Looking for a West Loop Penthouse with a Built-Out Private Rooftop Deck? 40 N. Carpenter
This 3-bedroom corner penthouse at 40 N. Carpenter in the West Loop came on the market in July 2020.
The building was constructed in 2018 and has 40 units and a parking garage.
It’s an elevator building and there’s a private elevator to this penthouse unit.
The listing says this is the largest unit in the building at 2321 square feet.
The listing also says the unit was bought as raw space and customized.
It has an open concept kitchen, living and dining room with a built-in bar with 3 Subzero wine and beverage refrigerators.
The kitchen has custom blue, white and wood cabinets, a Subzero refrigerator, Wolf 6-burner stove and Bosch dishwasher, with quartz counter tops and a tile backsplash.
There’s a balcony off the main living space.
The master bedroom has its own private balcony, en suite bathroom with dual vanity and walk-in shower along with heated floors, motorized window shades and an attached office.
The listing says one of the bedrooms is being used as an exercise room.
It has the other features that buyers look for including central air, washer/dryer in the unit and 2-car garage parking.
But the big selling point, especially after the COVID lockdown, is the built-out private rooftop deck which the listing says is the largest in the building.
It has an automated pergola, custom cabinetry, a Lynx grill, a gas fire pit and a water feature.
(Question- how do you get up to the deck? Do you have to take the elevator? There’s no floor plan with the listing.)
Currently listed at $1.69 million, that is $471,500 above the 2018 selling price of $1,218,500.
Is the West Loop luxury market still so hot that this penthouse will sell within the first week on the market?
Lauren Mitrick Wood at Compass has the listing. See the pictures here.
Unit #PHN: 3 bedrooms, 3 baths, 2321 square feet
- Sold in April 2018 for $1,218,500
- Originally listed in July 2020 for $1.69 million (plus 2-car garage parking)
- Currently still listed at $1.69 million
- Assessments of $571 a month (includes gas, exterior maintenance and snow removal)
- Taxes of $25,177
- Central Air
- Washer/dryer in the unit
- 3 outdoor spaces
- Bedroom #1: 17×14
- Bedroom #2: 11×13
- Bedroom #3: 12×11
- Living room: 16×21
- Dining room: 11×14
- Kitchen: 9×16
- Office: 9×8
- Media Room: 11×11
If they bought this as raw space, the seller is losing their ass.
Nice place, would be nice to see a floor plan
Feels very high to me. This feels like maybe a million to me.
Lol, the “hot home” algorithm isn’t complex. Redfin’s own listings are much more likely to earn the hot home badge because Redfin drives way more traffic to their own listings because by default Redfin visitors are shown “featured homes.” (Look at your Sort options, the smart choice would be to sort by listing age of course).
No need to pretend that 1m+ condos are hot in any area right now. They arent. What’s hot is the mortgage dependent price range because mortgage rates are at lows, especially SFHs.
If you compare the level of inventory of premium condos from today to 2013 when rates were low, 2013 had wayyyyyyy less inventory of nice condos. (This applies to all areas) When’s the last time you saw 26 condos available for sale at 340 on the park? There were maybe 2-5 for sale in 2013. I can pick a building in every area and compare it to inventory in 2013. 600 n Fairbanks? 10 E Delaware? 2550? 1211 s prairie? 401 N wabash (yikes) Think I made my point about current inventory suggesting this isn’t a hot market.
There’s another PH in the complex also for sale:
https://www.redfin.com/IL/Chicago/28-N-Carpenter-St-60607/unit-PHS/home/105432077
Exterior construction looks cheap and generic. Wouldn’t spend this much to live in a building that looks so much like the “extended living” apartment units being built now in Deerfield and Northbrook. Seriously – exact same architecture – only the location (and price) differ, though I suppose the interiors of this one are more upscale, for what it’s worth.
Contingent
Beautiful though does remind me a bit of a WeWork or Industrious co-working space.
“Beautiful though does remind me a bit of a WeWork or Industrious co-working space.”
Wow, I thought the complete opposite. I am generally not a fan of these industrial-like residential new builds so popular in West Loop, but thought the owners of this one did a great job of giving the unit personality and making it homey.
I admit I like the interior. Nice location, too. The price still seems too high considering the generic exterior, however.
“Contingent”
Already?
It didn’t even last a week.
Sizzle.
This market is smoking hot.
“There’s another PH in the complex also for sale:”
Thanks anon(tfo). It’s just a little bit smaller. Also has standard builder finishes so it doesn’t quite have the same je ne sais quoi.
Nice build-out of the private rooftop deck though. Both of them have made it usable by building the pergola and the outdoor kitchen.
“No need to pretend that 1m+ condos are hot in any area right now. They arent.”
I guess this is wrong because this one is already under contract. Didn’t last a week.
The $2 million condo I cribbed about last week is also under contract and that was within 2 weeks. No, not everything is selling as quickly as those two. I guess I just have a skill to pick out great properties that are in demand (sometimes.)
But yes, it IS a hot market. It’s sizzling right now.
I’ve said over and over that the luxury inventory is high. A dozen new buildings have been built (or more) and just wait until the Vista and the Tribune starts closings. The Vista will have move-ins later this year.
340 on the Park is a massive building. 26 units is nothing. It’s also over 10 years old now. People will be moving out of the older buildings.
Look at it this way AnonIDGAF, there are quite a few units for sale in The Palmolive. Most of them don’t have outdoor space, so that building is at a disadvantage during this pandemic, but I digress. The building is now 14 years old. The 55-year old couple who bought when it was “new” are now close to 70. They may be retiring and moving to Florida. But things will be changing for them.
So, no, I’m not surprised that there is inventory in all the buildings you listed. They are all mostly over 10 years old! People move.
Also, they’re at all price points. 600 n Fairbanks has a LOT of 1-bedroom and 2-bedroom units that are “affordable” at least compared to the luxury buildings. They aren’t $1 million.
Additionally, inventory at the luxury level was low in 2013 because of the housing bust. Duh. No new luxury building was constructed during that time unless it was already under construction at the time of the bust. They had to work their way through all the inventory which finally happened after prices hit bottom in 2012.
Then they built over a dozen+ towers with million dollar units. Lol.
But, again, inventory, in general, is really low. It’s still a sellers market. Except in the luxury level, where there are too many properties.
However, there have been more $4 million+ sales this year in Chicago than last year at this time. So someone continues to buy at the very top end of the market.
I actually think the Kitchen is really pretty (yes a bit trendy) but nice to see some personality/decor paid off for sellers