After 4 Years, Will This Lakeview Penthouse Finally Sell in 2012? 920 W. Barry
This 3 bedroom top floor unit at 920 W. Barry in Lakeview has been on and off the market since December 2007.
At 2000 square feet, it has two outdoor spaces including a front terrace and a private roofdeck.
The unit is “extra wide” at 34 feet.
It has luxury finishes including Bosch and Viking appliances in the kitchen and marble baths.
Originally listed for $689,000 in 2007, it has been reduced $139,100 to $549,000.
That is $56,000 under the 2004 purchase price.
Is this penthouse finally priced to sell?
Pamela Rueve at Coldwell Banker has the listing. See the pictures here.
Unit #5: 3 bedrooms, 2 baths, 2000 square feet
- Sold in July 2004 for $605,000
- Originally listed in December 2007 for $689,000
- Reduced numerous times
- Currently listed at $549,900
- Assessments of $325 a month
- Taxes of $9000
- Central Air
- Washer/Dryer in the unit
- Garage parking
- Bedroom #1: 15×15
- Bedroom #2: 12×12
- Bedroom #3: 11×11
The sizes of the rooms are nice. The details now (though seem to be in good shape) look dated. The open kitchen (which looks small) detracts from the living space IMO. 500K may help move it before it really looks dated.
It’s an attractive unit with all the amenities: duplex up, ample outdoor space, garage parking, w/d in unit.
The only real flaws are a small kitchen short on cabinet space, and bland, standard baths.
Being on the market on and off for five years without selling indicates it is overpriced. Should be priced under $500K, obviously.
Great outdoor space with front terrace & prvt roofdeck w/heated attached garage nestled on top floor so no unit is above!
The garage is on the top floor? How do you get the car up there?
No.
Isn’t this really close to the el which is above ground there?
Anyone want to drive by and see if it is cut face block on the sides?
The kitchen is too small for the space. This could be for a family except you can’t store all the dishes (including sippy cups, kits plates) you would need for a family. The window over the sink in the kitchen is useless. It would be better served to be cabinetry.
“500K may help move it before it really looks dated.”
May I be the first to say: too late for that.
Ah, the sad fate of the extra wide McCrapbox. (Chichow, I’d make the bet, even without the driveby).
Yes el is close but it’s not that bad here since it’s so close to the station. Used to live right here, never heard it much.
“ample outdoor space”
If you want ample outdoor space at this price, check this out – you can’t beat it!!:
What a great buy!!
Looking at that last sale of $605k explains a lot. That was $605k in 2004, not even the peak of the bubble. These folks are really losing their shirts on this one.
Nope, has to be closer to 500k before it will finally sell. There have been several top floor extra wides that have sold in the last three months in the area, all under 500k. Granted, it has the rooftop deck that many don’t but I still think it’ll have to get closer to 500 before someone’s willing to put the pen to the paper and write an offer. And a BIG mistake I noticed… although the remarks state that there is garage parking included in the price, the actual “garage parking” field on the listing says that there is no parking. Which means that this listing is not going out to anyone who has an automatic search set up with the “parking” criteria marked as “yes”.
“Anyone want to drive by and see if it is cut face block on the sides?”
No need, just check out Bing maps birds eye view.
“Anyone want to drive by and see if it is cut face block on the sides?”
Looking at a the building using a 90-degree rotation on “Bird’s Eye” (and also looking at the sides via Google street view) it appears to be cinder block or something that looks like it.
“What a great buy!!”
Clio- Please stop posting random links to suburban properties. I WILL delete them.
I like the kitchen…it’s unobtrusive.
Where are the pictures of the outdoor space? Am I missing something? Grounds for firing your listing agent.
And no pictures of this amazing master bathroom that’s mentioned in the posting. If you’re going to talk it up, show me a picture.
“Clio- Please stop posting random links to suburban properties. I WILL delete them.”
