Live In a House in the Sky: 50 E. Chestnut in the Gold Coast
Never shovel snow again.
This 3-bedroom unit in the newer Gold Coast high rise at 50 E. Chestnut is a single family home in the sky.
There are only 34 units in the building and they are full floor units where the elevator opens directly into the unit.
This 3904 square feet unit has south, west, and east views and one of the two balconies looks directly onto the John Hancock building.
It also has luxury finishes in the kitchen and baths and 2-car deeded parking.
Joanne Nemerovski at Prudential Rubloff has the listing. See the pictures and virtual tour here.
Unit #3001: 3 bedrooms, 3.5 baths, 3904 square feet, 2 car parking
- Sold in October 2007 for $2,929,500
- Originally listed in July 2010
- Currently listed for $3,495,999
- Assessments of $2231 a month (includes heat, doorman)
- Taxes of $32,534
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×17
- Bedroom #2: 14×11
- Bedroom #3: 18×14
Can’t comment on price, because I can’t count that high.
Place looks beautiful, and is what I would want to live in at that price point, as opposed to a new McMansion in West LP somewhere.
That balcony might freak me out though if I had children or pets – it doesn’t look like there is a barrier on the lower half, but that’s totally irrelevant to the bigger picture. Full floor residence. Amazing.
Rather live in a Single Family on Orchard or Burling… the asst fees are out of control!
Great alternative to suburban living. I’m sure it will be bought by someone downsizing or someone doesn’t have young kids/family. I would love to sell my places and consolidate into this place -no maintain equals no problems/headaches (god do I have one this morning!!!)
$2.8.
I like it but I don’t see this price. Is Trump a price setter for this. Plenty of units at half this size for 1 million so double it up I’d say $2 million plus a little bit for not being Trump and having I believe a bit nicer features. I’d guess 2.4.
“That balcony might freak me out though if I had children or pets – it doesn’t look like there is a barrier on the lower half”
Only b/c they washed the glass before taking the pic. No barrier on the bottom wouldn’t meet code.
This is a beautiful unit, and it’s a fantastic location, but this price doesn’t make sense. I understand that to people who can afford this place, high assessments and taxes are merely an afterthought, but at the same time, there’s no point in spending this kind of money on a condo in chicago, and yes, 3900 square feet is huge, but its not 3.5 million huge. I mean, that’s almost a manhattan pricetag..
It sold a bit after the bubble burst for 2.9. I don’t think a 600k price jump is in order here. Realistically this place should go in the neighborhood of 2.5..and to be honest, there are tons of great, huge , condos in the 2mil + neighborhood.
Did all 34 units eventually get sold? I had heard they were somehow allowed to break ground after selling only 3-4 units, and that they weren’t close to selling out shortly after the peak. Not sure if that’s true or not.
What would be the process of someone get financing on something like that?
2.5 max unless they “get lucky”. Many nicer properties on quieter streets in the prime Gold Coast.
“Did all 34 units eventually get sold?”
7 currently listed, per RF, including the 33d floor, supposedly pending at $3.9mm.
“I had heard they were somehow allowed to break ground after selling only 3-4 units, and that they weren’t close to selling out shortly after the peak.”
All sorts of crazy happened in 04-05-06. That’s not exceptional at all.
I like how the listing states “One-of-a-kind Residence” when all of the units are the same, at least floor plan wise.
awesome place…
my only knock on the listing is, for a full floor place at that height, why not show more of the views?
they mention breathtaking south/east/west views but only show the east view, which is nice, but i’d be expecting the south view to be the best…
does another building impede those south views?
why did this appreciate 15% from 2007?
Did they remodel or upgrade the entire place?
I will never have this much money but if I did, there’s a lot of choices at 3.5 mildo
and LOL at the person who would rather buy in the trump… this place blows the doors off that poser wealth eyesore with no outdoor space for any units
“and LOL at the person who would rather buy in the trump… this place blows the doors off that poser wealth eyesore with no outdoor space for any units”
And in Trump, you have to share the elevator with people who could only afford *studios*, where here, everyone has a whole floor. How can one compare the exclusivity?
exactly anon!
1101 is the cheapest listing, at $2.69:
http://www.redfin.com/IL/Chicago/50-E-Chestnut-St-60611/unit-1101/home/21786532
“Did all 34 units eventually get sold?”
