Is the Luxury Market Sending Warning Signs? A 3-Bedroom Penthouse in 161 E. Chicago
This 3-bedroom penthouse in Olympia Centre at 161 E. Chicago in Streeterville came on the market in November 2017 but it has been on and off the market the last couple of years.
Olympia Centre was built in 1985 and has 292 units. It also has a marble/granite exterior.
It’s a full amenity building with a rental parking garage.
This unit is considered penthouse level, even though it’s not on the top floor, because the upper few floors were built with special 20 foot ceilings with massive windows to take in the city and lake views.
This listing says the unit has had a “designer renovation.”
It has custom millwork and limestone floors.
It has a custom Arclinea kitchen.
The master-suite has a spa-like bathroom and walk-in-closet.
This is a duplex with an office on the second floor.
At 4500 square feet, it has as much square footage as a Lincoln Park single family home.
The unit has luxury features such as an Elan home entertainment system.
It has central air, washer dryer in the unit and reserved, or non-reserved, parking is available for rent in the building.
This has been on and off the market since 2013.
In 2007 and 2008, sales of luxury homes and condos started to slow ahead of the rest of the market.
Is the luxury market sending warning signs of a coming housing slowdown?
Lauren Mitrick Wood at Compass Real Estate has the listing. See the pictures here.
Unit #58J4K1: 3 bedrooms, 3.5 baths, duplex, 4500 square feet
- Sold in June 1989 for $485,000
- Sold in May 1997 for $925,000
- Sold in March 2005 for $1.4 million
- Originally listed in November 2017 (I couldn’t find the listing price)
- Currently listed at $3.2 million
- Assessments of $4307 a month (includes a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $51,927
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 19×15 (main floor)
- Bedroom #2: 17×15 (main floor)
- Bedroom #3: 15×12 (main floor)
- Office: 18×13 (second floor)
- Family room: 15×16 (main floor)
almost $10k in assessments and taxes! No thanks.
Are there stats kept of time on market in different price categories. Would be interesting to see if, say, the time on market for properties priced at over $2 m has increased meaningfully, or how it varied over time.
or maybe people would like some outdoor space at the 3 million+ price point?
More than double the 2005 price. 2005 was pretty bubbly.
Sure they’ve renovated, but the market doesn’t always reward a reno.
Building is 80s-tastic and probably a lot of maintenance coming up given that it’s at the 30-year mark.
At this price point, I would personally prefer either “vintage character” or brand new. Maybe a lot of buyers feel the same way.
The $1.4m was for only one of the two (now combined) units. The other one went for $750k, also in Mar-05. So, $2.15m acquisition cost.
Original ask in ’13 was just shy of $4m.
I don’t think this place is a bellwether of the luxury market as the price point is insane
Also the realator should be fired, 13 photos of a $3MM, 4500sf place?
At this price point, I think a floor plan should be a listing requirement.
The only warning sign is that the days of nearly double digit yearly appreciation is over. It’s been over for a long time. Nobody seems to have told the sellers.
For $23,000 a month, this thing is terribly overpriced. Awful listing information from the realtor as well. This place also has a lot of blocked views from neighboring buildings. The price will be cut by more than a million before it sells. So many better options for $23,000 a month.
I’ve looked at units in this building and service is next level. Expenses are especially very high, but they are within the realm of what you would expect in a 4500ft luxury condo. For whatever reason, assessments and ownership percentage rise with each floor, so this unit is really getting dinged.
Given that finishes are already 5-10 years old (guessing) it will be looking really dated for sure for before its sold again. Recalling from memory, price per ft seems commensurate with nicest remodeled units. Getting penthouse windows is a bonus, though south view would be ideal.
Is the condo entrance the same door as the offices?
“or maybe people would like some outdoor space at the 3 million+ price point?”
Have you ever been in a condo unit on the 58th floor of an apartment or condo building Sonies?
I ask in all seriousness.
At a certain height, outdoor space is neither desired nor safe. I don’t know what that height is. 25th floor? 30th floor? There aren’t that many buildings with condos at the 58th floor in the city. How many condo buildings are that tall? Maybe 20-30?
It’s unsafe for chairs, planters etc. to be out there. Didn’t someone say that those rare units in Trump Tower with terraces that we’ve chattered about had rules that nothing could be left out on the terrace overnight?
It makes sense, actually, that there are no balconies or other outdoor space. Aqua has balconies. Is the Vista being built with balconies?
If they do include them, they put them as interior balconies so you’re not hanging off the side of the building on the 60th floor.
“At a certain height, outdoor space is neither desired nor safe.”
I was once on a balcony of one of the top floor units at Alta at K Station, 41 stories up IIRC, and it was moderately terrifying.
I agree – – outdoor space that high up is more of an optics thing – – both in marketing the unit as a buyer thinks they will use it more than they actually will, and it adds visual interest to the exterior. This building is painfully boring to look at. I doubt one would ever sit outside enjoying a glass of wine this high up anyways.
This is a pied a terre for the absurdly wealthy, and not a primary or only residence for the sorta wealthy, so the $24K a month carrying cost isn’t much of a concern for the small prospective buyer pool here.
Residential and office entrances are separate.