A 3-Bedroom Penthouse with Views for Miles for $1.5 Million: 510 W. Erie in River North
This 3-bedroom penthouse in Erie on the Park at 510 W. Erie in River North came on the market in October 2023.
Built in 2002, Erie on the Park has 118 units and attached garage parking.
It’s a full amenity building with 24/7 door staff, remodeled gym, storage and on-site maintenance.
The listing says this penthouse has been gut rehabbed and is only one of two units on the 24th floor.
It has floor to ceiling windows with “views for miles.”
The unit has white oak wide plank hardwood floors throughout.
It has a Chef’s kitchen with custom oak cabinets and designer quartz countertops and backsplash along with Subzero, Wolf and Miele appliances.
The unit has a “new” primary suite with a custom wood walk-in-closet with built-ins and an en suite bathroom with a steam shower, dual sprays and vanity, Hans Grohe fixtures and a Toto toilet.
A second bedroom is also en suite and has a walk-in-closet.
The unit also has a second family room outside of the third bedroom which has its own entrance and the listing says it can be used as a flex space.
It has two outdoor patios.
The unit has the features buyers look for including central air, washer/dryer in the unit and 2 garage spaces are available for $50,000.
This building is near the Chicago River and the Riverwalk, a dog park, the East Bank Club and the shops and restaurants of west River North.
Listed in October 2023 for $1.5 million, it is still listed at that price.
Will the renovation get the sale done on this penthouse?
Christine Egley-Rashkow and Rebecca Snyder at Jameson Sotheby’s have the listing. See the pictures here. (sorry, no floor plan)
Unit #2402: 3 bedrooms, 3.5 baths, 2500 square feet, penthouse
- Sold in February 2003 for $1.057 million
- Sold in July 2007 for $1.15 million (per Redfin)
- Sold in January 2015 for $1.29 million
- Originally listed in October 2023 for $1.5 million
- Currently still listed at $1.5 million
- Assessments of $2727 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $22,840
- Central Air
- Washer/dryer in the unit
- 2 car garage parking for $50,000
- Bedroom #1: 16×12
- Bedroom #2: 14×12
- Bedroom #3: 20×14
- Living room: 20×15
- Dining room: 14×12
- Kitchen: 16×9
- Family room: 23×14
- 2 patios
“The listing says this penthouse has been gut rehabbed”
Lie
Deck is nice
Also dont think this is 2500sf
Either they just replaced one of the ovens, they dont cook or this was a flip.
At $1.5MM, having wall units is a no-go
Be interesting to see the demand for > $1MM Condos in RN
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“gut rehabbed”
Yet the ccoktop, range hood and fridge are the same. And island–while expanded, is the same (refaced, yes). Also looks like lowers on the wall are same.
Two of the baths are 100% identical.
Reasonable minds may disagree about whether a “gut” or “full gut” involves new drywall new electric etc (I say “full gut” 100% does so require), but I personally think that someone who claims a “gut” while 2 of 4 bathrooms are *untouched* is either a liar, an idiot, or both.
Slick pad but for that monthly nut I’d expect a bit more space and amenities.
You know the market is terrible when Ditka loses money selling his home
https://www.zillow.com/homedetails/161-E-Chicago-Ave-APT-39F-Chicago-IL-60611/3865910_zpid/?
Views for miles in the wrong direction. Shaker cabinets don’t match the modern-attempted vibe. Were they painted at some point? All that said, it could be a cool space, but the “gut” rehab was just a cosmetic lipstick job. Do these sorts of thing fool buyers? I guess they’re hoping so.
(edit) I guess the direction of the views might be ok. Hard to tell which way living spaces are facing, which I have to assume is the intention of the photos.
“when Ditka loses money selling”
Only new things since ’00 purcahse are the range and microhood. Ok, and probably some of the carpet. But other than the two appliances, it’s a time capsule.
Of course, May-00 + CPI = $1.256m so, after exit costs, he probably lost what he paid for it.
With Oprah gone and Sam dead and now Dikta, who of note is left in Olympia?
“ard to tell which way living spaces are facing”
2014 listing has better ‘view’ pix. South and West and North, to varying degrees, somewhat SE’ly, too.
This is my favorite newer condo tower in the city, based mainly on the exterior. The unit here isn’t perfect, but I still wish I could buy it. I’m not crazy about some of the aesthetics, particularly in the bathroom, but those aren’t deal stoppers.
Assessment and taxes make this an expensive monthly bill. But it’s a real PH, so I don’t think it’s overpriced.
Agree with Dan #2 .. I remember when this building was finished, it was by the same developer I was living in at the time, and always liked the way this façade looked. It draws attention when you’re on the Ohio on-ramp into the city. Even with its drawbacks and high monthly cost, this unit reminds me why Chicago is such a (relative) bargain in the U.S.