“7 currently listed, per RF, including the 33d floor, supposedly pending at $3.9mm.”
Here are the 6 active listings plus 1 pending:
#3301 pending stale contract dated 11/5/09 listed at $3.9M, prior sale 1/22/08 $2,845,500 w/2 pkg spaces.
#1101 listed for $2.69M w/1 pkg, prior sale 8/21/08 $2,681,500 w/1 pkg.
#3001 subject listing
#801, 1401, 1801, 2201 listed by developer
The developer appears to have 14 unsold units of the 30 total:
601
701
801
1201
1301
1401
1501
1601
1701
1801
1901
2001
2101
2201
“The developer appears to have 14 unsold units of the 30 total:”
You mean the lender(s), don’t you? Whether or not they’ve actually exercised rights. Or was this place built with that much equity?
small detail, but why number the units as 1901, 2001, 2101? If you only have 1 unit per floor, either shorten to 19, 20, 21, 19th, 20th, 21st, or maybe 1900, 2000, 2100?
assessments seem kind of low for a building of this size. I think you would have to assume that assessments will likely go up to 3-4k within 10 years.
WHen you pay this much to live in an exclusive building, everyone deserves to be #1.
clio, you are the worst
after looking over some of the other listings in the building….it seems that “breathtaking east/west/south views” is quite the exaggeration.
unless one considers staring at other buildings “breathtaking”
full floor is nice…location is great…but for $3.5MM i’d want killer views. expansive city views where one can see virtually the entire skyline.
these don’t cut it.
otherwise stunning place, but i think annony has it right for $2.8MM.
i like that kitchen. Anyone know approximately what it would cost to put that kitchen together in another home?
Beautiful place. That kitchen looks to cost about $250K. Look at the width of those ovens and look at the cabinets.
$32K taxes= less than 1% of ask price. These are reasonable taxes, as a percentage of the market value of the place, relative to what nearly everyone else in the city is paying now, especially for nearly new construction. Everyone else is paying 2.5% to 3% of market value these days, so I wonder if the new buyer here will experience a monster tax hike next year.
“unless one considers staring at other buildings “breathtaking””
staring into the rooms of the sofitel could be quite entertaining though.
“i like that kitchen. Anyone know approximately what it would cost to put that kitchen together in another home?”
A lot, if you want an exact match:
http://www.nytimes.com/2008/04/10/garden/10peacock.html?_r=1&ref=garden (note: the co. who bought CPK filed BK)
A lot less, if you replicate it with cheaper materials.
lol….very true, marco.
“Everyone else is paying 2.5% to 3% of market value these days,”
Uh, no. Not among those I know, certainly. Over 1%, yes, over 2%, nope, unless you take a very pessimistic view of market value.
Sonies,
say what you will about the trump, but I think the last thing it is is an eyesore. yeah, it’s cliche, played out, and right in the middle of tourist-ville, but aside from the lack of outdoor space on the units, I think it’s a pretty nice building with some crazy views, and great units, depending on how the owner updates them or not. Also, you can probably get close to this square footage in the trump and have enough money left over for a few ferraris and a vacation home somewhere.
“Everyone else is paying 2.5% to 3% of market value these days”
Then they should have appealed. Here’s the calculation for Chicago residential properties of 1-6 units for 2009 pay 2010 for all but a few special taxing districts:
assessment level x tax rate x equalization factor = % of MV
.10 x .04627 x 3.3701 = 1.56%
This would be the max without homeowner’s or any other exemptions.
As far as the kitchen goes, absolutely beautiful..but 250k might be a stretch, i can’t tell from the photo above, but it looks a bit small for that pricetag. My parents home has a kitchen that was about half that much and is much larger in layout. Given, that was built 10 years ago.
“A lot, if you want an exact match:”
is this a CPK kitchen? developer was offering the choice of snaidero or brookhaven which are considerably less then CPK.
“is this a CPK kitchen? developer was offering the choice of snaidero or brookhaven which are considerably less then CPK.”
I may have mixed with one of the other RF-listed units.
In either case, still expensive for an exact match, but much, much room to get the same look, cheaper, depending mainly on the cabinets selected.
“i like that kitchen. Anyone know approximately what it would cost to put that kitchen together in another home?”
