Mag Mile 2-Bedroom With Views Reduced Over $1.9 Million: 950 N. Michigan
We last chattered about this 2-bedroom unit at 950 N. Michigan in June 2008.
See our prior chatter here.
Since then, it has been reduced by $1,949,900.
There is also furniture in the unit now whereas before it was completely empty.
The condo has been renovated and has walnut floors, stone bathrooms (make sure you check out that picture) and a modern kitchen with stainless steel appliances.
This unit has views of the lake and a small terrace.
Parking is available in the building, but it’s leased.
Will this finally sell at this reduced price?
Melinda Jakovich at Coldwell Banker has the listing. See the pictures here.
Unit #5402: 2 bedrooms, 2.5 baths, no square footage listed
- Sold in October 2005 for $1.175 million
- Was listed in June 2008 for $3,499,900
- Reduced several times
- Currently listed at $1.550 million
- Assessments of $1400 a month (includes pool and security)
- Taxes are $19,362
- Central Air
- Washer/Dryer in the unit
- Leased parking
- Bedroom #1: 25×15
- Bedroom #2: 13×12
That’s like 55% off of the initial asking price! Get it!
nice for 1.5mil you either have to walk through a closet and bathroom or the second bedroom to get to the master bedroom!!!!!!!!!
sorry have to pass on this place, i cannot have my wife this close to Bloomingdale’s i will be flat broke in a year 🙂
This broker accepted to list this place for $3.5M = zero credibility.
How far would she go to sell this place?
I just don’t get it. Who buys a place like this?
The building is nice and well run and the unit is pretty with unique features.
It will sell
I’m not sure for what price 🙂
It is a 2 bedroom after all
That’s cool in a 80’s Miami Vice sort of way…
what schmucktard came up with that floorplan???
“sorry have to pass on this place, i cannot have my wife this close to Bloomingdale’s i will be flat broke in a year :)”
no groove, you will be flat broke in a year by buying this place.
that’s a damn beautiful view though.
I wish I could see this in person, just to get a close up look of the kitchen and bathroom as I’ve never quite seen anything like them. Beautiful views. I have no RE knowledge upon which to base this prediction, but I’d guess it’ll sell for just at or slightly under a million (although not any time soon).
“no groove, you will be flat broke in a year by buying this place.”
more like i will be flat broke paying for parking to go to the open house!
Parking prices are getting insane.
I’m gonna agree with MrsB on this one.
*soup nazi voice on*
NO APPRECIATION FOR YOU!
“RE knowledge upon which to base this prediction”
Sure you do, it’s just repeated on here so often that it has sunk into the unconscious! 🙂
1) 2005 was a bubble year (1.175M sale)
2) Prices in general are already below 2005 levels (per CS)
3) This property has some “wow” factors that could help the final sales price
4) End result – approx 1MM
PS – Put me in the camp of people who do not mind the floor plan. A distant master can be a good thing if you want to sleep while your SO wants to watch a movie
“Sure you do, it’s just repeated on here so often that it has sunk into the unconscious! :)”
Well what do you know, so it has! 🙂
“Put me in the camp of people who do not mind the floor plan. A distant master can be a good thing if you want to sleep while your SO wants to watch a movie”
I don’t think the distant master is a problem, it’s a matter of the fact that its entrance is either (a) thru a tandem bedroom (which is *also* the only guest room) or (b)thru the *middle* of your w-i closet *plus* the master bath.
The association fees alone are more than I pay in rent. The property taxes alone are more than I pay in rent. What do you think parking costs?
“anon (tfo) on November 13th, 2009 at 4:30 pm
I don’t think the distant master is a problem, it’s a matter of the fact that its entrance is either (a) thru a tandem bedroom (which is *also* the only guest room) or (b)thru the *middle* of your w-i closet *plus* the master bath.”
Exactly. If there was a long separate hallway connected to the Master it would be fine…but of course then the 2nd bedroom wouldn’t have a window and you’d have a $1MM 1 BR with den. Oops!
What if your guests are sleeping and your wife wants to ummmmm, use the facilities? Oops, you’re locked in or out of the master bedroom. Stupid, stupid design.
Silly bradford,
People that can afford to buy a 1MM+ place can afford to put their guests up at a nearby hotel, they don’t slum it on couches.
Don’t you know anything about the rich? You do purport to be among them, right?
Parking is around 275-300/month in the building. Everyone rents the parking.
“but of course then the 2nd bedroom wouldn’t have a window and you’d have a $1MM 1 BR with den. Oops!”
Actually, this is exactly what the current owners have done. The agent is “marketing” this as a two bedroom, but the picture of the ‘2nd bedroom” space is clearly labeled DEN. I would bet that the owners took down the bedroom wall to make the den. You could always put the wall back up and, depending on the buyer, that might help move the unit.