“With Oprah gone and Sam dead and now Dikta, who of note is left in Olympia?”
Oprah never lived there. She lived in Watertower and left, what 7 to 10 years ago?
I thought Ditka was dead (sorry Mike. I apologize.) Local reporters said he moved to Florida 21 years ago. Likely just kept the condo for when he came into town for business and Bears related stuff. Maybe during the wonderful summers. But when you’re 85, are you coming back anymore? Nope.
And who is Sam? Sam Zell, who also just passed in his 80s?
Maybe it’s time for a new generation of Chicagoans to be living in these buildings. Looks like that is what is happening.
Also, is anyone surprised at the Ditka price? If you don’t bother to upgrade, you don’t get full price. The luxury rentals are SERIOUS competition. Finishes blow the Ditka unit away. Views and amenities in those buildings do too.
So you either price it low just to dump it (which is what they did), or you renovate it and try and get the higher price.
Also, when Oprah, Ditka and the others were buying their places in the 70s-90s, there were few choices. The area around the Mag Mile was one of the first areas to see the new big, luxury, high rises. It was the place to be. But it’s not anymore. (Grand Lux is closing, for goodness sakes). Young people are looking at Fulton Market now.
Take that Ditka unit and compare it to these rental penthouses. I think the monthly nut is similar to buying the 510 W Erie unit. These are in Old Town.
https://youtu.be/YAjNGXc67JI?si=0pu5CWXCsa-tcT0m
“This is my favorite newer condo tower in the city, based mainly on the exterior.”
Wasn’t it built to mirror the Hancock?
Only new things since ’00 purcahse are the range and microhood. Ok, and probably some of the carpet. But other than the two appliances, it’s a time capsule.
Of course, May-00 + CPI = $1.256m so, after exit costs, he probably lost what he paid for it.
With Oprah gone and Sam dead and now Dikta, who of note is left in Olympia?”
Ditkith has to be a bigger draw than Vince Vaughn
“Oprah never lived there”
eh, thought she had waaay back, but recollection may well be off.
As to the rest–building had a rep (yes, in this century) whether accurate or not, for being an ‘important people’ building.
The places I remember Oprah living were the Drake Tower and then Water Tower Place. She also had a vacation compound in northern Indiana near Michigan City that she may still own.
1210 s Indiana in foreclosure/ financial troubles. HAWT market!
“1210 s Indiana in foreclosure/ financial troubles. HAWT market!”
The developer is not building the second tower next to the 70 story first tower. We’ll see what else goes in there but this is what is happening across America right now as the rates have risen. They aren’t going to build enough apartments over the next 3 years as a result. Yet the recession will be long over. Apartment rents will go up again in another year.
“The places I remember Oprah living were the Drake Tower and then Water Tower Place. She also had a vacation compound in northern Indiana near Michigan City that she may still own.”
It’s old info Dan #2.
Her first apartment was in the WaterTower. She owned two massive units. She bought something along East Lake Shore Drive but never moved in. She also owned a loft near Harpo Studios. All of this was sold when the show ended. Much of these sales was discussed on this blog. You can search the search button for it.
Early in her career in Chicago, she bought a big ranch in Indiana. That was sold when she bought the house in Montecito. She’s had Montecito over a decade but probably longer now.
“The developer is not building the second tower next to the 70 story first tower. We’ll see what else goes in there but this is what is happening across America right now as the rates have risen. They aren’t going to build enough apartments over the next 3 years as a result. Yet the recession will be long over. Apartment rents will go up again in another year.”
So mUH dEMoGrAphICs is out? I thought it was some kind of unstoppable force?
“So mUH dEMoGrAphICs is out? I thought it was some kind of unstoppable force?”
Please, I beg of you JohnnyU. Can you just TRY to understand Chicago’s housing market and what is going on?
And please book a trip to Chicago. Even people who were last here 10 years ago really have no idea what has gone on with new construction since then. They have built dozens of new apartment towers.
Like I said, the housing experts expect Chicago to have another shortage of apartments in about 2 years due to the slowing of construction in 2022-2023 when the rates rose. Some projects are still getting the loans to start building (see Related’s massive tower going in in Streeterville in the old Spire site.) But those are the exception.
When/if rates come back down, developers will be taking out the loans again. But it will take a few years to catch up to demand. That means rents will rise. If you are renting, try and lock in your rental rate in a long term lease as it’s likely to go up in 2024 and certainly in 2025.
“And please book a trip to Chicago. Even people who were last here 10 years ago really have no idea what has gone on with new construction since then. They have built dozens of new apartment towers.”
Why rent? Dont developers understand that pEOpLe nEED tO lIVe? Do they not get mUH dEMoGrAphICs? I was told that prices and rents no longer mattered, Is this no longer true?