I love the look of glass kitchen cabinets, we wanted to do it but reality hit. because you have to be supper OCD or not use your kitchen as it can easily end up looking to cluttered or pack ratty. its not for practical use more as a china cabinet above your sink.
and the groove doesnt want to “display” his open box of cheerios.
and if your looking for full floor elevator in unit with a better view and IMO a better address look at a place we chatted about before http://cribchatter.com/?p=8328
This unit (#3001) was originally listed from Nov 2009 to July 2010 at $3.995M. It was relisted in July 2010 for $3.695M and reduced to the current $3,495,999.
I would have expected rock n roll memorabilia jammed into this seller’s place.
“rock n roll memorabilia jammed”
heh.
jam … i saw that too.
your SNAP joke the other day was pretty witty too.
probably the best value for $1.6MM i’ve seen in the city.
that’s a great spot.
I know the contractor who did all the low voltage electrical work in here (phone, internet, cable, security, fire alarm, etc…)
Great building. Not many expenses spared.
Superior 110, one of our clients, has two full floor units available in the $2.6 to $2.8 range. One is on the 7th floor with a large outdoor terrace, the other on the 25th, with 4 balconies. They’re both over 4,000 square feet.
They units are combinations of existing half-floor units. I recently shot the second part of a series of videos showing how the developer is reconfiguring the half-floors on 24 into a full-floor for a buyer:
http://www.youtube.com/watch?v=0wRzimuRahw
At a $3.5M ask you can buy a 5,000+ square foot full-floor duplex penthouse at 445 E North Water with a wraparound terrace with spectacular views. Search YouTube for Streeterville duplex penthouse to see a number of videos I shot there.
Sparky, err..Joe Zekas:
What impact do you think the recent dramatic lift in interest rates will have on RE valuations?
I guess if you were to believe JZ’s theory that they aren’t at all correlated then there would have to be even money that there isn’t an impact from it. I’m guessing there will be a substantial impact on RE valuations from the recent run up. Looks like so far I’m right.
http://www.calculatedriskblog.com/2010/12/corelogic-house-prices-declined-19-in.html
“Looks like so far I’m right.”
There was NO run-up in rates from September to October. So far, you have no sales results to track.
“Looks like so far I’m right.”
Bob, the rates didn’t start trending up until the the end of Nov / first week in December so it looks like so far you can’t really say anything.
I can’t even pretend to afford this crib. As the Jeffersons would say, “Move on up”! If you have the means, I highly recommend it.
This is not a crib and hence does not belong on cribchatter for the trolls to comment on. This is a mini-palace and is for the creme de la creme to debate on the valuation.
(By the way, if you post daily that yes you are a troll.)
I am with Old Hickory on the views. If you go to their website, they have pictures of the views from different perspectives and floors. They all looked limited in some respect by other buildings. For that money, I would want an unobstructed expansive protected view.
I would NEVER buy in Trump. I agree in that Trump isn’t horrendous but it is nasty nonetheless. What really irritates me is the new stone on the shopping side near the river. It is this very cheap looking yellowish stone. They could have gone with indiana limestone instead. Horrible! It is an eye-sore in such a wonderful city. Anyone else think the same?
I’ll take it.
Is this a 3 or story townhouse that sits on like the 18th floor by the pool? If so, I’ve been to one of these. The one I was in was nicer than this and that guy only paid 1.8 or 2 for his.
You can do so much better at this price point.
also isnt there a full floor raw space for sale at the metropolitan for like 3 mil?
thats what i would take as your views are “somewhat protected” forever
did you even read the post? you couldn’t be more off
also I agree with Jason re: the yellow crap outside of trump, I think they did it though because 300 N. Lasalle also used that yellow crap along the river
“I think they did it though because 300 N. Lasalle also used that yellow crap along the river”
Which would mean: “it’s what richie wanted”
“I would NEVER buy in Trump.”
If I caught a deal and could afford the assesments, I would in a heart beat. The big picture with Trump IMO is once you get to the condo side high-er floors, the chaos and maddness of the city disappears and is replaced with serenity, luxury, and comfort. I no fan of the limited number of units with outdoor space though…
“Which would mean: “it’s what richie wanted””
i cant remember didnt Richie force the “antenna” onto the trump too?
