Park Tower 3-Bedroom is Listed $1.05 Million Under 2011 Price: 800 N. Michigan
This 3-bedroom in the Park Tower at 800 N. Michigan in the Gold Coast came on the market in July 2022.
Built in 2000, Park Tower has 117 condo units above the Park Hyatt hotel. It has an attached parking garage.
Residents get the use of the hotel amenities, including the pool and room service. The building also has a party room and exercise room.
The condo residence has 24-hour doorstaff.
This unit is an east facing unit on the 47th floor with unobstructed views of the John Hancock, Lake Michigan and the St Regis, as well as other skyscrapers.
The listing says the unit was all “custom designed” using the “finest finishes.”
It has what looks like wood floors and other wood accents throughout.
The kitchen has modern cabinets, stainless steel appliances and an island which seats 3.
The primary suite has a walk-in-closet and a bathroom with tub and separate shower as well as two vanities.
The unit has a media, or family, room, in addition to the three bedrooms.
It has the features that buyers look for including central air, washer/dryer in the unit and garage parking is included.
This building is across from Jane Byrne Park and the old Watertower and near all the shops and restaurants of the Mag Mile, River North, Gold Coast and Streeterville.
Originally listed in July 2022 for $2.5 million, it has reduced $300,000 to $2.2 million.
But that is $1.05 million under the 2011 purchase price of $3.25 million.
Is this a deal?
Chezi Rafaeli at Coldwell Banker has the listing. See the pictures and floor plan here.
Unit #4701: 3 bedrooms, 2.5 baths, 3228 square feet
- Sold in August 2001 for $2.29 million
- Sold in June 2002 for $2.8 million
- Sold in September 2011 for $3.25 million
- Originally listed in July 2022 for $2.5 million
- Reduced
- Currently listed at $2.2 million
- Assessments of $2674 a month (includes door person, exercise room, storage, health club, on-site manage, party room, indoor pool, restaurant, sauna, steam room)
- Taxes of $57784
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Fireplace
- Bedroom #1: 15×17
- Bedroom #2: 12×13
- Bedroom #3: 14×15
- Family room: 14×18
- Living room: 22×28
- Dining room: 15×13
- Kitchen: 14×18
- Terrace
I was on the fence, until I saw the photos of the TV on and off. Total game changer
The layout is A+; Finishes F-
Approx 15% of the units are available.
I’m sure there’s a BLM chapter head around with an extra couple million, they should try selling it to them, that is if they haven’t already spent their hard grifted cash in Miami or Orange County. Great job Libtards! You really did it this time.
Did they re-use the 2011 listing pictures? Looks like all the same furniture? No change in the paint colors in 11 years? Weird.
“The layout is A+; Finishes F-”
Agreed. This is the rare place that is genuinely ‘nicely’ finished that I can’t find anything that I like about the finishes.
“Did they re-use the 2011 listing pictures?”
Obviously not–the TV works now.
Owners appear to have listed their north shore house, too.
And they are early 60s, not 85.
““Did they re-use the 2011 listing pictures?”
Obviously not–the TV works now.”
Actually disappointed they didnt turn the pink ropelights on
“Owners appear to have listed their north shore house, too.
And they are early 60s, not 85.”
Unpossible! The self proclaimed ChiRE experts said all the 60YO were moving into the city and only the Olds were leaving
Must be fake news
“And they are early 60s, not 85.”
People are retiring and moving. Happening all over. 10,000 Baby Boomers retire every day.
“No change in the paint colors in 11 years? Weird.”
Many people don’t paint when they move in. That’s why paint colors are so important to selling a property. No one wants to do anything. And that’s why many real estate agents tell clients to paint to a neutral white, taupe or gray if they have any dramatic colors that others many not like.
“Approx 15% of the units are available.”
As I’ve been saying for the last 2 years, lots of inventory on the market in downtown Chicago. People are moving out to their retirement havens. It’s a changing of the guard as generations leave. It’s why the Viagra Triangle is no longer called the Viagra Triangle. It’s 20-somethings moving into that neighborhood now. A lot of things are going to change in the Gold Coast, hopefully for the better.
But also means there are a lot of deals right now. Younger buyers don’t have the firepower, mostly, to be purchasing $1 million+ units. Perhaps some GenXers will get their city deals instead.
“I’m sure there’s a BLM chapter head around with an extra couple million, they should try selling it to them”
Huh?
“People are retiring and moving. Happening all over. 10,000 Baby Boomers retire every day.”
Who said they were moving to the city?
“As I’ve been drinking alot for the last 2 years”
FIFY
“lots of inventory on the market in downtown Chicago. People are moving out to their retirement havens. It’s a changing of the guard as generations leave. It’s why the Viagra Triangle is no longer called the Viagra Triangle. It’s 20-somethings moving into that neighborhood now. A lot of things are going to change in the Gold Coast, hopefully for the better.
But also means there are a lot of deals right now. Younger buyers don’t have the firepower, mostly, to be purchasing $1 million+ units. Perhaps some GenXers will get their city deals instead.”
This sounds a lot like drunken wishful thinking.
Really, most 20 somethings dont have the wherewithal to buy a +1MM condo? I’m shocked. Do you have a newsletter I can subscribe to?
