Palmolive Foreclosure Sells For About 35% Off the 2006 Price: 159 E. Walton in the Gold Coast
We last chattered about this 2-bedroom bank owned unit in The Palmolive at 159 E. Walton in the Gold Coast in January 2011.
See our prior chatter here.
On the market since December 2010, it had been reduced $45,000 before going under contract.
The unit recently sold for about 35% under the 2006 purchase price.
If you recall, it was a southwest corner unit (so no lake views) and appeared to have the kitchen and baths intact.
Did someone get a deal? Or is it simply a reflection of the price declines in the entire Chicago market since 2006?
Mariola Buchowska at Red Zone Realty Group had the listing.
Unit #14F: 2 bedrooms, 2.5 baths, no square footage listed
- Sold in September 2006 for $1.464 million
- Lis pendens filed in March 2009
- Bank owned in November 2010
- Originally listed in December 2010 for $1.045 million
- Reduced in February 2011 to $999,900
- Sold in March 2011 for $961,000
- Assessments of $1,785 a month (includes the doorman)
- Taxes of $21,666
- Central Air
- Washer/Dryer in the unit
- Parking available in the building
- Bedroom #1: 15×13
- Bedroom #2: 16×12
I understand that this is suppose to be an “ultra luxury building”, but is it really worth $3590 a month after taxes and assessments? Especially since your only on the 14th floor with no lake view? I have a feeling that units in this building like this one will be “catching a falling knife” when it is time to sell.
This is one of those comps that everyone hoping to get out of their place near 2006 prices in an A- building will not be liking.
Yes,
This building is the best condo building in the city. Congrats to the new owners! They got a terrific deal!
This sale (from listing to closing in 46 days) shows the resiliency of the building. Go Palmolive Go!
Clarification, 43 days
Definately a good price and it’s turn-around reflects that. The people who live in this level of building expect to pay for service with the address: that has a price tag that they understand.
My concern is that realtor is from Red Zone Realty; is this not the Green Zone?
Thanks Ed, agree 100%
I have clients that I sold to in the building and they love it!
so whats on the agenda today CC’ers?
are we going to debate which toothbrush is better Phillips Soniccare or Oral-B
Groove: you can’t just decide on something ahead of time. Pick something controversial and flame away!
“This sale (from listing to closing in 46 days) shows the resiliency of the building.”
Really? I don’t think so at all. If this is the most prestigious building in the city- why didn’t a unit at 30% off the former price go under contract immediately?
Why did the bank have to lower again before it finally got a contract?
We’ve seen 1-bedrooms in 1620 S. Michigan sell faster than this.
But it does indicate to me that if the price reflects the market declines (which is about 27% now for condos)- then it has a chance to sell at a fairly decent pace.
Market time on this one was about 66 days. Faster than most other upper bracket properties but it’s not like buyers didn’t have a chance to purchase it if they wanted to.
Well, given the lack of fab. views and price point it sold at, there has to be something special about the building. So is it because it has some interesting architecture or history to it, or someone decided this is going to be the it building and the owners buy at this price for prestige factor?
It is a phenomenal building with the best service and 2 doormen for 98 or so units and 7 elevators!
and a 10% rental cap!
yeah who doesn’t want to live with those damn dirty renter scum!
“This sale (from listing to closing in 46 days) shows the resiliency of the building. Go Palmolive Go!”
34.3% off of purchase price, with no meaningful damage or improvement, is a sign of “resiliency”?
What’s it do for 12F?:
http://www.redfin.com/IL/Chicago/919-N-Michigan-Ave-60611/unit-12F/home/12617110
Or 6G, at $1.449, w/o parking?
Here is one of your 10 renters
http://www.redfin.com/IL/Chicago/919-N-Michigan-Ave-60611/unit-21B/home/12621298
jesus, 2 mil for a 1 bed? ::wanders back up to the NW side::
my God! 7 elevators! 2 doormen!
don’t tell me that there’s 2 engineers on site too! i think i’d lose my effin’ mind!
gmafb.
How much did it rent for?
The one bedrooms have rented recently for about $3,700 a month without parking…which runs $300 for valet.
