Gold Coast Penthouse With Massive Terrace Now Reduced Over 50%: 220 E. Walton
We’ve chattered about this vintage 3-bedroom penthouse at 220 E. Walton in the Gold Coast several times since it was first listed in October 2007.
See our last chatter in July 2009 here.
Since October 2007, it has been reduced over 50%, or $1.75 million, to $1.5 million.
The listing says it is the first time on the market- and the building was built in 1919.
But it’s really all about the terrace which wraps around the unit and measures 2145 square feet.
The unit has south, east and west views.
While it has space pak cooling, it doesn’t appear to have a washer/dryer in the unit and there is no parking.
“Creative owner financing” is still available.
It also has a private elevator entrance with a private vestible.
How low will this go?
Mary Bennett at Koenig & Strey still has the listing. See the pictures here.
220 E. Walton #11E: 3 bedrooms, 3.5 baths, 3900 square feet (not sure if that includes the 2145 square foot terrace)
- I couldn’t find any original sales price – since it is the first time it’s been on the market in decades
- Was listed in October 2007 at $3.25 million
- Reduced
- Was listed in August 2008 at $2.9 million (no parking)
- Reduced
- Was listed in July 2009 for $2.65 million (no parking)
- Reduced
- Currently listed for $1.5 million (no parking)
- Taxes of $25,192
- Assessments of $3,624 a month (includes heat and doorman)
- Space pak cooling
- No in-unit washer/dryer
- Bedroom #1: 35×16
- Bedroom #2: 12×10
- Bedroom #3: 15×8
I actually saw this place 2 years ago when I considered moving downtown. Here are the positives and negatives:
Positives:
1. great location
2. very big unit – feels like a house
3. awesome terrace space
negatives:
1. needs a TOTAL gut rehab – and I mean TOTAL
2. the views from the terrace aren’t THAT great (although the space, itself is awesome)
3. (and the biggest negative to me) – I felt very trapped up there. The elevator (which goes directly into the unit via a private foyer) is TINY and VERY old and seems like it will break down any minute). Also, you need the elevator man to come up and pick you up and drop you off – I just don’t like that kind of invasion of privacy. I need to have a safe private getaway and need to feel as though I can easily get downstairs and out of the building.
Anyway – it was a “no” for me at 2.3 million at that time. However, if it was 1.5 million at that time, I can almost guarantee that I would be living there now!!!!
Gut Rehab
You have got to be fucking kidding me right?
Anything of historic significance should go in the dumpster I suppose?
This looks like the kind of place in which a French politician would chase down a maid.
James – no – as a true admirer of architecture and a total historical architecture preservationist (from Boston) I totally believe in maintaining the vintage and historic character of the place. That being said, the cracks/leaks/old plumbing/creaky floors/outdated appliances, etc. need to be upgraded. I know that I could restore this place to it’s former glory for about 1 million (maybe more depending on building rules and the significant extras that need to be paid to contractors to work in a place like this) – it would take them a few weeks just to get their equipment up there!!!
+1 Michelle!
To call that a lake view is a bit of a stretch.
I assume the assessment includes taxes. So you’d be paying nearly $4,000 a month on top of the mortgage. For that much, it seems like you could expect a better view and parking.
“Gut Rehab
You have got to be fucking kidding me right?
Anything of historic significance should go in the dumpster I suppose?”
From the photos, I could quibble with Clio on the floors if they were in good shape, maybe a few of the built-ins, and possibly a few of the light fixtures, but there’s nothing historically significant about the rest. It might be a mostly cosmetic rehab, but it could also easily need plumbing/electrical.
“(not sure if that includes the 2145 square foot terrace)”
Seems that it clearly does given the other bedroom sizes and the pictures. That is a BLACKLIST!! offense, but there are special exceptions related to historical properties sold by old people or their estates who don’t realize that their real estate agents are being dishonest.
Dan – someone who buys this needs to pay cash – period. There is going to be no mortgage on this unit…
JJJ – YOU should be blacklisted!!! You don’t know anything about the unit and are already trying to accuse the agent of misrepresenting the listing. I have been there and have all the dimensions and can assure you that the unit is 3990 (or whatever) square feet of INDOOR space. the terrace is extra.
Michelle and Jennifer: he’s not French
Anyone who were to destroy that Jacobian Library would have to face a prison sentence
“JJJ – YOU should be blacklisted!!! You don’t know anything about the unit and are already trying to accuse the agent of misrepresenting the listing. I have been there and have all the dimensions and can assure you that the unit is 3990 (or whatever) square feet of INDOOR space. the terrace is extra.”
