Amazing Japanese Garden Penthouse Now Under $3 Million: 201 W. Grand in River North
We’ve chattered about this 1-bedroom penthouse unit with its huge 3000 square foot custom landscaped terrace in the modern masterpiece Contemporaine, at 201 W. Grand, in River North several times before.
Read the July 2008 chatter here.
It’s been over a year since that chatter and it has been reduced again. The unit has now been reduced nearly $1 million since 2007.
Or if you don’t want to buy, now you can also just rent it instead.
This penthouse has been featured in several publications including the Chicago Tribune Magazine.
You can find the link to that magazine layout in the very first post on this unit on Crib Chatter in September 2007 here.
From the street, you can see the amazing Japanese gardens on the 3,000 square foot terrace. The listing says it has 12 foot tall Bonsai trees.
The unit also has 20-foot ceilings in the living room, city views and a modern kitchen.
Linda Marcus at Koenig & Strey has the listing. See the pictures here.
Unit PH2: 1 bedroom plus den, 2.5 baths, 3000 square feet, 2 parking spaces included, 3000 square foot terrace
- Sold in April 2004 for $1,700,000
- Was listed in September 2007 for $3.95 million
- Withdrawn from the market
- Was listed in April 2008 for $3.79 million (2 parking spaces still included)
- Reduced
- Was listed in July 2008 for $3.59 million (2 parking spaces still included)
- Reduced
- Currently listed for $2.999 million (2 parking spaces still included)
- OR you can rent it for $15,000 a month
- Assessments of $1900 a month
- Taxes of $25,656
- Bedroom: 23×20
great unit and a stone’s throw away from my current apartment, but I hope the owner isn’t holding their breath for a sale on this one.
These guys are still firmly in la-la land.
Let’s assume you can sell a normal residence at $600-700 per sq ft. This prices the unit at $1.8-2.1mm.
So my simple question is whether a terrace is worth $1+mm. Someone might value it that highly, but I certainly wouldn’t.
Several minuses I see that make me think my valuation of the residence is generous. I’ve been in the building, but not this unit. I found the layouts of the units impractical unless you are a bachelor, DINK, or retiree. 3000 sq ft and you have a 1BR + den? Views of the city are nice but you aren’t getting the lake or park views that I would prefer if I was going to spend this much.
Either the sellers didn’t listen to a decent Realtor or they didn’t know one. No offense to them but anyone can go to Lowes and 5-7k and 48h later they have a japanese garden on their terrace. Not special enough to command that type of premium.
Ok, the terrace/garden is pretty amazing and, overall, it’s a beautiful condo. That said, it’s still a one bedroom. It’s a spacious one bedroom, but a one bedroom nonetheless. For three million, I can only assume the super rich playboy with the pied-a-terre types are the demographic here. Best of luck, seller. I hope there’s a zen garden up there to keep you centered.
“It’s background music” says Jon “like massage music-flutes, Asian sounds…a kind of soundtrack of our lives. We really don’t listen to it, just feel it.”
The casual vibe is carried out by the type of clothes they wear here, sweats, jeans and pajamas.
“It’s our special romantic getaway” adds Missy. “To have a garden like this in the middle of the city, we just love it.”
OH BOY!!!!
As contrived as this article is, the agent gives you the same overly rehearsed ‘Zen inspired’ speech. It seems as though they are selling only the terrace as so much time is spent going through all the details included in the outside area. While it is stop stopping beautiful, all this effort for a space you could really enjoy for what, 3-4 months of the year?