“Here is one of your 10 renters”
12F that I posted is another one of them. Looks like investors are trying to exit.
“The one bedrooms have rented recently for about $3,700 a month without parking”
So, just a little bit more than taxes + assessments.
actually the 1 beds have been renting for around 4500/month with parking
8 07393885 RNTD 159 Walton Pl 8F $4,500 RN 4 02/23/2010 1 1
29 07429689 RNTD 159 Walton Pl 14E $4,600 RN 4 05/26/2010 1 1
30 07648914 RNTD 159 Walton St 12E $4,300 RN 3 10/22/2010
“actually the 1 beds have been renting for around 4500/month with parking”
That’s still only ~$1000 net rent. No wonder the investors are trying to get out.
“12F that I posted is another one of them. Looks like investors are trying to exit.”
im too lazy to check all the listings to see if anymore are rented. But it does make you wonder why they are jumping ship now?
BTW if i had this kind of money i really dont think i would blow this much cash on a room without a view. but hey i am poor what do i know.
Yeah, but anon, we all know that renting is a sucker’s play, because you can’t customize your place and live the way you want to. Obviously the renter in 21B would be better off buying the place for about $2 mil instead of renting for about $3700/mo. Poor guy is missing out on the joys of homeownership…
Don’t knock it until you spend some time surrounded by luxury!
Triple art deco crown moldings, 24” baseboards, top of the line kitchens and bathrooms, quiet-can’t hear anything in your unit, and amazing location!
“but hey i am poor what do i know.”
No, you are “a poor”, one of “teh poors”, not merely “poor” which is what rich people are in the years that they have to choose between the second trip to St Barts or replacing one of the cars (also during their schooling years).
“Yeah, but anon, we all know that renting is a sucker’s play, because you can’t customize your place and live the way you want to. Obviously the renter in 21B would be better off buying the place for about $2 mil”
But some of the fixtures belong to the renter!! So, apparently even in $2mm 1 brs, the Landlord will allow a tenant to customize the place.
yeah, that’s what i was referring to. obviously my obnoxious irony was not pronounced enough.
“yeah, that’s what i was referring to. obviously my obnoxious irony was not pronounced enough.”
I just wanted to hit people over the head with it; I assumed you’d actually looked at the listing, too, since you ref’d it specifically.
But, seriously, if you’re trying to sell a condo for $2mm, how the fu… he.. blazes do you market it with fixtures belonging to the *tenant*? And what are they? Lights? Toilets? Oven? Shower head? What? And what will they be replaced with?
David, you’ve got the sales side down.
it’s just the whole notion of actually providing value to your client that you need to work on.
I wish every building had a 10% renter cap. Renters = BAD.
“which is what rich people are in the years that they have to choose between the second trip to St Barts or replacing one of the cars (also during their schooling years)”
wait they have to “choose” thats blasphemy!
“Don’t knock it until you spend some time surrounded by luxury!”
not knocking it, its probably great to some, i am just to cheap to “get it” and for my wife, if we had the money and bought it, she would make me wear a monocle and a top hat around the house.
FYI 21B is NOT the typical one bedroom…that is a very large former two bedroom and an atypical unit with views. The one bedrooms are just over 1000 sq feet. There are only like 10 of them in the building.
I just see the great place then picture it with my toms-price Ikea mash-up furniture and random hoodies and burp rags strewn about and just don’t get it…
“not knocking it, its probably great to some, i am just to cheap to “get it” and for my wife, if we had the money and bought it, she would make me wear a monocle and a top hat around the house.”
I went looking for what’s for sale in the Chi @ >$1000 psf. There’s more than I thought, inc 2104 at the Trump, which I’m sure will be under K any day now that the spring selling season is upon us.
What’s the most expensive (psf) piece of RE in Chicago?
Yes, folks, it’s this “investor’s delight” at 47th and the Ryan!
http://www.redfin.com/IL/Chicago/4721-S-Princeton-Ave-60609/home/13952888
Don’t think they actually mean $28,000 – the price includes another 2 flat, 3 other empty lots, and a muffler shop!
