22 Months Later Full Floor Vintage Overlooking Grant Park Still Available: 1142 S. Michigan
We last chattered about this 3-bedroom full floor condo at 1142 S. Michigan in the South Loop in May 2008.
See our prior chatter here.
Nearly 2 years later, it has now been reduced by $500,000.
There are only 8 units in this boutique mid-rise building.
Unit #5 is 3800 square feet and has 2 home offices and a library.
The living/dining/kitchen overlook Grant Park and Lake Michigan.
The kitchen has white cabinets, stainless steel appliances and granite counter tops.
There are also three small balconies.
Scott Foster at Re/Max Exclusive still has the listing.
See the unit at the virtual tour at 1142 S. Michigan Tour– with music [website].
Unit #5: 3 bedrooms, 3 baths, 2 car parking, 2 home offices, a huge laundry room, 3 balconies
- Sold in June 2001 for $899,000
- Was listed in May 2008 for $2.1 million
- Reduced
- Currently listed for $1.6 million
- Assessments of $1,359 a month
- Taxes of $13556
- Three wood burning fireplaces
- Central Air
I’ve seen higher assessments on a $400k condo in the Gold Coast. Central air, wood burning fireplaces, huge. I like it.
While I am usually a big fan of Apple’s, I really wish they had never introduced the ‘Ken Burns effect’ to the world. I can’t watch that slide show at all.
I hate the slideshow, but at least it has more pictures than a typical listing.
Ehh, nothing really caught my eye here. I like the office, but not a big fan of the kitchen being 10 ft away from one of the fireplaces. And the hole in the wall in the MB for the giant tube tv would be the first thing to get fixed. Wish I could’ve seen the balconies and not just the views.
I really, really like it. I think the layout is superb.
2001 price looks about right.
“Central Park-Like”
(chuckles)
I LOVED this place back when it was 2mil, i love it more at 1.6mil.
Still am on the fence with the layout.
Everyone should have a closet like this, the world would be a better place.
wait,
is there a bathtub or jacuzzi somewhere?
I am amused that the dressing room is larger than the 2nd/guest bedroom.
For two people, this gorgeous condo would be fantastic, but in spite of the abundant square footage, the lay-out doesn’t accommodate 3 or 4, so long as the fancy-pants office is used as an office.
I like it, but not for 1.6m.
But I really like the way the realtor describes the office as “almost intimidating.” I can’t imagine intimidating anyone in my home office.
Also, look at the picture of the “view” and imagine how loud this place would be.
Who has a granite topped desk in their home office?
For me: the office would have to go. Too, too uptight. Mostly a 2-bedroom layout with generous entertaining space. Perhaps 1.1 max
“But I really like the way the realtor describes the office as “almost intimidating.” I can’t imagine intimidating anyone in my home office.”
What, never seen The Godfather?
Best office intimidation scene ever: Bugsy.
Does anyone know how to JUST see the damn pictures? I despise those stupid “slide shows” where you can’t see the picture all at once and must endure psychedelic transitions. Seriously, I would FIRE a real estate agent for doing that crap.
has this building done tuck pointing? older building, only 8 units, no reserves= no thanks. $1360 assessment, but no doorman, no ammenities, nothing. too risky. at that pricepoint, you need security (literally and figuratively) if you live a in multi unit dwelling.
“Does anyone know how to JUST see the damn pictures?”
Hit the zoom button. Then you can scroll around w/o them moving.
“Everyone should have a closet like this”
*this* is a closet big enough to warrant a window.
“*this* is a closet big enough to warrant a window.”
15×14 is almost big enough to warrant a balcony 🙂
An elevator opening directly into your condo is something that is awesome in theory and sort of creepy in reality.
That said, I love this place. I would turn the larger office into a guest room, though. Who needs two home offices?
“An elevator opening directly into your condo is something that is awesome in theory and sort of creepy in reality.”
Does appear to have doors separting the elevator from the actual unit. But I still agree with you.
