Rare Gem in River North: A 1-Bedroom Plus Den in the Sky for $895,000: 55 E. Erie
This 2-bedroom, turned into a 1-bedroom plus den, at 55 E. Erie in River North came on the market in March 2024.
55 E. Erie was built during the housing boom in 2004. It has 194 units and an attached parking garage.
It’s a full amenity building with a 24-hour door staff, a pool, an exercise room and a clubhouse.
The listing calls this unit a “rare gem” that has been “meticulously” designed.
A 2-bedroom turned into a 1-bedroom with den, the listing says it is one of only 4 units like this in the building.
There are hardwood floors throughout except for the primary bedroom, which has carpet.
The living room has a gas fireplace and custom wood built-ins as well as a custom built-in murphy-style dining room table. There is no dining room.
The den, which doesn’t have any door, can be used as a home office, bedroom or sitting room.
It overlooks the private balcony which has panoramic city views.
The kitchen is a “chef’s dream” with wood cabinets and high end appliances including a Subzero refrigerator and a Viking 4-burner gas stove. It also has a seating area that has city views.
The primary bedroom has an en suite bathroom with a dual vanity.
This unit has the features that buyers look for including central air, washer/dryer in the unit and one garage parking space is included.
This building is near the Cathedral District, close to Trader Joe’s and Whole Foods, near shops, restaurants and the Eataly, steps from the temporary Bally’s casino, and minutes from the Mag Mile, including the Starbucks Reserve.
It is near the El and numerous bus routes.
The listing says this is the “first time ever on the market” for this unit.
Listed at $895,000, that’s $210,000 above the 2004 purchase price of $685,500.
Will the unique floor plan make the sale?
Margaret Baczkowski at @properties Christie’s has the listing. See the pictures here. (sorry, no floor plan)
Unit #4201: 2 bedrooms, 2 baths, 1487 square feet
- Sold in April 2004 for $685,500
- Currently listed at $895,000
- Assessments of $1169 a month (includes doorman, cable, clubhouse, exercise room, pool, exterior maintenance, snow removal, Internet)
- Taxes of $16,867
- Central Air
- Washer/dryer in the unit
- Garage parking space included
- Gas fireplace
- Bedroom #1: 17×13
- Bedroom #2/den: 13×11
- Living room: 19×22
- Kitchen: 17×11
- Foyer: 7×9
- Laundry: 3×3
- Balcony: 11×8
This is nice PAT/Empty nester home.
Any kitchen that has VWC is no way a “Chefs Kitchen”
The finishes seem to be a mix between higher and contractor grade – FP Insert, Bathroom tile, etc
At the end of the day, $7500/mo is a tough ask for RN
For just $200k then 8 racks per month, you too can live in a dated hotel family suite.
I think this is a bagholder special even though there are a few qualities here like the built ins. I would juice up the buyer agent incentive under the table and hopefully they can scam some old lady to overpaying for this turdola. Reverse mortgage it until you croak and it’ll be much less painful financially.
This will never sell close to $895,000. I am guessing they are getting zero showings at this price.
I think the brilliant realtor should buy this “rare gem” for $895,000. lol
April 2004 for $685,500
+ CPI = $1.13m
+ C-S Condo = $899k
20 years from the not-peak (C-S Condo rose over 20% from Apr-04 to peak) ought to be long enough to get close to the long-term mean (which is CPI + a few tens of bps), but this isn’t even close to close.
If you click on street view, it takes you to the interior of the Driehaus Mansion/Museum across the street. Weird.
Seems overpriced. Built-ins are nicely done, but really limit what you can do with the den/2nd bedroom.
I like it, but I’d like it a lot more at around $700K.
“20 years from the not-peak (C-S Condo rose over 20% from Apr-04 to peak) ought to be long enough to get close to the long-term mean (which is CPI + a few tens of bps), but this isn’t even close to close.”
This was an exclusive luxury building in 2004. Still is preferred by many buyers for the bigger units and townhouses.
But in the last 20 years, there have been a dozen+ luxury buildings built in this neighborhood, Streeterville, Lakeshore East and the Gold Coast. Buyers want “new.” And there is now just too much inventory.
What do people think about the north facing views from the balcony? At least it does have some west facing as well into the unit but most of it faces north.
I think its really, really in poor taste to delete posts that clown you for making absurd statements
Huh?
Can you talk about real estate JohnnyU instead of this silly nonsense?
Yeah- people live near highways, the El, the Metra and everything else. They even live near concrete plants. I guess I shouldn’t be surprised that someone buys near a switching yard either. I guess it’s not the horror you make it out to be JohnnyU. And it’s absurd to think that anyone looking at these townhouses would be hearing something from all the way across the river from this location.
I’ve been in these townhouses often. It’s quiet and lovely there other than Clark, which does have decent traffic and will get more when the big parcel is developed. But that’s city living.
Wrong post guys.
No its the right post
She deleted the comments wrt the switching ward.
She put them back after I mentioned it
“Yeah- people live near highways, the El, the Metra and everything else. They even live near concrete plants. I guess I shouldn’t be surprised that someone buys near a switching yard either. I guess it’s not the horror you make it out to be JohnnyU. And it’s absurd to think that anyone looking at these townhouses would be hearing something from all the way across the river from this location.”
Whats absurd is you dont know what you are talking about and keep doubling down. Here’s where you could have been an adult and said something like “This is a Metra switching yard, the noise should be considerably less than a freight yard”. But you cant do that. You have an irrational want to try and prove me wrong and come up with some absolute crap like “NO ONE lives near a switching yard”.
You are a clown
“I’ve been in these townhouses often. It’s quiet and lovely there other than Clark, which does have decent traffic and will get more when the big parcel is developed. But that’s city living.”
Sure Jan
It’s tiring talking to JohnnyU who gets his kicks out of bullying strangers on the Internet. I don’t get it.
Where’s Bob? He never shows up here when the market is bullish, as it is now. I thought the doom was coming in 2023? I thought it’d be here in 2024?
If 7% rates aren’t going to doom Chicago’s housing market, what will?
I live in Chicago, JohnnyU. I go to the open houses all the time. It’s fun. Maybe I will go to some later this spring, once the flowers are up. I love these townhouses because of their mature landscaping. It’s really a secret part of the city few know about. Courtyard streets kind of add to the private/secret feel of it.
It’s snowing today though. Blah.
How am I bullying? Did I make you say that “NO ONE lives next to a switching yard”? Do you have no agency? Now I really feel bad for you that you cant help yourself
I dont have the power to delete posts, unlike someone…
Ok, so it’s the right post…
which switching yards would one hear in a north facing unit at 55 E Erie?
I think its really, really in poor taste to delete posts that clown you for making absurd statements
Then you should probably not do that on the real estate blog that you run.