First Foreclosure in The Palmolive Building: 159 E. Walton in the Gold Coast
We’ve chattered about a short sale in The Palmolive Building, at 159 E. Walton (or as the official records list it- 919 N. Michigan) in the Gold Coast before.
But just before the new year, the first foreclosure popped up in the building. It is NOT the same unit as the one that had been listed as a short sale.
I thought it might sell quickly so I put off posting about it but 2 weeks later it appears to still be available.
The 2-bedroom unit is a southwest corner unit and, from the pictures, appears to have the kitchen and bathrooms intact.
The kitchen has white modern cabinets and stainless steel appliances.
It looks like there are hardwood floors throughout.
The unit is listed for $419,000 under the 2006 purchase price.
Is this a deal for the location?
Mariola Buchowska at Red Zone Realty Group has the listing. See the pictures here.
Unit #14F: 2 bedrooms, 2.5 baths, no square footage listed
- Sold in September 2006 for $1.464 million
- Lis pendens filed in March 2009
- Bank owned in November 2010
- Originally listed in December 2010 for $1.045 million
- Currently still listed at $1.045 million
- Assessments of $1,785 a month (includes the doorman)
- Taxes of $21,666
- Central Air
- Washer/Dryer in the unit
- Parking available in the building
- Bedroom #1: 15×13
- Bedroom #2: 16×12
Palmolive might be in some trouble…
if one can buy this
http://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-6302/home/14119085
or this
http://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-7208/home/14118872
nearby in the Hancock for a similar/less price, then i can’t see how in God’s green Earth you’re gonna get $1MM for that place with no views and higher assessments.
p.s. there’s a 2bed/2bath on the 80th floor that is not listed “under contract” for $400K asking price in the Hancock.
anyone have the history on this one?
http://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-8008/home/14118864
seems a bit low?
It is a tremendous opp. to get a 2350 sq ft unit in the best condo building in the city. It is the best run and most prestigious condo building (not including coops) in Chicago
Clio – what is the chatter in the building? I know they are abuzz here…
For that money and that area, I’d rather be in the Park Hyatt (this is my personal preference)
so what exactly makes this place worth a million bucks + ridiculous assessments + ridiculous taxes?
a fancy kitchen and walton st. address?
what a dump and talk about the worst listing photos I have seen in a while
Hey clio what impact would this have on the valuation of your unit at the Palmolive?
Yuck. For $1 million with $1,700/mo assessments, I think there are better 2 bedroom options out there.
Photos are typically bad, but at least they show natural light.
Picture 3 makes that hallway look like it’s straight out of The Shining.
also 2350 sqft? LOL YEA RIGHT!
2350 SF?
sure doesn’t look that big from the pics.
unless the room dimensions are off in the listing i don’t see how that’s possible.
The 2 empty champagne glasses on the kitchen island in a foreclosure listing is a little, well, [fill in the blank].
Nice BlackBerry Photos…
To be fair, the palmolive is easily in the top 5 buildings in the city as far as prestige goes. It’s not your standard luxury condo building like 600n fairbanks, 600LSD, etc. 2350 square feet for 1 mil is a very very fair price for this unit. Yeah, you can get bigger spaces ( probably pull off 3k square feet in a lot of downtown buildings) for 1 mil, but doubtful that they will have the name/location/finishes of the palmolive. As far as the park hyatt goes, I’d say location / prestige / finish wise the two buildings are good comps for one another, and the standard 2k square foot units sell for the 1-1.3 mil ballpark in the park hyatt as well. Big assessments are expected with million+ units in high end buildings.
as a side note, the staging and photos are awful…makes the place look terrible. I’ve been inside this floorplan in another unit and it is decently spacious..the paint and crappy pics make this look terrible though.
Riz: Would you list your top 5?
I like the more modern feel of the Park Hyatt. I also prefer the views if I am in a high-rise.
—
Yes – from a prestige factor, palmolive is above 600 n. fairbanks, 600 LSD, etc.