Strong points of this place:
*The building itself and it’s architectural significance. While spectacular, the chance to say you live in this building is what will eventually sell it
*The strong attention to detail…NOTHING has been overlooked
*The top of the line, rare finishes throughout. It really doesn’t get any better than this, product wise. There are some items that I saw here that I have not come across in units located in NYC, Miami and LA. Kudos to the designer or owner for locating these products
Huge, huge space. But I am disappointed that so much of it is wasted/unusable. I have noticed over the past year especially that usable spaces are now a requirement, even at this price level..rich or not everyone is seeking space value for their $$$
*The total automation of EVERY aspect of the penthouse…lighting, sound, window coverings, security…everything is operated by touch
*Furnished and accessorized to death with rare and uber expensive pieces. I am assuming the unit does include the furnishings as many seemed to have been custom designed for the place. I know my father asked if this were the case, but do not remember the answer. If not included in the sales price, I am hoping the buyer will be offered the option of purchasing them. I would gladly spend the original sales price if I were to make an offer on this place.
*The parking spaces seem to be very large/oversized and the garage is well laid out.
Negatives:
*The ‘view’ that is touted…no pounded into you throughout the tour is not that impressive. For all the attention being paid to the details of the terrace, one would not want to look out only to see the tar roof tops of the buildings below. The penthouse view from the floor through unit at Trump, One Museum Place, and when completed, the view from Aqua’s penthouse does/will blow this one off the screen. To me for that amount of $$ in Chicago, there had better be no tar roof tops visible! I am sure if you are lounging on the sofas (you are asked NOT to do so during the showing) the view from that angle would be amazing
*For the size, there *should* be an additional 2 or 3 bedrooms, at the very least
*The maintenance $$ for the landscaping (in addition to the assessment) is astonomical. I imagine only a very few companies/individuals would be capable of maintaining the terrace plantings. I am thinking a great deal of the projected sales price will go towards recouping the huge amount of $$ they spent to acquire the exotic and rare species of plants.
*There is just no justification for the original asking price even IF the furnishings were included. The current asking is more acceptable, but in this market…good luck!!
If I were looking to buy in this building, I would want to see any other units that are on the market. I know that rarely happens, but I would be curious to see how this one compares to others.
I predict IF they ever find a qualified buyer, the sales price will be $2.5 or just slightly less. Personally I would wait for the penthouse at Aqua to come back on market and customize that one to death.
All these >$1 mil properties lately are really depressing me. Truly, there are only so many very rich folks out there for these properties, and for sure, I am not one. 🙁
(what’s with that black tray of candles over that desk/dining room table? How exactly are you supposed to light those? Or are there hidden bulbs in there?)
The lights in those lighting fixtures are good replicas of real candles.
“While it is stop stopping beautiful”
WL: Typo? Or a phrase I haven’t heard before?
How was wherever you were?
Also, what was the ask on the Aqua PH?
If I won the megamillions I’d very strongly consider living here, but its so pricey compared to other units in that range.
“Back when I financed the construction of Aqua, 3 PH units had been pre-sold @ $1.95MM, $2.18MM & $2.28MM. 3 PH units remained for sale at $1.90MM, $2.18MM and $2.90MM….. but that was back in late 2007.”
Thx. Is that rawspace price? Otherwise, that seems pretty reasonable, given the pricing in the rest of the building.
This is one of the very few buildings that I would consider in River North. The finishes in the units in this building are definitely top notch. I took a look at the neighboring penthouse with the three story atrium that is facing west. Unbelieveable. I do think this place is probably more impressive in person than even the pictures suggest.
However, I don’t think it is a $3 mil condo though. At best I would say $2 mill, give or take. That garden ain’t cost no where near $1 million and the any upgrades certainly aren’t $1 million above that original price.
“No offense to them but anyone can go to Lowes and 5-7k and 48h later they have a japanese garden on their terrace.”
uh, no offense, but the crane rental alone to get the trees up there woulda already blown past that cash… as much as this place is impossible to sell, the garden is amazing and truly one of a kind.
ok place is buuuuuuuuuuutiful, everything top of the line kewlness. but all that aside
Assessments of $1900 a month!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
it doenst inclued heat, air, there is no doorman, no pool, and if i remember right no fitness center (read an article somewhere).
i know, i know, if someone has 3 mill to drop they wont care about ass fee’s and property taxes blah blah and stuff.
seriously Assessments of $1900 a month!!!!!! WTF does it cover?
