After 3 Years, It Sells for Under 2000 Price: 190 E. Walton in the Gold Coast
No- there’s nothing wrong with the building or the unit (from what tipsters who have been in both have told me.)
After 3 years off and on the market, Unit #202 in the small, boutique building The Regent, at 190 E. Walton in the Gold Coast, has finally sold.
It sold for $55,000 less than the 2000 sale price.
See pictures here.
Here’s the history:
Unit #202: 2 bedrooms, 2 baths, den, 1600 square feet
- Sold in October 2000 for $705,000
- Sold in September 2003 for $710,000
- Was originally listed in 2005 for $795,000
- Reduced
- On and off the market
- Was listed in July 2008 for $649,999 (parking extra)
- Sold in December 2008 for $650,000 parking included
- Assessments of $570 a month
I think it looks nice. I like the built-ins. Although I’m not a fan of white kitchen cabinets they are nice for white.
I wonder if there is something weird about this unit that made it so cheap. It is very low (second floor).
However, stories like this do give me some nice feelings that this market isn’t in total meltdown. 10% down from 2000 isn’t great, but it isn’t irrational either.
I’m curious why there was only $5000 increase in price from 2000 to 2003, that was when the market was really starting to jump up.
$400 sq. ft., which includes parking. Wow. That’s got to make owners of similar-vintage condos in Streeterville and Gold Coast blink a little. (Last I checked, owners in 512 N. McClurg–not nearly as nice as this and leased parking only–were typically asking for more than $400 sq.ft.!)
It’s even nicer than you think. Virtual tour (with floor plans): http://www.smartfloorplan.com/orders/bin/player07.pl?file=public_html/il/v281624/v281624.xml&map=yes&idx=yes
How much would that suck?
Nice place, someone got a good deal.
Thanks for the link Kenworthey, it is even nicer looking there. I really like the dedicated nook off the kitchen.
Now where is Joe for a thread like this? He needs to see that sometimes we actually do like things and can be positive.
rosebud steakhouse is right next door. trib rated their cheeseburger tops in the county a couple years back.
I considered buying the place myself, but couldn’t talk the wife into it because she was concerned about smelling food from the restaurant. Someone definitely got a nice deal, with parking to boot.
This deal is almost too good. Someone probably got it on the cheap from a couple that’s getting a divorce, some physical conidtion that has developed at the property, etc…
kp,
There’s never a Joe around when you need one. And, yes, I do have a more nuanced view of the partiipants on this site than I sometimes express.
I’d need to know a lot more about what went into the stated prices before associating any market value informaton with them. One could speculate that the first sale included model furniture, e.g., or it might have reflected improvements that had no value to subsequent purchasers Or, it may have occurred before Rosebud. Many people are hesitant about living in close proximity to a restaurant, given the perceived risk of fires.
Stated prices are often not actual prices, depending on the amount of personal property included in a sale and the sophistication of the purchaser’s attorney. Most attorneys negligently pass on excluding the value of personal property from transfer tax declarations. This results in paying unnecessarily excessive transfer taxes and, indirectly, in higher real estate taxes.
Many of the commenters here don’t seem to feel a need to have full information before confidently expressing a price opinion.
c’mon joe, you never opined on a price without finding out if furniture was thrown in or not?
CH,
That’s right. I haven’t, without expressing multiple caveats. Check the 1,000s of comments I’ve made on my site and elsewhere and you’ll be hard pressed to find any price opinions at all.
I also wouldn’t opine on a price without having been through the unit and the building and having acquired a more than passing familiarity with the comps and a strong feel for the neighborhood’s trajectory.
Price opinions delivered in the abstract, as they often are here, are more often than not simply laughable. Sad to say, many of the readers here appear to be naive enough to place some credence in what they read here.
I toured this unit and it was very pretty and had a nice outdoor space. Very quiet building with NO rentals allowed. The parking spot had a large assesment associated with it which is why the parking was probably just thrown in. It was kept in very good shape although the kitchen could have standed some updating.
Hi,
I too toured this unit and loved it. The bathrooms/kitchen could use some minor updating but overall, the unit was beautiful. It has large closets, “real” hardwood floors, solid core doors, great windows, etc.