From a value for your money – that’s a different thing.
—
I’m not so sure about the listed sq. ft. (or usable sq. ft) for this unit in the Palmolive, but admittedly have not walked the unit as I really have no interest in it.
A quick search for two beds on Redfin ($1 – $1.25 million) in the GC yields numerous vastly superior options over this place. Yes, the Palmolive is prestigious, but several other better options are simply eating away at that prestige.
Let’s take a vote: If you had to purchase and live in a place in the GC (or the Palmolive’s hood) for $1 – 1.25 million, would it be this unit?
The square footage is 2350 but probably “feels” more like 2000-2100. Let’s not get into a debate on square footage again…
The building is super deluxe with 2 full time doorman, a building manager that replies to your emails within minutes, etc. They routinely put your groceries away, change all of your lightbulbs etc.
The lobby, hallways and amenities are cleaned multiple times daily and are GORGEOUS
My client who bought in the building simply gives the valet a calendar with the times he wants his car, and they always have it ready. If he requests, the valet goes to Lavazza so there is a warm latte in the cupholder when he enters the car!
Park Hyatt, 800 N Michigan = views
Palmolive = elegance and grace
You need to spend at least 5 million + to get a view in the Palmolive
Check out 32 A on the market for 6.6 million
Compared to the prices other units in the building have sold for, this is probably a good deal. That is, if you want to waste your money living downtown on assessments and taxes. $3600 a month before the mortgage.
As mentioned previously by multiple people… I can confirm that the pictures are indeed awful. While Illinois is revamping their licensing for R/E agents and brokers, I wish they would add some basic photography skills to the curriculum. It’s really too bad because I’m sure this unit is much nicer then the pictures lead you to believe.
I think I saw 32A featured on the WSJ a while back. Wow.
How does a broker like this even land a million dollar listing? Doesn’t it at least merit spending a few hundrew bucks on professional pictures?
Yes Park Hyatt is new construction (late 90’s) has views and is more modern (depends on owner’s finishes).
Palmolive is a historic building, 1929. The units all have solid Mahogany doors, triple crown art deco moldings, 24 in base boards, etc,
and yes, If I had the money, I would buy this unit. It’s priced around 450/sq ft which is a tremendous deal in the building. There were about 9-10 resales in 2010 and the price per square foot avg. more like 650+
“The building is super deluxe with 2 full time doorman, a building manager that replies to your emails within minutes, etc. They routinely put your groceries away, change all of your lightbulbs etc.”
thats f-ing retarded and I should start a business so people could pay me 1700 a month to change their lightbulbs and put their groceries away… i’ll even throw in some LED lightbulbs so I won’t have to bother you much
I mean seriously, is there some sort of prestige in not changing your own light bulbs? Like owning slaves or something? I just don’t get it, and i’d rather spend that 1700 a month on nice dinners 3 days a week and change my own lightbulbs and take out my own trash
Chichow- my top 5, for various reasons are as follows:
1. Elysian – can’t help it. love the units in this building.
2. Palmolive
3. Park Hyatt
* beyond top 3 I think there are many great options, it’s personal preference *
4. 1550 N. State Parkway
5. Trump ( I know it’s douchey. I know. But the building is beautiful, the units are beautiful, the views are beautiful. Wouldn’t buy here but I appreciate it as a building )
I agree with above posters that the Park Hyatt has a more modern touch while the Palmolive is a bit more elegant. I’d go for palmolive over park hyatt as I feel like the look of the unit/building is a bit more timeless.
david’s spot on – for the price this is a very good unit. Someone will get a decent deal here.
810 for a 2/2.5 on a lower floor. http://www.redfin.com/IL/Chicago/159-E-Walton-Pl-60611/unit-8E/home/28925110
Not foreclosed and looks like what one might exopect from the palmolive.
