Own the Most Unique Terrace in the Gold Coast: The Penthouse at 71 E. Division
This 1-bedroom penthouse at 71 E. Division in the Gold Coast has one big selling point: its unique terrace.
The listing says the 21×20 terrace has Lake Michigan and North Side views, but it is also enclosed by the unit on three sides making it much more like an extension of the living space than your typical penthouse terrace.
The terrace is covered in porcelain tiles.
The kitchen has white cabinets and a mixture of black and white appliances.
The unit has central air, but no in-unit washer/dryer.
There is parking in the building, which also has a swimming pool.
Since it came on the market in October 2010, it has been reduced $80,500.
The building was built in the early 1970s and it appears that the unit hasn’t been on the market in about 17 years.
What will it take to find a buyer for this property?
Ronda Fish at Jameson Sotheby’s has the listing. See the pictures here.
Penthouse: 1 bedroom, 2 baths, 2728 square feet
- Sold in November 1993 for $275,000
- Originally listed in October 2010 for $849,500
- Reduced
- Currently listed for $769,000
- Assessments of $1674 a month (includes cable, doorman, pool)
- Taxes of $9278
- Central Air
- No in-unit washer/dryer
- Parking included
- Bedroom: 17×15
- Terrace: 21×20
- Balcony: 44×5
This place has about as much of an “oak st. beach view” as my place does of the lake… you don’t have a view of something if you have to stick your head over your balcony and look 90 degrees in a direction
cool place though, like the big art all over, sadly that won’t come with this extremely bland and 90’s “hip” modern condo
The terrace is great! It would be almost like a back yard for a dog.
On the other hand, I couldn’t live without a washer/dryer. I wonder if one can be installed.
Sonies, you never did explain your reply to miu.
Wait a minute – 2500/month (and rising) AFTER paying 750k (and probably another 250k for renovations)?!! For…..one….. bedroom?!!! Are these people insane?!! Right now there are WAY too many deals out there for anyone to buy this place.
These buyers should either:
A. Rent out the place for 3500-4000/month until mortgages become easier to come by (ie, never).
B. Renovate themselves for 250k and put it back on the market for 899k (after moving all their crap out).
This place will never sell at this price in the condition the unit is in.
whats that saying ze… you don’t give the cow away for free?
Clio, I tend to agree with you about the one bedroom aspect but I think it’s nice–it doesn’t need $250K renovation. This place is basically a beach house for empty nesters from Lake Forest or for someone like Bill Rancic and his tv show wife who split their time between Chicago and LA.
Something about this place makes me go ew. I get the impression that a really seedy old guy lives here.
I see this going either to some young new money guy who wants the penthouse bragging rights and doesn’t realise the true cost of the place, or some newly retired couple who want to move back to the city and don’t have kids that want to stay over when they visit.
‘what will it take to sell this place’
a time machine
“whats that saying ze… you don’t give the cow away for free?”
I thought I was politely asking about a cow I probably wouldn’t have interest in owning.
But yes, if you have a secret you should keep it to yourself, much like my Mom told me back when I was 3, and thought that I was Gordon with a G from Sesame Street.
“whats that saying ze… you don’t give the cow away for free?”
I thought I was politely asking about a cow I probably wouldn’t have interest in owning.
But yes, if you have a secret you should keep it to yourself, much like my Mom told me back when I was 3, and I thought that I was Gordon with a G from Sesame Street.
come to think of it.. I wonder why my mom didn’t mind it just 1 year later when I told people that I thought I was Underdog. hmmm.
This place is ugly, impractical, waste of space, etc…
The only thing going for it is the location. Even the building is ugly. Looks like an office building.
Oh no Ze, nothing with a G in it. You are my favorite CC character!
“a time machine”
lol
“This place has about as much of an “oak st. beach view” as my place does of the lake… you don’t have a view of something if you have to stick your head over your balcony and look 90 degrees in a direction”
From the balcony on the south side it does–pic is pretty clear, no?
So, is this really 2088 sf of interior space (assuming the 640 of terrace is included in the 2728)?
i know i know, dont do it groove dont do it….
…but dang 1600 for ass fee’s i cant work it out in my head why this would make any sense. indoor pool or not
For someone who is just looking for a lot of outdoor space in the city, this is nice. I like the idea of having room for a dog to play. If I was in the market for this neighborhood at this price, I would definitely consider this condo because of the outdoor space. It will probably take someone who is sold on the outdoor space alone to sell this condo and that might be rare.
“Something about this place makes me go ew. I get the impression that a really seedy old guy lives here.”
That was my first impression, too.
“The building was built in the early 1970s and it appears that the unit hasn’t been on the market in about 17 years.”
