Can You Live With Few Walls? Contemporary Penthouse at 550 W. Wellington in Lakeview
If you like the open living concept then this contemporary penthouse at 550 W. Wellington in Lakeview is for you.
The 3-bedroom unit doesn’t appear to have many walls, including for the third bedroom which the listing says is “open.”
The unit has 10 foot ceilings and 3 exposures as well as a rooftop deck and 2 terraces. It also has stone floors.
The kitchen has the usual upscale finishes of Sub-Zero, Miele and Bosch appliances.
The building was built in 2005 and has only 16 units.
This unit has also now been reduced by $200,000.
Robert John Anderson at Baird & Warner has the listing. See more pictures and a guided tour here. (Be sure to check out the extra large walk-in closet.)
Unit #Penthouse: 3 bedrooms, 2 baths, 2000 square feet
- Sold in June 2005 for $995,000
- Originally listed in November 2008 for $1.295 million
- Reduced
- Currently listed at $1.095 million
- Assessments of $537 a month
- Taxes of $14,078
- 1 heated garage parking space included
- Central Air
- Washer/Dryer in the unit
i think this is a fantastic unit. finishes are appropriate for price range and reflect a more unique overall product. Not sure if that “open” of a concept would work for everyone, especially with one or two children, but the result is a very open, light-filled space. As for price, I think it still needs to drop a bit, although I don’t know overall square footage.
This is pretty sweet. If I won the lotto I might consider a place like this.
Note to all other sellers of 3/2s in the ‘057: your unit is probably not nearly as nice as this so don’t expect 1MM or anything close. This unit is not a comp to your unit just because you have a 3/2 in the ‘057.
Of course they will still think/wish/hope it is when pricing their 3/2s becuase in the real estate comps game everyone tries to over-reach and pretend their unit is worth as much on a PPSF basis as truly exceptional ones like this.
Very nice penthouse. Price seems right for finishes and location. 2000 sq ft + rooftop deck is a good amount of space too.
Great unit, but the building looks so out of place on the street… Another example of the City of Chicago lacking any ability to prevent more bad design in a historic neighborhood.
i think this unit was featured on some website tv style show. I could be remembering wrong but some dude who was selling a big house written about here was looking at it.
Nice. I’m in the school of stealing all your decorating ideas from Four Seasons hotel rooms. well done!
Stunning, stunning unit. I’ve been in the building before — a lower floor two/two, I think. Also very nice.
Still — have to comment on the listing. Typos in the description of a >$1million condo? Really? “Penthsoue”? “Crowned Jewel”?
If I were the seller, that would REALLY piss me off.
I saw this place about a month ago. A trader and an art major live there. It is so overwhelmingly in your face fancy-pants. The guy has an espresso maker that cost around $5k, IIRC. The master bedroom features a walk in closet without doors (or they always keep them open) because, according to the agent, “they have so many expensive shoes and clothes that they wanted to show them off.” The bathroom (not the master) features a sink that, per the agent, “almost nobody can figure out how to turn on/off without instructions.” Etc, etc.
I couldn’t live here and show it to people with a straight face. But if you like things over-the-top, this might be a place for you.
The roof deck is nice but you can’t see much of the lake. The east penthouse has that view. To the west you get a great view of the burned down Dominick’s lot, until they actually build something there.
If I’m gonna drop $1MM+ on a place, I expect it to be over the top. What is sad about Chicago is all of the McCrapBox condos approaching the $1MM pricepoint that are anything but over the top.
Somebody will buy this place for at or near ask is my prediction. It might take awhile to find the right buyer though.
Like the open layout in that it maxmizes the sunlight and gives you a view from everywhere.
I’m starting to see pictures again in with your posts (which I miss). Are realtors finally realizing that hotlinking their images is only going to HELP attention?
NAR – National Association of Retards
Kudos to the trader for customizing the unit to his exact liking. However I doubt he’ll find a buyer willing to pay for that MTV cribs upgrade. Correct me if I am wrong but 800k in l
v buys a good 3200 sq and leaves enough $$ to “pimp out” the condo
“Correct me if I am wrong but 800k in lv buys a good 3200 sq and leaves enough $$ to “pimp out” the condo”
A penthouse in a high-rise that isn’t an atrocious mid-century modern one in this part of town? Hmm..no. Also potential market for doctors/surgeons as there is a hospital right by.
