We Love 3-Bedroom River North Penthouses With Huge Private Terraces for Under $800K: 600 N. Dearborn
This 3-bedroom duplex penthouse in The Farallon at 600 N. Dearborn in River North came on the market in November 2011.
Since then, it has been reduced $36,000 to $799,000.
The Northeast corner unit has 2500 square feet of living space plus 1325 square feet on the private terrace.
The listing says it has new hardwood floors, new appliances and is freshly painted.
The kitchen has cherry cabinets, what looks like granite counter tops and stainless steel appliances including a Sub-Zero refrigerator.
All of the bedrooms are on the main floor. It appears that just the family room is on the duplex up.
The unit comes with 2-car parking included but you can also purchase 2 more spots for just $50,000 which would give you rare 4 car parking in the middle of River North.
I couldn’t find a prior sales price. It’s possible that this is the first sale of this unit (that it’s still owned by the developer.)
For a penthouse unit in this location, is this a deal?
Leila Zammatta at Magellan Realty has the listing. See the pictures here.
Unit #2009: 3 bedrooms, 3 baths, 2500 square feet, 2 car parking
- I couldn’t find a prior sales price
- Originally listed in November 2011 for $835,000
- Reduced
- Currently listed at $799,000 (includes 2 car parking)
- Assessments of $1943 a month (includes heat, a/c, gas, doorman, cable)
- Taxes of $18,724
- Central Air
- Washer/Dryer in the unit
- 1325 square foot terrace
- Another 2 car parking is available for $50,000
- Bedroom #1: 15×12 (main floor)
- Bedroom #2: 13×13 (main floor)
- Bedroom #3: 11×12 (main floor)
- Family room: 18×16 (second floor)
Is there rental history on this one? Maybe it’s worth $800k, but no one who can and is willing to pay $3500 / month before the mortgage is going to be wowed by pictures like those. I guess that you get what you pay for with a realtor like this one – i.e. nothing, because this will never sell when marketed like this.
Are they selling an 800K terrace? There are more pictures of the outside than in, and the ones inside are not doing any favors. Don’t people follow up with their realtor on shit like this?
for 800K this place looks pretty blah, and that is one TINY kitchen. Never going to sell for 800.
This better be bank owned. If my realtor showed me my listing with those pictures I’d fire her on the spot.
“This better be bank owned.”
Pretty sure it’s still a developer unit; check the “agent’s” bio:
http://www.magellandevelopment.com/company/our-team/leila-zammatta
This place is (roughly) what I want to live in for the long haul, only located on or within two blocks of Lakeview Ave, LPW or North Ave (east of Clark). I’d really like a duplex 3 bed, with a family room (so that the living/dining area can be t.v. free), ideally the PH, in a full service building. For this unit, I would want to enclose at least half of that outdoor space (even a semi-enclosed space, for a play area, treadmill, pool table, etc., would make more sense).
“Pretty sure it’s still a developer unit; check the “agent’s” bio.”
I saw that, but it still doesn’t make sense to me. It certainly seems like there is equity participation. If you’re changing your own oil, don’t you still want to do a good job?
This is a ugly, dullard building with not a patch of grass around for more than 1/2 a mile (I think closest park is north of Chicago Ave across from Newberry Library, not close). The outdoor space has potential for some greenery.
Alot of times developers have residential brokerage subsidiaries, which are legally separate businesses from the development LLCs. So the developer not only (tries) to make a profit on building, but also earn all the sales brokerage fees, if the sales isn’t farmed out to a Baird & Warner, @prop, etc. So, maybe this Seller is using the same brokerage person/team that sold them the unit back in the day (idea being these brokers know the building the best)?
How is this building overall? I see there’s a short sale #1201 at 290K.
“I saw that, but it still doesn’t make sense to me.”
But she’s focused on lakeshore east.
Current title holder is an LLC with the Magellen GC as the registered agent. Entity purchased several units in the building.