Next thing you’ll tell me is buying a shitbox 2/2 was a bad idea
“Why rent? Dont developers understand that pEOpLe nEED tO lIVe? Do they not get mUH dEMoGrAphICs? I was told that prices and rents no longer mattered, Is this no longer true?”
Where have you been the last 10 years? Millennials, and GenZers are marrying at age 30+. They are renting for years first. Duh.
“GenZers are marrying at age 30+”
Say again what “30-yo Zoomers” are known to have already done in 2023.
“Say again what “30-yo Zoomers” are known to have already done in 2023.”
Oldest is 25 or 26. If you want to argue that they’ll marry even LATER than Millennials, that’s fine with me. We don’t know yet. All we have is the data right now and it’s showing the youngest Millennials marrying between 28 and 32 and GenZers following next in the same pattern.
They are all renting much, much longer than prior generations because they are marrying later. Also, there simply aren’t enough affordable condos for them to buy, even if they wanted to.
“ Say again what “30-yo Zoomers” are known to have already done in 2023.”
It’s just a number
“They are all renting much, much longer than prior generations because they are marrying later.”
Or maybe…
“there simply aren’t enough affordable condos for them to buy”
Sign of a healthy market, for sure.
“Sign of a healthy market, for sure.”
You think this is a “healthy” market anon(tfo) with 200 properties listed in Lincoln Park and multiple offers going on all over the city?
No. It’s incredibly unhealthy in Chicago and in most of America. Chicago is one of the better off cities because our affordability issues aren’t as stark as on the coasts though. We still do have affordable properties at all price points. In some cities, there is absolutely nothing available under $1 million.
How would you define healthy? Would you prefer a 07 style market?
“How would you define healthy? Would you prefer a 07 style market?”
We know it’s not record low inventory with multiple bids, right? And that’s what we have right now.
Healthy would be 6 months of inventory. Let’s start there.
Why 6 months of inventory?
“Why 6 months of inventory?”
6 months of inventory is considered a neutral market. Neither buyer, nor seller, has the advantage.
6 months of inventory is considered a neutral market. Neither buyer, nor seller, has the advantage.
By whom?
“By whom?”
The entire real estate industry in all of America, including real estate economists. For the last 100 years.
Cite, please.
Google’s your friend anon(tfo). And it’s shocking you and JohnnyU have no clue about how the real estate market works. Surprising.
https://www.bankrate.com/real-estate/sellers-market/#what-happens
From the link:
“According to the National Association of Realtors, a six-month supply of available homes for sale is needed for a neutral market. If there’s fewer than six months of inventory, it’s considered a seller’s market; if there’s more, that leans into buyer’s market territory.”
Ok, so we have the NAR.
Where is:
–the rest of the entire real estate industry in all of America?
–real estate economists not paid by the NAR?
–any evidence that that was the standard in the 1920s?
“Where is:
–the rest of the entire real estate industry in all of America?
–real estate economists not paid by the NAR?
–any evidence that that was the standard in the 1920s?”
NAR is the industry. 6 months is what the real estate economists use. Journalists. Builders. Home buyers. Home sellers. Are you going to be a complete asshole now and start picking it apart because they started using 6 month as the standard in 1940 instead of 1923?
It’s been the real estate standard for the entire modern period of housing, post WWII. There. Are you happy now?
There are a lot of things you can be an asshole about and nitpick, but the industry standards on a neutral market is not one.
“NAR is the industry.”
hahahahahaha.
the national association of realtors is THE ENTIRE REAL ESTATE INDUSTRY IN ALL OF AMERICA!!!
Beyond parody!
“NAR is the industry. 6 months is what the real estate economists use. Journalists. Builders. Home buyers. Home sellers. Are you going to be a complete asshole now and start picking it apart because they started using 6 month as the standard in 1940 instead of 1923?
It’s been the real estate standard for the entire modern period of housing, post WWII. There. Are you happy now?
There are a lot of things you can be an asshole about and nitpick, but the industry standards on a neutral market is not one.”
And you wonder why you are referred to as a Shill
Taking it as an act of faith that NAR’s definition is anything more than what maximizes its members gains while putting forth the least amount of effort is heroically dumb, even for you
“Taking it as an act of faith that NAR’s definition is anything more than what maximizes its members gains while putting forth the least amount of effort is heroically dumb, even for you”
Your argument (as incoherent as it is) is like saying the ABA doesn’t control what goes on in the legal industry. Ditto with the AMA.
You just look like a fool.
“the national association of realtors is THE ENTIRE REAL ESTATE INDUSTRY IN ALL OF AMERICA!!!”
It has set the standards anon(tfo). You know this too well yet you continue to be an asshole.
