Selling A 1-Bedroom Just 6 Months Later In The Palmolive: 159 E. Walton in the Gold Coast
Vince Vaughn isn’t the only one moving out of The Palmolive at 159 E. Walton in the Gold Coast as this large 1-bedroom recently came on the market just about 6 months after it last sold.
It is a rare 1-bedroom that faces north- so it’s NOT facing south and looking into the Westin Hotel (like Clio always said his 2-bedroom did.)
It has dark stained oak floors and the other features of most Palmolive units, including luxury finishes and appliances.
Parking is $50,000 extra.
The Palmolive had an 8-year tax freeze for original owners. This unit first sold in 2011 from the developer, so hence why the taxes are just $2629. The tax freeze does NOT transfer. The new owner will pay substantially higher.
By the way- some of the original closings in the building happened in 2005. We’ll be coming up to the end of the tax freeze for the original owners shortly. Time sure flies.
This unit was originally listed at $750,000 in the middle of June 2012 and a week later was reduced to $699,900.
How many of these upper bracket 1-bedrooms can the market handle?
A bunch of expensive one bedrooms are currently on the market in the new Ritz and Lincoln Park 2520.
Emily Sachs Wong at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #6B: 1 bedroom, 1.5 baths, 1278 square feet
- Sold in December 2011 for $720,000
- Originally listed in June 2012 for $750,000
- Reduced
- Currently listed at $699,900 (parking is $50,000 extra)
- Assessments of $1003 a month (includes gas, cable, doorman)
- Taxes of $2629 (landmark tax freeze which does NOT transfer to the new owner)
- Central Air
- Washer/Dryer in the unit
- Bedroom: 16×14
So instead of facing the Westin, you stare into the Drake? No thanks.
Gracious Unit. I toured it the last time on the market. It is the only 1 bed with a powder room
“with large north facing windows – look out to Michigan Ave”
I think that it’s time to sign Mrs. Wong up for a geography lesson. If your 6th floor unit is facing north on Walton I can assure you that it will not give a direct shot of North Michigan Ave. Perhaps you will see a sliver if you are properly angled and looking out the corner of the windows but I assure you that you will not see it directly.
I love this building, but this unit is small and the kitchen is nearly in the living room. The living area feels claustrophobic as a result, and the kitchen could use some improvement.
Taxes will probably be more like $7000 for the new buyer.
$599K is really more like it.
“Taxes will probably be more like $7000 for the new buyer.
$599K is really more like it.”
If it’s properly assessed on that MV (ie, AV = 60,000), taxes will be more like $9,000.
Nice finishes (which I would expect) but the breakfast bar (island extension) feels awkward and unecessary. Staging this unit with furniture that matches the finishes could help the cause…
Unit was professional decorated last time around and was gorgeous. Tons of storage and they had plenty of room for a dining room table, comfortable living room, and kitchen island with bar stools.
Sad the place doesn’t look so great this time.
The kitchen could use some improvement???? I’ll grant you that it’s very open to the living room, but this is a very high-end kitchen, done within the last 8 or 9 years. What needs improvement?
“I love this building, but this unit is small and the kitchen is nearly in the living room. The living area feels claustrophobic as a result, and the kitchen could use some improvement.
Taxes will probably be more like $7000 for the new buyer.”
Maybe for a transplanted New Yorker who thinks this is a bargain for a 1 BR and doesn’t mind that every window stares directly into another building. But not for me.
Nice finishes but this much money for a one bedroom whose kitchen is open to the living room? I think Dan #2 is right…this will have to sell to an out of towner or some rich suburbanite who wants to impress their friends by having parties in the city.
I love how the BR is staged with a $30k Hasten’s mattress.
“I love how the BR is staged with a $30k Hasten’s mattress.”
How do you tell the differnce between the $10,000 mattress and the $30,000 matress from the pic?
I thought $1,000 was a lot for a mattress! It’s hard to know what the next big money waster will be. Last I heard was the $100 Kobe beef hamburger.
i guess people do it, but i would never spend that much money for a 1bd…thats just f*ing crazy
“I love how the BR is staged with a $30k Hasten’s mattress.”