“i cant remember didnt Richie force the “antenna” onto the trump too?”
Yep.
Did Richie force that ugly ass colored lighting of the antenna as well? That thing is such an eyesore I hate it as it doesn’t fit at all with the building
I will agree with a-fed; I lived in Marina for awhile on a floor in the 50’s. Those balconies are huge and I spent a lot of time out there. You do hear horns and sirens up there but they aren’t intrusive. I do miss it, though not enough to override the lack of a neighborhood.
sadly i dig the antenna on top, sorry
*the lighting of it i oppose
“sadly i dig the antenna on top, sorry”
You enjoy the Deville antenna-look? In the executed proportions?
I like the concept, think the execution was amatuerish. Or, if you prefer, perfectly Trump-ian.
You enjoy the Deville antenna-look? In the executed proportions? I like the concept, think the execution was amatuerish. Or, if you prefer, perfectly Trump-ian.”
I visually enjoy “caps” on skyscratchers. fave is carbide’s and wedding cake next to different strokes.
I am hugely disappointed in what they did to museums west “cap” the original plan made it look cool. now its just a hot mess of BLAH.
“think the execution was amatuerish. Or, if you prefer, perfectly Trump-ian”
beautiful way of saying that. groove vernacular would say it was totally after-thought’d
I think the antenna needs to be chromed or reflective to look good
but no… they went with ugly matte gray aircraft primer style paint and it looks like ass
“I think the antenna needs to be chromed or reflective to look good”
FAA violation probably?
i would rather a better “hat” but without the stick on top it felt unfinished.
also wasnt Lee Bey against the stick, or for it?
How can richie force an antenna on a developer? That is a stupid comment. They make M.O.N.E.Y. off of antennas!
“How can richie force an antenna on a developer? That is a stupid comment.”
You’ve lived in Chicago how long?
“They make M.O.N.E.Y. off of antennas!”
You think that “antenna” does anything (other than hold the FAA light)? Where’d you get that idea? We call it an antenna b/c it looks like one, not because it *is* one.
“How can richie force an antenna on a developer? That is a stupid comment. They make M.O.N.E.Y. off of antennas!”
Apparently there’s nothing indside of it as of yet (i.e., nothing revenue generating). It’s simply a result of the mayor saying “put one atop the Spire or your fired” to The Donald.
“You think that “antenna” does anything (other than hold the FAA light)? Where’d you get that idea? We call it an antenna b/c it looks like one, not because it *is* one.”
trump’s at most holds a primeco cell tower or a boost mobile one if that. its not like big willie’s with tv and radio and small john’s its just a party hat for trump as last i cared about it (year ago).
It was my belief that an antenna was a part of the development plan of most buildings. That and the potential for naming rights on the top floor are additional ways to generate extra profit or entice a huge tennant to the space.
Remember way way back when Miglin/Beitler proposed to make the worlds tallest building? If I recall correctly I beleive that was based partially on the value of adding a HDTV antenna on the top that would service the area. Wonder what happened to that plan?
“trump’s at most holds a primeco cell tower or a boost mobile one if that”
I thought it was a cell that only served Vertu phones. Or has Donald really gone that down market?
BTW If he can not sell the antenna to someone watch out for Trump TV. I can hear him now.
“It will be the big. In fact it will be the biggest TV station in the world. The station will give all 24 access to my empire and provide a constant infomercial on my properties and hotels. Nothing like this has ever been done before”
“It was my belief that an antenna was a part of the development plan of most buildings. That and the potential for naming rights on the top floor are additional ways to generate extra profit or entice a huge tennant to the space.”
Not most *residential* buildings. And there aren’t any naming rights to Trump, nor is a huge tenant going to take the top floor.
“Remember way way back when Miglin/Beitler proposed to make the worlds tallest building? If I recall correctly I beleive that was based partially on the value of adding a HDTV antenna on the top that would service the area. Wonder what happened to that plan?”
1. Realization/tech advancement making the standalone HDTV tower unnecessary/unprofitable.
2. 1 S Dearborn was built where it was planned–and the prior building torn down to accommodate.
“BTW If he can not sell the antenna to someone watch out for Trump TV. I can hear him now. ”
The thing that is up there is fiberglass or something. It’s not real “antenna-material”, whatever that would be.
