Get Your South Loop Penthouse for $283 a Square Foot: 1250 S. Michigan
This 4-bedroom penthouse unit at 1250 S. Michigan in the South Loop has been on the market a few months.
It has been reduced by $140,000 since September 2009.
The unit is now listed for $350,100 under the 2006 purchase price.
The listing says it has a “spectacular” view from every room. It also has two balconies.
The pictures don’t show the kitchens or baths and the listing doesn’t reference them, so we don’t know any details about the finishes.
There are dark hardwood floors in what appears to be the main living area.
With 3,000 square feet, the unit is now listed at only $283 a square foot.
Is this a deal?
Michael Fields at Jax Realtors has the listing. See the pictures here.
Unit #2900: 4 bedrooms, 3.5 baths, 3000 square feet
- Sold in August 2006 for $1.2 million
- Was listed in January 2009
- Was re-listed in September 2009 for $989,900
- Reduced
- Currently listed for $849,900 (2 car parking included)
- Assessments of $1600 a month (doorman, pool)
- Taxes of $15,000
- Central Air
- Washer Dryer
This building is not luxurious by any means though I do like the area. Do you want to live in the nicest place in the building? I think for 900K you can get a sweet place in a museum park property where you are one of many.
It seems to me that units in this price range really come down to assessments. Does anyone see any $1M units with $1600 assessments moving? If they were 500/month I think this would sell quickly, nobody wants to pay that much per month.
$2850 per month in taxes and assessments alone (and the assessments don’t seem to cover much). No thanks.
Another great listing BTW — only 3 pictures of the interior of this unit. One of the kitchen (from across the living room), one of a floor corner, and one of 3 windows. Looks like this seller was as careful in selecting his/her agent as he/she was in buying this place. And in selecting paint colors — it looks like Uncle Sam painted this place – perfect for the 4th of July.
What’s weird it that it’s listed on Trulia.com for $600,000.
http://www.trulia.com/property/photos/1086470682-1250-S-Michigan-Ave-2900-Chicago-IL-60605
I found a listing for 2901 at $1.725 — um, no.
http://www.homefinder.com/IL/Chicago/55366876d_1250_South_Michigan_Avenue
So…what’s going on here? I guess for something between $600K and $1.725M this could all be yours!
Foreclosure — now $176/SF
http://www.postlets.com/res/2721854
Sorry for the overposting, but am I missing something here???
The realtor that did this listing should really put pictures up of the positives in this unit…
Or maybe the grassy patch near the pool, the exterior of the building and the building lobby are its only positives?
Why hello there, Ream…. 🙂
Yes, 1 million will definitely get you some amazing property in the museum park development…although a lot of the 1 million dollar units there are ~ 2300 square feet or so, not 3000. this is a nice building, and with the foreclosure sitting at 600…..this isn’t a terrible deal, though the assessments are a bit crazy…i’d definitely opt for a museum park townhouse if i was looking to drop 1 mil in this neighborhood.
Even better: buy this place (which obviously kills the appraisal of the PH next door) then buy the PH next door once the sellers come off the kool-aid and have a 6k sq foot unit with about 2k sq ft terrace….one can dream or my MD can give me a nice bonus
doesn’t 600k for this place sound quite reasonable if not low?
“doesn’t 600k for this place sound quite reasonable if not low”
1. assuming 6% money and no tax reduction, it’s $5850/month
2. really depends on all the things the pix avoid showing.
someone please correct me— i believe that 1250 Mich isn’t tall enough, so the penthouse’s views are hemmed in.
What a beautiful outdoor pool and fabulous amenity. I could really use a refreshing dip in there on a day like today.
“1250 Mich isn’t tall enough, so the penthouse’s views are hemmed in.”
Birdseye makes it seem so. And this one seems to be the south face, where 2901 appears likely to retain some view up Mich Ave over the park, no matter what else is built.
“one can dream or my MD can give me a nice bonus”
Yeah cuz deal volume if off teh charts lauren. Maybe debt issuance but once govvy support is removed he’s more likely to shitcan you. Or at least enough bankers to ruin _your_ comps. ;D
“Yeah cuz deal volume if off teh charts lauren. Maybe debt issuance but once govvy support is removed he’s more likely to shitcan you. Or at least enough bankers to ruin _your_ comps. ;D”
Always good to see a dude with an MBA who’s managed to *completely* de-couple his comp from the regular economy.
