Southport Million Dollar Penthouse With Putting Green Sells for the 2008 Price: 3512 N. Southport
We last chattered about this 5-bedroom newer construction penthouse at 3512 N. Southport in the Southport neighborhood of Lakeview in January 2011.
See our prior chatter here.
It was the most expensive condo on the market in the neighborhood and the asking price equaled many single family homes in the area.
Many of you thought the likely buyer would be:
- A hedge fund type
- A trader
- A Cubs player
- One of the Groupon employees
- A Blackhawk player (given how many of them live in Roscoe Village)
The penthouse recently sold for $1.5 million– or what it sold for in 2008- with the buyer yet to be determined.
If you recall, the top floor unit had 4200 square feet of living space and a 4200 square foot rooftop terrace.
The rooftop terrace covered the entire length of the building and had a full garden with irrigation, a fireplace and, something we hadn’t seen before, a putting green.
This is an elevator building and the elevator opened into a private foyer that lead into the unit.
The unit also had a wine cellar.
The kitchen had all the finishes of new construction including custom white cabinets and commercial grade stainless kitchen appliances.
Does this sale change your mind about the Southport market?
Jeff Lowe at Prudential Rubloff had the listing.
Penthouse Unit: 5 bedrooms, 3 baths, 2 half baths, 4200 square feet, 2 car garage and 2 more spaces outside the garage
- Sold in September 2008 for $1.5 million
- Was listed in January 2011 for $1.699 million
- Sold in May 2011 for $1.5 million
- Assessments of $459 a month
- Taxes of $19361
- Bedroom #1: 19×16
- Bedroom #2: 15×10
- Bedroom #3: 12×12
- Bedroom #4: 12×12
- Bedroom #5: 12×12
- Family room: 21×19
It was the putting green
It must be the bottom of the market and it has rebounded. If one doesn’t buy now there are serious risks that one could be priced out forever.
“homedelete on January 17th, 2011 at 11:43 am
Snooze. $899,000. ”
Close!
Totally different price point (and location), but did anyone see today’s “House of the Day” on the WSJ? It’s a lakefront place in Winnetka. Sweet pool.
As someone who owns a condo in SoPoor, I’d like to take this as a sign that the market is hot, hot, hot in this area.
But, actually, this is an anomaly.
“Jeff Lowe at Prudential Rubloff had the listing.”
Jeff Lowe made his numbers for 2011!
This is not an analomy. This is the market. Chukdotcom is on it after the fact. Chuk will point out how incorrect your price guesses are. And in fact I was wrong. Very wrong. That’s why im calling the bottom because I missed it. Big time. By miles. I was wrong. Mark my words, the bottom is in. I missed it, im stuck in my studio FOREVER. And worse, if uptown gentrifies, ill be priced out of renting too and ill have to move to Antoich or something where two Bedroooms are less than my stupid rent. Oh boy, farewell everyone! It was a good run!
“And in fact I was wrong. Very wrong.”
Again. I thought you told me you had such a great track record, yet all I see is you giving some fake sarcastic excuse for being so far off. What gives? Could it possibly be that you just have no idea what you are talking about?
“im stuck in my studio FOREVER.”
Yes, you are.
“People buy on EMOTION. He/she will fall in love with that backyard located up on the rooftop”
I’m still calling it empty nesters with kids in their early 20’s. Mom an dad bought them a cool pad and will use it as a summer in-town to stay close to the kiddies.
BTW I was looking back at all the prior chatter and realized that I have not received my invitation to the 4th of July pool party at Clio’s. DId anyone else get their invites?
im voting for trader type… I remember this being a pretty place, but highest comp in the hood, has to be someone who doesn’t even know how to button a shirt.
And HD you’ll always have your cat food beef wellington to get you through the cold nights where the cardboard alone no longer keeps you warm.
Simply a bad buy on a condo that sold days before Lehman. This seller was exceedingly lucky. This buyer paid a stupid price that is out of touch with reality and other options in the area. Somebody “fell in love”.
This is what $1.5MM should get in the area:
http://www.redfin.com/IL/Chicago/1510-W-Melrose-St-60657/home/13381903
“BTW I was looking back at all the prior chatter and realized that I have not received my invitation to the 4th of July pool party at Clio’s. DId anyone else get their invites?”
He disinvited me after learning my plan to throw an Almond Joy in the pool.
“This is what $1.5MM should get in the area:
http://www.redfin.com/IL/Chicago/1510-W-Melrose-St-60657/home/13381903”
i differ on that as i would rather have the outdoor space of this condo than the huge house that takes up the whole lot.
Wow. What an ugly building! I can’t imagine spending this much to live on a busy street above shops. The house from yesterday on Greenview is so much nicer and a lot less money.
