?”
Common insurance
Management
Maintenance on just about everything (not limited to just elevators)
Water & Sewer
Trash
And then there is all sorts of other little stuff too… It all adds up very quickly
I used to live here.
Pros:
1. Great location, wakable, awesome neighborhood
2. Great looking building
3. Quiet inside as not too many people live there year long
Cons:
1. Had a few special assessments to fix the windows. On both occasions, scaffolding was put in for months on end. So watch out for more repairs as the building ages
2. No doorman for a high priced building. Issue with packages.
Building has major reserve and window issues.