A 2-Bedroom Penthouse with Million Dollar Lake Views for $485,000: 1529 S. State
This 2-bedroom penthouse at 1529 S. State in the South Loop came on the market in August 2023.
1529 S. State was built in 2002 and has 143 units and attached garage parking.
It has door staff, an exercise room and a business office.
This is a corner penthouse unit with south and east views, 10 to 16 foot ceilings, “real” hardwood floors throughout the main living areas and solid wood doors.
There’s a fireplace in the living/dining room with built-in shelving.
The kitchen has Amish cabinets, granite counter tops with a peninsula overhang with seating for 2, stainless steel appliances, a gooseneck faucet and separate RO filtered water dispenser.
There is an office nook which is built-out with a desk that faces east for lake views.
The primary bedroom has a walk-in-closet, an en suite bathroom with separate shower aand soaking tub along with a double vanity. It also had a custom curved window and access to the terrace.
The second bedroom also has a walk-in-closet.
This unit has a private 300 square foot terrace with Brazilian hardwoods and edged with “serene” pebbles with “million dollar views” of Lake Michigan.
It has the features that buyers look for including central air, washer/dryer in the unit and one parking space included with a second one available for $30,000.
This building is near the shops and restaurants of the South Loop including the Roosevelt Collection as well as all the major supermarkets including Mariano’s, Trader Joe’s, Whole Foods, and Jewel.
It’s near several bus lines and the Roosevelt El line stop.
Listed at $485,000, is this the most affordable high rise penthouse on the market?
Matthew Engle at Fulton Grace Realty has the listing. See the pictures and floor plan here.
Or see it at the Open House on Saturday, August 12, 2023 from 12 to 2 PM.
Unit #PH 2: 2 bedrooms, 2 baths, 1417 square feet, penthouse
- Sold in October 2006 for $550,000 (per Redfin)
- Bank owned in January 2008
- Sold in May 2008 for $330,000
- Sold in December 2021 for $375,000
- Currently listed at $485,000
- Assessments of $1161 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $11,737
- Central Air
- Washer/dryer in the unit
- Garage parking included (second spot available for $30k)
- Fireplace
- Bedroom #1: 13×14
- Bedroom #2: 13×12
- Office: 7×13
- Foyer: 4×11
- Living/dining room combo: 13×24
- Kitchen: 12×11
- Walk-in-Closet: 6×10
- Terrace: 20×14
This building design is hideous and it’s all over the US. I guess some developer/Arch thought that the Cheesecake Factory was what suburbanites expected from city living
3D tour – https://real.vision/1529-south-state-street-ph2/tour?o=u
Great 2002 time capsule.
Good example of SL appreciation
2/2 renting for sub $3k (little less sf and non PH). Add $1k for the diff and you’re still burning $1k/mo
“ Listed at $485,000, is this the most affordable high rise penthouse on the market?” – alternately “Is this the most affordable shiny turd on the market?
That mirror wall next to the toilet would give anyone severe body issues.
As a longtime River North resident, I am so often baffled at the relationship between market value vs. property taxes for properties featured on CC in the city center compared to other areas. What is it that I am missing?
Why is there no furniture on the terrace? Is the layout too awkward? Is it too windy? Is the agent just too dense to highlight the star feature of this property?
Unit is aka 2302, and Redfin doesn’t have the sale history accurate:
Mar-02 for $515,500 (w/ 2 parking) +CPI = $879k
Jul-05 for $565,000 (w/ 2 parking) +CPI = $882k
Nov-06 for $770,000 (w/ 2 parking) +CPI = $1.166m
Dec-09 bank owned (MLB Mortgage was the originator)
Aug-10 for $280,000 (w/ 2 parking) +CPI = $391k
Grantee on that deed is still the named tax payor and the whole internet associates Grantee with the address, and the most recent mortgage from the Grantee stated “2302” and then there was an aff recorded ‘correcting’ to “PH2”.
What’s the black pipe in the counter? Drain pipe? Standpipe? something else??
$342 psf isn’t too bad if you get both parking spaces, but you have to like it other than paint and carpet, and maybe some lighting and the bath vanities.
“ but you have to like it other than paint and carpet, and maybe some lighting and the bath vanities.”
With 16 foot ceilings, that’s a lot of paint.
If you go through the virtual tour, there are also a couple of vertical support beams covered in mini tile colors that that would have been popular in the early 2000s. Those would need to be the first to go if I moved in.
Seems like a great deal for the space, especially including parking. The building doesn’t look like much, however. Common areas have a cheap feel and I’m not sure about construction quality in general. Which, along with location, might explain the deal you get on this unit.
“Unit is aka 2302, and Redfin doesn’t have the sale history accurate:”
Yeah, Redfin has the wrong PIN. The numbers I have are for PH 2 from the CCRD.
“Why is there no furniture on the terrace?”
I was wondering the same thing. Should have put some in using the virtual tours for the online listing.
“With 16 foot ceilings, that’s a lot of paint.”
A LOT of paint.
“Redfin has the wrong PIN”
Redfin has: 17221060931282 (correct) and 17221060931286 (incorrect)
All the prior sales in the post are for ‘1286, with is Unit CT2, aka TH2, which is this:
https://www.redfin.com/IL/Chicago/1529-S-State-St-60605/unit-TH2/home/177154334
The sale of that unit from the developer was in Sep-03 for $275k.
The amounts I commented above are the correct prior sales for the featured unit, PH2, aka #2302.
Contingent since Monday.