Modern Showcase on the Mag Mile: 950 N. Michigan
Do you like modern interiors? 950 N. Michigan #5402 could be your dream home.
The building was built in 1984 at the north end of the Mag Mile. This particular unit was last sold in 2005 and has been renovated. From the listing:
ABSOLUTELY THE MOST INCREDIBLE, SOPHISTICATED FULLY RENOVATED UNIT JUST COMPLETED BY DESIGNER MICHAEL RICHMAN! EVERY DETAIL IS IN EXQUISITE TASTE! UNPARALLELED LAKE & SKYLINE VIEWS AT THE PINNACLE OF ONE MAG MILE!
UNBELIEVABLE PRIVATE TERRACE! SPACIOUS 2 BR, 2.1 STUNNING CUSTOM STONE BATHS, SPECTACULAR KITCHEN, RICH WALNUT FLRS, REFINEMENT BEYOND COMPARE! ON-SITE GAR PKG! PRESTIGIOUS MICHIGAN AVE…
Question: how many of you would be out on that terrace?
Unit #5402: 2 bedrooms, 2.5 baths
- Sold in October 2005 for $1.175 million
- Currently listed for $3,499,900
- Assessments of $1400 a month
- Taxes are $19,363
- Melinda Jakovich at Coldwell Banker has the listing
This is a really nice space. However, some of the finishes are “eh” at best… I’d imagine some of the “exquisite finishes” will not net a positive ROI.
Aside from that, the asking price is beyond ridiculous.
So they bought at the peak of the bubble for $1,175,000 and now expect a 197% total holding period return, or a 2.325MM profit…yeah.
I guess they are assuming people with money are stupider than people on the low end who bought condos in Lincoln Square for the same price/sf as Lincoln Park. This should go on the foreclosure watch.
Nice space but ugly. And I woulnd’ want to have to BBQ on that Terrace!
Anyone have a guesstimate on what the renovation cost?
Is it even possible that they spent $1mm on it?
Are they really asking over $1500/sq ft for this place?
How many sq feet is this unit? it is only a two bedroom with a nice entertaining space. There is NOT a lot of product from 3-5 Million in the city but it seems to me that this should not be priced in that category.
Nice walnut floors…
You would think for that price, you would at least get custom designer furniture from the designer included! I’m having a hard time seeing how much work the designer might have done.
I think anyone who wants to spend that kind of $/sq ft would be looking at the Trump, Spire, etc…
It’s only 5 times more expensive than the 1BR/1.1BA for sale on the floor below (5301 at $690K). Neither is a top-floor unit (the assessor lists up to 56), although it looks like 5402 has architectural interest in that they lose some volume to the roof slope.
Unit 5301 says it is “almost 1600” sqft and it’s BR1, DR, K, and LR are essentially the same size as 5402. (DR and K are 1 foot longer in 5402, BR1 is 1 foot longer and 2 feet wider in 5402, LR is 5 feet shorter in 5402.) 5402 adds BR2 (13×12), a full BA, and presumably some closets. Room sizes taken from KSGMAC website (for both units).
If 5301 is accurately 1600 sqft, I’d be surprised if 5402 is even 2200 — making it $1600/sqft.
Another comparison: unit 3904 (also KSGMAC, under contract with listing at $1.3M). 3904 is a 2BR/2.1BA just like 5402. Its LR is 5 feet longer, but its BR1 is 7 feet shorter. 3904 is advertized at 1900 sqft. If 5402 is slightly bigger, 2000 sqft is $1750/sqft.
[i]Question: how many of you would be out on that terrace?[/i]
I can buy a lot of fancy dinners at the Signature Room for that price. And I’d have a lot of money left over.
That terrace looks better suited to prisoner torture than for a relaxing evening. I might just barely manage to stand on it, clutching the wall, Mrs. JB wouldn’t go anywhere near it.
I like the terrace! The wind must be insane at times. The only thing more insane than the wind is the price! LOL
Mrs. SkaSka just turned ghost white when looking at those terrace photos. I’m not sure if it was the height or the view of 1000 N. LSD. Also, put some hieroglyphics on that tub and you’ve got yourself a nice sarcophagus.
I can’t believe they are trying to get those kinds of prices per square foot. At least in Trump, Waterview and the Spire you can be on the 80+ floor, which very few buildings offer. But to ask for these prices on the 54th floor? You’ve got to be kidding me,
D
How could the realtor not laugh when the seller proposed that price ? Where are the comps and what parallel universe are the folks at K & S living in ?
The bathroom looks like a morgue. So depressing…
Was in the unit last spring and the views are the best in the city. Trump tower or the spire do not have Oak St beach at it’s door step (or any other beach), Rush St with all the famous restuarants and night life around the corner, and the Mag mile including the best shops, to step out on as you walk out your front door. Don’t think the terrace was meant for a BBQ but to be able to step out and enjoy the weather and the views. Don’t know anyone scredetials or knowledge of this neighborhood but sounds like if you can’t afford it the best thing is to knock it!! I can’t afford it either!!!
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
Melinda @ Coldwell Banker
Wow! And it only took 17 months to sell!
(seriously, was this place on the market for over 500 days?)
I just looked this up on Trulia, and it seems that compared to the original list price on this property here (June, 2008) , the most recent list price had dipped down to $1,550,000 from the $3,499,900 they started at back then. Different agent, this listing only like a month. a realtor could probably tell us on and off market times on this.
http://www.trulia.com/property/1060662275-950-N-Michigan-Ave-5402-Chicago-IL-60611
Please change who condo was listed by…It is listed with Coldwell Banker/Gold Coast. Truly appreciate.
Melinda Jakovich