Wait I thought trump put that “spire” on the building so it would be taller than the hancock so it could be considered the tallest residential tower in chicago/north america
Are you guys seriously discussing antennae? Slow day at the office?
this is not an antenna, it’s a spire. and no broadcast signals
Clio,
Were you at Chicago Cut last night?
“I thought it was a cell that only served Vertu phones. Or has Donald really gone that down market?”
In his mind the “brand” never goes down 🙂
“Are you guys seriously discussing antennae? Slow day at the office?”
pot/kettle my bro
ok waiting for a Data base to run a report so i looked up the metro can could find the raw space listing i was thinking of but found another full floor below it probably;
http://www.redfin.com/IL/Chicago/310-S-Michigan-Ave-60604/unit-2800/home/17488065
i know finishes are no where near, but thats why i think the raw space is a sweeter as you can tailor to liking.
Groove–you just ignoring my email, or did I get filtered?
“Groove–you just ignoring my email, or did I get filtered?”
sorry got my phone replaced and never re-setup the account. my bad, i am on it now!
“sorry got my phone replaced and never re-setup the account. my bad, i am on it now!”
iphone?
“iphone?”
android because i like to make phone calls. i had the nexus1 but it took abuse so it was time to upgrade.
This stone is used on the horrifically ugly addition to the Goodman Theater, looks like some incognito wailing wall reference or something.
re Trump: “What really irritates me is the new stone on the shopping side near the river. It is this very cheap looking yellowish stone.”
Here is a link to a great coverage by the Trib on the Trump spire. It was supposed to be a broadcast antenna in 2002 but that did not happen. It is covered in Fiberglass but the structure is not.
http://featuresblogs.chicagotribune.com/theskyline/2008/12/post.html
AC-I wish!!!!! Unfortunately I was too busy throwing up from the night before!!!!!! And I’m about to start the whole cycle again!!!!!!!
I only asked because there was a private party and it seemed like everyone there was hammered. I can’t remember being this hung over.
What a beautiful, beautiful place. But what service justifies $2k+ a month in utilities? Secret note to all 50 E Chestnut residents: Comast will do everything short of calling your mom for you for less than $300 a month, and I’ve got a dude who shovels my sidewalks at $35 a pop if you need one. If you turn the heat down from 85 degrees in the winter and go up to 68 degrees in the summer, utilities aren’t *that* expensive.
There are some custom cabinet makers around who do gorgeous work for a lot less than the big names, plus you’re employing local skilled craftsmen. I’ve worked with two companies who I’d highly recommend. Downside is you don’t have the bragging rights of being like “Claudio came over from Turin just to match the wood to our Pomeranians! He’s so delicious!” etc.
I had misgivings about the iPhone, but so far the only problems are that it has a hard time finding my location when I’m in the loop, and I’m going to get frostbite cos I’d rather use my phone than wear gloves.
And Clio, if you puke the day after drinking on a regular basis, go see your doctor. Could be an h. pylori infection.
“But what service justifies $2k+ a month in utilities?”
There are 34 units and a doorman. Do the math.
Also- most people don’t realize- you have to “maintain” a building. That means the lobby has to be cleaned daily (floors cleaned and dusted). The hallways have to be vacuumed regularly. There might be fresh flowers every day in the lobby. You have to heat and cool the lobby and hallways. They may also have a heated/cooled parking garage. All the windows have to be cleaned on the building- probably twice a year.
Again, there are only 34 units to pay for all of these things.
All of this is more than $200 or $300 a month. If you think otherwise, you don’t live in a highrise.
Windows need to be cleaned at least 4 times a year
“Windows need to be cleaned at least 4 times a year”
It depends on the building. I’ve never heard of any cleaning them in the middle of winter- for instance.
Fair enough, I have never lived in a high rise, and I suppose it’s better to have a healthy balance sheet with a cash reserve than get smacked with a big special assesment. But wow, when you factor in the tax, even if you own the place outright, you still have to pay $5k a month to live in your own home. And I understand that the people who live in this building are wealthy, but for five grand a month not to matter, you have to be in the “family fortune super wealthy” camp. I guess my brain is just blown by the lifestyle implications of this place.
“The hallways have to be vacuumed regularly.”
No hallways in this building. Even tho that wasn’t really the point.