“It was the putting green”
I have a 9 hole putting green in my backyard and, at this point, would probably sell my place for 1.5 million – these sellers were EXTREMELY lucky. I hope the buyers DO enjoy the place – because that is the only type of return they will get on this investment.
“BTW I was looking back at all the prior chatter and realized that I have not received my invitation to the 4th of July pool party at Clio’s.”
It took me a long time to realize that I would rather GO to a party than host one. For anyone looking at houses with pools – definitely think long and hard about it. Unless you have children or a big family (extended) who are going to enjoy it, it will just become a money drain. Not one person has stepped into my pool this year (including me) – yet I already have spent thousands on it this year alone. The same story I see all around me. A pool is not worth having to use a few times a summer
“A pool is not worth having to use a few times a summer”
So much work, so many worries when you re-open it… needs to be somewhere warm that you can use every day… but that was a beautiful yard in Winnetka posted earlier today, wouldn’t have looked right without the pool..
Speaking of which, first day of winter, 82 and sunny.
From that the melrose listing: “Every once in awhile a truly elegant home becomes available at value pricing simply because it was overpriced for much too long, that is the case with this Gem near Southport Corridor. ”
too many sarcastic comments to process!
I would have bought that awesome loft that Jenny Ames is listing before this place…
Clio – Don’t forget about your CC family. We would gladly come over and “step” into the pool after having long debates over the current status of RE values. After a light lunch and a few cocktails I’ll even be glad to retrieve Bob’s Almond Joy from the pool and take a bite.
Groove can challenge everyone to a game of hoops in the driveway. (You do have a net right?)
Finally as the sun sets Sabrina and I can debate the “have the business” I must hire vs hiring ahead of need in order to “grow the business.”
Should be a great afternoon. Perhaps you will even sell the place that day. Can someone from IN bring some fireworks?
“Icarus on June 21st, 2011 at 6:41 am
“Jeff Lowe at Prudential Rubloff had the listing.”
Jeff Lowe made his numbers for 2011!”
Jeff Lowe makes his numbers every year. He could sell snowcones to eskimos.
I dunno this place is pretty baller and I doubt that this person was looking at SFH’s
jp3 – that sounds very ideal – but more realistically:
– G would be throwing knives in the pool to symbolize “knife-catchers”
– sonies would be drowning cats
– miumiu would be checking the ingredients on everything to make sure no pesticides were used
– anon would be on the computer checking facts/dimensions
-HD would be in a corner with a bottle of whiskey shaking his head and commenting on how my place wouldn’t sell for more than 100k
– valasko will be getting a hard on looking at my car
– JJJ would be trying to pick apart everything I have changed
– ze would be stoned and wandering onto the street (a busy 45mph street)
– groove would be racing strollers down my 400 foot driveway
– and finally Sabrina would be shaking her head looking at all of this and thinking “think is why I hate the suburbs”
well done clio..
Funny but the last one was just a bit off….
Sabrina would be shaking her head thinking
“why did I ever start crib chatter”
“jp3 – that sounds very ideal – but more realistically:
– G would be throwing knives in the pool to symbolize “knife-catchers”
– sonies would be drowning cats
– miumiu would be checking the ingredients on everything to make sure no pesticides were used
– anon would be on the computer checking facts/dimensions
-HD would be in a corner with a bottle of whiskey shaking his head and commenting on how my place wouldn’t sell for more than 100k
– valasko will be getting a hard on looking at my car
– JJJ would be trying to pick apart everything I have changed
– ze would be stoned and wandering onto the street (a busy 45mph street)
– groove would be racing strollers down my 400 foot driveway
– and finally Sabrina would be shaking her head looking at all of this and thinking “think is why I hate the suburbs””
LOL!
[groove stands up and starts a slow clap while smirking and giving the nod of respect and approval]
lmao Clio. I usually take a glass of wine in a party and just don’t eat the food. No inspecting : )
In the January thread on this penthouse, Clio was discussing how real estate purchases symbolize “unfulfilled dreams/fantasies”. People imagine themselves practicing daily on the putting green and having volleyball and pool parties with their friends, when in reality these features rarely get used. I agree that this emotional visualization is a large part of real estate decisions.
I’m trying to imaging what “unfulfilled dreams/fantasies” the 2008 and 2011 buyers had with this place. Is it shopping on Southport, vintage movies at the Music Box, parties on the rooftop? Apparently the dream didn’t last for the 2008 buyer.
” what “unfulfilled dreams/fantasies” the 2008 and 2011 buyers had with this place.”
Don’t know for sure but if it was a trader then I’m guessing that they revolve around picking up 20 something girls at SoPo, Justins, and Schoolyard (how appropriate) and having them come back to the house for “after bar parties” in that rooftop jacuzzi.
Jersey Shore hits Southport.
