Penthouse with Japanese Gardens Returns After a Price Cut: 201 W. Grand in River North
This 3-bedroom penthouse in Contemporaine at 201 W. Grand in River North just returned to the market.
Built in 2004, Contemporaine has just 28 units and a parking garage.
It has won numerous architecture awards for modern architecture and is featured on architecture tours.
This top floor unit’s claim to fame is a rare 3,000 square foot completely built out terrace with Japanese gardens complete with waterfalls and 12-foot Bonsai trees.
The Chicago Tribune did an extensive story about the gardens in 2007. Check it out here.
We have chattered about this property several times, including last year when it returned to the market as a 3-bedroom (it had been a 2-bedroom in previous sales.)
You can see our July 2019 chatter here where some of you didn’t think the gardens were worth the price tag.
This time around, the listing has many more pictures of the gardens which really illustrates that it’s like having a park outside your high rise windows.
If you recall, it has 2-story 20 foot floor to ceiling windows that overlook the garden and have north, south and east views.
The kitchen has modern cabinetry with stainless steel appliances.
There are three bedrooms but two of the bedrooms don’t have windows but have what looks like sliding doors that open to the hall which has windows.
The master suite has corner windows, a huge 25×20 walk-in-closet and a large bathroom with a walk-in shower with double shower heads.
It’s on one level.
The unit has central air, washer/dryer in the unit and 2 car parking is available for $50,000 each (last year they were $65,000 each).
After not selling last year, this penthouse has been reduced $595,000 to $2.5 million.
This is just $100,000 over the 2013 sales price of $2.4 million.
Are sellers getting more realistic about Chicago’s price appreciation over the last 10 years?
Carrie McCormick at @Properties has the listing. See the pictures and floor plan here.
Or see it at the Open House on Mar 12 from 5 to 7 PM.
Unit PH2: 3 bedrooms, 2.5 baths, 3000 square foot terrace, no square footage of the interior listed
- Sold in April 2004 for $1,700,000
- Originally listed in September 2007 for $3.95 million
- Sold in May 2013 for $2.4 million
- Was listed in July 2019 for $3,095,000
- Withdrawn
- Currently listed at $2.5 million
- Assessments are still $2466 a month (they were $2000 a month in 2013) (includes parking, exterior maintenance, scavenger, snow removal)
- Taxes are now $36,942 (they were $35,331 in 2019 and were $29,975 in 2013)
- 2-car garage parking is available now for $50,000 each (it was $65,000 each in 2019)
- Bedroom #1: 23×20
- Bedroom #2: 13×10
- Bedroom #3: 13×10
- Kitchen: 20×17
- Dining room: 19×14
- Living room: 20×19
- Walk-in-closet: 25×20
- Terrace: 60×16
- Balcony: 20×20
I can feel the Hawtness miles away
This isn’t really a family friendly space, why mess around with trying to pretend it’s 3 bedroom?
Kitchen area looks like a cave. The 2 story LR should have split the curtains.
Trying t sell a place in winter when the main feature is a garden seems like a poorly thought out idea
I predict this will sell pretty quickly at around $2.5M (WITH the parking spots).
Its a unique space in a positive way; With a decor and style that will appeal to many (most likely empty nesters, but could be a young affluent couple).
The assessments and taxes are off-putting, but someone will bite at the chance to have an amazing place that’s far from cookie cutter, the full floor penthouse and roof garden in a good location, awesome views and a great amount of both indoor and outdoor space.
those taxes are criminally low
fucking limousine liberals
Did bottled blonde ever shut down? That place was always a disastrous shit show and its literally right below this PH
“Did bottled blonde ever shut down?”
For one day:
https://chicago.eater.com/2019/11/1/20943977/bottled-blonde-chicago-back-open-illinois-state-appelate-court
what will happen to the garden when (not if) the roof membrane needs replacing?
“Taxes are now $36,942 (they were $35,331 in 2019”
AV (’18 cycle)= 190,454, after appeal. no reduction given.
Prior AV (’15 cycle)= 167,504, after appeal. original was 197,027, Berrios reduced to 189,145, final from bd of appeal
Prior AV (’12 cycle) = 124,491, after appeal. original was 155,614, Berrios reduced to final.
Prior AV (’09 cycle) = 184,210, after appeal. original was 213,942, Houlihan did not reduce, final from bd of appeal
Prior AV (’06 cycle) = 172,549, no appeal records online.
So current AV is just under $2MM and they want $2.5MM plus more for parking? It is a nice unit, I love these finishes *but* that garden, while I would practically live out there during warmer months, is unusable from Nov – March and it makes me nervous thinking of it getting torn up when the unit below springs a leak. replacing that garden will not be cheap and having the roofers right outside your unit will be next level suck.
Two of three bedrooms have no exterior windows, in addition to appearing absurdly small but that can just be the relative absurdly huge-ness of the master suite. If you are super rich, and don’t view this as an investment, then this is getting back into purchase territory. Quite frankly you could hole up in here until the Corona virus thing is over and be quite happy sitting next to your pine tree while sipping your morning coffee. They need to stop assuming that anyone wants to pay for those parking spots though. I am also confused by the assessment including parking thing – – are there non-reserved spots in this building? What does that mean exactly?
“is unusable from Nov – March”
When did folks from Chicago become so soft? – Cant walk 3 blocks, stay inside 5 moths out of the year.
Transplants? Millennials? or something else?
“I am also confused by the assessment including parking thing – – are there non-reserved spots in this building? What does that mean exactly?”
They mean that the assessment amount includes a portion that is allocated to the parking, so if you did not buy the parking spots, your assessment would be lower. I presume.
