Get an “Original Condition” Bank Owned 2/2 in the Water Tower for Under $570K: 180 E. Pearson in the Gold Coast
This 2-bedroom on the 48th floor in the Water Tower Residences at 180 E. Pearson in the Gold Coast recently came on the market.
It is bank owned.
Listed at $570,000, it is the cheapest unit on the market in the building.
The listing says it is in “original condition” (the building was built in 1975) and that the unit “needs updating.”
There are only a few pictures of the actual unit.
The listing also says it has north views of the shoreline.
Is a buyer getting a deal at this price, even if the entire unit needs to be renovated?
Jadranka Signoretto at Atlas Realty has the listing. See the pictures here.
Unit #4803: 2 bedrooms, 2 baths, no square footage listed
- Last sold before 1987 (original buyer in 1975???)
- Lis pendens foreclosure filed in February 2011
- Bank owned in December 2011
- Currently listed at $570,000
- Assessments of $1480 a month (includes cable, doorman)
- Taxes of $12341
- Central Air
- Parking is rental in the building
- Bedroom #1: 17×13
- Bedroom #2: 12×13
- Living room: 15×15
- Dining room: 13×11
- Kitchen: 12×12
Seems like a good opportunity for someone who’s always wanted to live in this building and couldn’t afford it. Obviously it needs a lot of work. And there’s nothing to do about the north view, which means you’re always going to look right into another building. Being on the other side would probably make this worth slightly more.
1. will leave it to others to comment on the “interesting” decor, and imagine what the non-photographed units look like.
2. This building overall is top caliber, great location, and decent views, so this price is crazily low, and I think someone can make decent money here by renovating nicely and then selling in a few years.
3. Assessments are high, but you get what you pay for.
Not sure if parking here is owned or rented, and if the latter—do those assesments include the parking?
Also curious about the square footage here: Unit 3603 is for sale & indicates 1791 square feet, and has slightly lower taxes & assessments, and is offered at 1.2 MM, If this one is close to 1791 square feet, I think its a very good deal. But I note that some of the room dimensions shown don’t equate to those for 3603.
“non photographed units” should have said “non-photographed parts of the unit”
3603 is asking $1.2 but 4502 sold recently with 1775 sq. ft. for only $810k. Not sure what the difference is between 02/03 is but if this place renovated would only sell for $810k, that gives much less room to work with than a future $1.2M selling price.
Most people who buy or live in this building have big egos anyway, so they’ll be redo’ing the interior anyway. So getting it super cheap, being able to do a full reno will probably appeal to many. The one interior photo has light fixtures that are back in style (at least on “Selling New York”). That decor just needs to be painted white, and put some more glass tables, fixtures, etc. and it’s “in”.
I love this building and think this is a really good deal. My friend used to live in this building and it was elegant and the staff was top notch.
I am sure you are all right about the quality of the building and the staff but this location takes a certain kind of buyer. Many will shun from tourists.
Wow, finally a chance to “live with Oprah” and be able to spy into Clio’s place at the Palmolive to see what the Lambo lover is doing at his/her in-town. A dream come true!
Seems like good pricing for the size of the place. I do suspect that this place will sell and the final offer will be at least north of $500K. The new owner will need to put 200K into rehab and then have a really great place to live. I’d bet that if that 1970’s style yellow headboard could talk there would be some good stories……
This is a good deal for someone who wants to gut the place.
I’m lovin the 70s style headboard. Looks like something from the Ideal Toy Corp. Petite Princess Fantasy Furniture set I played with when I was a kid; this would have been the bedroom of my dreams.
Anyone do any research on this? How is this a foreclosure???
Yuk. Does it ever need gutting.
I hate seeing a sleek modern space tarted up with badly-designed, fake “period” decor even more than I hate seeing a wonderful old place with fine vintage details clean-walled to death and fitted out with diagonal floors, track lights, and exposed furnace ducts.
12K in property taxes and a senior exemption seems high.
Give me every last drop of flamboyant, over the top 70s “classical” decor there is. Please don’t rehab it into cookie cutter wannabe contemporary.
Have you seen this building at night over the winter? Hardly a single light is on after 8pm. Average age inside the building is about room temperature. There are large assessments there through 2015, then leveling off. Looked there and decided there are much better options in the neighborhood.
Pending/Under Contract in under 11 days….we knew it was a deal…
Wow. This building definitely has its buyers. I’m not surprised by this because most of the buyers gut the unit anyway so buying an original condition unit (on the cheap) doesn’t scare them.