Do You Have $1.5 Million In Cash For Raw Penthouse Space? 200 N. Dearborn in the Loop
With the recent news that 2 units were sold on the penthouse floor of the Legacy across from Millennium Park for a combined price of $5 million, and that penthouses were in demand but in short supply, the developer of 200 N. Dearborn, American Invsco, in the Loop wasted no time in listing the penthouse in that building.
If you recall 200 N. Dearborn was among the last of the apartment to condo conversions that happened just before the market turned.
The listing says it is raw space with 15 to 20 foot ceilings.
It also apparently has panoramic lake and skyline views.
But in the notes in the MLS listing, it says “Cash buyers only” and that the buyer must close in ten business days.
If you can’t afford the $32 million Trump Tower penthouse, why not cross the river and buy this instead?
Nicholas Gouletas at American Invsco Realty has the listing. There are no interior pictures- but you can see the listing here.
Unit #PH1: full floor raw space, 2875 square feet
- Currently listed at $1.5 million
- Cash buyers only
- Assessments of $1852 a month (includes heat, a/c, doorman, pool)
- Taxes of $1956
- Elevator directly to your floor
- Not sure about parking- the listing says it’s not included
Even if I had that kind of money to blow, I’d rather buy from one of the many people American Invsco screwed over vs buying straight from the cesspool of lies and corruption.
Can I still get the 2/2/2 deal on this one?
If you want to own a penthouse on top of a rental building (i.e., rent percentage is too high so you can’t finance the sale of a unit) then go for it. Sounds like a dumb move to me.
I did this with a unit at 200 w grand. Old raw space that hadn’t moved. Worked out nicely. This seems overpriced to me. I’d guess especially require all cash that this should go off at closer to 1 million maybe less.
$527 per sf for raw space in an invsco POS……. pass
$5m for $9,000 sqft at Legacy sounds like a sweet deal for the buyers but I don’t think the 69th floor is the penthouse. I think it goes to 72. Was this raw space or finished?
“I don’t think the 69th floor is the penthouse. I think it goes to 72”
Prob should be described as *A* penthouse floor. 4 “penthouse” floors: http://www.thelegacyatmillenniumpark.com/penthouses-in-chicago/
from Crain’s link: “the two 69th-floor units, which are unfinished”
$5m for raw space is pretty expensive then. I wonder what a real penthouse would fetch.
The $/sqft is way too high for this invsco rental building, especially considering its cash only and raw space!
Should be priced around 800-1mm but hey who knows, some moron with more money than sense might buy it.
Off-topic, but I have a question: Does anyone know a realtor that would be willing to list my condo for only a week including a weekend open house? I am not in immediate need to sell, but with condo prices being crazy with low inventory, I’d sell if I could get pretty close to what I paid for it in Aug-09. I’m not interested in dealing with it being on the market for a period of time and would only sell at a certain price.
Alternately, how would one advertise an open house if I were to FSBO and skip the realtor?
Given that I am only interested in selling/would sell at a certain price point, how would I go about finding out if I could actually sell at that price?
Can’t you do a ‘make me move price’ on zillow for free?
“Does anyone know a realtor that would be willing to list my condo for only a week including a weekend open house? I am not in immediate need to sell, but with condo prices being crazy with low inventory, I’d sell if I could get pretty close to what I paid for it in Aug-09. I’m not interested in dealing with it being on the market for a period of time and would only sell at a certain price.”
You could try a flat fee mls company. Dunno how much they charge (do report back!), have come across Berg properties. Don’t know anything about them except have seen their listings.
There are fsbo sites. Could try those though don’t know how much traffic they get.
Could try gary l. or one of hte other realtors here. GAry’s a creative guy, though he sounds pretty busy these days so whatev your reservation price is would need to be realistic. And you’d have to be serious about selling, probably deal w photos yourself, or otherwise compensate him for his time and expense.
Fred – I’d say that it is time to either get in the water or don’t get in but why waste a realtors time for a one week listing. That is purely stupid. Any realtor that takes that deal is an idiot unless you are at fire sale pricing and MUST sell it or be under contract at a massive discount within an week.
If you want top dollar then commit to at least a 90 day listing. That can give you a real true test to the viability of your price range. A decent realtor can also give expert guidance to what it is truly worth in todays market.
No outdoor space = not a real penthouse
To spend $500+ per square foot, then to have to finish it for $250 to $350 a square foot leaves you with a property that will require Jimmy Carter style inflation for you ever to break even on.
No thanks…..
“Does anyone know a realtor that would be willing to list my condo for only a week including a weekend open house?”
Redfin is also reasonable. But if you’re not serious about the price- I don’t know why you’d bother. If you can be competitive on the price- then it will likely go under contract within days (depending on location/amenities.) IF it’s in the GZ- your odds are pretty good.
Fred – put your place in the “Community Events” section of Craigslist. 🙂
Seriously though – with all the foreclosures that happened in this building, why would anyone with that kind of money to spend think of this as a good investment opportunity?