23X20, now That’s a bedroom!
Assessment Includes
• Water
• Common Insurance
• Security
• TV/Cable
• Exterior Maintenance
• Scavenger
• Snow Removal
Maybe to pay for all the water needed for that garden?
I had to go through my notes to locate info about the units we spoke to the agents about. They were priced at $2.18 and $2.75 and both were North facing with W and E views from the balcony. Add on of course, at least another $500k for upgrades and custom items.
I believe it was around November or December that we last spoke to the rep and I thought these prices were very, very reasonable compared to other top level places in Chicago. In the past few weeks, I received another email from Molly, one of the reps we spoke with telling me of the unit on the 71st floor that is still available for $1.2 mil. for I believe 2200 sq ft.
I am wondering what level the pricing will be when these units go back on market as resales?
“WL: Typo? Or a phrase I haven’t heard before?”
LOL major typo that I thought I had corrected after I posted. Should have read ‘show stoppping’.
“How was wherever you were?”
I was in NYC to clear out the staging furniture/accessories that were in one of my places that finally closed. Three months for a closing? I guess at this stage of the game I cannot do any complaining at all. Other than removing the items myself with only one helper, it was a great time to be back in the city. Tourists thinning out and NYers returning from the Hamptons.
Did you miss me?
You are right Russ, pictures do not do this place justice. It is very impressive. I agree also that while the upgrades are all done using the best products and workmanship, the fact they are even attempting to use that kind of markup for profit is almost laughable. I believe the agent told us the terrace alone was around $450k to complete and it shows.
To Sabrina:
Please, please, please, I beg you…..Write a post with the headline, “ATTENTION USERS! Write Down the homes you feel are good value in the city!”
I am curious to see what the users of this site feel are the good values in this city. I consistently see sonies, anon, homedelete, westloop, etc etc… post on this site….What I dont see, is beyond the criticism, where they feel the true values of the city are.
Is it possible to have a forum where the users can express where there are actually good buys in the city…because based on what you have posted, everyone feels everything is overpriced….Thanks
“Maybe to pay for all the water needed for that garden?”
or one sweet tv/cable package 🙂
is it me or is this just a show off dinner party place than an actual residence?
“Maybe to pay for all the water needed for that garden?”
or one sweet tv/cable package 🙂
is it me or is this just a show off dinner party place than an actual residence?
welcome back westloopelo
“GLS on September 17th, 2009 at 5:53 am
I found the layouts of the units impractical unless you are a bachelor, DINK, or retiree. ”
I think it could be argued that the only people that would be interested in a $3M condo in the city would be the people you listed above, so the layout seems appropriate to me. Nobody with a few rugrats is going to be interested in properties like this.
Groove77:
The owners stated in the Chicago Mag article that it is a weekend home/2nd home. I think they live on the Northshore somewhere irrc.
This is definitely a place for an empty nester, single big shot trader, or athlete type.
John: All of us aren’t RE bears. I know I step into the line of fire of the bears quite often. However, I do think you will find that many of the places listed on here tend to easier to criticize than the true bargains out there. the bargains usually sell before they would find their way on this site as they don’t sit on the market long at all.
John, find your own deals, I did…
“John on September 17th, 2009 at 9:10 am
I am curious to see what the users of this site feel are the good values in this city. I consistently see sonies, anon, homedelete, westloop, etc etc… post on this site….What I dont see, is beyond the criticism, where they feel the true values of the city are.”
Many regulars here are renters who simply want the sky to fall so they can afford what they want.
They don’t call it Cribhater for nothing.
it appears they have a home in st charles. it has a fancy garden too that got some press.
