This Bank Owned 3-Bedroom in the Gold Coast Awaits a Buyer: 190 E. Walton

This 3-bedroom in The Regent, a smaller mid-rise building at 190 E. Walton in the Gold Coast, has been on the market since October 2010 and has been reduced once.

190-e-walton-approved.jpg

It is bank owned.

The 3000 square foot unit has hardwood floors throughout and custom built-ins.

The kitchen has granite counter tops and a stainless steel breakfast bar.

There are marble baths and a 8×22 terrace.

Parking is included.

This building doesn’t have a doorman or any other amenities.

Is this a deal?

Tina Culver at Sergio & Banks has the listing. See the pictures here.

Unit #501: 3 bedrooms, 3 baths, 3000 square feet, 1 car parking

  • Sold in October 1998 for $765,000
  • Sold in September 2005 for $1.575 million
  • Lis pendens foreclosure filed in September 2009
  • Bank owned in October 2010
  • Originally listed in October 2010 for $1.395 million
  • Reduced
  • Currently listed at $1.25 million
  • Assessments of $919 a month (includes water, building maintenance)
  • Taxes of $17,162
  • Central Air
  • Bedroom #1: 14×13
  • Bedroom #2: 10×12
  • Bedroom #3: 11×13
  • Family room: 14×20

85 Responses to “This Bank Owned 3-Bedroom in the Gold Coast Awaits a Buyer: 190 E. Walton”

  1. Looks like a dance studio.

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  2. assesment 900/month include water, insurance and maintenance

    nice

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  3. This banker is no Donald Trump. 850k. Next.

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  4. Tough sell not because it is over priced but because of the current remaining inventory in the high-end new construction in the area. And, the market will always have a slight preference towards the new.

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  5. “Tough sell not because it is over priced but because of the current remaining inventory in the high-end new construction in the area.”

    Incorrect Spinoza. Incorrect.

    Extrapolating the October 1998 price to today’s Chicago CSINA condo index yields a value of $998.

    For you to state that this isn’t overpriced is indicative that you aren’t using actual data points to form your opinion of the market but rather your “gut”.

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  6. “Looks like a dance studio.” or something..what is with all the weird lights on the ceiling?! It does not feel at all like a home.

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  7. would rather have this unit in the building at half the price…

    http://cribchatter.com/?p=4365

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  8. Sans the track lighting a very cool place in a very cool location that will sell soon for a cool mil.

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  9. Ok Bob, continue your analysis based on those indexis, and maybe one day you will find the home you want.

    There is a significant difference between the mindset of someone who is actually considering to buy, and a third party who is rather making an observation based on more objective criterias, but people do not buy based on solely objective criterias. They buy with a combination of objective and subjective.

    While I haven’t look at the index, I did make my comment based on a rather objective criteria as well. So, look at the new construction listings in the area, and tell me what type of price tag you are going to see for a 3000sqft home and then we can talk.

    Generally speaking that segment of the market is very slow, so if you are a distressed seller, slight price variations won’t make much difference. You have to cut it dramatically, and go below the market point in certain cases…

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  10. awesome memory jfmii –

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  11. Wow Chicago is such a great city… only 1.25 million for a knock off replica of Patrick Bateman’s place!

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  12. Bob and Spinoza, you can stop arguing – look at jfmii’s link…. that says it all.

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  13. It seems really dark…bad photos or bad spot in the building. The smaller unit discussed above is much brighter and nicer…..It would probably take 100K to make this unit look more homey…paint, trim, different kitchen cabinets, additional canned lights etc….

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  14. “would rather have this unit in the building at half the price…”

    It’s half the size, no?

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  15. Ok, Patrick Bateman has a lot more style I take that back

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  16. Sad_at_Plaza440 on February 8th, 2011 at 2:54 pm

    “Bob and Spinoza, you can stop arguing – look at jfmii’s link…. that says it all.”

    I’m confuzzled (or maybe you’re being sarcastic?). jfmii’s link is to a condo in the same building that is about half the size and half the price of the condo in the OP. I’m not sure what that’s supposed to show about the price of this place.

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  17. “I’m confuzzled (or maybe you’re being sarcastic?). jfmii’s link is to a condo in the same building that is about half the size and half the price of the condo in the OP. I’m not sure what that’s supposed to show about the price of this place.”

    Sold for less than the 2000 price. This place is a stretch to get past $1.1mm.