“My name is Peaches, and I’m the best /
All the DJ’s want…”
“Don’t think they actually mean $28,000 – the price includes another 2 flat, 3 other empty lots, and a muffler shop!”
Even at that, they’re really marking with no clue:
“GREAT OPPORTUNITY FOR WAL MART[.]”
Since when is Wal-Mart interested in a lot that’s less than an acre (it’s ~32,000 sf)? It’s barely big enough for a small format WM, and would then have zero parking.
And I *guess* it might work for Walgreen’s, but there’s one 6 blocks west at 47/Halsted and the railyrad/dan ryan combo really limits the walking distance population here.
Without a view, Foodlife and the Borders store are the best amenities this location has, and the bookstore is closing.
Does the Saddle & Cycle Club still exist? I suppose if someone lived here and could zip up LSD to that club in the summer, that’d be a good option vs. getting full of sand at Oak Street beach.
@ anon (tfo)
“which is what rich people are in the years that they have to choose between the second trip to St Barts or replacing one of the cars (also during their schooling years)”
It’s Barths not Barts to those who know. Anse des salines is a bit windy today if you care.
jay: “It’s Barths not Barts to those who know.”
Or to those who are mocking those who “know”. And actually care about perfect spelling on the intertubez.
Dan: “Does the Saddle & Cycle Club still exist?”
You’d have to ask the set who’re feeling the wind at Anse des Salines (note the second capital, for those who know) to be certain, but I think the answer is “yes”.
@ Sonies, has Bob taken over you?
Renters are not scums. Because having too many rentals makes financing hard (impossible), buildings with rental caps are more desirable
@David
This is a beautiful building in a great location and for people who have more money then they know what to do with, this is probably a great buy. However, there are less and less people in that category and even if you do have the money, more people are becoming wiser as to how they spend it.
As Mike states in the first post on the thread, paying $3590 a month in taxes and assessments (not even counting your mortgage payment) is crazy and owners in these building will be taking loses for years to come.
I promise we will see plenty more short sales and foreclosures in this building.
There’s a difference between luxury and wastefulness. 7 elevators? Really? For this many units? Why? The upkeep on those is a waste of money. Is everyone who lives here too good to ride an elevator with their neighbor?
I hope you don’t send the clients you placed in this building a Christmas card, because I would not want to be reminded of the money I was losing on this place.
no miumiu, its called sarcasm and is obviously lost on some
I always laugh at the snooty people at condo meetings that are like “all these jackwad renters blah blah blah” like they never rented and getting a loan makes them better than someone else.
I mean what would you rather have a bunch of section 8’s, regular renters, abandoned properties, or forclosures?
@Wilson,
My clients have stated that they will NEVER move out or sell their units. We will see what happens.
Also, the Beacon requires maintenance! Who doesn’t want a shining beacon on top of their building? JK
The building was built in 1929 with 7 elevators. It was an office building and Playboy building for most of the 20th century.
“7 elevators? Really? For this many units? Why? The upkeep on those is a waste of money.”
As David sez: “The building was built in 1929 with 7 elevators.”
Should the developer have removed them? Seriously?
Also, David, does that seven count the freight, or not?
In the place that I work, I have 8 elevators for like 12 floors in just my elevator bank
I realized your sarcasm. I was objecting to you thinking people who limit rentals are snooty. I think some might be, but most just don’t want their building being branded as one with plague : )
@ anon (tfo):
if you’re going to start an wealth-baiting session here, know what you’re baiting… I’m just say’n
“Also, the Beacon requires maintenance! Who doesn’t want a shining beacon on top of their building? JK”
the metropolitain has a blue beehive beacon and ass fees are not that outrageous.
give i would pay extra to have a beacon!!!(i find the oddest stuff cool and worth paying for)
@Sonies
Do you work in the Monadnock?
@Dan
The Borders you speak of…It Gone!
riding down lsd looking at the Playboy sign on top this building is one of my earliest cheap thrill memories. they should re-install it every year on hef’s bday.