“I mean seriously, is there some sort of prestige in not changing your own light bulbs? Like owning slaves or something? I just don’t get it, and i’d rather spend that 1700 a month on nice dinners 3 days a week and change my own lightbulbs and take out my own trash”
Yeah , as would most people. But that’s not the feeling amongst most people who buy these types of units. if you’re rich enough, you’re not worrying about 1200 vs 1700 bucks in assessments, it really isn’t that much money if you’re rolling in it enough to spend 1 mil+ on a intown residence. Also you can probably afford the nice dinners every day of the weak, pay someone to take out your trash, clean your condo, and still have plenty of money in the bank.
roscoe, that unit is ~ 550 square feet smaller , and a few floors down, that impacts resale quite a bit. 800 is a decent price with those factors measured in.
yeah good point… I guess i’ll never understand the mentality of the FU rich
You can ask Clio. The 1800 sq ft 2/2 is sig. smaller but the price is spot on.
A 1565 sq ft 2/2.5 sold in 2010 for around 800K including parking
The Palmolive is not for everyone as Clio can attest to.
But if you like attentive staff and you like a beautiful elegant quiet building on Walton, then the Palmolive
I’m done harping on it, but unless you’ve been in the building and the units, it’s hard to understand the elegance and grandeur of the building
Missed the Sq foot diff. thx!
didnt clio say it kind of sucks and wishes he’d stayed at the drake
I’m am literally on the edge of my seat awaiting Clio’s arrival (or as Clio would say, “Clio’s arrival!!”).
I hope this isnt Clio’s place!
BTW … as Clio would attest, the Palmolive is more hype than anything. Way better options in the area with views and great service buildings like water tower, bloomingdale’s, one mag mile.
“I hope this isnt Clio’s place!”
The one in the post isn’t, maybe the other one, with its views of the Westin.
If only it were the one with the zebra print bench in the hall. That would be awesome.
“The one in the post isn’t, maybe the other one, with its views of the Westin.”
ss, come on man you can’t compare water tower to the palmolive. one mag mile, maybe..and spiaggia is a great restaurant..but still. class wise no comparison in my opinion.
Riz … the units in those buildings would need significant renovations, but the service is great and the views cannot be duplicated.
SS,
Have you been in both buildings? I have and you CANNOT compare them.
One Mag Mile, 950 N Michigan, has lovely sized units and views but the hallways, lobby, elevators and virtually every unit needs to be gutted.
Good luck with the specials once they decide to upgrade the 1980’s decor
Clio doesn’t like the Palmolive (even though he pays almost nothing in prop. taxes due to the 8 yr historic freeze) because of his attitude/personality. There are billionaires in the Palmolive and probably find him rude and annyoing
I have been in all of them. I agree that there will be specials. But I think it is just simply stupid to buy a condo in the GC for 1MM plus without a view of the water. The buildings I mention have the unit sizes that are like palmolive. They have great service staff. And more importantly, you can update your unit the way you want. Just my opinion.
FWIW, Booth Hansen designed both the interiors of the Palmolive and 900 N Michigan.
To each his own. Some people are view people and some people sacrifice view for prestige and finishes that are elegant and timeless.
And who doesn’t want to live in a building with a brilliant Beacon on top!
I just ran across this :
http://www.bairdwarner.com/real-estate/il/chicago/07455523.cfm
can you imagine how much price slashing this dude has to do to be competitive??!
I agree with many of the comments that the Palmolive building has some of the nicest finishes that I have seen in Chicago. The building is first class by all measures. It’s an intimate building for the discriminating buyer. I have to chuckle at all of the comments and gasps regarding assessments and taxes. The “typical” buyer at Palmolive are not “clipping coupons” and “coloring their own hair”. Many if not most are very wealthy and many have multiple homes/condos of similar stature around the world. Comparisons of Palmolive to 600 Fairbanks is ridiculus. Fairbanks has approximately 115 1/1 bedroom units, of which 50%+ are rental! Although nice, the building is not in the same caliber as the Palmolive.
“didnt clio say it kind of sucks and wishes he’d stayed at the drake?”
