Streeterville Duplex Penthouse Sells For Over the 2006 Price: 270 E. Pearson
We last chattered about this 3-bedroom penthouse in The Belvedere, at 270 E. Pearson in Streeterville, in January 2011.
See our prior chatter here.
At that time, it had just gone under contract after a price reduction.
The unit recently sold for $245,000 over the 2006 purchase price.
The Belvedere is a luxury boutique building with just 42 units.
If you recall, the duplex unit had 12 foot ceilings and 2 outdoor spaces including a 33×20 terrace and a balcony.
It had a second floor great room measuring 28×21.
The unit also had a “gourmet kitchen” with a large kitchen island and some stainless steel appliances.
Caroline Druker at Baird & Warner had the listing.
Unit #16E: 3 bedrooms, 3.5 baths, 3613 square feet
- Sold in June 2006 for $2.58 million
- Originally listed in March 2010 for $3.75 million
- Reduced twice
- Was listed in January 2011 for $3.499 million (includes 2 parking spaces)
- Sold in April 2011 for $2.825 million (parking included)
- Assessments of $3163 a month (includes gas, doorman)
- Taxes of $25,333
- Bedroom #1: 17×12 (main level)
- Bedroom #2: 15×13 (main level)
- Bedroom #3: 15×12 (main level)
It appears unique upper end properties in good areas are continuing to make new highs. and that the lower end properties are getting slammed. applications to the most expensive schools are rising, while the lower tiered schools are getting slammed. is the gap widening between rich and poor?
im redoing a bathroom that is gonna look exactly like that one in the picture. would people rather have a tub or a larger shower with bench like the on shown.
flo – shower w/ bench.
@ flo –
As long as there is a bathtub somewhere in the unit, a shower with bench would probably be preferable.
This building may be nice inside, but from outside it looks like an Embassy Suites outside of an airport in some city like Dallas.
yeah there is a tub in the guest bath which is about 10ft away from the new bath, thx for the feedback
did everyone see that groupon deal with dream town real estate. interesting. would love to know how it plays out in the end.
sorry tried to post link to trib web site, but can’t.
I posted a link to the groupon, but my post must be embargoed.
$25 bucks for $1000 bucks back at closing is the gist
“Not valid for past and current Dream Town clients and customers. Buyers must close on home and redeem by 4/9/12, sellers must list home with Dream Town by 4/9/12. Transaction minimum is $150,000. “
That Dream Town Groupon seems a lot worse than what Redfin offers.
If Dream Town gets a bunch of 150K deals they are going to get killed on this. We’ve actually been toying with the idea of doing this but were afraid we might actually get more business than we could handle at this stage. We would have set the lower threshold higher.
“We’ve actually been toying with the idea of doing this but were afraid we might actually get more business than we could handle at this stage.”
Yeah – that would actually require you guys to do a little work for your money!!!
Sorry, I don’t mean to pick on you but I have seen first hand how awful and lazy and stupid so many of these realtors/brokers are. When I compare it to the hardworking people in most other fields, it makes me so mad. You guys have no idea how hard people work for much less money than you. Now THAT is unfair.
Have to agree with clio on this one – real estate agency rules and laws are the best example ever of rent seeking. I wonder if the continued influence of the Redfins of the world will increase departures from the cartel.
“Sorry, I don’t mean to pick on you but I have seen first hand how awful and lazy and stupid so many of these realtors/brokers are. When I compare it to the hardworking people in most other fields, it makes me so mad. You guys have no idea how hard people work for much less money than you. Now THAT is unfair.”
I could go on and on about this. Your statement is correct for at least 80% of the realtors. For those that are in this as a business and not a lifestyle that they think they should have they actually work very hard. Even good agents struggle to make $60K/year. There are a few celebrity realtors making 6 figures but many of them are basically milking the myth that you need to work with a top producer and they get paid handsomely for that.
“I wonder if the continued influence of the Redfins of the world will increase departures from the cartel.”
I sure hope so. I am amazed at how many people don’t realize that there is an alternative to the traditional over-priced model. And the value proposition for the traditional model is so thin.
Many people in variety of professions are slackers. Have you guys been to federal agencies? There are a lot of under performing teachers, lawyers, doctors, nurses, cleaning ladies, administrators and so on. I don’t feel it is unique to real estates. By the way some agents are very hard working. I love my Realtor. She is is hard working, honest, and a lot of fun.