C’mon sabrina, please have a sense of humor!!
to tie into crappy new “brick” construction.
has anyone been by The Columbian lately? Take a look at the brick work outside and how wonderful its holding up only after 5 years.
all these shyte place thrown up in the past 10 years will be getting hit with special assessment after special assessment. and will also have a pending law suite with the probably defunct builder which the HOA will just end up on the hook for all of it in the end anyway.
““Clio- Please stop posting random links to suburban properties. I WILL delete them.”
C’mon sabrina, please have a sense of humor!!”
I have to agree. That was not a random property; it’s an example of failed seller financing.
anon – so true. what an epic fail.
What happened clio? How did it fail?
Re Columbian: I know Groove. Also the place just is badly designed. They have unobstructed views over the park at the lake and still the windows have such a pathetic arrangement that it is impossible to put the sofa where one actually can see the outside. You have to stand up and go to the window to look out. And then there is the lack of amenities and a workout room which is suited for a 4 story building not a high rise.
Actual unit appears nice enough, this a pricing and strategy problem. This one seems to have two errors that plague a lot of properties like this. First, it’s been on and off the market for 4.5 years. People see this and think that there is a problem or write it off. Buyers follow the herd, and many people will think that a long market time like this means a property is undesirable and will shy away from it. Second problem, this is classic chasing the market down. If they had been aggressive on pricing it would already be sold for more than they have it listed now.
Finally, what a failure with the pictures. This may be the biggest pictures failure I have seen for a property in this price range. I count two kitchen pics at a similar angle and one horribly out of focus shot of the dining set you can already see in the background of two other pictures. Then you get three uninspiring, but at least focused, bedroom pictures and one of the guest bath, none of which really look that great.
Probably they are now close to the right price. If they’ll take $525,000 that should get it done.
JJJ – Doubt it. Probably has to be listed below $525k to elicit the excitement a buyer will need to write an offer.
The kitchen photos definitely make it look miniscule. You’ll note there is no room for the trash can, other than outside of the kitchen. They remove it from the 2nd photo. Sorry, but if they can’t even squeeze the trash in a cabinet… That’s just too small. For a place that brags about being extra wide, making the kitchen so tiny was dumb.
“What happened clio? How did it fail?”
They just stopped paying…..
“Re Columbian”
The finished product isn’t anything close to the real original plan–was to be clad in terra cotta, but the city shot that down. The building that is now Trader Joe’s was supposed to be (at least partially) an amenities area.
“Re Columbian: I know Groove. Also the place just is badly designed…..which is suited for a 4 story building not a high rise”
all that and add the crazy parking garage and entrance. i remember one CC’er saying during his last tour the button panel for the elevator was hanging crooked on more than one floor.
such a huge fail for a sweet location.
“They just stopped paying…..”
Did you give them a deed? Don’t they have equitable title and your seller financing is nothing more than an equitable mortgage, so in theory, you have to foreclose? Did they waive that in their seller financing agreement?
“The finished product isn’t anything close to the real original plan–was to be clad in terra cotta, but the city shot that down. The building that is now Trader Joe’s was supposed to be (at least partially) an amenities area”
didnt know about the TJ’s thing, but from what i recall they knew going in that the city wanted brick and the other materials purposed were a pie shoot.
also Daley’s adviser, forgot his name, for approval of loop (skyline) buildings at the time was a huge architectural preservationist type. so no way was anything else going to fly.
“from what i recall they knew going in that the city wanted brick ”
No, they didn’t, at least not all of them, as the architects spent a ton of effort on the terra cotta exterior, then got shot down–that was in early ’00, iirc. Massing from those plans to the finished product was substantially the same, tho.
“Did you give them a deed? Don’t they have equitable title and your seller financing is nothing more than an equitable mortgage, so in theory, you have to foreclose? Did they waive that in their seller financing agreement?”
No clue – too depressed to find out…..
also anyone know know how the spertus squeaked approval? Love that building but to get that built there was either pull or a loop-hole of sorts.
Helmethoffer/evil dan, sit down and shut up on this one.
