Still Seeking a Buyer 20 Months Later: 159 E. Walton in the Gold Coast
We’ve chattered about this 2-bedroom customized unit in the Palmolive at 159 E. Walton in the Gold Coast several times before.
See our prior chatter here.
Since it was listed 20 months ago, in April 2008, it has been reduced by $620,000.
The listing says it has been customized with a million dollars worth of upgrades including a Clive Christian kitchen and a wood paneled study.
The unit also has 2 fireplaces and a large master suite.
Janet Owen at Sudler Sotheby’s still has the listing. See the pictures here.
Unit #5B: 2 bedrooms, 2.5 baths, 1 car parking, 2800 square feet
- Sold in April 2007 from the developer for $1,669,500
- Was listed in April 2008 for $2.495 million (included the parking)
- Reduced
- Was listed in September 2008 for $2.195 million (includes the parking)
- Reduced
- Currently listed for $1.875 million (includes the parking)
- Assessments of $1697 a month
- Taxes are “new”
Why does every room in the pictures look so freaking narrow, oooh I know why!
Because every room but three are 10 feet wide the other 2 are 13′ and one is 15’… No thanks for even 1.8 million let a lone 2.5 million starting price.
and /yawn over the granny motife, that kitchen…. ewwww, then again what do I care, my butler would be spending all the time in there so hopefully Jeeves would find it to his liking.
Perfect 2nd home for a discriminating individual of the Hapsburg or Bourbon family lineage.
Here you go HD,
All the amenities right at you door!!!!!!!
at 1.8mil plus 2k am month ass fee, 500k for the Portage park place is easier to swallow now huh? (still i didnt even want to pay 500k for portage park during the bubble)
Sorry HD, the Hapsburgs couldn’t buy this place – it’s not good to have so many sharp corners with a family of hemophiliacs.
I like the kitchen.
remember when vince vaughn and j anniston were rumored to be shopping for a luv nest here. hopefully nobody bought on that rumor
Interesting considering just last year a realtor from Sudler was saying that she’ll only take on sellers that are realistic and not greedy.
This place is for old people who have lost touch with $ reality and who also like to eat at the Cape Cod room and think that is a big night out.
Speaking of upgrades, what should the “rate of return” be on upgrades? I use the quotation marks because the real estate industry refers to it as a “rate of return” but in actually it’s a percentage of capital recovery in a resale.
Please check out the front page of the RE section of yesterday’s rag.
“#GLS on December 28th, 2009 at 4:35 pm
Speaking of upgrades, what should the “rate of return” be on upgrades? I use the quotation marks because the real estate industry refers to it as a “rate of return” but in actually it’s a percentage of capital recovery in a resale.”
“remember when vince vaughn and j anniston were rumored to be shopping for a luv nest here. hopefully nobody bought on that rumor”
Vince Vaughn allegedly did buy the top floor penthouse (it was listed for $10 million originally).
why would anyone want to live near that big fat drunk jerk VV
^^cuz he is like me with money?
So if I had enough $ to live there he might be a pal, or at least not call the cops on me for excessive noise.
He did buy the 35th floor Penthouse in 2006
“Vince Vaughn allegedly did buy the top floor penthouse (it was listed for $10 million originally).”
This is the place I’d buy if I could buy anything I wanted. This is one extremely beautiful building. I daresay that anyone able to afford this place dwells in different “reality” than I do, and mostly likely you do.
I’m not sure how to value this place, but if it hasn’t sold for 20 months, that means it’s overpriced and I’d reduce the price by a third, to about $1.2M. The market has caved in all price brackets and the upper bracket will be taking the biggest hit in the coming year. Turns out a lot of people aren’t as rich as some people thought they were, now that the credit fountain has dried up.
I just looked up the PIN for this property – there are Liens and foreclosures all over the place. This place is managed by Draper & Kramer – my experience with this company is they are BAD – take a look at the problems Marina Towers and North Pier are having. LakePoint Tower recently fired them. I wouldn’t touch this building.
jones, those liens and foreclosures are really good reasons to knock 30% or more off the price of this place.
I have a feeling that 2010 will be the year that the High End falls out of bed, and it will fall than the middle or lower brackets. There was just more property developed than the tiny market (relatively speaking) for upper bracket properties could ever support on the best day of the past 100 years.
This unit finally closed on 2/26/10 for $1.5 million- all cash.