Our Favorite Full Floor Penthouse Returns To the Market Listed $450K Higher: 247 E. Chestnut in Streeterville
We’ve chattered about this 4-bedroom full floor penthouse at 247 E. Chestnut in Streeterville before.
See our March 2011 chatter here.
Some of you may also recognize it from 2010 publicity about an auction of the property (as it was owned by an emmy winning soap opera writer.) See that story here.
Back in March 2011, it was a short sale and was listed at just $500,000.
It is now bank owned.
It recently came back on the market at $949,900 and then was reduced within days to $899,900.
If you recall, at 4700 square feet, it is a full-floor unit with 360 degree views of the Lake and city.
The kitchen was described in the old listing as a “chef’s kitchen” with pear wood cabinetry, stainless steel appliances and granite counter tops.
It has central air and washer dryer in the unit.
Parking is rental in the building.
The assessments have actually gone up slightly since we last chattered about it and are now $4152 a month.
Will the assessment be the deal breaker for a sale of this unit anywhere over the former short sale list price?
Steve Meeker at Meeker Real Estate has the listing. See the listing here. (no interior pictures.)
But you can still see what it looks like with the previous listing here.
Unit #2500: 4 bedrooms, 5 baths, 4700 square feet, full floor penthouse
- Sold in August 1986 (but I couldn’t determine the price)
- Was listed in March 2011 as a “short sale” for $500,000
- Withdrawn
- Lis pendens foreclosure filed in July 2011
- Bank owned in November 2011
- Originally listed in June 2012 for $949,900
- Reduced within days
- Currently listed at $899,900
- Assessments now are $4152 a month (they were $4035 a month in March 2011) (includes heat, air conditioning, gas, doorman, cable)
- Taxes now $16,636 (they were $13,032 in 2011)
- Central Air
- 6×9 laundry room
- Rental Parking available
- Bedroom #1: 16×21
- Bedroom #2: 16×22
- Bedroom #3: 12×20
- Bedroom #4: 12×17
- Media room: 12×24
Don Johnson called he wants his ferrari testorosa and his apartment back
$4k in asmnt and a significant increase in price. We are in 2008, are we not??
For over $4k a month (that doesn’t even include taxes), I want to live in a luxury building. This building seems old and boring.
Jenny’s right – this looks like a 1970s office building in some suburb of Houston. And the views aren’t too dramatic, either. Not a true PH, just a bunch of combined apartments on the top floor.
what is your definition/description of a true penthouse?
“Not a true PH, just a bunch of combined apartments on the top floor.”
True PH? It’s like the Supreme Court said about obscenity – you know it when you see it. This ain’t it!
wait. it is the top floor. it is the entire floor. and it is 4700 square feet. I contend that this is more penthouse than most “penthouses”.
I think I read it was owned by a famous soap opera writer.
it costs the bank 66k/yr (and rising) to hold onto this thing
this place is hideous.
I think hideous pretty much says it all. Add how many K to gut it and start over??
I’ve been in this building and it is about as bad as it gets. The lobby reminds me of a bad chinese restaurant. No sane person who wanted a penthouse or million $ condo (much more after major renovation) would ever want to live here. This is a building for creeps and cat ladies.
We’ve discussed PH or not PH many times, but someone recently posted the dictionary definition, and I think it suffices:
Penthouse: “A separate apartment or dwelling on a roof.”
For examples of a true PH, see the following:
http://marykayebuettgen.bairdwarner.com/property/13644199/
or the top floors of this building, which we’ve discussed before:
http://cribchatter.com/?p=13905
At what price would it be cost effective to buy this, deconvert it back into 4-5 units and sell those off? What would 4 1175sqft 2/2’s go for in this building? $8700/mo goes a long way in Chicago.
“it costs the tax payers 66k/yr (and rising) to hold onto this thing”
i fixed that for you CH
Why would the taxes jump so much in one year?
Very nice! Classic and elegant.