Contemporary Penthouse in Lakeview Reduces: 550 W. Wellington
We chattered about this large custom-designed contemporary Lakeview penthouse unit at 550 W. Wellington in June.
See our prior chatter and pictures here.
Since then, it has been reduced another $95,000.
The unit has top of the line finishes and appliances including Bulthaup, Sub-Zero, Poliform, Dornbracht and the Lutron whole-home lighting & shade system.
The home has 10-foot ceilings and heated garage parking. It also has a private rooftop deck.
Robert John Anderson at Baird & Warner has the listing. See more pictures and a guided tour here.
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
- Was listed in June 2008 at $1.095 million
- Reduced
- Currently listed at $1 million
- Assessments of $537 a month
- Taxes of $14,078
- 1 heated garage parking space included
- Central Air
- Washer/Dryer in the unit
I call $800k.
Looking over the last thread it seems like a lot of people think this building is out of sync with the neighborhood but I’m not sure why. In contrast to the countless crappy, 20- to 40-year-old rental high-rises in the area, including the one just north of this building on Barry, this building is a rare example of a well-designed modern midrise. I toured two of the units a year or two ago and the floor plans were fun and far from cookie-cutter, albeit inappropriate for couples with children.
I wonder if staging might be part of the problem here. The walk-in closet is awesome and some of the other details are nice, but the living room feels really average to me.
From what I can tell the owners have done a great job landscaping their private deck, but it seems small and the rest of the roof seems to be shared by everyone else in the building.
Cool place!
I agree with Chris. If you want modern highrise in this neighborhood this building is about the extent of it.
Very few modern buildings in this area but a lot of McCrapBox generic condos built during the boom, thats for sure. This isn’t one of them.
I could see it selling for $1MM only because theres no real competition for this place.
According to Redfin, four units are available for sale in that building. The second floor unit is seeking $775k. The new price of 9W will definitely put serious pressure on them.
$1M seems like a lot to me but it’s a bargain compared to $775k for the second floor. This penthouse is two units consolidated into one, right?
I saw this unit back in November on LXTV open house. I’m surprised it hasn’t sold considering how unique it is.
For $500 a sq ft it comes fully furnished, right? This is an expensive 2/2.
sorry 3/2.
This is the same size as the other 3 units listed in the building. 2000 sq. feet….this place is not going to sell for anything over 900k.
Its nice how they kept the assesments so low. That and parking are huge pluses in my book.
If i am ever to look into a interior designer i will be calling this lady JJ. Beautiful place very well done open and airy, and all that sun light, ahhhhhhhh.
I am surprised it hasnt sold, its unique good hood, and it has it all for that particular buyer that looking for this.
oh wait i know why it hasnt sold, the whole “pimp my life” thing is over. people are rearranging there life, values, and morals. the hard work, 25%, money in savings 1950’s are back.
also (assuming) that the target clientele for this type of home have taken a huge hit on the market and their cash flow is hurting.
Can someone remind us what happened to the 3rd bedroom? It’s nowhere on the listing. Maybe it’s now that carpeted room with the sofa?
“Can someone remind us what happened to the 3rd bedroom? It’s nowhere on the listing. Maybe it’s now that carpeted room with the sofa?”
That’s my recollection from the prior listing–that the den could be converted to 3rd BR (or something).
What do the assessments include? Not much beyond CA and reserve, I suppose.
Either these assessments are far too low (i.e., underfunding reserves) or the assessments at the condos I’ve been looking at for a year now (in the $500kish range) are far too high.
Anonny – to quote Grandpa Simpson “A little from column A, a little from column B…”
The assessments for this unit cover nothing, therefore, the assessments are actually high for no doorman, no ammenities, nothing whatsoever.
“I’ve been looking at for a year now (in the $500kish range) are far too high.”
Bingo! Escalating assessments were never a big deal during the inflation of the bubble as people were too busy counting their appreciation. So its my guess there was a lot of needless assessment escalation. In fact I’d be surprised if many buyers paid them even much heed given properties these days don’t seem to show a discount for higher assessments (which is insane).
But now that we’re back to reality assessments matter, a lot. The lower the assessments the higher the price of the unit should be and vice-versa. Assessments ARE part of the monthly housing expense and people are going to learn that the hard way. Especially in older buildings like 2000 LP West, etc.
Bob, I know someone who lives in 2100 LPW and they say that they like having one bill for everything (electricity, parking, gas, water, TV, internet, etc.). That’s one reason why the assessments are so high there, all the bills are included. I’d imagine that they have a very healthy reserve there and not much is put into building that up every month.
With three other units in this building from 700k to 850K why does the top floor command a 20% premium. if it is 2000 sq ft like the others the seller cannot expect to get 300 to 150 k more
“With three other units in this building from 700k to 850K why does the top floor command a 20% premium. if it is 2000 sq ft like the others the seller cannot expect to get 300 to 150 k more”
$775k (2w), $800k (4e) and $850k (7w).
Using the asks for the W’s as a guide, each floor up is +$15k, so +$30k.
Some premium for no upstairs neighbor. (+$25k?)
Some premium for the large, private roofdeck. (+$50k?)
No matter what, you’re over $900k, as compared to 7W.
And, they’re (obviously) hoping for someone who loves the design reno they did.
Also solid walls of windows on all three sides, which the others do not have. Great building — was in one of the lower units last year and the finishes were impeccable. Seems like a reasonable ask to me (not that I could afford it…).
does anyone think the reason Steve H has been so quiet is that they dont give internet breaks at Baskin Robbins?
“Also solid walls of windows on all three sides, which the others do not have.”
See, I wasn’t focused on that, but couldn’t figure out why teh others looked *so* different. That’s $100k, there, as far as I’m concerned–If I’m living in a hi-/mid-rise, I want maximum windows.