Gold Coast Penthouse With Massive Terrace Sells for 72% Off 2007 List: 220 E. Walton
Four years after first being listed on the market this 3-bedroom true penthouse at 220 E. Walton in the Gold Coast has finally sold.
We chattered about this property numerous times over those 4 years.
See our May 2011 chatter here.
In our last chatter, not many people talked about the price- although, as usual, the high assessments were discussed.
We also chattered about the square footage. According to the latest listing, the interior space was 3900 square feet and the terrace was an extra 2145 square feet- so the square footage did NOT include the terrace.
The old listing said it was the first time on the market- and the building was built in 1919.
While it had space pak cooling, it didn’t appear to have a washer/dryer in the unit and there was no parking.
It also had a private elevator entrance with a private vestible.
Listed in October 2007 for $3.25 million, it sold for 72% off that list price at $900,000.
Did someone get a deal?
Kathleen Malone at @Properties had the listing. You can still see interior pictures here.
220 E. Walton #11E: 3 bedrooms, 3.5 baths, 3900 square feet (plus a 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
- Was listed in May 2011 for $1.5 million (no parking)
- Sold in December 2011 for $900,000
- 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 barfed a little when I saw the photos. Such old money.
That assessment could support a monthly P&I payment on a $755,000 30-yr mortgage @ 4%
Spectacular deal – I actually considered this place when it was 2 million. It needs about a million in renovation but, for 2 million, you would get one of the most spectacular units in one of the most spectacular locations in chicago. In NO other major world class city in the world could you get a unit like this, in this type of location for this cheap.
Also, many of you fail to realize that a majority of sales in the 3 million plus range are all cash. Someone who buys this type of unit, is likely to do so with cash (as this buyer did) and pay cash for the renovation. Their monthly costs would be about 5.6k which is not that much when you have that type of money….
except it didnt sell in the 2mil range. probably bc of the monthly
I have to agree with Clio! My guess is that this was purchased by an individual with a high level of discretionary income and was picked up as a great in-town. They were obviously decent negotiators on the purchase price and I am confident that they will be cautious about the reno and will enjoy this space for years. There is also a slim chance of a flipper being involved. Some high net worth individuals clearly toured this place while on the market but did not want to take on the brain damage and stress of a major update. Someone in that pool might pay a flipper a premium for the place once completed.
Westloopelo if you are out there lurking in the background could you please comment on this point!
I think this is a very good deal. The square footage and outdoor space are great.
Did we figure out if it really, truly has all that space inside? Didn’t it mostly depend on it being the only apartment on the floor? I want to see what anon(tfo) has to say.
Great space for the money.
I can’t remember the last time I said something nice about a place but…. My wife would love this place. I love this place. Room sizes are awesome, light appears great, terrace would be awesome for a nice bbq and lighting a few bowls, I would be all over this if I were looking for a place in Chicago.
Clio, I am sure it needs a new kitchen, but unless I am missing something on the structural side, I just don’t see where the work is. Half of this places problems would probably be resolve, simply, with wallpaper remover and a can of white paint.
This is a great deal for the amount of space and location! It is sad that so few people have the vision or patience to do some work to a place, but it paid off big time for this buyer.
“but it paid off big time for this buyer.”
Rumor has it that HD closed on this one.
“Clio, I am sure it needs a new kitchen, but unless I am missing something on the structural side, I just don’t see where the work is”
If this was a SFH in the burbs, you could renovate for 200k and make it spectacular. However, when you deal with the city, a condo building, and perceived wealth – that price will more than triple. However, you are right – if you do it yourself and take your time, you absolutely could probably do the entire renovation here for 300k.
Clio, you always say the monthly assessments don’t matter to rich folks, but given the huge price cut that we see in this unit, I get the feeling that the high assessments are killing the value. We have seen a similar thing in LSD co-ops before.
‘In NO other major world class city in the world could you get a unit like this, in this type of location for this cheap.’