“How do you tell the differnce between the $10,000 mattress and the $30,000 matress from the pic?”
I guess dux is more downmarket. I have a friend who swears by their dux bed. I think it cost something just under $10K. I thought that was insane. He’s well off but not so much that it’s a trivial purchase.
“How do you tell the differnce between the $10,000 mattress and the $30,000 matress from the pic?”
I don’t and neither do you. So I guess it could be the $50k version. It’s an interesting staging technique.
“I don’t and neither do you.”
I know I don’t, or I would have tracked down the exact MSRP–even if it meant calling the damn shop.
I was genuinely curious if there’s an actual visual cue that distinguishes the “cheaper” Hastens from the more expensive in a pic like that.
“I was genuinely curious if there’s an actual visual cue that distinguishes the “cheaper” Hastens from the more expensive in a pic like that.”
Who cares what mattress is on display unless it is included with the condo. BTW sleep on one of them and I guarantee that you will appreciate the mattress. They have them at the Peninsula hotel Chicago suites as well as a few other hotels I’ve been lucky enough to sleep in for a night. Very nice product. I am picky about them however I still would never spend $30K for a mattress.
What makes PDubbs think that it’s a Hastens mattress? The big blue check is a trademark. http://www.hastens.com/en-us/
“I thought $1,000 was a lot for a mattress! It’s hard to know what the next big money waster will be. ”
Odd to be discussing the price of mattresses. I think it was said best in an interview I watched one morning on Bloomberg TV.
The interviewer asked Elliot Spitzer if he would ever spend $30,000 on a Hastens Mattress. He shot off a wry lil smile and without missing a beat responded, “Nope, I think the wise thing to do is spend $2,500 on a Stearns and Foster and use the other $27,500 on high class escorts”
On a serious note.. Ze spent a couple of days in Panama and talk about places that have been counter cyclical to the building bust in the U.S. Unbelievable amount of very nice high end new buildings there. Completely different city than just a few years ago. I was very surprised by the extent.
The listing says the price was lowered from 750K to 699K. The lower price does not include parking so perhaps there was no price change on this unit but a clever ploy by the listing agent to make it seem so. I recently saw the unit and while it is very clean the paint is a bit of a tired – holes remaining from the former owners art appear hastily patched and spot painted. The powder room has no mirror. The storage is substantial for a one bedroom. The kitchen is great but oversized for the living area as noted. There is no view at all but the apt feels bright enough if you don’t care about a view. At these prices, it’s reasonable to expect a view. There aren’t many building amenities (small nicely equipped gym – yes; separate his/hers steam and sauna but co-ed jacuzzi – yes; indoor access to Elizabeth Arden and Private Bank; a party room you can rent on floor 2). The entrance is understated and the lobby and elevators are richly finished with beautiful woods and marble. The hallways are neutral and beautifully lit. The apt entrance is generously sized and the front doors are solid core hardwood in a natural finish. The parking is a bit strange: you pay $50K but own nothing. There is a lift and parking is valet only. This could be irksome if in a hurry or in need of retrieving a forgotten item in your vehicle. It is a shame there is no view as otherwise this is a really incredible unit.
I heard the building has no cap on assessments? Isn’t over 1,000 for a one bedroom already high?
“I heard the building has no cap on assessments? Isn’t over 1,000 for a one bedroom already high?”
NO building has a cap on assessments.
$1000 assessment for a unit that is 1278 square feet is actually quite reasonable for most high rises. Assessments are calculated based on square footage- not the number of bedrooms.
This unit is under contract. There is always a market for the few 1 beds in the Palmolive. I believe there are only 8 total
“This unit is under contract. There is always a market for the few 1 beds in the Palmolive. I believe there are only 8 total.”
You mean- after being on the market for months? (sometimes years?) Sure- there is a buyer for everything at the right price.
This building will be interesting once the tax freeze goes away (as it is when these re-sell.)
“This unit is under contract. There is always a market for the few 1 beds in the Palmolive. I believe there are only 8 total”
Also- it will be interesting to see what it sells for. Obviously it will sell for under the 2011 price- but how much under?