Contemporary Penthouse Still Available 1 Year Later and Reduced $72K: 919 N. Wolcott in West Town
We last chattered about this 2-bedroom modern penthouse at 919 N. Wolcott in the East Village neighborhood of West Town in May 2011.
See our prior chatter here.
Many of you thought it was (surprise!) overpriced for the neighborhood but loved the modern finishes.
Some of you guessed it would sell closer to $600K-$625K. \
Some thought it wouldn’t sell for over $575,000 even though the sister unit, #301, sold in May 2010 for $675,000.
The unit is still available and has been reduced again to $628,000.
This is a Randquist designed building.
The unit has been converted from a 3-bedroom to a 2-bedroom but it also has two outdoor spaces including a private 9×15 terrace off the master bedroom and a large 11×26 terrace off the great room.
It has a top of the line Arclinea kitchen with Miele and Gaggeneu appliances. The massive kitchen island also has a modern stainless steel counter top.
The master bath has Ann Sachs tile.
There is central air, an in-unit washer/dryer and parking.
This unit is now priced $79,500 under the 2008 purchase price.
What price will it take to sell this unit?
Ivona Kutermankiewicz at Koenig & Strey Real Living now has the listing. See the pictures here.
Unit #302: 2 bedrooms, 2 baths, 2 car parking
- Sold in March 2004 for $430,000
- Sold in July 2008 for $707,500 (included the parking)
- Originally listed in August 2010 for $700,000
- Reduced
- Was listed in December 2010 for $689,000 (plus $18,000 for parking)
- Reduced
- Was listed in May 2011 for $650,000 (plus $18,000 for parking)
- Reduced
- Currently listed at $628,000 (includes the parking)
- Assessments of $284 a month (includes water)
- Taxes of $6959
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×14
- Bedroom #2: 10×12
- Family room: 10×11
The listing shows it as a rental for $3,400/month.
I cannot believe someone paid over $700K for a 2BR in this area (not that it’s bad, like it, but it’s not Gold Coast) and then tried to sell it for $700K. Bad decision followed by a bad strategy. Not sure how the lay out would be, but getting rid of the 3rd bedroom was another bad decision in my opinion. Two bedrooms are starter homes/temporary housing for many people.
“3rd bedroom was was removed to create vast living area” + Living Room: 18×5 = Hahaha.
Enh. $565.000
I remember this one. The Osama bin Laden compound.
I would convert it back to a three bedroom…much easier to justify price. This may be a case where building this costs more than its worth in the market. Love the unit though. I’m okay with the neighborhood…not the best, not the worst.
Ditto Jon.
I still like the modern look of this place but this style tends to seem really cold and stark when the place is empty. Many people do not have any artistic design talents and can not vision it furnished. I’m sure that the owners do not want to spend any additional money in order to sell this unit at a loss but here are two suggestions that might speed up the sales process. That could lower the carrying costs of the unit.
I think that either staging the main rooms or adding back that third bedroom seem like two ideas that could open up this property to a slightly larger potential buyer pool.
The interior is pretty interesting. I hate the exterior though. Also, I wish they did a better job at hiding the pipes for the sinks. I can’t stand exposed sink pipes. The bathrooms are reminiscent of locker room bathrooms. Yuck.
Meant to type 18×15.
Jenny – I agree on the bathrooms. I, too, like the spa feel of a bathroom, but not where a toothbrush left laying out on the sinktop looks like clutter.
“Meant to type 18×15.”
The 3d BR is now the 10×11 “family room”, so there is a bit more “living space”, just not directly as part of the LR/DR/Kitchen combo room.
I appreciate the fact they removed the third bdrm wall to expand the living room. In modern places like this, the more ‘space’ the better. For a buyer who would truly appreciate the unit’s forward design, the lack of the 3rd room would not be an issue.
I agree with jp3chicago regarding the fact that most people do not have any idea of what they would do with the space. The lack of ‘vision’ by potential buyers only serves to add to the length of time this place will sit empty.
Just as having a retro bathroom, shag carpeting and basic white appliances leaves a negative impact on a buyers mind, having no vision for how to design the space leaves these same people simply not understanding the uniqueness of this beautiful place.
“The 3d BR is now the 10×11 “family room”, so there is a bit more “living space”, just not directly as part of the LR/DR/Kitchen combo room”
I’d put my money on the fact that the third bedroom is part of that combo. Hard to tell as there was no floor plan available online. It appears as though the wall for that 3rd bedroom was originally designed to enclose the space across from the kitchen. My guess is that the wall would be located between the fireplace and that single window. This wall would come away from the fireplace outside wall by 10 feet and then close off an 11 foot long space to make the room. It would take out much of that open space by the island that is likely considered the “dining room.”
That open kitchen/LR/DR feel would become darker and feel more closed in. The space functions better as a 2 bedroom!
“I’d put my money on the fact that the third bedroom is part of that combo. ”
Maybe (ok, on 2d look, definitely; you spotted the place it was), but it sure as shi … stuff ain’t part of the 15×18 measurement of the living room.
I would pay $500K for this place, so I’m guessing $550-575K gets it done.
Was in it at open house last week. Horrible, cheap cinder block construction, the kitchen is a trainwreck, and the layout is unbelievably awkward. $450K tops, and it’s not how I’d spend my money.
Incidentally, I live on the block and love the neighborhood.
Incidentally, it photographs very well — it just shows horribly.
Yeah but the 15×18 is a bit generous. The 18 is likely all there but part of that 15 is clipped off by the end of the kitchen island. It’s more like 15x18x12x6x6. Someone took a notch out of the space.
Bet that the DR would be smaller with the 3rd bedroom.
Ranquist properties appeal to a specific type of buyer and I believe this unit will likely sell for what it should have sold for in 2006 (the 2008 buyer definitely overpaid) which will still be a generous price in today’s market for the space and location.
I agree with JP$. This unit should sell for somewhere between $550-$575K. Anything more and the buyer will be overpaying (actually, $550k might be a stretch). I was in this unit prior to the current owner purchase and the kitchen is definitely not “a trainwreck”. All the finishes in this unit are very high end, from the appliances, cabinetry (at least $60k for the kitchen alone), 8 ft. solid core doors, window treatments, bathroom tile, etc. By the way, there was never a 3rd bedroom in this unit. It was only an option in the 3rd floor units and the first floor duplexes. Personally, I would prefer the duplexes mainly because of the private entrance and the need of not having to trek up three flights of stairs all the time.
“I wish they did a better job at hiding the pipes” Ok, well I don’t think it was a construction miss. It was designed that way. If you don’t like minimalist design, this property is obviously not for you.
To clarify, the 3rd bedroom option was intended to be to the right of the fireplace (while facing) which would tremendously impact the living room area and thereby the appeal of this unit. As a result, this place (IMHO) can really only be considered a 2BR/2BA unit. If a 3BR is a requirement, consider only one of the duplexes or another building.
At the end of the day, these owners are going to take a HUGE loss (my estimate: $175K, at least). However, by the appearance of the unit, they are now out of town and likely interested in moving on. If I was a potential buyer, I’d offer $525K and see what happens……