Can someone explain to me the view in the pic that is 2nd to the last?? Is that a reflection or another bldg?
oops – the pic in the link to the property, of course, not the 2nd to the last above…
The building has no relationship unfortunaely to the neighborhood and is very out of place. That said, the unit is nice if you like fish-bowl living but a bit overpriced (by 300,000 +)I think.
I think it is funny to see listings over $1M that need to specifically state “Central Air” or “In Unit Laundry”! Sorry, but are there that many places in this price point that don’t have laundry or use window AC units?!
“they have so many expensive shoes and clothes that they wanted to show them off.”
..that has to be one of the most pompous things to ever say. Who ever puts in an offer is going to have a great time negotiating with the piece-of-work that owns this place.
I would suggest nothing lower that 10% over list in order not to insult the owners refined sensibilities.
Not sure of this price point specifically but in this area of Lakeview it is indeed unusual to find central air and to a lesser extent parking and in unit w/d.
now you just need to find someone that makes about $270K a year and wants to live in this part of lakeview with all the kiddies
I bet this trader’s finances require him to ditch either the girlfriend or the condo. We clearly see which decision he made.
homedelete, I think you mean ditch the boyfriend. This is a childless gay couple’s paradise.
Bob, I don’t think there are any properties in the $1M range that do not come with AC and Laundry. I’m sure someone will prove me wrong here, but my point is that for a property for anywhere close to this price, it should be a given that those items are standard and not needing to be pointed out as something to help sell the unit.
“Bob, I don’t think there are any properties in the $1M range that do not come with AC and Laundry. I’m sure someone will prove me wrong here”
I believe there was a bit of a row over a certain Humblodt Blvd house that did not have A/C. Don’t recall re the W/D.
But, you are right, at least as far as a newer condo building, it *should* be a given.
hi homedelete et al. i am the “girlfriend”, actually now the wife. sorry to say i have not been ditched. we are selling the condo because we bought a house, with a nice side yard for kids to play outside. and his finances are just fine, but I appreciate the concern.
i do have some cool shoes though, that part is right on. is it pompous? no, just some cool shoes. our realtor never would say that and someone is just being rude and twisting his words. and that piece-of-work that owns the place (that you know so well) is actually a really nice guy to negotiate with and would be happy for someone who appreciates the condo to live there. sounds like all of you might be the bitchy ones. or insanely jealous and rightfully so because its a kick-ass place.
wanna send me pictures of your apartments? i would be happy to comment. i just would be a lot nicer.
I bet if this had two parking spaces it would have sold already. My neighbor sold his “McCrap” box unit 3/2 for 599k quickly around the same area and I am willing to bet it was due to the parking. I know 599 isn’t near 1 mil but it is a serious piece of crap.
This is a nice unit, nicer than I expected from looking at the building itself, which is ugly and sterile, and inappropriate for this section of Lakeview. The building is shoehorned onto a narrow lot with no view of the lake but with a great view of the corner of Wellington &Broadway.
Beautiful high ceilings, but not nearly as large as it looks in the photos.
And is any condo around here seriously worth over $500 a sq ft? That is bubble pricing
a little off topic but what are views worth? how much would you pay per sq ft for park/city/lake views? implied pricing for many places still $600-700+ per sq ft. what’s the right number?
JJ – So glad an owner is able to post here. I always find the comments made by posters on this site regarding the owners or buyers of property to be gratuitously nasty, childish and uncalled for. Congratulations on your marriage and your kick-ass condo. If it were located downtown, I might put in an offer. Looks like you guys have great taste.
“or insanely jealous and rightfully so because its a kick-ass place.”
I’ll agree its a kick ass place.
“we are selling the condo because we bought a house”
I’m not jealous that you bought a new place before selling your old one. Your inventory is now two expensive pieces of property in this declining market.
“wanna send me pictures of your apartments? i would be happy to comment. i just would be a lot nicer.”
You would have a good laugh at my ‘college style’ apartment, thats for sure. But I’m not about to potentially lose hundreds of thousands of dollars.
The apartment LOOKS beautiful, photographs look great.I couldn’t be critical of the owner’s taste, nothing wrong with THAT.
It’s the building, and the price/per/sq.ft. that are off.
In this market it still may be ‘over-priced’, but I think it is a very fine high-end unit.
“wanna send me pictures of your apartments? i would be happy to comment. i just would be a lot nicer!”
Warning…do not do so!! LOL
Hello jj, welcome to the forum!
