1 Bedroom Selling Below Purchase Price in The Palmolive
When you think of The Palmolive at 159 E. Walton in the Gold Coast, you think of exclusivity. There is something neat about that building. It is not flashy or “new” but has an understated elegance.
The building sold pretty quickly in original sales but since then it has actually struggled- at least in some categories.
The high end seems to be selling well. In October, Unit #34A, sold for $5.387 million. But at least a dozen units have been rented and others are struggling to sell.
At least one unit is listed below its 2006 price.
Unit #8F: 1 bedroom, 1 bath, 1146 square feet
- Originally sold in August 2006 for $710,000
- Currently listed for $675,000 plus $50,000 for parking
- Was the model
- Assessment of $855 a month
The listing states:
Former model 1 bedroom unit in Palmolive building with large windows, high ceils, opulent master bath, top appliances, advanced technology. Parking space available for an additional $50,000. Private health club, elegant club room for residents.
But a tipster sent me the listing that agents get where it actually admits they are selling below the former purchase price. It also is tenant rented until April 2008- for $3500 a month including the parking.
My question is- did the former sale price include the parking or not? If it did, then they are technically not “below” the former sales price. They simply stripped out the price of the parking so the unit “appears” cheaper than what it sold for before.
But a loss is pretty much a given once you pay the agent fees and closing costs.
Katherine Chez and Mary O’Connor at Coldwell Banker have the listing.
Unit #13E, also a 1146 square foot 1 bedroom, 1 bath is also on the market.
- Originally sold in May 2006 for $685,000
- Currently for sale for $750,000
- Or for rent for $4,000 a month
- Baird and Warner has the listing