There’s another trick these develop shysters would pull during the boom, when banks were lending and not so concerned about good underwriting: The developers needed a certain % of “presales” to get the construction loan, so they’d “sell” a bunch of units to the developer’s family, friends, employees, synagogue members, etc. to meet this requirement. Of course, the friends and family didn’t have to do anything other than sign a contract and put 5%-10% down. Sometimes even a $2000 deposit was accepted with a contract. Banks stupidly underwrote these contracts as legit towards the presales requirement. During the early boom, these contracts would close, and the friends, family, etc. would flip the units, never living in them. Later, they couldn’t flip because of deteriorating sales conditions, so they’d rent, at the end of the boom they wouldn’t even close. But the important thing is they signed the contracts, which enabled the developer to get the construction loan. At the very end, the banks stopped lending against these weak contracts, and started to require legit 20% cash down presales contracts as an underwriting requirement. Finally, the banks stopped lending no matter what.
“But she’s focused on lakeshore east.”
She’s focused on selling. Also, reading that site, in news to me, mario greco started his brokerage while practicing law full time. I think while at kirkland though I’d have thought they’d frown on that and the timing from bio is not completely clear. All you elite biglaw folk, better get busy.
http://chicagocondosonline.blogspot.com/2008/05/saluting-magellans-leila-zammatta.html
Used to live in this building. Great building, amazing location. Gyms small but servicable, staff is great, and the assesments are reasonable. The building was finished and sold out way before the bubble so it isnt some american invesco crap shack building with 30% foreclosures. Last three couples I know that purchased in the building were buying in-towns.
“Pretty sure it’s still a developer unit; check the “agent’s” bio:”
Hilarious. I was reading. Saw the United Airline comment and I immediately remembered her from ’96. She told me she was making 15k a yr at United and how I had to buy the building by Park Newberry, and that she had bought 2 units there. Took me up to see apartment and I think she brought her mom with her.
Happy, pleasant, high energy, positive person. Remember well. Good for her. Glad to see she has done so well.
I’ve always wanted my real estate agent to have been a drop-out from Western Illinois that sold cars for a year. I’ve found my match made in heaven!
My goodness dan could you make it anymore obvious?
“My goodness dan could you make it anymore obvious?”
Sabrina called him Dan sometime recently.
” mario greco started his brokerage while practicing law full time.”
I started my real estate business while performing surgery!!!
“I’ve always wanted my real estate agent to have been a drop-out from Western Illinois that sold cars for a year. I’ve found my match made in heaven!”
I don’t see the problem with it.
Do they serve frogs’ legs the rainforest cafe? I know there is all kinds of seafood available at the Shedd.
PS to my post above, I know all of this because I was asked to invest as a 50/50 JV partner in a condo tower deal, and at the time the developer had 20 contracts signed, that’s when it was revealed to us just who they were sold to. One guy had 10 of the 20 contracts and was planning on flipping them at the end. The bank was not going to be told that the contracts were signed with “friends, family, etc. etc.” or that the developer knew these people, unless asked. They were going to be presented to the bank for underwriting as arms-length contracts (although legally and technically they were)…but that’s how many presales % were hit.
PS again: “During the early boom, these contracts would close, and the friends, family, etc. would flip the units, never living in them.”
The sly and clever developers that did this stuff, loved these units, because their brokerage subsidiary would get another commission for selling the flip units for the “friends”. All this started to unravel as the developer still had unsold inventory as the doctor-friend from Highland Park, etc. wanted to sell his flip unit too! But still, in many cases the developers sales team got the listing for the flip units.
So, if it’s not clear, the developer’s sales co. would get two commissions, 1) the original sale to the family/friend, and then again 2) when the flipper listed and sold.
“I don’t see the problem with it.”
You are quite right, there isn’t a problem with that….but it IS a very different background than the picture of a very successful agent I had in mind.
Most people I picture having dropped out of Western after one year and selling cars wouldn’t have a clue about real estate, but I take back my comment because I sure have met many people by who I’ve been surprised by their backgrounds who are doing very well.
Goes to show you don’t need to be of “Clio” pedigree to do well. 🙂
Helmuthofer: You are quite the anti-Semite. …The developers needed a certain % of “presales” to get the construction loan, so they’d “sell” a bunch of units to the developer’s family, friends, employees, synagogue members…
The sly and clever developers that did this stuff, loved these units, because their brokerage subsidiary would get another commission for selling the flip units for the “friends”. All this started to unravel as the developer still had unsold inventory as the doctor-friend from Highland Park…
Sly and clever? Synagogue members? Doctor-friend from Highland Park? You really need to expand your social circle beyond your KKK buddies.