It is great to see an owner step forward to correct the false speculations/accusations that are the result of bitchy and mostly jealous people who can not even dream of owning and living in such a place as yours.
It is rather a sad and rather common practice on the forum to make unwarranted accusations and insulting comments instead of offering true insights on the featured property. This of course leads to meaningless speculation about the home and the mostly upstanding and financially secure owners.
In most cases, such meaningless chatter is dismissed by those of us who are interested in and are able to afford such places. Ignore the negative comments and be proud that you own one of the most unique and beautiful properties that has been featured here in some time.
Your choice of interior decoration, the apartments best features and some immaculate staging/photography is sure to garner some interest that will hopefully lead to a sale in the near future.
Best of luck to you and thanks for allowing your home to be featured here for those of us who are interested and appreciate such unique and beautiful homes!
http://archives.chicagotribune.com/2009/mar/15/magazine/chi-mxa0315magazinejordanpg14mar15
Article from March ’09 about the design of the unit.
LOL- homedelete just got owned by jj.
Owned? Hardly. I’m not the seller who is going to lose thousands and thousands of dollars when this unit finally sells.
found the video of the guy looking at this place
http://lxtv.com/openhousechicago/video/9423
And how do you know that is going to happen? Doom and gloom is not everyone’s mantra.
CH – How long do you think it is going to take this jackal to find a place that he is comfortable with? LOL He has toured how many places that are all top of the line offerings, yet he has not bought anything yet.
What exactly is he saying about the first place needing so much work that they do not want to do right now? Repainting one room?
The only thing I can come up with is this is merely an actor as most of the places he has seen in the past I would like to purchase.
How do I know? How do I know the sun will rise tomorrow? I don’t know anything about the future for certain but I can observe the market and make fairly accurate predictions.
i dont think he’s an actor. his place was for sale and featured here. he may be putting on a show though. i watched it back in feb so i could be wrong.
In the video linked upthread, the prospective buyer said something along the lines of “it’s advertised as a three-bedroom but this is really a two-bedroom unit because of how they have configured the dining room.” I wonder if that might be a big issue.
““it’s advertised as a three-bedroom but this is really a two-bedroom unit because of how they have configured the dining room.” I wonder if that might be a big issue.”
Isn’t the 3d BR the green room in the pics? How does that have anything to do with the dining room?
Altho I do agree that 2BR + open 3d BR = 2BR + Den, more than 3BR, and that may be an issue at this price. But they are underselling the ~400sqft rooftop deck–prob. b/c it appears they haven’t done that much with it (more than nothing, not nearly as much as the East PH).
In the video, the prospective buyer is standing in front of a room that appears to have a frosted glass door and dining set within when he makes this comment. Maybe they’ve changed the staging on this place since that video was shot.
In the listing, the dining room is described as “combo” with the living room, so perhaps the owners were at one time using the 3rd bedroom as their dining room.
Anyway, the place is not my cup of tea (nor remotely in my price range) but I can see its attraction for a lot of buyers. In the case of the guy touring it, it really doesn’t seem like the kind of place that would work for raising a few kids in, but maybe I lack imagination.
“the kind of place that would work for raising a few kids in”
A *few* kids? (video is blocked here, so I can’t watch) Why would anyone with even two (full-time) kids look at a place like this, in this price range?
I am omniscient. It’s going to get uglier. End of story!
OK.. let me say that another way. I do not have my head up my ass. I see the obvious. IT IS GOING TO GET UGLIER!!!
I dunno, anon (tfo). Sounds like a question for the realtor in the video as to why he showed the property to his client in the first place. Guy says that he needs at least two bedrooms for his kids (plural).
“Why would anyone with even two (full-time) kids look at a place like this, in this price range?”
A drunk rich person who likes Frair Tuck, Murphy’s or any of the other numerous bars along Broadway and values the proximity and convenience to those above all other amenities for themself and their family.
I kid but not completely. Some of the old timers at Friar Tuck (who basically live there) have raised families living nearby (highrise lakefront). Not that I would do it but it can be done.
“Some of the old timers at Friar Tuck (who basically live there) have raised families living nearby (highrise lakefront).”
Sure, but if they had $1mm to spend, they wouldn’t be bunking the kids three to a room, would they? In this price bracket, there are options.
