Forget Helmut Jahn: Live in Contemporaine at 201 W. Grand
If you go on certain of the Chicago Architecture Foundation’s walking tours, you might hear them mention Contemporaine, the concrete modern “masterpiece” at 201 W. Grand in River North.
Built in 2004, it only has 28 units (it was supposed to have more but owners combined units.)
We’ve chattered about a penthouse unit with its own Japanese garden before (which is still on the market.)
But this two bedroom plus den recently came on the market and I was struck by how similar in size it is to the three bedroom units in Helmut Jahn’s 600 N. Fairbanks.
It also has the similar modern style, with floor to ceiling windows and euro-style kitchen.
But this unit is priced less than the cheapest ’01’ tier unit we’ve been chattering about in 600 N. Fairbanks (Unit #1301 which is currently under contract).
Is this unit a steal?
Unit PH5: 2 bedrooms, 2 baths, den, 1791 square feet
- Sold in November 2004 for $766,500
- Currently listed for $749,000 (looks like parking is included- but I can’t tell for sure)
- Assessments of $831 a month
- Taxes of $11,081
- Sudler Sotheby’s has the listing (a virtual tour is on the website)
Thanks Sabrina! I love this building. I’m not clear on the parking situation either. The comments are confusing…
1 PARK INCL. $$ADDTL.
Nice unit. Unlike many sellers, they are not crazy in their profit expectations.
This is a gorgeous building by Ralph Johnson of Perkins + Will I especially love that the parking garage is as much of a showpiece as the upper structure. My only dissapointment would be that it is a bit harsh at the sidewalk, but then again so is the entrance to Sky Bridge (also by Johnson).
Here is a link to an article about it.
http://www.residentialarchitect.com/Industry-news.asp?sectionID=282&articleID=131902
Streeterville Realtor: I’m glad to hear I wasn’t the only one who was confused by the parking situation. Looks like it might be extra.
But even if it is- it is STILL listed for less than #1301 in 600 NF- and that’s before negotiating.
It does indeed look nice!
Really nice.
What do 1 bedroom’s in this building go for? This is a gorgeous unit.
Good Question John, I have NEVER seen a one bedroom for resale in this building. I looked at this building originally since I do like the modern esthetic. There was a smaller 2/2 for sale in the 600’s a while back (perhaps still on the market?)
Based on reading the MLS listing, i’m pretty sure one parking space is include, and an additional space is available for purchase as well.
here is was listing says: 1 PARK INCL. $$ADDTL.
Based on assessed values, there aren’t very many 1BR in this building. At a guess, units 503, 505, 603, 605, 703, and 705 are the only 1BR left. These 05 units are all assessed at about $35K and these 03s are at $50K.
01s are around $70K and 02s are about $80K. I can’t figure out the PH units, but this one (PH5) is assessed at $80K and is among the cheapest PH.
bubbleboi’s reading of the parking is plausible. There are 51 deeded spots in the building, about 1.5 per original unit.
To take a guess at John’s question: if the assessed values are actually measuring value (on some bizarre scale) then the smallest units (505, 605, 705) would probably be around half the price of this unit. Maybe around $350K.
Can someone explain how tax assessments work in Cook County? Or direct me to some reference? E.g., if I buy a property that for whatever reason has low property taxes relative to its selling price, will my property taxes go up soon after as a result of the higher selling price? I get the impression it is partly based on prices of surrounding properties. But how does that work in places where there is such diversity that one property may be worth 50 percent more than another even when they are next door to each other and are the same size? For condos, are the values solely based on other units in the same building? If not, how do you compare buildings that are so different?
The assessors explanation is here:
http://www.cookcountyassessor.com/data/newyear/firstpass.asp
The “View all details” link provides some more info, but not really enough.
2008 the SW part of the county (south of O’Hare) is reassessed.
2009 Chicago proper is reassessed.
2010 the northern part of the county is reassessed.
Assessments in Cook County are supposedly based on a percentage of market value as follows:
16% = single family, multifamily 6 or fewer units, commercial with apartments under 20,000 sf.
20% = multifamily over 6 units, commercial with apts over 20,000 sf
22% = vacant land
30% = not-for-profit
36% = industrial
38% = commercial (offices, stores, special uses, etc.)
A property is assessed every 3 years as of January 1. The county schedule is as follows
2006, 2009, 2012, etc = City of Chicago
2007, 2010, 2013, etc = Suburban Cook north of North Ave.
2008, 2011, 2014, etc = Suburban Cook south of North Ave.
Tax bills are in arrears for one year; for example a new assmt for Chicago dated 1/1/06 affects the bills to be paid in 2007-09. The assessment stays the same until the next assessment date, regardless of any sale price.
Technically, the assessor cannot consider a sale to be the only evidence of value. There are two methods for appeal, overvaluation and uniformity. Uniformity implies that similar props should have similar assmts regardless of market value. Uniformity also dictates that one can argue the “true” assessment level for a property based on the results of “sales ratio” studies. These studies indicate that Chicago is “really” assessed at 10% for residential (not the legislated 16%) and an appeal can be made on this basis (if your market value is less than 10% of the assmt.)
Residential props have been underassessed forever by Cook County, so there is rarely a case for appeal based on market value. Uniformity arguments can be successful. However, uniformity in condos is typically only allowed upon comparison to similar units in the same building; comparison to units in other bldgs is not as successful due to the obvious differences involved.
Many thanks, G, and Kevin. That’s the clearest explanation I’ve seen. Really appreciate your taking the time.
I love this building, but my wife hates the exposed concrete ceilings. Very nice unit.
I would buy it if I could afford it. Seems like a fair deal in a very cool building.
Very cool building and great unit. Are the ceiling’s as high as 600NF? I think this building is as nice as 600NF except you can’t be on as high a floor and get the views. Also, the location is not nearly as good as 600NF, you are an extra half mile away from the lake. Just my biased opinion,
D
Deacon – considering it being on the PH level I would safely assume that the ceiling height is at least 10′
Location is subjective. Many people would rather live in River North with the abundant nightlife/restaurant scene and then in Streeterville but obvously there’s pros and cons for both. Lastly, there’s really no reason to be on a high floor in this building as there are no tall towers around it. The east views of the skyline (Hancock, etc.) look pretty spectacular from the photos above.
Edit: there are some taller buidings around.
I’ve lived in this building since it was completed and love it. This is a great neighborhood – besides the nightlife/restaurant scene, the EL is close (at the Merchandise Mart), Michigan Ave is about 5 blocks east, the East Bank Club is a few blocks away, more and more cool shops are coming in, the bike path to the Loop is on Wells and it’s wonderfully quiet on the weekends. The minimalism of the apartments and the quality of the materials make for a beautiful space even if you have no furniture! The view from the lower floors are even more beautiful because you feel enveloped by the low buildings around you and the taller buildings in the distance. At night it’s spectacular and you really feel part of the city. (p.s. to Velasko who’s wife hates the exposed cement ceilings – tell her they are so perfect for this place; she will see that they become beautiful and ever-changing with the light – check it out!)
I saw this unit in person. The ceilings are no more than 9′ high, and the ceiling height in the kitchen is probably 8′ (and lower still by another 6″ in the hallway). It is a cool place, very modern, good layout. One parking space is included in the price, and a second one is available for purchase. The views are nice, but not spectacular. I dont think the current asking price is unreasonable as an asking price. Throw in the other parking spot and reduce the price another 30k – 50k and this would be a good, fair deal, although not a steal.