Japanese Terrace Penthouse is Back – and Reduced: 201 W. Grand
Last September 2007, a penthouse in River North in Contemporaine, a modern boutique building at 201 W. Grand, was on the market. The unit has a famous Japanese garden terrace that isn’t easily missed from afar. It’s the only terrace with large trees on the roof.
The unit was withdrawn from the market last fall but has now reappeared.
It’s been reduced.
Unit PH2: 2 bedrooms, 2.5 baths, 3000 square feet, 2 parking spaces included, 3000 square foot terrace
- Sold in April 2004 for $1,700,000
- Was listed in September 2007 for $3,950,000
- Now listed for $3,790,000 (two parking spaces still included)
- Assessments of $1900 a month
- Koenig & Strey has the listing
I would rob a bank for this place. (And I’d have to rob a convenience store from time to time to pay the assessments.)
Still, I wonder if they really can expect to get more than they paid for it in 2004. My reasoning is that they probably overpaid a bit in 2004, simply because almost everyone overpaid in 2004–here by maybe as much as a couple of grand. They invested in the beautiful garden–also a couple of grand? That brings the price back to about what they paid. At any rate, as truly gorgeous as this place is, it’s certainly not north of 3 million. But maybe there’s something I don’t know?
Even if you say that the terrace is worth $790,000 (I don’t think it is), then they’re still asking almost $1000/ft for the unit. When they paid about $500/ft for it in ’04. That. Is. Nuts.
That monthly assessment is more than my mortgage on my 2 bed in Lincoln Park! I hope $1,900/mo include the gardener’s salary.
If you can afford the ask 1900/month is peanuts. What is funny is the 160k price reduction to 3.8MM..as if that is going to extend the availability of this unit to a much wider potential market!
It doesn’t. Nor does it include a doorman or any other building amenity you would expect for that kind of assessment. Honestly, I can’t figure for the life of me what that $1900 a month is going for…
I am nearly certain that the 1.7 million was for the raw space or very close to it. That would explain the huge markup. I agreee with Kenworthery that this unit is fabulous. I know someone who has been in it, and she was astounded. I also think that the owner purchased a unit at Waterview and is going to do another buildout.
The place is dazzling..it’s hard to value the place, but the price doesn’t sound too out-of-line for something like this.
From talking with some landscape people, I’ve been told that the garden was at least 150K and probably much more. They had to get a dedicated crane just to get the material to the top floor. Take a look at the website for the landscape artist /designer who did the project and there are more photos.
http://www.kurisu.com/kurisu-portfolio.shtml#res_chicago_02
I think when you start talking about uniques penthouses the price per sq foot doesn’t matter. You have very unique features that are not typical of your ordinary condo(Japanese Garden, 20+ ft tall windows…) All you need is for someone to fall in love with it. Most of these buyers will buy in cash and may only use it as second,third,forth,… home.
I hate it when all these developers label any unit on the top floor as a penthouse, but this is what a penthouse should be.
About the assessments in Contemporaine:
It’s not a big building. There are only 28 units (due to owners combining units when it first sold.)
The parking garage is encased in all glass. You have to clean all of that glass a couple of times a year.
The garage is also probably heated (and air conditioned.) That costs money.
They have to build a reserve fund, make sure the hallways are cleaned, garbage is removed etc. etc.
It adds up when you only have 28 owners.
The listing description is interesting:
SPECTACULAR RIVER NORTH PENTHOUSE IS A VISUAL LANDMARK-6000SF OF CONTEMPORARY INDOOR/OUTDOOR LIVING, 360* VWS OF THE CITY, FLR TO CEILING WINDOWS, 20FT CEILINGS. THE 2 BR, 2 1/2 BTH SKYHOME IS A TRANQUIL RETREAT WITHOUT THE INTRUSION OF DOORMEN OR BLDG AMENITIES. THIS ONE-OF-A-KIND PROPERTY FEATS 3000SF JAPANESE TERRACE W/PONDS, FOUNTAINS & 12FT BONSAI TREES, 2 DEEDED PRKG SPC’S INCLD.
Personally, I don’t mind the “intrusion” of doormen or building amenities, especially with assessments of $1,900 a month, but maybe that’s just me…
I agree with Laura and Condo Investor. With a unit like this, it is meaningless to attempt to value it on a price per square foot basis. Just looked at the pictures again, wow. This was in Chicago Trib magazine and/or Chicago Mag as I recall.
WOW! N-i-c-e joint. Can anyone list the property taxes?? I hope Todd Stroger appreciates them. He should send a fruit basket every year.
Property Taxes around $24,700.
Yes, this place has been written up a couple of times. Once in a center spread in a chicago homes type mag with an outdoor space theme. The whole place is musically and light coordinated with a press of a button. They play Zen music all day and when they go to bed the press the button and the fountains, music, lights turn off… Bamboo trained trees… the works
The garden is in this months Traditional Home…