Gold Coast Vintage Terrace Unit Reduced $350k: 220 E. Walton
Nearly 10 months ago we chattered about this vintage unit at 220 E. Walton in the Gold Coast.
It has a fantastic penthouse terrace.
It’s still on the market and has been reduced $350k.
Here’s the current listing:
NEVER BEFORE ON MARKET! ELABORATE VINTAGE PENTHOUSE W/ OVER 2145 SQ. FT. OF OUTDOOR TERRACE SPACE!
EXPANSIVE S,E, & W VIEWS OF BOTH CITY & LAKE! SPACIOUS AND OPEN FLOORPLAN, PRIVATE ELEVATOR ENTRANCE W/PRIVATE VESTIBULE, MANY ORIGINAL VINTAGE DETAILS* CREATIVE OWNER FINANCING AVAILABLE
Last October, the listing described a special assessment- which apparently has now been paid.
Mary Bennett at Koenig & Strey has the listing. See more pictures here.
220 E. Walton #11E: 3 bedrooms, 3.5 baths, 4500 square feet (2145 of it is the terrace)
- Was listed in October 2007 at $3.25 million
- Reduced
- Currently listed at $2.9 million (no parking)
- Taxes of $25,464
- Assessments of $3,571 a month
Is this a co-op? If not, those assessments are yowza.
“Never before on Market” Perhaps one of you realtors can explain why you get away with these OUTRIGHT LIES on listings. Fraudulent misrepresentation I say. Class action anyone?
No Seriously, if anyone has an explaination please post.
At $2.9 million, how “creative” can financing be?
One would hope that anyone looking in that bracket would not need to be “creative” to get a mortgage.
“At $2.9 million, how “creative” can financing be?”
For starters, you might actually be able to finance some of the purchase price. With banks fleeing from the jumbo market, I expect that the super-jumbo market must be solidly dead.
Based on recorded documents, the owners paid off their mortgage in 1987, but (a trust) borrowed another $400K in about 2003. That leaves them with only $2.5M in equity at the listing price…
The listing says it is a condo, which is confirmed in other sources. The listing also says “CREATIVE OWNER FINANCING AVAILABLE.”
They want one heck of a premium for the outdoor space. Here’s a history of #4W, a 3,000 sf unit w/o outdoor space:
3/15/06 listed with “original details” for $1,075,000
1/17/07 sold for $850,000
6/12/07 rehab nearly finished and listed for $1,795,000
The listing stated: “GLEAMING HDWD FLRING
PLASTER MLDS, RECESS LIGHT, SPACPAK, NEW ELECTRIC AND CAT5
WIRING THRU OUT. DESIGNER KIT W/HAND PNT CABS, HONED
GRANITE CNTRS, SS APPLS & LIMESTONE FLRING. BATHS IN SISAC
MRBL, H20WRKS TILE, GROHE FIX & SO MUCH MORE, A MUST SEE FOR
VINT HOME LOVERS.”
Subsequent price reduction to $1,550,000
6/30/08 sold for $1,500,000
That’s $500/sf for a renovated 3,000 SF unit. The subject price is nowhere near this amount. Is there really that much of a premium for the outdoor space and views, especially without the renovation?
This unit looks like Queen Elizabeth lives here. And she probably does.
Outdoor space that large in that location with a view is a VERY unique asset and i think worth the premium over a lower-floor level unit. It’s not just a balcony – it’s much larger than most city back yards, which are frequently postage stamps even in the upper brackets, especially in the gold coast.
it’s one of a kind.
“It’s not just a balcony – it’s much larger than most city back yards”
For example, it looks to me like none of the recently featured SFH are on lots bigger than about 3000sqft. (I checked 22 E Elm, 48 E Schiller, 1631 N Bell, and 1446 S Emerald.)
Since you have to squeeze the house into that 3000sqft, their “yards” will be far smaller than this 2000+sqft balcony.
No real argument from me that it deserves a premium. But that’s really a premium at $1.4M (plus rehab cost.)
G – my bad – i saw sabrina’s note that it was 4,500 SF including terrace square footage. i thought it was 4,500 SF plus terrace.
However, MLS/agent says it’s 3,800 SF plus terrace of 2,145 SF. 3,800 SF at $500 psf is $1,900,000. So if MLS/agent are correct (i always question their SF numbers) it’s a $1 million premium – which is more than i originally thought. But that’s just asking price, so maybe more like $700K premium before you factor in renovation costs.
I’ve seen significant premiums for smaller but also very nice outdoor space in similar vintage north side buildings. Units that otherwise sell for $600K going for $800K because of fab outdoor space. you can look at it as a $200k premium or a 33% premium – not sure exactly which would be right.
Jason said:
Never before on Market” Perhaps one of you realtors can explain why you get away with these OUTRIGHT LIES on listings. Fraudulent misrepresentation I say. Class action anyone?
Since realtors have no fiduciary responsibility, they can say whatever they like. Heck even financial advisors have to watch what they say but people ‘advising’ on the biggest financial investment for most folks can say whatever they want. Having the biggest lobby group in washington has its advantages.
Well put.
Realtors are too broke nowadays to sue for a class action. Too many are out of business and filing personal bankruptcy. You can’t squeeze blood from a stone. Believe me, I’ve tried.
No parking… No thank you.
would be interested in any detailed history anyone can supply as to current/prior owners in this building.
my great great aunt mary (mary welch dickinsen) had a unit in that building that was left to a niece of hers by the name of elizabeth welch. have been trying to find chicago welchs to get a better feel for that side (maternal)of the family. i don’t know if her unit is still in the family or not (but my guess is probably not). this branch of welch’s was also involved with welch chemical co (which became welch scientific, which becames sargent-welch…not sure what it is now).
at any rate, if anyone has any pertinent info, would love to hear it.
mandsclark@sbcglobal.net