“No, they didn’t, at least not all of them, as the architects spent a ton of effort on the terra cotta exterior, then got shot down–that was in early ’00, iirc. Massing from those plans to the finished product was substantially the same, tho.”
are you positive the bidders didnt know going in? (will need to make a call/email on that)
also just given the history of this stretch of michigan, the tricks a hoops the heritage need to pull (yes farther north) did anyone think something other could be approved?
Two things on the actual unit:
1. Is the 5th unit really a basement unit? –WTF?
2. Re: garbage can–would look a ton better with a not-round can like this:
http://www.simplehuman.com/products/trash-cans/kitchen/deluxe-butterfly.html
“are you positive the bidders didnt know going in?”
If they “knew”, they wasted a lot of money on having plans completed with terra cotta exterior.
“garbage can–would look a ton better with a not-round can like this: http://www.simplehuman.com/products/trash-cans/kitchen/deluxe-butterfly.html”
I can’t believe no one has made a business out of selling non-oem replacement liners (or have I missed it). Drives me crazy to pay ~25 cents a bag but they fit so much better.
“If they “knew”, they wasted a lot of money on having plans completed with terra cotta exterior”
not saying your wrong, but even take a look at the childrens site how many companies worked up plans just get in the final 5 for the bidding.
and guess which plans one? yep the one with the biggest taxable property base.
“Drives me crazy to pay ~25 cents a bag but they fit so much better.”
No doubt, on both halves.
On the first ?, how do you advertise your product, when SH would absolutely hammer you for any mention of their name? Couldn’t even SEO it, or let any bloggers know about the alternative, without getting C&D letters.
“not saying your wrong, but even take a look at the childrens site how many companies worked up plans just get in the final 5 for the bidding.”
It was the (at the time) developer’s architect, and the plans were shown to L’il Richie’s crew, and shot down.
Okay, it’s obviously not a comp (less space, one less BR, vintage vs new con, 1st floor vs top) but still…
You can get a very nice 2/2 in Lakeview w c/a, in-unit w/d, and garage parking for 300k (similar assmts, also has private deck, tho not rooftop, space pak air, arguably better location, east of clark, tho close to hospital and some not-so-nice bldgs).
http://www.redfin.com/IL/Chicago/433-W-Wellington-Ave-60657/unit-1S/home/13372295
(This is an interesting data point in LV condo market, too, cuz it just sold a year and a half ago.)
Baffling to me that the finishes, size, and extra BR would amount to a quarter million dollars. Sustainable delta long term?
sorry, no garage parking on the wellington place. subtract how much?
“On the first ?, how do you advertise your product, when SH would absolutely hammer you for any mention of their name? Couldn’t even SEO it, or let any bloggers know about the alternative, without getting C&D letters.”
I can’t call my product generic liner 1/2/3, replaces SimpleHuman liner A/B/C etc.? I guess you’re going to tell me I can’t, but I think I see that all the time on ebay or amazon for e.g. autoparts, cellphone stuff, etc. A blogger can’t write “Hey, I’ve foudn this generic liner, it fits great in my SimpleHuman can”?
“Drives me crazy to pay ~25 cents a bag but they fit so much better.”
l actually prefer to use regular black garbage bags in our SH cans. Granted, they don’t fit like the custom ones, but I they don’t show, you can really jam more stuff inside, and when you pull the bag out, there’s lots of extra room to add other junk on the way out the door (from the bathroom cans, toss things from the fridge, etc.).
“I can’t call my product generic liner 1/2/3, replaces SimpleHuman liner A/B/C etc.? I guess you’re going to tell me I can’t, but I think I see that all the time on ebay or amazon for e.g. autoparts, cellphone stuff, etc. A blogger can’t write “Hey, I’ve foudn this generic liner, it fits great in my SimpleHuman can”?”
Given that they’re a design company that doesn’t manu shi…anything for itself, I’m guessing (no actual knowledge) that they are *very* aggressive on any non-permitted use of their trademark. Kind of like LVMH, but on a more pedestrian level.
“and the plans were shown to L’il Richie’s crew, and shot down.”
was Lee Bey (sp) on the crew at the time?
“was Lee Bey (sp) on the crew at the time?”
Dunno, but probly.