Seriously this is not NY, London, or Hong Kong… you don’t have live on top of a store when you pay $1Million for a home! There is NO GLAMOUR what-so-ever on living DIRECTLY on Southport or on-top-of a commercial establishment… especially if you’re dumb enough to pay over a $1M for it! Crazy!!!!!
“People imagine themselves practicing daily on the putting green and having volleyball and pool parties with their friends, when in reality these features rarely get used.”
Which is why I would never pay any sort of premium to live in a condo or apartment with an outdoor pool.
1) Season is short.
2) Chicago parks have pools (and not all are infested with kiddos).
Indoor pool? Sure that might be an amenity worth paying for–outdoor pools are a joke at this latitude.
Want to play volleyball? There are bars with that (even in the city–it doesn’t take much space) or the lakefront.
Thing about golf amenities is I think moreso than any other amenity people are willing to pay for them. Look at all the developments on golf courses, etc. It seems the correlation between fans of golf and money is indeed true.
It will be interesting to see what happens to this place seeing the price they paid.
The *recorded* price (as opposed to the MLS price) for the 2008 sale was $0. The developer’s LLC entity (prior to dissolution) had its principal office in this unit. Conforming ($417) first, recorded not at “closing” but after the release of the building loan, and a $550k 2d taken ~6 weeks later.
Let me know if that isn’t enough to draw your own conclusion about the whole transaction history.
Yes, we know that the richest of the rich are doing fine in this economy.
“jp3 – that sounds very ideal – but more realistically:
Icarus doesn’t score an invite and Chitowngal arrives 3 days late. 😉
Anon – wow, good info, thanks.
I wonder if the buyer’s realtor was smart enough to dig that up…and if so, whether he/she shared the info with the client.
I’m not a golfer, but wouldn’t it get boring to practice putting on the same green over and over? (Or do owners of places like this tweak the green every so often? It would be cool if there was some sort of electronic ground shaping mechanism underneath so that the green could be tweaked on command. Although, I’m guessing such a mechanism would cost as much as this entire condo.)
****OOPPSS I posted my comment in the original CC post so I C&Ped it back on to this new post****
I somehow missed this listing so I had to go to the Rubloff site to review the pics (which you can do if you are registered with them) of the sold unit.
While it is very nice with high end finishes and some very unique features (a flower vase built into the bathtub?), I don’t understand how any place in this area, above lower end retail, could get that much money.
But then, who am I to debate the reasons one would chose to buy ANY property.
I too have ‘fallen in love’ with a number of listings…Jennifer Ames’ in particular. The outrageous floor through loft on Huron (with a urinal) and that beauty of a duplex penthouse that went for almost half off…based not on practicality but rather on an emotional “I HAVE to have this house”. All three of my places (NY, Miami and Denver) were purchased as a result of this strong emotional reaction to seeing unique and fantastic (if only to me) places. All three times I threw sensibility and my usual “what will this sell for in ___ years” thoughts out the window.
That said, after having owned them (two of them at least) for the long time I have, I am glad I did buy when I did as I landed extremely awesome deals on them and the appreciation on the units has been extraordinary…not that I ever plan on selling any of them…ever.
So, no matter what the reason for a person buying any property, the only thing that matters is if owning your desired place brings you satisfaction and enjoyment, who has the right to piss on your decision to live in the house of your dreams?
***OOPPSS I posted my comments on the original CC feature instead of this current thread.***
Bought at $1.5M and sold at $1.5M? Double-check that this isn’t a executive relocation package. Seems unlikely that a new buyer was found at $1.5M for a “over the shops” SOPO condo.
So how many sqft would it take to have clio’s ego and westloopselo’s ego in the same room?
“Bought at $1.5M and sold at $1.5M? Double-check that this isn’t a executive relocation package.”
It’s not. See above.
Wow Westloopelo comes out of the woodwork!
Great comment about the sale of this home. I agree that the emotional connection is why most things in life are purchased. I see how some people would have some issues living above storefronts on Southport. The SFH is a more likely option for the masses.
I recently saw a $900K 3 bedroom condo in a new downtown Park Ridge development that I found very interesting. If it were priced in the 600K range I would have put it under contract immediately. Had I purchased it the emotional side of my brain would have out manuvered the logical side. I think that it would have served well as our 20 year home to raise a family. Perhaps Westloopelo would agree that it’s a bit NYC to raise kids in this type of structure. I can see that it is very unusual for Park Ridge but I think that it would have been great fit for our needs.
Wow, Joe called the price down to the tee (pun intended, and yes I know it is a reference to the letter T). I can’t recall the last time anyone here got the selling price exact. I’m glad I backed him on the previous thread about this property, when everyone else thought he was talking out of his azz.
Now I just need a trader to be the new owner.
Only a 417,000$ mortgage on this property. Smart money has come out to play and snag the deals.
This one is back on, at $1.95m this time.
Maybe run an update!
Not under contract yet! Can recycle the pix!