The article says they live in St. Charles and have four children and this is their weekend getaway. If I were their son I’d have a serious talk with my parents about pissing away my inheritances at a rate of at least $5,000 a month in interest on their $1.2 million dollar mortgage; plus assessments and taxes! But then again, if my parents could actually sell this unit at a Profit! then I’d stand to inherit a little more money…
Bradford, there are very few ‘deals’ listed in the MLS right now. The ‘deals’ are ‘snapped’ up very very quickly by investors or 3% down FHA first time homebuyers. Everything else just languishes. The unit in this thread has been listed no less than 528 days. I guess they’re waiting for the right buyer. More deals will come in the future. I’d rather be a bitter renter than a broke, underwater homeowner, but hey, to each’s own. I’m sure your 4,000 sq ft loft will sell for a premium over your ’04 price or whatever because your place is ‘special’.
Logansquarequeen, there are way more million dollar homes than there are bonafide millionaires willing to pay a million dollars. This has been apparent to me and the rest of the for a long time.
“I am curious to see what the users of this site feel are the good values in this city. I consistently see sonies, anon, homedelete, westloop, etc etc… post on this site….What I dont see, is beyond the criticism, where they feel the true values of the city are.”
You get what you pay for, Johnny boy.
Isn’t John the mutli-millionaire living on the beach in Florida for pennies on the dollar? Or is that another “John”?
@ homedelete – do you have a link to the article? I’m from St. Charles.
I don’t have a link to the article but Sabrina has some select quotes from it in her original post.
James:
Direct link is:
http://www.cmkcompanies.com/site/files/532/46742/191432/262720/Chicago_Tribune_Magazine_-_Contemporaine_low_res.p
The owner is the CEO of a market research company. So what happens when rich people run out of other rich people to sell to?
“homedelete on September 17th, 2009 at 9:34 am
Bradford…I’m sure your 4,000 sq ft loft will sell for a premium over your ‘04 price or whatever because your place is ’special’. ”
I bought in ’06 and yes, I expect it to sell for more than I paid for it then because it was a complete dump and we did a full gut rehab.
If I were to sell right now, I’d probably lose money on what I have into it. Here’s the thing though – I’m OK with that. I have plenty of equity and the entire market is depressed compared to when I bought a couple years ago, so I’ll be paying lower prices on whatever I purchase anyway.
The sky will remain above us. Take a Xanax…
”
Is it possible to have a forum where the users can express where there are actually good buys in the city…because based on what you have posted, everyone feels everything is overpriced….Thanks”
Like other said there are place to buy that are value, you have figure out what you want and how much you’d pay for it. I got a cash flow 2 flat this year. anything is possible. I wonder when the non-bears will gain any notoriety.
“The owner is the CEO of a market research company. So what happens when rich people run out of other rich people to sell to?”
HD, when it happens is called a crisis.
Wow, bradford, please don’t take offense, but you are the biggest FB of all the FB posters on cribchatter.
“Wow, bradford, please don’t take offense, but you are the biggest FB of all the FB posters on cribchatter.”
Huh? You know what he paid for the unit and what he has into it? He can sell and buy another place if he wants–How is he an FB?
“Wow, bradford, please don’t take offense, but you are the biggest FB of all the FB posters on cribchatter.”
what a stupid and ill informed comment. Nice!
a 12 ft bonsai if it really is one, would cost a lot of money, take years to grow and shape one. Just seems a garden full of topiaries.
*like
I heard a rumor the owner is the son of a billionnaire toy maker (I will refrain from saying which one).
I have a friend who lives in the building across the street and we can see directly into this unit… very amazing but its not surprising it hasnt gotten any bites yet. Outdoor space is definitely a premium in the city however it is a shame we can only use it but 3 months out of the year.
2006 gut rehab of a 4,000 sq ft loft coming from a guy who works in the finance industry? Somebody’s uninformed and it ain’t me.
OH, YEAAHH!
http://i37.photobucket.com/albums/e99/dolewite/Kool-AidMan.jpg
But oh wait, I’m just a bitter renter waiting for prices to fall so I can afford to buy what I really want, but I don’t make enough money. I should either live in a poor area or I should get another job making more money, right? Hahaha
I’m outta here
Man, if the “bonsai” trees really are 12 feet tall, then the owners must be the size of Godzilla!