Again, ask any real estate economist. 6 months of inventory is considered a neutral market. If you want to argue that standard should be changed because something in the market has changed irreparably and it should be changed to, 4 months, or 8 months, then make that argument.
Because otherwise you’re just gaslighting now.
The industry standard is 6 months.
“ the national association of realtors is THE ENTIRE REAL ESTATE INDUSTRY IN ALL OF AMERICA!!!”
I didn’t vote for them
“ Again, ask any real estate economist. 6 months of inventory is considered a neutral market. If you want to argue that standard should be changed because something in the market has changed irreparably and it should be changed to, 4 months, or 8 months, then make that argument.”
Because they said so isn’t a valid argument
“saying the ABA doesn’t control what goes on in the legal industry”
Um, the ABA doesn’t “control” shit.
“ask any real estate economist”
Can we find one not employed by someone with a vested interest in the housing market?
Looking around a little, it certainly is the common baseline, but reading this:
https://www.calculatedriskblog.com/2010/09/lawler-again-on-existing-home-months.html
and thinking about it a little, it seems like the homebuilders use 6 months supply as a rule of thumb for whether to accelerate or decelerate housing starts.
And, otherwise, it smacks of the ‘reasonable man’.
“Can we find one not employed by someone with a vested interest in the housing market?”
A real estate economist, by definition, has a vested interest in the housing market as they likely work for Redfin, Zillow, Compass, NAR, the Illinois Association of Realtors, homebuilder groups etc. However, I’m sure the Fed has some real estate economists on staff.
“Um, the ABA doesn’t “control” shit.”
How’d you get your law degree anon(tfo)?
I’ve been accused of being a chemist, a realtor and now of having a law degree. Of having no kids, of not living in the city, etc. etc. etc.
If I had a law degree, it would be the same as (almost) everyone else going to law school in the USA: 3 years of full time school or 4(ish) years of part time.
Anyway, influence over law education = “the legal industry” in what universe? Probably the same one as where Sabrina’s alter ego actually is DanHof.
“A real estate economist, by definition, has a vested interest in the housing market”
Beyond parody.
“Beyond parody.”
What don’t you understand anon(tfo)? Does a football analyst not have a vested interest in the NFL?
There’s a reason you’re a housing economist, right???
I don’t understand even discussing this. What a waste of time.
This is the slowest market in the history of Chicago. Slower than even in 2011. And yet, prices are staying elevated. Just talked to a realtor friend who had multiple offers on a property in Park Ridge. Closed $10k over the ask.
The bears have been dead wrong about Chicago’s housing market for nearly 2 years. Seems obvious that this market is NOT going to fall. Inventory is just too tight and there’s no indication of that changing any time soon. Foreclosures remain low. People are working. No big “event” on the horizon that would flood the market.
What happened to the doom?
“If I had a law degree, it would be the same as (almost) everyone else going to law school in the USA: 3 years of full time school or 4(ish) years of part time.”
Yep. At an ABA approved school. Not becoming a lawyer without it (unless you’re in Virginia or California but even Kim Khardashian isn’t having the greatest luck bypassing the ABA. I’m still rooting for her to live her lawyer dream though.)
“Probably the same one as where Sabrina’s alter ego actually is DanHof.”
Gosh, since Joe Zekas has passed (RIP), now I’m supposed to be HH?
Now that IS rich.
“a football analyst”
What kind of football?
Or are you suggesting that the *only* real estate is residential, owner occupied, real estate?
“Gosh, since Joe Zekas has passed (RIP), now I’m supposed to be HH?”
You don’t remember that?
Also: your reading comprehension seems to be at the clio/westloopelo level lately. I didn’t suggest that you were.
“At an ABA approved school.”
And that is “control [over] what goes on in the legal industry”?
I also missed that you moved the (Aussie rules) goalposts on “real estate economist” and are now saying “housing economist”.
I’ll take that as your way of admitting you were wrong.
Housing/real estate. Don’t know what they call themselves. If you are an economist for Redfin, might use “housing” as a descriptor. Or maybe you just say you’re an economist at Redfin. Lol.
Wrong about what? That there are economists who work in the real estate industry and therefore support the real estate industry? Like an NFL broadcaster supports football?
I don’t understand what you are whining about it for anon(tfo). Seems very obvious to me.
Too many people trying to put conspiracy labels on people who work in the real estate industry. Like they’re all “out” to “get” home buyers or something. It’s just crazy.
” are you suggesting that the *only* real estate is residential, owner occupied, real estate?”
Nope. Could work for a big office REIT and be an economist for them.
Time to move on. Seriously. MOVE ON.
Its not very obvious if you’re not a shill
Serious question sabrina, why are you so flippant with your use of the English language?
It probably accounts for the majority of disagreements