Does Paint Matter? 130 N. Garland in the Loop
It has long been known that certain paint colors can be a turn-off to buyers or that “staging” a property likely brings about a quicker (and sometimes higher-priced) sale.
How else to explain the difference in the asking prices of these two units in The Heritage, at 130 N. Garland, in the Loop?
Yes, one is 7 floors higher in the building, but when you’re 40 stories up, is that such a big deal?
Unit #4702, which is priced nearly $100k more than Unit #4002, looks to be professionally decorated and has built-in wall units.
Here’s the listing:
New price! $100K reduction! Exquisite designer apartment. Luxury upgrades: tray-ceilinged foyer, Italian granite counters, lacquered cabinets, diagonal hardwood floors, antique gold fixtures, California closets, fireplace in living room, silks, sunscreen shades, state-of-art electronics.
Private terrace. Laundry. Storage. Garage parking included. Elegant building with pool, sundeck, dog run. Steps to Milenium Park, lake.
Ro Lebedow at Koenig & Strey has the listing. See more pictures here.
Unit #4702: 3 bedrooms, 2 baths, 1653 square feet
- Sold in August 2005 for $811,000
- Was listed in October 2008 for $925,000
- Reduced
- Currently listed for $895,000 (parking included)
- Assessments of $740 a month
- Taxes of $10,393
Here’s the listing for Unit #4002:
Award-winning Heritage! Designer upgraded 3bd/2ba with stunning unobstructed city views from floor-to-ceil windows and private terrace. Cherry hardwood floors, gas fireplace, 9′ ceils.
Open gourmet kitchen with granite counter, cherry cabinets, stainless steel appliances, master suite with granite bathroom, double vanity, separate shower, with pool and walk-in closet. In-unit full size washer/dryer, abundant storage. Deeded parking $40,000. extra. Owner financing available. Available furnished.
Kimberly Gleeson at Koenig & Strey has the listing. See more pictures here.
Unit #4002: 3 bedrooms, 2 baths, 1700 square feet
- Sold in July 2005 for $700,500
- Currently listed for $749,999 (plus $40k for parking)
- Assessments of $631 a month
- Taxes of $9,490
A telescope in a unit the faces a bunch of other buildings is a bit creepy.
I used to live in this building. It has nice amenities, but the fact that the living area is basically the same as in the one bedrooms is a turn off for this size unit. Where is the entertainment space?
“state-of-art electronics”
This could well be a system that cost tens of thousands. Should they expect to get their $$ back? No, but it’s more than just decor, it’s fixtures. And the extra 7 floors is worth something, too; not $10k/floor, but something.
Also, the condo association seems to think that 4702 is 17% “better” than 4002, too, as reflected in the assessments. Indeed, there should (I know, not really) be more of a difference in the prices of the units, based on the relative assessments.
“A telescope in a unit the faces a bunch of other buildings is a bit creepy.”
I’ve worked with several people who keep them in their offices.
Anon, the inclusion of parking in the list price might mean it is in the assmt amount as well. That might help explain the difference.
“the inclusion of parking in the list price might mean it is in the assmt amount as well.”
Thought of that after I posted. Probably true for the taxes as well. Dirty pool, if you ask me, to not specify taxes and assessment for the parking, too, if you list the parking separately. But what can you expect from real estate professionals, with their code of ethics, right?
You guys can have these two! I’ll take 5102 listed for $784K. It is upgraded with diaganol wood floors throughout all rooms, including the 3 bedrooms
“Diagonal wood floors” sounds like the next attempt at “granite countertops” or similar fads.
And agreed to stage a place with a telescope just wreaks of poor taste. The creepy impression it conveys of the seller might turn off more than one potential buyer. C’mon listing agent you’re paid to figure this stuff out.
Didn’t Adam Smith have something to say about trade associations and professional organizations?
G–yep, that they shouldn’t be allowed to police themselves. Applies as much to real estate as to doctors & lawyers, in my opinion.
Re: the telescope. I am amazed at how many people I know who have this. Upstanding, yuppie, professional types. The first time I saw it I was seriously skeeved out. But somehow, because “everybody does it” (what I was told by one) it is somehow ok. Next thing I guess we’ll see tastefully displayed porn in a wicker basket in the bathroom?
“Next thing I guess we’ll see tastefully displayed porn in a wicker basket in the bathroom?”
What, you don’t? With a selection of lubricants, too. But not a wicker basket–too, too country. It’s already the big thing with the in-crowd in NY, London and LA.
Okay, I skeeved myself out with that one.
I once went to see a house and the guy had pics of his wife naked all over the place. He even had a calendar of her made and the current month had a picture of her topless with those big caliber bullets strapped cross her chest. This was no minor house either. I am sure he got off completely with her over this it just couldn’t have been an accident. People are funny.
Ze:
I think I know someone who knows the guy. Northern ‘burbs somewhere? Or are there two of them?
Nah, this was out by DC. But that’s hilarious and somewhat not surprising.
BTW… Inadvertantly having left my internet main page to still show me Chicago weather… Ouch!!
Streeterville Realtor,
Once again you have knowledge of a unit that is even a better deal. And it isnt even your specialized location. You must have all of the listings memorized!
That’s up there with mudflap girl etched onto shower doors (as seen in West Rogers Park) – house shown with unflushed toilets too.
I lived in this building as a rentor (best option) for 2 years. Great amenities and common areas but the units are very boring vanilla. The units rarely have humidifiers (and those that do don’t work) so let me tell you about dry. Heat is electric radiators which buzz and snap all night, not to mention they can’t keep the place warm at all.
David Barton and Fox and Obel just bailed out on State, so there is no neighborhood to speak of. The same developer is doing the Legacy (ridiculous names) so there will be plenty of carnage for anyone who buys here and want to die of boredom.
Thanks Fairbanks! I do like the Heritage.
The Peninsula Hotel includes telescopes in north-facing suites; I guess you’ve to throw in something to amuse the upscale tourists.
Take a look at the history on unit 2410. Paint does make a big difference to most.
posted by paulj
“there is no neighborhood to speak of. The same developer is doing the Legacy (ridiculous names) so there will be plenty of carnage for anyone who buys here and want to die of boredom.”
You are a block from millennium park, 2 blocks from state street, and a 5 minute walk to river north/magnificent mile. If you die of boredom at that location then you need to think about moving somewhere other than a city.