The owner’s money comes from “Precious Moments” — amazing what a few cheesey figurines will pay for.
http://en.wikipedia.org/wiki/Sam_Butcher
Ugh I hate that precious moments crap!
Anyone know what they do with those bonsai trees in the winter? I thought those were super sensitive. Do they have to enclose them in somehow during the winter or can they withstand the Chicago elements as they are?
Precious moments? Bad Google, giving me wrong info. My apologies to the market research exec with the same name.
“homedelete on September 17th, 2009 at 10:59 am
Wow, bradford, please don’t take offense, but you are the biggest FB of all the FB posters on cribchatter.”
Jesus tapdancing Christ you are dense. Shall I repeat myself?
BRADFORD: “If I were to sell right now, I’d probably lose money on what I have into it. Here’s the thing though – I’m OK with that. I have plenty of equity…”
“homedelete on September 17th, 2009 at 11:26 am
I’m outta here”
Don’t let the door hit ya…
“AK49 on September 17th, 2009 at 11:55 am
Anyone know what they do with those bonsai trees in the winter? I thought those were super sensitive. Do they have to enclose them in somehow during the winter or can they withstand the Chicago elements as they are?”
lol… do you actually care? i can’t imagine why you would unless you are legitimately going to buy this place.
http://en.wikipedia.org/wiki/Bonsai#Care
Why go with an “inches-deep pool” instead of a true pond? For all the work they did I would want the option of raising koi and growing aquatic plants. Can’t get the perfect lotus in 5 inches of water!
bob,
loving your list for what the assessments cover 🙂
funny only a few are comenting on the crazy ass fee’s. i guess bonsai care and whether Bradford is a huge or small douchceeeee is more important the the ASSEMENTS OF $1900 THAT COVERS ABSOLUTELY NOTHING!!!!!!
revassal wrote on September 17th, 2009 at 10:57 am
” I got a cash flow 2 flat this year. anything is possible. ”
So how did you manage that, and using what other resources? My sister and I have been looking for 3 years now for something that is not craptacular, not in a horrible neighborhood, and that won’t need a full gut-rehab, and we just can’t find it. We’ve had 2 different realtors looking for us, and nothing. Getting anything smallish (3-6 units) to cash-flow where we’d be willing to buy simply can’t be done well unless the price per unit is around $100k each. But places in that range are still mostly dumps. Or should we just be patient and wait til next spring, when sellers and banks finally capitulate?
Maybe they said to the owners, yes, you can have your crazy-ass Zen garden, BUT you are going to have to pay high assessments to cover extra water costs, and to insure against damage from leaks or whatever that your garden might cause? I would think in a building with units this expensive, such insurance could be quite pricy.
“insure against damage from leaks or whatever that your garden might cause? I would think in a building with units this expensive, such insurance could be quite pricy.”
That was my thought.
Does anyone know the assessments for *any* other unit in teh building, for comparison?
PH7 assessments are listed at $1216 per month. I think the sq footage in this place is in the low 2000s (I’ve been in it). So assessments are in the $0.55-$0.65 per sq ft. Consistent with what is being reported for this unit at 3000 sq ft.
logansquarean:
the financing was messed up, 25% dp bunch of fees. But in the end it should be worth it. anyways, I was lucky but to help I did not look at any greenzone locations, I looked in Bronzeville, Pilsen, and worked my around to rogers park and back down and settled on IP.
I remember another c-chatter is in the same position as I am in, very low mortgage – 2 flat they bough in like ’08. I forgot where I think it was in the northside closer to the lake than IP is.
I think in the near future 3-6 units should be cheaper and more plentiful because people won’t be able to swing that kind of money, 50to150K to 500K dp is a lot of cash.
logan square was tempting but nothing panned out.
