Fulton Market 3-Bedroom Million Dollar Penthouse Reduces to $899,000: 740 W. Fulton
This 3-bedroom penthouse in 740 Fulton at 740 W. Fulton in the Fulton Market came on the market in July 2019.
740 Fulton is a 14 story building built in 2007 with 132 units and a parking garage. It has a doorman.
We chattered about it in July when it was listed at $1 million, a reflection of the “hot” neighborhood.
See our chatter here.
The building is one of the few at the entrance to the hot Fulton Market neighborhood so shops, restaurants and the hottest hotels are just steps away.
New commercial buildings continue to get built in the Fulton Market corridor, which will bring in thousands of more workers.
If you remember, this penthouse has 180 degree east facing skyline forever views (you can see both day and night pictures in the listing) which includes the Willis Tower.
The listing calls this unit a “loft” as it has 19 foot ceilings and exposed ductwork but it’s not an authentic loft unit.
It’s what was commonly called “soft lofts” that were built during the housing bubble years after most of the viable authentic lofts buildings were converted into residences but loft living remained hot.
2 out of the 3 bedrooms are fully enclosed with 2 of them being en suite.
The master suite has a spa bath with stone tile and dual vanity.
The kitchen has 42? dark wood cabinets, stainless steel appliances, 1.25? granite counter tops and a custom tile backsplash (which is hard to see in the photos).
It has cherry hardwood floors, zoned HVAC, automatic shades and Savant surround sound.
The unit has a 240 square foot covered terrace.
It has central air, a side-by-side washer/dryer and 2 parking spaces available for $35,000 each.
The listing says its in Skinner elementary.
The neighborhood has completely transformed itself from the time of the last sale in 2011.
It sold for $590,000 during the housing bust and came on the market for $1 million.
It has now been reduced to $899,000.
Is the Fulton Market/West Loop market cooling or is it just not quite yet a $1 million penthouse neighborhood?
Paul Ragi at @Properties has the listing. See the pictures and floor plan here.
Unit #1403: 3 bedrooms, 2.5 baths, 2100 square feet, penthouse
- Sold in September 2007 for $762,000 (included 1 car garage parking)
- Sold in April 2011 for $590,000 (include 1 car garage parking)
- Originally listed in July 2019 at $1 million (2 car garage parking extra at $45,000 – not sure if that’s each space or 2 for that amount)
- Reduced
- Currently listed at $899,000 (with 2 car parking available for $35,000 each)
- Assessments of $1157 a month (includes parking, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $16,844
- Central air
- Washer/dryer in the unit
- Gas fireplace
- Bedroom #1: 17×13
- Bedroom #2: 17×13
- Bedroom #3: 14×11
- Living room: 26×23
- Laundry room: 7×11
- Walk-in-closet: 9×8
- Terrace: 10×26
Sorry, but when the third “bedroom” doesn’t have access to a shower without having to go through another bedroom first, it’s not a bedroom but a den/office.
Wait. I just spent 5 minutes trying to figure out how you get into bedroom #2 without going out onto the terrace… I still can’t figure it out! Oh wait, I now see a door directly next to the kitchen in one of the photos. Well done on the floor plan (not)!
Anyone who is looking at a place like this should consider that it would suck for entertaining. The walk-in closet is bigger than the “eat in” kitchen.
nearly a million bucks to live in an outdated oddly laid out condo overlooking the Kennedy
hard pass
A little off subject, but is anyone here familiar with 5415 N. Sheridan? I looked at a 2-BR for $300,000 on a high floor over the weekend. Probably over-priced, but… the neighborhood seems to really be improving. What about the building itself? Feels like a while since Sabrina posted a unit there.
pricing seems a little less absurd but the unit still has all the same problems we chatted about in July and above. Not paying this for constant highway noise and dated and unoriginal finishes. Just No. Take another hundo off and this sells but given proximity to west loop, someone may even bite at this price point. I would be patient – – the market is slowing and you can do better than this if you have this kind of money burning a hole in your pocket.
Meant dated and unsophisticated but dated and unoriginal also applies.
@Dan #2 – – based on recent sales in that building, the unit you looked at is over priced.
Think everyone has already pointed out the highway noise and odd layout.
I think the only thing this place has going for it is it’s basically smack dab in the middle of Fulton market, near north, and river west, so pretty great location.
All that being aside…would make a lot more since with a price in the 7xx range.
Given that one of the ‘bedrooms’ is not really a bedroom, and the fact that buyers at this price point would have to gut the kitchen entirely…700-725 with parking spot included is realistic , if that.
April 2011 price was good.
“April 2011 price was good.”
Better than decent case for it being back to ’07 price, plus the extra parking spot. That is: $799k. But Seller looks at the pricing all around the neighborhood and isn’t exactly wrong. Would have been much better off starting at $999 including at least one parking spot, instead of 1% more and excluding it.
“A little off subject, but is anyone here familiar with 5415 N. Sheridan? I looked at a 2-BR for $300,000 on a high floor over the weekend. Probably over-priced, but… the neighborhood seems to really be improving. What about the building itself? Feels like a while since Sabrina posted a unit there.”
Dan #2: No in-unit washer/dryer kills that building for me. Unless they’ve decided to allow it now?
Edgewater has been improving for years though. Lots of opportunity there but not much is cheap anymore.
Thanks, Sabrina. We love the neighborhood and building and lack of W/D doesn’t bother us because this is a weekend place- we’d be keeping our home. I wonder what the fair price for a high-floor 2Br that’s nicely updated might be in that building. I’m thinking $250,000?
“I wonder what the fair price for a high-floor 2Br that’s nicely updated might be in that building. I’m thinking $250,000?”
Have you looked at the comps and what is selling?
Also given the age of the building you should look closely at the reserves and whether or not windows/elevator/roof/hallways and any structural issues are going to be addressed in the next few years.
Mark Giangreco used to live in this building. I think in a west facing penthouse unit. Back in 2012/2013 when they were moving we bought outdoor furniture from his wife off craigslist. When we arrived at the door he answered and said, “Hi, I’m Mike” and we wanted to say, “Yes, we know!” I think they were selling the furniture as they were moving and wouldn’t have as big a balcony.
To Sabrina’s point about the windows on the building that Dan #2 asked about – – replacements seem to have been made ad hoc which is a devalue in my mind. Look closely at the pictures – – windows might all be the same size but have varying numbers of panes and this doesn’t seem to be a design feature, but rather reflective of haphazard replacement.