In my peer group of friends 28-34, the owners all have significantly less money/wealth/savings than the renters. It’s kind of funny. We will see what happens next, but the current renters will live more flexible lives and have more options than the owners.
I find it hard to believe that no one of David’s buyers intend to ever sell. Live situations change quickly, and I’m sure one or 2 will be forced to sell at a significant loss.
It looks like a nice building, but is for a different class of arrogant rich people I do not know, and don’t want to know.
“if you’re going to start an wealth-baiting session here, know what you’re baiting… I’m just say’n”
For people in the know, it’s spelled “saying”.
No, I’m no more a wealth-baiter (have I given that impression? honest question) than I am a bear-baiter. I was initially joking around with my pal Groove, and then digging on the picking of spelling nits on an intertubez comment thread.
If all you’ve got for a comment is picking on spelling, and it’s not actually a funny misspelling, or a misspelling that means something else, what’s the point? Trying to out-pedant pedants?
“Do you work in the Monadnock?”
Sounds like the Amoco building, too.
I wonder what has a higher traffic counts, Mich Ave near the closed Borders store, or Golf Rd. near Woodfield?
@jim m
no, do you live in rogers park?
@Sonies
Nope, downtown.
6 passenger
1 freight
luxury is not having to wait for an elevator.
Qual es senor clio??? Senor clio…working on that scuba certification?
“6 passenger
1 freight”
Thanks.
Do I have to take my three dogs (two bernese and a ridgeback) in the freight, or can I use the passenger elevators?
“luxury is not having to wait for an elevator.”
So you have a luxury house, groove!!
>50 Degrees in downtown Chicago = Lambo time
anon, just a guess, but you are likely going to have to take the freight elevator, and damn no wonder you love lot size so much, those are some big dogs that need a lot of exercise!
“luxury is not having to wait for an elevator.”
So you have a luxury house, groove!!”
thats what i will have my agent put in the remarks when we sell, that and ‘walter payton prep and bell district’. maybe even add the word gorgeous a few times and reference to a french chalet. and if there is still space say parking for 100 cars and at the bottom put *easy street parking. my sqft will include my back yard, public side walk and alley. and the photos will be one of the front of the house and the rest will be pitures of the nearby park, pitcures inside the nearby gym and a view from atop of my roof.
groove you sound like you’re considering a career change? I think you’d be pretty good at the realtor(TM) job with that knowledge you have going on there
“groove you sound like you’re considering a career change? I think you’d be pretty good at the realtor(TM) job with that knowledge you have going on there”
i only wish, but sadly i dont have a cell phone camera.
sonies: “damn no wonder you love lot size so much, those are some big dogs that need a lot of exercise!”
the specific dogs are a joke, apropos of what someone who might live in the Palmolive and had big dogs might have, but whether one is forced to freight it with your dog(s) is a legit question about the type of building/association it is.
Groove: “a view from atop of my roof.”
View of what? Some ‘bangers and an ’83 Monte Carlo?
@Groove, don’t forget the chef’s gourmet kitchen and cribs in all the bedrooms.
“View of what? Some ‘bangers and an ‘83 Monte Carlo?”
the bangers dont like the cold weather and that monte carlo has been off its blocks for a few month, now the guy is working on a ’81 caprice classic on 22’s
“@Groove, don’t forget the chef’s gourmet kitchen and cribs in all the bedrooms.”
that would be fun staging put cribs in all the bedrooms, and no beds. wanna chefs kitchen, paint the stoves knobs red….BAMMMMM!
Actually “crib in a bedrooms” makes me think the room is too small to fit a queen bed, hence they put the crib. So not sure it is a great seller. Also I think it fricks out most non American men as they are not as kid crazy.
I don’t think they allow big dogs on passenger elevators
I believe (don’t quote me on this) if you can carry your dog (s) in the elevator and through the entire lobby, that is OK
“I don’t think they allow big dogs on passenger elevators
I believe (don’t quote me on this) if you can carry your dog (s) in the elevator and through the entire lobby, that is OK”
I understand both the basis and the reasonableness of these rules, but it’s the sort of thing that makes condos much, much less appealing to me.