The issue with realtors in the traditional model is that they are accountable to no one but their clients. If they screw up the relationship they just move on to the next one. You might argue that independent CPAs and lawyers have the same issue but in that case you are talking about a much higher caliber of individual that is paid on an hourly basis. 50% of realtors don’t have a college degree and they are totally paid on commission.
Yes, there are sure a lot of lazy cleaning ladies out there, it’s crazy that they get such high wages and such strong unions to protect them! Just the other day I was yelling at mine because she is moving slower as she gets older, lazy bitch!
Under-performing seems like kind of a subjective analysis based on value or something. I am sure that we can agree that nearly half these folks are under-performing compared to their peers. When it comes to criticizing the work ethic and skills of others, in my mind, I would need to know the questioner’s personal working situation to make sure the questioner is not like my next door neighbor, the SAHM who is always yelling at her nanny that the kids’ crying is making Mom late for her class at the EBC. I could call doctors, lawyer and nurses a lot of things (unethical, arrogant, abusive, etc., depending on the person), but I don’t know a lot of such folks I would consider to be slackers. Most of the federales I know are in law or law enforcement, and I wouldn’t consider them slackers by a long shot, but I can accept that a lot of the regular federal workers might be pretty lazy.
Real estate does seem unique to me that appearance and ability to breathe seems sufficient to have a lucrative career in a high-dollar, appreciating market.
“You might argue that independent CPAs and lawyers have the same issue but in that case you are talking about a much higher caliber of individual that is paid on an hourly basis.”
Also more likely to have that person as a client next week or next month, as opposed to 3, 5, 10 or more years in the future.
“im redoing a bathroom that is gonna look exactly like that one in the picture. would people rather have a tub or a larger shower with bench like the on shown”
Flo – no brainer that the shower is the way to go in your remodel. I do suggest that you make sure that the contractor has done one previously. It needs to be just slightly tilted down and has to be very carefully prepared with watertight seals and underlayment. Ours is almost exactly like the one photographed but I have heard stories of some that were not prepared correctly and failed over the years. Another option is a teak bench and floor mat. That can be a very cool, modern, and edgy look.
jp3chicago, thanks for input. I think I’m gonna go with the built in bench like the shown here. I pretty excited as the previous shower I could barely fit in, and Im not that large of a person. any recommendations on tile size? Looks like this one has 12 by 12 inch tiles.
Flo- tile size is a very personal choice. I do suggest that the bench top is made from a single slab similar to a countertop. We have a slab of marble as the top of our bench that also surrounds the tub. I’ll give you a link to the inspiration for our design. It is a large shower with multiple shower heads. I put in three body jets that remained largely unused until recently. My little daughter is chest high to the lowest one and now uses it as her personal shower. It is really funny! She then reaches out to run her hands in the one above it and laughs and laughs.
http://www.fourseasons.com/newyorkfs/guest_rooms_and_suites/deluxe_room_with_terrace/#image-newyorkfs-hotel-NYF_037
The only other advice is that if your shower area is large that you use very small tiles for the floor area. They can accommodate the slope to the drain easily. The downside is that the grout lines can be tougher to keep clean.
Here is the inspiration for our next bathroom. We got engaged here so the wife thinks it is extra special and wants a tub like this with an outdoor shower someday.
http://www.fourseasons.com/goldentriangle/guest_rooms_and_suites/tent/#image-goldentriangle-resort-CHR_007
“It appears unique upper end properties in good areas are continuing to make new highs. and that the lower end properties are getting slammed. applications to the most expensive schools are rising, while the lower tiered schools are getting slammed. is the gap widening between rich and poor?”
Follow the money. QE2 ended up mostly in the hands of Wall St./military industrial complex/Federal Gvt. Therefore Wash DC and NYC markets are doing the best, and Main Street hasn’t gotten it’s fingers on this money yet, nor has it filtered down to MainStreet in coin-clipped form yet either. Main Street has no finanacial assets that QE helps inflate in value. The upper-middle and upper classes have financial assets and they are being inflated right now (i.e. S&P over 1300, etc.) by QE2. So they have some extra cash to support higher marginal price levels on the higher end properties and locales. Lastly, I am starting to believe that the moneyed classes, those with financial assets such as myself, are starting to worry about dollar depreciation and dollar collapse and are diversifying out of paper assets into hard assets. Gold and silver are at all time highs, and people might start looking to park cash in well-located properties next. No matter what happens to the dollar, well located properties will have value no matter what they’re denominated in (i.e. dollars, shekels, barter-value, SDRs, silver)