OK.. maybe this time it really is just the weed, but…
Helmut, all crazy eyed and wearing his Bismark hat, (played by the voice of Ray Romano) sitting on the couch with Dr. Katz, explaining how concerned he is because his relationship with his daughter has become estranged since she started dating a Jew.
It almost writes itself…
“You really need to expand your social circle beyond your KKK buddies.”
NO!! Watch the first episode of ‘Justified’, Season 1. They are much funnier when ya keep em together.
I’d live here just to spit on the morons going to eat at Rainforest Cafe!
“Helmuthofer: You are quite the anti-Semite. …The developers needed a certain % of “presales” to get the construction loan, so they’d “sell” a bunch of units to the developer’s family, friends, employees, synagogue members…
The sly and clever developers that did this stuff, loved these units, because their brokerage subsidiary would get another commission for selling the flip units for the “friends”. All this started to unravel as the developer still had unsold inventory as the doctor-friend from Highland Park…
Sly and clever? Synagogue members? Doctor-friend from Highland Park? You really need to expand your social circle beyond your KKK buddies.”
Bugs you are a CLASS A-1 idiot. Had I instead said Lake Forest, Chad & Trixie, nobody would be complaining. But the reality of this developer class, that’s gone boom/bust in Chicago, is Highland Park-esque, etc. not Lake Forest. Look at Corus Bank for the prime example. I really get sick and tired of people who cannot deal with reality. Losers.
This building was the first that set off the boom, actually. People waited in line the day the sales center opened in like 2000 (or maybe it was 1999.) It sold out in 24 hours.
The developer didn’t need to sell any of these units to family, friends or whomever else to get the loan (see the media articles about Trump doing quite a few pre-sales to “friends” at attractive prices.)
But it does appear that this unit may still be developer owned.
The Hardrock Cafe is on the other side of the building. Years ago, when the building first opened, some residents used to complain about the rock/pop music that was played outside the restaurant for hours. I don’t know if they still do that.
“My goodness dan could you make it anymore obvious?”
Yeah- it’s pretty easy to figure out. He tried to keep the crazy under wraps and was doing a good job of it until recently. (Because he WAS banned there for awhile.)
First and foremost..thank god the Red Lobster is gone! I can’t tell you how many time I would get into a cab and tell them the farallon…I was greeted with a blank stare…until I said you know…the Red Lobster building. The building did sell out quickly… however deliver came shortly after 9/11. People walked away from their deposuits left and right. It wasn’t as bad as Admiral’s Point..the other Magellan building at the time, but close. To my knowledge…that unit and the NW have never been lived in. The two South facing penthouses were early sales and finished nicely. The terraces on the south units had a lot more glass and a more open feel….the two on the north side of the building have a sliding patio door to bring light in. Leila has been Magellan’s chief sales person for the last decade. Whatever you want to say about her background..trust me is shrewder than the average realtor…but everything ends up being an under the table deal…so I don’t think the pictures are her biggest concern…there is alwasy more to the story. As far as the building…it ws really nice for its time, but it was early in the curve…so what would seem common during the boom years may be misisng in these units. It did stay more stable for a long while…but even those people have been dumping the last few years to take advantage of the deals in the big buildings that sprouted up all around it.
“I would get into a cab and tell them the farallon…I was greeted with a blank stare”
Really, you’d expect a cab driver to know that? Is it better now that the red lobster is gone? Do they know farallon, or chase bank?
“see the media articles about Trump doing quite a few pre-sales to “friends” at attractive prices”
… and then reneging on most of those contracts.
@DZ…you must not cab it much. I have lived in River North for 13 years….every cabby knows the buildings by name. Sadly (okay, not really all that sad…) , Red Lobster outlived me…so I couldn’t tell you what the average cabby knows, as most of them don’t have the longevity to remember the Red Lobster. I can tell you many of my neighbors still need the Red Lobster reference to cue their memory to which condo I am referring to.
“Really, you’d expect a cab driver to know that? Is it better now that the red lobster is gone? Do they know farallon, or chase bank?”
“I have lived in River North for 13 years….every cabby knows the buildings by name.”