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  18. The track lighting alone must be worth a million… wait … nevermind.

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  19. Clio,

    Is this the building where u park your car?

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  20. Check out Unit 502, a bit more but great duplex unit in the building.

    I love this building b/c it is super small and allows 0 rentals no matter what!

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  21. MLS #: 07590013

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  22. Why wouldn’t Clio just park in his building? 159 E Walton

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  23. http://www.redfin.com/IL/Chicago/190-E-Walton-Pl-60611/unit-502602/home/12812206

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  24. Is the building more for in towns or primary residence? Because it has no amenities or views.

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  25. “Why wouldn’t Clio just park in his building?”

    Because the valets don’t like him. It’s like you aren’t even paying attention, david.

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  26. he doesnt get along with the valets … that’s what he said

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  27. “Because the valets don’t like him. It’s like you aren’t even paying attention, david.”

    My first reaction was this was pretty funny. My second is, wouldn’t clio own a spot in his building? Does he really own a spot and not use it b/c of the valets? Does he rent it out? Does he actually park in his building but just dislike it (and people are kidding him about it), or does he actually park somewhere else? I fear I may not be paying attention…

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  28. it is on a low floor and lacks the views – these are the reasons why I think this is overpriced.

    Its worth close to 1M imo, 950ish – some appreciation from 1998.

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  29. “I fear I may not be paying attention…”

    A reasonable fear, second only to getting embroiled in that discussion on the other thread.

    I thought I recalled a reference to a self-park spot, but maybe that was merely being considered. No idea what he does with the valet spot, if he has another spot. I certainly can understand not wanting to valet–I hate it, and don’t have a car nice enough to be really concerned about.

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  30. This building is a mix but mostly residences. Great location for some, big units (smallest unit in building is a 2/2 with den), and only what, 15 units total?

    Clio is silly not to use his parking space b/c he pays a large assessment on the space just to have it

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  31. And the Valets are always nice to me

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  32. And FYI, the Assessments are EXTREMELY reasonable for a unit of this size and in this location.

    Even if the assessments were doubled, it would still be reasonable.

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  33. Spinoza – curious about your thoughts on decorum and design of this place? A little too fuddy duddy for me, though the gas lights are pretty cool.

    http://online.wsj.com/article/SB10001424052748704422204576130344102005486.html?mod=WSJ_hp_LEFTTopStories

    I live nearby and can’t stand the place, not least of all because they went out of their way to shift the curb over a few feet when crossing the street, so you have to zig zag when walking down Webster. If I had to push a stroller by everyday I would curse him each time.

    HD you’ll like reading about the owners tax troubles I’m sure.

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  34. Wow, this is the day of the track light. I think the place on Webster is a bit tacky even with some nice bits. I’d like to see more of the outside space.

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  35. “And FYI, the Assessments are EXTREMELY reasonable for a unit of this size and in this location.”

    Agreed 100%, i have a friend right next to this building who pays 600 for his tiny 1 bedroom.

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  36. “I think the place on Webster is a bit tacky even with some nice bits. I’d like to see more of the outside space.”

    Seems like bits of teh actual space are sort of overdone, but most of teh complaints would be about the eclectic stuff in the space (well, and the facade) rather than the house itself.

    Looks like lots of windows face it, it’s a full lot wide and has a lot of hardscape to got with a few trees.

    Totally love the space tho. Could pitch the yurt inside the living room.

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  37. Join me and Tina Culver for a video walk through this unit:

    http://www.youtube.com/watch?v=7aN6KPHyAg8

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  38. Thanks Joe!!

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  39. CLIO– What will it sell for??? Others chime in also…

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  40. High assessments considering no doorman. Right???

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  41. cominghome38 on February 8th, 2011 at 6:36 pm
    CLIO– What will it sell for??? Others chime in also…
    ———

    900k is my best guess.

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  42. I agree. 900 max!

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  43. re assessments: it is a 3000 sq ft place, so not 100% unreasonable @ $900.

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  44. What is up with murale genovese? That entrance is whack.

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  45. “Join me and Tina Culver for a video walk through this unit:”

    This pretty much tells you all you need to know about what is going on in the market right now.

    This is a million dollar gold coast property not even a half a block from the Mag Mile and the bank is making videos to try to sell it!

    Instead, reducing the price again would do just that.

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  46. Wrong as usual, Sabrina. Your readers will learn nothing about the state of the market from the existence of this video.