LOVED JJ and her comments about MOST of these bloggers. I also would love to see their crappy rentals and IKEA furniture. Most clearly have no money and blather ON SO about rental return on investment. Get a life…Maybe the person who runs this site will start to insist that people actually comment on MARKET conditions for a change or hopefully it will become obsolete. I’ve almost had enough. How about some sales info??
anon.. you won’t be missed..
btw you would be surprised what IKEA has. I had a $69 IKEA table next to my 17k Roche Bobois couch and you would have thought the table cost thousands. Those with taste learn to pull things like that off. No reason to waste money when you don’t have to.
As for market conditions. I do comment, it’s going to get much worse! you are long and avoiding seeing the obvious because the idea of being wrong conflicts with your perceived concept of your intelligence and causes you pain. I laugh at people like you.
See the haters here have been right so far.. show some respect…they are not pure haters until they are wrong and still hating.
Disclosure: I am long too, MUCH longer than you, I bet!
and anon.. the funniest part is that you fail to see the relevance in “rental return on investment” in a market whose price was set on the basis/disengagement/speculation from exactly that.
I won’t explain…people like me need fodder.
LMAO, Ze. Truer words could not be written.
since we are talking about rental equivalence yield… is there much in Chicago that actually rents at $6000+ (and I’m talking condo units vs. SFH in the Gold Coast). this is the type of number we need to see to justify this kind of pricing.
“Maybe the person who runs this site will start to insist that people actually comment on MARKET conditions for a change or hopefully it will become obsolete.”
Talking about train wrecks never becomes old news, my friend.
“Most clearly have no money”
I think we’re on a mean-reversion trajectory. You see you’re on the way down, reverting to the mean, and I’m (and other renters) are on the way up. People waste their money on all kinds of things but bad investments are up there along with the usual suspect of vices I’m sure.
Here’s your daily dose of RE zen, anon:
http://online.wsj.com/article/SB10001424052970203872404574258531574049434.html#articleTabs%3Darticle
Im pleased with what I have and have the $ to buy more. Its called diversification. Love my views from the N. Shore and those from my pied a terre. Im not 25. Keep dreaming the dream, schmos; maybe one day you’ll have some $$ to purchase. Ze’s Roache sofa is his mom’s and in her living room.
BTW: I get the WSJ, Economist, etc..even Granta…
I guess you’re not done with the “I’m smarter and hipper than you”. Good luck Ze. Maybe someone will give you a job when the market improves.
Anon… you need to pay more attention to the off topic posts you complain about, you would know that I don’t believe in work and definitely have no desire to get a job.(and the market is not going to improve)
anon subscribes to the Economist and WSJ…cute.
Hey anon heres a tip when your portfolio and RE losses become apparent to you and the fake wealth effect of inflated RE valuations wears off: next time your WSJ subscription is up for renewal let it lapse. Then resubscribe a few days later at the student rate of $99.
Also with FHA you don’t need $$$ to purchase in Chicago up to 410k. Just a whole lot of cajones coupled with lack of financial sense these days. Its amazing the crap shacks you can get up to 410k competing with all the other FHAers then the nice places you can get for 525k (competing with real honest to god money and not government programs designed to inflate housing prices).
Oh and you spelled Roache(sp) wrong. As for views… This morning I’m having my coffee, reading my news, and an Eagle landed within 3 feet of my face on my windowsill, clicked its beak a few times while staring at me, and flew away.
Anon, you are almost as funny as the silly Nigerian I sent to Western Union twice today and then had him call Citibanks trading desk asking for Vikram Pandit.
Oh it’s a good day!
I wouldn’t boast too loudly about that Eagle Ze, according to a prominent Native American Tribe’s Spiritual beliefs, this is a sign/warning that you are about to fly away…to the afterlife.
Hope all is well with you in a few days. Although not NA, I believe strongly in these things. Good Luck!!
ROFLMAO… Thanks westloop/anon. According to that same tribes spiritual belief a bottle of everclear solves everything too.
The mathematician in me will go with I live between 2 mountains and the hawks were out in mass yesterday so there was some serious feeding of something going on which interested the eagle, and since i am at the top of my building with nothing else near to perch on he landed on my sill. It was awesome!!
If not… Hey, I always say death is the only thing guaranteed to you, live life like it’s coming tomorrow, nothing to fear. 🙂
“I wouldn’t boast too loudly about that Eagle Ze, according to a prominent Native American Tribe’s Spiritual beliefs, this is a sign/warning that you are about to fly away…to the afterlife.”