Elevator would have keyed entry (from inside the elevator)…so no different than a locked front door..
I’m sure this place has a keyed elevator stop.
Dream condo. I love almost everything about it, including the strange layout.
It definitely has a keyed stop. I just have visions of walking from the master bath to the kitchen without wearing a robe, just at the moment the elevator malfunctions and the door opens with a carload of people in it.
But that’s probably overthinking it a bit, eh?
“I just have visions of walking from the master bath to the kitchen without wearing a robe, just at the moment the elevator malfunctions and the door opens with a carload of people in it.”
and thats how great parties start, the end.
I think we discussed the private elevator situation at length before?
For me, it is a huge convenience and after years of living with one, I have never had any uninvited guests walk into my place. A huge plus of having this option available is you never have to have curry stench slap you in the face when the door opens.
Regarding the rest of the place, I could come up with so many different and efficient layout options for making all of that space usable.
Who *needs* a 14′ x 15′ closet? Screams pretentious!
i was thinking about this place while on the deuce hole a few minutes ago (nexus one on the charger). and thought at 1.6mill to buy then 200k to remodel the office and make a media room/family room you could leave the built-ins just remove the desk and turn the bath to a half bath. redo the bathrooms to add a tubs.
You will have a beautiful, and with the full floor and concrete in between, extra quite and private vintage place with a pretty view.
Mega ball needs to come in
What about schooling for the rug rats?
“What about schooling for the rug rats?”
Latin, duh. If Groovester’s going to be rolling the phat cash, the Groovettes are going to Latin.
“Latin, duh. If Groovester’s going to be rolling the phat cash, the Groovettes are going to Latin.”
you are correct sir! UofC lab would be an easier school run commute. hmmm tough decision.
Latin is up at North and Dearborn. Little difficult to get there.
and honestly I think it is different strokes different folks. If I got enough to swing 1.6 mil, I still might drop the 50k a year for 2 shorties @ Latin
sorry…meant
If I got enough to swing 1.6 mil, I still might NOT WANT TO drop the 50k a year for 2 shorties @ Latin
“If I got enough to swing 1.6 mil, I still might NOT WANT TO drop the 50k a year for 2 shorties @ Latin”
If Groove is going to plan on winning the lottery, he should plan on winning a bigger one. Should be looking at more like $3-4 million places. Chauffeur for kids. Butler, of course.
I’m pretty sure chichow most people would prioritize their children’s education ahead of spending 1.6MM on real estate.
At the 1.6MM level if they can’t swing it and latin I’d imagine most would then instead drop 800k on real estate and send the kids to latin.
Remember real estate isn’t an “investment” anymore. Or at least one you can be reasonably confident of a positive ROI on.
“If Groove is going to plan on winning the lottery, he should plan on winning a bigger one”
nobody said my plan was a good one 🙂
“At the 1.6MM level if they can’t swing it and latin I’d imagine most would then instead drop 800k on real estate and send the kids to latin.
Remember real estate isn’t an “investment” anymore. Or at least one you can be reasonably confident of a positive ROI on.”
FWIW, in my case. I’m in Old Town. SFH is going to be in the 1.5MM range. I’m ok with try to get rug rats into Lincoln Elementary or Lasalle, etc. Maybe its me, but I just can’t see 15k a year in property tax and then dropping 50k more for kid school. I suppose others can, but for me personally I’m fleeing to the burbs at that point and buying a new Euro-spec car every year
“Maybe its me, but I just can’t see 15k a year in property tax and then dropping 50k more for kid school.”
But look at that as future investment that will pay back as your kid will be in some high power government job and old chichow’s kick backs and perks will make up for the amount spent by young chichow :0
Not sure about Old Town but I know you can get SFHs in LP under 1MM.