    The video was commissioned by Sergio & Banks. We’ve shot quite a few videos with them and a number of the homes have sold quickly at or near list price. Several of the homes were already under contract at the time of our video shoot.

    In a similar location, you can join me and Tina Culver for a video walk through a high-floor Water Tower duplex priced (with no price cut) at $1.75M.

    http://www.youtube.com/watch?v=9S1wrO2V-rU

    We’re scheduled to shoot 6 more homes with Sergio & Banks later this week. Some people understand that price cutting isn’t the only way to market homes.

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  47. It might not be the only way to market a home but it is the best way. Of course making these videos are a low cost way to do it so any smart realtor would use this strategy as well.

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  48. “It might not be the only way to market a home but it is the best way.”

    Really? Why isn’t everyone with a million dollar property making a cheesy video then if it’s so effective?

    There are plenty of million dollar properties in this same neighborhood that have been on the market for months/years that a simple price cut won’t fix. But no. Instead, they make a video! Because someone might “see” it then and fall in love?

    It tells me ALL I need to know about the upper bracket (or certain propertites in it) that they are resorting to this kind of marketing to try and sell it.

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  49. Sabrina–
    “Why isn’t everyone with a millino dollar property making a cheesy video then if its so effective?”

    For the same reason we consistently seen unprofessional photos, many realtors are not professional and thus do not know how to effectively market a property. This videos are effective for upper bracket purchases because high net worth individuals would rather preview by video than take time out of their schedules for a walk through. This allows the seller to narrow showings to those who are really interested in the property. Saves everyone’s time and money by increasing efficiency. It may not sell the property if its not priced right but it will help it get noticed and in this day of high surplus this is a good thing.

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  50. Sabrina,

    I read Tay’s comment to say that price cuts, not video, are the best way to market a home. I think you’re the only one who will read it the way you did.

    Brokers are “resorting” to video to market expensive homes? What will they resort to next? More and better photos? More floor plans?

    Your response exhibits a stunning unfamiliarity with the real estate business and buyer and seller preferences. As usual.

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  51. “This videos are effective for upper bracket purchases because high net worth individuals would rather preview by video than take time out of their schedules for a walk through.”

    Why will it get it noticed? The upper bracket buyer gets the MLS listings from their MLS feed. They look at whatever comes on the market every day (or whatever their agent is sending them.) They can easily see pictures there.

    If it were so amazing- all the upper bracket agents would be using video and I can’t think of any that are (but I’m sure someone will direct me to one who is using it.)

    I’m thinking of Jenny Ames, Jeff Lowe, Mario Greco, Katherine Chez just to name a few.

    None use video.

    Clio- do you troll the internet looking for videos of properties you’re going to buy in Hinsdale, Oak Brook or in the Gold Coast?

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  52. Joe- you know all! All the top agents know nothing.

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  53. “We’re scheduled to shoot 6 more homes with Sergio & Banks later this week”

    we all know how groove feels about the wonderful Sergio & Banks.

    please feel free to look though old post about what i have said and the links i provided.

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  54. Actually- it’s nothing against Tina. She works for the bank in this case. She is doing everything she can to sell that property without the benefit of any staging, repainting etc. It’s probable (given what I’m hearing from other people out there) that the bank won’t let her cut the price again.

    So you do what you do until the bank lets you get to the actual market price.

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  55. “Clio- do you troll the internet looking for videos of properties you’re going to buy in Hinsdale, Oak Brook or in the Gold Coast?”

    No – I think it may be more of a marketing tool to increase business for the people making the video.

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  56. Sabrina,

    One difference between you and me is that I actually talk to top agents and have a grip on why they do or don’t do things. Been interacting with them decades before you came around this business.

    Anyone who spends some time at our YouTube channel will see quite a few videos with top agents.

    http://youtube.com/yochicago1

    You’re wrong on the facts. And no one’s going to learn anything about the behavior of successful agents from your uninformed speculation.

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  57. “Why isn’t everyone with a millino dollar property making a cheesy video then if its so effective?”

    sabrina did you see how fast that greystone in North center sold after Dennis Rodkin did a video on it?

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  58. Oh Joe Zekas isn’t about “selling anything”… He, like most lawyers are just staying busy (making videos nobody will watch) to appear that he is actually doing something useful to the people that are paying him. Which is obviously debateable at this point

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  59. Sonies,

    Anyone can see YouTube’s view counts for our videos / channels. The videos on our various channels have been watched nearly 2M times.