““was Lee Bey (sp) on the crew at the time?”
Dunno, but probly.”
if so surprised the terra cotta didnt get approved.
question, stretching here, but do you think the rahmfather if in charge during the boom would have let the shoddy mccrap boxes like this place, the spertus, the abomination that is now soldier field, even let a talk about a children museum in bicentennial, the grotesque Park monroe, and the blatant Zoning changes by Banks and his zoning committee run wild? Or do you think under him it would have been even more out of control?
“do you think the rahmfather if in charge during the boom”
No way to ever know but I suspect that the end result would have been just about the same. The Cubs example is about the best comparison. He is working hard to get the Rickett’s family the addition and changes that they need to keep the business in the neighborhood. Would have been the same task with the Bears. Unless he were more receptive to spending the added dollars for a retractable dome and spent the time needed to push that idea on the city taxpayers, Mc Pier authority, and the Halas/McCaskey’s. In the long run I think that would have been the right thing to do. Especially now that the NFL has shown that the Super Bowl can get north of the Mason Dixon line every once in a while.
“Would have been the same task with the Bears. Unless he were more receptive to spending the added dollars for a retractable dome and spent the time needed to push that idea on the city taxpayers, Mc Pier authority, and the Halas/McCaskey’s. In the long run I think that would have been the right thing to do. Especially now that the NFL has shown that the Super Bowl can get north of the Mason Dixon line every once in a while.”
I think there’s no doubt that he would have been more receptive (but more than NIL is a v. low standard), and more likely to embarass (if needed) the McCaskeys into accepting a retractable dome, if that had been the way to go. Not that Rahm would *necessarily* pushed that thru, but there would have been a chance.
And, in addition to the Super Bowl, Chicago would have gotten into the regular rotation for the Final Four.
All for not really that much more $$. Soldier Field cost $587m+ in 2002; Lucas Oil cost $720m in ’07. And Lucas Oil has about 2000 more seats for regular season games.
Shoulda built a retractable dome either on Taylor homes site, across from Sox Park or on Horner homes or Rockwell Gardens site, near the united center. Shared parking, minimal overlap of games, etc, etc. Always seemed like an obvious call to me.
“Shoulda built a retractable dome either on Taylor homes site, across from Sox Park or on Horner homes or Rockwell Gardens site, near the united center. Shared parking, minimal overlap of games, etc, etc. Always seemed like an obvious call to me”
good call, but could you get the public to bite on the move? us Chicagoans like our history (i.e. people still protesting macy’s/fields thing)
“us Chicagoans like our history ”
30 years at Soldier Field (with what? 3 actual good years? before the reno) was enough “history” for you? They’re still today a decade away from playing as many seasons at Soldier as they did at Wrigley–where *5* NFL Title games were played. Soldier Field has (and will) *never* hosted an NFL title game. Papa Bear never coached a game at Soldier Field.
So, if Chicago cares so much about history, the Bears should be playing at Wrigley.
“30 years at Soldier Field (with what? 3 actual good years? before the reno) was enough “history” for you? They’re still today a decade away from playing as many seasons at Soldier as they did at Wrigley–where *5* NFL Title games were played. Soldier Field has (and will) *never* hosted an NFL title game. Papa Bear never coached a game at Soldier Field.
So, if Chicago cares so much about history, the Bears should be playing at Wrigley.”
sorry i was going for current public perceived history. stupid facts always getting in my way of a open-laced arguments.
given seeing that fugly monstrosity as it is now, i wish they would have moved it to your suggested site.
“All for not really that much more $$. Soldier Field cost $587m+ in 2002; Lucas Oil cost $720m in ’07. And Lucas Oil has about 2000 more seats for regular season games.”
Yeah but as we all know an addition or remodel job always costs more than a brand new buildout! Then there is the local labor and everything else that has been “connected” in Chicago build vs, the Indy build. Up until recently you could not even case of Coca Cola into a trade show booth without a $60 handling charge. And if you wanted to plug in an extension cord….$55 per hour minimum! Add that crap to the cost of any Chicago stadium buildout. Ugggh!