Absolutely! Although this place could easily eat up a $750K to renovate it to the point it *deserves* to be, and don’t forget the proper furniture/window covering/rugs/electronics, etc, on top of that, I’m thinking a Pottery Barn trained developer (or homeowner) got ahold of it… here comes the Tuscan inspired tiled bathrooms and the poorly knocked-off Christopher Peacock kitchen. True, in NO other major world class city could you get a place like this for under a million, but in NO other major world class city will it most likely be renovated to caricature status.
Maybe it’s the holiday parties I’ve been going to lately, but when I’m standing in my gracious (and totally unaware) host’s living room I keep thinking ‘dude, you’re a partner in a major firm, you make big money, as much if not more than those in NY/LA/SF/London (other major world class cities), so why in the name-of-hell did you let your wife run wild and renovate this place on-line’? ‘No, that cherub and olive tree mural in the powder room doesn’t transport me to a dreamlike Provence garden, in fact, now I can’t pee’. Yep, I fear for what’s going to happen on Walton Street.
“Clio, you always say the monthly assessments don’t matter to rich folks, but given the huge price cut that we see in this unit, I get the feeling that the high assessments are killing the value. We have seen a similar thing in LSD co-ops before.”
Miumiu – I assume you are referring to the coops in lakeview – you can’t compare the two locations. If you want to compare this to a coop, use ELSD – and you will see that the size and terrace of this unit makes it nicer than most of those units (which are all priced 2 million and up).
Jay-Hilarious…. and I am mostly with you on this one. Been to a few parties this season and boy is there some bad design going around.
On the flip side went into a renovated place a few weeks back that was absolutely spectacular. It was a converted two flat on 2 lots and the renovation was a masterpiece. By far the exception though.
GREAT DEAL!!!!
So true Jay… and such a shame! Haha, it’s the reason I can’t watch house hunters (or really much on hgtv at all anymore!)
LOL Jay, tell me about it!
It’s a huge one-bedrm penthouse unit, w/guest room and maid’s room. No parking for your Mercedes and you need to send out the laundry. That’s a fairly narrow market. Seller/executor breathed a sigh of relief to finally unload the white elephant.
I think this unit is long due a gut rehab, demo to the exterior walls, support columns, and bearing walls, to create a new function floor plan that contains three decent sized bedrooms (master, guest, den), new laundryroom, and obviously new kitchen and baths. Given restricted construction storage, staging, and work areas, street traffic concerns for deliveries and demo removal, and extending period of workmen parking costs, this is easily a $750,000 project.
Whenever a property sells for 72% “off” the original list price, that doesn’t say much about what kind of deal the buyer got. But it does say, loud and clear, that the original list price was a total fantasyland number.
Although it has the potential to be a great place, in no way shape or form was it ever worth anywhere near $3 million.
“Jay-Hilarious…. and I am mostly with you on this one. Been to a few parties this season and boy is there some bad design going around.”
jay: you have to understand that lakefront liberals and nouveau riche are descendants and grandchildren of communist, bolshevik, anarchist, “anti”, etc. type immigrants and they aren’t going to have knowledgeable, beautiful, healthy, or aristocratic tastes.
Paint the walls white, re do the doors. Remove the window treatments. Brighten it up. Make a sick kitchen, white cabinets and wood block and granite counters, salamander and a sous vide…Nice manicured tuscanyish bushes in really nice greekishy pots on the deck. This would be just a stunning place if you let a good Parisian designer go to town on it. This thing would be over $10 mil there. For someone like me, that wants no more than 1 bedroom. Would be awesome.
no laundry – unnaceptable.
“Did we figure out if it really, truly has all that space inside? Didn’t it mostly depend on it being the only apartment on the floor? I want to see what anon(tfo) has to say.”
What I said in May, quoting Clio, and asking for confirm on the single top floor unit:
““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.”