You’re telling me that 90+ percent of drivers will know e.g. the fordham or pinnacle (or farallon for that matter)?
Sonies, do they know your building by name?
“Sonies, do they know your building by name?”
I thought Sonies lived in a building “named” for its address.
“I thought Sonies lived in a building “named” for its address.”
Sure you’re right. I’d thought Sonies lived in the silver but I see now it’s jsut that he’s close by.
Dammit icaraus, where’s that wiki?
I am telling you that I get in a cab every evening and tell them the name of the building I am heading to. It is absurdly rare that a cabby who regularly waits in the loop for fares wouldn’t know all of the nearby buildings. I would tell you 80% of the time it even works at O’Hare. I have always been an early adopter, and for example, when I first moved into the Pinnacle, the cabbies were less aware of it but all knew the Fordham. Mentioning South of the Fordham got a much faster response than 670 N Wabash…
“You’re telling me that 90+ percent of drivers will know e.g. the fordham or pinnacle (or farallon for that matter)?”
“It is absurdly rare that a cabby who regularly waits in the loop for fares wouldn’t know all of the nearby buildings.”
Fair enough, just surprises me. I used to get into a cab most evenings when it wasn’t really nice walking weather. Never tried saying the name of my apt building, partly b/c it was a stupid name.
Speaking of where sonies lives looks like there’s some distress in his building lately.
“when I first moved into the Pinnacle, the cabbies were less aware of it but all knew the Fordham. Mentioning South of the Fordham got a much faster response than 670 N Wabash…”
Then you’re stuck looking like a big-shot and you’ll have to tip more! GDR, nice posts about the Farrallon, it’s good to get some honest information from a local. It shouldn’t shock anyone that a local would use the terms: “shrewder than the average realtor”, “being an under the table deal”, and “there is alwasy more to the story”. yep.
Hey,
The real issues with these high rise buildings is their life cycle replacement planning and costs of aged building components.It’s not unusual for their to be special asessments for $5,000 or more if the association does not have a Capital Reserve Study in place or if they are underfunded. You are NOT just buying the nice carpet and new dishwasher. Has the concrete been repaired? Does the chiller meet environmental protocol for phasing out old refrigerants for the new environmentally friendly ones? Are the elevators 25 years old or older? 25 years is the statistical time when elevator controlls and cabs need replacing. Is the boiler more than 25 years old? When will it be replaced?Is the association involved in any expensive lawsuits?
The hardest thing to do is to convince some people that buying a condo or new house should involve more analysis than buy ing a pair of new shoes.
Helmuthofter, with comments like this:
But the reality of this developer class, that’s gone boom/bust in Chicago, is Highland Park-esque, etc. not Lake Forest. Look at Corus Bank for the prime example. I really get sick and tired of people who cannot deal with reality. Losers.
…you continue to use perjorative terms, clearly anti-Semitic and that are not fact-based. That makes you a racist, using an old and sad libel of an entire people. I am sick and tired of people who call “reality” a fiction of their own invention.
“Speaking of where sonies lives looks like there’s some distress in his building lately.”
No more than over the last 4 years, unless you are seeing something different? In fact I’d say its starting to stabilize, just nobody is selling now. You can’t do FHA loans in our building anymore due to rental rate, so that obviously hurts but there really haven’t been any of the “good” tier units being sold or even for sale so its hard to tell. yeah a 2/2 on the el tracks side is a pending short sale but other than that nothing crazy distressed. Assessments aren’t skyrocketing or anything due to people not paying (which there certainly are people not paying, mostly from studios)
and yes, I call BS since cabbies sometimes can’t even figure out where my building is, and its named after its address…
“…you continue to use perjorative terms. That makes you a racist, using an old and sad libel of an entire people.”
Crybaby! I can use the racist terms Chad & Trixie, and code words like “Big Ten grad” and “frat boy” as often as I like to “libel” an entire people. It happens all the time. (Heck I might even throw in a “redneck” or “hick from a midwestern state” for good measure too!) I’m sure you’re so offended when this occurs. You need to understand that “Highland Park-esque” is a distinct form in the mosaic that makes up Chicago’s diversity, every bit as unique as Chinatown is.
The only people I know in HP are Irish Catholic