Sheridan Road Penthouse reduces $161k: 6030 N. Sheridan
This penthouse at 6030 N. Sheridan evoked much discussion back in May. The building was converted into condominiums in 2003.
Penthouse 01 has a sunroom with a jacuzzi tub as well as a large terrace.
Since we last chattered about it, it has been reduced $161,000.
And now there are pictures of the 1000 square foot terrace that looks over the lake.
Arsiak Raffaelli at Century 21 Sussex & Reilly has the listing (there’s also a virtual tour on the site).
Unit #PH01: 3 bedrooms, 3.5 baths, 2600 square feet, 1000 sq ft terrace, two car parking
- Sold in April 2003 for $700,000
- Was listed in May 2008 for $1.16 million (2 car parking included)
- Reduced
- Currently listed for $999,000 (2 car parking included)
- Assessments of $755 a month
- Taxes are “new”
- The listing says central air, but in the bedroom pictures you can clearly see window units- but maybe they just can’t get rid of the units even though they have installed the central air
HAH!! This oversized, fugly dump is still out there on the market, and it will be until the price drops to pre-2003 levels.
Since 2003 was it’s first sale (building converted then), I would estimate a haircut of about 10% minum from the 2003 price will be necessary to move this place….
… if anyone even really wants it then. I guess those terraces and the space will make it worthwhile to someone, but not for more than $500K max.
These people are smoking crack. That has to be one of the ugliest buildings I’ve ever seen in Chicago. Something like a project crossed with a 1970s era Holiday Inn. And all that for $1 million?
For that price, you would think that they could have pulled the wall mounted AC units out and covered them…. Plus, I love the radiator heat vents that are up against the vanity wall in the master bath… What a Crap Hole!
That’s a boat load of money, good luck.
They need to put the hot tub outside, they could rip out those walls and turn it into a screened in area on the terrace maybe?
No unit in a building like this will ever fetch anywhere near $1 million. Even if everything inside is plated in gold. Buyers of million dollar homes simply want a nicer building.
What a disaster 🙁
Just went under contract today
Moghees,
We’ll believe it when it closes. The yield lately on contracts to closings hasn’t been great.
All of you who have posted negative comments regarding this place have no idea what your talking about! I have been there on many occasions day and night. The penthouse has class. Lots of class. The rooms are sweet and beautifully decorated, and the views are unbelievable.You all make me laugh when you post crap about a place you have not even stepped foot in. As far as the architecture of the building is concerned, it is modern with soft touches of the 50’s and 60’s era.This place is for a first class investor ,not a caravan dweller where most of these posters obviously live!
Moghees Adil,
Looks like post-ante we have a scorecard: it either never went under contract and you were lying or it fell through and never closed.
There’s been only one sale in this building so far this year (2113) and its the only sale over 300k over the past nine months (for 335k, a 15k loss vs 2004).
In fact there are only four closing prices higher than 230k ever recorded in this building: 700k (Unit 2201 in 2003), 495k (Unit 2202 in 2004), 350k (Unit 2113 in 2004), 335k (Unit 2113 in 2009).
Yeah Graham a first class investor is going to come along and pay a fantasy price for this unit alright. They’re right around the corner and are waiting to surface.
“caravan dweller?”
That sounds like someone who is familiar with the local market.
I have been in this unit, 2113 and the other penthouse. If 2113 sold for $335,000 in this market, then 2201 is easily worth $750,000 in this market. It’s nicely finished, the views are unbelievable and it’s a lot of space for Chicago (more than twice the space of 2113 as I recall. Bob seems to have a bee in his bonnet over this unit —- perhaps Bob lives in this building and is envious of the penthouses? In any event, when the Chicago market improves, probably next year, $750,000 will seem like a bargain.
The sale of unit #2201 for 700K in 2003 is the same unit in the photo’s. Just in case you had no idea which unit you were talking about.
“post-ante” = “after-before”
I have to agree with Graham. I also have been in this unit and think that it is a gem. Sure, the exterior facade might not be the most contemporary on the block, but haven’t any of you heard the phrase, “don’t judge a book by its cover”? Come on now! The Lobby is quite welcoming and nicely appointed and has great security. Zip up the elevator to unit #2201 and you are greeted with stunning views, an expansive floorplan, and nothing but high end interior design throughout. It even comes with two heated underground parking spots, and the taxes and assessments seem reasonable in my opinion. I know of two potential buyers who are considering this property if it comes back on the market at a reduced price. Anything under $800K would be a steal. In a few years it will yeild much higher gains. Whoever lives in this penthouse won’t regret a minute of it.
KW,
Thanks for the correction. I guess I created my own oxymoron when I tried to remember from finance class what should’ve been ex-ante 😉
A Bob Bushism, if you will.