    It appears that no one will get to watch the video you promised to make with me. Did I miss your follow-up e-mail scheduling it?

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  60. “sabrina did you see how fast that greystone in North center sold after Dennis Rodkin did a video on it?”

    They also closed at 10% off their last list ($1,057,500 closing price).

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  61. How can even the most bearish among you think that seeing MORE of a property, in a different way, could possibly be a bad thing?

    I think there is a big difference between sitting down and interviewing new owners to market a building and taping a walk-through of a unit, so let’s separate those two issues and focus on tours.

    Any place that I would buy, I would want to see as much of it as possible, both before, and after I do my own walkthrough. The fact that you can google the address of the place you’re thinking about, and get a video tour is a good thing – it is more information for the potential buyer. Of course there is editorial commentary along with the walkthrough, but how is more info bad?

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  62. “They also closed at 10% off their last list ($1,057,500 closing price).”

    it was a sweet place i just hated the back deck mess they built. but hey i cant comment on that cause i dont live there or could afford it.

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  63. “but how is more info bad?”

    a thief now has a good layout of you home? that could be one?

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  64. “They also closed at 10% off their last list ($1,057,500 closing price)”

    anon you noticed the levitt house still hasnt dropped its price at all.

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  65. “anon you noticed the levitt house still hasnt dropped its price at all.”

    Why would it? Hurts the family biz, too, if you sell the product too low. If we’re talking about the same one.

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  66. “Why would it? Hurts the family biz, too, if you sell the product too low. If we’re talking about the same one.”

    MLS; 07713598

    its odd that it hasnt sold when this one has, MLS; 07673167

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  67. Sabrina “If it were so amazing – all the upper bracket agents would be using video and I can’t think of any that are (but I’m sure someone will direct me to one who is using it.)I’m thinking of Jenny Ames, Jeff Lowe, Mario Greco, Katherine Chez just to name a few.None use video.”

    They do use these kind of tactics. For example, Jenny Ames has been on Homes Plus and that Saturday morning TV show that has videos promoting properties. She has done it for this property twice…http://magazine.liveandplayinchicago.com/A1opav/LivePlaySumFall2010/resources/index.htm
    1213 Henderson

    She also has a blog, and an electronic magazine of her properties….not much difference b/w an electronic magazine and a video. http://www.liveandplayinchicago.com/index.php/magazine/

    People have been doing videos in NYC for a while now…I find Chicago follows suit several years later. When I moved here in 2003, most properties didn’t even have pictures…can you imagine?

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  68. Yep. Same one. But you, of all people, should understand that $355k is real money.

    Also, the diff b/t wide, all new construction and converted 2-flat is real and some (many? most?) like the wider floorplan.

    Or maybe they just really dig Korean food.

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  69. I know but if your in the market of a 1mil prop why would you pick the angled lot, with with no yard, with 65% of the home facing alleys, coonley instead of bell, more through traffic, instead of levitt one by the same builders?

    wide floor plan, and new over gutted, 355k is no chump change at all, very good points if money is really the issue between the two then the person maybe stretching to thin to be in that lower price range.

    the bradley house in under contract AGain too which i think is nice but still would go for the levitt because of brick

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  70. also 3524 N Bell Ave was for sale lower than the bertuea place in bell district

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  71. “should understand that $355k is real money”

    I guess we know how much the Bell premium is not, or maybe we know how much some people think it should be.

    “Or maybe they just really dig Korean food.”

    How’s the smoke factor? One of our pre-kid regular places was San Soo Gab San and we often noted we’d never want to live within a half block or so of such a place.

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  72. “the bradley house in under contract AGain too which i think is nice but still would go for the levitt because of brick”

    3 extra feet of land, an attic and a bit better location. For something more than 10% less. I’d prefer the brick, too, but the tradeoffs would make it a not-easy decision.

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  73. “How’s the smoke factor? One of our pre-kid regular places was San Soo Gab San and we often noted we’d never want to live within a half block or so of such a place.”

    Haven’t notice anything, but I don’t hang out on that corner since the gas station closed.

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  74. “Haven’t notice anything”

    I’ve never been. Just looked it up, they apparently use gas rather than charcoal.