I can’t believe I had to join this discussion late.
I am sorry but I really don’t see the appeal of the Palmolive AT ALL. The outside of the building is really cool, and the construction is top quality, but that is where it stops.
I think the pictures are truly reflective of the types of condos that are available. The long hallway picture is spot on as are the smallish sized rooms and very odd layouts. This is not apparent until you try to fit normal furniture into the rooms – seriously look at the pictures of the units that are for sale – very cluttered and odd looking. Also, the furniture that DOES fit is not conducive to a very comfortable lifestyle (ie, everything has to be in its place to make it look presentable – and even then it looks odd)….. and don’t even get me started on lack of an outdoor space and the awful views.
I don’t know any of my neighbors other than a friendly “hello” here and there and the staff, while very professional, are creepily aware of everyone’s comings and goings. I hope they keep what they see to themselves – but you never know….
All told, this is the biggest rip off in the city. I wonder why so many people consider this a prestigious building. Please, tell me.
I would take the smallest dingiest unit in the Drake over almost any unit in this building ANY DAY!!!!!
Riz,
You can’t even imagine the upgrades and expenses the owner of the unit you referenced has probably put into decorating/upgrading. I am talking 6 figure upgrades and decorating. The 2 units cannot be compared. The unit you referenced is probably worth what they are asking….
@David:
To each his own.
regarding Palmolive and $$$ and unit 32A
http://www.redfin.com/IL/Chicago/159-E-Walton-Pl-60611/unit-32A/home/12593128
I’d rather take Jamie’s place.
http://blogs.wsj.com/deals/2010/09/22/want-to-buy-jamie-dimons-chicago-mansion-too-late/
this is of course moot as its significantly more than my spend
oh slideshow of Jamie’s place just for comparison
http://online.wsj.com/article/SB10001424052748703294904575385000979653756.html
“There are billionaires in the Palmolive and probably find him rude and annyoing”
Oh, really?!!! Really?!!
“There are billionaires in the Palmolive and probably find him rude and annyoing”
..i wasn’t finished:
In my experience:
The Palmolive = nouveau riche, under-educated (for income level) wannabes
The Drake = classy old money, worldly, educated and extremely respectable pillars of society.
I’d rather be with nouveau riche than old money. Why do I give a shit if some kid inherited a ton of money and had time to get 3 master degrees because his parents were picking up the tab and he did not need to worry about making his own money.
I’ll take the hustler who made it on his own and didn’t have time to waste.
One last post before i’m out for the night –
Chichow, that’s a beautiful mansion. I live in a condo building almost directly next door, i marvel at that place every time i walk by. i believe mr. dimon sold it recently though as there seem to be new neighbors.
Clio – good point. I remember a while back there was also a similar sized place in the palmolive with a clive – something or other kitchen that was in the 2 mil range. But to be honest, the decorations in the 2 mil place are pretty fug in my opinion. I like the Drake a lot too, one of my attendings has a place there and it is gorgeous. I’m surprised you have such distaste for your building, i always liked it. plus, vince vaughn is your neighbor..that’s a plus, right? ( joking)
– also, i’ll second sean that i’d rather be with new money than old money. i live on an old money block and it’s a bit too snooty at times.
sean,
I really have to disagree. Most people who have just acquired money are the ones who are obnoxious and overly gratuitous. People with old money behave much better, are low-key (for the most part) and understand the appropriate actions to take in many different situations (ie, drunks bothering you at dinner, obnoxious language in a public place etc.). They are trained from childhood on proper behavior and situational etiquette. In addition, they are more confident and secure with themselves because they don’t have to “prove themselves”.
Old money is quiet because it’s not self-made, it’s slowly dwindling, and the old money knows it’s being outperformed by new money. Old money is not quiet because of manners, it’s quiet because it’s timid!
clio old money is paris hilton.
Dan – wtf? I hope you are joking. This is definitely not the case and most of the “old money” people have enough that they are not that worried about “outperforming” new money.