I expect with $1 million you can buy a fantastic two bedroom in the heart of the city, with a wow factor that goes beyond good views, ugly bathroom fixtures, and aqua-colored paint. This place is a horrible joke. I can’t believe the original chatter didn’t feature more jaws hitting the floor. With steep assessments and the structural changes needed to make the space liveable, this place is more a liability than an asset… at least for me.
From the listing: “OWNER IS A SELLER MAKE AN OFFER!”
What the hell does that mean? Of course the owner is a seller, otherwise the place wouldn’t be listed. And who else would be selling it? Out of all the realtor lameness I’ve ever seen, this has got to be among the worst. Is that really supposed to make me want to make an offer?
He meant to say that the owner is a “sucker” make him an offer. The owner got caught up in this unit at the wrong price and wrong time.
It is really a poor layout. The finishes are ok to a few but odd to most. Owning your own parking spot would be a better option. I guess that people can get past that.
My prediction is this sells as an in-town for a wealthy couple from the north shore who are unable to sell their big house in the burbs in this market. Parking issues wont bother them and they can spuce it up to thier liking without spending a fortune. It will be used occasionially until the market recovers. At that point they can sell the house and use those funds to do a full gut rehab. Then they will downsize to a condo or smaller home up north and still use this on a part time basis. With this type of unit it will be perfect.
“until the market recovers.”
The recovery is happening already. What else to call the correction due to the excesses of the past?
“The recovery is happening already. What else to call the correction due to the excesses of the past?”
Finally G has seen the light!
“What else to call the correction due to the excesses of the past?”
Our government already allows recovering junkies to take doses in methadone–which studies have shown done little to nothing to change or alter junkie health or behavior.
Why should the housing bubble be any different?
“Finally G has seen the light!”
I’ve never wavered from the fact that the recovery will only occur with lower housing prices.
So, yes, the recovery is underway! The lower they go the better off we will be! The less we spend on housing the more we have left of declining income to actually build a sustainable (as opposed to Ponzi) economy!
Unreal price in 2008, wtf. I guess it never hurts to ask, but setting yourself up for defeat with completely unrealistic numbers definitely makes me question one’s sense of reality.
If memory serves, self park is around 350/month, more if you want valet. I don’t see it going for the current ask, but I wish them well.
Can anyone show the progression of price reductions over the 17 months since this first appeared on the market back in June, 2008?
Originally listed at $3,499,000 back then!
I think Melinda’s comments over at the end of the original chatter are, um, amusing:
“MelindaJakovich@aol.com on November 15th, 2009 at 7:54 am
Hi, it is Melinda Jakovich, the Real Estate Agent who has been hired to market 5402 @ 950 North Michigan…My client has accepted an offer last night and I had another two parties very interested in. Beautiful properties are selling, if listed in the Market. We are all learning Market Conditions together. This is an amazing Condo and a fabulous location to enjoy the best of Chicago. If you have any questions, please do not hesitate to call me at 312 440-7559”
http://cribchatter.com/?p=4035#comment-55275
17 months later to “learn market conditions”.
whoa.
Just to clarify: Melinda was NOT the original listing agent at $3.49 million in June 2008 when we first chattered about it.
It looks like it has had 6 or 7 price reductions/new listings since the original listing in May 2008.
well, okay, so it was the owners who took 17 months to learn market conditions!
🙂
“Bob on November 13th, 2009 at 5:03 pm
Silly bradford,
Don’t you know anything about the rich? You do purport to be among them, right?”
Absolutely not. However, I find it more than a little amusing that you think anyone who pays more than your $700/mo rent falls into that category.
In the US there are currently 17,000,000 vacant units for 114,000,000 households, meaning that the fundamentals supply and demand are out of whack. $700 a month for housing is a very reasonable payment for a studio or one bedroom apartment. It’s the people with moderate incomes who foolishly pay $3,000 or $4,000 a month or more for their 2 and 3 bedroom condos that will suffer most from the imbalance.
bradford,
There is a big difference between my $700/month rent (which is likely dropping to $650 come lease renewal btw) and owning a million dollar place.
Having a substantial mortgage on a million dollar place might have been an upper middle-class phenomenom during the height of the bubble, but I can assure you it won’t be in Chicagoland any longer as there is no easy financing market for it.
It might continue to be so in states like California and Hawaii due to our government subsidizing mortgage financing up to $730k in California or $793k in Honolulu but here in Chicagoland now that market financing is dictating price these properties are in no mans land.
I don’t have a $1MM home and I don’t pay over $3M+ a month in mortgage payments, so I’m not sure what your point was by mentioning me…
Well your insights on the floorplan were spot on. But I was just pointing out for those that could reasonably afford a $1MM home the hotel expense for guests wouldn’t be of prime concern if they liked the floorplan.
For the rest of us, yeah having an area for guests is indeed of concern. I guess thats why I’m drawn to rare floorplans that include more than one bath.
Hi,
According to the MLS, this closed on 12/4 for
Sold Price: $1,425,000