The assessments with the parking do come out to around 800-900/month and you have no amenities. You get a large storage locker but no doorman, no workout room, etc. That is the cost to maintain a 15 unit building with a parking garage.
Great place to live and great deal for this buyer.
This is a great unit. But in this area no matter the age of the building a doorman is standard. But with only 15 units the assessments would increase greatly.
No doorman? Be still my heart! I hope another unit goes on sale in the next year or two! I HATE doormen, and as Monica points out, it is almost impossible to find a building in GC or SV that doesn’t have them.
This property went under contract 4 times (All fell apart)in the past 2 years. I never was in the unit but do you think there was a problem with the unit?
I like the post suggest 10% below 2000 pricing was normal. LOL!
Nope there were no issues with the unit. The Master bath didn’t have a tub, just a huge shower. 2nd bath had jacuzzi, so some might not like that.
Kenworthey, there are only two 2/2s in this building (including this one). All other units are large and sell quickly for 1.5 million up.
Any ideas why 4 contract fell apart? It had to be something with the inspection.
Inspection? Financing! My guess the home didn’t appraise high enough….
Could be anything…..maybe the seller didn’t want to give any credits? Is there is special assessment looming in the future? Who knows, maybe you should ask the seller..
HD – Good though on the appraisal HD. Let us know when you have a real thought…
I had an appraisal issue come up with a closing this past summer. Buyer bought new construction for $X. Lender did an appraisal of property as $X minus 10% and refused to close on current terms. Seller refused to lower price and buyer still wanted to buy property. Buyer had to pony up the extra 10% on top of the original 20% down payment. It’s not hard to imagine, especially in this market, where the property apprises too low for the lender and the buyers use it as an excuse to kill the deal. It’s just a suggestion b/c none of us really know why it fell out of contract. David above suggested that there were no inspection issues with the unit and he seems familiar with the unit and the building. Who knows.
Thanks, David. I did notice that the other units I found in that building were all well north of a million. Looks like 202 and 302 were it for “cheap” units. That’s what you’re supposed to do, right? Buy the cheapest unit in the nicest building/area? I am curious about whether there is a story with this unit, because it sure looks nice to me. The pricing 2000-2003 is very weird.
Thats what happened to me. A week prior to closing the bank told me appraisal was lower than my selling price and couldn’t finance the buyer.
302 closed for 762K in 10/07. It had a much nicer kitchen (totally remodeled) than 202.
If you’re trying to buy a place and it doesn’t appraise high enough to get the loan, that’s a pretty strong hint you’re about to overpay!
Pete,
You’re point is probably correct, at least to some degree, in most instances. I was however denied financing based on the appraisal, but when I asked to see appraisers math for how he arrived at the number, he compared my unit to “similar” 1 bedrooms. The similar comps though, were all under 900 sq ft and mine is just under 1100. He never used price per sq/ft, but thats just one error. Kept looking and found that he didnt include parking in the price of others, but my total cost was for unit+parking, a substantial difference. Pretty fortuitous in hindsight though, because after some frustration and arguing, sold off stock and paid for it in cash. That was in June (it was like a race of depreciating assets to the bottom…interesting)
I know the purchaser of this unit. He bought it as an in-town residence for himself and his family. This is his third home, and he was considering paying cash. He did not know the previous owner.
Oh, and I think the furniture came with the unit.
I think the real estate depression will linger for quite a bit longer, when units like this take three years to sell, for less than the 2000 price, to a guy who already has two other homes. Is this merely an anomaly or a harbinger of things to come?
“Pete9441 on December 22nd, 2008 at 11:59 pm
I know the purchaser of this unit. He bought it as an in-town residence for himself and his family. This is his third home, and he was considering paying cash. He did not know the previous owner.”
That’s another for the market savior list.
1. baby boomers
2. foreigners
3. 2nd home buyers
4. the rich
5. new law grads
6. pro athletes
7. parents oof Depaul students
8. 3rd home buyers
Don’t worry ponzi-scheming bubble-maniacs, help is on the way!
Exactly G! How many “in-town” buyers are there? There are nearly 10,000 condos coming on the market soon downtown.
By the way- I haven’t heard much talk about foreign buyers lately. Hm…