Price Reduction on 375 W. Erie Penthouse with Terrace
I last chattered about the penthouse unit at 375 W. Erie in River North with the huge 1000 square foot terrace in January 2008.
It has since had a price reduction:
Unit #610: 2 bedrooms, 2 baths, 1800 square feet
- Sold in April 2003 for $560,000
- Listed in January 2008 for $680,000 (plus $35,000 for parking)
- Currently listed for $655,000 (plus $35,000 for parking)
- Assessments of $511 a month
- 11 foot high ceilings
- Skylights
- Prudential Preferred Properties has the listing
This place is way over priced. The balcony and view are amazing but the inside of the condo os awful. Take away the outside space and this condo is maybe worth 400k. I went to the open house and I couldnt get over how out dated and old everything was. You need to put at lease 30k into this place to fix it up but the price is already way to high.
My layman’s guess is that most properties will do a round-trip back to 2003-2004 nominal prices—even for unique properties like this one and that 2800 N Pine Grove penthouse.
Lower interest rates won’t offset tighter lending standards.
Naturally YMMV and you may have a differing opinion….that’s how markets are made.
as an aside, I think that there should be a “Best of MLS” and “Worst of MLS” to highlight the quality of actual listings (description/photos/presentation/etc.)
MLS 06800008 (the charle chaplin place) got mocked a while back by you all….well, check it out again, it’s been revised…..for the worse? you decide.
If thats a private terrace this doesn’t seem overpriced to me. Then again I really like skylights and roof rights. And you could put an above-ground pool or hot tub up there if the HOA didn’t have any express rule against it and you kept it quiet.
Certainly a better buy than any cookie cutter 2br/2ba in one of the dozens of new “luxury” buildings coming online in the next couple of years, and I’m not even a loft guy.
noise from popular bar with outside/rooftop service is a major deterrent to enjoying the unit, the balcony or the terrace. the bar is directly across the street and is active till 2 am most night during spring/summer/fall.
I agree with above poster Jason, however he may not have seen the bathrooms in this place because I’d say it needs at least $50k of work in order for it to be talked about as a ‘luxury’ condo. It’s a nice setup, but the seller needs to get real with the price.
this terrace faces south, see the sears tower, this is upstairs from barnard ltd, you can see the corner of 416 w ontario and the balconies of 400 w ontario, so you’re not gonna hear citizens bar down the street and on the north side of erie
Price has dropped again–asking $600K (parking still not included).
Kenworthey- This unit is finally under contract. Maybe the last price reduction to $600k did the trick.
It’ll be interesting to see what it closes for. I’ll post the closing price when it happens.