HD – true, but a very rare and unusual example. Nicky hilton is also old money and probably more like typical.
Foreclosures affecting even million dollar properties in the Palmolive?
You’re soaking in it!
what billionaires? not oprah, zell, or k griffen. though they’d be neighbors.
the only notable person I regularly see around here is stedman.
Hahahahaha!! So you are paying to live next to the rich and…..a-holes!
People need to take their heads out of their butts and realize we don’t live in New York City. There are still PLENTY of great places to grab at this price and you get WAY more.
So the building has a doorman that responds quickly, you could save money and learn how to change your own light bulb….& might actualy be good for you when you eventually foreclose on the place & move back in with your parents.
I have been in this unit a couple of times, and I do not see how this place is worth anywhere near $1m.
There are more hallways than living space in this place. The masterbath is down a narrow hallway from the masterbedroom. Both the masterbedroom and 2nd bedroom and very small.
There are ONLY 2 views in this unit. The first is looking directly into the offices at the Bloomingdales building (living/dining room, 2nd bedroom) The second is looking directly into the Westin (masterbed, kitchen).
It is also very clear that this building was once an office dbuilding. This unit is at the end of a hallway 200ft long, it feels like walking down a bowling ally.
The lobby is no where near the doorman. And the doorstaff and to say the least pretentious. My guess is they are wonderful to the owners, but treat everyone else like lower class.
On the plus side is the level of detail, fit and finish of this unit. Only to find the ENTIRE unit painted blue INCLUDING base molding and trim molding!!!! Yuck.
The kitchen had Poliform cabnets with a few expensive wood incerts. But the countertops and backsplash were cheap contractor grade granite. The Masterbath is what you would expect at this price point, tastefull and not over done.
The wood floors were REAL wood floors and well done.
I have been in the building many time and I still do not see the attraction of the building. My guess is that once you are up high enough and have some views, this building becomes more attractive, however from what I see that price point seems to be $1000/ft. And at $1000/ft I can live anywhere I want!
Reinzi,
couldn’t agree more – thank God someone sees thins my way!!
Clio,
Dump your unit and move. So, you’ll take a loss…big deal.
I’m signing off on this debate. I have clients in the Palmolive (sold them the units) and they are love living there. They love the location, staff, and their units. The aren’t view people. Many of them lived in buildings such as 600 N Fairbanks and 250 Pearson and moved b/c they couldn’t deal with the renters and party types that live there.
I agree that the building is mostly people with 2nd/3rd homes. Out of the 98 units, probably 1/2 are occupied full time.
I’m actually off to Mexico and Ecuador with one of my Palmolive clients next month to scout properties!
Signing out!
“So, you’ll take a loss…big deal.”
Uhhhh – it is a big deal. Taking a 300k loss is not only a psychological big deal but a HUGE financial loss also (ie, I had to make 500k in salary for that 300k). In addition, I still need an in-town so it really doesn’t make any sense. I will just have to suffer through this period and sell when the market gets better (which, I believe will start happening in 2012-2013).
“Lis pendens filed in March 2009
Bank owned in November 2010”
Does this mean it took 18 months to kick these squatters out of this unit?
If that’s the case were not hitting the market bottom anytime soon.
OK,good point Clio. I agree with you 90% of the time so I didn’t mean to offend. You bring a lot of good facts and attitude to Cribchatter.
The building isn’t for everyone.
On a different note, interesting closings yesterday.
07609757 CLSD 401 N Wabash Ave 83E 8008 $810,000 3 1 1.1
07705925 CLSD 950 N Michigan Ave 4303 8008 $1,300,000 6 3 3.1
07512431 CLSD 800 N Michigan Ave 5003 8008 $1,425,000 5 2 2.1
“Uhhhh – it is a big deal. Taking a 300k loss is not only a psychological big deal but a HUGE financial loss also (ie, I had to make 500k in salary for that 300k). In addition, I still need an in-town so it really doesn’t make any sense.”