BLASPHEMY!! HERETIC!! IF YOU’RE NOT CAREFUL YOU WILL BE BANNED! YOU MUST NEVER SAY THAT YOU’RE MOVING TO THE SUBURBS ON CRIBCHATTER
“chichow on March 18th, 2010 at 12:24 pm
I suppose others can, but for me personally I’m fleeing to the burbs at that point and buying a new Euro-spec car every year”
“BLASPHEMY!! HERETIC!! IF YOU’RE NOT CAREFUL YOU WILL BE BANNED! YOU MUST NEVER SAY THAT YOU’RE MOVING TO THE SUBURBS ON CRIBCHATTER”
So very, very untrue. You just can’t say that you think the NW (or South, but no one talks about the south) Burbs are anything other than a wasteland. People discuss OP/RF, and Evanston, NT all the time w/o getting grief. It’s just your unaccountable attachment/defense of the NW burbs that gets flamed.
No, you must never say you’re moving to Palatine on cribchatter
“Not sure about Old Town but I know you can get SFHs in LP under 1MM.”
Not in Lincoln Elem though, right??
“Not in Lincoln Elem though, right??”
Three places in OT, all sold as reno projects.
+ 343 Menominee, the 2-unit, for $1.25mm.
About a dozen places that have sold under $1.25 in the past year–most of which have been featured here.
OT question, this place in Bell School doesn’t look insanely priced. Am I missing something?
http://www.redfin.com/IL/Chicago/3620-N-Bell-Ave-60618/home/13389503
“OT question, this place in Bell School doesn’t look insanely priced. Am I missing something?”
Did you look at the floorplan? Available in the tour link. It’s … interesting, but not irredeemable, if you could live with it for now.
The google aerial makes me wonder about the condition of the roof–it looks odd.
Also, DZ, I know you’re trying to stay under the $1mm, but 3654 oakley is similar, but appears to be all the way done and is $1.25 and you can get a brand new house at 3809 oakley for $1.325 (and I bet solfire would be somewhat flexible on that).
“Did you look at the floorplan? Available in the tour link. It’s … interesting, but not irredeemable, if you could live with it for now.”
I did. Nothing gives me pause on the upper level (the family room and den might actually be useful to us). The narrow “bedroom” on the first floor is the only thing I don’t really like.
“I know you’re trying to stay under the $1mm, but 3654 oakley is similar, but appears to be all the way done and is $1.25 and you can get a brand new house at 3809 oakley for $1.325 (and I bet solfire would be somewhat flexible on that).”
You must be in league with my wife. There’s no particular logic to it but I am trying to hold firm at $1MM. The Solfire option is a little interesting. This is going to seem naive, but the logistics of contracting for a house to be built seem complicated to me. You can’t possibly spell out all of the details (incl quality) of construction. I suppose you are depending on reliability of the builder to a significant extent.
“You can’t possibly spell out all of the details (incl quality) of construction.”
One of our architect FIFs* can chime in on this much more intelligently than I. You can get *quite* detailed, and the way to monitor is paying an architect to do it for you (after paying them to spec everything, in detail).
“I suppose you are depending on reliability of the builder to a significant extent.”
This is the easier course, but it’s like cheap/fast/good, pick two.
*Fake Internet Friends
ps: Speaking from the experience of buying a place that didn’t have *everything* done, if you are looking at a house that’s $900k and would intend to spend $x, eventually, to make everything the way you’d like it, and there’s an alternative that is $900 + 1.5 (or even 2)X, and all it needs to be “everything the way you’d like it” is some paint, you should just buy the more expensive house.
Assuming that the added expense is not putting you into stretching.
“OT question, this place in Bell School doesn’t look insanely priced. Am I missing something?
http://www.redfin.com/IL/Chicago/3620-N-Bell-Ave-60618/home/13389503”
Am I the only one who thinks it’s funny that people think a home priced around $975,000 in far west Lakeview not really near anything doesn’t look insanely priced? (that this is somehow a “good” price?)
“Am I the only one who thinks it’s funny that people think a home priced around $975,000 in far west Lakeview not really near anything doesn’t look insanely priced? (that this is somehow a “good” price?)”
