Overseas Owner Still Wants Out Over 2 Years Later: 60 W. Erie in River North
We first chattered about this huge 2-bedroom unit at 60 W. Erie in River North in March 2008.
See our March 2008 chatter here.
Back in 2008, the listing said the overseas owner wanted out.
The unit has been on and off the market since then but apparently, according to the listing, the overseas owner still wants out.
It has also been reduced $140,000 and is now listed for $136,500 under the 2004 purchase price.
60 W. Erie is a boutique high rise building built in 2004 with only 24 units.
The unit has 9 foot ceilings and city views. It also has a 15×15 terrace.
The kitchen has stainless steel appliances and granite counter tops and the baths are marble.
Is this unit now priced to sell?
Katherine Chez at Coldwell Banker still has the listing. See the pictures here.
Unit #1102: 2 bedrooms, 2.5 baths, 2157 square feet
- Sold in March 2004 for $926,500
- Was listed in March 2008 for $930,000 included 1 car parking
- Withdrawn
- Was listed in June 2010 for $890,000
- Reduced
- Currently listed for $790,000 (includes 2 side-by-side parking spaces)
- Assessments of $1369 a month (includes gas and doorman)
- Taxes of $10304
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 18×10
- Bedroom #2: 12×11
- Den: 15×10
I would want out too when my assesments are that high. The assesments completely skew the overall deal for the worse, regardless of asking price.
I would have thought that this seller was already out based on the hot pink pillows.
Beautiful modern apartment. Assessments don’t seem out of line with price, size, or amenities, really.
I mean, they’d bother ME, but I can’t afford anything in this bracket, anyway.
The price doesn’t seem too out-of-line for this type of apartment. I’ve seen much worse apartments offered at higher prices in this neighborhood.
Owning real estate in a country in which you do not reside seems very risky. I would lose sleep over an asset that I could not see.
24 units and a 24 hour doorman so do the math…..you are paying one hour per day of union regulated doorman’s salary and benefits for as long as you own the unit. I’d bet that is around $35+ per day. Look for those assesments to rise until the building decides that it is not worth that price to have a 24 hour door service.
What a dumb idea. If you were on Lincoln Park East or East LSD I can understand that group of owners with F/U money spending that sum to have additional privacy in the high rise but not here in a building with $700K units.
Based upon those terrible pictures the sqfootage seems to be quite inflated
“24 units and a 24 hour doorman so do the math…”
Yea, that’s insane, and if it’s a 24 hour doorman those assessments look way too low. I wouldn’t touch this at any price…
Yowza, lay off the Photoshop. Looks way to airbrushed.
i bought my place from a couple who relocated back to europe.
they got double-whammied by the weaker Euro and negative nominal return.
luckily the couple got true-up’ed by her employer.
i never understood overseas real estate investing unless you’re in it for the long, long haul (currency risk, illiquidity, transactions costs, etc, etc). but to each their own.
apologies, need to correct (as I don’t want to get flamed by some know-it-all)…but brain freeze the weaker Euro helped out the couple converting dollars back to Euros.
oops. hopefully the internet-ers get the gist of what i’m trying to say.
I thought the same thing as Sonies… no way that unit is 2100 sq ft unless they’re hiding a couple of rooms.
“Based upon those terrible pictures the sqfootage seems to be quite inflated”