It’s only a psychological big deal if you let it be a psychological big deal. And if it’s not a psychological big deal, who cares about the financial loss. Besides, you could buy a much more expensive place, think about how much cheaper those are now, and how nicer those places are. You will be so happy!!
I’m not following the logic here….
“It’s only a psychological big deal if you let it be a psychological big deal. And if it’s not a psychological big deal, who cares about the financial loss. Besides, you could buy a much more expensive place, think about how much cheaper those are now, and how nicer those places are. You will be so happy!!”
Why is losing money and then spending more on an expensive place going to make anyone happy???
dd – I don’t follow the logic either….
““Lis pendens filed in March 2009
Bank owned in November 2010?
Does this mean it took 18 months to kick these squatters out of this unit?
If that’s the case were not hitting the market bottom anytime soon.”
No it means it took at least 18 months from the start of delinquency to kick them out, assuming the bank acted expeditiously every step of the way (unlikely).
Just think of all the delinquent loans out there the banks aren’t even sending notices of default on? There are millions of these out there and called “the shadow inventory”.
““Lis pendens filed in March 2009
Bank owned in November 2010?
Does this mean it took 18 months to kick these squatters out of this unit?
If that’s the case were not hitting the market bottom anytime soon.”
In Cook County, it is averaging 13 months right now (from when the lis pendens was filed to the bank owning it.)- or so says the Cook County Clerk.
So obviously some are taking longer than that and some are much shorter.
On a side note, the owner of this property appears to own another condo in the Palm which means probably another foreclosure coming here? No way this is a top five building in Chicago. One short sale and 2 foreclosures. Looks like a sloop building. Sad.
ss – there were a lot of speculative investors who bought in this building when the building was first renovated. A surprising number of realtors bought units pre-construction/in-construction hoping to flip. I think these are the units/people that are struggling. I don’t know how many of these types of units there are, and it IS scary, but I don’t worry about this building turning into
Clio … your thoughts on this … I agree the construction is first rate. But as you know finishes age and styles changes over time. With most of the lower floors with no views, do you see over time this building losing significant demand as potential buyers would have to remodel and have no views. I see the Park Hyatt (10 Yrs old) continues to maintain demand and prices even though the units are remodeled. I guess I am saying that timelessness in the GC is dependent mostly on views and the service of the building and not the finishes/craftsmanship that would need to be changed within 10 yrs.
@dd @clio:
DZ is teasing clio.
Previously Clio had mentioned that decisions are not all financial, but also psychological. And so what if you had lost money on your current transaction if you are getting into a nicer place at a lower cost
(I don’t necessarily agree with the above line of thinking)
and so DZ is pointing out a possible flip flopping of your thought process
Its all pyschological … Martha Stewart, a billionaire, ended up in jail because she didnt want to lose 50K in stock loss!
chichow –
when I said that, I was referring to people to HAVE to move (in order to make them feel better about it). However, if you don’t HAVE to move, the smart thing would be to stay put.
What about The Pinnacle? Would that building be a contender for Top 5 or maybe 10?
Based the noted closings above and that the 600 n. fairbanks penthouse just sold for 2.5 million or $835 per sf., it looks like the upper end is back baby! As HD says buy now or be priced out forever!
lisalep –
i totally forgot about the pinnacle. One of my best friends lives there with his family, it’s a gorgeous building, the units are great too. I love how their dining room is a big circle with views of the lake.
Under contract (of course)…..
“Under contract (of course)…..”
They reduced this again before it finally went under contract and it has taken nearly 2 months to go under contract. It is now listed at $999,900.
So I’m not sure about the “of course” comment. Sure- it’s eventually going to sell. If you price it right- it will sell. This is listed over 30% under the prior price. Someone is probably getting it for 40% off its 2006 price.
Where can I see photos of this unit?
So it went under contract in Feb 2011? Did it ever close?
or does “under contract (of course)…” mean anything at all?