I think this is a cool unit. I disagree that you can’t use that outdoor space in the fall or spring – even if it’s 50 degrees outside I’d get a fire pit and hang out there, it’s beautiful.
All that being said, you’re basically stuck between binny’s, Lou malnatis, and bottled blonde. I imagine on the weekends it’s rather loud and annoying around here.
If you’re not a huge fan of the gardens, really no point in spending 2.5 mil on a 3 bed in a sub optimal block of river north, far better properties out there.
Pretty amazing. Nothing else like it out there. I imagine someone will buy at this price or near. It’s not for everyone, but I’m sure it will appeal to someone who wants something unique.
“while I would practically live out there during warmer months, is unusable from Nov – March and it makes me nervous thinking of it getting torn up when the unit below springs a leak. replacing that garden will not be cheap and having the roofers right outside your unit will be next level suck.”
An enormous amount of money was spent to put the garden in place by the original owners. It’s been there for quite a while now. That’s not to say it couldn’t “spring a leak” as you put it. Every building ages. Concrete gets cracks.
But someone buying this for $2.5 million has to maintain that garden as well. That’s not cheap, by any means. They’re already going to have the firepower to handle it all.
When the assessment includes parking (which many do, but I just leave it off on the blog), it’s to pay for upkeep of the garage. Cleaning, the elevator, painting, and even heating/cooling. That doesn’t come cheap.
A 170 foot, 15 story office building is being built a block away to the southeast (165 w Illinois) that will block a decent portion of its great views. How much will that hurt the value of this unit? Maybe 100k? Tower crane is in the ground and they are putting in the foundation right now. Should top out by then end of the year?
I love the people that downvoted me on my taxes comment… HELLO!? The taxes that the rich dickheads like these owners AREN’T paying are being PICKED UP BY PEOPLE LIKE YOU! Its all one pot you are paying into and if others aren’t paying what they should be, someone else has to pick up the slack, and guess what, that’s YOU!
“An enormous amount of money was spent to put the garden in place by the original owners. It’s been there for quite a while now. That’s not to say it couldn’t “spring a leak” as you put it. Every building ages. Concrete gets cracks. ”
WTF does concrete cracking have to do with leaks?
Ideally they installed a built up roof for the rain garden, patching would be minimal. If its a membrane there’s a little more work but its still a patch job
True to an extent, but on the other hand, the rich are already paying for more than their fair share of taxes. They certainly don’t consume as much in public services as they pay in property taxes (many send their kids to private school). It’s the poor that consume more in services than they contribute.
“sonies on March 6th, 2020 at 9:28 am
I love the people that downvoted me on my taxes comment… HELLO!? The taxes that the rich dickheads like these owners AREN’T paying are being PICKED UP BY PEOPLE LIKE YOU! Its all one pot you are paying into and if others aren’t paying what they should be, someone else has to pick up the slack, and guess what, that’s YOU!”
This sold next door at 2.25. Much bigger unit.
https://www.google.com/amp/s/www.redfin.com/IL/Chicago/200-W-Grand-Ave-60654/unit-2401/home/26814155/amp
That seems more livable. The garden more unique and better building but no doorman.
Mostly false. You’re arguing for a way taxes simply aren’t applied. You want to argue assessment based taxes are flawed–and should be consumption based or something– fine. You want to argue that correct assessments would crush high end real estate– also fine. But arguing that the rich are somehow paying more than their fair share in the current system? Big nope. With the system in place, the system is absolutely being gamed by everyone.
True to an extent, but on the other hand, the rich are already paying for more than their fair share of taxes. They certainly don’t consume as much in public services as they pay in property taxes (many send their kids to private school). It’s the poor that consume more in services than they contribute.
“sonies on March 6th, 2020 at 9:28 am
I love the people that downvoted me on my taxes comment… HELLO!? The taxes that the rich dickheads like these owners AREN’T paying are being PICKED UP BY PEOPLE LIKE YOU! Its all one pot you are paying into and if others aren’t paying what they should be, someone else has to pick up the slack, and guess what, that’s YOU!”
“WTF does concrete cracking have to do with leaks?”
Water finds a way.
“But arguing that the rich are somehow paying more than their fair share in the current system? Big nope. With the system in place, the system is absolutely being gamed by everyone.”
As specifically limited to Illinois property tax, and in particular cook county property tax, there isn’t really a decent argument otherwise.
“Water finds a way”
The concrete isn’t the moisture barrier, so blaming concrete cracking for leaks is dumb
“The concrete isn’t the moisture barrier, so blaming concrete cracking for leaks is dumb”
It happens in every building, actually.
“It happens in every building, actually”
Another nonsensical post
You’re on a roll
We’ve been looking at green roofing systems for our rehab, and if they’re done right, they can last for decades (still with some maintenance and attention, of course). There’s a multi-layer system that can include protective membrane, drainage layer, substrate, etc.
The wealthy enjoy all the benefits of society that everyone’s work brings on a scale unattainable to most. They do not currently pay their fair share, instead hoarding wealth and income. This harms the overall economy, including the wealthy’s own own long-term prospects for economic prosperity and the opportunity to live in a peaceful and open society. But so many just seem to care about “winning” the numbers game and don’t give a damn about their city, their neighbors, or the quality of life we should all get to enjoy.
Yeah what have Gates, Buffett or Griffin ever done for society.
The bigger issue is those that think they’re entitled to a UMC lifestyle due to winning the lucky sperm pool without putting forth any effort
Sold for 2,000,000
Ouch
Apparently Bottled Blonde had been propping up the value.
Who woulda guessed!