Different John……so basically what you are all telling me amongst the pissing and moaning is that you dont actually have a legitimate response to my question. Thanks
“you dont actually have a legitimate response to my question.”
I suspect that one or more of the “pissers and moaners” might be willing to help you if you signed something giving him/her a cut. I don’t know anyone who works for anonymous internet whingers for free.
anon,
I’m not even in the market… I just simply would like proof that something “isn’t a ripoff” in this market according to this site. I’m not even asking for a deal, I’m asking for someone to show me a property that is at fair market value, and then I would like a justification for why he/she believes this to be so….That way I can tear into their logic, like they do all these agents logic….pretty simple. I assume all I will get in response back is sarcasm, proving that this site is for high schoolers
John,
Fair market value, by definition, is the prevailing prices based on transaction amounts. Volume is way off but by most accounts most on there think ‘fair market values’ are too high. I am one of them. Whether they go up, down or sideways from here is often discussed.
I define a reasonable valuation as rental equivalence, however “fair market value” for Chicagoland is still well above this quick test.
Bob,
Let me be more clear. Can someone show me something that simply is not overpriced?? 1 property, and why. Simple as that.
John:
Fair Market Value changes over time and can be looked at any number of ways. As a lender, when we order appraisals on the property the value is supported by one of three ways – sales comparison, replacement value, and rental. Lenders put most of the weight on sales comparison.
This is supported by other closed sales of similar properties in a neighborhood/development, etc. However, one of the problems with this is that it can skew values both positively and negatively. When the market is rising fast, it tends to over value homes and when the market is falling, it can under value homes. WHen the market was going up, we had a lot of price pressure due to easy credit. Now that the market is falling, we have a lot of downward pressure due to short sales, foreclosures, being used as comps. Both are self fulfilling.
Too many people on this site I think try to make buying a home and valuing the property a mathematical exercise. While rental equilvalance, median income, and other factors are important, I think many just ignore that buying a home is more art than science. It is an emotional purchase and highly dependent on where an individual is in their life and if it makes sense for them.
Some folks say prices are going back to 1999. This is possible although I think it is unlikely, particularly for homes that are under the jumbo threshold. Neighborhoods change over time and the demand, interest, and ultimately value people place on living in certain areas change which puts pressure on prices. Bucktown is a very different neighborhood in 2009 than it was in 1999. So is Andersonville. So are other areas and I don’t think that factor can be ignored and it certainly shows up in the pricing of the properties today.
“Let me be more clear. Can someone show me something that simply is not overpriced?? 1 property, and why. Simple as that.”
Again, if you want someone to do research for you, pony up a retainer. Especially when you say the purpose of your request is to be able to insult the person responding to your request (and you call us sophmoric!).
Exerting effort for the purpose of being insulting ain’t what I consider fun (nttawwt, if you do), so it would have to be a substantial retainer for me to undertake the effort.
Anon,
My purpose is not to insult, it seems you are missing the point, like many others on this site. My purpose is to show that everyone’s idea of value can be questioned. What you think may be a good deal, may not be in another’s eyes. It just seems very hard to believe that everyone has a problem with every listing on this site. Im just asking for a little more credibility, instead of reading the same types of comments on every posting. However, this is a battle that I know I cannot win, and will use other sites moving forward.
And Russ, I know how property values are determined. I also know that the most important factor is sales price in comparable properties. Ive talked with several appraisors about this. Thanks for your input as well.
