Now’s Your Chance For a “True” Penthouse With 3 Terraces: 550 W. Wellington in Lakeview
Some of you may remember the penthouse unit at 550 W. Wellington in Lakeview from several years ago. It had professional interior design.
We first chattered about it in June 2009. See our chatter and pictures here.
That unit is no longer on the market but its sister unit is.
The 2000 square foot 3-bedroom also has upscale finishes including a Bulthaup kitchen.
It has 14 foot walls of glass with south, east and north views and 3 outdoor spaces with landscaped terraces.
The unit has the other features you would expect including central air, washer/dryer in the unit and heated garage parking.
It is listed $125,000 under the 2006 price at $975,000.
These “true” penthouse units don’t come on the market very often in this neighborhood.
With low inventory, will we see a quick sale of this property?
Bard Lippitz at Prudential Rubloff has the listing. See the pictures here.
Unit #PH-E: 3 bedrooms, 2 baths, 2000 square feet
- Sold in June 2005 for $990,000
- Sold in September 2006 for $1.1 million
- Currently listed at $975,000
- Assessments of $583 a month
- Taxes of $12,401
- Central Air
- Washer/Dryer in the unit
- Heated garage parking included
- Bedroom #1: 17×12
- Bedroom #2: 16×11
- Bedroom #3: 12×10
Guys, is it possible to get a good 2bedroom in the city with 550k budget? Thanks a millions!
Brando,
Absolutely, email Sabrina and I can help you
I have to admit, this place is nice despite the ugly, 80s office building exterior.
here is a place sold for less and is in a better location and to me seems to be less over the top and comes off much nicer. it doesnt have the outdoor space but it does have “the Magical Park” at its front door
http://www.redfin.com/IL/Chicago/345-W-Fullerton-Pkwy-60614/unit-1801/home/13348539
Groove – that place is pretty sweet.
Beginning to realize that it is better to live in a cheaper, low maint. type of place and use the tens/hundreds of thousands you will save to enjoy things that you like. Think about it – how much time does everyone today spend in their homes (especially in the city)? Need more luxurious surroundings? Go to NoMi/Sixteen, etc for dinner twice a week. Need to entertain? Rent out a small room at one of the nicer restaurants once a month. Honestly, THAT is the way to do it.
That unit at 345 does look pretty amazing (and the listly was very well shot). Even though it’s not such a nice building (it’s mostly smaller units in need of updating), I’d take that unit all day long over the subject property on Wellington. No brainer.
HOA fees at 345 are almost 1k a month higher. That is not insignificant, even on a $1mm property.
You’re right chuk. And that should be a *big* red flag to prospective buyers of this place on Wellington. The monthly fees on a 2000 sq ft unit in an elevator building that has a heated garage should be more than $583.
Ummmm..anyone notice the pics in the bathroom?
“The monthly fees on a 2000 sq ft unit in an elevator building that has a heated garage should be more than $583.”
1. 550 does not include HVAC, which makes a big diff.
2. 550 does not have a doorman, while 345 has 24-hr staff, which is a bigger diff.
3. 345 is apparently (per redfin agent comment on 2902) getting some new windows.
4. 345 charges an extra $200/mo, so it’s *over* $1k/month higher.
This is a true penthouse, and I love the outdoor space. I’m so-so on the interior. The price seems appropriate. But I’d have to get past my general hate of the architecture of this building as well as its total misplacement on a quiet block of small apartment buildings and 19th-century mansions (well, it once was, anyway).
I agree – the 345 unit is the one I’d choose over the Wellington. That bedroom is spectacular!
I’ve never really liked 345 Fullerton, but that unit may be all right. If you’re going to live in a Chicago high rise, you need a lake view, IMO. And Fullerton is a better location.
While the unit at 345 is awesome, I prefer the boutique style building to a highrise like that. This place is pretty sick with all the outdoor space though, that is a huge + for me comparing it to 345, i’d be willing to sacrifice the slightly worse location and finishes for that.
I think Wellington is clearly better. The outdoor space is great as are the windows.
“Guys, is it possible to get a good 2bedroom in the city with 550k budget? Thanks a millions!”
Brando: Are you from NY or SF? Just wondering. 😉
You can get a “good” 2-bedroom (and even a 3-bedroom) in the city with a $550k budget. All depends on what neighborhood/building you want to live in.
$989,000 in mortgages on a $1,100,000 sale…yawn….owned by what appears to be a former realtor, or at least someone working at a real estate agency…yawn. Unless somebody is bringing cash to da table, this might be one of those ‘short sales’ that isn’t listed as a short sale, because it’d be ’embarrassing’ to see the neighbors in the elevator…”oh I’m the guy with the Short Sale..”
Case shiller condo index is quite a bit below the 2005 level I’m guessing. Yet the GZ continues to hold up.
In this condos defense–getting modern in this area is damn near impossible. They had planned a terribly overpriced modern building with a Dominick’s in it across the street where the old one used to be. Of course it never got off the ground.
Modern (not mid-century) in East Lakeview is basically this building, AFAIK.
“Modern (not mid-century) in East Lakeview is basically this building, AFAIK.”
There’s 545 Aldine, too:
http://www.redfin.com/IL/Chicago/545-W-Aldine-Ave-60657/unit-5B/home/12773599
“$989,000 in mortgages on a $1,100,000 sale…”
And what might the current balance(s) due be? It’s been six years. Kudos to them for not putting more down than they did.
Brando,
We are also looking for a good 2/2 in the city. If you like vintage, check out the high rises in Lakeview on Lake Shore Drive. You can find some good bargains. For example, this one @ $529 appears to be totally renovated:
3530 N LSD #8b. MLS: 08095233
Good Luck
“And what might the current balance(s) due be?”
Anything from $1.25 to something north of $1,500,000 (with an OARM).
“Anything from $1.25 to something north of $1,500,000 (with an OARM).”
What, if they stopped paying in 06? Or are you saying that the balance on a $989k loan from 06 would today be at least 1.25?
No, 10 bits. 5 quarters. A buck twenty-five. They owe *something* on it, even if it was a 15 year loan that they paid very aggressively on, and could owe a great deal more than their initial note, if they had been paying OARM minimums untill they hit their re-cast ratio, and then defaulted. I don’t think *either* is likely, but we just don’t know.
If all of it was all amortizing over 30 years, and they just made all of their normal payments (also unlikely in total, but likely much closer to whatever reality is), it’s about $900k outstanding.
“If all of it was all amortizing over 30 years, and they just made all of their normal payments (also unlikely in total, but likely much closer to whatever reality is)…”
That doesn’t seem that unlikely to me – that’s what most people do.
“There’s 545 Aldine, too:”
From it’s exterior I wouldn’t call it modern, even though it is newer construction. I don’t know what to call that crap. Neo colonial/roman abortion? Reminds me of the highrise in Lakeview that looks similar. Damn those are ugly.
Actually I have always liked this building. IMHO I wish we had more of these
rather than the split block/cinderblock crapolas all over the place. Nice Density.
“We are also looking for a good 2/2 in the city. If you like vintage, check out the high rises in Lakeview on Lake Shore Drive. You can find some good bargains. For example, this one @ $529 appears to be totally renovated:
3530 N LSD #8b. MLS: 08095233”
Chitownjazz: Why are you telling him to look at something that is already under contract?