Full Floor Streeterville Penthouse Sells for Just $460,000: 247 E. Chestnut
We’ve chattered about this full floor 4-bedroom penthouse at 247 E. Chestnut several times over the last few years.
See our November 2012 chatter here.
It was bank owned.
The listing price has been all over the place from as high as almost a million dollars to as low as $500,000.
It finally sold with a price of just $460,000.
Some of you may also recognize it from 2010 publicity about an auction of the property (as it was owned by an Emmy award winning soap opera writer.) See that story here.
If you recall, at 4700 square feet, it was a full-floor unit with 360 degree views of the Lake and city.
The kitchen was described in the old listing as a “chef’s kitchen” with pear wood cabinetry, stainless steel appliances and granite counter tops.
It had central air and washer dryer in the unit.
Parking was rental in the building.
Yes, the assessments truly were $4152 a month.
Did someone get a deal?
William Murray at Century21 had the listing. You can still see the pictures here in this Youtube video (warning – music!)
Unit #2500: 4 bedrooms, 5 baths, 4700 square feet, full floor penthouse
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- Sold in August 1986 (but I couldn’t determine the price)
- Was listed in March 2011 as a “short sale” for $500,000
- Withdrawn
- Lis pendens foreclosure filed in July 2011
- Bank owned in November 2011
- Originally listed in June 2012 for $949,900
- Reduced within days
- Was listed in June 2012 at $899,900
- Reduced
- Was listed in November 2012 at $799,900
- Sold in October 2013 for $460,000
- Assessments were $4152 a month (they were $4035 a month in March 2011) (includes heat, air conditioning, gas, doorman, cable)
- Taxes now $17913 (they were $16,636 in June 2012 and $13,032 in 2011)
- Central Air
- 6×9 laundry room
- Rental Parking available
- Bedroom #1: 16×21
- Bedroom #2: 16×22
- Bedroom #3: 12×20
- Bedroom #4: 12×17
- Media room: 12×24
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Although the city is broke, would the buyer be able to get his taxes adjusted so they are proportionate to the buying price? I would love to see some before-after photos to see what the new owners do with that much space.
One of those places I wouldn’t take for free based on taxes and assessments.
The price of this unit almost irrelevant. With assessments that high, its practically a rental. Tack another $1000 onto them and you’d have to pay someone to take this place.
If you can afford the $5600 monthly (assessments + taxes), you basically got the place for nothing.
Unit probably need $500k in renovations to make it livable which would take 4-6 months of paying assessments and taxes.
Assessments are probably double what other 4k sq ft places run. And taxes about in line.
I would say this place was fairly to slightly cheap, but not a bargain.
It’s a lot of space in a desirable location. build a couple of 1000 square foot 2bedrooms. rent those for 2500/mo. live in rest of space for mortgage. a headache yes but for the right person doesnt seem like a bad endeavor.