John,
here is a property that I find to be more reflective of fair market value – at the time the home was sold. $200k 1990 price; $350k 2009 price after multiple bids. Yes this house has imperfections but $350k for this home is much closer to FMV than 95% of the languishing listings at this price point. My hypothesis for the future is that the $300-$400k range is the ‘sweet’ point for the middle market, where buyers with over $100k household incomes can save 20% or more with only little difficultly and have a sustainable housing payment that isn’t dependent entirely on overtime, commissions, or bonuses, so that even when the economy is slow, buyers don’t strain themselves too much to make the monthly payments. I think that going forward the $300k-$400k range will buy nicer and nicer homes as the $400k+ homes slowly reduce their prices to hit the sweet spot. The $400k+ home market is far too large right now and clear there are not enough buyers to sell all the over priced listings. The $400k plus market is going to take a long time with wage inflation to return.
http://cribchatter.com/?p=6716
“homedelete on September 18th, 2009 at 11:10 am ”
Oh hey, welcome back! Now explain how I’m a FB when I have plenty of equity in my home, Einstein…
Because everything is reverting to pre-bubble pricing. You bought during the bubble and you rehabbed during the bubble. Absent any extenuating circumstances, you’re going to have a difficult time getting your money back (including what you put into it) for the foreseeable future. You may have equity as compared to your mortgage but you’ve lost some of your ‘sweat equity’ so to speak. But you’re OK with that you said it yourself. An extenuating circumstance would include a 2006 purchase price that was a ‘steal’ or something along that lines, and I’m sure there are others. Feel free to explain yourself.
I responded to your comment because you insulted renters on this board with your mistaken belief that renters have an unreasonable assumption that the market will drop so far that they’ll be able to live in lakeview for Englewood prices. Very few, if any, renters are that naive. I think the market speaks for itself. The middle to upper end is languishing because pricing is too high (not because lending is too tight).
Including this 2004 1.7 million dollar purchase. I doubt they put well over a mil into this place so there is no reason why should get that sort of appreciation. The should get some appreciation for what they’ve put into, if there is a market for what they’ve done, but they should be prepared to take a loss vs. purchase price and upgrades.
Despite all the “inflation” we’ve heard about, it still seems like $100K (“six figures”) is still a benchmark for HH incomes. It was the same in the 1980’s when I was in high school, $100K was the same benchmark and that was over 20 yrs. ago. Have incomes actually risen with inflation????
“My hypothesis for the future is that the $300-$400k range is the ’sweet’ point for the middle market, where buyers with over $100k household incomes can save 20% or more with only little difficultly and have a sustainable housing payment”
kenworthy,
good looking out i can see the reason for the insane ass fee.
now someone explain to me like im 7 year old why a 1br condo cost 3mil? (you like the Philadelphia movie reference?)
“Maybe they said to the owners, yes, you can have your crazy-ass Zen garden, BUT you are going to have to pay high assessments to cover extra water costs, and to insure against damage from leaks or whatever that your garden might cause? I would think in a building with units this expensive, such insurance could be quite pricy.
“homedelete on September 18th, 2009 at 11:10 am
John,
here is a property that I find to be more reflective of fair market value – at the time the home was sold”
reading the old thread reminds me, where’s G been?
“now someone explain to me like im 7 year old why a 1br condo cost 3mil?”
Why’s a 3000 SF condo only have one bedroom? You don’t want anyone staying the night!
The place is 3000sf inside and 3000sf outside. Say the outside is “worth” $750k–then they are “only” asking ~$700/sf for the inside, which is in the ballpark one might expect, notwithstanding the dearth of bedrooms.
“homedelete on September 18th, 2009 at 11:46 am
Because everything is reverting to pre-bubble pricing. You bought during the bubble and you rehabbed during the bubble. Absent any extenuating circumstances, you’re going to have a difficult time getting your money back (including what you put into it) for the foreseeable future. You may have equity as compared to your mortgage but you’ve lost some of your ’sweat equity’ so to speak. But you’re OK with that you said it yourself. An extenuating circumstance would include a 2006 purchase price that was a ’steal’ or something along that lines, and I’m sure there are others. Feel free to explain yourself. ”
I could sell at *well* under $200/sf and get every penny back. This is for 4k s.f., SubZero/Wolf/Grohe etc, 2 parking, private deck, low $300/mo. assessments, etc.