I believe I mentioned here before that when the building was first released for sale I toured a number of units with my Gramps and Uncle who were interested in owning a place in Chicago. While it is a beautiful building with ‘true’ luxury finishes and amenities, it just did not seem like a good investment at that time.
Now here we are a few years later and the developer still has half of the units for sale. Regardless of his faults, my Gramps can smell a bad investment blocks away.
One of his first comments was the poor views from all units. Where as in Trump, the views from the high floors are spectacular…esp the full floor PH. You are so high it feels you are removed from the (to take clio’s phrase) common folk and are alone at the top of the world.
Speaking of Trump and the top floor PH, has there been ANY interest in it at all? Compared to NYC PHs, it was a great deal at $14 mil. All of that customizable space with floor to ceiling windows and views forever.
Surprised the Donald himself or one of his genius kids have not made it their own private residence. Unlike their Trump SOHO, this one actually had some interest upon opening.
Nah, between the two I would choose a unit in this building…but it still would not be my first choice at this price point.
Did the beautiful unit that received so much praise on CC ever sell? I can’t recall the builing, but it was the PH duplex in short sale status in River North?
Anyone?
“Speaking of Trump and the top floor PH, has there been ANY interest in it at all? Compared to NYC PHs, it was a great deal at $14 mil. ”
Westloop – you probably don’t realize this because you are not from Chicago – but the Trump is the biggest joke to the truly rich. Seriously, they laugh about anyone who would buy there and immediately dismiss them as posers, noveau riche, etc. – so it has become a place to avoid for rich people.
Clio,
why is that? people slamed the trump, because of the name. but
1. the location is pretty dang good
2. because of location the views are wonderful
3. full amenity building even the condo folk can order room service 🙂
4. have you seen the views?
5. no seriously the views even in the 2 br high floors are insane!!
Groove, I think there are several reasons:
1. Location – most “rich” people prefer being east of state and north of huron. Trump is too far south and completely isolated from its surroundings
2. Name – the name Trump, to many rich people, is synonymous with “wannabe wealth”, “noveau riche”, etc.
3. No outdoor space in most units
4. Shared lobby – not exclusive AT ALL. This is the thing that got me when I toured the place. If I am going to spend a lot of money on a place, I don’t want to feel as though I am at the Cheescake factory!!!
The Drake has the same situation, but the feeling is much different. I can’t wait to move back there!!!
1. true like minded people like to stick together. sad to pass on something because of that
2. to EVERYONE the name Trump is a giggle inducing thang
3. many buildings are missing outdoor space why is this diffdernt?
4. nice cheesecake factory ref, i would totaly be pissed if i dropped 5 mil and have to hear billy bob from arkansas yell at his son while trying to get to my elevator.
“The Drake has the same situation, but the feeling is much different. I can’t wait to move back there!!!”
i love the old school drake elevator having a guy pull/push the lever for you i the “cage” is so pimp.
Groove – have you checked out the “turnabout” – it is on the east lake shore drive side (179 E LSD). Seriously, drive up and have them turn you around – I still do it sometimes – I don’t know why I get such a kick out of it.
“Groove – have you checked out the “turnabout” – it is on the east lake shore drive side (179 E LSD). Seriously, drive up and have them turn you around – I still do it sometimes – I don’t know why I get such a kick out of it.”
we roll in different entrances in this area my friend. my kind is not let in the front door 🙁 and i dont get the “nice” elevators either.
but i would love to have them “turnabout” my hyundai 🙂
Groove, if and when I move back there – you can DEFINITELY have them turnabout your hyundai. Believe me, people there are really very nice and I’m sure they wouldn’t mind at all. Everyone should have that experience. Again, I don’t know why I get such a preverse pleasure out of that turnabout, but I just love it!!!
The Trump hotel attracts the obnoxious Gary and Rachel from NJ or Long Island yapping-at-their-brat-Josh type crowd more than it does Southerners who generally have good manners.
“nice cheesecake factory ref, i would totaly be pissed if i dropped 5 mil and have to hear billy bob from arkansas yell at his son while trying to get to my elevator.”
“I don’t know why I get such a preverse pleasure out of that turnabout, but I just love it!!”
we all have our thing that just makes a kid out of us. those little things make life so great 🙂
and i will take you up on the offer when that time comes.