“Always good to see a dude with an MBA who’s managed to *completely* de-couple his comp from the regular economy.”
No I don’t work for the city. But if people can bash realtors on here I can bask f-tards like i-bankers who are nothing more than overpaid accountants who’re near the epicenter of wrecking the economy.
At least real estate brokers, as an intermediary, actually need to have sales skills. An i-banker couldn’t get tail without a Lambo…maybe thats why they demand so much comp. haha. Oh yeah..and my taxpayer money never went directly to the bonus pool of a bunch of realtors.
Bob you obviously haven’t spent much time around realtors… because if you did, you’d realize the majority are bleeping stupid.
Bob – you appear to have some pent up anger that needs to be vented. Let it go ….
Hmmm…..it may be on the top floor but not a lot else says penthouse about this place. Those windows are horrid, were they going for ‘prison cell view’ or the medieval-meurtriere look?
Impressive that it got 400 sq ft bigger when it became REO. Who says banks can’t still make money out of thin air?
“Impressive that it got 400 sq ft bigger when it became REO”
They probably included the outdoor space. Which many here think is okay.
Nothing says luxury penthouse living like that kitchen. Perhaps it will go under contract while the circus is in town. Hello Mr. Ringling, Mr. Barnum, or Mr. Bailey….
The PIN is wrong on the listing, it should be 17-22-101-043-1518. A quick check of the tax records reveal that the 2008 taxes were $21k and they have unsurprisingly not been paid. So if you fancy the $600k bargain don’t forget to add the 6 months of assessments + probable 3 years of delinquent taxes. That likely adds 8k + 50k to your check. If this is truly a mirror of 2901 which is more neutrally decorated and much better photographed then certainly this is the better purchase but it’s hard to get away from the fact that you’re into this for $3,500/month pre-financing.
Oh and the 2008 tax bill of $21,535 includes homeowner exemption
“If this is truly a mirror of 2901 which is more neutrally decorated and much better photographed then certainly this is the better purchase”
It defintely has the lesser view, even if it is a true mirror.
Not that it isn’t still a better purchase for $1mm+ less.
I am a little dubious about the Bank owned foreclosure listing on Postlets. No lis pendens has ever been filed against this unit. Unless they did a ‘deed for debt’ switch, but then no change of ownership since the $1.2m purchase has been recorded.
I sent Ream a note asking about her listing, I’ll report back with the result.
Stuart,
You are Mr. Obvious aren’t ya?
I will be gleeful at the fact that those who perpetrated this crisis experience personal financial hardship. And no I won’t let shyt go. Give me a good reason to.
Personal financial hardship (which is basically the same as Bank financial hardship) is keeping me gainfully employed…bankruptcies, foreclosures, debt collections, litigation, REO sales and housing court violations….etc. I may not be gleeful like Bob but I do recognize my bread and butter.
“Personal financial hardship (which is basically the same as Bank financial hardship)”
Uhh no..
Personal financial hardship = decreased quality of life.
Bank financial hardship = bailed out by government monies.
I don’t equate them as equal at all–the government isn’t going to bail you or I out of anything.
I’ve seen this unit in the last couple weeks. It’s a wreck inside!
The amount of mold in the fridge/freezer almost made my wife puke.
It has a huge cracked window, missing door hardware for the balcony doors, graffiti on one bedroom wall, all carpet is trashed etc.
It must have had renters in the unit last and they trashed it on their way out…or maybe it was the owner pissed off that they were losing it.
I also looked at 2901 & 2801 — this is a different floor plan and the view is straight west whereas the 01 units face NE (lake and Grant Park).
This unit needs at least $100K and some elbow grease to bring back up to the standards of the rest of the building.
It shows like shit, there is literally trash on the floor in almost every room. This fact along with the taxes/assessments make it easy to understand why it’s still on the market.
What are the chances of getting the taxes reduced based on a lower sale price than the last time it changed hands? Who has experience getting tax assessments drastically reduced at a time when the government is poor?
Nice assessments(1600). If the mortgage doesn’t put you underwater, the assessments will. Price per square ft is great, but the assessments will kill you. If you need space like this, I would be in LP walk up units at this price. Some of these larger units just give you space, not the nice finishes. In an economy like this and with homes over 400k having a difficult time selling, I bet you could find a similar place somewhere and low ball and get the place for 600k-650k. Banks, like many of you said, will kill your comps and just want to get the place off their books. They are already losing millions.