Part of it is Bell. My view is Bell generally has maybe a $100K premium around this price point.
More generally, question is, what is better priced at the moment? Everything may be overpriced right now (and that may deter me from buying) but if I am going to buy, what listings have better prices? Anon had a couple of nicer alternatives but at non-trivially higher price points. The Solfire one might be the best, at least you get everything the way you want.
Actually Michigan Avenue moves! It’s probably the only street in Chicago that does and I’ve probably gotten up to 55 mph on it a few times racing through multiple greens. The inner drive between Oak and North moves well too.
“Latin is up at North and Dearborn. Little difficult to get there.”
I feel for those looking for “affordable” (aka under $1 million) single family homes in the north side trendier areas. It’s not easy. Most of the single family home “deals” are in the suburbs right now. (and I’m not being sarcastic when I say this.)
There are more people looking than houses available at that price point.
Sabrina,
The entire world is upside down and is damn near completely irrational. I can’t make sense of anything anymore. I’ve always been a ‘glass is half empty’ sort of guy (which I think keeps me grounded) but the RE market lately is just totally insane. On the one hand posters like DZ are (Allegedly) looking to buy a SFH for a million, yet, as we speak, 1/8th of all mortgages in the state of IL are DQ (most with balances far far far less than $1,000,000). It’s like 2006 all over again. Nothing makes any sense. for a while there it seemed like the market was slowly returning to normal but now it seems to gone haywire again. Watching this slow moving train wreck is wearing me out.
“#Sabrina on March 18th, 2010 at 7:01 pm
“OT question, this place in Bell School doesn’t look insanely priced. Am I missing something?
http://www.redfin.com/IL/Chicago/3620-N-Bell-Ave-60618/home/13389503”
Am I the only one who thinks it’s funny that people think a home priced around $975,000 in far west Lakeview not really near anything doesn’t look insanely priced? (that this is somehow a “good” price?)”
I’m with you HD as I watch it every day in order to run this blog. What I’m seeing this spring is that the upper bracket has returned (although not with the gusto of a few years ago) – as the rich are feeling better because their stock portfolios have rebounded and those that still have their jobs feel they’re not going to go away anytime soon.
On the lower end- lots of 20 and 30-something first time homebuyers are still buying in LP, Lakeview, Lincoln Square, Bucktown, etc. because they still “believe” in real estate and don’t believe they will be underwater when they want to sell in just 2 to 3 years (which most wish to do.) Their parents are also still egging them on with the old refrain “why are you renting? It’s throwing away money.”
The harder price bracket is still the $400k to $750k level. If you’re above the conforming loan limit you need some serious cash to put down and most younger professionals don’t have it.
BUT- there are some who do and are looking for SFHs in the trendy neighborhoods in that price point and finding competition for a limited supply. Everyone wants the “cute” cottage in Lakeview not by the El with 3 bedrooms, CA, and a garage for like $525k (which doesn’t really exist.)
About distressed properties- I’m seeing it all the time when I look at listings in Lakeview and even LP now in condos and townhouses which were bought in the last 5 years. Lots of short sales and foreclosures will be coming down the pike in the next 2 years even in those “prime” neighborhoods. Many are holding on to elevated prices hoping they get lucky with a buyer. But most won’t be able to hold on for forever.
Like I said- many deals to be had in the suburbs right now (the closer in suburbs.) I may have to start cribbing about it.
Yes- it’s all developing very slowly. It’s not Sacramento or Las Vegas on the North Side of the city.
So true, so true.
“Everyone wants the “cute” cottage in Lakeview not by the El with 3 bedrooms, CA, and a garage for like $525k (which doesn’t really exist.)”
“‘Am I the only one who thinks it’s funny that people think a home priced around $975,000 in far west Lakeview not really near anything doesn’t look insanely priced? (that this is somehow a “good” price?)’
‘Part of it is Bell. My view is Bell generally has maybe a $100K premium around this price point.'”