Even the Rhamonator can’t get the unions to do the right thing! I bet that it would have been the first BILLION dollar big-city retractable dome but it would have been great. And to heck with that decaying cess pool formerly known as Soldier Field. They should have torn it down or built a park around the old colonnades. I think that they were the only historic salvaged item of any value from that place.
Enh, if the Rahmster’s infrastructure trusts had existed at the time, could have found someone to do it privately–even with Chicago union scale–for not more than that $720, plus whatever land costs would have been involved. Which is why I always think CHA land, bc they could have forced a swap.
“Then there is the local labor and everything else that has been “connected” in Chicago build vs, the Indy build”
yeah thats been going on before daley and will be around after the rahmster. its all about who hides it the best.
“Enh, if the Rahmster’s infrastructure trusts had existed at the time, could have found someone to do it privately–even with Chicago union scale–for not more than that $720, plus whatever land costs would have been involved”
personally i think with the Rahmendoodle would have went 100% privatization or way way more public money than Daley.
We will see soon with the biggest bar in Lake View, how he handles it.
know one aldermen that was supposed to vote down is infrastructure thang. only one (or two?) more and he will need to push it better again.
“Given that they’re a design company that doesn’t manu shi…anything for itself, I’m guessing (no actual knowledge) that they are *very* aggressive on any non-permitted use of their trademark. Kind of like LVMH, but on a more pedestrian level.”
DZ can do what he is talking about. The use in question is well-established as being permissible. What LVMH goes after is entirely different. Whether what DZ is talking about is nominative fair use or not a use in commerce (I can’t remember off the top of my head), you can definitely use the marks of others as needed to describe how your product can be used or what it replaces.
I do recall that, until the late 80s or so, no one did this – they were all scared of getting into IP or FTC trouble, I think. Those days are gone – you’ll even see “Compare to [TM])” printed on the packaging now.
“DZ can do what he is talking about.”
Yeah, maybe legally speaking. But simplehuman will be aggressive anyway, and you have to decide if the hassle is worth (maybe, if you did it right) $600k in annual sales with thin margins.
Responding to stupid cease and desist letters is cheap, but if you’re constantly going to be scared of your shadow and unable to accurately assess risk and reward, then there’s no question that the selling consumer products is not a good industry for a person to be in.
“Responding to stupid cease and desist letters is cheap, but if you’re constantly going to be scared of your shadow and unable to accurately assess risk and reward, then there’s no question that the selling consumer products is not a good industry for a person to be in.”
Whatever. Like I said, not actually a big market, anyway, and it’s–what? 20?–SKUs, so my point was that the *reward* is pretty small, considering cumulative efforts involved.
“you have to decide if the hassle is worth (maybe, if you did it right) $600k in annual sales with thin margins”
You can’t see $1MM? I’d think the margins might be alright, depending on what you charge of course, which will also obv affect revenues etc. Responding meaningfully to letters isn’t so bad. If simplehuman filed suit, could you get tossed easily? If so, that may deter them from doing too much (if you have entered with enough presence to indicate you have soemthing at stake to defend).
I guess the market test is that no one has done this. Of course, there are always profitable things that are not done until someone does them.
“you have to decide if the hassle is worth (maybe, if you did it right) $600k in annual sales with thin margins”
I worked at a company operating at 10-15% margin that was doing great OI was beautiful, when i was there we actually scaled back sales and drop product lines (cut sku’s in about half from original amount) and ended up with a greater OI.
I also worked at a company with a 30-47% fluctuating margin and the focus was always “more sales = more dollars” but the OI was horrible. they outgrew themselves and are down to a 15-20% margin and not that much more in annual sales. to much reaching and losing to get the BIG sales.
never look at annual sales, too many fall into that trap.
“You can’t see $1MM?”
I googled the hell out of it and found that SH does $60m annual. And I expect the bags are a pretty small portion of that, and that you wouldn’t get more than maybe 1/3 of their sales, just because you’d be a (nearly) intertubez-only operation.