BUT even if I didn’t – say I take a $100k haircut (which I easily could if necessary), I’m still looking at properties in the same market – properties with similarly decreased values and asking prices, so there’s really no effective loss to me. The only way that I’d feel queasy about it was if I was downsizing a lot or moving to a magic market where the prices hadn’t dropped across the board.
“I could sell at *well* under $200/sf and get every penny back. This is for 4k s.f., SubZero/Wolf/Grohe etc, 2 parking, private deck, low $300/mo. assessments, etc.”
Oh, c’mon, Bradford. Just admit that you’re a F’d Buyer, who’s stuck in your luxury loft, unable to sell because you overpaid, over-improved and financed the whole thing using a neg-am, interest only, pick-a-payment, stated income loan brokered by a semi-retired Insane Gangster Disciple working for IndyMac, with a 125% second mortgage thru WaMu, so you now owe about 150% of what you put into it, which is clearly at least 3x what you could get any knife-catcher to pay to bail you out of your mistake.
Just own up to it, let HD have his moment and we can all enjoy the weekend. Cuz you know it’s true. Every word.
anon – I’m going to have to repost your comment once a month. That was awesome.
“stated income loan brokered by a semi-retired Insane Gangster Disciple working for IndyMac”
anon made a funny 🙂
lol anon. *thumbsup*
I like the unit. If I had the cash I would buy it. One problem for the owner is that there is a unit directly below it almost the same size for $1.8 million with 3 bedrooms plus den, now on the market. The one below it has the same two story living room and 2700sf vs 3000sf. The one below it has a terrace that runs the full length of the unit, of course not as dramatic as the “Zen” condo. My point being, $2.9 mil vs $1.8 million would imply that you are paing $1.1 million for the terrace.
Being an FB is just a little taste of your own medicine. It’s called schadenfreude. Too many of your snotty and usually uninformed comments were tossed my way for no other apparent reason than to troll. And anon(tfo) you yourself are heading down that path too. I don’t go out of my way to start arguments with you, you nitpick everything I say, its like you don’t see the forest for the trees.
“Oh, c’mon, Bradford. Just admit that you’re a F’d Buyer, who’s stuck in your luxury loft, unable to sell because you overpaid, over-improved and financed the whole thing using a neg-am, interest only, pick-a-payment, stated income loan brokered by a semi-retired Insane Gangster Disciple working for IndyMac, with a 125% second mortgage thru WaMu, so you now owe about 150% of what you put into it, which is clearly at least 3x what you could get any knife-catcher to pay to bail you out of your mistake.
Just own up to it, let HD have his moment and we can all enjoy the weekend. Cuz you know it’s true. Every word.”
This condo is crazy expensive, I think we all can acknowledge that. But seriously, it is one of the coolest-most unique in the city. Someone some day will pay that price (or near) to live there simply because it is so far from the thousands of other cookie cutter condos in the city. And all this fighting about what ‘fair market’ price is… is really silly. You have to leave a little room in there for the intangibles like the fact that people will pay for *priceless* premiums like a UNIQUE place, OUTDOOR SPACE in the city, a very private and exclusive building, GIANT duplex windows, perfectly unobstructed views…
Every buyer has different things that make them tick and yes, $$ is usually the first one, but people buy with their egos and dreams just as much as their pocketbooks.
The market must be improving because this place is back on the market for $3.4 million (it was listed at $2.999) — better luck this time sellers! (One piece of advice – punishing people with a higher price for not buying your place when it was listed at a lower price is not an effective strategy) fools.
http://www.realtor.com/realestateandhomes-Detail/201-W-Grand-Ave-Apt-Ph2_Chicago_IL_60654_M87680-37738
QE2 money sloshing around looking for a home.
Of course, Main Street doesn’t gets its hands on any QE2 money, their houses are declining in value..
901 just came on the market today too for $2.5m and is a 5br/3.5ba with 3675 sf. The PH is a 2br/2.5ba. Is the japanese roof garden really with a $1M premium?
http://www.redfin.com/IL/Chicago/201-W-Grand-Ave-60654/unit-901/home/12638505