Ok, cool, if you’ve been there. Looking at the pictures a second time and seeing all those big rooms, I probably should have realized that number is inside space. I am just too cynical, I suppose.
JJJ — are we looking at the same pictures?
do you not see that absolutely massive Master?
as well as seperate living/family/dining rooms? all which seem quite large?
there’s simply no way they’re counting the outdoor terrace.
interesting place. clio, were the views to the south and the west obstructed/ or as expansive as advertised? that lake view certainly leaves something to be desired.
“I have been there and have all the dimensions and can assure you that the unit is 3990 (or whatever) square feet of INDOOR space. the terrace is extra.”
So, since you’ve been there, it’s the *only* unit on the 11th floor? Any reason for the “e” designation?
Total building footprint is ~6300 SF, so if it is the whole 11th floor, the interior would be almost 4000 with the 2100 SF terrace and still allowing for elevators and stairs.
old_hickory, the views are really not that great – there is a terribly ugly office building across the street that faces the terrace – you have to kind of “crimp” your neck to see the lake – that being said, it IS an outdoor terrace and I am sure that on beautiful nights, it would be very nice to be out there.
Clio is spot on right about this unit and potential renovation costs
It needs a rehab but is priced accordingly. I don’t think a rehab should stop the buyer for such a premium locale and building…better to do your own rehab than to have someone else to screw it up. It is problematic for many that it does not have parking and a washer/dryer. Is there parking or valet service nearby?…this could solve the parking problem. However, for a family, a w/d is a must. Sending out clothes to laundry is a pain….I used to live in NY where this is common, and frankly, the clothes come back smelling funny, with spots.. I’d do my own laundry even if I was wealthy enough to send it out.
The elevator Clio describes sounds really scary. I can’t imagine having to talk to the elevator guy every single time I wanted to get in and out of my condo. Also, from experience, the doormen and valets in a lot of these buildings seem to be fond of hitting on the women. I can’t imagine being trapped in a small elevator with a pervert. I know they aren’t all creeps, but just the idea freaks me out, especially if the person could potentially follow me into my condo.
At my friend’s building is this same area, one of the valets was so creepy that I now make my friend come down to the garage as I arrive and walk me back to the car when I leave.
Well, I doubt the elevator guy in a million plus apartment would hit on the owner.
In fact, they are always quite courteous. A confident rich woman does not get hit on by every Tom, Dick, or Harry. In fact, harassment often has a power component. It is often the boss who hits on his secretary as there is a power imbalance not the poor valet guy on the wealthy owner.
If I go to an ordinary store, they often call me miss, now if you go to say Cartier, they switch to Madame (at least in Europe and Asia) which is much more courteous form of address.
I disagree with miumiu. These creeps work in inexpensive places and expensive places. My friend’s condo is worth about $800,000. Maybe that’s still too low? The doorman in the building is constantly calling him just to chat and ask him to print things out from his printer. My friend probably should put his foot down, but he doesn’t.
One of my co-workers lives in a nice condo building and after one of the valets was fired for hitting on multiple people, he tried to file for unemployment with his union’s backing. My co-worker and other residents had to go to court to testify against him, so he couldn’t unfairly collect unemployment.
My grandpa lived in a mid-range condo building and we found out when we were helping him move that for years he was paying a guy $10 to change his light bulbs when they went out. When this guy saw my family there, he came up to us and begged to let him fix up my grandpa’s condo when we went to sell it. I used to dread going over there to work on the place because this guy always seemed to be lurking somewhere.
Also, wealthy women aren’t exempt from these creeps. It’s not fair to blame women for not appearing confident/rich enough not to be hit on.
Sure there are some creeps Jenny but I still think one’s conduct makes a big difference. People who rely on your for they tips specially in old school classy places tend to be quite polite at least this has been my experience.
If your friend does not like the doorman to use his printer he should clearly communicate that.
I am not sure what is wrong with the guy offering to help fix something for cash. You can always refuse if you wish so. Seems your grand father was ok with it. I have a lot of helpers and I am very friendly with them and never felt they were behaving inappropriately. All my negative experiences have been with people who actually had power over me, not the converse.
I have been fortunate not to have been in a situation where a person of high social standing (honestly, being middle class, I am not around them very often) has behaved in a creepy manner towards me. I think I would be more inclined to complain about the person who has power over me, which is probably counterintuitive. I end up feeling bad complaining about someone who is struggling to get by. I don’t want to feel like I am ruining their life by reporting them.
I have to disagree with miumiu – low lifes are EVERYWHERE. Jenny, I totally agree with you: just because you work with wealthy people (ie doormen, elevator men, valets) doesn’t mean that your behavior is above reproach. In addition, the closer these people are, the more “dirt” they have on you – and they gossip like crazy. In Boston, a doorman once told my girlfried that I had another girl in the apartment over a weekend when she was out of town – that is just wrong…
Clio,
That is terrible! Grounds for termination in a condo building!