And hasn’t been redecorated since Bob and Carol Newhart moved out.
I don’t think it makes sense as an in town. When you live by the lake your outdoor space IS the lakefront. It might be nice for entertaining, but I would skip the extra assessment and look for a building with a common party room.
“cool place though, like the big art all over”
I have absolutely no doubt that you do! And look, they even painted the cement wall in the patio in white-well, in this case, it’s a brick, but who cares, and not only it’s painted in white, but also in various other colors! How hip is that?! Wooooooow!
“For someone who is just looking for a lot of outdoor space in the city, this is nice. I like the idea of having room for a dog to play.”
But what if you throw the ball and it goes over the balcony?
easy there spinoza, the judge said you must stay at least 200 internet-feet away from me at all times
In addition to the ball going over the edge, what happens when the dog poops? Are you really going to pick it up and throw it in your kitchen garbage can, or do you just throw it over the edge too?
I wonder if you could ever combine this with another unit or somehow put in a second bedroom. It seems like a waste of a place with only 1 bedroom. You can never have guests! What is the point of entertaining if they can’t stay if they drink too much?
“For someone who is just looking for a lot of outdoor space in the city, this is nice. I like the idea of having room for a dog to play.”
But what if you throw the ball and it goes over the balcony?
“I wonder if you could ever combine this with another unit or somehow put in a second bedroom.”
It is over 2000 sf of interior space–there’s no doubt you could re-install a 2d bedroom.
You can get one of those grass mats along with a service that replaces the sod every couple of weeks. It’s expensive, but the type of person who could afford this place, could probably also afford the service.
I would probably get some sort of glass covering in front of the rails, so toys wouldn’t fall over the edge.
I agree that if you have to stick your head over a railing, or move to one small corner of the unit, and look out the window, that isn’t a bona fide “lake michigan view”.
Jenny, until the service replaces the sod in two weeks, do you just have to look at/smell dog shit? It may be a great place to play, but I wouldn’t let my dog go to the bathroom on my terrace…
I would probably put the sod in one corner and then sit outside in the far corner. I am not one to throw parties, so the dog could have its space and I could have mine.
I wonder if it would be feasible to sod a large portion of the terrace.
“benjamon9 on August 2nd, 2011 at 2:04 pm
What is the point of entertaining if they can’t stay if they drink too much?”
Isn’t that exactly the point of the 1 bedroom?!
This shouldn’t really be looked at as a “one bedroom” in terms of comps- not if it’s really 2700 sq ft. How many 1 bds has anyone seen that size?
God – the economy and general state of jobs are in such trouble right now, I don’t know who in their right mind would be buying (or selling) in this market. Only people who truly need to sell (or don’t care) are selling and only knifecatchers/foolish people are buying.
“I wonder if it would be feasible to sod a large portion of the terrace.”
there is fake turf…of varying quality
“God – the economy and general state of jobs are in such trouble right now, I don’t know who in their right mind would be buying (or selling) in this market. Only people who truly need to sell (or don’t care) are selling and only knifecatchers/foolish people are buying.”
Sorry but that makes absolutely no economic sense. It cannot be both a bad time to buy and a bad time to sell, just like it cannot be both a good time to buy and a good time to sell. It will eventually prove to be one or the other, not both.
Because of the artificial government support, large numbers of units held off the market, and record low interest rates, now is the best time to sell for the next 15-25 years.
Brad F – YES, it can be both a bad time to buy and a bad time to sell. Have you ever heard of a depreciating asset – well housing is a rapidly depreciating asset. People understand this now and will not buy – if they are smart!!! Look no further than me and my renters – one example is: The new AC unit on one of my houses in Hinsdale went out at 430pm on saturday. The tenant called for emergency repair “because it was hot outside”. Emergency service completed at 6:30pm. The diagnostic charge was 263 – the part charge was 243 = 506 for repair on a 2yr old carrier unit. Tell me, what owner would do something like that? Most owners would call a friend, wait until monday and deal with the heat – but renters can demand pretty much anything they want (they do control rent payments). Believe me THEY are the ones in the catbird seat. I can’t wait to dump all my real estate. It SUCKS!!
I do think that this one will sell to someone with some vision that wants a cool hip mid century modern look. With Westloopelo’s taste and and appropriate budget the place could be awesome!
Some lighter paint, hip furniture and a few reconfigured rooms I suspect that a second bedroom (albeit a small one) could likely be worked into the space. It will be expensive and take time but in the end I suspect that someone will appreciate the location, building amenities, and all that natural light. Think of the cross winds that you can generate in this unit. Very appealing when it gets the face lift.
It will sell in the $700 to $750K range before the first snowstorm.