Huh? Cry (screech) of an eagle, maybe, but I have never heard–and cannot find–any mention about an eagle landing nearby and/or clicking its beak that is anything other than an auspicious omen.
Did I go into great depth about the actions of said Eagle and your supposed welcome into the afterlife? NO
While not an expert about all the traditions of the culture, my long term partner is full blood NA and his family was considered, how do I say this, the ‘link’ to the spirits. His grandma was the ‘go to person’ in their tribe and was extremely wise and all knowing. A very well respected and upstanding family in a dying culture.
Just because you cannot locate details about their beliefs on the net anon(tfo) does not mean they do not exist. Most of their true beliefs are not spoken of outside their tribe at all. The only reason I know what I know about their spirituality is because of my relationship with a tribal member and his family. Otherwise I would have simply admired the culture and not known anything about this stuff.
Oh well, something new to argue with you about anon, LOL and I am sure once my other ‘friends’ read this thread I will end up being the joke of the day once again.
Ze, I hope that you don’t take my comments too seriously, (and judging by your comments it appears you didn’t) It was just when I read that post I immediately thought of that belief system and about the relevance of Eagles in their culture. No harm meant.
Besides….if you are lounging around on Roche, I would think you have had a very privledged life.
I do seriously question your decision to place an IKEA table next to a Roche sofa. Not only are the Native American Gods warning you, the Interior Design Gods are probably sending negative ‘fung’ thoughts your way as well!! I am sure Sab will admonish me for asking, but which RB line do you have? Love their furniture!!
“Oh well, something new to argue with you about anon, LOL
Nah, just never heard of it, and I grew up in a state with a substantial NA population, so got NA history/culture throughout elem school. Had *only* ever heard of eagle’s appearance (as opposed to cry) as a positive, and 30 sec of google didn’t show anything diff, so it was surprise, not dispute.
Just messing with ya anon….
It was sort of humiliating for me to meet his family the first few times as many of the beliefs that I had learned were shot down for being, in most cases, the opposite of the truth. I was ‘kindly’ ridiculed for having such backwards impressions of their culture and for being a ‘Wachechu shi cha was ulla wanecha’…a brainless and bad white man.
Besides my fascination with their culture and beliefs, it was great to see such the wicked sense of humor displayed by the elders of the tribe. I never knew if I were to take their quips seriously or they were joking with me. I did learn a lot though and it was really fascinating to hear their thoughts.
“I never knew if I were to take their quips seriously or they were joking with me.”
My experience is that it is (usually) both.
I like what JJ said, “the guy who owns the 9-W penthouse is a very nice guy” and yes he is a very nice guy. Bitch, bitch, bitch that is what people do who just were not smart enough to make it in the first place. You don’t like the building, well to bad. Historic area, who wants to be stuck in what ever century. Move on. The owner ditched the place bacause he got married to his designer girlfriend and they are having a baby. So the place is no longer suitable for them. She is a interior designer, give her a break for making her place look grand. Shoes in the walk-in closet, who ever said anything about that is also wrong. Have you ever heard of EUROPE? Open concept closets are nothing special there, it kinda integrates the closet into the bedroom space, great look. And yes, the penthouse did not sell, so they have now rented for a year to a French guy who appreciates the finer things in life (he drives an Aston Martin)
A lot of people are becoming accidental landlords. Wonder when they all think they’re going to be able to sell?
“A lot of people are becoming accidental landlords. Wonder when they all think they’re going to be able to sell?”
As long as the rent $$ is contributing towards making the mortgage and their tenants are maintaining the unit, I am sure the anticipation of a sale is minimized.
Reading Ze’s comments leads me to believe Ze = clio.
“As long as the rent $$ is contributing towards making the mortgage and their tenants are maintaining the unit, I am sure the anticipation of a sale is minimized.”
Most of the accidental landlords I know are not covering their mortgage payment and other expenses with the rent. They are bleeding money every month. I’m just curious as to how long they will:
1. Lose money every month
2. When they will consider it a “good” time to list again to try and sell it
3. And won’t everyone else also be listing at that “good” time?
All the accidental landlords I know don’t really have an exit strategy. They think it will be “better” next spring or the spring after that (even though they are 15% or 20% underwater.) They have no plan as to what happens if they have to hold onto that property for 5 or 10 years.
This is why I tell people to sell now and take the loss. You’ll come out ahead in the long run, in my opinion.