As a GenX’er – LMAO. And I’m sure the 20 somethings are pumped and lined up to hit She-nanigans & the Hang-Uppe
Even if this place sold for $1MM, you’re going to need to put at least $750k (And thats a very low end number) to entice anyone. At almost $2MM, there’s better options and locations
Way easier and cheaper for developers to do a green/brown field development and control it Vs trying to piecemeal redeveloping the GC. Buying in the GC is catching a falling knife
I’d be more bullish on redeveloping LaSalle Vs GC.
“As a GenX’er – LMAO. And I’m sure the 20 somethings are pumped and lined up to hit She-nanigans & the Hang-Uppe”
Yet another poster on this blog who hasn’t live in Chicago in decades (ever?) and has no clue what is going on in the Gold Coast with restaurants etc. None.
Also, GenXers never left the city. They raised their kids here. Have been in Chicago since the 1990s and got “stuck” during the housing bust so stayed. Schools have improved so much there was no need to move.
Now, kids are grown and they’re tired of the SFH and shoveling etc. Want to move to the high rise so it would make sense that they are thinking about the Gold Coast. However, based on my friends’ preferences, they would prefer to be in Fulton Market/West Loop but not enough high rises there, except the new rentals going up. And they don’t want to rent. Want to own. Developers only building the $2 million condos to meet this demand and there’s so much more at lower price points.
So much is happening in Chicago right now. Neighborhoods have changed in a big way in the 15 years since I started this blog. What was popular then, isn’t popular now. Generations are moving out and new are coming in.
It’s truly stunning what has happened in Fulton Market and the West Loop and what will be happening with Lincoln Yards and all up and down the River, actually.
Who would have guessed that the biggest selling point for tourists would be a thing called the “river walk” that didn’t exist in 2007? And that the Mag Mile would become almost meaningless.
Real effort has to be made around the Mag Mile. The Mayor is really dropping the ball there. It could be returned to a signature attraction if it were closed to most cars. Just let buses go through. Put a park in the old lanes that goes up and down the mile with small kiosk restaurants. Put fountains, plants, trees and nice brick sidewalks.
Put a park with an attraction at the north end and extend the plaza in front of the Tribune Tower.
Bring in more original retailers like the Mexican shop that was only supposed to be a pop-up but which has events, with food, outside its door and is thriving with unique products.
These times call for a bold vision.
Also, the closed street in River North, on Clark, needs to remain closed. It’s been three years. Allow those restaurants to remain. It’s such a great atmosphere all summer long with everyone eating outside.
“Also, GenXers never left the city. They raised their kids here. Have been in Chicago since the 1990s and got “stuck” during the housing bust so stayed. Schools have improved so much there was no need to move.”
I don’t know. I know there are many, but longtime regulars on here like Good Dan do not fit that narrative.
“Also, the closed street in River North, on Clark, needs to remain closed. It’s been three years. Allow those restaurants to remain. It’s such a great atmosphere all summer long with everyone eating outside.”
Personally, my inclination is to agree with that statement. That said, here in Boulder, they lifted the street closures on the west end of the Pearl St Mall (the main section of which went no-car in the late 70s). The east and west ends of the mall here have blocks of retail and restaurants, but have car and bike traffic, unlike the mall. The retail and (especially) restaurant operators had been raising hell for many months, insisting that the city remove the temp/pandemic outdoor seating areas in the street on the west end, leading with the claim that the closure has been very bad for the disabled, and following with the claim that, when these joints signed leases, having parking and pull-up right outside their places was expected. I would assume that similar discussions are playing out in downtowns around the country that tried to be flexible duirng the pandemic.
Who’s “Ed” and how did he end up here? Tell him to go back to Faux News.
Gen X-er here. The reason Sabrina might be right is because our generation is now in our 50’s. Meaning we’re likely to own our homes and be inheriting money from our parents. Having a home you can sell and inheriting money tend to be why one can afford an expensive place for retirement years. Not speaking for all of us of course, but since this is a high-end listing, there could be plenty of Gen-X interest.
Thanks for calling me “Good Dan,” anonny. I doubt many left here remember the first Dan. And yes, I don’t fit the “stayed in the city” narrative. Have lived 20 years now on the North Shore.
what a hideous soul-less waste of money this place is
Owners: “we just want it to feel like a luxury hotel!”. Designer toured a bunch of them, had some expense account lunches+ drinks in the lobby bars and behold.
“I doubt many left here remember the first Dan.”
Oh, I think almost everyone who comments with any regularity is familiar with HelmutHofer–the ‘first Dan’.
“Gen X-er here. The reason Sabrina might be right is because our generation is now in our 50’s. Meaning we’re likely to own our homes and be inheriting money from our parents. Having a home you can sell and inheriting money tend to be why one can afford an expensive place for retirement years. Not speaking for all of us of course, but since this is a high-end listing, there could be plenty of Gen-X interest.”
GenX is smart/cynical enough not to want a $3MM albatross around our necks.
The subset of GenX looking for a primary residence at this price point in the GC is small enough to be considered negligible (including Sabrina’s imaginary octogenarian friends).
Johnny, I wasn’t referring to this residence. It was a general comment. Also, I don’t think the typical Gen Xer- can spend $3 million. But a good portion will be able to afford $1 million.
This unit sold for $1.67 million on June 30th, 2023. The commenters were correct that the finishes are dated and pretty poor.
I checked who the buyer is. I LOL’d–and I don’t say that lightly.
Dont be a tease
Famous GenZ’er?
A former CC regular. Gen Xer.
Clio?
I bet it was Ze Carioca