Our Favorite Bank Owned Streeterville Penthouse Reduces Again: 247 E. Chestnut
We’ve chattered about this bank owned 4-bedroom penthouse at 247 E. Chestnut in Streeterville several times over the past few years.
See our June 2012 chatter here.
Back in June, it was already bank owned. A couple of you wondered whether or not it didn’t make more sense to buy the unit and split it up into smaller units.
Some of you may also recognize it from 2010 publicity about an auction of the property (as it was owned by an emmy winning soap opera writer.) See that story here.
If you recall, at 4700 square feet, it is a full-floor unit with 360 degree views of the Lake and city.
The kitchen was described in the old listing as a “chef’s kitchen” with pear wood cabinetry, stainless steel appliances and granite counter tops.
It has central air and washer dryer in the unit.
Parking is rental in the building.
Yes, the assessments truly are $4152 a month.
Now reduced to $799,900, how low will this go before someone finally bites?
Rosario Terracciano at Resurrecting Real Estate now has the listing. There are new pictures. Hooray! See those here.
Unit #2500: 4 bedrooms, 5 baths, 4700 square feet, full floor penthouse
- Sold in August 1986 (but I couldn’t determine the price)
- Was listed in March 2011 as a “short sale” for $500,000
- Withdrawn
- Lis pendens foreclosure filed in July 2011
- Bank owned in November 2011
- Originally listed in June 2012 for $949,900
- Reduced within days
- Was listed in June 2012 at $899,900
- Reduced
- Currently listed at $799,900
- Assessments now are $4152 a month (they were $4035 a month in March 2011) (includes heat, air conditioning, gas, doorman, cable)
- Taxes now $17913 (they were $16,636 in June 2012 and $13,032 in 2011)
- Central Air
- 6×9 laundry room
- Rental Parking available
- Bedroom #1: 16×21
- Bedroom #2: 16×22
- Bedroom #3: 12×20
- Bedroom #4: 12×17
- Media room: 12×24
$4152 in assessments sounds high and it is on the high side but $.88/SQFT is not completely unreasonable for a full floor penthouse unit in medium sized older building. There are plenty of newer buildings charging $.70 and up.
I want to be an Emmy award winning soap opera writer when I grow up.
heinous
i think the listing photos were taken on October 24th at 3:17pm
The time-stamps are fascinating–creating a detailed timeline. Clear evidence of the care exercised by the agent/photographer who spent an average of about a minute per photo to get to the next room/area, compose & take picture. Also, either the elevators are really slow, or he/she is slow at removing outerwear. Took 10 minutes between outside picture & first inside ones!!
“I think the photos were taken . . . “
Not even remotely on topic, but I’m wondering if anyone has ever had temporary/presurized walls installed in their place. In NYC, there are several companies that will either install semi-permanent walls (cheap walls that will entail minimal repair work after removed) or they’ll “lease” you pressure walls that shouldn’t entail any repairs after removal. I’m not finding any such services here, and I’m considering turning a large bedroom into two (oddly shaped) smaller bedrooms.
Panoramic views of what? The building 10 feet away?
Space is huge, I kind of like it, but the assessment seems high and the lack of deeded parking is a problem. Good in town for a retired doctor with a big family, but the $50k+ a year for assessments and parking rental could buy a lot of nights in a good motel.
Seems to me there are better ways to live for $5500 a month in assessments and taxes alone. Downtown and the lakefront are stuffed with beautiful penthouses, but this isn’t one of them. There’s just no getting around the bland mid-century mod architecture, with low ceilings and featureless rooms.
And does it really qualify as a “penthouse” with no outdoor space? Looks and feels like a really ordinary large apartment.
this is a near hopeless listing for oh so many reasons.
i bet at auction this place would sell for less than $300K.