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  75. “3 extra feet of land, an attic and a bit better location. For something more than 10% less. I’d prefer the brick, too, but the tradeoffs would make it a not-easy decision.”

    the lack of a true piss me off in both, levitts suburban style hurts my feelings but it foyer helps warm me and that back porch is sweet.

    the bradley one has a better looking kitchen IMO but something is amiss and i cant place my finger on it. wanted to slip into a open house to see what has beeen pulling my chin hair. i guess if this sale falls through also i might be able to do that.

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  76. “levitts suburban style”

    ?? What in particular? The Kitchen-dining room-family room-back porch run?

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  77. “?? What in particular? The Kitchen-dining room-family room-back porch run?”

    it is the kitchen-dining room-family room-staircase-fireplace and the color choices that irk me (but is probably what buyers want in that market). i love the rest of the house the basement is sweet.

    oh wait the other irk factor is WTF a gator deck when you have a back porch and a yard?

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  78. “the color choices … probably what buyers want in that market”

    You mean the beige? Or the bedrooms? Or the white trim? Or all of the above?

    The beige is your standard “we’re selling” neutral, the bedrooms are clearly “kid’s choice” and the trim just means “paint grade trim” rather than $50k of millwork.

    As to the GatorDeck, the built brick to go to the lotline on one side, so they have to have a flat roof, and then why not? what else you going to do? Plus, it’s a place to put a 8 person table outside, w/o blocking the doors or taking up the kids’ play area.

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  79. “The beige is your standard “we’re selling” neutral, the bedrooms are clearly “kid’s choice” and the trim just means “paint grade trim” rather than $50k of millwork.”

    its the wood colors the kitchen colors the staircase spindles the brick used in the fireplace that whole combo room area screams Mt. prospect to me. (yes i got family there and thier place looks like this combo room).

    “As to the GatorDeck, the built brick to go to the lotline on one side, so they have to have a flat roof, and then why not? what else you going to do? Plus, it’s a place to put a 8 person table outside, w/o blocking the doors or taking up the kids’ play area.”

    granted like you said they had to build a flat roof (didnt know that was the code but see why its code, damn snow).
    throwing people up there for a BBQ jacks up the flow of a party wouldnt you think?

    i guess you can make that the in-law table 🙂

    BTW i only complain about the place cause i am bored, would love to call it home

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  80. “granted like you said they had to build a flat roof (didnt know that was the code but see why its code, damn snow).”

    Not that reason–it looks like the left (south) side of the garage is on or almost the lot line (tho I could be wrong). To build on the lot line means no eaves hanging over teh neighbors property. No eaves = flat roof.

    “throwing people up there for a BBQ jacks up the flow of a party wouldnt you think?”

    Gives you someplace to smoke cigars and tell dirty jokes away from the kids and other sensitive types. Also a good vantage point for bulls-eyeing womp rats.

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  81. I complain a lot about real estate brokers but you can’t really fault someone for making a video and trying to sell the property. He and the people he works with are doing their jobs. I’m no “upper bracket” buyer but it certainly lets you understand the layout of the place and why they’re asking what they’re asking. I don’t follow price/sqft in the Gold Coast and it’s just a boring condo building as opposed to the high end in the area, but that’s what some people want. I expect that a bank owner would be willing to get out from under this for around $1.2 million and I could see a reasonable buyer at $1.1-$1.2 million.

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  82. “To build on the lot line means no eaves hanging over teh neighbors property. No eaves = flat roof”

    see thats why cribchatter is awesome, never knew that and couldnt brainifacate that either. learn something new every day here

    let me fix that Gives you someplace to smoke cigars and tell dirty jokes away from the kids and other sensitive types. Also a good vantage point for *cleavage viewing*.

    *now you have me SOLD

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  83. However, that’s an ugly buildout, with way too much blonde wood – the “integrity to the entire unit” and the “continuity to the decorating scheme” are that it’s all from the same forest of the same light wood, I guess. Is that stone on some of the walls, or are those not steams, but dust lines from previously hung art? All easy cosmetic stuff, though.

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  84. You can have a no eaves situation with a pitched roof. You just never see it in Chicago (much).

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  85. “You can have a no eaves situation with a pitched roof. You just never see it in Chicago (much).”

    Sure, and you can have a garage with pitched on 2 sides, as well, but:

    1. Pitched roof, no eaves, with masonry construction, in this climate?

    2. The fire-proof part of the code (for lot-line construction) limits material and design options, too.

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