I am definitely middle class too Jenny : )
You might be younger than I am. Once you start working, you will unfortunately once in while face someone higher up that behaves inappropriately and it is not always easy to complain. You could endanger your career by doing so. Also sometimes these encounters are sporadic and you don’t even have the energy to deal with it. Honestly, the worst encounters I have had, have been with wealthy powerful men who think they own the word. Just try seating by one in long flight. I specially hate the kind that makes comments about your accent or use the word exotic.
With a doorman, you don’t necessarily even need to complain and can just check them directly (not saying works all the time of course). I am actually like you too and would feel very bad ruining people’s life by complaints for small things.
Well, Clio, you have a more exciting life style than I do. Most our service folks talk about weather with us : )
Strangely, almost all the coworkers in my department are women!
Clio, maybe the unit should be discounted for the price of a new elevator, about $200,000. I wouldn’t buy it if I couldn’t afford to do that- an elevator that could leave you stranded any time is a safety hazard.
I’d LOVE to be the person to rehab this place. It’s a beautiful unit with a rare wrap-around terrace. Too bad I am most unlikely ever to be able to afford it.
Laura, you seem to have a great taste. I doubt I will ever get something very fancy either, but if I get something nice one day in need of rehab, I will consult with you.
Laura, great suggestion – I wonder why the other residents don’t want to upgrade (although it may be because the cost may be much higher than 200k).
I also would LOVE to undertake the restoration of this unit – but the monthly costs are just too high and there are just too many other choices out there right now. Realizing that it WILL take almost 1 million to renovate, at a 1 million purchase price, it would be a decent buy. At 750k it would be a good/great deal. At 500k it would be a steal and sold within seconds (to me)!!!
I was figuring about $20,000 per floor for the elevator. Since it’s a private, dedicated elevator just for the resident of this penthouse and would only have 2 or 3 stops, it might be cheaper. I priced an elevator for a 14 story building about 20 years back, and then it was about $10,000 a stop for a completely new installation, complete with new guide rails, motor, cab, and other improvements to the shaft. Elevators are now cheaper relative to the cost of construction than they were then and also use much less energy. It’s just plain crazy for an upper-bracket building to put up with a decrepit, trouble-prone old elevator.
But then, I’ve noticed that upper-bracket building owners put up with a lot of things that people in middle income buildings won’t, like extremely outdated wiring and corroded, leaky old plumbing. That could be because middle income people can’t afford to let these types of problems get out of hand- they can’t afford to get hit with surprise monster assessments, as what happened with a certain famous pink building in this city when 40 years of deferred maintenance caught up with it. I recently saw a unit listed at the 2440 N. Lakeview that I could tell, from the photos, hadn’t been touched since the place was built, and one designer said she routinely encounters old co-ops that have ancient plumbing and wiring.
Also, does this place have a freight elevator that serves the penthouse?
“Also, does this place have a freight elevator that serves the penthouse?”
I’d reckon it must; I don’t know any building of this type with the original private (even if since separated) floor spaces that would have a passenger, but no freight, elevator.
Laura, in terms of the elevator issue, I think there is only one and it serves all floors. I don’t remember if there is a freight elevator – but I would assume there was one in the back.
In terms of rich people letting things go – I think this is more a function of how busy rich people usually are. We have so many things to worry about/keep an eye on and most of us are extremely busy professionally, socially, politically, and personally that the maintenance on all of our trappings of wealth often gets overlooked.
Clio, I suppose it’s an elevator for all floors but with a keyed stop for the penthouse. If it is so old it needs to operated manually, it really needs to be replaced. Maybe for something really high-quality with a beautifully paneled cab will cost, oh, $350K.. that is not much.
I know how easy it is to let things go when you are busy… we all lead very harried, pressured lives, no matter what our socio-economic status. While the rich have very high-pressure, demanding jobs, those less well-off are working two, or coping with stagnation.. it is all the same and means that it’s very hard to find the time to cope with things like household repairs. But outdated mechanical elements that could fail any minute not only cause incredible aggravation and waste a lot of time, but could endanger your life. This especially goes for electrical and plumbing, but for an elevator, too. I lived in an old St. Louis bldg in which the elevator decabled the very day after the city inspector looked at it, and thankfully the emergency governor locked in after the thing fell 3 floors, sparing the newspaper boy aboard; a very close call. Do NOT ignore this stuff, because no amount of money can keep you alive if it fails catastrophically.