“I don’t think they allow big dogs on passenger elevators
I believe (don’t quote me on this) if you can carry your dog (s) in the elevator and through the entire lobby, that is OK”
i heard, and really really dont qoute me at all on this, they have the same rule for 3year olds and younger. and ask if at all you could just slide them down the trash chute.
@Miumiu == where are you from? I’d guess Eastern Europe?
” Also I think it fricks out most non American men as they are not as kid crazy.”
“i heard, and really really dont qoute me at all on this, they have the same rule for 3year olds and younger. and ask if at all you could just slide them down the trash chute.”
ROFLMAO
I think 2 pets per unit are the rules but NOT CERTAIN ON THAT
“I think 2 pets per unit are the rules but NOT CERTAIN ON THAT”
Oak Park and the Palmolive apparently have something in common!
“i heard, and really really dont qoute me at all on this, they have the same rule for 3year olds and younger. and ask if at all you could just slide them down the trash chute.”
well duh I mean the stroller you own likely won’t fit in a regular passenger elevator so you have to take the freight right?
“I was able to corner a psychologist once on this (in a social setting) and she basically admitted they have to change their “science” to go with the times.”
Have you every considered that she agreed with you just to get away?
ps: I ask because I’ve had to consider the same thing at times.
@ anon (tfo)
‘If all you’ve got for a comment is picking on spelling, and it’s not actually a funny misspelling, or a misspelling that means something else, what’s the point? Trying to out-pedant pedants?’
Yikes, I should explain. You didn’t spell incorrectly, not at all, it’s just the French and the ‘wealthy/in the know’ Americans that own or visit with regularity pronounce the H… the t-shirt buying cruise ship day tripers and or people who use it as a class baiting punch line… don’t. I was incorrectly detecting the later… my bad.
“people who use it as a class baiting punch line… don’t. I was incorrectly detecting the later… my bad.”
No worries. And now I learned something new, so it’s a good day.
Bob,
I’ve always like you bro, but I have to say this past year I have notice you going more and more offf the reservation.
I usually don’t post after work, but I am worried your going down a dark path, and I want to give you a heads up before its too late.
Have a good weekend kids
love your local friendly groovester
“When Galileo said the Earth wasn’t the center of the solar system that was considered absurd by the brainwashed masses as well.”
Man, why you hating on the Poles, too, and so close to Pulaski Day? Copernicus was the guy who brought heliocentrism to the world.
“Man, why you hating on the Poles, too, ”
I am _not_ hating on the Poles, not at all. Merely making a distinction that they are a different population than the children of those who left the city in decades past who were raised in the burbs but would like to move back. The Polish population are one of the backbones of this city and I owe them much gratitude as we’d be much more like Detroit without them.
“I am _not_ hating on the Poles, not at all. ”
I was referring to giving Galileo credit for what Copernicus (a Pole) actually did. The “hating on the Poles” was a joke (1) in honor of Pulaski Day and (2) for Icarus.
This site has officially jumped the shark. Sabrina, I can’t imagine this BS is good for your traffic, besides the same 5 people who post all the time. These threads the past few weeks have gotten so off topic that there is virtually no utility of coming here to learn about real estate.
What a waste of time it has become. Good work guys.
Joe you’ve jumped the shark. Its a friday afternoon winter post, some of the last threads of the week, cut some slack.
yeah joe…shark jumper, cut some slack, go search the mls.
I agree with everyone. So don’t read the end of the tread if it is not interesting to you. Many listings get about 20-30 comments and then people discuss some other things. Not sure why it bothers you. It is not like we are paying per post download or something.
Regarding Saddle + Cycle – yes it’s still open but the horse stables disappeared a long time ago. I think now it’s just an “in-town country club” whose major use is probably as a site for members’ daughters’ weddings.
“I understand both the basis and the reasonableness of these rules, but it’s the sort of thing that makes condos much, much less appealing to me.”
I live in a building with an elevator that forbids pets. It doesn’t stop idiots from leaving green puke in the elevator most St. Patty’s days.
But that is one day a year. Dogs answer the call of nature way more frequently : )