Well, I think it’s insane to spend $600k or more on a 2br *apartment* in Chicago w so-so views, w/o a really usable kitchen and bare concrete all around, no matter how well located. But there’s a market for that, too. If I wanted an *apartment*, I’d rent. And that’s still more understandable to me than the $950k duplex down condos in LP, b/c I can’t see being happy *renting* one of those (unless it was *very* cheap).
Bell definitely has a premium, but if you were to find an *exact* comp (same builder, same floorplan, same vintage) south of Bell (RV/Audubon) or north of Bell (un-named NC/Coonley) I think you’d (1) not actually be able to get it for $100k less, and (2) have (likely) a 25′ lot instead of (likely) 30’.
“Bell definitely has a premium, but if you were to find an *exact* comp (same builder, same floorplan, same vintage) south of Bell (RV/Audubon) or north of Bell (un-named NC/Coonley) I think you’d (1) not actually be able to get it for $100k less, and (2) have (likely) a 25? lot instead of (likely) 30?.”
It is very hard to get a direct comparison, as you suggest, let a alone a large enough sample to get a reliable estimate. I also think the premium could change, and may be changing already. Very conceivable that in 10 years there will be many more viable neighborhood schools than there were 5 years sgo. Maybe all the families will flee from CPS to the suburbs but, if not, there will be a lot of pressure/incentive to have good neighborhood schools. I definitely think some of this is already underway.
” there will be a lot of pressure/incentive to have good neighborhood schools. I definitely think some of this is already underway.”
It absolutely is. The area east of the river, south of Foster has very few completely unacceptable elem schools today, where ten years ago, I think the situation was the opposite (very few acceptable schools) and it’s a situation that builds on itself fairly quickly.
One big thing in turning a school around (and, yes, this sounds “bad”) is getting the school (basically) full of just kids from the attendance area, b/c then it’s almost impossible for non-locals to get in.
New agent and new lower Price $1,399,000
http://www.redfin.com/IL/Chicago/1142-S-Michigan-Ave-60605/unit-5/home/12736357
ouch a milion dollar hair cut
Great photos. Especially because from one doorway a room could be called “dining room” but then from the other side it is “library”. Double the rooms!
“Great photos. Especially because from one doorway a room could be called “dining room” but then from the other side it is “library”. Double the rooms!”
ooh and to your hipster friends you can call it cyclic repurposing!!!
oh snapadoodles, it is listed as sale pending!
lets see i say…final sale 1.15?
SOLD!!!!!!
$1,260,000 5/16/2011
Groove, you must submit your guess for that realtor with the contest
“Groove, you must submit your guess for that realtor with the contest”
yeah my FULL contact info maybe worth more than a “chance” at 200 duckets
it is a little suspicious that they need your snail mail address, but what is the harm?
“it is a little suspicious that they need your snail mail address, but what is the harm”
If i won and they asked i would gladly oblige,
shoot i pass at the opportunity to win a ford focus at the mall when they need that info.
for only $200 yeah i will pass too.
also for only $200 it would be just better to donate it to some charity. (like helping HD get out of that uptown garden studio)
I like the sound of that, groove. Maybe then I can move up off the floor and onto the futon? Come to think of it, better raise enough for a futon, too. HD’s may not survive his 18th move since his mom bought it for his high-rollin’ college days.
Now I’ll just need someone to sublease my old floor space.
“Maybe then I can move up off the floor and onto the futon? Come to think of it, better raise enough for a futon, too”
you got many headaches ahead of you my friend, i hate to break this to you…..gosh this is hard to say…but doooode i have to let you know that you need to buy the futon mattress separate from the futon frame.
your best bet is to just by the futon mattress and when using it as a couch just push *70% of it up to the wall
*i say 70% because once you sit on it it slides down and ends up being on 30% against the wall.
i got the inside at a kinkos/ups place i can get you a “data dumps for cash” sign to hold up to help raise the $$$ for the futon frame.
^^^^^^
G, I do hope you read that as a joke, as if not it can sound a bit harsh.