All estimates complete bunkum if they’re really a $600m company and the bags are their real profit center. Of course, that would make them even more aggressive.
Ze’s favorite was the Richard Pryor Superman 3 model. Clip the .001 a gazillion times.
Notional of bazillions,just to piss off the 99%.
“I did it! I have your offer….I think it is a very solid offer and they will close no later than June 15th and a ready to put a deposit down. If you want the formal paperwork before I tell you the number, than let me know.”
Is this normal or simply sadistic… 🙂 4 hours ago… funny thing is I hit the bid if it’s even close.
“I googled the hell out of it and found that SH does $60m annual. And I expect the bags are a pretty small portion of that, and that you wouldn’t get more than maybe 1/3 of their sales, just because you’d be a (nearly) intertubez-only operation.”
I got the same starting point from GTHOOI. If you used their bags, you might spend $25-30/yr+ on them (2 times/week, 30 cents a bag), versus let’s say an average $100 can (not everyone can afford your fancy butterfly cans). I realize this is all retail but let’s say same proportional markup. Over the likely 3-4 years+ of ownership, bags roughly equal can cost. Let’s say bag users are 20 percent of all users, you’d get to something like 15 percent of revenue from bags. Throw out $10 of the $60 as not can/bag related at all, you’d get to $6MM+ in bag sales. Get 1/3 and you’d have $2MM. You’d have to undercut pricing to get those sales, but that would still get you comfortably over $1MM.
If you take issue with any assumption, I’ll have to change one of the other ones.
“If you used their bags, you might spend $25-30/yr+ on them (2 times/week, 30 cents a bag),”
You’re only taking out the kitchen trash twice a week? I think I empty our SH recycling can (a slightly shorter model than our SH trash can) twice a week. Trash is roughly five times a week.
“You’re only taking out the kitchen trash twice a week? I think I empty our SH recycling can (a slightly shorter model than our SH trash can) twice a week. Trash is roughly five times a week.”
I’m using v conservative assumptions to (1) not get hassled by @fo and (2) to deter anyone else from stealing this certain moneymaker. My wife doesn’t like for the garbage to smell so it’s just about daily, but not b/c it’s full.
Do you really fill up a 30L bag, so much so that you find benefit from a larger bag to fit in other stuff, five times a week (separate from your recyclable items, which I’m sure you’re recycling properly)?
“Do you really fill up a 30L bag, so much so that you find benefit from a larger bag to fit in other stuff, five times a week (separate from your recyclable items, which I’m sure you’re recycling properly)?”
No, not five times a week. It often goes out barely half full. But on the occassions where there is a lot in there, I appreciate the extra room.
“You’re only taking out the kitchen trash twice a week?”
Really try to limit it to once. Sometimes fail.
“Throw out $10 of the $60 as not can/bag related at all”
Have spent approx equal amounts (incl gifts) on non-trash-related vs trash-related. Think you need to throw out $20 of the $60.
Looking at options here:
http://www.interplas.com/
what would make things work best is an option that did not have a drawstring.
The generic drawstring bags clock in at ~.18 in a (relatively small) run of 750, while the generic non-drawstring get down under .03 with 10,000. But, a non-drawstring bag would be an inferior substitute, with good enough existing alternatives. Yes, contracted it would be (much?) less per unit. And remember, 17 skus.
Fitting that discussion of this place would end up revolving around
a) poor financial planning
and
b) trash heaps
“The generic drawstring bags clock in at ~.18 in a (relatively small) run of 750, while the generic non-drawstring get down under .03 with 10,000. But, a non-drawstring bag would be an inferior substitute, with good enough existing alternatives. Yes, contracted it would be (much?) less per unit. And remember, 17 skus.”
Gotta have the drawstring, I think. I also can’t imagine the drawstring version could cost more than .02 or .03 in bulk. Screw the 17 skus. We’ll start with the couple most popular ones and get people clamoring for more. Maybe get one of those twitter account things and go viral.
“Screw the 17 skus. We’ll start with the couple most popular ones and get people clamoring for more.”
Fine. You talked me into it. You know how to reach me.